NMS
Nuveen Minnesota Quality
Municipal Income Fund
Portfolio of Investments February 29, 2020
(Unaudited)
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| LONG-TERM INVESTMENTS – 156.0% (100.0% of Total Investments) | ||||||
| MUNICIPAL BONDS – 156.0% (100.0% of Total Investments) | ||||||
| Consumer Staples – 0.8% (0.5% of Total Investments) | ||||||
| $700 | Moorhead, Minnesota, Recovery Zone Facility Revenue Bonds, American Crystal Sugar Company Project, Series 2010, 5.650%, 6/01/27 | 6/20 at 100.00 | BBB+ | $706,195 | ||
| Education and Civic Organizations – 30.1% (19.3% of Total Investments) | ||||||
| City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A: | ||||||
| 500 | 4.000%, 7/01/28 | 7/24 at 102.00 | N/R | 528,015 | ||
| 50 | 5.000%, 7/01/36 | 7/24 at 102.00 | N/R | 54,099 | ||
| 830 | City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/43 | 12/20 at 102.00 | BBB- | 861,291 | ||
| 250 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A, 5.250%, 7/01/40 | 7/25 at 100.00 | BB+ | 276,458 | ||
| 570 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44 | 8/22 at 102.00 | BB+ | 616,375 | ||
| 750 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2019A, 5.250%, 8/01/43 | 8/27 at 102.00 | BB+ | 859,342 | ||
| 100 | Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A, 5.000%, 7/01/47 | 7/26 at 100.00 | N/R | 103,165 | ||
| 2,200 | Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | BB+ | 2,345,926 | ||
| 1,575 | Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A, 5.000%, 7/01/46 | 7/26 at 100.00 | N/R | 1,664,444 | ||
| Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A: | ||||||
| 300 | 6.000%, 7/01/33 | 7/23 at 100.00 | BB+ | 330,186 | ||
| 1,425 | 6.000%, 7/01/43 | 7/23 at 100.00 | BB+ | 1,549,930 | ||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017: | ||||||
| 750 | 5.000%, 5/01/37 | 5/27 at 100.00 | BBB- | 888,225 | ||
| 2,000 | 5.000%, 5/01/47 | 5/27 at 100.00 | BBB- | 2,332,800 | ||
| 1,580 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017, 4.000%, 3/01/42 | 3/27 at 100.00 | Aa2 | 1,818,722 | ||
| 1,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of Saint Scholastica, Inc, Refunding Series 2019, 4.000%, 12/01/40 | 12/29 at 100.00 | Baa2 | 1,151,610 | ||
| 305 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St Benedict, Series 2016-8K, 4.000%, 3/01/43 | 3/26 at 100.00 | Baa1 | 330,208 | ||
| 600 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Refunding Series 2017, 4.000%, 3/01/48 | 3/27 at 100.00 | Aa3 | 676,590 |
1
| NMS | Nuveen Minnesota Quality Municipal Income Fund (continued) |
| Portfolio of Investments February 29, 2020 | |
| (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Education and Civic Organizations (continued) | ||||||
| $225 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Refunding Series 2018A, 5.000%, 10/01/45 | 10/28 at 100.00 | Baa1 | $276,021 | ||
| 770 | Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2019, 5.000%, 10/01/40 | 10/29 at 100.00 | A2 | 995,102 | ||
| 705 | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/44 | 9/24 at 100.00 | BB- | 744,424 | ||
| 450 | Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Series 2004A, 5.500%, 12/01/33 | 12/21 at 100.00 | BBB- | 475,308 | ||
| 300 | Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck Saint Mary's School Project, Series 2015, 5.000%, 8/01/22, 144A | No Opt. Call | BB+ | 316,062 | ||
| 1,250 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Series 2019, 4.000%, 12/01/49 | 12/29 at 100.00 | BBB- | 1,355,100 | ||
| 500 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong Education Reform Company, Series 2012A, 5.250%, 9/01/32 | 9/20 at 101.00 | BB+ | 511,530 | ||
| 1,100 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 6.375%, 9/01/31 | 9/21 at 100.00 | BBB- | 1,174,558 | ||
| Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities Academy Project, Series 2015A: | ||||||
| 360 | 5.300%, 7/01/45 | 7/25 at 100.00 | BB | 395,266 | ||
| 510 | 5.375%, 7/01/50 | 7/25 at 100.00 | BB | 560,505 | ||
| 1,680 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44 | 7/23 at 100.00 | BB+ | 1,788,326 | ||
| 800 | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33 | 12/22 at 100.00 | BBB- | 845,616 | ||
| 390 | Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43 | 3/23 at 100.00 | BB+ | 400,249 | ||
| 1,000 | Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A, 5.000%, 10/01/41 | 10/26 at 100.00 | N/R | 1,036,220 | ||
| 500 | St Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2018, 5.125%, 12/01/49 | 12/26 at 102.00 | BBB- | 564,450 | ||
| 25,325 | Total Education and Civic Organizations | 27,826,123 | ||||
| Health Care – 32.5% (20.9% of Total Investments) | ||||||
| 250 | Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Refunding Series 2016, 4.000%, 3/01/32 | 3/26 at 100.00 | N/R | 274,680 | ||
| 180 | City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2017, 5.000%, 4/01/41 | 4/27 at 100.00 | BBB | 209,549 | ||
| Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2018A: | ||||||
| 700 | 5.000%, 2/15/43 | 2/28 at 100.00 | A- | 870,191 | ||
| 3,250 | 5.000%, 2/15/48 | 2/28 at 100.00 | A- | 4,019,210 | ||
| 2,000 | 5.000%, 2/15/53 | 2/28 at 100.00 | A- | 2,466,400 | ||
| 500 | 5.000%, 2/15/58 | 2/28 at 100.00 | A- | 614,510 |
2
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Health Care (continued) | ||||||
| Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013: | ||||||
| $400 | 4.000%, 4/01/27 | 4/22 at 100.00 | BBB | $418,924 | ||
| 230 | 4.000%, 4/01/31 | 4/22 at 100.00 | BBB | 240,177 | ||
| 500 | Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health Care, Series 2015, 4.000%, 9/01/35 | 9/25 at 100.00 | Baa1 | 552,875 | ||
| Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2017: | ||||||
| 200 | 5.000%, 5/01/31 | 5/27 at 100.00 | Baa1 | 245,962 | ||
| 165 | 5.000%, 5/01/32 | 5/27 at 100.00 | Baa1 | 202,351 | ||
| Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A: | ||||||
| 265 | 4.000%, 11/15/40 | 11/25 at 100.00 | A+ | 296,347 | ||
| 1,000 | 5.000%, 11/15/44 | 11/25 at 100.00 | A+ | 1,177,830 | ||
| Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2018A: | ||||||
| 1,500 | 4.000%, 11/15/48 | 11/28 at 100.00 | A+ | 1,719,840 | ||
| 1,500 | 5.000%, 11/15/49 | 11/28 at 100.00 | A+ | 1,847,280 | ||
| 710 | Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding Series 2013A, 4.400%, 12/01/33 | 12/20 at 100.00 | N/R | 717,157 | ||
| Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Series 2013C: | ||||||
| 240 | 4.500%, 12/01/25 | 12/20 at 100.00 | N/R | 243,694 | ||
| 190 | 4.750%, 12/01/27 | 12/20 at 100.00 | N/R | 193,205 | ||
| 160 | 5.000%, 12/01/28 | 12/20 at 100.00 | N/R | 162,810 | ||
| 310 | 5.400%, 12/01/33 | 12/20 at 100.00 | N/R | 315,704 | ||
| 915 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, 4.000%, 11/15/48 | 5/28 at 100.00 | AA | 1,062,196 | ||
| 30 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 | 5/20 at 100.00 | AA- | 30,196 | ||
| 635 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 4.000%, 5/01/37 | 5/26 at 100.00 | AA- | 715,975 | ||
| Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2019: | ||||||
| 500 | 5.000%, 5/01/48 | 5/29 at 100.00 | AA- | 629,005 | ||
| 750 | 4.000%, 5/01/49 | 5/29 at 100.00 | AA- | 863,917 | ||
| 4,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 | 7/25 at 100.00 | A+ | 4,428,960 |
3
| NMS | Nuveen Minnesota Quality Municipal Income Fund (continued) |
| Portfolio of Investments February 29, 2020 | |
| (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Health Care (continued) | ||||||
| Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A: | ||||||
| $245 | 4.000%, 11/15/36 | 11/27 at 100.00 | A+ | $283,845 | ||
| 240 | 4.000%, 11/15/37 | 11/27 at 100.00 | A+ | 277,243 | ||
| 2,170 | 4.000%, 11/15/43 | 11/27 at 100.00 | A+ | 2,475,384 | ||
| 1,000 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 | 3/20 at 100.00 | N/R | 1,002,260 | ||
| Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Refunding Series 2014: | ||||||
| 765 | 4.000%, 9/01/31 | 9/24 at 100.00 | A | 834,255 | ||
| 630 | 5.000%, 9/01/34 | 9/24 at 100.00 | A | 715,699 | ||
| 26,130 | Total Health Care | 30,107,631 | ||||
| Housing/Multifamily – 4.2% (2.7% of Total Investments) | ||||||
| 1,700 | Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments Project, Series 2010, 4.500%, 6/01/26 | 6/20 at 100.00 | Aaa | 1,713,056 | ||
| Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011: | ||||||
| 355 | 5.050%, 8/01/31 | 8/21 at 100.00 | AA+ | 371,827 | ||
| 1,700 | 5.450%, 8/01/41 | 8/21 at 100.00 | AA+ | 1,779,951 | ||
| 3,755 | Total Housing/Multifamily | 3,864,834 | ||||
| Housing/Single Family – 0.9% (0.6% of Total Investments) | ||||||
| 14 | Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (AMT) | 3/20 at 100.00 | AA+ | 13,486 | ||
| 125 | Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.700%, 1/01/31 | 7/21 at 100.00 | Aaa | 129,870 | ||
| 55 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 3.900%, 7/01/43 | 1/23 at 100.00 | AA+ | 57,385 | ||
| 35 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.500%, 1/01/32 | 7/24 at 100.00 | AA+ | 37,394 | ||
| 120 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 | 7/25 at 100.00 | AA+ | 130,522 | ||
| 315 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 3.200%, 7/01/30 (AMT) | 1/27 at 100.00 | AA+ | 321,234 | ||
| 160 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2018A, 3.625%, 7/01/32 (AMT) | 7/27 at 100.00 | AA+ | 175,325 | ||
| 824 | Total Housing/Single Family | 865,216 | ||||
| Industrials – 2.3% (1.4% of Total Investments) | ||||||
| Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2013-1: | ||||||
| 1,400 | 4.500%, 6/01/33 | 6/21 at 100.00 | A+ | 1,457,946 | ||
| 600 | 4.750%, 6/01/39 | 6/21 at 100.00 | A+ | 626,454 | ||
| 2,000 | Total Industrials | 2,084,400 |
4
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Long-Term Care – 14.6% (9.4% of Total Investments) | ||||||
| $805 | Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at Anoka, Inc Project, Series 2014, 5.125%, 11/01/49 | 11/24 at 100.00 | N/R | $860,416 | ||
| 380 | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 4.000%, 11/01/39 | 11/24 at 100.00 | Baa1 | 413,945 | ||
| 875 | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc, Refunding Series 2013, 5.200%, 3/01/43 | 3/20 at 100.00 | N/R | 875,971 | ||
| Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc, Refunding Series 2015: | ||||||
| 175 | 5.250%, 1/01/40 | 1/23 at 100.00 | N/R | 178,624 | ||
| 850 | 5.250%, 1/01/46 | 1/23 at 100.00 | N/R | 865,343 | ||
| 500 | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51, 144A | 8/22 at 100.00 | N/R | 522,485 | ||
| 1,000 | Maple Plain, Minnesota Senior Housing and Healthcare Revenue Bonds, Haven Homes, Inc Project, Series 2019, 5.000%, 7/01/54 | 7/25 at 102.00 | N/R | 1,085,850 | ||
| 1,350 | Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012, 4.750%, 11/15/28 | 11/22 at 100.00 | N/R | 1,394,105 | ||
| 750 | Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen Abiitan Mill City Project, Series 2015, 5.250%, 11/01/45 | 5/23 at 100.00 | N/R | 792,600 | ||
| 500 | Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc Project, Refunding Series 2017A, 5.000%, 8/01/48 | 8/25 at 100.00 | N/R | 537,175 | ||
