Form 4: Wells Fargo Disposes of Variable Rate Demand Preferred Shares in BlackRock MuniYield Quality Fund

Wells Fargo & Company and Wells Fargo Bank, National Association jointly report the disposal of 4,503 variable rate demand preferred shares in BlackRock MuniYield Quality Fund, Inc.

Summary

• Wells Fargo & Company and its subsidiary, Wells Fargo Bank, National Association (WFBNA), jointly filed a Form 4 regarding changes in beneficial ownership of BlackRock MuniYield Quality Fund, Inc. (MQY).
• The report indicates the disposal of 4,503 variable rate demand preferred shares (VRDP Shares) by WFBNA on June 5, 2024.
• 2,252 VRDP Shares were redeemed by the issuer at a price of $100,038.6623 per share, which includes a liquidation preference of $100,000.00 and accrued dividends of $38.6623.
• The remaining 2,251 VRDP Shares were sold in an open market transaction at the same price of $100,038.6623 per share.
• Following the transaction, Wells Fargo & Company indirectly holds zero VRDP Shares through its subsidiary WFBNA.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, indicating a neutral sentiment. It simply reports a transaction without expressing any positive or negative outlook.

Industry Context

Form 4 filings are standard disclosures required by the SEC when there are changes in beneficial ownership of a company's securities, providing transparency to the market.

Stakeholder Impact

• The disposal of shares may have a minor impact on the market price of MQY, but the effect is likely to be minimal given the size of the transaction relative to the overall market capitalization.

Key Dates