N-Q 1 nq2.htm NMS nq2.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-22967
 
Nuveen Minnesota Municipal Income Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            5/31          
 
Date of reporting period:         2/28/15         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments
 
           
   
Portfolio of Investments
     
           
   
Nuveen Minnesota Municipal Income Fund (NMS)
     
   
February 28, 2015 (Unaudited)
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 146.5% (100.0% of Total Investments)
     
           
   
MUNICIPAL BONDS – 146.5% (100.0% of Total Investments)
     
           
   
Consumer Staples – 0.9% (0.6% of Total Investments)
     
$ 700
 
Moorhead, Minnesota, Recovery Zone Facility Revenue Bonds, American Crystal Sugar Company
7/20 at 100.00
BBB+
$ 786,072
   
Project, Series 2010, 5.650%, 6/01/27
     
   
Education and Civic Organizations – 29.7% (20.3% of Total Investments)
     
390
 
Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company,
No Opt. Call
BBB–
402,870
   
Series 2012A, 5.000%, 6/01/43
     
1,250
 
Baytown Township, Minnesota, Lease Revenue Bonds, Saint Croix Preparatory Academy Project,
8/16 at 102.00
BB
1,310,188
   
Series 2008A, 7.000%, 8/01/38
     
700
 
City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy
No Opt. Call
BBB–
732,312
   
Building Company, Series 2012A, 5.000%, 12/01/43
     
1,000
 
Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public
11/18 at 102.00
BBB–
1,068,960
   
Schools Academy, Series 2010A, 5.600%, 11/01/30
     
570
 
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language
8/22 at 100.00
BBB–
629,896
   
Academy, Series 2014A, 5.750%, 8/01/44
     
200
 
Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A,
7/24 at 100.00
BBB–
212,124
   
5.000%, 7/01/44
     
1,400
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Charter School,
7/23 at 100.00
BB
1,509,298
   
Series 2013A, 6.000%, 7/01/43
     
1,000
 
Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010,
8/18 at 100.00
BBB+
1,045,730
   
4.250%, 8/01/20
     
1,700
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series
5/15 at 100.00
Baa3
1,704,148
   
2006-J-1, 5.000%, 5/01/28
     
   
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding
     
   
Series 2007-6-R:
     
500
 
5.500%, 5/01/24
5/17 at 100.00
N/R
521,520
1,000
 
5.500%, 5/01/27
5/17 at 100.00
N/R
1,039,620
200
 
5.500%, 5/01/37
5/17 at 100.00
N/R
206,820
600
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series
No Opt. Call
Aa3
592,440
   
2012-7S, 3.250%, 5/01/36
     
1,000
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Minneapolis College of Art and
5/15 at 100.00
Baa2
1,002,790
   
Design, Refunding Series 2006-6K, 5.000%, 5/01/26
     
1,000
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas,
4/17 at 100.00
A2
1,077,890
   
Series 2009-6X, 5.250%, 4/01/39
     
2,000
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas,
10/19 at 100.00
A2
2,252,260
   
Series 2009-7A, 5.000%, 10/01/39
     
705
 
Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project,
9/24 at 100.00
BB+
719,438
   
Series 2014A, 5.000%, 9/01/44
     
450
 
Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Series
12/21 at 100.00
BBB–
497,461
   
2004A, 5.500%, 12/01/33
     
500
 
Saint Paul Housing & Redevelopment Authority , Minnesota, Charter School Lease Revenue Bonds,
No Opt. Call
BB+
522,035
   
Hmong Education Reform Company, Series 2012A, 5.250%, 9/01/32
     
1,100
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds,
9/21 at 100.00
BBB–
1,264,417
   
Nova Classical Academy, Series 2011A, 6.375%, 9/01/31
     
1,680
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds,
No Opt. Call
BB+
1,699,320
   
Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44
     
500
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Educational Facility Revenue
10/17 at 100.00
A3
529,710
   
Refunding Bonds, Saint Paul Academy and Summit School Project, Series 2007, 5.000%, 10/01/24
     
1,875
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Community of
12/15 at 100.00
BBB–
1,888,800
   
Peace Academy Project, Series 2006A, 5.000%, 12/01/36
     
360
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul
3/23 at 100.00
BBB–
367,366
   
Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43
     
800
 
St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher
12/22 at 100.00
BBB–
839,088
   
Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33
     
2,000
 
University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29
12/20 at 100.00
Aa1
2,378,640
24,480
 
Total Education and Civic Organizations
   
26,015,141
   
Health Care – 31.4% (21.4% of Total Investments)
     
1,000
 
Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds,
6/17 at 100.00
N/R
1,024,840
   
Refunding Series 2007, 5.000%, 6/01/29
     
   
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
414,116
230
 
4.000%, 4/01/31
4/22 at 100.00
BBB
237,091
   
Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital
     
   
Corporation, Series 2007:
     
