N-Q 1 nq.htm NQP



 
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:            4/30          
 
Date of reporting period:         1/31/17         
 
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
 

 
  
Portfolio of Investments 
 
 
 
 
 
  
Nuveen Pennsylvania Quality Municipal Income Fund (NQP) 
 
 
 
    January 31, 2017 (Unaudited)      
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 160.1% (99.5% of Total Investments) 
 
 
 
 
 
  
MUNICIPAL BONDS – 160.1% (99.5% of Total Investments) 
 
 
 
 
 
  
Consumer Staples – 0.4% (0.3% of Total Investments) 
 
 
 
$ 2,000 
  
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, 
No Opt. Call 
AA– 
$ 2,419,060 
 
  
Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax) 
 
 
 
 
  
Education and Civic Organizations – 19.8% (12.3% of Total Investments) 
 
 
 
1,420 
  
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding 
No Opt. Call 
Baa3 
1,573,190 
 
  
Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28 
 
 
 
5,035 
  
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie 
3/23 at 100.00 
AA– 
5,766,686 
 
  
Mellon University, Series 2013, 5.000%, 3/01/28 
 
 
 
2,865 
  
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Duquesne 
3/23 at 100.00 
A 
2,718,713 
 
  
University, Series 2013A, 3.500%, 3/01/34 
 
 
 
 
  
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 
639,575 
1,000 
  
5.000%, 10/15/38 
10/26 at 100.00 
Baa3 
1,034,200 
3,215 
  
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane 
3/27 at 100.00 
BBB– 
3,299,104 
 
  
Charter School Project, Series 2016, 5.125%, 3/15/36 
 
 
 
1,440 
  
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School 
12/17 at 100.00 
BBB– 
1,474,070 
 
  
Revenue Bonds, Series 2007A, 6.375%, 12/15/37 
 
 
 
2,200 
  
Crawford County Industrial Development Authority, Pennsylvania, College Revenue Bonds, 
5/26 at 100.00 
A– 
1,889,646 
 
  
Allegheny College, Series 2016, 3.000%, 5/01/34 
 
 
 
1,020 
  
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series 
5/24 at 100.00 
Baa3 
1,051,712 
 
  
2014, 5.000%, 5/01/37 
 
 
 
750 
  
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series 
4/17 at 100.00 
AA 
750,720 
 
  
2006, 4.500%, 10/01/27 – RAAI Insured 
 
 
 
4,735 
  
Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University, 
11/26 at 100.00 
BBB+ 
4,549,151 
 
  
Series 2016, 4.000%, 5/01/46 
 
 
 
 
  
Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, 
 
 
 
 
  
Series 2016OO2: 
 
 
 
590 
  
3.250%, 5/01/36 
5/26 at 100.00 
BBB+ 
500,403 
1,815 
  
3.500%, 5/01/41 
5/26 at 100.00 
BBB+ 
1,552,605 
 
  
Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student 
 
 
 
 
  
Cooperative Association Inc./Indiana University of Pennsylvania – Student Union Project, 
 
 
 
 
  
Series 1999B: 
 
 
 
760 
  
0.000%, 11/01/17 – AMBAC Insured 
No Opt. Call 
N/R 
755,151 
815 
  
0.000%, 11/01/19 – AMBAC Insured 
No Opt. Call 
N/R 
782,856 
5,235 
  
Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, 
5/22 at 100.00 
A 
5,689,450 
 
  
Series 2012, 5.000%, 5/01/32 
 
 
 
2,155 
  
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia 
4/20 at 100.00 
BBB 
2,258,052 
 
  
University, Series 2010, 5.625%, 4/01/40 
 
 
 
1,465 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University, 
9/23 at 100.00 
BBB– 
1,585,218 
 
  
Series 2013A, 6.500%, 9/01/38 
 
 
 
10,750 
  
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of 
6/18 at 100.00 
Aa3 
11,224,720 
 
  
Higher Education, Series 2008AH, 5.000%, 6/15/33 
 
 
 
2,405 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing 
11/21 at 100.00 
A 
2,584,678 
 
  
Program-Mount Aloysius College Project, Series 2011R-1, 5.000%, 11/01/35 
 
 
 
 
  
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 
2,871,371 
2,080 
  
5.000%, 12/01/44 
12/24 at 100.00 
AA 
2,339,043 
1,500 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 
5/21 at 100.00 
A 
1,664,670 
 
  
2011A, 5.250%, 5/01/41 
 
 
 
1,000 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College, 
5/22 at 100.00 
BBB 
1,052,580 
 
  
Series 2012-KK1, 5.375%, 5/01/42 
 
 
 
320 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, 
11/22 at 100.00 
BBB 
320,963 
 
  
Series 2012, 4.000%, 5/01/32 
 
 
 
1,195 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia University, 
6/23 at 100.00 
BBB+ 
1,275,674 
 
  
Refunding Series 2013, 5.000%, 6/01/32 
 
 
 
2,000 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First 
4/22 at 100.00 
Aa3 
2,192,060 
 
  
Series of 2012, 5.000%, 4/01/42 
 
 
 
7,125 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson 
3/25 at 100.00 
A+ 
7,853,674 
 
  
University, Refunding Series 2015A, 5.250%, 9/01/50 
 
 
 
760 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson 
9/22 at 100.00 
A+ 
831,858 
 
  
University, Series 2012, 5.000%, 3/01/42 
 
 
 
 
  
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 
1,040,506 
4,300 
  
5.000%, 11/01/42 
11/22 at 100.00 
A3 
4,717,573 
1,310 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the 
11/25 at 100.00 
A3 
1,436,232 
 
  
Sciences in Philadelphia, Series 2015A, 5.000%, 11/01/36 
 
 
 
1,590 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, 
7/23 at 100.00 
A– 
1,750,113 
 
  
Series 2013A, 5.500%, 7/15/38 
 
 
 
3,005 
  
Pennsylvania State University, Revenue Bonds, Series 2010, 5.000%, 3/01/35 
3/20 at 100.00 
Aa1 
3,282,842 
554 
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership 
4/17 at 100.00 
N/R 
6 
 
  
Learning Partners, Series 2005A, 5.375%, 7/01/36 (4) 
 
 
 
4,500 
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia 
6/20 at 100.00 
BB 
4,733,415 
 
