0001193125-17-067422.txt : 20170302 0001193125-17-067422.hdr.sgml : 20170302 20170302144703 ACCESSION NUMBER: 0001193125-17-067422 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20170302 DATE AS OF CHANGE: 20170302 GROUP MEMBERS: WELLS FARGO BANK, NATIONAL ASSOCIATION GROUP MEMBERS: WELLS FARGO MUNICIPAL CAPITAL STRATEGIES, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN MICHIGAN QUALITY MUNICIPAL INCOME FUND CENTRAL INDEX KEY: 0000878198 IRS NUMBER: 363777458 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-84621 FILM NUMBER: 17658217 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: NUVEEN MICHIGAN QUALITY INCOME MUNICIPAL FUND DATE OF NAME CHANGE: 20130107 FORMER COMPANY: FORMER CONFORMED NAME: NUVEEN MICHIGAN QUALITY INCOME MUNICIPAL FUND INC DATE OF NAME CHANGE: 19920929 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO & COMPANY/MN CENTRAL INDEX KEY: 0000072971 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 410449260 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 420 MONTGOMERY STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94163 BUSINESS PHONE: 6126671234 MAIL ADDRESS: STREET 1: 420 MONTGOMERY STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94163 FORMER COMPANY: FORMER CONFORMED NAME: WELLS FARGO & CO/MN DATE OF NAME CHANGE: 19981103 FORMER COMPANY: FORMER CONFORMED NAME: NORWEST CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NORTHWEST BANCORPORATION DATE OF NAME CHANGE: 19830516 SC 13D/A 1 d353602dsc13da.htm SC 13D/A SC 13D/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

 

 

NUVEEN MICHIGAN QUALITY MUNICIPAL INCOME FUND

(formerly known as Nuveen Michigan Quality Income Municipal Fund)

(Name of Issuer)

VARIABLE RATE MUNIFUND TERM PREFERRED SHARES

(Title of Class of Securities)

670979806

(CUSIP Number)

Willie J. White

Counsel

Wells Fargo & Company

301 South College Street, 22nd Floor

Charlotte, NC 28202-6000

(704) 410-5082

With a copy to:

Patrick Quill

Ashurst LLP

7 Times Square, 19th Floor

New York, NY 10036

(212) 205-7000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

February 28, 2017

(Date of Event Which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box   ☐.

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


SCHEDULE 13D

 

CUSIP No. 670979806  

 

  1.   

Names of Reporting Persons

 

Wells Fargo & Company                         41-0449260

  2.  

Check the Appropriate Box if a member of a Group (see instructions)

a.  ☐        b.  ☒

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions):

 

WC

  5.  

Check Box if Disclosure of Legal Proceedings Is Required pursuant to Items 2(d) or 2(e).

 

  6.  

Citizenship or Place of Organization

 

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With:

 

     7.    

Sole Voting Power:

 

0

     8.   

Shared Voting Power:

 

1,730

     9.   

Sole Dispositive Power:

 

0

   10.   

Shared Dispositive Power:

 

1,730

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person:

 

1,730

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

13.  

Percent of Class Represented by Amount in Row (11):

 

100%

14.  

Type of Reporting Person (See Instructions)

 

HC

 

 

2


SCHEDULE 13D

 

CUSIP No. 670979806  

 

  1.   

Names of Reporting Persons

 

Wells Fargo Municipal Capital Strategies, LLC                         45-2541449

  2.  

Check the Appropriate Box if a member of a Group (see instructions)

a.  ☐        b.  ☒

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions):

 

WC

  5.  

Check Box if Disclosure of Legal Proceedings Is Required pursuant to Items 2(d) or 2(e).

 

  6.  

Citizenship or Place of Organization

 

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With:

 

     7.    

Sole Voting Power:

 

0

     8.   

Shared Voting Power:

 

851

     9.   

Sole Dispositive Power:

 

0

   10.   

Shared Dispositive Power:

 

851

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person:

 

851

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

13.  

Percent of Class Represented by Amount in Row (11):

 

100%

14.  

Type of Reporting Person (See Instructions)

 

OO

 

 

3


SCHEDULE 13D

 

CUSIP No. 670979806  

 

  1.   

Names of Reporting Persons

 

Wells Fargo Bank, National Association                         94-1347393

  2.  

Check the Appropriate Box if a member of a Group (see instructions)

a.  ☐        b.  ☒

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions):

 

WC

  5.  