| 215 | Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of Country Manor Project, Series 2019 A, 5.000%, 7/01/55 | 7/24 at 102.00 | N/R | 231,448 | ||
| 1,300 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 4.900%, 6/01/49 | 6/26 at 100.00 | N/R | 1,402,739 | ||
| 500 | Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48 | 5/23 at 100.00 | N/R | 518,325 | ||
| 1,070 | Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 | 4/20 at 100.00 | N/R | 1,071,046 | ||
| 100 | Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42 | 11/20 at 100.00 | N/R | 100,731 | ||
| Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017: | ||||||
| 500 | 4.125%, 9/01/34 | 9/24 at 100.00 | N/R | 543,880 | ||
| 350 | 4.125%, 9/01/35 | 9/24 at 100.00 | N/R | 380,090 | ||
| 585 | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39 | 1/23 at 100.00 | N/R | 612,442 | ||
| 1,000 | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, Refunding Series 2019, 5.000%, 8/01/54 | 8/24 at 102.00 | N/R | 1,120,360 | ||
| 12,805 | Total Long-Term Care | 13,507,575 | ||||
| Materials – 3.0% (1.9% of Total Investments) | ||||||
| 2,650 | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A | 10/22 at 100.00 | BBB- | 2,760,558 |
5
| NMS | Nuveen Minnesota Quality Municipal Income Fund (continued) |
| Portfolio of Investments February 29, 2020 | |
| (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/General – 29.5% (18.9% of Total Investments) | ||||||
| $1,000 | Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40 | 2/27 at 100.00 | AAA | $1,146,480 | ||
| Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, Facilities Maintenance Series 2018D: | ||||||
| 1,015 | 4.000%, 2/01/38 | 2/27 at 100.00 | AAA | 1,163,748 | ||
| 1,055 | 4.000%, 2/01/39 | 2/27 at 100.00 | AAA | 1,205,865 | ||
| Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, School Building Series 2018A: | ||||||
| 500 | 4.000%, 2/01/38 | 2/27 at 100.00 | AAA | 573,275 | ||
| 1,000 | 4.000%, 2/01/42 | 2/27 at 100.00 | AAA | 1,137,690 | ||
| 1,020 | Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, Series 2018A, 4.000%, 2/01/43 | 2/27 at 100.00 | Aa2 | 1,145,164 | ||
| 300 | Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds, School Building Series 2015A, 0.000%, 2/01/35 | 2/25 at 67.23 | AAA | 182,802 | ||
| 1,000 | Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 | 2/25 at 100.00 | Aa2 | 1,104,780 | ||
| 500 | Forest Lake, Washington County, Minnesota, General Obligation Bonds, Series 2019A, 4.000%, 2/01/32 | 2/29 at 100.00 | AA+ | 608,110 | ||
| Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School Building Series 2015A: | ||||||
| 940 | 0.000%, 2/01/37 | 2/24 at 56.07 | Aa2 | 484,373 | ||
| 1,075 | 0.000%, 2/01/38 | 2/24 at 53.49 | Aa2 | 527,771 | ||
| 2,000 | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 | 2/27 at 100.00 | AAA | 2,282,340 | ||
| 585 | Independent School District 625, St Paul, Minnesota, General Obligation Bonds, School Building Series 2019A, 3.000%, 2/01/32 | 2/27 at 100.00 | AAA | 636,404 | ||
| 345 | Lake Crystal, Minnesota, General Obligation Bonds, Series 2019A, 3.000%, 12/15/33 | 12/27 at 100.00 | AA | 377,420 | ||
| 1,500 | Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/30 | 2/24 at 100.00 | AAA | 1,659,090 | ||
| 500 | Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Long-Term Facilities Maintenance Series 2017B, 4.000%, 2/01/36 | 2/28 at 100.00 | AAA | 591,555 | ||
| 1,345 | Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series 2018, 4.000%, 12/01/40 | 12/26 at 100.00 | AAA | 1,559,178 | ||
| Moorhead Independent School District 152, Clay County, Minnesota, General Obligation Bonds, School Building Series 2020A: | ||||||
| 1,000 | 3.000%, 2/01/43 | 2/28 at 100.00 | Aa2 | 1,069,490 | ||
| 400 | 3.000%, 2/01/44 | 2/28 at 100.00 | Aa2 | 426,612 | ||
