NPORT-EX 1 NMS.htm
NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments    August 31, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 156.4% (99.4% of Total Investments)        
    MUNICIPAL BONDS – 156.4% (99.4% 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+ $717,318
    Education and Civic Organizations – 28.9% (18.4% 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 520,285
50   5.000%, 7/01/36   7/24 at 102.00 N/R 53,592
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- 867,342
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+ 273,550
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+ 614,631
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+ 835,890
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 102,668
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+ 2,324,212
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 1,635,259
    Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A:        
300   6.000%, 7/01/33   7/23 at 100.00 BB+ 330,456
1,425   6.000%, 7/01/43   7/23 at 100.00 BB+ 1,547,692
    Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017:        
750   5.000%, 5/01/37   5/27 at 100.00 BBB- 881,737
2,000   5.000%, 5/01/47   5/27 at 100.00 BBB- 2,312,360
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 1,784,136
1,000   Minnesota Higher Education Facilities Authority, Revenue Bonds, College of Saint Scholastica, Inc, Refunding Series 2019, 4.000%, 12/01/40, (WI/DD, Settling 9/05/19)   12/29 at 100.00 Baa2 1,122,560
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 325,481
600   Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Refunding Series 2017, 4.000%, 3/01/48   3/27 at 100.00 Aa3 665,892
1

NMS Nuveen Minnesota Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2019
  (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 $266,672
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 970,777
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 742,478
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- 478,944
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+ 317,586
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+ 514,375
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- 1,191,707
    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 387,569
510   5.375%, 7/01/50   7/25 at 100.00 BB 549,658
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+ 1,780,531
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- 845,024
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+ 394,571
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 1,016,040
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- 556,270
24,075   Total Education and Civic Organizations       26,209,945
    Health Care – 33.2% (21.1% 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 271,275
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 206,404
    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- 836,136
3,250   5.000%, 2/15/48   2/28 at 100.00 A- 3,862,657
2,000   5.000%, 2/15/53   2/28 at 100.00 A- 2,361,600
500   5.000%, 2/15/58   2/28 at 100.00 A- 586,670
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 $420,468
230   4.000%, 4/01/31   4/22 at 100.00 BBB 240,713
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 546,390
    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 243,882
165   5.000%, 5/01/32   5/27 at 100.00 Baa1 200,315
    Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A:        
265   4.000%, 11/15/40   11/25 at 100.00 A+ 290,623
1,000   5.000%, 11/15/44   11/25 at 100.00 A+ 1,170,140
    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+ 1,678,170
1,500   5.000%, 11/15/49   11/28 at 100.00 A+ 1,822,950
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 720,103
    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 245,880
190   4.750%, 12/01/27   12/20 at 100.00 N/R 195,050
160   5.000%, 12/01/28   12/20 at 100.00 N/R 164,386
310   5.400%, 12/01/33   12/20 at 100.00 N/R 318,649
915   Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, 4.000%, 11/15/48   5/28 at 100.00 AA 1,032,870
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- 30,747
635   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 4.000%, 5/01/37   5/26 at 100.00 AA- 705,904
    Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2019:        
325   5.000%, 5/01/48   5/29 at 100.00 AA- 401,450
750   4.000%, 5/01/49   5/29 at 100.00 AA- 841,103
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+ 4,381,160
800   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29   11/19 at 100.00 AA- 806,712
3

NMS Nuveen Minnesota Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2019
  (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+ $277,556
240   4.000%, 11/15/37   11/27 at 100.00 A+ 271,082
2,170   4.000%, 11/15/43   11/27 at 100.00 A+ 2,420,961
1,000   Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36   9/19 at 100.00 N/R 1,001,940
    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 829,000
630   5.000%, 9/01/34   9/24 at 100.00 A 713,223
26,755   Total Health Care       30,096,169
    Housing/Multifamily – 4.3% (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 1,736,023
    Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011:        
355   5.050%, 8/01/31   8/21 at 100.00 AA+ 375,551
1,700   5.450%, 8/01/41   8/21 at 100.00 AA+ 1,795,404
3,755   Total Housing/Multifamily       3,906,978
    Housing/Single Family – 1.1% (0.7% of Total Investments)        
15   Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (AMT)   9/19 at 100.00 AA+ 15,159
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 126,533
55   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 3.900%, 7/01/43   1/23 at 100.00 AA+ 57,142
40   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.500%, 1/01/32   7/24 at 100.00 AA+ 41,412
140   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29   7/25 at 100.00 AA+ 150,328
355   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 3.200%, 7/01/30 (AMT)   1/27 at 100.00 AA+ 360,676
190   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2018A, 3.625%, 7/01/32 (AMT)   7/27 at 100.00 AA+ 204,533
920   Total Housing/Single Family       955,783
    Industrials – 2.3% (1.5% 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+ 1,470,924
600   4.750%, 6/01/39   6/21 at 100.00 A+ 633,378
2,000   Total Industrials       2,104,302
4

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care – 15.4% (9.8% 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 $853,718
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 404,305
500   Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 5.000%, 11/01/41   11/19 at 100.00 Baa1 503,060
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 880,311
    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 177,543
850   5.250%, 1/01/46   1/23 at 100.00 N/R 859,741
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 518,870
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 1,063,800
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 1,377,189
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 790,710
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 533,105
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 227,586
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 1,397,877
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 515,335
1,095   Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33   10/19 at 100.00 N/R 1,095,722
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 100,922
    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 530,425
350   4.125%, 9/01/35   9/24 at 100.00 N/R 370,293
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 606,376
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 1,104,030
13,330   Total Long-Term Care       13,910,918
5

