Nuveen Pennsylvania Quality Municipal Income Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06265

Nuveen Pennsylvania Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

    333 West Wacker Drive, Chicago, Illinois 60606    

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman

Vice President and Secretary

    333 West Wacker Drive, Chicago, Illinois 60606    

(Name and address of agent for service)

Registrant’s telephone number, including area code:     312-917-7700    

Date of fiscal year end: February 28

Date of reporting period: November 30, 2017

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

 

 

Item 1. Schedule of Investments

 

 

NQP
Nuveen Pennsylvania Quality Municipal Income Fund
Portfolio of Investments November 30, 2017 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 160.5% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 160.5% (100.0% of Total Investments)        
    Consumer Staples  – 0.4% (0.3% of Total Investments)        
$ 2,000   Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)   No Opt. Call AA- $ 2,488,520
    Education and Civic Organizations – 19.3% (12.0% of Total Investments)        
1,340   Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28   No Opt. Call Baa3 1,545,636
5,035   Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie Mellon University, Series 2013, 5.000%, 3/01/28   3/23 at 100.00 AA 5,734,513
1,715   Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne University, Series 2013A, 3.500%, 3/01/34   3/23 at 100.00 A 1,710,713
    Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2016:        
735   3.000%, 10/15/30   10/26 at 100.00 Baa3 677,001
1,000   5.000%, 10/15/38   10/26 at 100.00 Baa3 1,125,630
1,625   Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert Morris University, Series 2017, 5.000%, 10/15/47   10/27 at 100.00 Baa3 1,803,864
3,215   Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016, 5.125%, 3/15/36   3/27 at 100.00 BBB- 3,431,209
835   Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2017A, 5.000%, 12/15/47   12/27 at 100.00 BBB- 866,346
2,200   Crawford County Industrial Development Authority, Pennsylvania, College Revenue Bonds, Allegheny College, Series 2016, 3.000%, 5/01/34   5/26 at 100.00 A- 1,990,340
1,020   Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 2014, 5.000%, 5/01/37   5/24 at 100.00 Baa3 1,102,865
750   Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series 2006, 4.500%, 10/01/27  –  RAAI Insured   4/18 at 100.00 AA 750,772
4,595   Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University, Series 2016, 4.000%, 5/01/46   11/26 at 100.00 BBB+ 4,503,054
2,205   General Authority of Southcentral Pennsylvania, Revenue Bonds, AICUP Financing Program-York College of Pennsylvania, Series 2017 PP4, 3.375%, 11/01/37   10/27 at 100.00 A- 2,147,119
    Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, Series 2016OO2:        
590   3.250%, 5/01/36   5/26 at 100.00 BBB+ 529,153
1,815   3.500%, 5/01/41   5/26 at 100.00 BBB+ 1,736,465
815   Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student Cooperative Association Inc./Indiana University of Pennsylvania - Student Union Project, Series 1999B, 0.000%, 11/01/19  –  AMBAC Insured   No Opt. Call N/R 788,195

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    Lackawanna County Industrial Development Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2017:        
$ 475   3.375%, 11/01/33   11/27 at 100.00 A- $461,006
2,910   4.000%, 11/01/40   11/27 at 100.00 A- 2,947,975
5,235   Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 5.000%, 5/01/32   5/22 at 100.00 A 5,632,808
3,730   Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/31   6/22 at 100.00 A+ 4,081,739
2,155   Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010, 5.625%, 4/01/40   4/20 at 100.00 BBB 2,275,055
1,400   Northampton County General Purpose Authority, Pennsylvania, Revenue Bonds, Lafayette College, Refunding Series 2017, 5.000%, 11/01/34   11/27 at 100.00 Aa3 1,646,302
1,465   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, Series 2013A, 6.500%, 9/01/38   9/23 at 100.00 BBB- 1,601,611
1,625   Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33   6/18 at 100.00 N/R 1,654,851
2,415   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Mount Aloysius College Project, Series 2011R-1, 5.000%, 11/01/35   11/21 at 100.00 A- 2,629,017
    Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Bryn Mawr College, Refunding Series 2014:        
2,545   5.000%, 12/01/38   12/24 at 100.00 AA 2,947,288
2,080   5.000%, 12/01/44   12/24 at 100.00 AA 2,401,568
1,500   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2011A, 5.250%, 5/01/41   5/21 at 100.00 A 1,642,170
1,000   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College, Series 2012-KK1, 5.375%, 5/01/42   5/22 at 100.00 BBB 1,050,900
320   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012, 4.000%, 5/01/32   11/22 at 100.00 BBB 321,834
1,195   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia University, Refunding Series 2013, 5.000%, 6/01/32   6/23 at 100.00 BBB+ 1,310,736
2,000   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2012, 5.000%, 4/01/42   4/22 at 100.00 Aa3 2,173,720
7,125   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Refunding Series 2015A, 5.250%, 9/01/50   3/25 at 100.00 A+ 8,052,247
760   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%, 3/01/42   9/22 at 100.00 A+ 828,788
    Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2012:        
1,030   4.000%, 11/01/39   11/22 at 100.00 A3 1,048,355
4,300   5.000%, 11/01/42   11/22 at 100.00 A3 4,648,859
1,310   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series 2015A, 5.000%, 11/01/36   11/25 at 100.00 A3 1,446,594
1,590   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A, 5.500%, 7/15/38   7/23 at 100.00 A- 1,746,488
3,005   Pennsylvania State University, Revenue Bonds, Series 2010, 5.000%, 3/01/35   3/20 at 100.00 Aa1 3,220,068