  
Performing Arts Charter School, Series 2013, 6.750%, 6/15/43 
 
 
 
500 
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen 
4/17 at 100.00 
N/R 
500,105 
 
  
Preparatory Charter School, Series 2006, 6.250%, 5/01/33 
 
 
 
2,300 
  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Thomas 
3/27 at 100.00 
A+ 
2,252,229 
 
  
Jefferson University, Fixed Rate Series 2017A, 4.000%, 9/01/47 (WI/DD, Settling 2/08/17) 
 
 
 
2,320 
  
Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, Revenue Bonds, University of 
5/26 at 100.00 
A– 
2,525,854 
 
  
Scranton, Series 2016, 5.000%, 11/01/37 
 
 
 
5,250 
  
Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue Bonds, 
6/26 at 100.00 
N/R 
4,979,153 
 
  
Marywood University, Series 2016, 5.000%, 6/01/46 
 
 
 
5,000 
  
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Northampton 
3/21 at 100.00 
A1 
5,594,300 
 
  
County Area Community College, Series 2011, 5.500%, 3/01/31 
 
 
 
95 
  
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Westmoreland 
10/25 at 100.00 
AA 
83,422 
 
  
County Community College, Series 2016A, 3.000%, 10/15/35 – AGM Insured 
 
 
 
1,100 
  
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 
11/20 at 100.00 
A– 
1,200,210 
 
  
2010, 5.000%, 11/01/40 
 
 
 
 
  
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– 
2,108,030 
740 
  
5.000%, 11/01/33 
11/25 at 100.00 
A– 
821,822 
740 
  
4.000%, 11/01/35 
11/25 at 100.00 
A– 
750,345 
105,154 
  
Total Education and Civic Organizations 
 
 
109,857,950 
 
  
Health Care – 32.9% (20.5% of Total Investments) 
 
 
 
 
  
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley 
 
 
 
 
  
General Hospital, Series 2005A: 
 
 
 
2,170 
  
5.000%, 4/01/25 
4/17 at 100.00 
B2 
2,157,653 
4,160 
  
5.125%, 4/01/35 
4/17 at 100.00 
B2 
3,831,526 
 
  
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+ 
4,422,148 
1,910 
  
5.000%, 5/15/27 
5/21 at 100.00 
A+ 
2,096,454 
2,000 
  
5.000%, 5/15/28 
5/21 at 100.00 
A+ 
2,190,040 
3,300 
  
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical 
5/22 at 100.00 
A+ 
3,400,914 
 
  
Center Project, Series 2012A, 4.500%, 11/01/41 
 
 
 
4,000 
  
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Refunding 
12/21 at 100.00 
AA– 
4,416,720 
 
  
Series 2011, 5.375%, 12/01/41 
 
 
 
 
  
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical 
 
 
 
 
  
Center Project, Series 2016A: 
 
 
 
705 
  
5.000%, 11/15/41 
11/25 at 100.00 
A 
768,224 
2,985 
  
5.000%, 11/15/46 
11/25 at 100.00 
A 
3,234,098 
1,595 
  
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System 
5/20 at 100.00 
AA 
1,713,812 
 
  
Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40 
 
 
 
 
  
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health 
 
 
 
 
  
System Project, Refunding Series 2016A: 
 
 
 
1,275 
  
5.000%, 6/01/34 
6/26 at 100.00 
A+ 
1,418,578 
360 
  
5.000%, 6/01/35 
6/26 at 100.00 
A+ 
397,534 
3,400 
  
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health 
6/22 at 100.00 
A+ 
3,645,990 
 
  
System Project, Series 2012A, 5.000%, 6/01/42 
 
 
 
1,500 
  
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 
7/23 at 100.00 
BBB 
1,609,545 
 
  
5.000%, 7/01/28 
 
 
 
2,275 
  
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, 
7/26 at 100.00 
BBB 
2,393,573 
 
  
5.000%, 7/01/41 
 
 
 
3,000 
  
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health 
7/20 at 100.00 
Ba2 
3,081,750 
 
  
Center Project, Series 2010A, 7.000%, 7/01/27 
 
 
 
850 
  
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 
11/17 at 100.00 
AA 
865,343 
 
  
2007, 5.000%, 11/01/37 – CIFG Insured 
 
 
 
6,840 
  
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg 
7/20 at 100.00 
A+ 
7,414,560 
 
  
Hospital Project, Series 2010, 5.375%, 7/01/42 
 
 
 
4,555 
  
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger 
6/24 at 100.00 
AA 
4,990,276 
 
  
Health System, Series 2014A, 5.000%, 6/01/41 
 
 
 
1,370 
  
Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana Regional 
6/23 at 100.00 
Ba1 
1,489,368 
 
  
Medical Center, Series 2014A, 6.000%, 6/01/39 
 
 
 
3,385 
  
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster 
1/22 at 100.00 
N/R 
4,927,274 
 
  
General Hospital Project, Tender Option Bond Trust 2015-XF0064, 12.423%, 7/01/42 (IF) 
 
 
 
4,200 
  
Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, 
8/26 at 100.00 
AA– 
4,653,222 
 
  
Refunding Series 2016B, 5.000%, 8/15/46 
 
 
 
3,000 
  
Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System, 
8/26 at 100.00 
AA– 
3,331,380 
 
  
Series 2016A, 5.000%, 8/15/42 
 
 
 
3,450 
  
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley 
7/26 at 100.00 
A+ 
3,418,812 
 
  
Health Network, Refunding Series 2016A, 4.000%, 7/01/35 
 
 
 
2,565 
  
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley 
7/22 at 100.00 
A+ 
2,507,570 
 
  
Health Network, Series 2012B, 4.000%, 7/01/43 
 
 
 
 
  
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 
1,082,448 
2,900 
  
4.000%, 11/01/41 
5/26 at 100.00 
A 
2,899,855 
5,240 
  
4.000%, 11/01/46 
5/26 at 100.00 
A 
5,158,990 
4,600 
  
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, 
11/22 at 100.00 
A 
4,704,190 
 
  
Series 2012, 4.000%, 11/01/32 
 
 
 
 
  
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– 
6,476,700 
2,840 
  
5.750%, 7/01/39 
7/19 at 100.00 
AA– 
3,073,164 
 
  
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, 
 
 
 
