Company: NMS
Filing Date: 2025-08-06
Form Type: N-CSR
Source: 0001193125-25-174309
Chunk: 3

Company: Nuveen Minnesota Quality Municipal Income Fund
Filing Date: 2025-08-06
Form: N-CSR
Chunk 3
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’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, NPV returned -1.82%. The Fund underperformed the returns of the 4

S&P Municipal Bond Virginia Index, which returned 2.57%. Top contributors to relative performance

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

| • |     | An overweight to the transportation sector, primarily composed of BBB‑rated and A‑rated toll road bonds. |

Top detractors from relative performance

| • |     | The Fund’s use of leverage through inverse floating rate securities and the issuance of preferred shares. |

| • |     | An overweight to BB‑rated and B‑rated bonds. |

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors. Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein. For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies. Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the