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$ 1,355   Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, La Salle University, Series 2017, 3.625%, 5/01/35   11/27 at 100.00 BBB $1,314,878
554   Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership Learning Partners, Series 2005A, 5.375%, 7/01/36 (4)   2/18 at 100.00 N/R 5,540
4,500   Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series 2013, 144A, 6.750%, 6/15/43   6/20 at 100.00 BB 4,799,430
500   Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen Preparatory Charter School, Series 2006, 6.250%, 5/01/33   2/18 at 100.00 N/R 448,885
2,320   Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2016, 5.000%, 11/01/37   5/26 at 100.00 A- 2,569,748
5,250   Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, Marywood University, Series 2016, 5.000%, 6/01/46   6/26 at 100.00 BB+ 5,337,150
5,000   State Public School Building Authority, Pennsylvania, College Revenue Bonds, Northampton County Area Community College, Series 2011, 5.500%, 3/01/31   3/21 at 100.00 A1 5,524,900
    Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2015A:        
1,890   5.000%, 11/01/32   11/25 at 100.00 A- 2,133,035
740   5.000%, 11/01/33   11/25 at 100.00 A- 832,944
740   4.000%, 11/01/35   11/25 at 100.00 A- 757,634
103,509   Total Education and Civic Organizations       109,936,998
    Health Care – 34.0% (21.2% of Total Investments)        
    Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A:        
2,025   5.000%, 4/01/25   2/18 at 100.00 Caa1 2,005,297
4,160   5.125%, 4/01/35   4/18 at 100.00 Caa1 3,846,753
    Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System, Inc., Series 2012:        
4,010   5.000%, 5/15/26   5/21 at 100.00 A+ 4,385,456
1,910   5.000%, 5/15/27   5/21 at 100.00 A+ 2,081,976
2,000   5.000%, 5/15/28   5/21 at 100.00 A+ 2,173,440
10,860   Berks County Industrial Development Authority; Pennsylvania, Health System Revenue Bonds, Tower Health Project, Series 2017, 5.000%, 11/01/47   11/27 at 100.00 A 12,165,372
3,300   Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & Medical Center Project, Series 2012A, 4.500%, 11/01/41   5/22 at 100.00 A 3,440,877
4,000   Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Refunding Series 2011, 5.375%, 12/01/41   12/21 at 100.00 AA- 4,448,600
    Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2016A:        
805   5.000%, 11/15/41   11/25 at 100.00 A 898,895
2,985   5.000%, 11/15/46   11/25 at 100.00 A 3,319,947
    Chester County Health and Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Main Line Health System, Series 2017A:        
3,200   4.000%, 10/01/36   10/27 at 100.00 AA 3,370,048
1,655   4.000%, 10/01/37   10/27 at 100.00 AA 1,738,693

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$ 420   Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40   5/20 at 100.00 AA $454,314
    Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Refunding Series 2016A:        
1,375   5.000%, 6/01/34   6/26 at 100.00 A+ 1,579,793
375   5.000%, 6/01/35   6/26 at 100.00 A+ 429,341
3,460   Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42   6/22 at 100.00 A+ 3,836,206
1,500   Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/28   7/23 at 100.00 BBB 1,625,670
2,275   Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, 5.000%, 7/01/41   7/26 at 100.00 BBB 2,459,298
3,000   Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center Project, Series 2010A, 7.000%, 7/01/27   7/20 at 100.00 Ba2 3,201,360
6,845   Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42   7/20 at 100.00 A+ 7,367,274
4,555   Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2014A, 5.000%, 6/01/41   6/24 at 100.00 AA 5,058,464
1,370   Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional Medical Center, Series 2014A, 6.000%, 6/01/39   6/23 at 100.00 Ba1 1,505,301
3,385   Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Tender Option Bond Trust 2015-XF0064, 144A, 11.619%, 7/01/42 (IF)   1/22 at 100.00 N/R 4,672,586
4,200   Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Refunding Series 2016B, 5.000%, 8/15/46   8/26 at 100.00 AA- 4,776,618
3,000   Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2016A, 5.000%, 8/15/42   8/26 at 100.00 AA- 3,426,570
3,450   Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Refunding Series 2016A, 4.000%, 7/01/35   7/26 at 100.00 A+ 3,571,751
2,565   Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2012B, 4.000%, 7/01/43   7/22 at 100.00 A+ 2,633,126
    Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Refunding Series 2016:        
1,265   3.000%, 11/01/36   5/26 at 100.00 A 1,146,862
2,850   4.000%, 11/01/41   5/26 at 100.00 A 2,919,597
4,955   4.000%, 11/01/46   5/26 at 100.00 A 5,065,150
4,600   Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2012, 4.000%, 11/01/32   11/22 at 100.00 A 4,783,310
    Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A:        
6,000   5.500%, 7/01/28   7/19 at 100.00 AA- 6,357,180
2,840   5.750%, 7/01/39   7/19 at 100.00 AA- 3,031,018
    Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2016:        
1,020   3.375%, 7/01/32   7/26 at 100.00 A+ 999,804
2,650   5.000%, 7/01/41   7/26 at 100.00 A+ 2,982,522

