Form 4: Wells Fargo Entities Adjust Beneficial Ownership of Nuveen Quality Municipal Income Fund (NAD)

Wells Fargo Bank, National Association transferred 4,338 MuniFund Preferred Shares of Nuveen Quality Municipal Income Fund to Wells Fargo Municipal Capital Strategies, LLC.

Summary

• Wells Fargo Bank, National Association (WFBNA) transferred 4,338 MuniFund Preferred Shares (MFP Shares) of Nuveen Quality Municipal Income Fund (NAD) to Wells Fargo Municipal Capital Strategies, LLC (Capital Strategies) on May 3, 2024.
• The purchase price for the transfer was $100,000 per share.
• Following the transaction, Capital Strategies now beneficially owns all 4,338 MFP Shares.
• Wells Fargo & Company holds an indirect interest in these securities through its ownership of Capital Strategies and WFBNA.
• Wells Fargo, Capital Strategies, and WFBNA jointly filed the statement, but they deny acting as a group for the purpose of acquiring, holding, or disposing of securities of the Issuer.

Sentiment

Score: 7

Explanation: The document describes a standard transaction between related parties. There is no indication of financial distress or other negative factors. The sentiment is neutral to slightly positive as it reflects normal business operations.

Industry Context

Form 4 filings are standard practice when there are changes in beneficial ownership of securities by company insiders or significant shareholders. This filing indicates a shift in ownership within the Wells Fargo organization regarding shares of the Nuveen Quality Municipal Income Fund.

Comparison to Industry Standards

• Form 4 filings are a common regulatory requirement for publicly traded companies and their significant stakeholders.
• The transfer of shares between subsidiaries of a larger entity is not unusual and often reflects internal restructuring or strategic alignment.
• Similar transactions can be observed across various financial institutions managing investment portfolios.

Related Party Transactions

• The transfer of 4,338 MuniFund Preferred Shares from Wells Fargo Bank, National Association to Wells Fargo Municipal Capital Strategies, LLC is a related party transaction.

Stakeholder Impact

• The transfer of shares is unlikely to have a significant impact on external stakeholders, as it is an internal transaction within the Wells Fargo organization.
• Shareholders of Nuveen Quality Municipal Income Fund are unlikely to be directly affected by this change in beneficial ownership.

Key Dates