Form 4: Saba Capital Reduces NQP Stake by 11,117 Shares

Saba Capital Management and Boaz Weinstein, 10% owners and directors, reported the sale of 11,117 shares of Nuveen Pennsylvania Quality Municipal Income Fund common stock in early September 2025.

Summary

• Saba Capital Management, L.P. and Boaz Weinstein, both identified as 10% owners and directors of Nuveen Pennsylvania Quality Municipal Income Fund (NQP), reported transactions involving the issuer's common stock.
• On September 2, 2025, 10,927 shares of common stock were sold at a price of $10.93 per share.
• On September 3, 2025, an additional 190 shares of common stock were sold at a price of $10.96 per share.
• Following these reported transactions, the beneficial ownership of Saba Capital Management, L.P. and Boaz Weinstein in NQP stands at 4,905,197 shares.

Sentiment

Score: 4

Explanation: The filing reports insider selling by a 10% owner and director, which can be perceived as a slightly negative signal, though the amount sold is relatively small compared to total holdings.

Negatives

• Saba Capital Management and Boaz Weinstein, both 10% owners and directors, reduced their beneficial ownership in Nuveen Pennsylvania Quality Municipal Income Fund by a total of 11,117 shares through open market sales.

Related Party Transactions

• Saba Capital Management, L.P. and Boaz Weinstein, as 10% owners and directors of Nuveen Pennsylvania Quality Municipal Income Fund, sold common stock of the issuer.

Stakeholder Impact

• Shareholders may perceive the insider selling as a potential signal regarding management's confidence or future prospects, which could influence investor sentiment.

Key Dates

Recommendation

While the filing indicates insider selling by a significant shareholder and director, the volume of shares sold (11,117 shares) is relatively small compared to their remaining beneficial ownership of 4,905,197 shares. This suggests a minor portfolio adjustment rather than a strong negative signal, warranting a 'hold' recommendation for existing investors to monitor future developments.

Keywords

Saba Capital Management, Boaz Weinstein, Nuveen Pennsylvania Quality Municipal Income Fund, NQP, Form 4, insider selling, beneficial ownership, municipal bonds, closed-end fund