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$ 925   Montgomery County Industrial Development Authority, Pennsylvania, Health Facilities Revenue Bonds, Jefferson Health System, Series 2012A, 5.000%, 10/01/41   4/22 at 100.00 AA $998,917
7,500   Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45   1/25 at 100.00 BBB 8,118,375
4,000   Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh Medical Center, Series 2013A, 5.000%, 7/01/43   7/23 at 100.00 AA- 4,380,680
16,385   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Refunding Series 2016C, 4.000%, 8/15/41 (UB) (5)   8/26 at 100.00 AA- 16,969,944
3,100   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health System, Series 2012A, 5.000%, 8/15/42   8/22 at 100.00 AA- 3,373,203
3,935   Philadelphia Authority for Industrial Development, Pennsylvania, Hospital Revenue Bonds, The Children's Hospital of Philadelphia, Series 2017, 5.000%, 7/01/33   7/27 at 100.00 AA 4,653,964
2,440   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Children's Hospital of Philadelphia, Tender Option Bond Trust 2015-XF0114, 144A, 11.611%, 7/01/41 (IF)   7/21 at 100.00 AA 3,233,244
4,690   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42   7/22 at 100.00 BBB- 5,164,909
    Pocono Mountains Industrial Park Authority, Pennsylvania, Hospital Revenue Bonds, Saint Luke's Hospital -Monroe Project, Series 2015A:        
3,000   5.000%, 8/15/40   2/25 at 100.00 A- 3,280,410
1,590   4.000%, 8/15/45   2/25 at 100.00 A- 1,621,895
3,000   Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2016B, 5.000%, 7/01/45   1/27 at 100.00 A+ 3,357,600
605   Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%, 11/15/40   11/20 at 100.00 AA- 650,587
3,000   Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, Refunding Series 2014A, 5.000%, 6/01/44   6/24 at 100.00 Aa3 3,312,990
1,800   The Hospitals and Higher Education Facilities Authority of Philadelphia, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series of 2017, 5.000%, 7/01/30   7/27 at 100.00 BBB- 2,021,130
    Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding & Improvement Series 2011:        
3,130   6.875%, 8/01/31   8/21 at 100.00 A- 3,523,973
2,500   7.000%, 8/01/41   8/21 at 100.00 A- 2,792,400
3,470   Washington County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Washington Hospital Project, Series 2013A, 5.000%, 7/01/28   7/23 at 100.00 A- 3,709,708
    West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity, Series 2011B:        
1,635   5.625%, 1/01/32   1/22 at 100.00 AA 1,874,789
1,970   5.750%, 1/01/41   1/22 at 100.00 AA 2,254,370
575   Westmoreland County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Excela Health Project, Series 2010A, 5.125%, 7/01/30   7/20 at 100.00 A3 608,965
178,115   Total Health Care       193,660,522

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Housing/Multifamily – 1.1% (0.7% of Total Investments)        
$ 160   Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, University Student Housing, LLC Project at West Chester University Series 2013A, 5.000%, 8/01/45   8/23 at 100.00 Baa3 $169,350
1,900   East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc - Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47   7/25 at 100.00 BBB- 2,034,596
1,235   East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. - Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46   7/24 at 100.00 BBB- 1,313,089
420   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania, Series 2012, 5.000%, 10/01/44   10/22 at 100.00 BBB- 440,307
270   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 5.000%, 7/01/31   7/26 at 100.00 Baa3 295,167
1,710   Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown - Morrisville Project, Series 2005A, 5.625%, 7/01/35   1/18 at 100.00 Baa3 1,712,001
5,695   Total Housing/Multifamily       5,964,510
    Housing/Single Family – 16.0% (10.0% of Total Investments)        
    Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:        
4,750   3.300%, 10/01/32   10/21 at 100.00 AA+ 4,768,952
2,275   3.650%, 10/01/37   10/21 at 100.00 AA+ 2,294,520
2,005   3.700%, 10/01/42   10/21 at 100.00 AA+ 2,048,609
    Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B:        
2,330   3.950%, 10/01/40   10/24 at 100.00 AA+ 2,383,776
3,155   4.000%, 4/01/45   10/24 at 100.00 AA+ 3,213,494
    Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-117B:        
3,290   3.900%, 10/01/35   10/24 at 100.00 AA+ 3,376,165
2,465   4.050%, 10/01/40   10/24 at 100.00 AA+ 2,530,101
4,225   4.150%, 10/01/45   10/24 at 100.00 AA+ 4,341,314
7,175   Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B, 4.100%, 10/01/45 (5)   4/25 at 100.00 AA+ 7,408,905
2,045   Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-119, 3.500%, 10/01/36   4/25 at 100.00 AA+ 2,075,409
7,000   Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 3.200%, 4/01/40   10/25 at 100.00 AA+ 6,792,660
    Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121:        
20,000   3.200%, 10/01/41 (UB)   10/25 at 100.00 AA+ 19,097,400
2,450   3.200%, 10/01/41   10/25 at 100.00 AA+ 2,339,432

