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Nuveen Minnesota Quality Municipal Income Fund (NMS) NPORT-PNuveen Minnesota Quality Municipal Income Fund (Aug 2022 report)

Filed: 27 Oct 22, 2:23pm

1

Nuveen

Minnesota

Quality

Municipal

Income

Fund

Portfolio

of

Investments

August

31,

2022

(Unaudited)

NMS

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

169.4% (100.0%

of

Total

Investments)

X

127,745,629

MUNICIPAL

BONDS

-

169.4% (100.0%

of

Total

Investments)

X

127,745,629

Education

and

Civic

Organizations

-

34.6%

(20.4%

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

$

486,025

50

5.000%,

7/01/36

7/24

at

102.00

N/R

50,169

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+

254,580

570

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2014A,

5.750%,

8/01/44

10/22

at

102.00

BB+

581,890

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+

761,685

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

89,775

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

2,162,534

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

1,384,646

Minneapolis,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Yinghua

Academy

Project,

Series

2013A:

300

6.000%,

7/01/33

7/23

at

100.00

BB+

304,563

1,425

6.000%,

7/01/43

7/23

at

100.00

BB+

1,440,846

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Bethel

University,

Refunding

Series

2017:

500

5.000%,

5/01/37

5/27

at

100.00

BB+

506,230

2,000

5.000%,

5/01/47

5/27

at

100.00

BB+

2,004,780

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

1,559,713

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

College

of

Saint

Scholastica,

Inc.,

Refunding

Series

2019:

500

4.000%,

12/01/34

12/29

at

100.00

Baa2

491,960

425

4.000%,

12/01/40

12/29

at

100.00

Baa2

404,268

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

287,944

600

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Macalester

College,

Refunding

Series

2017,

4.000%,

3/01/48

3/27

at

100.00

Aa3

572,256

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

234,824

750

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Saint

Olaf

College,

Series

2021,

4.000%,

10/01/50

10/30

at

100.00

A1

719,460

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2019:

750

5.000%,

10/01/33

10/29

at

100.00

A2

818,602

235

5.000%,

10/01/40

10/29

at

100.00

A2

248,750

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2022B:

2,125

5.000%,

10/01/39

10/30

at

100.00

N/R

2,263,486

710

4.125%,

10/01/41

10/30

at

100.00

N/R

689,900

400

5.000%,

10/01/47

10/30

at

100.00

N/R

419,688

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-

663,757

450

Ramsey,

Anoka

County,

Minnesota,

Lease

Revenue

Bonds,

PACT

Charter

School

Project,

Series

2004A,

5.500%,

12/01/33

10/22

at

100.00

BBB-

450,549

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-

1,058,000

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

(Unaudited)

2

NMS

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

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

$

364,684

510

5.375%,

7/01/50

7/25

at

100.00

BB

516,696

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

1,683,259

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

BB+

801,368

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

354,604

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

986,650

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

BB+

503,130

26,470

Total

Education

and

Civic

Organizations

26,121,271

Health

Care

-

39.0%

(23.0%

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

244,350

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

184,320

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A:

110

4.250%,

2/15/43

2/28

at

100.00

A-

105,670

700

5.000%,

2/15/43

2/28

at

100.00

A-

720,916

4,750

5.000%,

2/15/48

2/28

at

100.00

A-

4,869,843

1,000

5.000%,

2/15/53

2/28

at

100.00

A-

1,026,190

510

5.000%,

2/15/58

2/28

at

100.00

A-

519,399

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2021A:

200

4.000%,

6/15/33

6/31

at

100.00

BBB-

191,240

430

3.000%,

6/15/44

6/31

at

100.00

BBB-

301,189

150

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2022B,

5.250%,

6/15/47

6/32

at

100.00

N/R

153,414

Glencoe,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Glencoe

Regional

Health

Services

Project,

Series

2013:

400

4.000%,

4/01/27

10/22

at

100.00

BBB

400,008

230

4.000%,

4/01/31

10/22

at

100.00

BBB

225,552

720

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

674,986

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

210,432

165

5.000%,

5/01/32

5/27

at

100.00

Baa1

172,351

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Allina

Health

System,

Series

2021:

1,500

4.000%,

11/15/36

11/31

at

100.00

N/R

1,486,020

500

4.000%,

11/15/39

11/31

at

100.00

N/R

491,070

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2015A:

265

4.000%,

11/15/40

11/25

at

100.00

A+

253,056

1,000

5.000%,

11/15/44

11/25

at

100.00

A+

1,023,790

3

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

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+

$

1,369,485

1,500

5.000%,

11/15/49

11/28

at

100.00

A+

1,558,800

915

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2018A,

4.000%,

11/15/48

5/28

at

100.00

AA

880,020

1,000

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2022,

5.000%,

11/15/57

11/32

at

100.00

N/R

1,088,880

1,275

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2016A,

4.000%,

5/01/37

5/26

at

100.00

AA-

1,247,409

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2019:

500

5.000%,

5/01/48

5/29

at

100.00

AA-

521,155

750

4.000%,

5/01/49

5/29

at

100.00

AA-

705,090

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

3,932,640

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+

237,572

240

4.000%,

11/15/37

11/27

at

100.00

A+

232,046

2,170

4.000%,

11/15/43

11/27

at

100.00

A+

2,043,142

955

Saint

Paul

Port

Authority,

Minnesota,

Lease

Revenue

Bonds,

Regions

Hospital

Parking

Ramp

Project,

Series

2007-1,

5.000%,

8/01/36

10/22

at

100.00

N/R

955,582

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

765,023

630

5.000%,

9/01/34

9/24

at

100.00

A

640,653

29,705

Total

Health

Care

29,431,293

Housing/Multifamily

-

2.2%

(1.3%

of

Total

Investments)

1,635

Coon

Rapids,

Minnesota,

Multifamily

Housing

Revenue

Bonds,

Tralee

Terrace

Apartments

Project,

Series

2010,

4.500%,

6/01/26

10/22

at

100.00

Aaa

1,637,027

Housing/Single

Family

-

0.6%

(0.4%

of

Total

Investments)

50

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2013C,

3.900%,

7/01/43

1/23

at

100.00

AA+

46,497

20

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2014C,

3.500%,

1/01/32

7/24

at

100.00

AA+

19,831

445

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2020I,

1.700%,

1/01/31

1/30

at

100.00

AA+

392,931

515

Total

Housing/Single

Family

459,259

Industrials

-

6.1%

(3.6%

of

Total

Investments)

Minneapolis,

Minnesota,

Limited

Tax

Supported

Development

Revenue

Bonds, Common

Bond

Fund

Series

2013-1:

1,400

4.500%,

6/01/33

12/22

at

100.00

A+

1,407,448

600

4.750%,

6/01/39

12/22

at

100.00

A+

603,906

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-

2,620,982

4,650

Total

Industrials

4,632,336

Long-Term

Care

-

11.7%

(6.9%

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

725,997

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

368,038

875

Cold

Spring,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Assumption

Home,

Inc.,

Refunding

Series

2013,

5.200%,

3/01/43

10/22

at

100.00

N/R

747,162

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

(Unaudited)

4

NMS

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Long-Term

Care

(continued)

