PCQ 10% Owner JPMorgan Redeems 790 Preferred Shares

What Happened
JPMorgan Chase Bank, N.A., identified as a 10% owner of PIMCO California Municipal Income Fund (PCQ), disposed of 790 remarketable variable rate munifund term preferred shares (Series 2054-A) via redemption by the issuer on 2026-08-24. The filing reports the table price as N/A, but the footnote states a redemption price of $100,211.23287 per share (a $100,000 liquidation preference plus $211.23287 of accrued dividends), yielding approximately $79,166,874 in total proceeds. This was a redemption (issuer-initiated disposition) of preferred securities, not an open-market sale.

Key Details

• Transaction date: 2026-08-24; Form 4 filed 2026-08-25 (appears timely).
• Reported transaction code: J (other acquisition or disposition).
• Redemption price per share (footnote): $100,211.23287.
• Total proceeds: ~ $79.17 million (790 × $100,211.23287).
• Shares owned after transaction: not specified in the filing.
• Footnote: Shares were Series 2054-A RVMTP Shares; redemption price includes $100,000 liquidation preference + $211.23287 accrued dividends.
• Insider type: 10% institutional owner (JPMorgan), not an executive—this is institutional security redemption, not executive trading.

Context
These were preferred-term munifund shares being redeemed at their contractual liquidation preference plus accrued dividends. Such redemptions are routine corporate actions and reflect the terms of the preferred instrument rather than an insider expressing bullish or bearish views on PCQ common stock.