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Housing/Single Family (continued)        
    Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-122:        
$ 2,000   3.650%, 10/01/32 (UB) (5)   4/26 at 100.00 AA+ $2,068,320
6,725   3.900%, 10/01/36 (UB) (5)   4/26 at 100.00 AA+ 6,929,642
    Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-123B:        
4,160   3.450%, 10/01/32   10/26 at 100.00 AA+ 4,245,197
4,135   3.900%, 10/01/37   10/26 at 100.00 AA+ 4,265,666
3,960   4.000%, 10/01/42   10/26 at 100.00 AA+ 4,106,203
5,000   Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-124B, 3.500%, 10/01/37   10/26 at 100.00 AA+ 5,024,450
980   Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0066, 144A, 11.641%, 10/01/33 (Alternative Minimum Tax) (IF)   10/22 at 100.00 AA+ 1,158,585
600   Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds Trust 2015-XF0109, 144A, 8.773%, 10/01/38 (IF) (5)   10/22 at 100.00 AA+ 653,418
90,725   Total Housing/Single Family       91,122,218
    Industrials – 1.0% (0.6% of Total Investments)        
    Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, Amtrak Project, Series 2012A:        
2,495   5.000%, 11/01/23 (Alternative Minimum Tax)   11/22 at 100.00 A1 2,771,621
545   5.000%, 11/01/27 (Alternative Minimum Tax)   11/22 at 100.00 A1 603,304
2,000   5.000%, 11/01/41 (Alternative Minimum Tax)   11/22 at 100.00 A1 2,124,880
5,040   Total Industrials       5,499,805
    Long-Term Care – 5.0% (3.1% of Total Investments)        
    Berks County Industrial Development Authority, Pennsylvania, Healthcare Facilities Revenue Bonds, Highlands at Wyomissing, Series 2017A:        
565   5.000%, 5/15/37   5/27 at 100.00 BBB 628,337
1,160   5.000%, 5/15/47   5/27 at 100.00 BBB 1,273,460
230   Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson Senior Services Project, Series 2015A, 5.000%, 12/01/35   12/25 at 100.00 N/R 236,868
500   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39   1/19 at 100.00 BBB+ 520,630
    Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2016:        
985   5.000%, 1/01/28   1/26 at 100.00 BBB+ 1,120,782
1,070   5.000%, 1/01/29   1/26 at 100.00 BBB+ 1,209,325
735   5.000%, 1/01/30   1/26 at 100.00 BBB+ 826,801
300   3.250%, 1/01/36   1/26 at 100.00 BBB+ 274,137
2,015   3.250%, 1/01/39   1/26 at 100.00 BBB+ 1,801,128
    Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015:        
4,380   4.000%, 1/01/33   1/25 at 100.00 BBB+ 4,444,649
5,740   5.000%, 1/01/38   1/25 at 100.00 BBB+ 6,226,637

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care (continued)        
$ 650   Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Villages Project, Series 2015, 5.000%, 11/01/35   5/25 at 100.00 A $724,341
530   Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne's Retirement Community, Inc., Series 2012, 5.000%, 4/01/33   4/22 at 100.00 BB+ 546,154
1,250   Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45   7/25 at 100.00 BBB- 1,336,862
    Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village Project, Series 2013:        
1,000   5.375%, 5/01/28   5/23 at 100.00 BBB 1,118,790
1,665   5.750%, 5/01/35   5/23 at 100.00 BBB 1,876,022
1,500   Langhorne Manor Boro Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Woods Services Project, Series 2013, 4.000%, 11/15/38   11/18 at 100.00 A- 1,506,210
2,150   Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Refunding Series 2012, 5.000%, 11/15/26   5/22 at 100.00 A- 2,380,609
350   Philadelphia Authority for Industrial Development Senior Living Facilities, Pennsylvania, Revenue Bonds, Wesley Enhanced Living Obligated Group, Series 2017A, 5.000%, 7/01/42   7/27 at 100.00 BB 370,461
26,775   Total Long-Term Care       28,422,203
    Materials – 1.2% (0.7% of Total Investments)        
6,455   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)   11/24 at 100.00 N/R 6,854,048
    Tax Obligation/General – 25.8% (16.0% of Total Investments)        
2,105   Adams County, Pennsylvania, General Obligation Bonds, Series 2017B, 2.500%, 11/15/29   11/25 at 100.00 Aa2 2,032,904
1,700   Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31   5/21 at 100.00 AA- 1,890,468
    Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72:        
2,780   5.250%, 12/01/32   12/23 at 100.00 AA- 3,191,273
2,000   5.250%, 12/01/33   12/23 at 100.00 AA- 2,287,520
    Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-74:        
1,750   5.000%, 12/01/32   12/24 at 100.00 AA- 1,990,555
1,285   5.000%, 12/01/34   12/24 at 100.00 AA- 1,451,189
5,100   Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/37   12/22 at 100.00 AA- 5,654,421
5   Beaver County, Pennsylvania, General Obligation Bonds, Series 2017, 3.125%, 4/15/31  –  BAM Insured   4/28 at 100.00 AA 4,906
    Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2016:        
1,500   4.000%, 8/01/31   8/26 at 100.00 Aa2 1,618,335
1,500   4.000%, 8/01/32   8/26 at 100.00 Aa2 1,612,395
1,255   4.000%, 8/01/33   8/26 at 100.00 Aa2 1,344,092
1,950   Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General Obligation Bonds, Series 2015, 5.000%, 10/01/38   4/24 at 100.00 AA- 2,226,140

