[Form 4] Nuveen Pennsylvania Quality Municipal Income Fund Insider Trading Activity

Rhea-AI Filing Summary

Nuveen Pennsylvania Quality Municipal Income Fund (NQP) received a Form 4 from 10% owner Saba Capital Management, L.P. and portfolio manager Boaz Weinstein. On 21 Jul 2025 the filer sold 30,436 common shares at $10.82, a cash value of roughly $0.33 million. After the transaction, Saba Capital still beneficially owns 4,959,702 shares, held indirectly, and remains a >10% holder. The sale reduced the position by ≈0.6%, suggesting portfolio rebalancing rather than a strategic exit.

Positive

• Saba Capital retains a substantial 4.96 million-share stake, indicating continued confidence in NQP despite the small sale.

Negative

• Insider sale by a 10% owner—even if small—can be perceived as a marginally negative signal by some investors.

Insights

Securities Analyst

TL;DR: Very small trim by large holder; negligible effect on control or market supply, thus neutral.

The 30,436-share sale represents under 1% of Saba’s nearly 5 million-share stake, leaving its ownership well above the 10% threshold. Such modest activity is common for liquidity management and unlikely to signal a shift in the activist manager’s outlook on NQP. Volume is immaterial relative to daily trading, so price impact should be minimal. I view the filing as informational rather than directional.

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).

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2025

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

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

	Form filed by One Reporting Person
X	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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/21/2025		S		30,436	D	$10.82	4,959,702	I	-

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^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

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^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	07/22/2025
	Boaz Weinstein	07/22/2025
	** 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.

FAQ

How many NQP shares did Saba Capital sell on 21-Jul-2025?

They disposed of 30,436 shares at $10.82 each.

What is Saba Capital’s remaining NQP ownership after the sale?

The fund still holds 4,959,702 shares, classified as indirect ownership.

Does Saba Capital remain a 10% owner of NQP?

Yes. Even after the sale, its stake comfortably exceeds the 10% threshold.

Is the insider sale material to NQP’s share count?

No; the sale represents ≈0.6% of Saba’s position and an even smaller fraction of NQP’s total shares.

Could this Form 4 filing affect NQP’s stock price?

Impact is expected to be minimal given the small volume sold relative to daily trading liquidity.