SCHEDULE: Wells Fargo Exits PIMCO Muni Fund II Shares
Schedule 13D Amendment
Wells Fargo and its subsidiary ceased beneficial ownership of PIMCO California Municipal Income Fund II's preferred shares following a fund reorganization.
Summary
- Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC (Reporting Persons) filed Amendment No. 7 to their Schedule 13D.
- The Reporting Persons no longer own any Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PIMCO California Municipal Income Fund II.
- This change resulted from the reorganization of PIMCO California Municipal Income Fund II into PIMCO California Municipal Income Fund (PCQ).
- Wells Fargo Municipal Capital Strategies, LLC exchanged its 292 RVMTP Shares of the original Issuer (CUSIP No. 72200M801) for an equal number of RVMTP Shares of PCQ (CUSIP No. 72200N601).
- As of August 1, 2025, the Reporting Persons ceased to be beneficial owners of more than five percent of the class of securities of PIMCO California Municipal Income Fund II.
- All voting and financing arrangements related to the RVMTP Shares have been terminated due to their redemption.
Sentiment
Score: 5
Explanation: Neutral. The filing is a factual report of a change in beneficial ownership due to a fund reorganization, with no explicit positive or negative implications for the company's operations or financial health.
Future Outlook
NA
Industry Context
NA
Stakeholder Impact
- Shareholders of PIMCO California Municipal Income Fund II are now shareholders of PIMCO California Municipal Income Fund (PCQ) due to the reorganization.
- Wells Fargo and its subsidiary, Wells Fargo Municipal Capital Strategies, LLC, no longer hold Remarketable Variable Rate MuniFund Term Preferred Shares of PIMCO California Municipal Income Fund II.
Key Dates
| Date | Description |
|---|---|
| 2018-09-12 | Original Schedule 13D filed with the SEC. |
| 2018-09-20 | Amendment No. 1 filed with the SEC. |
| 2018-12-10 | Amendment No. 2 filed with the SEC. |
| 2021-07-16 | Amendment No. 3 filed with the SEC. |
| 2022-11-18 | Amendment No. 4 filed with the SEC. |
| 2023-09-22 | Amendment No. 5 filed with the SEC. |
| 2024-06-14 | Amendment No. 6 filed with the SEC. |
| 2025-08-01 | Date of event requiring filing (Reorganization of Issuer into PIMCO California Municipal Income Fund (PCQ)). |
| 2025-08-05 | Date of current Amendment No. 7 filing. |
Keywords
Wells Fargo, PIMCO, Municipal Income Fund, Preferred Shares, Schedule 13D, Beneficial Ownership, Fund Reorganization, RVMTP Shares, Fixed Income
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