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

$

149,998

850

5.250%,

1/01/46

1/23

at

100.00

N/R

694,314

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

10/22

at

100.00

N/R

497,700

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

1,280,286

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

742,995

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

189,581

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

1,090,908

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

461,440

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

474,740

350

4.125%,

9/01/35

9/24

at

100.00

N/R

330,263

585

Sauk

Rapids,

Minnesota,

Health

Care

and

Housing

Facilities

Revenue

Bonds,

Good

Shepherd

Luthran

Home,

Refunding

Series

2013,

5.125%,

1/01/39

1/23

at

100.00

N/R

539,569

500

Wayzata,

Minnesota

Senior

Housing

Revenue

Bonds,

Folkestone

Senior

Living

Community,

Refunding

Series

2019,

5.000%,

8/01/49

8/24

at

102.00

N/R

500,325

9,635

Total

Long-Term

Care

8,793,316

Tax

Obligation/General

-

26.9%

(15.9%

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

1,005,570

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

1,023,485

1,055

4.000%,

2/01/39

2/27

at

100.00

AAA

1,060,233

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

505,195

1,000

4.000%,

2/01/42

2/27

at

100.00

AAA

1,003,090

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

1,000,008

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

189,765

1,000

Cloquet

Independent

School

District

94,

Carlton

and

Sant

Louis

Counties,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015B,

4.000%,

2/01/36

2/25

at

100.00

Aa2

1,013,980

540

Duluth

Independent

School

District

709,

Saint

Louis

County,

Minnesota,

General

Obligation

Bonds,

Capital

Appreciation

Series

2021C,

0.000%,

2/01/33

2/28

at

89.86

Aa2

347,139

1,000

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

Series

2020A,

5.000%,

12/01/36

12/30

at

100.00

N/R

1,143,670

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

2,005,380

1,000

Independent

School

District

No.

319,

Nashwauk-Keewatin,

Minnesota,

General

Obligation

School

Building

Bonds,

Series

2022A,

4.000%,

2/01/48

2/31

at

100.00

N/R

944,580

5

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

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

$

510,050

1,345

Minneapolis,

Minnesota,

General

Obligation

Bonds,

Improvement

&

Various

Purpose

Series

2018,

4.000%,

12/01/40

12/26

at

100.00

AAA

1,353,770

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

1,005,570

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

1,012,280

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

1,008,910

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

488,250

800

Sartell,

Minnesota,

General

Obligation

Bonds,

Series

2022A,

4.000%,

2/01/43

2/30

at

100.00

N/R

796,328

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

1,504,005

500

West

Saint

Paul-Mendota

Heights-Eagan

Independent

School

District

197,

Dakota

County,

Minnesota,

General

Obligation

Bonds,

School

Buidling

Series

2018A,

4.000%,

2/01/39

2/27

at

100.00

AAA

503,490

1,000

White

Bear

Lake

Independent

School

District

624,

Ramsey

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2020A,

3.000%,

2/01/42

2/28

at

100.00

AAA

829,810

21,075

Total

Tax

Obligation/General

20,254,558

Tax

Obligation/Limited

-

15.7%

(9.3%

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+

968,940

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

123,176

500

Minneapolis,

Minnesota,

Tax

Incriment

Revenue

Bonds,

Ivy

Tower

Project,

Series

2015,

5.000%,

3/01/29

3/24

at

100.00

N/R

502,880

375

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2016C,

4.000%,

8/01/35

8/25

at

100.00

AA+

383,209

200

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2017A,

4.000%,

8/01/35

8/27

at

100.00

AA+

206,250

500

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2018D,

4.000%,

8/01/39

8/28

at

100.00

AA+

477,690

465

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2021A,

3.000%,

8/01/41

8/31

at

100.00

N/R

380,705

1,065

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2021B,

3.000%,

8/01/43

8/31

at

100.00

N/R

850,253

2,230

Minnesota

Housing

Finance

Agency,

Nonprofit

Housing

Bonds,

State

Appropriation

Series

2011,

5.000%,

8/01/31

10/22

at

100.00

AA+

2,235,084

1,000

Northeast

Metropolitan

Intermediate

School

District

916,

White

Bear

Lake,

Minnesota,

Certificates

of

Particpation,

Series

2015A,

3.750%,

2/01/36

2/25

at

100.00

A1

1,000,510

750

Northeast

Metropolitan

Intermediate

School

District

916,

White

Bear

Lake,

Minnesota,

Certificates

of

Particpation,

Series

2015B,

4.000%,

2/01/42

2/25

at

100.00

A1

736,733

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

152,666

500

4.000%,

2/01/38

2/25

at

100.00

A1

501,055

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

444,144

895

5.250%,

4/01/43

4/23

at

100.00

N/R

836,243

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

1,240,839

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2022

(Unaudited)

