SCHEDULE: Wells Fargo Amends Nuveen Preferred Share Holdings Ahead of July 2025 Redemption
Beneficial Ownership Amendment
Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC have filed an amendment to their Schedule 13D, disclosing their current beneficial ownership of Nuveen California Quality Municipal Income Fund preferred shares and an upcoming redemption event.
Summary
- Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC (collectively, the "Reporting Persons") filed Amendment No. 7 to their Schedule 13D.
- The filing pertains to their beneficial ownership of Preferred Shares (CUSIPs 67066Y832 and 67066Y824) in Nuveen California Quality Municipal Income Fund.
- The Reporting Persons collectively beneficially own 4,170 Preferred Shares, representing 35.80% of the class.
- This amendment is filed in relation to the upcoming redemption by Nuveen California Quality Municipal Income Fund on July 28, 2025, of 180 MFP Shares (CUSIP No. 67066Y824) held by Wells Fargo Municipal Capital Strategies, LLC.
Sentiment
Score: 5
Explanation: The filing is a routine regulatory disclosure of beneficial ownership and a planned redemption, containing no inherently positive or negative financial performance information or strategic shifts.
Future Outlook
Nuveen California Quality Municipal Income Fund plans to redeem 180 MFP Shares (CUSIP No. 67066Y824) held by Wells Fargo Municipal Capital Strategies, LLC on July 28, 2025.
Industry Context
This Schedule 13D amendment provides transparency regarding significant beneficial ownership in a closed-end municipal income fund. Such filings are standard regulatory disclosures for investors holding more than 5% of a company's voting shares, offering insight into major shareholder positions and any planned changes, such as redemptions of specific share classes.
Stakeholder Impact
- Shareholders: The redemption will reduce the number of outstanding MFP Shares, potentially impacting the fund's capital structure and the specific shareholders whose shares are redeemed.
Next Steps
- Redemption of 180 MFP Shares (CUSIP No. 67066Y824) by Nuveen California Quality Municipal Income Fund on July 28, 2025.
Key Dates
| Date | Description |
|---|---|
| June 10, 2016 | Original Schedule 13D dated |
| June 15, 2016 | Original Schedule 13D filed with the SEC |
| February 28, 2017 | Amendment No. 1 dated |
| March 2, 2017 | Amendment No. 1 filed with the SEC |
| November 16, 2017 | Amendment No. 2 dated |
| November 17, 2017 | Amendment No. 2 filed with the SEC |
| January 29, 2018 | Amendment No. 3 dated |
| January 31, 2018 | Amendment No. 3 filed with the SEC |
| October 1, 2018 | Amendment No. 4 dated |
| October 2, 2018 | Amendment No. 4 filed with the SEC |
| November 13, 2020 | Amendment No. 5 dated |
| November 17, 2020 | Amendment No. 5 filed with the SEC |
| February 21, 2024 | Amendment No. 6 dated |
| February 23, 2024 | Amendment No. 6 filed with the SEC |
| July 28, 2025 | Date of event requiring filing, specifically the planned redemption of 180 MFP Shares by the Issuer |
| July 30, 2025 | Date of signing and filing of Amendment No. 7 |
Keywords
Schedule 13D, beneficial ownership, preferred shares, Nuveen California Quality Municipal Income Fund, Wells Fargo, redemption, municipal income fund, SEC filing
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