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 3,000   Bristol Township School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2013, 5.250%, 6/01/43   6/23 at 100.00 A2 $3,365,220
    Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2014D:        
3,000   5.000%, 12/15/37   12/24 at 100.00 AA 3,472,410
1,075   5.000%, 12/15/38  –  BAM Insured   12/24 at 100.00 AA 1,242,786
1,100   5.000%, 12/15/39   12/24 at 100.00 AA 1,270,148
650   Cranberry Township, Pennsylvania, General Obligation Bonds, Refunding Series 2015, 3.250%, 10/01/32   10/25 at 100.00 Aaa 666,725
7,465   Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000, 0.000%, 9/01/30  –  AMBAC Insured   No Opt. Call N/R 4,512,443
6,680   Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding Series 2012, 4.000%, 10/15/32   10/22 at 100.00 Aa3 7,004,715
6,225   Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, Limited Tax Series 2015A, 5.000%, 11/15/43  –  BAM Insured   11/23 at 100.00 AA 6,927,118
    Nazareth Area School District, Northampton County, Pennsylvania, General Obligation Bonds, Series 2017E:        
1,350   5.000%, 11/15/37   11/25 at 100.00 AA 1,557,158
1,000   5.000%, 11/15/39   11/25 at 100.00 AA 1,149,620
    North Allegheny School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2015:        
5,000   5.000%, 5/01/31   5/25 at 100.00 AA 5,800,100
4,000   5.000%, 5/01/32   5/25 at 100.00 AA 4,622,600
2,875   5.000%, 5/01/33   5/25 at 100.00 AA 3,314,156
    Pennsbury School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2016A:        
2,375   5.000%, 10/01/31   4/25 at 100.00 Aa2 2,745,999
3,115   5.000%, 10/01/32   4/25 at 100.00 Aa2 3,594,866
1,000   5.000%, 10/01/33   4/25 at 100.00 Aa2 1,150,460
2,660   5.000%, 10/01/34   4/25 at 100.00 Aa2 3,050,727
2,045   5.000%, 10/01/35   4/25 at 100.00 Aa2 2,335,185
1,410   5.000%, 10/01/36   4/25 at 100.00 Aa2 1,607,076
2,620   Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Insured Series 2013C, 5.500%, 1/01/30  –  AGM Insured   1/24 at 100.00 AA 3,015,751
3,925   Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34  –  FGIC Insured   No Opt. Call A+ 4,486,471
745   Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014A, 5.000%, 9/01/25  –  BAM Insured   9/22 at 100.00 AA 840,926
    Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B:        
2,590   5.000%, 9/01/25   9/22 at 100.00 AA- 2,935,998
6,800   5.000%, 9/01/26   9/22 at 100.00 AA- 7,691,956
2,485   Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2012, 3.000%, 2/15/34   2/18 at 100.00 Aa1 2,486,093
1,000   Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37   11/22 at 100.00 Aa1 1,063,150

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 11,440   Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 0.000%, 1/15/32  –  FGIC Insured   No Opt. Call A3 $6,885,164
    Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016:        
280   5.000%, 11/15/26   5/24 at 100.00 BB+ 300,703
2,925   5.000%, 11/15/32   5/24 at 100.00 BB+ 3,055,894
1,000   South Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014, 3.375%, 8/01/32  –  BAM Insured   2/20 at 100.00 AA 1,010,050
1,890   State College Area School District, Centre County, Pennsylvania, General Obligation Bonds, Refunding Series 2015B, 5.000%, 5/15/23   No Opt. Call Aa1 2,195,008
21,000   State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.500%, 6/01/28  –  AGM Insured (UB) (5)   No Opt. Call AA 25,463,550
    The Redevelopment Authority of the City of Scranton, Lackawanna County, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A:        
285   5.000%, 11/15/21   No Opt. Call BB+ 295,200
170   5.000%, 11/15/28   5/24 at 100.00 BB+ 173,278
138,110   Total Tax Obligation/General       146,592,902
    Tax Obligation/Limited – 10.7% (6.7% of Total Investments)        
1,490   Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills Project, Series 2004, 5.600%, 7/01/23   2/18 at 100.00 N/R 1,463,806
1,115   Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017, 144A, 5.000%, 5/01/42   5/27 at 100.00 Ba1 1,194,444
1,475   Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%, 5/01/35   5/22 at 100.00 Baa3 1,551,670
    Government of Guam, Business Privilege Tax Bonds, Series 2011A:        
1,670   5.250%, 1/01/36   1/22 at 100.00 A 1,786,800
655   5.125%, 1/01/42   1/22 at 100.00 A 690,206
1,704   Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue Bonds, Tobyhanna Township Project, Series 2014, 144A, 6.875%, 7/01/33   7/24 at 100.00 N/R 1,739,460
3,500   Norristown Area School District, Pennsylvania, Installment Purchase Certiicates of Participation, Series 2012, 5.000%, 4/01/32   4/22 at 100.00 A3 3,697,330
4,000   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2011B, 5.000%, 12/01/41   12/21 at 100.00 AA- 4,357,000
3,180   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2012A, 5.000%, 12/01/31   12/21 at 100.00 AA- 3,486,584
7,000   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2013B-1, 5.250%, 12/01/43   12/23 at 100.00 AA- 7,931,700
    Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A:        
2,650   0.000%, 12/01/37 (6)   No Opt. Call AA- 2,412,109
4,000   0.000%, 12/01/44 (6)   No Opt. Call AA- 3,646,200
2,200   Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18  –  AGM Insured   No Opt. Call AA 2,253,196
5,530   Philadelphia Authority For Industrial Development, Pennsylvania, Revenue Bonds, Cultural and Commercial Corridors Program, Refunding Series 2016A, 5.000%, 12/01/30   12/25 at 100.00 A+ 6,247,794