NMS Nuveen Minnesota Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    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- $2,691,738
    Tax Obligation/General – 26.1% (16.6% 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 1,128,090
    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 1,145,407
1,055   4.000%, 2/01/39   2/27 at 100.00 AAA 1,186,474
    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 564,240
1,000   4.000%, 2/01/42   2/27 at 100.00 AAA 1,119,990
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 1,126,702
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 177,516
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 1,094,650
    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 473,384
1,075   0.000%, 2/01/38   2/24 at 53.49 Aa2 515,710
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 2,234,180
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 621,545
345   Lake Crystal, Minnesota, General Obligation Bonds, Series 2019A, 3.000%, 12/15/33   12/27 at 100.00 AA 369,833
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 1,658,970
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 580,935
1,345   Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series 2018, 4.000%, 12/01/40   12/26 at 100.00 AAA 1,520,967
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 1,120,810
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 1,126,270
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 1,109,900
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 546,370
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 1,630,380
6

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$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 $2,071,573
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 563,405
23,150   Total Tax Obligation/General       23,687,301
    Tax Obligation/Limited – 15.2% (9.6% 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+ 1,050,360
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 1,177,568
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 129,535
500   Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015, 5.000%, 3/01/29   3/24 at 100.00 N/R 527,625
375   Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2016C, 4.000%, 8/01/35   8/25 at 100.00 AA+ 418,399
200   Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2017A, 4.000%, 8/01/35   8/27 at 100.00 AA+ 230,410
500   Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, Series 2018D, 4.000%, 8/01/39   8/28 at 100.00 AA+ 554,665
2,230   Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.000%, 8/01/31   8/21 at 100.00 AA+ 2,385,855
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 1,064,560
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 813,150
    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 170,563
500   4.000%, 2/01/38   2/25 at 100.00 A1 545,195
    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 474,751
895   5.250%, 4/01/43   4/23 at 100.00 N/R 927,068
    Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012:        
500   5.000%, 9/01/26   3/20 at 102.00 N/R 514,710
500   5.000%, 3/01/29   3/20 at 102.00 N/R 514,125
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 1,365,947
800   Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33   11/24 at 100.00 A+ 864,416
13,225   Total Tax Obligation/Limited       13,728,902
7

NMS Nuveen Minnesota Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation – 2.3% (1.5% of Total Investments)        
$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- $1,919,264
200   Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2010D, 4.000%, 1/01/23 (AMT)   1/20 at 100.00 A+ 201,684
1,800   Total Transportation       2,120,948
    U.S. Guaranteed – 7.2% (4.6% 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 408,903
2,000   Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A, 5.000%, 10/01/39 (Pre-refunded 10/01/19)   10/19 at 100.00 A2 2,005,800
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 482,338
825   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29 (Pre-refunded 11/15/19)   11/19 at 100.00 N/R 831,691
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 710,465
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 2,103,060
6,265   Total U.S. Guaranteed       6,542,257
    Utilities – 16.1% (10.2% 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 546,990
965   Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/35   10/26 at 100.00 A1 1,171,770
1,200   Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47   12/26 at 100.00 Aa3 1,440,144
500   Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 4.000%, 10/01/42   10/27 at 100.00 A- 558,045
    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+ 1,053,646
3,070   0.000%, 1/01/24  –  NPFG Insured   No Opt. Call A+ 2,896,146
100   0.000%, 1/01/26  –  NPFG Insured   No Opt. Call A+ 90,906
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 4,340,595
    Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A:        
1,000   4.000%, 1/01/40   1/24 at 100.00 Aa3 1,079,020
1,200   5.000%, 1/01/46   1/24 at 100.00 Aa3 1,367,016
13,135   Total Utilities       14,544,278
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- $482,363
$132,175   Total Long-Term Investments (cost $131,398,468)       141,699,200
    
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    SHORT-TERM INVESTMENTS – 1.0% (0.6% of Total Investments)        
    MUNICIPAL BONDS – 1.0% (0.6% of Total Investments)        
    Health Care – 1.0% (0.6% of Total Investments)        
$400   Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligation, Mayo Clinic, Series 2008A, 1.350%, 11/15/38 (Mandatory Put 10/16/19) (5)   10/19 at 100.00 A-1+ $400,000
500   Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligations, Mayo Clinic Series 2008B, 1.350%, 11/15/38 (Mandatory Put 10/16/19) (5)   10/19 at 100.00 A-1+ 500,000
$900   Total Short-Term Investments (cost $900,000)       900,000
    Total Investments (cost $132,298,468) – 157.4%       142,599,200
    Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (58.1)% (6)       (52,660,794)
    Other Assets Less Liabilities – 0.7%       632,435
    Net Asset Applicable to Common Shares – 100%       $90,570,841
Part F of Form N-PORT was prepared in accordance with accounting principles general accepted in teh United States of America ("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).
9

NMS Nuveen Minnesota Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2019
  (Unaudited)
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 $ — $141,699,200 $ — $141,699,200
Short-Term Investments:        
Municipal Bonds  — 900,000  — 900,000
Total $ — $142,599,200 $ — $142,599,200
    
(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) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, 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.  
(6) Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 36.9%.  
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.  
10