Form 4: Wells Fargo Disposes of Remarketable Variable Rate MuniFund Term Preferred Shares in PIMCO Municipal Income Fund II
SEC Form 4 Filing
Wells Fargo & Company, through its subsidiary Wells Fargo Municipal Capital Strategies, LLC, disposed of 687 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PIMCO Municipal Income Fund II due to a redemption by the issuer.
Summary
- Wells Fargo & Company, along with its subsidiary Wells Fargo Municipal Capital Strategies, LLC, jointly filed a Form 4 regarding changes in beneficial ownership of PIMCO Municipal Income Fund II shares.
- On June 12, 2024, Wells Fargo Municipal Capital Strategies, LLC disposed of 687 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of Series 2051.
- The shares were disposed of due to a redemption by the issuer, with a redemption price of $100,120.9290 per share, including a liquidation preference of $100,000.00 and accrued dividends of $120.9290.
- Wells Fargo holds an indirect interest in these securities through its ownership of Capital Strategies.
Sentiment
Score: 6
Explanation: The document is a standard regulatory filing related to a share disposal due to redemption. It doesn't inherently convey positive or negative sentiment, but reflects a routine financial transaction.
Industry Context
This filing reflects changes in the holdings of a major financial institution in a municipal income fund, which is relevant to understanding institutional investment trends in the municipal bond market.
Comparison to Industry Standards
- Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders and significant shareholders, ensuring transparency in the market.
- Wells Fargo's actions are similar to those of other large financial institutions that manage and adjust their investment portfolios in response to market conditions and fund-specific events like redemptions.
Stakeholder Impact
- The redemption may slightly reduce the fund's assets under management.
- Shareholders may be affected by changes in the fund's capital structure.
Key Dates
| Date | Description |
|---|---|
| 06/12/2024 | Date of transaction: Disposal of Remarketable Variable Rate MuniFund Term Preferred Shares |
| 06/14/2024 | Date of filing: Form 4 filing date |
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