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$ 3,820   Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/26  –  AGC Insured   8/22 at 100.00 AA $4,246,236
4,225   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29  –  AMBAC Insured   No Opt. Call C 4,235,605
2,500   Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal Transit Administration Section 5309 Fixed Guideway Modernization Formula Funds, Series 2011, 5.000%, 6/01/23   No Opt. Call AA- 2,893,850
    Southeastern Pennsylvania Transportation Authority, Capital Grant Receipts Bonds, Federal Transit Administration Section 5337 State of Good Repair Formula Program Funds, Refunding Series 2017:        
1,180   5.000%, 6/01/24   No Opt. Call AA- 1,389,792
2,000   5.000%, 6/01/25   No Opt. Call AA- 2,390,940
2,370   5.000%, 6/01/26   No Opt. Call AA- 2,865,117
430   Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center Tax Increment Bonds, Series 2006A, 5.450%, 7/01/35   2/18 at 100.00 N/R 430,275
56,694   Total Tax Obligation/Limited       60,910,114
    Transportation – 10.1% (6.3% of Total Investments)        
3,280   Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40   1/20 at 100.00 A 3,476,898
    Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012:        
1,270   5.000%, 1/01/22   No Opt. Call A- 1,403,159
2,425   5.000%, 1/01/23   No Opt. Call A- 2,720,826
2,310   5.000%, 1/01/24   1/23 at 100.00 A- 2,568,466
610   5.000%, 1/01/25   1/23 at 100.00 A- 674,282
3,990   Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44  –  AGM Insured   1/24 at 100.00 AA 4,389,678
12,100   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (6)   12/27 at 100.00 A- 15,048,649
820   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2, 5.000%, 6/01/39   6/26 at 100.00 A3 919,917
3,000   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2014C, 5.000%, 12/01/44   12/24 at 100.00 A1 3,404,220
10,000   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45   12/25 at 100.00 A1 11,358,500
2,000   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33  –  AGM Insured   6/26 at 100.00 AA 2,528,620
    Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2017B-1:        
1,430   5.000%, 6/01/31   6/27 at 100.00 A3 1,654,481
1,430   5.000%, 6/01/33   6/27 at 100.00 A3 1,643,056
1,865   Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.250%, 6/15/28   6/20 at 100.00 A 2,020,560

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
    Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Parking Revenue Bonds, Series 2017:        
$ 1,000   5.000%, 12/15/30   12/27 at 100.00 A- $1,172,130
500   5.000%, 12/15/33   12/27 at 100.00 A- 579,020
550   5.000%, 12/15/34   12/27 at 100.00 A- 634,365
1,000   5.000%, 12/15/36   12/27 at 100.00 A- 1,147,840
250   5.000%, 12/15/37   12/27 at 100.00 A- 286,270
49,830   Total Transportation       57,630,937
    U.S. Guaranteed – 17.5% (10.9% of Total Investments) (7)        
2,325   Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 (Pre-refunded 5/01/21)   5/21 at 100.00 N/R (7) 2,605,930
6,025   Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 8/01/29 (Pre-refunded 08/01/19)   8/19 at 100.00 Aa2 (7) 6,366,979
4,100   Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2011, 7.000%, 11/15/46 (Pre-refunded 11/15/21)   11/21 at 100.00 A (7) 4,922,665
    Centre County, Pennsylvania, General Obligation Bonds, Series 2012B:        
310   4.000%, 7/01/24 (Pre-refunded 7/01/20)   7/20 at 100.00 AA (7) 328,532
1,430   4.000%, 7/01/25 (Pre-refunded 7/01/20)   7/20 at 100.00 AA (7) 1,515,485
915   4.000%, 7/01/26 (Pre-refunded 7/01/20)   7/20 at 100.00 AA (7) 969,699
1,175   Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40 (Pre-refunded 5/15/20)   5/20 at 100.00 N/R (7) 1,270,492
355   Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37 (Pre-refunded 12/15/17)   12/17 at 100.00 BBB- (7) 371,660
4,500   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.375%, 1/01/39 (Pre-refunded 1/01/19)   1/19 at 100.00 N/R (7) 4,727,565
2,030   Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21 (Pre-refunded 1/08/18)   1/18 at 100.00 BBB (7) 2,033,491
7,660   Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2008A, 5.000%, 7/01/33 (Pre-refunded 7/01/18)  –  AGM Insured   7/18 at 100.00 AA (7) 7,822,239
2,000   Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 (Pre-refunded 6/15/18)  –  AGM Insured   6/18 at 100.00 AA (7) 2,039,200
    Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2012A:        
365   4.000%, 1/01/25 (Pre-refunded 1/01/22)   1/22 at 100.00 A+ (7) 396,262
3,000   5.000%, 1/01/41 (Pre-refunded 1/01/22)   1/22 at 100.00 A+ (7) 3,374,280
1,130   Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20)   8/20 at 100.00 N/R (7) 1,239,938
    Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A:        
1,235   5.250%, 8/15/23 (Pre-refunded 8/15/18)   8/18 at 100.00 A- (7) 1,268,728
2,000   5.500%, 8/15/35 (Pre-refunded 8/15/18)   8/18 at 100.00 A- (7) 2,058,080