Check Box if Disclosure of Legal Proceedings Is Required pursuant to Items 2(d) or 2(e).

 

  6.  

Citizenship or Place of Organization

 

United States of America

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With:

 

     7.    

Sole Voting Power:

 

0

     8.   

Shared Voting Power:

 

879

     9.   

Sole Dispositive Power:

 

0

   10.   

Shared Dispositive Power:

 

879

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person:

 

879

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

13.  

Percent of Class Represented by Amount in Row (11):

 

100%

14.  

Type of Reporting Person (See Instructions)

 

BK

 

 

4


This Amendment No. 3 (this “Amendment”) amends, as set forth below, the statement on Schedule 13D, dated December 10, 2013 and filed with the SEC on December 19, 2013 (the “Original Schedule 13D”), as amended by Amendment No. 1 dated July 15, 2015 and filed with the SEC on July 15, 2015 (“Amendment No. 1”) and Amendment No. 2 dated June 1, 2016 and filed with the SEC on June 3, 2016 (“Amendment No. 2”), for Wells Fargo & Company (“Wells Fargo”), Wells Fargo Municipal Capital Strategies, LLC (“Capital Strategies”) and Wells Fargo Bank, National Association (“WFBNA”) (collectively, the “Reporting Persons”) with respect to the variable rate munifund term preferred shares (“VMTP Shares”) of Nuveen Michigan Quality Income Municipal Fund (formerly known as Nuveen Michigan Quality Income Municipal Fund) (the “Issuer”). This Amendment is being filed as a result of the execution of an amendment to the VMTP Purchase and Exchange Agreement dated June 1, 2016 relating to the VMTP Shares (CUSIP No. 670979806) of the Issuer.

Item 2

Item 2 of the Original Schedule 13D is hereby amended by deleting Schedule I and Schedule II referenced therein and replacing them with Schedule I and Schedule II included with this Amendment.

The fifth paragraph is replaced with the following:

“Wells Fargo and its subsidiaries provide banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, digital (online, mobile and social), and contact centers (phone, email and correspondence), and we have offices in 42 countries and territories to support customers who conduct business in the global economy.”

Item 6

Item 6 of the Original Schedule 13D is hereby amended by adding the following at the end thereof:

“With respect to the VMTP Shares owned by Capital Strategies and WFBNA, Capital Strategies and WFBNA entered into a VMTP Purchase and Exchange Agreement dated June 1, 2016, among the Issuer, Capital Strategies and WFBNA, as amended on February 28, 2017.”

 

Item 7 Material to be Filed as Exhibits

Item 7 of the Original Schedule 13D is hereby amended by deleting Exhibit 99.3 and Exhibit 99.4 thereto and inserting the following additional exhibits:

 

“Exhibit    Description of Exhibit
99.1    Joint Filing Agreement
99.2    Power of Attorney
99.8    Amendment to VMTP Purchase and Exchange Agreement dated February 28, 2017”

 

5


SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: March 2, 2017

 

WELLS FARGO & COMPANY
By:   /s/ Michael J. Choquette
Name:   Michael J. Choquette
Title:   Designated Signer
WELLS FARGO MUNICIPAL CAPITAL STRATEGIES, LLC
By:   /s/ Adam Joseph
Name:   Adam Joseph
Title:   President
WELLS FARGO BANK, NATIONAL ASSOCIATION
By:   /s/ Adam Joseph
Name:   Adam Joseph
Title:   Managing Director

 

6


LIST OF EXHIBITS

 

Exhibit    Description of Exhibit
99.1    Joint Filing Agreement
99.2    Power of Attorney
99.8    Amendment to VMTP Purchase and Exchange Agreement dated February 28, 2017

 

7


SCHEDULE I

EXECUTIVE OFFICERS AND DIRECTORS OF REPORTING PERSONS

The following sets forth the name and present principal occupation of each executive officer and director of Wells Fargo & Company. The business address of each of the executive officers and directors of Wells Fargo & Company is 420 Montgomery Street, San Francisco, CA 94104.

