Form 4: JPMorgan Chase Bank Disposes Nuveen Fund Shares

JPMorgan Chase Bank, N.A. reported the disposition of 240 Series 5 Variable Rate Demand Preferred Shares of Nuveen California Quality Municipal Income Fund due to an issuer redemption.

Summary

• JPMorgan Chase Bank, N.A. (JPMCB) reported the disposition of 240 Series 5 Variable Rate Demand Preferred Shares (VRDP Shares) of Nuveen California Quality Municipal Income Fund (NAC).
• The disposition occurred as a result of a redemption by the Issuer.
• The redemption price was $100,153.39725 per share, which included a liquidation preference of $100,000.00 per share and accrued dividends of $153.39725 per share.
• Following the transaction, JPMCB beneficially owns 1,349 VRDP Shares indirectly through a Trust.

Sentiment

Score: 7

Explanation: The redemption of preferred shares at a price including accrued dividends is a standard corporate action, indicating a favorable return for the disposed shares.

Positives

• The shares were redeemed at a price of $100,153.39725 per share, including accrued dividends, indicating a favorable exit for the disposed shares.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders (of NAC): The redemption of preferred shares could slightly alter the capital structure, potentially reducing preferred dividend obligations.
• JPMorgan Chase Bank, N.A.: Realized proceeds from the redemption of the disposed shares.

Key Dates

Keywords

JPMorgan Chase Bank, Nuveen California Quality Municipal Income Fund, NAC, Form 4, beneficial ownership, preferred shares, redemption, VRDP Shares