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (7) (continued)        
$ 3,525   Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds, Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19)   10/19 at 100.00 N/R (7) $3,777,460
9,125   Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33 (Pre-refunded 6/15/18)   6/18 at 100.00 N/R (7) 9,306,314
1,300   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20)   7/20 at 100.00 N/R (7) 1,441,271
    Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A:        
1,000   5.000%, 7/01/27 (Pre-refunded 7/01/22)   7/22 at 100.00 N/R (7) 1,139,440
750   5.000%, 7/01/32 (Pre-refunded 7/01/22)   7/22 at 100.00 N/R (7) 854,580
2,015   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40 (Pre-refunded 3/01/20)   3/20 at 100.00 A+ (7) 2,163,828
    Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2010A1&2:        
315   5.500%, 12/01/34 (Pre-refunded 12/01/20)   12/20 at 100.00 N/R (7) 349,477
1,440   5.500%, 12/01/34 (Pre-refunded 12/01/20)   12/20 at 100.00 AA- (7) 1,597,608
3,915   5.000%, 12/01/38 (Pre-refunded 12/01/19)   12/19 at 100.00 AA- (7) 4,176,483
5,125   Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A, 5.000%, 12/01/32 (Pre-refunded 12/01/18)  –  NPFG Insured   12/18 at 100.00 AA (7) 5,310,730
2,485   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 2010B-1, 5.000%, 12/01/37 (Pre-refunded 12/01/19)   12/19 at 100.00 A- (7) 2,650,973
300   Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20  –  NPFG Insured (ETM)   No Opt. Call N/R (7) 321,615
7,165   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20)   5/20 at 100.00 N/R (7) 7,729,315
1,135   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Presbyterian Medical Center of Philadelphia, Series 1993, 6.650%, 12/01/19 (ETM)   No Opt. Call AA+ (7) 1,188,958
3,345   Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/20)   8/20 at 100.00 A+ (7) 3,763,292
1,470   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19  –  NPFG Insured (ETM)   No Opt. Call A3 (7) 1,557,847
55   Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%, 11/15/40 (Pre-refunded 11/15/20)   11/20 at 100.00 N/R (7) 60,229
1,613   South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley Memorial Hospital, Series 2010, 5.500%, 7/01/29 (Pre-refunded 7/01/20)   7/20 at 100.00 N/R (7) 1,768,058
    West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian Charity Project, Series 2011:        
325   6.250%, 1/01/31 (Pre-refunded 1/01/21)   1/21 at 100.00 AA (7) 369,850
4,555   6.500%, 1/01/36 (Pre-refunded 1/01/21)   1/21 at 100.00 AA (7) 5,217,616
1,110   Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010, 5.000%, 11/01/40 (Pre-refunded 11/01/20)   11/20 at 100.00 A- (7) 1,214,162
92,623   Total U.S. Guaranteed       99,270,331

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities – 7.8% (4.9% of Total Investments)        
$ 2,380   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (Mandatory Put 7/01/21)   No Opt. Call Caa1 $1,123,408
3,000   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory Put 7/01/22)   No Opt. Call B1 2,966,850
6,210   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory Put 6/01/20)   No Opt. Call Caa1 2,933,852
9,855   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 (Mandatory Put 4/02/18)   No Opt. Call Caa1 4,638,749
7,250   Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta Project, Refunding Series 2015A, 5.000%, 7/01/43   7/20 at 100.00 BB- 7,305,390
4,015   Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39   12/19 at 100.00 A+ 4,291,272
2,220   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38   9/25 at 100.00 B+ 2,274,079
4,575   Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39   10/19 at 100.00 AA- 4,815,416
5,000   Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2009B, 5.000%, 11/15/40   11/19 at 100.00 AA- 5,277,150
    Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifteenth Series 2017:        
3,500   5.000%, 8/01/42   8/27 at 100.00 A 4,022,865
1,500   5.000%, 8/01/47   8/27 at 100.00 A 1,717,380
2,735   Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 5.000%, 8/01/29   8/25 at 100.00 A 3,163,383
52,240   Total Utilities       44,529,794
    Water and Sewer – 10.6% (6.6% of Total Investments)        
    Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2015:        
3,325   5.000%, 12/01/40   12/25 at 100.00 A1 3,766,626
3,320   5.000%, 12/01/45   12/25 at 100.00 A1 3,745,956
750   Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2016, 4.000%, 12/01/32  –  AGM Insured   12/26 at 100.00 AA 803,220
    Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 2015-XF0123, 144A:        
1,665   11.387%, 12/01/29  –  AGM Insured (IF) (5)   12/21 at 100.00 AA 2,193,155
825   11.378%, 12/01/33  –  AGM Insured (IF) (5)   12/21 at 100.00 AA 1,058,665
935   Bucks County Water and Sewer Authority, Pennsylvania, Water System Revenue Bonds, Series 2017, 3.000%, 12/01/31  –  AGM Insured (WI/DD, Settling 12/19/17)   12/27 at 100.00 AA 915,112

