Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC reported shared beneficial ownership of 3,017,202 shares of Nuveen Pennsylvania Quality Municipal Income Fund common stock, representing 8.1% of the class. The filing bases ownership on 37,217,802 shares outstanding as of August 31, 2025. The filing states the shares are held in client accounts for which the advisers possess shared voting and dispositive power and that the advisers disclaim beneficial ownership under Rule 13d-4.
Positive
None.
Negative
None.
Insights
Two affiliated advisers report a material (>5%) shared position of 3,017,202 shares (8.1%).
The filing shows Sit Investment Associates and its subsidiary Sit Fixed Income Advisors II exercise shared voting and dispositive power over these shares held in client accounts. The advisers assert Rule 13d-4 disclaimers, indicating they report power but not beneficial ownership.
Watch subsequent filings for any amendment or Schedule 13D if the advisers change intent or convert to active control; timing and any change of ownership are not provided here.
Key Figures
Shares with shared power:3,017,202 sharesPercent of class:8.1%Shares outstanding used:37,217,802 shares+1 more
4 metrics
Shares with shared power3,017,202 sharesamount reported with shared voting/dispositive power
Percent of class8.1%percent reported by the filing
Shares outstanding used37,217,802 sharesoutstanding as of August 31, 2025
Filing signature date04/06/2026signature date on the Schedule 13G
Key Terms
Rule 13d-4, beneficial owner / disclaim beneficial ownership, shared voting and dispositive power
3 terms
Rule 13d-4regulatory
"Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934"
What stake in NQP does Sit Investment Associates report?
Sit Investment Associates reports shared power over 3,017,202 shares, equal to 8.1%. The filing lists this position as voting and dispositive power exercised on behalf of client accounts, with the advisers disclaiming beneficial ownership under Rule 13d-4.
How many NQP shares were outstanding for the ownership calculation?
The ownership percentages use 37,217,802 shares outstanding as of August 31, 2025. That outstanding share figure is cited in the filing's calculation of the 8.1% stake reported by the advisers.
Do Sit advisers claim they beneficially own the reported NQP shares?
No, the filing states the advisers disclaim beneficial ownership under Rule 13d-4. It explains the shares are owned by client Accounts for which the advisers have shared voting and dispositive power, and the advisers report in that fiduciary capacity.
Who holds voting and dispositive power over the reported shares?
Sit Investment Associates and Sit Fixed Income Advisors II report shared voting and shared dispositive power over 3,017,202 shares. The filing attributes power to the advisers acting for client accounts rather than to a single account owner.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND
(Name of Issuer)
Common Stock
(Title of Class of Securities)
670972108
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
670972108
1
Names of Reporting Persons
Sit Investment Associates, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MINNESOTA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,017,202.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,017,202.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,017,202.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.1 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
670972108
1
Names of Reporting Persons
Sit Fixed Income Advisors II, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,017,202.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,017,202.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,017,202.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.1 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND
(b)
Address of issuer's principal executive offices:
333 West Wacker Drive, Chicago, IL 60606
Item 2.
(a)
Name of person filing:
Sit Investment Associates, Inc.
Sit Fixed Income Advisors II, LLC
(b)
Address or principal business office or, if none, residence:
c/o Sit Investment Associates, Inc.
80 South Eighth Street, Suite 3300
Minneapolis, MN 55402
(c)
Citizenship:
Sit Investment Associates, Inc. Minnesota Corporation
Sit Fixed Income Advisors II, LLC Delaware LLC
(d)
Title of class of securities:
Common Stock
(e)
CUSIP Number(s):
670972108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See response to item 9 on each cover page.
(b)
Percent of class:
See response to item 11 on each cover page.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See response to item 5 on each cover page.
(ii) Shared power to vote or to direct the vote:
See response to item 6 on each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See response to item 7 on each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See response to item 8 on each cover page.
The ownership percentages reported are based on 37,217,802 shares of common stock outstanding as of August 31, 2025, as reported in the Issuer's Report on Form N-CSR filed with the Securities Exchange Commission.
Sit Investment Associates, Inc. ("SIA") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Sit Fixed Income Advisors II, LLC ("SFI") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA. SIA and SFI provide investment management services to client accounts ("Accounts"). In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts. All securities reported in this schedule 13G are owned by the Accounts. Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SIA and SFI disclaim beneficial ownership of such securities.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Accounts are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities.
Except as may be indicated if this is a joint filing with a registered investment company managed by SIA or SFI, not more than 5% of the class of such securities is owned by any one Account subject to the investment advice of SIA or SFI.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
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.
