Form 4: Saba Capital Trims NQP Position, Still Holds 5M Shares

Rhea-AI Filing Summary

Nuveen Pennsylvania Quality Municipal Income Fund (NQP) – Form 4 filed 07/07/2025

10% owner Saba Capital Management, L.P. and its founder Boaz Weinstein reported two open-market sales of NQP common shares:

• 07/02/2025: 18,594 shares sold at $11.21
• 07/03/2025: 21,908 shares sold at $11.19

The transactions reduced the group’s indirect holdings from 5,058,973 to 5,018,471 shares (a decrease of 40,502 shares). No derivative securities were involved, and the reporting persons remain 10% beneficial owners.

Positive

• Reporting persons retain a sizeable 5,018,471-share stake, maintaining 10% ownership alignment with shareholders.

Negative

• Insider sales of 40,502 shares across two consecutive days suggest reduced conviction and can be perceived as a bearish signal.

Insights

Portfolio Manager

TL;DR: 10% holder trims 0.8% of stake; signal mildly negative but ownership remains large.

The filing shows routine, low-volume sales by Saba Capital/Boaz Weinstein at roughly $11.20, totaling about $0.45 million. The remaining 5.0 million-share position sustains significant alignment with other unitholders, yet insider disposition—especially by an activist-style manager—tends to be interpreted as a slight bearish signal. No derivatives or 10b5-1 plan were flagged, implying discretionary sales. Overall market impact should be limited given the fund’s average daily liquidity, but it may cap near-term upside.

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

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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^*

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)
07/02/2025

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	07/02/2025		S		18,594	D	$11.21	5,040,379	I	-
Common Stock	07/03/2025		S		21,908	D	$11.19	5,018,471	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	07/07/2025
	Boaz Weinstein	07/07/2025
	** 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).
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FAQ

How many NQP shares did Saba Capital sell?

They sold 40,502 shares (18,594 on 07/02/2025 and 21,908 on 07/03/2025).

At what prices were the NQP shares sold?

The shares were sold at $11.21 and $11.19 per share.

What is Saba Capital's remaining position in NQP after the sale?

After the transactions, Saba Capital reports 5,018,471 shares held indirectly.

Does Saba Capital still qualify as a 10% owner of NQP?

Yes. Despite the sales, the filing lists Saba Capital and Boaz Weinstein as 10% owners.

Were any derivative securities involved in this Form 4?

No. No derivative securities were reported in Table II of the filing.