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
    Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewer Revenue Bonds, Series 2015:        
$ 1,110   5.000%, 5/01/40   5/25 at 100.00 Aa3 $1,265,156
2,220   4.000%, 5/01/45   5/25 at 100.00 Aa3 2,303,583
1,155   Easton, Pennsylvania, Area Joint Sewer Authority, Water and Sewer Revenue Bonds, Series 2015, 3.200%, 12/01/34  –  BAM Insured   12/23 at 100.00 AA 1,160,013
665   Findlay Township Municipal Authority, Allegheny County, Pennsylvania, Revenue Bonds, Series 2015, 3.375%, 12/15/35  –  BAM Insured   12/20 at 100.00 AA 668,903
    Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B:        
7,295   0.000%, 12/01/34   No Opt. Call A 3,771,807
4,420   0.000%, 12/01/35   No Opt. Call A 2,179,016
12,500   Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47   12/23 at 100.00 A 14,048,875
1,100   Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32   1/20 at 100.00 BBB+ 1,174,349
6,560   Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41   1/21 at 100.00 A+ 7,054,493
2,500   Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 1/01/43   1/22 at 100.00 A+ 2,709,275
5,000   Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue Bonds, First Lien Series 2013B, 5.250%, 9/01/40   9/23 at 100.00 A 5,651,000
2,840   Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2014, 4.000%, 5/15/40  –  BAM Insured   11/19 at 100.00 AA 2,845,225
170   Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue Bonds, Series 2017, 3.375%, 5/15/32  –  AGM Insured   5/26 at 100.00 AA 175,365
1,930   Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Tender Option Bond Trust 2016-XF1058, 144A, 14.144%, 8/15/37 (IF) (5)   8/23 at 100.00 A+ 2,816,044
60,285   Total Water and Sewer       60,305,838
$ 868,096   Total Long-Term Investments (cost $877,797,355)       913,188,740
    Floating Rate Obligations – (8.4)%       (47,825,000)
    Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (15.3)% (8)       (86,987,140)
    Variable Rate Demand Preferred Shares, net of deferred offering costs – (38.1)% (9)       (216,639,374)
    Other Assets Less Liabilities – 1.3% (10)       7,053,635
    Net Asset Applicable to Common Shares – 100%       $ 568,790,861

Investments in Derivatives as of November 30, 2017
Interest Rate Swaps - OTC Uncleared                
Counterparty Notional
Amount 		Fund
Pay/Receive
Floating Rate 		Floating Rate Index Fixed Rate
(Annualized) 		Fixed Rate
Payment
Frequency 		Effective
Date (11) 		Optional
Termination
Date 		Maturity
Date 		Value Premiums
Paid
(Received) 		Unrealized
Appreciation
(Depreciation)
JPMorgan Chase Bank, N.A. $22,000,000 Receive 3-Month SIFMA 2.043% Quarterly 5/25/18 6/25/18 5/25/28 $(200,646) $ — $(200,646)
JPMorgan Chase Bank, N.A. 20,300,000 Receive 3-Month SIFMA 2.038 Quarterly 12/14/18 1/11/19 12/14/28 (69,693)  — (69,693)
  $42,300,000               $(270,339) $ — $(270,339)
Fair Value Measurements
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –   Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –   Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3  –   Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $913,188,740 $ — $913,188,740
Investments in Derivatives:        
Interest Rate Swaps*  — (270,339)  — (270,339)
Total $ — $912,918,401 $ — $912,918,401
    
* Represents net unrealized appreciation (depreciation).
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The tables below present the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of November 30, 2017.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.

Tax cost of investments $830,070,658
Gross unrealized:  
Appreciation $ 48,040,532
Depreciation (12,747,387)
Net unrealized appreciation (depreciation) of investments $ 35,293,145
    
Tax cost of swap contracts $  —
Net unrealized appreciation (depreciation) of swap contracts (270,339)
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.  
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.  
(6) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.  
(7) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S. Government or agency.  
(8) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 9.5%.  
(9) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 23.7%.  
(10) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable.  
(11) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
ETM Escrowed to maturity.  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
SIFMA United States Dollar-Securities Industry and Financial Market Association  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  

Item 2. Controls and Procedures.

 

  a. The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

  b. There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)    Nuveen Pennsylvania Quality Municipal Income Fund   
By (Signature and Title)    /s/ Gifford R. Zimmerman                                                       
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: January 29, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)    /s/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: January 29, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: January 29, 2018