 
  
Series 2012A: 
 
 
 
365 
  
4.000%, 1/01/25 
1/22 at 100.00 
A– 
381,392 
3,000 
  
5.000%, 1/01/41 
1/22 at 100.00 
A– 
3,144,870 
 
  
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– 
969,745 
2,650 
  
5.000%, 7/01/41 
7/26 at 100.00 
A– 
2,828,266 
3,730 
  
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, 
6/22 at 100.00 
A+ 
4,066,185 
 
  
Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/31 
 
 
 
925 
  
Montgomery County Industrial Development Authority, Pennsylvania, Health Facilities Revenue 
4/22 at 100.00 
AA 
993,635 
 
  
Bonds, Jefferson Health System, Series 2012A, 5.000%, 10/01/41 
 
 
 
7,500 
  
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, 
1/25 at 100.00 
Baa2 
7,908,375 
 
  
Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 
 
 
 
4,000 
  
Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of Pittsburgh 
7/23 at 100.00 
Aa3 
4,334,880 
 
  
Medical Center, Series 2013A, 5.000%, 7/01/43 
 
 
 
3,100 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of 
8/22 at 100.00 
AA– 
3,354,944 
 
  
Pennsylvania Health System, Series 2012A, 5.000%, 8/15/42 
 
 
 
16,385 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of 
8/26 at 100.00 
AA– 
16,605,542 
 
  
Pennsylvania Health System, Series 2016C, 4.000%, 8/15/41 (UB) (5) 
 
 
 
2,440 
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/21 at 100.00 
AA 
3,122,761 
 
  
Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 2015-XF0114, 
 
 
 
 
  
12.415%, 7/01/41 (IF) 
 
 
 
4,650 
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/22 at 100.00 
BBB– 
4,966,944 
 
  
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 
 
 
 
 
  
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– 
3,200,190 
1,590 
  
4.000%, 8/15/45 
2/25 at 100.00 
A– 
1,563,368 
3,000 
  
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, 
1/27 at 100.00 
A+ 
3,233,310 
 
  
Series 2016B, 5.000%, 7/01/45 
 
 
 
600 
  
Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health 
11/20 at 100.00 
AA– 
646,440 
 
  
East, Series 2010A, 5.000%, 11/15/40 
 
 
 
3,000 
  
Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated Group, 
6/24 at 100.00 
Aa3 
3,274,500 
 
  
Refunding Series 2014A, 5.000%, 6/01/44 
 
 
 
 
  
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– 
3,588,764 
2,500 
  
7.000%, 8/01/41 
8/21 at 100.00 
A– 
2,844,675 
3,470 
  
Washington County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Washington 
7/23 at 100.00 
A– 
3,781,328 
 
  
Hospital Project, Series 2013A, 5.000%, 7/01/28 
 
 
 
 
  
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 
1/21 at 100.00 
AA 
370,584 
4,555 
  
6.500%, 1/01/36 
1/21 at 100.00 
AA 
5,205,044 
 
  
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 
1,857,000 
1,970 
  
5.750%, 1/01/41 
1/22 at 100.00 
AA 
2,229,350 
575 
  
Westmoreland County Industrial Development Authority, Pennsylvania, Health System Revenue 
7/20 at 100.00 
A3 
612,266 
 
  
Bonds, Excela Health Project, Series 2010A, 5.125%, 7/01/30 
 
 
 
170,820 
  
Total Health Care 
 
 
182,856,069 
 
  
Housing/Multifamily – 1.4% (0.9% of Total Investments) 
 
 
 
160 
  
Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds, 
8/23 at 100.00 
Baa3 
164,742 
 
  
University Student Housing, LLC Project at West Chester University Series 2013A, 
 
 
 
 
  
5.000%, 8/01/45 
 
 
 
1,235 
  
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. – 
7/24 at 100.00 
BBB– 
1,272,569 
 
  
Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46 
 
 
 
1,900 
  
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. – 
7/25 at 100.00 
BBB– 
1,957,114 
 
  
Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47 
 
 
 
 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student 
 
 
 
 
  
Housing at Indiana University, Project Series 2012A: 
 
 
 
1,000 
  
5.000%, 7/01/27 
7/22 at 100.00 
BBB+ 
1,101,390 
750 
  
5.000%, 7/01/32 
7/22 at 100.00 
BBB+ 
813,525 
420 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University 
10/22 at 100.00 
BBB– 
433,196 
 
  
Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania, 
 
 
 
 
  
Series 2012, 5.000%, 10/01/44 
 
 
 
270 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties 
7/26 at 100.00 
Baa3 
287,985 
 
  
Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 
 
 
 
 
  
5.000%, 7/01/31 
 
 
 
1,736 
  
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue 
4/17 at 101.00 
Baa3 
1,744,368 
 
  
Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35 
 
 
 
7,471 
  
Total Housing/Multifamily 
 
 
7,774,889 
 
  
Housing/Single Family – 13.4% (8.3% of Total Investments) 
 
 
 
1,355 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 
4/17 at 100.00 
AA+ 
1,356,667 
 
  
4.600%, 10/01/27 (Alternative Minimum Tax) 
 
 
 
 
  
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+ 
4,675,473 
2,275 
  
3.650%, 10/01/37 
10/21 at 100.00 
AA+ 
2,255,344 
2,190 
  
3.700%, 10/01/42 
10/21 at 100.00 
AA+ 
2,267,022 
 
  
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+ 
2,319,259 
3,315 
  
4.000%, 4/01/45 
10/24 at 100.00 
AA+ 
3,254,336 
 
  
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+ 
3,281,216 
2,465 
  
4.050%, 10/01/40 
10/24 at 100.00 
AA+ 
2,469,733 
4,320 
  
4.150%, 10/01/45 
10/24 at 100.00 
AA+ 
4,331,059 
7,185 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B, 
4/25 at 100.00 
AA+ 
7,229,331 
 
  
4.100%, 10/01/45 
 
 
 
2,045 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-119, 
4/25 at 100.00 
AA+ 
1,944,120 
 
  
3.500%, 10/01/36 
 
 
 
7,000 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 
10/25 at 100.00 
AA+ 
6,139,770 
 
  
3.200%, 4/01/40 
 
 
 
