NPORT-EX 2 tiaa_NMS.htm
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.