SCHEDULE: Nuveen Fund Reorganization Update

Wells Fargo & Company and its affiliate report no longer owning VRDP Shares of Nuveen Pennsylvania Quality Municipal Income Fund following a reorganization.

Summary

• This filing is an amendment (Amendment No. 10) to a previous Schedule 13D statement.
• The amendment is filed due to the reorganization of Nuveen Pennsylvania Quality Municipal Income Fund (the "Issuer") into NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND (NMZ) on April 27, 2026.
• As a result of this reorganization, Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC (collectively, the "Reporting Persons") exchanged their 2,175 Variable Rate Demand Preferred Shares (VRDP Shares) of the Issuer for an equal number of VRDP Shares of NMZ.
• Consequently, the Reporting Persons no longer own any VRDP Shares of the original Issuer.
• All voting and financing arrangements related to the VRDP Shares have been terminated due to the reorganization.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily an administrative update reflecting a completed fund reorganization rather than new financial performance or strategic initiatives.

Positives

• The company has successfully completed a reorganization event, exchanging its holdings in one fund for another.
• The reporting persons have confirmed they no longer hold the original securities, simplifying their portfolio disclosure.

Negatives

• The reporting persons no longer hold any beneficial ownership in the original Nuveen Pennsylvania Quality Municipal Income Fund's VRDP Shares.

Risks

• The filing does not explicitly mention any new risks associated with the reorganization itself, but the change in holdings implies a shift in investment strategy or fund structure.

Future Outlook

The filing indicates a completed reorganization, implying a shift in the reporting persons' investment focus from the original issuer to NMZ.

Industry Context

StockSavvy.ai notes that fund reorganizations are common in the municipal bond sector, often driven by changes in market conditions, regulatory environments, or strategic objectives to enhance fund management or investor value.

Stakeholder Impact

• Shareholders of the original Nuveen Pennsylvania Quality Municipal Income Fund may see their holdings converted to NMZ shares, potentially impacting their investment exposure and fund characteristics.
• Creditors and other counterparties to the original fund will now be dealing with NMZ, requiring updates to their records and potentially reassessment of terms if applicable.

Next Steps

• The reporting persons will continue to hold VRDP Shares of NMZ following the reorganization.

Key Dates

Keywords

Schedule 13D, Nuveen Pennsylvania Quality Municipal Income Fund, Wells Fargo, Wells Fargo Municipal Capital Strategies, VRDP Shares, Reorganization, NMZ, Municipal Bonds, Preferred Shares, SEC Filing