Form 4: Wells Fargo Subsidiary Disposes of Nuveen Quality Municipal Income Fund Shares in Redemption

Wells Fargo Municipal Capital Strategies, LLC disposed of 350 shares of Nuveen Quality Municipal Income Fund preferred stock through a redemption by the issuer.

Summary

• Wells Fargo & Company, along with its subsidiary Wells Fargo Municipal Capital Strategies, LLC, jointly filed a statement regarding changes in beneficial ownership of Nuveen Quality Municipal Income Fund shares.
• The filing indicates that Wells Fargo Municipal Capital Strategies, LLC disposed of 350 shares of the fund's preferred stock.
• This disposal occurred through a redemption by the issuer at a price of $100,093.04 per share, which includes a liquidation preference of $100,000.00 and accrued dividends of $93.04 per share.
• Wells Fargo holds an indirect interest in these securities through its ownership of the subsidiary.
• The filing also includes a joint filing agreement and joint filer information.

Sentiment

Score: 5

Explanation: The document describes a routine transaction, a redemption of preferred shares, with no indication of positive or negative sentiment. It is a neutral event.

Industry Context

This filing reflects a routine transaction in the management of investment portfolios by a large financial institution. It is common for financial institutions to adjust their holdings in various funds based on market conditions and investment strategies.

Comparison to Industry Standards

• Redemptions of preferred shares are a standard practice in the investment fund industry, often occurring when funds are rebalancing their portfolios or when specific terms of the preferred shares are met.
• Wells Fargo's actions are consistent with the activities of other large financial institutions that manage significant investment portfolios.
• The redemption price of $100,093.04 per share reflects the liquidation preference plus accrued dividends, which is a typical structure for preferred share redemptions.

Stakeholder Impact

• The redemption of preferred shares may have a minor impact on the fund's capital structure, but it is not expected to significantly affect shareholders.

Key Dates

Keywords

Nuveen Quality Municipal Income Fund, Wells Fargo, Municipal Bonds, Preferred Stock, Redemption, Beneficial Ownership, SEC Form 4