SCHEDULE: Wells Fargo Exits PIMCO Muni Fund III Shares

Wells Fargo & Company and its subsidiary Wells Fargo Municipal Capital Strategies, LLC, have ceased beneficial ownership of PIMCO Municipal Income Fund III's preferred shares following a reorganization.

Summary

• Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC (collectively, the "Reporting Persons") filed Amendment No. 6 to their Schedule 13D.
• The amendment reports that the Reporting Persons no longer own any Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PIMCO Municipal Income Fund III (the "Issuer").
• This change occurred due to the reorganization of the Issuer into PIMCO Municipal Income Fund II ("PML") on August 1, 2025.
• In connection with the reorganization, Wells Fargo Municipal Capital Strategies, LLC exchanged its 239 RVMTP Shares of the Issuer for an equal number of RVMTP Shares of PML.
• As a result of this exchange, the Reporting Persons ceased to be the beneficial owner of more than five percent of the class of securities of PIMCO Municipal Income Fund III as of August 1, 2025.

Sentiment

Score: 5

Explanation: The filing is an administrative update regarding a change in beneficial ownership due to a corporate reorganization, presenting factual information without positive or negative implications for the issuer's operational performance.

Future Outlook

The filing does not provide any forward-looking statements or guidance beyond the completed reorganization event.

Industry Context

This filing represents a standard administrative update following a corporate reorganization within the closed-end fund industry. Such reorganizations often involve the consolidation or restructuring of funds, requiring significant shareholders to update their beneficial ownership disclosures.

Stakeholder Impact

• Shareholders of PIMCO Municipal Income Fund III will note the cessation of beneficial ownership by Wells Fargo & Company and its subsidiary, as their RVMTP shares were exchanged for shares in the successor fund, PIMCO Municipal Income Fund II.

Key Dates

Keywords

PIMCO, Wells Fargo, Schedule 13D, RVMTP Shares, Municipal Income Fund, Reorganization, Beneficial Ownership, Preferred Shares