Form 4: Wells Fargo Disposes of Remarketable Variable Rate MuniFund Term Preferred Shares in PIMCO California Municipal Income Fund II

Wells Fargo & Company, through its subsidiary Wells Fargo Municipal Capital Strategies, LLC, disposed of 275 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PIMCO California 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, filed a Form 4 regarding changes in beneficial ownership of PIMCO California Municipal Income Fund II [PCK].
• On June 12, 2024, Wells Fargo Municipal Capital Strategies, LLC disposed of 275 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of Series 2051 (CUSIP No. 72200M702).
• The disposal was a result of a redemption by the Issuer for a redemption price of $100,120.9289 per share, which includes a liquidation preference of $100,000.00 per share and accrued dividends of $120.9289 per share.
• Following the transaction, Wells Fargo still indirectly owns 292 RVMTP Shares through its subsidiary.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing a routine transaction. It doesn't convey any particularly positive or negative sentiment.

Industry Context

This filing reflects routine transactions related to holdings in municipal income funds, which are common investments for large financial institutions like Wells Fargo. Redemptions are a normal part of fund management.

Comparison to Industry Standards

• Wells Fargo's activities are typical for large financial institutions managing significant investment portfolios.
• Other comparable companies such as JP Morgan Chase, Bank of America, and Citigroup also routinely report similar transactions related to their investment holdings.
• Redemptions of preferred shares are a standard mechanism used by funds to manage their capital structure.

Stakeholder Impact

• The redemption may have a minor impact on shareholders of PIMCO California Municipal Income Fund II, depending on the fund's overall strategy and performance.
• The transaction has no direct impact on employees, customers, suppliers, or creditors of Wells Fargo.

Key Dates