Nuveen California Quality Municipal Income Fund (NYSE: NAC) VRDP redemption

Q: What insider transaction did NAC report in this Form 4?

The filing shows that a trust associated with JPMorgan Chase Bank, N.A. , a 10% owner of Nuveen California Quality Municipal Income Fund (NAC) , had 240 Series 5 Variable Rate Demand Preferred Shares redeemed by the fund on 12/17/2025 .

Q: What type of securities were involved in the NAC Form 4 filing?

The transaction involved Series 5 Variable Rate Demand Preferred Shares , described as variable rate muni term preferred shares, issued by Nuveen California Quality Municipal Income Fund .

Q: At what price were the NAC VRDP Shares redeemed?

The VRDP Shares were redeemed for $100,153.39725 per share , which includes a $100,000.00 liquidation preference and $153.39725 of accrued dividends per share.

Q: How many NAC preferred shares were disposed of in this transaction?

A total of 240 Series 5 Variable Rate Demand Preferred Shares were reported as disposed of due to the issuer’s redemption.

Q: How many NAC VRDP Shares does JPMorgan beneficially own after the transaction?

After the redemption, JPMorgan Chase Bank, N.A. beneficially owned 1,349 Series 5 Variable Rate Demand Preferred Shares indirectly, held by trust .

Q: Was this NAC Form 4 transaction a market trade or a redemption?

The Form 4 indicates that the 240 VRDP Shares were disposed of as a result of a redemption by the issuer , rather than an open-market trade.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

JPMorgan Chase Bank, N.A., a 10% owner of Nuveen California Quality Municipal Income Fund (NAC), reported an indirect change in holdings of the fund’s preferred shares. On 12/17/2025, a trust associated with JPMorgan disposed of 240 Series 5 Variable Rate Demand Preferred Shares (VRDP Shares) due to a redemption by the fund. The VRDP Shares were redeemed at $100,153.39725 per share, which includes a $100,000.00 liquidation preference and $153.39725 of accrued dividends per share. Following this transaction, the reporting person beneficially owned 1,349 VRDP Shares indirectly through the trust.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider JPMorgan Chase Bank, N.A.

Role 10% Owner

Type	Security	Shares	Price	Value
Other	Series 5 Variable Rate Demand Preferred Shares	240	$0.00	$0.00

Holdings After Transaction: Series 5 Variable Rate Demand Preferred Shares — 1,349 shares (Indirect, By Trust)

Footnotes (1)

F1. The 240 variable rate muni term preferred shares reported as disposed of in Table I represent Series 5 Variable Rate Demand Preferred Shares (the "VRDP Shares") beneficially owned by JPMorgan Chase Bank, National Association ("JPMCB"). The VRDPShares were disposed of as a result of a redemption by the Issuer for a redemption price of $100,153.39725 per share (which includes a liquidation preference of $100,000.00 per share and accrued dividends of $153.39725 per share).

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 01/14/2026 - 10:58 AM

FAQ

What insider transaction did NAC report in this Form 4?

The filing shows that a trust associated with JPMorgan Chase Bank, N.A., a 10% owner of Nuveen California Quality Municipal Income Fund (NAC), had 240 Series 5 Variable Rate Demand Preferred Shares redeemed by the fund on 12/17/2025.

What type of securities were involved in the NAC Form 4 filing?

The transaction involved Series 5 Variable Rate Demand Preferred Shares, described as variable rate muni term preferred shares, issued by Nuveen California Quality Municipal Income Fund.

At what price were the NAC VRDP Shares redeemed?

The VRDP Shares were redeemed for $100,153.39725 per share, which includes a $100,000.00 liquidation preference and $153.39725 of accrued dividends per share.

How many NAC preferred shares were disposed of in this transaction?

A total of 240 Series 5 Variable Rate Demand Preferred Shares were reported as disposed of due to the issuer’s redemption.

How many NAC VRDP Shares does JPMorgan beneficially own after the transaction?

After the redemption, JPMorgan Chase Bank, N.A. beneficially owned 1,349 Series 5 Variable Rate Demand Preferred Shares indirectly, held by trust.

Was this NAC Form 4 transaction a market trade or a redemption?

The Form 4 indicates that the 240 VRDP Shares were disposed of as a result of a redemption by the issuer, rather than an open-market trade.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

JPMorgan Chase Bank, N.A.

(Last)

(First)

(Middle)

1111 POLARIS PARKWAY

(Street)

COLUMBUS

43240

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Nuveen California Quality Municipal Income Fund [ NAC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Series 5 Variable Rate Demand Preferred Shares	12/17/2025		J⁽¹⁾		240	D⁽¹⁾	⁽¹⁾	1,349	I	By Trust⁽¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The 240 variable rate muni term preferred shares reported as disposed of in Table I represent Series 5 Variable Rate Demand Preferred Shares (the "VRDP Shares") beneficially owned by JPMorgan Chase Bank, National Association ("JPMCB"). The VRDPShares were disposed of as a result of a redemption by the Issuer for a redemption price of $100,153.39725 per share (which includes a liquidation preference of $100,000.00 per share and accrued dividends of $153.39725 per share).

	/s/ Adrian Budischak	01/14/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR