Form 4: Wells Fargo Disposes of Remarketable Variable Rate MuniFund Term Preferred Shares in PIMCO Municipal Income Fund III
SEC Form 4 Filing
Wells Fargo & Company, through its subsidiary Wells Fargo Municipal Capital Strategies, LLC, disposed of 343 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PIMCO Municipal Income Fund III due to a redemption by the issuer.
Summary
- Wells Fargo & Company, along with its subsidiary Wells Fargo Municipal Capital Strategies, LLC, filed a Form 4 regarding changes in beneficial ownership of PIMCO Municipal Income Fund III shares.
- On June 12, 2024, Wells Fargo Municipal Capital Strategies, LLC disposed of 343 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) due to a redemption by the issuer.
- The redemption price was $100,120.9290 per share, including a liquidation preference of $100,000.00 per share and accrued dividends of $120.9290 per share.
- Following the transaction, Wells Fargo still indirectly owns 239 shares through its subsidiary.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing a transaction. It doesn't convey strong positive or negative sentiment.
Industry Context
This filing reflects changes in ownership of a closed-end municipal bond fund, which is common in the investment management industry. Institutional investors like Wells Fargo frequently adjust their holdings based on market conditions and fund performance.
Comparison to Industry Standards
- Wells Fargo's actions are typical for large financial institutions managing diverse portfolios.
- Other comparable companies such as BlackRock or State Street also regularly report changes in their holdings of various investment funds.
- The redemption of preferred shares by PIMCO is a standard mechanism for managing the fund's capital structure.
Stakeholder Impact
- The redemption may slightly impact the fund's capital structure, but is unlikely to have a significant impact on shareholders.
- The transaction does not directly affect employees, customers, suppliers, or creditors.
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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