2,450 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121, 
10/25 at 100.00 
AA+ 
2,172,636 
 
  
3.200%, 10/01/41 
 
 
 
20,000 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016, 
10/25 at 100.00 
AA+ 
17,735,800 
 
  
3.200%, 10/01/41 (UB) 
 
 
 
1,050 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond 
10/22 at 100.00 
AA+ 
1,199,698 
 
  
Trust 2015-XF0066, 12.524%, 10/01/33 (Alternative Minimum Tax) (IF) 
 
 
 
2,455 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007, 
4/17 at 100.00 
AA+ 
2,458,020 
 
  
4.600%, 10/01/27 (Alternative Minimum Tax) (UB) 
 
 
 
 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option 
 
 
 
 
  
Bond Trust 2017-XG0109: 
 
 
 
2,000 
  
3.650%, 10/01/32 (WI/DD, Settling 2/02/17) (UB) (5) 
4/26 at 100.00 
N/R 
2,006,140 
6,725 
  
3.900%, 10/01/36 (WI/DD, Settling 2/02/17) (UB) (5) 
4/26 at 100.00 
N/R 
6,688,214 
600 
  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option 
10/22 at 100.00 
AA+ 
620,880 
 
  
Bonds Trust 2015-XF0109, 9.353%, 10/01/38 (IF) (5) 
 
 
 
77,800 
  
Total Housing/Single Family 
 
 
74,404,718 
 
  
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 
2,773,317 
545 
  
5.000%, 11/01/27 (Alternative Minimum Tax) 
11/22 at 100.00 
A1 
591,696 
2,000 
  
5.000%, 11/01/41 (Alternative Minimum Tax) 
11/22 at 100.00 
A1 
2,110,120 
5,040 
  
Total Industrials 
 
 
5,475,133 
 
  
Long-Term Care – 5.3% (3.3% of Total Investments) 
 
 
 
 
  
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community 
 
 
 
 
  
at Telford Center, Series 2007: 
 
 
 
470 
  
5.750%, 1/01/27 
4/17 at 100.00 
N/R 
470,343 
760 
  
5.750%, 1/01/37 
4/17 at 100.00 
N/R 
760,281 
230 
  
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Simpson 
12/25 at 100.00 
N/R 
224,367 
 
  
Senior Services Project, Series 2015A, 5.000%, 12/01/35 
 
 
 
 
  
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 
N/R 
1,100,501 
1,070 
  
5.000%, 1/01/29 
1/26 at 100.00 
N/R 
1,184,223 
735 
  
5.000%, 1/01/30 
1/26 at 100.00 
N/R 
806,398 
300 
  
3.250%, 1/01/36 
1/26 at 100.00 
N/R 
267,390 
2,015 
  
3.250%, 1/01/39 
1/26 at 100.00 
N/R 
1,732,054 
500 
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
BBB+ 
543,690 
 
  
Ministries Project, Series 2009, 6.375%, 1/01/39 
 
 
 
 
  
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+ 
4,382,847 
5,740 
  
5.000%, 1/01/38 
1/25 at 100.00 
BBB+ 
6,054,265 
2,030 
  
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 
6/17 at 100.00 
BBB 
2,048,432 
 
  
5.000%, 6/01/21 
 
 
 
640 
  
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic 
5/25 at 100.00 
A 
702,470 
 
  
Villages Project, Series 2015, 5.000%, 11/01/35 
 
 
 
530 
  
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne’s 
4/22 at 100.00 
BB+ 
536,217 
 
  
Retirement Community, Inc., Series 2012, 5.000%, 4/01/33 
 
 
 
370 
  
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, 
7/17 at 100.00 
N/R 
372,975 
 
  
Series 2008A, 6.375%, 7/01/30 
 
 
 
1,250 
  
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement 
7/25 at 100.00 
N/R 
1,309,400 
 
  
Community Project, Refunding Series 2015A, 5.000%, 7/01/45 
 
 
 
 
  
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 
1,083,360 
1,665 
  
5.750%, 5/01/35 
5/23 at 100.00 
BBB 
1,803,545 
1,500 
  
Langhorne Manor Boro Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Woods 
11/18 at 100.00 
A– 
1,500,435 
 
  
Services Project, Series 2013, 4.000%, 11/15/38 
 
 
 
2,150 
  
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS 
5/22 at 100.00 
A– 
2,357,668 
 
  
Retirement-Life Communities, Inc. Obligated Group, Refunding Series 2012, 5.000%, 11/15/26 
 
 
 
28,320 
  
Total Long-Term Care 
 
 
29,240,861 
 
  
Materials – 1.2% (0.8% of Total Investments) 
 
 
 
6,455 
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
11/24 at 100.00 
N/R 
6,829,648 
 
  
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) 
 
 
 
 
  
Tax Obligation/General – 28.7% (17.8% of Total Investments) 
 
 
 
1,700 
  
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 
5/21 at 100.00 
AA– 
1,906,805 
 
  
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72: 
 
 
 
2,780 
  
5.250%, 12/01/32 
12/23 at 100.00 
AA– 
3,193,358 
2,000 
  
5.250%, 12/01/33 
12/23 at 100.00 
AA– 
2,289,360 
 
  
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-74: 
 
 
 
1,750 
  
5.000%, 12/01/32 
12/24 at 100.00 
AA– 
1,961,505 
1,285 
  
5.000%, 12/01/34 
12/24 at 100.00 
AA– 
1,433,713 
5,100 
  
Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 
12/22 at 100.00 
AA– 
5,713,377 
 
  
5.000%, 12/01/37 
 
 
 
 
  
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 
1,578,780 
1,500 
  
4.000%, 8/01/32 
8/26 at 100.00 
Aa2 
1,577,520 
1,255 
  
4.000%, 8/01/33 
8/26 at 100.00 
Aa2 
1,314,650 
1,950 
  
Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General 
4/24 at 100.00 
AA 
2,154,711 
 
  
Obligation Bonds, Series 2015, 5.000%, 10/01/38 
 
 
 
3,000 
  
Bristol Township School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 
6/23 at 100.00 
A2 
3,315,510 
 
  
2013, 5.250%, 6/01/43 
 
 
 
 
  
