Wells Fargo unit restructures 2,175 NQP VRDP

Wells Fargo Municipal Capital Strategies, LLC, an indirect subsidiary of Wells Fargo & Company, completed a restructuring transaction involving preferred shares of Nuveen Pennsylvania Quality Municipal Income Fund.

Rhea-AI Filing Summary

Wells Fargo Municipal Capital Strategies, LLC, an indirect subsidiary of Wells Fargo & Company, completed a restructuring transaction involving preferred shares of Nuveen Pennsylvania Quality Municipal Income Fund.

The entity exchanged 2,175 Variable Rate Demand Preferred Shares of the fund for an equal number of similar shares of Nuveen Municipal High Income Opportunity Fund in a cashless transaction. Following this exchange, the filing shows 0 Variable Rate Demand Preferred Shares of Nuveen Pennsylvania Quality Municipal Income Fund held by the reporting entity.

Insider Trade Summary

Other: 2,175 shares

Other 1 txn

Insider WELLS FARGO & COMPANY/MN, Wells Fargo Municipal Capital Strategies, LLC

Role 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Other	Variable Rate Demand Preferred Shares	2,175	$0.00	$0.00

Holdings After Transaction: Variable Rate Demand Preferred Shares — 0 shares (Indirect, By Subsidiary)

Footnotes (3)

1. F1. In connection with the reorganization of the Issuer into NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND ("NMZ"), 2,175 variable rate demand preferred shares (the "VRDP Shares") of the Issuer beneficially owned by Wells Fargo Municipal Capital Strategies, LLC ("Capital Strategies") were exchanged for an equal number of VRDP Shares of NMZ in a cashless transaction. The 2,175 shares reported as disposed of in Table I represent shares that were beneficially owned by Capital Strategies. Capital Strategies is a wholly owned subsidiary of Wells Fargo & Company ("Wells Fargo").
2. F2. This statement is jointly filed by Wells Fargo and Capital Strategies. Wells Fargo holds an indirect interest in the securities listed in Table I by virtue of its indirect ownership of its subsidiary Capital Strategies.
3. F3. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Key Figures

Preferred shares exchanged: 2,175 shares Price per share: $0.0000 Shares held after transaction: 0 shares +1 more

4 metrics

Preferred shares exchanged 2,175 shares Variable Rate Demand Preferred Shares of NQP exchanged for NMZ

Price per share $0.0000 Cashless exchange transaction price reported per share

Shares held after transaction 0 shares NQP Variable Rate Demand Preferred Shares held by reporting entity

Restructuring shares 2,175 shares Shares classified as restructuring in transaction summary

Key Terms

Variable Rate Demand Preferred Shares, cashless transaction, beneficially owned, reorganization

4 terms

Variable Rate Demand Preferred Shares financial

"2,175 variable rate demand preferred shares (the "VRDP Shares") of the Issuer"

cashless transaction financial

"were exchanged for an equal number of VRDP Shares of NMZ in a cashless transaction"

beneficially owned financial

"VRDP Shares of the Issuer beneficially owned by Wells Fargo Municipal Capital Strategies, LLC"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

reorganization financial

"In connection with the reorganization of the Issuer into NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did NQP report in this Form 4 filing?

The filing shows an internal restructuring transaction where 2,175 Variable Rate Demand Preferred Shares of Nuveen Pennsylvania Quality Municipal Income Fund were exchanged for an equal number of similar shares of Nuveen Municipal High Income Opportunity Fund in a cashless transaction.

Who carried out the NQP preferred share transaction in this Form 4?

The transaction was carried out by Wells Fargo Municipal Capital Strategies, LLC, a wholly owned subsidiary of Wells Fargo & Company. Wells Fargo reports an indirect interest through its ownership of this subsidiary, which beneficially owned the 2,175 preferred shares before the exchange.

How many NQP Variable Rate Demand Preferred Shares were involved?

A total of 2,175 Variable Rate Demand Preferred Shares of Nuveen Pennsylvania Quality Municipal Income Fund were involved. These shares were exchanged one-for-one for Variable Rate Demand Preferred Shares of Nuveen Municipal High Income Opportunity Fund as part of the reorganization.

Was the NQP preferred share transaction a cash sale or purchase?

The transaction was a cashless exchange. Wells Fargo Municipal Capital Strategies, LLC exchanged 2,175 Variable Rate Demand Preferred Shares of Nuveen Pennsylvania Quality Municipal Income Fund for an equal number of similar preferred shares of Nuveen Municipal High Income Opportunity Fund without any cash changing hands.

What were Wells Fargo’s holdings in NQP preferred shares after the transaction?

After the transaction, the Form 4 reports that Wells Fargo Municipal Capital Strategies, LLC held 0 Variable Rate Demand Preferred Shares of Nuveen Pennsylvania Quality Municipal Income Fund. Its interest shifted to Variable Rate Demand Preferred Shares of Nuveen Municipal High Income Opportunity Fund instead.

How is Wells Fargo & Company related to the NQP preferred shares in this filing?

Wells Fargo & Company’s interest is indirect. The 2,175 Variable Rate Demand Preferred Shares were beneficially owned by its wholly owned subsidiary, Wells Fargo Municipal Capital Strategies, LLC, and the filing is made jointly to reflect Wells Fargo’s indirect ownership via that subsidiary structure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/29/2026 - 06:33 PM Learn about SEC filing dates

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
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hours per response:			0.5

X

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^*

WELLS FARGO & COMPANY/MN

(Last) (First) (Middle)

401 SOUTH TRYON STREET

(Street)

CHARLOTTE NORTH CAROLINA 28202

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND [ NQP ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/27/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Variable Rate Demand Preferred Shares	04/27/2026		J(1)(2)		2,175	D(1)	(1)	0	I	By Subsidiary(2)(3)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

WELLS FARGO & COMPANY/MN

(Last) (First) (Middle)

401 SOUTH TRYON STREET

(Street)

CHARLOTTE NORTH CAROLINA 28202

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Wells Fargo Municipal Capital Strategies, LLC

(Last) (First) (Middle)

30 HUDSON YARDS

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. In connection with the reorganization of the Issuer into NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND ("NMZ"), 2,175 variable rate demand preferred shares (the "VRDP Shares") of the Issuer beneficially owned by Wells Fargo Municipal Capital Strategies, LLC ("Capital Strategies") were exchanged for an equal number of VRDP Shares of NMZ in a cashless transaction. The 2,175 shares reported as disposed of in Table I represent shares that were beneficially owned by Capital Strategies. Capital Strategies is a wholly owned subsidiary of Wells Fargo & Company ("Wells Fargo").

2. This statement is jointly filed by Wells Fargo and Capital Strategies. Wells Fargo holds an indirect interest in the securities listed in Table I by virtue of its indirect ownership of its subsidiary Capital Strategies.

3. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Remarks:

Exhibits Index Exhibit 99.1 - Joint Filing Agreement Exhibit 99.2 - Joint Filer Information

	WELLS FARGO & COMPANY, by: /s/ Patricia Arce	04/29/2026
	WELLS FARGO MUNICIPAL CAPITAL STRATEGIES, LLC, by: /s/ Daniel Frizsell	04/29/2026
	** 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.
* Form 4: SEC 1474 (03-26)