 

Name

  

Position with Wells Fargo & Company

  

Principal Occupation

Timothy J. Sloan    Chief Executive Officer and President; Director    Chief Executive Officer of Wells Fargo & Company
David M. Carroll    Senior Executive Vice President (Wealth and Investment Management)    Head of Wealth and Investment Management of Wells Fargo
Franklin R. Codel    Senior Executive Vice President (Consumer Lending)    Head of Consumer Lending
Hope A. Hardison1    Senior Executive Vice President and Chief Administrative Officer    Chief Administrative Officer of Wells Fargo & Company
Richard D. Levy    Executive Vice President and Controller    Controller of Wells Fargo & Company
Michael J. Loughlin    Senior Executive Vice President and Chief Risk Officer    Chief Risk Officer of Wells Fargo
Mary T. Mack    Senior Executive Vice President (Community Banking)    Head of Community Banking
Avid Modjtabai    Senior Executive Vice President (Payments, Virtual Solutions and Innovation)    Head of Payments, Virtual Solutions and Innovation of Wells Fargo & Company
Perry G. Pelos    Senior Executive Vice President (Wholesale Banking)    Head of Wholesale Banking
John R. Shrewsberry    Senior Executive Vice President and Chief Financial Officer    Chief Financial Officer of Wells Fargo & Company
James Strother    Senior Executive Vice President and General Counsel    General Counsel of Wells Fargo & Company

 

1  Hope A. Hardison is a dual citizen of the U.S. and Germany.


John D. Baker II    Director    Executive Chairman and Director of FRP Holdings, Inc.
John S. Chen    Director    Executive Chairman and Chief Executive Officer of BlackBerry Limited
Lloyd H. Dean    Director    President, CEO and Director of Dignity Health
Elizabeth A. Duke    Vice Chairman, Director    Former member of the Federal Reserve Board of Governors
Susan E. Engel    Director    Retired Chief Executive Officer of Portero, Inc.
Enrique Hernandez, Jr.    Director    Chairman, President, CEO and Director of Inter-Con Security Systems, Inc.
Donald M. James    Director    Retired Chairman and CEO of Vulcan Materials Company
Cynthia H. Milligan    Director    Dean Emeritus, College of Business Administration at University of Nebraska – Lincoln
Karen B. Peetz    Director    Retired President, Bank of New York Mellon Corp.
Federico F. Peña    Director    Senior Advisor of Colorado Impact Fund
James H. Quigley    Director    CEO Emeritus and Retired Partner of Deloitte
Stephen W. Sanger    Chairman, Director    Retired Chairman, CEO of General Mills, Inc.
Ronald L. Sargent    Director    Retired Chairman, CEO of Staples, Inc.
Susan G. Swenson    Director    Chairman and Chief Executive Officer of Inseego Corp.
Suzanne M. Vautrinot    Director    President of Kilovolt Consulting Inc.

 

2


The following sets forth the name and present principal occupation of each executive officer and director of Wells Fargo Municipal Capital Strategies, LLC.

 

Name

  

Position with Wells Fargo Municipal
Capital Strategies, LLC

  

Business Address

  

Principal Occupation

Matthew Antunes    Vice President   

375 Park Avenue

New York, NY

10152

   Director at Wells Fargo Bank, NA
Kristina Eng    Vice President   

375 Park Avenue

New York, NY

10152

   Managing Director at Wells Fargo Bank, NA
Daniel George    Senior Vice President   

375 Park Avenue

New York, NY

10152

   Managing Director at Wells Fargo Bank, NA
Adam Joseph    President   

375 Park Avenue

New York, NY

10152

   Managing Director at Wells Fargo Bank, NA (Head of Public Finance Capital Strategies)
Phillip Smith    Executive Vice President; Manager   

301 S College St,

Charlotte, NC

28202

   Head of Municipal Products and Government and Institutional Banking
Peter Hill    Manager   

375 Park Avenue

New York, NY

10152

   Managing Director at Wells Fargo Bank, NA
Humbert Nelli    Manager   

301 S College St,

Charlotte, NC

28202

   Managing Director at Wells Fargo Bank, NA
Lauren Locke    Managing Director   

550 S Tryon St,

Charlotte, NC

28202

   Chief Administrative Officer at Wells Fargo Bank, NA
Patrice DeCorrevont    Manager   

10 S Wacker Dr,

Chicago, IL

60606

   Managing Director at Wells Fargo Bank, NA
Deanna Ernst    Secretary   

301 S College St,

Charlotte, NC

28202

   Paralegal at Wells Fargo Bank, NA

 

3


The following sets forth the name and present principal occupation of each executive officer and director of Wells Fargo Bank, National Association. The business address of each of the executive officers and directors of Wells Fargo Bank, National Association is 101 N. Phillips Street, Sioux Falls, SD 57104.