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 
3,344,310 
1,075 
  
5.000%, 12/15/38 – BAM Insured 
12/24 at 100.00 
AA 
1,197,593 
1,100 
  
5.000%, 12/15/39 
12/24 at 100.00 
AA 
1,226,247 
 
  
Centre County, Pennsylvania, General Obligation Bonds, Series 2012B: 
 
 
 
310 
  
4.000%, 7/01/24 
7/20 at 100.00 
AA 
328,898 
1,430 
  
4.000%, 7/01/25 
7/20 at 100.00 
AA 
1,511,124 
915 
  
4.000%, 7/01/26 
7/20 at 100.00 
AA 
961,976 
650 
  
Cranberry Township, Pennsylvania, General Obligation Bonds, Refunding Series 2015, 
10/25 at 100.00 
Aa1 
649,980 
 
  
3.250%, 10/01/32 
 
 
 
10,000 
  
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, 
No Opt. Call 
A+ 
10,199,400 
 
  
Series 2002, 5.750%, 7/01/17 
 
 
 
7,450 
  
Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 2000, 
No Opt. Call 
N/R 
4,100,256 
 
  
0.000%, 9/01/30 – AMBAC Insured 
 
 
 
6,680 
  
Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding 
10/22 at 100.00 
Aa3 
6,910,527 
 
  
Series 2012, 4.000%, 10/15/32 
 
 
 
6,225 
  
Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, Limited 
11/23 at 100.00 
AA 
6,835,859 
 
  
Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured 
 
 
 
2,000 
  
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 – 
6/18 at 100.00 
AA 
2,078,660 
 
  
AGM Insured 
 
 
 
 
  
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 
5,694,450 
4,000 
  
5.000%, 5/01/32 
5/25 at 100.00 
AA 
4,536,880 
2,875 
  
5.000%, 5/01/33 
5/25 at 100.00 
AA 
3,247,485 
 
  
Pennsbury School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2016A: 
 
 
 
2,375 
  
5.000%, 10/01/31 
4/25 at 100.00 
Aa2 
2,705,624 
3,115 
  
5.000%, 10/01/32 
4/25 at 100.00 
Aa2 
3,534,186 
1,000 
  
5.000%, 10/01/33 
4/25 at 100.00 
Aa2 
1,129,950 
2,660 
  
5.000%, 10/01/34 
4/25 at 100.00 
Aa2 
2,993,458 
2,045 
  
5.000%, 10/01/35 
4/25 at 100.00 
Aa2 
2,293,570 
1,410 
  
5.000%, 10/01/36 
4/25 at 100.00 
Aa2 
1,577,099 
2,620 
  
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol 
1/24 at 100.00 
AA 
3,029,847 
 
  
Region Parking System, Junior Insured Series 2013C, 5.500%, 1/01/30 – AGM Insured 
 
 
 
3,925 
  
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 
No Opt. Call 
AA– 
4,316,911 
 
  
6/01/34 – FGIC Insured 
 
 
 
745 
  
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 
9/22 at 100.00 
AA 
847,862 
 
  
2014A, 5.000%, 9/01/25 – BAM Insured 
 
 
 
 
  
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B: 
 
 
 
2,590 
  
5.000%, 9/01/25 
9/22 at 100.00 
AA– 
2,947,601 
6,790 
  
5.000%, 9/01/26 
9/22 at 100.00 
AA– 
7,686,959 
 
  
Pocono Mountain School District, Monroe County, Pennsylvania, General Obligation Bonds, 
 
 
 
 
  
Refunding Series 2016: 
 
 
 
795 
  
3.125%, 9/01/32 – AGM Insured 
9/25 at 100.00 
AA 
768,709 
2,035 
  
3.300%, 9/01/34 – AGM Insured 
9/25 at 100.00 
AA 
1,941,594 
2,930 
  
Pocono Mountain School District, Monroe County, Pennsylvania, General Obligation Bonds, Series 
9/26 at 100.00 
AA 
2,742,158 
 
  
2016A, 2.625%, 9/01/28 – AGM Insured 
 
 
 
2,485 
  
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, 
2/18 at 100.00 
Aa1 
2,438,307 
 
  
Series 2012, 3.000%, 2/15/34 
 
 
 
1,000 
  
Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37 
11/22 at 100.00 
Aa1 
1,032,640 
11,440 
  
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B, 
No Opt. Call 
AA– 
6,303,669 
 
  
0.000%, 1/15/32 – FGIC Insured 
 
 
 
 
  
Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016: 
 
 
 
280 
  
5.000%, 11/15/26 
5/24 at 100.00 
BB 
289,514 
2,925 
  
5.000%, 11/15/32 
5/24 at 100.00 
BB 
2,980,224 
1,150 
  
South Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 
2/20 at 100.00 
AA 
1,154,565 
 
  
2014, 3.375%, 8/01/32 – BAM Insured 
 
 
 
1,890 
  
State College Area School District, Centre County, Pennsylvania, General Obligation Bonds, 
No Opt. Call 
Aa1 
2,224,927 
 
  
Refunding Series 2015B, 5.000%, 5/15/23 
 
 
 
21,000 
  
State Public School Building Authority, Pennsylvania, School Revenue Bonds, Philadelphia 
No Opt. Call 
AA 
24,853,710 
 
  
School District Project, Series 2003, 5.500%, 6/01/28 – AGM Insured (UB) (5) 
 
 
 
 
  
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 
292,689 
170 
  
5.000%, 11/15/28 
5/24 at 100.00 
BB 
173,347 
154,190 
  
Total Tax Obligation/General 
 
 
159,522,054 
 
  
Tax Obligation/Limited – 9.4% (5.8% of Total Investments) 
 
 
 
1,675 
  
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills 
4/17 at 100.00 
N/R 
1,613,343 
 
  
Project, Series 2004, 5.600%, 7/01/23 
 
 
 
1,475 
  
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/22 at 100.00 
Baa2 
1,538,808 
 
  
Bonds, Series 2012A, 5.000%, 5/01/35 
 
 
 
 
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
1,670 
  
5.250%, 1/01/36 
1/22 at 100.00 
A 
1,744,081 
655 
  
5.125%, 1/01/42 
1/22 at 100.00 
A 
680,899 
1,746 
  
Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue 
7/24 at 100.00 
N/R 
1,774,163 
 