| 1,000 | Richfield Independent School District 280, Hennepin County, Minnesota, General Obligation Bonds, School Buildings Series 2018A, 4.000%, 2/01/40 | 2/27 at 100.00 | AAA | 1,139,490 | ||
| 1,000 | Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, Series 1994, 4.000%, 2/01/37 | 2/27 at 100.00 | Aa2 | 1,144,970 | ||
| 1,000 | Saint James Independent School District 840, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/45 | 2/26 at 100.00 | AAA | 1,122,450 |
6
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/General (continued) | ||||||
| $1,000 | Sartell Independent School District 748, Stearns County, Minnesota, General Obligation Bonds, School Building Capital Appreciation Series 2016B, 0.000%, 2/01/39 | 2/25 at 62.98 | Aa2 | $563,100 | ||
| 1,500 | Sibley East Independent School District 2310, Sibley, Minnesota, General Obligation Bonds, School Building Series 2015A, 4.000%, 2/01/40 | 2/25 at 100.00 | Aa2 | 1,646,940 | ||
| 1,970 | Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2014A, 3.500%, 2/01/31 | 2/23 at 100.00 | AAA | 2,092,652 | ||
| 500 | West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39 | 2/27 at 100.00 | AAA | 573,950 | ||
| 1,000 | White Bear Lake Independent School District 624, Ramsey County, Minnesota, General Obligation Bonds, School Building Series 2020A, 3.000%, 2/01/42, (WI/DD, Settling 3/05/20) | 2/28 at 100.00 | AAA | 1,074,530 | ||
| 26,050 | Total Tax Obligation/General | 27,240,229 | ||||
| Tax Obligation/Limited – 13.8% (8.9% of Total Investments) | ||||||
| 1,000 | Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation, Series 2015A, 4.000%, 2/01/41 | 2/23 at 100.00 | A+ | 1,054,150 | ||
| 1,600 | Duluth Independent School District 709, Minnesota, Certificates of Participation, Capital Appreciation Series 2012A, 0.000%, 2/01/28 – AGM Insured | 2/22 at 77.70 | Aa2 | 1,197,056 | ||
| 125 | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015, 4.000%, 3/01/30 | 3/23 at 100.00 | N/R | 130,377 | ||
| 500 | Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015, 5.000%, 3/01/29 | 3/24 at 100.00 | N/R | 532,240 | ||
| 375 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2016C, 4.000%, 8/01/35 | 8/25 at 100.00 | AA+ | 422,554 | ||
| 200 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2017A, 4.000%, 8/01/35 | 8/27 at 100.00 | AA+ | 234,214 | ||
| 500 | Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2018D, 4.000%, 8/01/39 | 8/28 at 100.00 | AA+ | 579,745 | ||
| 2,230 | Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.000%, 8/01/31 | 8/21 at 100.00 | AA+ | 2,357,600 | ||
| 1,000 | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015A, 3.750%, 2/01/36 | 2/25 at 100.00 | A2 | 1,076,930 | ||
| 750 | Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015B, 4.000%, 2/01/42 | 2/25 at 100.00 | A2 | 821,040 | ||
| Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of Participation, Saint Cloud Area Public Schools, Series 2017A: | ||||||
| 145 | 5.000%, 2/01/32 | 2/25 at 100.00 | A1 | 170,826 | ||
| 500 | 4.000%, 2/01/38 | 2/25 at 100.00 | A1 | 550,485 | ||
| Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 2700 University at Westgate Station, Series 2015B: | ||||||
| 455 | 4.875%, 4/01/30 | 4/23 at 100.00 | N/R | 475,525 | ||
| 895 | 5.250%, 4/01/43 | 4/23 at 100.00 | N/R | 930,487 | ||
| 1,150 | Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of Participation, Series 2019B, 4.000%, 2/01/31 | 2/29 at 100.00 | AAA | 1,402,563 |
7
| NMS | Nuveen Minnesota Quality Municipal Income Fund (continued) |
| Portfolio of Investments February 29, 2020 | |
| (Unaudited) |
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Tax Obligation/Limited (continued) | ||||||
| $800 | Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33 | 11/24 at 100.00 | A+ | $871,232 | ||
| 12,225 | Total Tax Obligation/Limited | 12,807,024 | ||||
