Nuveen PA Quality Muni Inc SEC Filings

Nuveen Pennsylvania Quality Municipal Income Fund and two related state funds are asking shareholders to approve mergers into Nuveen Municipal High Income Opportunity Fund, along with electing Board members. If approved, each Target Fund will combine into the larger national fund, and common and preferred shares will be converted into newly issued Acquiring Fund shares.

Boards cite potential benefits such as higher common share net earnings, better secondary market liquidity, a historically narrower trading discount, and greater portfolio and leverage flexibility from a larger, nationally diversified fund that can invest more in lower rated municipal bonds. For Missouri, total operating expenses (excluding leverage costs) are expected to be lower; for New Jersey and Pennsylvania, expenses are expected to be higher but with a broader mandate and potential for higher net earnings.

Shareholders are warned that the Acquiring Fund may hold more lower rated securities, increasing credit risk, and that investors will lose New Jersey, Pennsylvania, or Missouri state income tax exemption on distributions. Preferred holders will receive new preferred shares with substantially similar terms, but without state tax–related gross-up provisions. The mergers are intended to qualify as tax-free reorganizations for federal income tax purposes and are expected to take effect on or about February 9, 2026, if all approvals and conditions are met.

Nuveen’s New Jersey (NXJ), Pennsylvania (NQP) and Missouri (NOM) Quality Municipal Income Funds are asking preferred shareholders to approve mergers into Nuveen Municipal High Income Opportunity Fund (NMZ) and to elect board members. Each Target Fund would merge into an NMZ subsidiary, with common and preferred shares converted into newly issued NMZ common and preferred shares.

The combined fund would shift from state‑specific portfolios focused on investment‑grade bonds and state tax‑exempt income to a nationally diversified portfolio that may allocate up to 75% of managed assets to lower‑rated municipal securities, increasing credit risk and generally eliminating New Jersey, Pennsylvania and Missouri state tax exemptions. Preferred shareholders would receive NMZ preferred shares with substantially similar priority and terms but without state tax gross‑up features. Nuveen will waive part of its advisory fee for six months after closing, and pro forma expense tables show slightly lower total annual expenses for common shareholders versus the individual Target Funds.

Nuveen Pennsylvania Quality Municipal Income Fund reported an updated large shareholder disclosure. An Amendment No. 14 Schedule 13D filing shows that funds and accounts advised by Saba Capital Management, L.P., together with Saba Capital Management GP, LLC and Boaz R. Weinstein, beneficially own 3,481,758 common shares, or 9.36% of the fund’s common shares.

The ownership percentage is based on 37,217,802 common shares outstanding as of 8/31/25, as cited from the fund’s N-CSR filed 11/6/25. The filing states that approximately $38,602,772 was paid to acquire the reported position, using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings. The purpose of the transaction is listed as not applicable, and Saba-managed funds have the right to receive dividends and sale proceeds from these shares.

Nuveen Pennsylvania Quality Municipal Income Fund (NQP) reported an insider transaction by a major holder. On 11/20/2025, the reporting person disposed of 15,108 common shares in a sale transaction at a price of $12.11 per share. After this sale, the reporting person beneficially owns 3,715,104 common shares, held indirectly. The filing notes that, as a result of this disposition, the reporting person now owns less than 10% of the fund’s outstanding common shares, which changes their status from a 10% owner to a holder below that threshold.

Nuveen Pennsylvania Quality Municipal Income Fund (NQP) reported an insider transaction by a 10% owner. On 11/18/2025, the reporting person sold 30,454 shares of common stock at a price of $12.14 per share. After this sale, the reporting person beneficially owned 3,730,212 shares, held indirectly.

Saba Capital Management, L.P.Nuveen Pennsylvania Quality Municipal Income Fund (NQP), reported an open-market sale of common shares. On 11/17/2025, the reporting person sold 41,527 common shares at a price of $12.14 per share, identified with transaction code "S" for a sale. After this transaction, the reporting person reported beneficial ownership of 3,828,200 shares held indirectly. The filing is made as a Form 4 and indicates it is filed by one reporting person, with signatures provided by Saba Capital Management, L.P. (by Zachary Gindes) and Boaz Weinstein.

Saba Capital Management, L.P. and affiliates filed Amendment No. 13 to their Schedule 13D for Nuveen Pennsylvania Quality Municipal Income Fund (NQP). The group, including Saba Capital Management GP, LLC and Boaz R. Weinstein, reports beneficial ownership of 3,869,727 common shares, representing 10.4% of the fund’s outstanding common stock, based on 37,217,802 shares outstanding as of 8/31/25. Approximately $42,904,242 was paid to acquire these shares, funded by investor subscriptions, capital appreciation, and ordinary-course margin borrowings. All recent trades triggering this amendment were open-market transactions between 11/10/25 and 11/14/25, listed in Schedule A.

Saba Capital Management, L.P., a 10% owner of Nuveen Pennsylvania Quality Municipal Income Fund (NQP), reported open-market sales of common shares. On 11/13/2025, it sold 69,087 shares at $12.20 each, followed by a sale of 174,255 shares at $12.19 on 11/14/2025. After these transactions, the reporting person beneficially owned 3,869,727 common shares, held indirectly.

Nuveen Pennsylvania Quality Municipal Income Fund (NQP) reported insider activity on a Form 4. A reporting holder executed open‑market sales of NQP common shares on two dates: 45,586 shares sold at $12.05 on 11/10/2025 and 62,985 shares sold at $12.11 on 11/11/2025.

Following these transactions, the filer reported 4,176,054 shares beneficially owned after the first sale and 4,113,069 shares beneficially owned after the second sale, each listed as indirect ownership.