  
Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33 
 
 
 
 
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue 
 
 
 
 
  
Bonds, Series 2010A: 
 
 
 
1,440 
  
5.500%, 12/01/34 
12/20 at 100.00 
AA– 
1,607,486 
3,915 
  
5.000%, 12/01/38 
12/19 at 100.00 
AA– 
4,213,832 
3,180 
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special 
12/21 at 100.00 
AA– 
3,503,152 
 
  
Revenue Bonds, Series 2012A, 5.000%, 12/01/31 
 
 
 
7,000 
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special 
12/23 at 100.00 
AA– 
7,815,010 
 
  
Revenue Bonds, Series 2013B-1, 5.250%, 12/01/43 
 
 
 
 
  
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– 
2,264,849 
4,000 
  
0.000%, 12/01/44 (6) 
No Opt. Call 
AA– 
3,420,880 
4,000 
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special 
12/21 at 100.00 
AA– 
4,332,920 
 
  
Revenue, Series 2011B, 5.000%, 12/01/41 
 
 
 
2,200 
  
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 
No Opt. Call 
AA 
2,328,546 
 
  
7/15/18 – AGM Insured 
 
 
 
5,530 
  
Philadelphia Authority For Industrial Development, Pennsylvania, Revenue Bonds, Cultural and 
12/25 at 100.00 
A+ 
6,196,254 
 
  
Commercial Corridors Program, Refunding Series 2016A, 5.000%, 12/01/30 
 
 
 
3,820 
  
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room 
8/22 at 100.00 
AA 
4,248,337 
 
  
Excise Tax Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/26 – AGC Insured 
 
 
 
4,225 
  
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 
No Opt. Call 
CC 
4,466,586 
 
  
7/01/29 – AMBAC Insured 
 
 
 
440 
  
Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center Tax 
7/17 at 100.00 
N/R 
439,991 
 
  
Increment Bonds, Series 2006A, 5.450%, 7/01/35 
 
 
 
49,621 
  
Total Tax Obligation/Limited 
 
 
52,189,137 
 
  
Transportation – 9.3% (5.8% of Total Investments) 
 
 
 
3,280 
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 
1/20 at 100.00 
A 
3,556,406 
 
  
5.000%, 1/01/40 
 
 
 
 
  
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– 
1,385,278 
2,425 
  
5.000%, 1/01/23 
No Opt. Call 
A– 
2,676,400 
2,310 
  
5.000%, 1/01/24 
1/23 at 100.00 
A– 
2,561,074 
610 
  
5.000%, 1/01/25 
1/23 at 100.00 
A– 
671,506 
3,990 
  
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol 
1/24 at 100.00 
AA 
4,397,499 
 
  
Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured 
 
 
 
12,100 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 
12/27 at 100.00 
A– 
14,256,946 
 
  
0.000%, 12/01/38 (6) 
 
 
 
820 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 
6/26 at 100.00 
A3 
887,953 
 
  
2016B-2, 5.000%, 6/01/39 
 
 
 
3,000 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2014C, 5.000%, 12/01/44 
12/24 at 100.00 
A1 
3,290,760 
10,000 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 
12/25 at 100.00 
A1 
10,979,400 
2,475 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series 
12/19 at 100.00 
A– 
2,662,481 
 
  
2010B-1, 5.000%, 12/01/37 
 
 
 
2,000 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 
6/26 at 100.00 
AA 
2,481,420 
 
  
6/01/33 – AGM Insured 
 
 
 
1,865 
  
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.250%, 6/15/28 
6/20 at 100.00 
A 
2,054,204 
46,145 
  
Total Transportation 
 
 
51,861,327 
 
  
U.S. Guaranteed – 19.8% (12.3% of Total Investments) (7) 
 
 
 
2,240 
  
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 
5/21 at 100.00 
N/R (7) 
2,593,382 
 
  
(Pre-refunded 5/01/21) 
 
 
 
6,025 
  
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 
8/19 at 100.00 
Aa2 (7) 
6,585,385 
 
  
2009, 5.000%, 8/01/29 (Pre-refunded 8/01/19) 
 
 
 
4,100 
  
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical 
11/21 at 100.00 
A (7) 
5,101,630 
 
  
Center Project, Series 2011, 7.000%, 11/15/46 (Pre-refunded 11/15/21) 
 
 
 
4,500 
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R (7) 
4,944,420 
 
  
Ministries Project, Series 2009, 6.375%, 1/01/39 (Pre-refunded 1/01/19) 
 
 
 
 
  
Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University, 
 
 
 
 
  
Series 2007-GG3: 
 
 
 
1,855 
  
5.000%, 5/01/32 (Pre-refunded 5/01/17) – RAAI Insured 
5/17 at 100.00 
AA (7) 
1,874,626 
500 
  
5.000%, 5/01/35 (Pre-refunded 5/01/17) – RAAI Insured 
5/17 at 100.00 
AA (7) 
505,290 
3,775 
  
Lancaster County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The Lancaster 
3/17 at 100.00 
N/R (7) 
3,794,554 
 
  
General Hospital Project, Series 2007A, 5.000%, 3/15/26 (Pre-refunded 3/15/17) 
 
 
 
7,660 
  
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley 
7/18 at 100.00 
AA (7) 
8,080,917 
 
  
Health Network, Series 2008A, 5.000%, 7/01/33 (Pre-refunded 7/01/18) – AGM Insured 
 
 
 
 
  
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, 
 
 
 
 
  
Series 2007: 
 
 
 
9,850 
  
5.000%, 11/01/30 (Pre-refunded 11/01/17) – AGC Insured 
11/17 at 100.00 
AA (7) 
10,156,532 
2,180 
  
5.000%, 11/01/37 (Pre-refunded 11/01/17) – AGC Insured 
11/17 at 100.00 
AA (7) 
2,247,842 
 
  
Lower Merion School District, Montgomery County, Pennsylvania, General Obligation Bonds, 
 
 
 
 
  
Series 2007: 
 
 
 
200 
  
5.000%, 9/01/23 (Pre-refunded 9/01/17) 
9/17 at 100.00 
N/R (7) 
204,908 
60 
  
5.000%, 9/01/23 (Pre-refunded 9/01/17) 
9/17 at 100.00 
Aaa 
61,472 
1,115 
  
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue 
8/20 at 100.00 
N/R (7) 
1,265,793 
 