| Transportation – 3.8% (2.4% of Total Investments) | ||||||
| 500 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019A, 5.000%, 1/01/44 | 7/29 at 100.00 | A+ | 646,205 | ||
| 750 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2019B, 5.000%, 1/01/49 (AMT) | 7/29 at 100.00 | A+ | 940,852 | ||
| 1,600 | Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C, 5.000%, 1/01/46 | 1/27 at 100.00 | AA- | 1,956,128 | ||
| 2,850 | Total Transportation | 3,543,185 | ||||
| U.S. Guaranteed – 6.7% (4.3% of Total Investments) (4) | ||||||
| 390 | Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43 (Pre-refunded 6/01/20) | 6/20 at 102.00 | N/R | 401,751 | ||
| 470 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 (Pre-refunded 5/01/20) | 5/20 at 100.00 | N/R | 473,285 | ||
| 580 | St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc, Series 2015A, 5.000%, 11/15/44 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R | 713,644 | ||
| 2,000 | University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29 (Pre-refunded 12/01/20) | 12/20 at 100.00 | Aa1 | 2,066,360 | ||
| Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 2014A: | ||||||
| 1,000 | 4.000%, 1/01/40 (Pre-refunded 1/01/24) | 1/24 at 100.00 | Aa3 | 1,122,800 | ||
| 1,200 | 5.000%, 1/01/46 (Pre-refunded 1/01/24) | 1/24 at 100.00 | Aa3 | 1,392,564 | ||
| 5,640 | Total U.S. Guaranteed | 6,170,404 | ||||
| Utilities – 13.3% (8.5% of Total Investments) | ||||||
| 500 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 4.000%, 10/01/33 | 10/24 at 100.00 | A1 | 550,445 | ||
| 965 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/35 | 10/26 at 100.00 | A1 | 1,183,052 | ||
| 1,200 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47 | 12/26 at 100.00 | Aa3 | 1,454,748 | ||
| 500 | Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 4.000%, 10/01/42 | 10/27 at 100.00 | A- | 568,280 | ||
| Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A: | ||||||
| 1,100 | 0.000%, 1/01/23 – NPFG Insured | No Opt. Call | A+ | 1,069,409 | ||
| 3,070 | 0.000%, 1/01/24 – NPFG Insured | No Opt. Call | A+ | 2,947,998 | ||
| 100 | 0.000%, 1/01/26 – NPFG Insured | No Opt. Call | A+ | 93,153 | ||
| 3,500 | Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 2018A, 5.000%, 1/01/49 | 7/28 at 100.00 | Aa3 | 4,419,275 | ||
| 10,935 | Total Utilities | 12,286,360 |
8
| Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
| Water and Sewer – 0.5% (0.3% of Total Investments) | ||||||
| $415 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40 | 7/27 at 100.00 | A- | $496,199 | ||
| $132,304 | Total Long-Term Investments (cost $132,106,719) | 144,265,933 | ||||
| Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (56.9)% (5) | (52,668,293) | |||||
| Other Assets Less Liabilities – 0.9% | 900,076 | |||||
| Net Asset Applicable to Common Shares – 100% | $92,497,716 |
Part F of Form N-PORT was prepared
in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”)
related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial
statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the
Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities
are recorded at their estimated fair value. 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, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for
valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
| Level 1 | Level 2 | Level 3 | Total | |
| Long-Term Investments: | ||||
| Municipal Bonds | $ — | $144,265,933 | $ — | $144,265,933 |
| (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) | 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. | |
| (5) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 36.5%. | |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
| AMT | Alternative Minimum Tax | |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
9