 

Name

  

Position with Wells Fargo Bank, N.A.

  

Principal Occupation

Timothy J. Sloan    Chief Executive Officer and President; Director    President and Chief Executive Officer of Wells Fargo Bank, N.A.
David M. Carroll    Senior Executive Vice President (Wealth and Investment Management)    Head of Wealth and Investment Management of Wells Fargo Bank, N.A.
Franklin R. Codel    Senior Executive Vice President (Consumer Lending)    Head of Consumer Lending of Wells Fargo Bank, N.A.
Hope A. Hardison2    Senior Executive Vice President and Chief Administrative Officer    Chief Administrative Officer of Wells Fargo Bank, N.A.
Richard D. Levy    Executive Vice President and Controller    Controller of Wells Fargo Bank, N.A.
Michael J. Loughlin    Senior Executive Vice President and Chief Risk Officer    Chief Risk Officer of Wells Fargo Bank, N.A.
Mary T. Mack    Senior Executive Vice President (Community Banking)    Head of Community Banking of Wells Fargo Bank, N.A.
Avid Modjtabai    Senior Executive Vice President (Consumer Lending)    Head of Consumer Lending and Operations of Wells Fargo Bank, N.A.
Perry G. Pelos    Senior Executive Vice President (Wholesale Banking)    Head of Wholesale Banking of Wells Fargo Bank, N.A.
John R. Shrewsberry    Senior Executive Vice President and Chief Financial Officer    Chief Financial Officer of Wells Fargo Bank, N.A.
James Strother    Senior Executive Vice President and General Counsel    General Counsel of Wells Fargo Bank, N.A.

 

 

2  Hope A. Hardison is a dual citizen of the U.S. and Germany.

 

4


Lloyd H. Dean    Director    President, CEO and Director of Dignity Health
Enrique Hernandez, Jr.    Director    Chairman, President, CEO and Director of Inter-Con Security Systems, Inc.
Cynthia H. Milligan    Director    Dean Emeritus, College of Business Administration at University of Nebraska – Lincoln
Federico F. Peña    Director    Senior Advisor of Colorado Impact Fund
James H. Quigley    Director    CEO Emeritus and Retired Partner of Deloitte
Stephen W. Sanger    Chairman, Director    Retired Chairman, CEO of General Mills, Inc.

 

5


SCHEDULE II

LITIGATION SCHEDULE

ASSET-BACKED COMMERCIAL PAPER INVESTIGATION On August 14, 2012, the SEC entered a settled administrative order against Wells Fargo Brokerage Services LLC (n/k/a Wells Fargo Securities, LLC) and a former sales representative concerning alleged sales practice and suitability issues related to certain 2007 sales of three asset-backed commercial paper products to institutional and municipal purchasers. Without admitting or denying the allegations, the firm agreed to a censure, a cease-and-desist order, disgorgement of $65,000 plus prejudgment interest, and a civil penalty of $6.5 million.

FINRA SETTLEMENT On December 11, 2014, FINRA announced its settlement with ten firms, including Wells Fargo Securities, LLC, that had pitched for an investment banking role on a contemplated Toys “R” Us initial public offering in 2010. FINRA alleged that WFS violated NASD and FINRA rules by allowing its research analyst to participate in the solicitation of investment banking business and by offering favorable research coverage to induce investment banking business; and by failing to implement policies and procedures reasonably designed to prevent violations in connection with analyst public appearances. WFS neither admitted nor denied FINRA’s findings but consented to a censure and payment of a $4 million fine. The fine has been paid and the matter is fully resolved.

FINRA SETTLEMENT On November 18, 2015, FINRA announced a settlement with Wells Fargo Securities, LLC involving customer trade confirmations that inaccurately reflected the capacity in which the firm acted, e.g., principal, agent, or mixed capacity. The firm neither admitted nor denied the findings and consented to a censure and payment of a $300,000 fine. The fine has been paid and the matter is fully resolved.

