Regulatory Filings • Mar 31, 2017
Preview not available for this file type.
Download Source FileN-Q 1 nq.htm NQP Licensed to: fgs Document created using EDGARfilings PROfile 4.1.0.0 Copyright 1995 - 2017 Summit Financial Printing, LLC. All rights reserved.
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 — Amount (000) | Description (1) | Optional Call — 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) |
|---|
| 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) |
|---|
| Cedric H. Antosiewicz Chief Administrative Officer (principal executive officer) |
Date: March 31, 2017
| By (Signature and Title) |
|---|
| Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: March 31, 2017
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.