Company: NMS
Filing Date: 2025-08-06
Form Type: N-CSR
Source: 0001193125-25-174309
Chunk: 0

Company: Nuveen Minnesota Quality Municipal Income Fund
Filing Date: 2025-08-06
Form: N-CSR
Chunk 0
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Discussion of Fund Performance Nuveen Massachusetts Quality Municipal Income Fund (NMT) Nuveen Minnesota Quality Municipal Income Fund (NMS) Nuveen Missouri Quality Municipal Income Fund (NOM) Nuveen Virginia Quality Municipal Income Fund (NPV) Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, is the investment adviser for the Nuveen Massachusetts Quality Municipal Income Fund (NMT), Nuveen Minnesota Quality Municipal Income Fund (NMS), Nuveen Missouri Quality Municipal Income Fund (NOM), and Nuveen Virginia Quality Municipal Income Fund (NPV). The portfolio managers for all four Funds are Michael Hamilton and Stephen Candido, CFA. Below is a discussion of each Fund’s performance and the factors that contributed and detracted during the 12‑month reporting period ended May 31, 2025. For more information on Fund investment objectives and policies, please refer to the Shareholder Update section at the end of the report. Nuveen Massachusetts Quality Municipal Income Fund (NMT) What factors affected markets during the reporting period?

| • |     | Municipal bond yields rose over the reporting period, except for short maturities, whose yields fell. Yields saw elevated volatility during the period, in response to uncertainties about the Federal Reserve’s plan for monetary easing, U.S. fiscal and trade policy under the Trump administration, and the impacts to the economy, inflation and federal debt sustainability. |

| • |     | Credit fundamentals remained strong, with default activity at low levels. Although supply increased during the reporting period, demand for municipal debt remained solid. |

What key strategies were used to manage the Fund during the reporting period?

| • |     | The Fund’s trading activity remained focused on pursuing its investment objectives. There were no material changes to the Fund’s positioning. |

| • |     | The portfolio management team took advantage of periods of market softness to buy bonds at attractive valuations and continued to carefully manage the Fund’s income sustainability via tactical trading. |

How did the Fund perform and what factors affected relative performance? For the twelve-month reporting period ended May 31, 2025, NMT returned ‑2.15%. The Fund underperformed the returns of the S&P Municipal Bond Massachusetts Index, which returned 2.02%. Top contributors to relative performance

| • |     | An overweight to non‑rated bonds. |

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