6

NMS

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+

$

801,576

12,155

Total

Tax

Obligation/Limited

11,841,953

Transportation

-

7.8%

(4.6%

of

Total

Investments)

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019A:

300

5.000%,

1/01/39

7/29

at

100.00

N/R

321,915

250

5.000%,

1/01/44

7/29

at

100.00

A+

265,318

480

5.000%,

1/01/49

7/29

at

100.00

A+

507,163

2,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019B,

5.000%,

1/01/44,

(AMT)

7/29

at

100.00

A+

2,076,440

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-

1,662,896

1,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022B,

5.000%,

1/01/47,

(AMT)

,

WI/DD,

Settling

9/07/22

1/32

at

100.00

N/R

1,047,520

5,630

Total

Transportation

5,881,252

U.S.

Guaranteed

-

8.6%

(5.0%

of

Total

Investments)

(4)

Hermantown

Independent

School

District

700,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015A:

940

0.000%,

2/01/37,

(Pre-refunded

2/01/24)

2/24

at

56.07

Aa2

508,681

1,075

0.000%,

2/01/38,

(Pre-refunded

2/01/24)

2/24

at

53.49

Aa2

554,894

1,500

Mankato

Independent

School

District

77,

Nicollet

and

Le

Sueur

Counties,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2014A,

4.000%,

2/01/30,

(Pre-refunded

2/01/24)

2/24

at

100.00

AAA

1,532,520

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

621,963

970

Wayzata

Independent

School

District

284,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2014A,

3.500%,

2/01/31,

(Pre-refunded

2/01/23)

2/23

at

100.00

AAA

974,714

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

1,020,590

1,200

5.000%,

1/01/46,

(Pre-refunded

1/01/24)

1/24

at

100.00

Aa3

1,240,800

7,265

Total

U.S.

Guaranteed

6,454,162

Utilities

-

16.2%

(9.6%

of

Total

Investments)

100

Central

Minnesota

Municipal

Power

Agency,

Revenue

Bonds,

Brookings

-

Southeast

Twin

Cities

Transmission

Project,

Refunding

Series

2021,

4.000%,

1/01/42

-

AGM

Insured

1/30

at

100.00

N/R

98,041

415

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

1/01/46

7/26

at

100.00

A-

427,189

30

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

A-

31,233

500

Luverne,

Minnesota,

Electric

Revenue

Bonds,

Series

2022A,

3.000%,

12/01/47

-

AGM

Insured

12/28

at

100.00

N/R

389,785

500

Minnesota

Municipal

Power

Agency,

Electric

Revenue

Bonds,

Refunding

Series

2014A,

4.000%,

10/01/33

10/24

at

100.00

A1

507,625

965

Minnesota

Municipal

Power

Agency,

Electric

Revenue

Bonds,

Series

2016,

5.000%,

10/01/35

10/26

at

100.00

A1

1,055,015

1,200

Rochester,

Minnesota,

Electric

Utility

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

12/01/47

12/26

at

100.00

AA

1,285,164

500

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2017-3,

4.000%,

10/01/42

10/27

at

100.00

A-

491,490

7

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

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

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.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

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

management’s

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

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

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+

$

1,090,826

3,070

0.000%,

1/01/24

-

NPFG

Insured

No

Opt.

Call

A+

2,961,353

100

0.000%,

1/01/26

-

NPFG

Insured

No

Opt.

Call

A+

90,856

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

3,810,625

11,980

Total

Utilities

12,239,202

$

130,715

Total

Long-Term

Investments

(cost

$130,913,435)

127,745,629

Adjustable

Rate

MuniFund

Term

Preferred

Shares,

net

of

deferred

offering

costs

-

(70.0)%

(5)

(

52,767,434

)

Other

Assets

Less

Liabilities

-

0.6%

441,112

Net

Assets

Applicable

to

Common

Shares

-

100%

$

75,419,307

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

127,745,629

$

–

$

127,745,629

(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

41.3%

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.

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