SCHEDULE: Wells Fargo Amends Nuveen Fund Ownership Following Preferred Share Redemption
Beneficial Ownership Amendment
Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC have filed an Amendment No. 7 to their Schedule 13D, reporting a scheduled redemption of 180 MFP Preferred Shares by Nuveen California Quality Municipal Income Fund on July 28, 2025.
Summary
- This filing is Amendment No. 7 to the Schedule 13D originally filed on June 15, 2016, by Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC (collectively, the "Reporting Persons").
- The amendment reports the upcoming redemption by Nuveen California Quality Municipal Income Fund of 180 MFP Shares (CUSIP No. 67066Y824) held by Wells Fargo Municipal Capital Strategies, LLC.
- The redemption event is scheduled for July 28, 2025.
- Following this redemption, the Reporting Persons will beneficially own 4,170.00 Preferred Shares, representing 35.80% of the class.
- The filing updates Exhibit 99.1 and Exhibit 99.2, replacing them with a Joint Filing Agreement and Limited Power of Attorney, and adds Exhibit 99.12, which is an Amended and Restated Schedule I and Schedule II.
Sentiment
Score: 5
Explanation: The filing is a factual, routine amendment to a Schedule 13D reporting a scheduled redemption of preferred shares. It contains no positive or negative surprises, nor does it provide strategic insights that would alter sentiment.
Future Outlook
The filing primarily reports a scheduled future event, the redemption of 180 MFP Shares on July 28, 2025. No broader forward-looking statements or guidance regarding the fund's performance or strategic direction are provided.
Industry Context
This filing represents a routine update to beneficial ownership for a closed-end municipal income fund. The redemption of preferred shares is a specific transaction between the fund and a major holder, Wells Fargo, and does not inherently reflect broader industry trends or competitive dynamics beyond the specific capital structure management of the Nuveen fund.
Stakeholder Impact
- Shareholders of Nuveen California Quality Municipal Income Fund: The redemption of preferred shares may slightly alter the fund's capital structure, potentially impacting leverage or cost of capital, though the immediate impact on common shareholders is likely minimal given the partial nature of the redemption.
- Wells Fargo & Company / Wells Fargo Municipal Capital Strategies, LLC: The redemption will reduce their holdings of the specified preferred shares, impacting their investment portfolio composition.
Next Steps
- The redemption of 180 MFP Shares (CUSIP No. 67066Y824) by Nuveen California Quality Municipal Income Fund from Wells Fargo Municipal Capital Strategies, LLC is scheduled for July 28, 2025.
Key Dates
| Date | Description |
|---|---|
| 2016-06-10 | Date of Original Schedule 13D statement |
| 2016-06-15 | Original Schedule 13D filed with the SEC |
| 2017-02-28 | Date of Amendment No. 1 |
| 2017-03-02 | Amendment No. 1 filed with the SEC |
| 2017-11-16 | Date of Amendment No. 2 |
| 2017-11-17 | Amendment No. 2 filed with the SEC |
| 2018-01-29 | Date of Amendment No. 3 |
| 2018-01-31 | Amendment No. 3 filed with the SEC |
| 2018-10-01 | Date of Amendment No. 4 |
| 2018-10-02 | Amendment No. 4 filed with the SEC |
| 2020-11-13 | Date of Amendment No. 5 |
| 2020-11-17 | Amendment No. 5 filed with the SEC |
| 2024-02-21 | Date of Amendment No. 6 |
| 2024-02-23 | Amendment No. 6 filed with the SEC |
| 2025-07-28 | Date of event requiring this filing (redemption of 180 MFP Shares) |
| 2025-07-30 | Signature date of the current Amendment No. 7 |
Keywords
Nuveen California Quality Municipal Income Fund, Wells Fargo & Company, Wells Fargo Municipal Capital Strategies, Preferred Shares, Schedule 13D, Beneficial Ownership, Redemption, Municipal Bonds, Closed-End Fund
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