SEC MCDC SETTLEMENT On February 2, 2016, the SEC announced a settlement with Wells Fargo Bank, N.A. Municipal Products Group (MPG) as part of the SEC’s Municipalities Continuing Disclosure Cooperation (MCDC) initiative. The MCDC offered defined settlement terms to underwriters and issuers of municipal securities that self-reported potential violations of Exchange Act Rule 15c2-12 regarding municipalities’ continuing disclosure requirements. Seventy-two underwriters entered into settlements under the MCDC. The SEC proposed an offer of settlement regarding eight transactions MPG had self-reported, with a penalty of $440,000, which MPG accepted.

SEC ORDER On September 22, 2014, the SEC entered an order against Wells Fargo Advisors, LLC related to the firm’s policies and procedures to prevent the misuse of material nonpublic information. The firm admitted the SEC’s findings of fact, acknowledged that its conduct violated the federal securities laws and agreed to retain an independent compliance consultant to review relevant policies and procedures, as well as the making, keeping and preserving of certain required books and records. The firm agreed to a censure, a cease and desist order and a civil penalty of $5,000,000.

CLIENT IDENTIFICATION PROGRAM On December 18, 2014, FINRA announced a settlement with Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC for an alleged violation of NASD and FINRA rules concerning the Client Identification Program and the effects of using recycled client account numbers. The use of recycled numbers was alleged to have resulted in certain accounts not having a complete review for Client Identification Purposes. WFA and WFA FiNet neither admitted nor denied FINRA’s findings and consented to a censure and the payment of a $1.5 million fine. The fine has been paid and the matter is fully resolved.

MUTUAL FUND SALES CHARGE WAIVERS On July 6, 2015, FINRA announced a settlement with Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC for an alleged violation of NASD and FINRA rules concerning application of mutual fund sales charge waivers. FINRA alleged WFA and FiNet did not reasonably supervise the application of sales charge waivers for eligible mutual fund purchases in certain retirement and charitable organization accounts. WFA and FiNet neither admitted nor denied FINRA’s findings and agreed to censure and to provide remediation to eligible clients. Due to WFA and FiNet’s self-report of the issue and cooperation, FINRA assessed no fine. WFA and FiNet agreed to pay an estimated $15 million in restitution, including interest, to affected customers.


FINRA/NASDAQ REPORTING SETTLEMENTS From time to time Wells Fargo broker-dealers resolve technical trade reporting issues relating to timing and other data elements with FINRA/NASDAQ involving small numbers of trades processed by the firms. Resolutions of this type during the relevant period included fines of less than $100,000 each.

STATE OF NEW HAMPSHIRE SETTLEMENT Wells Fargo Advisors Financial Network (WFAFN) entered into a Consent Order with the State of New Hampshire on February 12, 2016 relative to due diligence concerning two customer accounts. WFAFN agreed to pay a total of $32,000 to the clients and $3,000 to the state.

LARGE OPTION POSITION REPORTING On October 13, 2016, First Clearing, LLC entered into settlement agreements with NYSE Arca, Inc. and the Chicago Board Options Exchange, Inc., without admitting or denying the allegations that it inaccurately reported position effective dates and customer name and address information for its introducing firms and failed to provide introducing firms with reasonable systems and processes for identifying accounts acting in concert. First Clearing agreed to pay a $375,000 fine to each Exchange ($750,000 total).

BOOKS & RECORDS RETENTION On December 21, 2016, FINRA announced a settlement with Wells Fargo Advisors, LLC, First Clearing, LLC, Wells Fargo Advisors Financial Network, LLC, Wells Fargo Securities LLC and Wells Fargo Prime Services LLC for alleged violations of certain record retention and supervisory provisions by failing to maintain electronically stored required records in a non-erasable and non-rewritable format. The firms neither admitted nor denied FINRA’s findings and consented to a censure and the payment of a $1.5 million fine by the first three firms above (jointly), and a $4 million fine by the final two firms above (jointly). The fines have been paid. The firms also agreed to an undertaking to review, adopt and implement policies and procedures reasonably designed to comply with books and records rules.

STATE OF MISSOURI SETTLEMENT – On February 16, 2017, A.G. Edwards (k/n/a Wells Fargo Clearing Services, LLC) entered into a Consent Order with the State of Missouri. The action involved a Missouri Resident’s claim that his ex-wife misappropriated over $300,000 out of his IRA account during the period between August 2001 and July 2007, and the State of Missouri alleged a failure by the firm to supervise the completeness and accuracy of the early IRA distribution forms associated with the withdrawals. Without admitting or denying liability, the firm consented to a censure and agreed to pay $25,672.17 to the Missouri Secretary of State’s Investor Education Fund to fully resolve the matter.