  
Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20) 
 
 
 
835 
  
New Wilmington Municipal Authority, Pennsylvania, Revenue Bonds, Westminster College, Series 
5/17 at 100.00 
AA (7) 
844,160 
 
  
2007G, 5.125%, 5/01/33 (Pre-refunded 5/01/17) – RAAI Insured 
 
 
 
 
  
Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint 
 
 
 
 
  
Luke’s Hospital Project, Series 2008A: 
 
 
 
1,235 
  
5.250%, 8/15/23 (Pre-refunded 8/15/18) 
8/18 at 100.00 
A– (7) 
1,313,534 
2,000 
  
5.500%, 8/15/35 (Pre-refunded 8/15/18) 
8/18 at 100.00 
A– (7) 
2,134,800 
4,010 
  
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert 
10/19 at 100.00 
N/R (7) 
4,435,421 
 
  
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19) 
 
 
 
6,220 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 
11/17 at 100.00 
AA– (7) 
6,411,638 
 
  
2007A, 5.000%, 5/01/37 (Pre-refunded 11/01/17) – NPFG Insured 
 
 
 
1,300 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
7/20 at 100.00 
N/R (7) 
1,495,988 
 
  
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) 
 
 
 
5,000 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University 
7/17 at 100.00 
N/R (7) 
5,087,800 
 
  
Foundation Inc., Series 2007A, 5.000%, 7/01/39 (Pre-refunded 7/01/17) – SYNCORA GTY Insured 
 
 
 
2,000 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson 
3/20 at 100.00 
A+ (7) 
2,139,680 
 
  
University, Series 2010, 5.000%, 3/01/40 (Pre-refunded 3/01/20) 
 
 
 
315 
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue 
12/20 at 100.00 
N/R (7) 
362,543 
 
  
Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20) 
 
 
 
5,125 
  
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A, 
12/18 at 100.00 
AA (7) 
5,486,056 
 
  
5.000%, 12/01/32 (Pre-refunded 12/01/18) – NPFG Insured 
 
 
 
12,885 
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 
10/17 at 100.00 
A (7) 
13,243,461 
 
  
(Pre-refunded 10/01/17) – AMBAC Insured 
 
 
 
385 
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – 
No Opt. Call 
AA– (7) 
423,735 
 
  
NPFG Insured (ETM) 
 
 
 
7,165 
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System 
5/20 at 100.00 
N/R (7) 
7,981,523 
 
  
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 
 
 
 
1,645 
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
No Opt. Call 
AA+ (7) 
1,797,672 
 
  
Revenue Bonds, Presbyterian Medical Center of Philadelphia, Series 1993, 6.650%, 12/01/19 (ETM) 
 
 
 
3,345 
  
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 
8/20 at 100.00 
A+ (7) 
3,925,491 
 
  
(Pre-refunded 8/01/20) 
 
 
 
1,470 
  
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 
No Opt. Call 
A3 (7) 
1,620,469 
 
  
5.500%, 7/01/19 – NPFG Insured (ETM) 
 
 
 
50 
  
Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health 
11/20 at 100.00 
N/R (7) 
56,496 
 
  
East, Series 2010A, 5.000%, 11/15/40 (Pre-refunded 11/15/20) 
 
 
 
2,250 
  
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2007, 
6/17 at 100.00 
AA (7) 
2,283,840 
 
  
5.250%, 6/01/39 (Pre-refunded 6/01/17) – RAAI Insured 
 
 
 
1,613 
  
South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley 
7/20 at 100.00 
N/R (7) 
1,831,126 
 
  
Memorial Hospital, Series 2010, 5.500%, 7/01/29 (Pre-refunded 7/01/20) 
 
 
 
102,908 
  
Total U.S. Guaranteed 
 
 
110,292,184 
 
  
Utilities – 6.8% (4.2% of Total Investments) 
 
 
 
2,380 
  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, 
No opt. Call 
CCC+ 
970,278 
 
  
FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 
 
 
 
 
  
(Mandatory put 7/01/21) 
 
 
 
3,000 
  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No opt. Call 
B1 
2,765,100 
 
  
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 
 
 
 
 
  
(Mandatory put 7/01/22) 
 
 
 
5,840 
  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No opt. Call 
CCC+ 
2,414,898 
 
  
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 
 
 
 
 
  
(Mandatory put 6/01/20) 
 
 
 
9,655 
  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No opt. Call 
BB+ 
4,265,000 
 
  
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35 
 
 
 
 
  
(Mandatory put 4/02/18) 
 
 
 
7,250 
  
Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta 
7/20 at 100.00 
Ba2 
7,243,330 
 
  
Project, Refunding Series 2015A, 5.000%, 7/01/43 
 
 
 
4,015 
  
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue 
12/19 at 100.00 
A+ 
4,371,371 
 
  
Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39 
 
 
 
2,220 
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding 
9/25 at 100.00 
BB– 
2,244,065 
 
  
Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 
 
 
 
4,575 
  
Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua 
10/19 at 100.00 
AA– 
4,927,687 
 
  
Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39 
 
 
 
5,000 
  
Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua 
11/19 at 100.00 
AA– 
5,396,650 
 
  
Pennsylvania, Inc. Project, Series 2009B, 5.000%, 11/15/40 
 
 
 
2,735 
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 
8/25 at 100.00 
A 
3,061,067 
 
  
5.000%, 8/01/29 
 
 
 
46,670 
  
Total Utilities 
 
 
37,659,446 
 
  
Water and Sewer – 10.7% (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 
3,677,051 
3,320 
  
5.000%, 12/01/45 
12/25 at 100.00 
A1 
3,653,029 
750 
  
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2016, 
12/26 at 100.00 
AA 
780,945 
 
  
4.000%, 12/01/32 – AGM Insured 
 
 
 
 
  
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust 
 
 
 
 
  
2015-XF0123: 
 
 
 
