SCHEDULE: Wells Fargo Exits PIMCO Muni Fund III Shares
Schedule 13D Amendment
Wells Fargo entities no longer hold Remarketable Variable Rate MuniFund Term Preferred Shares in PIMCO California Municipal Income Fund III following a reorganization.
Summary
- Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC (Reporting Persons) filed Amendment No. 6 to their Schedule 13D.
- The amendment reports that the Reporting Persons no longer beneficially own Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PIMCO California Municipal Income Fund III.
- This change resulted from the reorganization of PIMCO California Municipal Income Fund III into PIMCO California Municipal Income Fund (PCQ) on August 1, 2025.
- Wells Fargo Municipal Capital Strategies, LLC exchanged its 105 RVMTP Shares of PIMCO California Municipal Income Fund III (CUSIP No. 72201C505) for an equal number of RVMTP Shares of PCQ (CUSIP No. 72200N601).
- As a result of the reorganization, the Reporting Persons' aggregate beneficial ownership of the Issuer's RVMTP Shares is 0.00 shares, representing 0% of the class.
Sentiment
Score: 5
Explanation: The filing is neutral, reporting a factual change in beneficial ownership due to a corporate reorganization. It does not contain positive or negative financial performance indicators or strategic shifts beyond the fund merger.
Future Outlook
The filing indicates the completion of a corporate reorganization where PIMCO California Municipal Income Fund III was reorganized into PIMCO California Municipal Income Fund (PCQ).
Management Comments
- "As a result of the Reorganization, the Reporting Persons no longer own any RVMTP Shares of the Issuer."
Industry Context
This filing reflects a routine update in beneficial ownership following a corporate reorganization within the closed-end fund sector, specifically involving municipal income funds managed by PIMCO. Such reorganizations are common in the investment fund industry to streamline fund structures or achieve economies of scale.
Stakeholder Impact
- Shareholders of PIMCO California Municipal Income Fund III were impacted by the reorganization, as their shares were exchanged for shares in PIMCO California Municipal Income Fund (PCQ).
- Wells Fargo, as a former beneficial owner, has updated its disclosure to reflect the cessation of its ownership in the original fund.
Key Dates
| Date | Description |
|---|---|
| 2010-04-05 | Original Schedule 13D dated. |
| 2018-09-12 | Original Schedule 13D filed with the SEC. |
| 2018-09-18 | Amendment No. 1 dated. |
| 2018-09-20 | Amendment No. 1 filed with the SEC. |
| 2018-12-06 | Amendment No. 2 dated. |
| 2018-12-10 | Amendment No. 2 filed with the SEC. |
| 2021-07-14 | Amendment No. 3 dated. |
| 2021-07-16 | Amendment No. 3 filed with the SEC. |
| 2023-09-20 | Amendment No. 4 dated. |
| 2023-09-22 | Amendment No. 4 filed with the SEC. |
| 2024-06-12 | Amendment No. 5 dated. |
| 2024-06-14 | Amendment No. 5 filed with the SEC. |
| 2025-08-01 | Reorganization of PIMCO California Municipal Income Fund III into PIMCO California Municipal Income Fund (PCQ); Reporting Persons ceased beneficial ownership of the Issuer's shares. |
| 2025-08-05 | Current Amendment No. 6 signed by Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC. |
Keywords
Wells Fargo, PIMCO, Municipal Bonds, Preferred Shares, Investment Funds, SEC Filing, Schedule 13D, Reorganization, Beneficial Ownership
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