Form 4: JPMorgan Chase Bank Reports PZC Share Exchange

JPMorgan Chase Bank, a 10% owner of PIMCO California Municipal Income Fund III, reported a cashless exchange of its preferred shares as part of a fund reorganization.

Summary

• JPMorgan Chase Bank, N.A., identified as a 10% owner of PIMCO California Municipal Income Fund III (PZC), filed a Form 4.
• The filing reports the disposition of 271 Remarketable Variable Rate MuniFund Term Preferred Shares of PZC.
• This transaction occurred on August 1, 2025, as a cashless exchange.
• The shares were exchanged for an equal number of Remarketable Variable Rate MuniFund Term Preferred Shares of PIMCO California Municipal Income Fund (PCQ).
• The exchange was in connection with the reorganization of PZC into PCQ.
• Following this transaction, JPMorgan Chase Bank, N.A. beneficially owns 0 shares of PZC.
• The shares were indirectly beneficially owned by JPMorgan Chase Bank, N.A. through a Trust.

Sentiment

Score: 5

Explanation: The filing reports a routine change in beneficial ownership due to a pre-planned fund reorganization, indicating a neutral impact.

Future Outlook

The filing indicates a planned corporate action, specifically the reorganization of PIMCO California Municipal Income Fund III (PZC) into PIMCO California Municipal Income Fund (PCQ), which involved a cashless exchange of preferred shares.

Industry Context

Fund reorganizations, such as the consolidation of PIMCO California Municipal Income Fund III into PIMCO California Municipal Income Fund, are common strategic moves within the investment fund industry. These actions often aim to streamline operations, achieve economies of scale, or align fund offerings with current market strategies.

Related Party Transactions

• JPMorgan Chase Bank, a 10% owner, exchanged its indirectly held preferred shares of PZC for shares of PCQ as part of a fund reorganization.

Stakeholder Impact

• Shareholders of PIMCO California Municipal Income Fund III (PZC) will have their shares exchanged for shares in PIMCO California Municipal Income Fund (PCQ) as a result of the reorganization.

Next Steps

• The completion of the reorganization of PIMCO California Municipal Income Fund III (PZC) into PIMCO California Municipal Income Fund (PCQ) is the primary next step implied by this transaction.

Key Dates

Keywords

PIMCO, JPMorgan Chase Bank, PZC, PCQ, Fund Reorganization, Beneficial Ownership, Form 4, Municipal Income Fund, Preferred Shares