1,665 
  
11.823%, 12/01/29 – AGM Insured (IF) (5) 
12/21 at 100.00 
AA 
2,235,795 
825 
  
11.813%, 12/01/33 – AGM Insured (IF) (5) 
12/21 at 100.00 
AA 
1,065,619 
 
  
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 
1,234,242 
2,220 
  
4.000%, 5/01/45 
5/25 at 100.00 
Aa3 
2,251,080 
 
  
Easton, Pennsylvania, Area Joint Sewer Authority, Water and Sewer Revenue Bonds, Series 2015: 
 
 
 
165 
  
3.125%, 12/01/32 – BAM Insured 
12/23 at 100.00 
AA 
159,476 
705 
  
3.125%, 12/01/33 – BAM Insured 
12/23 at 100.00 
AA 
671,301 
1,155 
  
3.200%, 12/01/34 – BAM Insured 
12/23 at 100.00 
AA 
1,100,126 
 
  
Findlay Township Municipal Authority, Allegheny County, Pennsylvania, Revenue Bonds, 
 
 
 
 
  
Series 2015: 
 
 
 
305 
  
3.125%, 12/15/32 – BAM Insured 
12/20 at 100.00 
AA 
289,110 
665 
  
3.375%, 12/15/35 – BAM Insured 
12/20 at 100.00 
AA 
624,369 
 
  
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 
3,565,431 
4,420 
  
0.000%, 12/01/35 
No Opt. Call 
A 
2,063,786 
12,500 
  
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, 
12/23 at 100.00 
A 
13,764,375 
 
  
Series 2013A, 5.125%, 12/01/47 
 
 
 
1,100 
  
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, 
1/20 at 100.00 
BBB+ 
1,172,600 
 
  
Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 
 
 
 
6,560 
  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41 
1/21 at 100.00 
A+ 
7,201,568 
2,500 
  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 1/01/43 
1/22 at 100.00 
A+ 
2,729,150 
5,000 
  
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue Bonds, 
9/23 at 100.00 
A 
5,616,600 
 
  
First Lien Series 2013B, 5.250%, 9/01/40 
 
 
 
2,840 
  
Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer Revenue 
11/19 at 100.00 
AA 
2,764,229 
 
  
Bonds, Series 2014, 4.000%, 5/15/40 – BAM Insured 
 
 
 
1,930 
  
Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Tender 
8/23 at 100.00 
A+ 
2,694,145 
 
  
Option Bond Trust 2016-XF1058, 14.862%, 8/15/37 (IF) (5) 
 
 
 
60,355 
  
Total Water and Sewer 
 
 
59,314,027 
$ 862,949 
  
Total Long-Term Investments (cost $866,643,223) 
 
 
889,696,503 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
SHORT-TERM INVESTMENTS 0.7% (0.5% of Total Investments) 
 
 
 
 
 
  
MUNICIPAL BONDS 0.7% (0.5% of Total Investments) 
 
 
 
 
 
  
Health Care – 0.7% (0.5% of Total Investments) 
 
 
 
$ 4,155 
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
5/04/17 
VMIG-1 
$ 4,155,000 
 
  
Revenue Bonds, Children’s Hospital of Philadelphia, Variable Rate Demand Obligations, 
 
 
 
 
  
Series 2005A, 0.690%, 2/15/21 (8) 
 
 
 
$ 4,155 
  
Total Short-Term Investments (cost $4,155,000) 
 
 
4,155,000 
 
  
Total Investments (cost $870,798,223) – 160.8% 
 
 
893,851,503 
 
  
Floating Rate Obligations – (8.9)% 
 
 
(49,295,000) 
 
  
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (15.6)% (9) 
 
 
(87,000,000) 
 
  
Variable Rate Demand Preferred Shares, at Liquidation Preference – (39.1)% (10) 
 
 
(217,500,000) 
 
  
Other Assets Less Liabilities – 2.8% (11) 
 
 
15,984,071 
 
  
Net Assets Applicable to Common Shares – 100% 
 
 
$ 556,040,574 
 
                 
Investments in Derivatives as of January 31, 2017 
 
 
 
 
 
Interest Rate Swaps 
 
 
 
 
 
 
 
 
 
 
 
Fund 
Floating 
 
Fixed Rate 
 
 
Unrealized 
 
Notional 
Pay/Receive 
Rate 
Fixed Rate 
Payment 
Effective 
Termination 
Appreciation 
Counterparty 
Amount 
Floating Rate 
Index 
(Annualized) 
Frequency 
Date (12) 
Date 
(Depreciation) 
JPMorgan 
$19,500,000 
Receive 
USD-BMA 
1.346% 
Quarterly 
11/15/17 
11/15/28 
$1,397,238 
Chase Bank, N.A. 
 
 
 
 
 
 
 
 
 
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 risk 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 
$ — 
$889,696,503 
$ — 
$889,696,503 
Short-Term Investments 
 
 
 
 
Municipal Bonds 
— 
4,155,000 
— 
4,155,000 
Investments in Derivatives: 
 
 
 
 
Interest Rate Swaps* 
— 
1,397,238 
— 
1,397,238 
Total 
$ — 
$895,248,741 
$ — 
$895,248,741 
* 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.
As of January 31, 2017, the cost of investments (excluding investments in derivatives) was $821,594,181.
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of January 31, 2017, were as follows:
   
Gross unrealized: 
 
Appreciation 
$ 43,483,363 
Depreciation 
(20,521,182) 
Net unrealized appreciation (depreciation) of investments 
$ 22,962,181 
 
(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. 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 regarded as having an implied rating equal to the rating of such securities.
(8) 
  
Investment has maturity of greater than one year, but has variable rate and demand features which qualify 
 
  
it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. 
 
  
This rate changes periodically based on market conditions or a specified market index. 
(9) 
  
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total 
 
  
Investments is 9.7%. 
(10) 
  
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments 
 
  
is 24.3%. 
(11) 
  
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter 
   
(“OTC”) derivatives as well as the unrealized appreciation (depreciation) of OTC-cleared and
 
  
exchange-traded derivatives, when applicable. 
(12) 
  
Effective date represents the date on which both the Fund and Counterparty commence interest payment 
 
  
accruals on each contract. 
WI/DD 
  
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
(ETM) 
  
Escrowed to maturity. 
(IF) 
  
Inverse floating rate investment. 
(UB) 
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
USD-BMA 
  
United States Dollar-Bond Market Association 
 
 
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:         March 31, 2017        
 
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:         March 31, 2017        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         March 31, 2017