Form 4: Saba Capital Sells 33,073 NQP Shares; Ownership Remains 4.85M

Rhea-AI Filing Summary

Saba Capital Management, L.P. reported Form 4 transactions for Nuveen Pennsylvania Quality Municipal Income Fund (NQP). The filing shows indirect sales of 17,596 shares on 09/11/2025 at $11.39 and 15,477 shares on 09/12/2025 at $11.44. After these disposals the reporting person beneficially owned 4,851,103 shares (indirect). The form is signed by representatives of Saba Capital on 09/15/2025.

Positive

• Regulatory compliance: Timely Form 4 filing with specific trade dates, quantities, and prices
• Transparency: Reporting discloses exact post-transaction indirect beneficial ownership of 4,851,103 shares

Negative

• Insider selling: Disposals of 17,596 and 15,477 shares on 09/11/2025 and 09/12/2025 respectively

Insights

Securities Analyst

TL;DR: Two small sequential insider sales were disclosed; ownership remains large and indirect.

The Form 4 documents two reported disposals by Saba Capital of NQP common stock: 17,596 shares sold 09/11/2025 at $11.39 and 15,477 shares sold 09/12/2025 at $11.44. The filing reports 4,851,103 shares beneficially owned following the transactions, held indirectly. The disclosure is routine and provides transparency on insider activity without additional context in the filing.

Corporate Governance Expert

TL;DR: Filing is a standard Section 16 disclosure showing compliance and reported share disposals.

The submission appears complete for the transactions reported and includes signatures from Saba Capital representatives. It records the nature of ownership as indirect and lists precise trade dates and prices. The filing does not provide motives or plans; it fulfills regulatory reporting requirements.

Insider Trade Summary

Net Seller: 33,073 shares

Net Sell 2 txns

Insider Saba Capital Management, L.P.

Role 10% Owner

Sold 33,073 shs ($377K)

Type	Security	Shares	Price	Value
Sale	Common Stock	15,477	$11.44	$177K
Sale	Common Stock	17,596	$11.39	$200K

Holdings After Transaction: Common Stock — 4,851,103 shares (Indirect, -)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 09/15/2025 - 05:48 PM Learn about SEC filing dates

FAQ

What transactions were reported for NQP on this Form 4?

The Form 4 reports sales of 17,596 shares on 09/11/2025 at $11.39 and 15,477 shares on 09/12/2025 at $11.44.

Who filed the Form 4 for NQP?

The reporting person is Saba Capital Management, L.P., with signatures from Zachary Gindes and Boaz Weinstein on 09/15/2025.

How many NQP shares were beneficially owned after the reported transactions?

The filing states 4,851,103 shares were beneficially owned following the reported disposals, held indirectly.

Were the reported transactions direct or indirect?

The Form 4 indicates the ownership is indirect (I) for the post-transaction holdings.

Do the filings state the reason for the sales?

No. The Form 4 lists trade dates, amounts, and prices but does not provide motives or plans for the sales.

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).

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)
09/11/2025

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

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

X	Form filed by One Reporting Person
	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	09/11/2025		S		17,596	D	$11.39	4,866,580	I	-
Common Stock	09/12/2025		S		15,477	D	$11.44	4,851,103	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

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	09/15/2025
	Boaz Weinstein	09/15/2025
	** 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.