POSSESSION AND CONTROL OF ALTERNATIVE INVESTMENTS On November 22, 2016 First Clearing LLC entered into a settlement agreement with FINRA without admitting or denying the allegations that the firm failed to collect no-lien letters from investment sponsors, reconcile customer positions and afford the proper regulatory accounting treatment for positions held at the sponsor in First Clearing IRA accounts. First Clearing agreed to pay a fine of $750,000.

CONSOLIDATED REPORTS On December 5, 2016 Wells Fargo Clearing Services, LLC (formerly Wells Fargo Advisors, LLC) entered into a settlement agreement with FINRA without admitting or denying the allegations that the Firm failed to establish maintain and enforce a reasonable supervisory system for the use of consolidated reports generated by financial advisors.. Wells Fargo Clearing Services, LLC agreed to pay a fine of $1,000,000.

NOTE: In addition to the above matters, certain of Wells Fargo & Company’s affiliates, including Wells Fargo Clearing Services, LLC (formerly Wells Fargo Advisors, LLC), Wells Fargo Securities, LLC, Wells Fargo Advisors Financial Network, LLC and First Clearing, LLC, have been involved in a number of civil proceedings and regulatory actions which concern matters arising in connection with the conduct of its business. Certain of such proceedings have resulted in findings of violations of federal or state securities laws. Such proceedings are reported and summarized in each entity’s Form BD as filed with the Securities and Exchange Commission and in other regulatory reports, which descriptions are hereby incorporated by reference.

 

 

2

EX-99.1 2 d353602dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

JOINT FILING AGREEMENT

This Statement is filed by Wells Fargo & Company on its own behalf and on behalf of Wells Fargo Municipal Capital Strategies, LLC and Wells Fargo Bank, National Association. Aggregate beneficial ownership reported by Wells Fargo & Company under Item 11 on page 2 is on a consolidated basis and includes any beneficial ownership separately reported herein by Wells Fargo Municipal Capital Strategies, LLC and Wells Fargo Bank, National Association.

Pursuant to and in accordance with the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations thereunder, each party hereto hereby agrees that the Statement to which this agreement is attached shall be filed by Wells Fargo & Company on its own behalf and on behalf of Wells Fargo Municipal Capital Strategies, LLC and Wells Fargo Bank, National Association (including any amendment, restatement, supplement, and/or exhibit thereto) with the Securities and Exchange Commission (and, if such security is registered on a national securities exchange, also with the exchange), and further agrees to the filing, furnishing, and/or incorporation by reference of this agreement as an exhibit thereto. This agreement shall remain in full force and effect until revoked by any party hereto in a signed writing provided to each other party hereto, and then only with respect to such revoking party.

IN WITNESS WHEREOF, each party hereto, being duly authorized, has caused this agreement to be executed and effective as of the date set forth below.

 

Date: March 2, 2017     WELLS FARGO & COMPANY
    By:  

/s/ Michael J. Choquette

      Name:   Michael J. Choquette
      Title:   Designated Signer
      WELLS FARGO MUNICIPAL CAPITAL STRATEGIES, LLC
    By:  

/s/ Adam Joseph

      Name:   Adam Joseph
      Title:   President
      WELLS FARGO BANK, NATIONAL ASSOCIATION
    By:  

/s/ Adam Joseph

      Name:   Adam Joseph
      Title:   Managing Director
EX-99.2 3 d353602dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

POWER OF ATTORNEY

Know all by these present, that the undersigned hereby constitutes and appoints each of Bette F. Andrews, Michael J. Choquette, and Robert S. Prigge, acting alone, the undersigned’s true and lawful attorney-in-fact to:

(1) complete and sign, for and on behalf of the undersigned, all reports and filings required by Section 13 of the Securities Exchange Act of 1934 and the rules promulgated thereunder (the “Section 13 Reports”);

(2) do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to file any such Section 13 Reports, or any amendment thereto, with the United States Securities and Exchange Commission and any other authority; and

(3) take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of or legally required of the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in his or her discretion.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform each and every act and thing whatsoever requisite, necessary or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present and acting, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or his or her substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming any of the responsibilities of the undersigned to comply with Section 13 of the Securities Exchange Act of 1934, as amended.

