JPMorgan Discloses 790 RVMTP Shares, Voting Trust Details for PCQ Preferreds

Rhea-AI Filing Summary

JPMorgan Chase Bank, N.A. reports beneficial ownership of 790 Remarketable Variable Rate MuniFund Term Preferred Shares of PIMCO California Municipal Income Fund, representing 19.66% of the preferred class. JPM retained voting rights for shares not assigned to a voting trust and assigned voting rights on 790 shares to a Voting Trust on June 12, 2024; the Voting Consultant recommends votes to the Voting Trustee, who must follow those recommendations. JPM deposited 100% of certain VMTP shares into a tender option bond trust and holds indirect beneficial interests via other TOB trusts following a reorganization exchange.

Positive

• Transparency: The filing discloses the exact number of RVMTP Shares (790) and the calculated 19.66% ownership of the preferred class.
• Governance clarity: The Voting Trust and Voting Consultant arrangement is described, clarifying how assigned voting rights will be exercised.

Negative

• Concentration: A single reporting bank holds or controls 19.66% of the preferred-class shares, representing a significant concentration of ownership.
• Delegated voting control: Voting authority on assigned shares is exercised by a Voting Trustee following recommendations of a Voting Consultant, centralizing voting influence outside direct shareholder voting.

Insights

Financial Analyst

TL;DR: JPMorgan discloses a near-20% preferred-class stake with voting rights partly delegated to a voting trust, reflecting significant holder position and structured voting arrangements.

The filing shows JPMorgan Chase Bank holds 790 RVMTP Shares, equal to 19.66% of the preferred class, and reports no sole voting power but shared voting power of 790 due to assignment to a Voting Trust. The document also details transfers of VMTP shares into TOB trusts and exchange of 546 RVMTP Shares from predecessor funds into the issuer. For investors, the key point is the concentration of nearly one-fifth of the preferred class under JPMorgan's economic or indirect control, with formal voting mechanics handled via a Voting Trustee and Voting Consultant.

Corporate Governance Expert

TL;DR: Governance arrangements delegate voting to a Voting Trust and consultant, clarifying decision process but concentrating influence in one institutional holder.

The filing discloses that JPM assigned certain preferred-class voting rights to a Voting Trust effective June 12, 2024, where a Voting Consultant analyzes matters and the Voting Trustee is obligated to follow its recommendations. JPM retained voting rights not assigned to the Trust and retains dispositive power for 790 shares. The structure provides transparency on who directs votes while indicating centralized influence over preferred-class voting through contractual arrangements.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

PIMCO California Municipal Income Fund

(Name of Issuer)

Remarketable Variable Rate MuniFund Term Preferred Shares

(Title of Class of Securities)

72200N809

(CUSIP Number)

08/01/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 72200N809

1

Names of Reporting Persons

JPMorgan Chase Bank, National Association

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 790.00
7	Sole Dispositive Power 790.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

790.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.66 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PIMCO California Municipal Income Fund
(b)	Address of issuer's principal executive offices: 1633 Broadway, New York, NY, 10019
Item 2.
(a)	Name of person filing: JPMorgan Chase Bank, National Association ("JPM")
(b)	Address or principal business office or, if none, residence: 1111 Polaris Parkway Columbus, OH 43240
(c)	Citizenship: United States of America
(d)	Title of class of securities: Remarketable Variable Rate MuniFund Term Preferred Shares
(e)	CUSIP No.: 72200N809
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 790
(b)	Percent of class: 19.66%* *Represents percentage ownership of RVMTP Shares as a percentage of all preferred shares outstanding and is calculated based on information supplied by the Issuer.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 790** ** On June 12, 2024 JPM assigned certain preferred class voting rights on the RVMTP Shares to a voting trust (the "Voting Trust") created pursuant to the Voting Trust Agreement, dated June 12, 2024 among JPM, Lord Securities Corporation, as trustee (the "Voting Trustee") and Institutional Shareholder Services Inc. (the "Voting Consultant"). Voting and consent rights on the RVMTP Shares not assigned to the Voting Trust have been retained by JPM. The Voting Trust provides that with respect to voting or consent matters relating to the voting rights assigned to the Voting Trust, the Voting Consultant analyzes such voting or consent matters and makes a recommendation to the Voting Trustee on voting or consenting. The Voting Trustee is obligated to follow any such recommendations of the Voting Consultant when providing a vote or consent.
	(iii) Sole power to dispose or to direct the disposition of: 790
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. On June 12, 2024, JPM acquired 244 VMTP Shares from the issuer and on June 27, 2024 JPM deposited 100% of the VMTP Shares into a tender option bond trust (a "TOB") named the J.P. Morgan Putters/Drivers, Series 5058 Trust. The TOB has title to 100% of the VMTP Shares but does not have the power to dispose or direct the disposition of the VMTP Shares. No voting rights on the VMTP Shares have been transferred to the TOB and voting rights on the VMTP Shares are retained by JPM and the Voting Trust as described in Item 4. In connection with the reorganization of PIMCO California Municipal Income Fund II ("PCK") and PIMCO California Municipal Income Fund III ("PZC", and together the "Target Funds") into the Issuer, 546 RVMTP Shares, comprised of 275 RVMTP Shares issued by PCK and 271 RVMTP Shares issued by PZC, each of which was indirectly beneficially owned by JPM were exchanged for an equal number of RVMTP Shares of the Issuer in a cashless transaction. 275 RVMTP Shares are held in a trust designated as the J.P. Morgan Putters/Drivers, Series 5059 Trust and 271 RVMTP Shares are held in a trust designated as the J.P. Morgan Putters/Drivers, Series 5060 Trust. JPM as a beneficiary of each of these trusts, and through its contractual rights, retains an indirect beneficial ownership in the RVMTP Shares
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JPMorgan Chase Bank, National Association

Signature:	/s/ Adrian Budischak
Name/Title:	Adrian Budischak / Authorized Signatory
Date:	09/02/2025

FAQ

How many RVMTP Shares of PIMCO California Municipal Income Fund does JPMorgan Chase Bank report owning?

The filing states JPMorgan Chase Bank beneficially owns 790 RVMTP Shares.

What percentage of the preferred class does JPMorgan's holding represent (PCQ)?

JPMorgan's ownership represents 19.66% of the RVMTP preferred class, as reported in the filing.

Did JPMorgan transfer voting rights for these shares?

Yes. On June 12, 2024 JPMorgan assigned certain preferred-class voting rights on the RVMTP Shares to a Voting Trust where a Voting Consultant makes recommendations to a Voting Trustee.

Were any shares moved into tender option bond trusts (TOBs)?

Yes. JPM deposited VMTP Shares into a TOB named the J.P. Morgan Putters/Drivers, Series 5058 Trust and holds other RVMTP Shares in Series 5059 and 5060 TOB trusts following an exchange.

Does JPMorgan retain the power to dispose of the reported shares?

The filing reports JPMorgan has sole power to dispose of 790 shares and no sole voting power (sole voting power = 0).