WELLS FARGO & COMPANY/MN 4

What Happened
Wells Fargo & Company, reporting as a 10% owner through its subsidiary Wells Fargo Municipal Capital Strategies, LLC, reported the disposition of 750 munifund preferred shares of Nuveen Quality Municipal Income Fund (NAD). The shares were redeemed by the issuer on June 10, 2026 at a redemption price of $100,008.835788 per share (includes $100,000 liquidation preference + $8.835788 accrued dividends), for a total of approximately $75.01 million. This was an issuer redemption (coded as an "other acquisition or disposition" — J), not an open-market sale.

Key Details

• Transaction date: 2026-06-10 (Form 4 filed 2026-06-12). Form 4 filing appears timely (typically due within two business days).
• Price: $100,008.835788 per share (liquidation preference $100,000 + $8.835788 accrued dividends).
• Shares disposed: 750 munifund preferred shares. Total proceeds ≈ $75,006,626.84.
• Shares owned after transaction: Not disclosed in the filing.
• Reporting persons: Wells Fargo & Company and Wells Fargo Municipal Capital Strategies, LLC (joint filing). Wells Fargo’s interest is indirect via its wholly owned subsidiary.
• Notes: Disposal resulted from issuer redemption (footnote F1). The filing clarifies joint filing status and disclaims group/adverse interpretations (footnotes F2–F3). Exhibits attached include a Joint Filing Agreement and Joint Filer Information.

Context
This was an institutional redemption of preferred munifund shares by the issuer, not an executive insider sale. Redemptions return the liquidation preference plus accrued dividends to the holder; they do not necessarily signal management sentiment about the common stock. For retail investors, purchases are often more informative about insider confidence; this transaction is a disposal via issuer action.