SCHEDULE: Wells Fargo Exits PIMCO Muni Fund III Shares
Beneficial Ownership Update
Wells Fargo and its subsidiary have ceased beneficial ownership of PIMCO California Municipal Income Fund III RVMTP Shares following a reorganization into PIMCO California Municipal Income Fund.
Summary
- Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC (Reporting Persons) filed Amendment No. 6 to their Schedule 13D.
- This amendment reports that the Reporting Persons no longer own any Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PIMCO California Municipal Income Fund III.
- The change in ownership occurred due to the reorganization of PIMCO California Municipal Income Fund III into PIMCO California Municipal Income Fund (PCQ).
- On August 1, 2025, Wells Fargo Municipal Capital Strategies, LLC exchanged its 105 RVMTP Shares of the Issuer (CUSIP No. 72201C505) for an equal number of RVMTP Shares of PCQ (CUSIP No. 72200N601).
- As a result, the Reporting Persons ceased to be beneficial owners of more than five percent of the class of securities of PIMCO California Municipal Income Fund III.
Sentiment
Score: 5
Explanation: Neutral. The filing is a routine update on beneficial ownership following a fund reorganization, with no new positive or negative financial implications for the reporting entity disclosed.
Future Outlook
The filing reports a completed corporate action where Wells Fargo Municipal Capital Strategies, LLC exchanged its shares in PIMCO California Municipal Income Fund III for shares in PIMCO California Municipal Income Fund (PCQ) as part of a reorganization that occurred on August 1, 2025. As a result, the reporting persons no longer hold shares in the original issuer.
Industry Context
This filing reflects a specific fund reorganization within the closed-end fund sector, where one PIMCO municipal income fund merged into another. Such reorganizations are common for optimizing fund structures, consolidating assets, or achieving operational efficiencies within fund families.
Stakeholder Impact
- Shareholders of PIMCO California Municipal Income Fund III (the Issuer) are impacted by the fund's reorganization into PIMCO California Municipal Income Fund (PCQ).
- Wells Fargo, as a former beneficial owner, has exited its position in the Issuer's RVMTP shares.
Key Dates
| Date | Description |
|---|---|
| 2010-04-05 | Original Schedule 13D dated |
| 2018-09-12 | Original Schedule 13D filed with SEC |
| 2018-09-18 | Amendment No. 1 dated |
| 2018-09-20 | Amendment No. 1 filed with SEC |
| 2018-12-06 | Amendment No. 2 dated |
| 2018-12-10 | Amendment No. 2 filed with SEC |
| 2021-07-14 | Amendment No. 3 dated |
| 2021-07-16 | Amendment No. 3 filed with SEC |
| 2023-09-20 | Amendment No. 4 dated |
| 2023-09-22 | Amendment No. 4 filed with SEC |
| 2024-06-12 | Amendment No. 5 dated |
| 2024-06-14 | Amendment No. 5 filed with SEC |
| 2025-08-01 | Date of Reorganization of PIMCO California Municipal Income Fund III into PIMCO California Municipal Income Fund (PCQ) and cessation of beneficial ownership |
| 2025-08-05 | Signature date of Amendment No. 6 |
Keywords
Wells Fargo, PIMCO, Municipal Bonds, Preferred Shares, SEC Filing, Schedule 13D, Beneficial Ownership, Fund Reorganization, RVMTP Shares, Closed-End Fund
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