Form 4: Wells Fargo Reports PIMCO Fund Share Exchange

Wells Fargo & Company and its subsidiary reported a cashless exchange of 204 preferred shares in PIMCO Municipal Income Fund due to a fund reorganization.

Summary

• Wells Fargo & Company and its wholly-owned subsidiary, Wells Fargo Municipal Capital Strategies, LLC, reported a transaction involving shares of PIMCO Municipal Income Fund (PMF).
• On August 1, 2025, 204 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PMF, beneficially owned by Wells Fargo Municipal Capital Strategies, LLC, were disposed of.
• This disposition was part of a cashless exchange, where the shares were exchanged for an equal number of RVMTP Shares of PIMCO Municipal Income Fund II (PML).
• The transaction occurred in connection with the reorganization of PIMCO Municipal Income Fund (PMF) into PIMCO Municipal Income Fund II (PML).
• Wells Fargo & Company holds an indirect interest in these securities through its subsidiary.

Sentiment

Score: 5

Explanation: The filing reports a neutral, pre-planned transaction (cashless share exchange due to fund reorganization) and does not indicate any positive or negative financial or operational outcomes for the company or the funds involved.

Future Outlook

The filing does not provide specific forward-looking statements or guidance beyond the reported transaction related to the fund reorganization.

Management Comments

• Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Industry Context

This Form 4 reports an insider transaction related to a fund reorganization, which is a common occurrence in the investment management industry as fund structures are optimized or consolidated. It reflects a specific portfolio adjustment by a major financial institution within its investment holdings.

Related Party Transactions

• The transaction involves Wells Fargo & Company and its wholly-owned subsidiary, Wells Fargo Municipal Capital Strategies, LLC, exchanging shares in connection with a fund reorganization.

Stakeholder Impact

• Shareholders of PIMCO Municipal Income Fund (PMF) would be impacted by the reorganization into PIMCO Municipal Income Fund II (PML), as this transaction reflects the conversion of existing holdings. The specific impact on other stakeholders (employees, customers, suppliers, creditors) is not detailed in this Form 4, which focuses on the share exchange by a 10% owner.

Key Dates

Keywords

Wells Fargo, PIMCO, Municipal Income Fund, SEC Form 4, Preferred Shares, Fund Reorganization, Insider Transaction, PMF, PML, Fixed Income