This Power of Attorney shall not revoke any previous Power of Attorney granted by the undersigned with respect to the subject matter hereof, and shall remain in full force and effect until the undersigned is no longer required to file Section 13 Reports, unless earlier revoked by the undersigned in a subsequently executed Power of Attorney or a signed writing delivered to the foregoing attorneys-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 12th day of March, 2015.

 

WELLS FARGO & COMPANY
By:   /s/ Anthony R. Augliera
  Anthony R. Augliera
  Senior Vice President and Secretary

 

EX-99.8 4 d353602dex998.htm EX-99.8 EX-99.8

Exhibit 99.8

NUVEEN MICHIGAN QUALITY MUNICIPAL INCOME FUND

(formerly known as Nuveen Michigan Quality Income Municipal Fund)

AMENDMENT

to

VMTP PURCHASE AND EXCHANGE AGREEMENT

This Amendment to the VMTP Purchase and Exchange Agreement (the “Amendment”) is effective as of the 19th day of August, 2016 (the “Amendment Date”) between Nuveen Michigan Quality Municipal Income Fund (formerly known as Nuveen Michigan Quality Income Municipal Fund), a closed-end fund organized as a Massachusetts business trust, as issuer (the “Fund”), Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, including its successors by merger or operation of law (“WFNA”), and Wells Fargo Municipal Capital Strategies, LLC, a wholly-owned subsidiary of WFNA, organized and existing under the laws of Delaware, including its successors by merger or operation of law (together with WFNA, the “Purchasers”).

WHEREAS, the above-named parties entered into that certain VMTP Purchase and Exchange Agreement, dated as of June 1, 2016 (the “Purchase and Exchange Agreement”).

NOW, THEREFORE, the parties desire to amend the Purchase and Exchange Agreement as set forth below.

 

  1. Section 4.13 of the Purchase and Exchange Agreement is hereby deleted and replaced in its entirety with the following text:

4.13 Credit Quality

As of the Amendment Date, the Fund has invested at least 80% of its Managed Assets in securities that, at the time of investment, were rated Investment Grade, or were unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund has not invested in any securities that are not municipal securities and that, at the time of investment, were rated Below Investment Grade.”

 

  2. Section 6.12 of the Purchase and Exchange Agreement is hereby deleted and replaced in its entirety with the following text:

6.12 Credit Quality

Unless the Fund receives the prior written consent of the Purchasers (such consent to be determined in the Purchasers’ good faith discretion), the Fund will invest at least 80% of its Managed Assets in securities that, at the time of investment, are rated Investment Grade, or are unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund will not invest in any securities that are not municipal securities and that, at the time of investment, are rated Below Investment Grade.”

 

  3. All references to the Purchase and Exchange Agreement on and after the date hereof shall be deemed to refer to the Purchase and Exchange Agreement as amended hereby, and the parties hereto agree that on and after the date hereof, the Purchase and Exchange Agreement, as amended hereby, remains in full force and effect.

 

  4. This Amendment may be executed in counterparts, each of which shall be deemed an original but together shall constitute one and the same instrument.


  5. Except as otherwise set forth in this Amendment, all other terms and conditions of the Purchase and Exchange Agreement shall remain the same and in full force and effect. Capitalized terms not otherwise defined in this Amendment shall have the meanings ascribed to them in the Purchase and Exchange Agreement.

 

  6. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.

 

  7. A copy of the Declaration of Trust of the Fund is on file with the Secretary of the Commonwealth of Massachusetts, and notice hereby is given that this Amendment is executed on behalf of the Fund by an officer of the Fund in his or her capacity as an officer of the Fund and not individually and that the obligations of the Fund under or arising out of this Amendment are not binding upon any of the Fund’s Trustees, officers or shareholders individually but are binding only upon the assets and properties of the Fund.

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the 28th day of February, 2017 and effective as of the day and year first above written.

NUVEEN MICHIGAN QUALITY MUNICIPAL INCOME FUND (formerly known as Nuveen Michigan Quality Income Municipal Fund)

 

By:   /s/ Gifford R. Zimmerman
Name:   Gifford R. Zimmerman
Title:   Vice President and Secretary

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

By:   /s/ Adam Joseph
Name:   Adam Joseph
Title:   Managing Director

WELLS FARGO MUNICIPAL CAPITAL STRATEGIES, LLC

 

By:   /s/ Adam Joseph
Name:   Adam Joseph
Title:   President

 

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