20
 
5.000%, 5/01/20
5/17 at 100.00
Baa1
21,492
1,000
 
5.250%, 5/01/25
5/17 at 100.00
Baa1
1,062,430
2,210
 
Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series
9/15 at 100.00
Baa1
2,233,205
   
2005, 5.000%, 9/01/35
     
2,675
 
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare
11/18 at 100.00
A
3,153,878
   
Services, Series 2008A, 6.625%, 11/15/28
     
535
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series
11/18 at 100.00
AA
628,074
   
2008B, 6.500%, 11/15/38 – AGC Insured
     
3,750
 
Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds,
2/18 at 100.00
AA
4,017,525
   
Essentia Health Obligated Group, Series 2008E, 5.000%, 2/15/37 – AGC Insured
     
35
 
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds,
5/15 at 100.00
AA–
35,082
   
Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 – NPFG Insured
     
25
 
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds,
5/15 at 100.00
A
25,114
   
Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29
     
710
 
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding
12/20 at 100.00
N/R
726,280
   
Series 2013A, 4.400%, 12/01/33
     
   
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
251,806
190
 
4.750%, 12/01/27
12/20 at 100.00
N/R
200,205
160
 
5.000%, 12/01/28
12/20 at 100.00
N/R
168,677
310
 
5.400%, 12/01/33
12/20 at 100.00
N/R
329,818
500
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series
5/20 at 100.00
A1
561,290
   
2010A, 5.125%, 5/01/30
     
2,215
 
Saint Louis Park, Minnesota, Health Care Facilities Revenue Refunding Bonds, Park Nicollet
7/19 at 100.00
A
2,557,926
   
Health Services, Series 2009, 5.750%, 7/01/39
     
1,430
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds,
11/16 at 100.00
A
1,496,609
   
HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36
     
1,625
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina
11/19 at 100.00
AA–
1,860,170
   
Health System, Series 2009A-1, 5.250%, 11/15/29
     
   
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus,
     
   
Series 2005A:
     
700
 
5.750%, 5/01/25
5/15 at 100.00
BB+
703,591
500
 
5.875%, 5/01/30
5/15 at 100.00
BB+
502,390
900
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series
5/15 at 100.00
N/R
904,509
   
2005B, 6.000%, 5/01/30
     
1,000
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp
8/16 at 100.00
N/R
1,008,800
   
Project, Series 2007-1, 5.000%, 8/01/36
     
   
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
799,815
630
 
5.000%, 9/01/34
9/24 at 100.00
A
715,441
1,750
 
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc.,
11/15 at 100.00
BBB–
1,803,322
   
Series 2005, 6.000%, 11/15/30
     
25,505
 
Total Health Care
   
27,443,496
   
Housing/Multifamily – 7.8% (5.3% of Total Investments)
     
1,700
 
Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments Project,
6/20 at 100.00
Aaa
1,813,526
   
Series 2010, 4.500%, 6/01/26
     
960
 
Minneapolis, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Vantage Flats
10/15 at 100.00
Aa1
966,998
   
Project, Series 2007, 5.200%, 10/20/48 (Alternative Minimum Tax)
     
1,155
 
Minneapolis, Minnesota, Multifamily Housing Revenue Bonds, GNMA Collateralized Mortgage
5/15 at 101.00
Aa1
1,165,892
   
Loans – Seward Towers Project, Series 2003, 5.000%, 5/20/36
     
   
Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011:
     
355
 
5.050%, 8/01/31
8/21 at 100.00
AA+
382,733
1,700
 
5.450%, 8/01/41
8/21 at 100.00
AA+
1,868,759
655
 
Saint Paul Housing and Redevelopment Authority, Minnesota, GNMA Collateralized Multifamily
5/15 at 100.00
Aa1
655,707
   
Housing Revenue Bonds, Selby Grotto Housing Project, Series 2001A, 5.500%, 9/20/44
     
   
(Alternative Minimum Tax)
     
6,525
 
Total Housing/Multifamily
   
6,853,615
   
Housing/Single Family – 8.1% (5.5% of Total Investments)
     
139
 
Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds,
7/16 at 100.00
AA+
143,273
   
City Living Series 2006A-4, 5.000%, 11/01/38 (Alternative Minimum Tax)
     
230
 
Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities
7/21 at 100.00
Aaa
247,061
   
Program, Series 2011D, 4.700%, 1/01/31
     
2,885
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007D, 4.700%,
7/16 at 100.00
AA+
2,929,400
   
7/01/27 (Alternative Minimum Tax)
     
10
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007-I, 4.850%,
7/16 at 100.00
AA+
10,079
   
7/01/38 (Alternative Minimum Tax)
     
265
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2008B, 5.650%,
1/18 at 100.00
AA+
275,338
   
7/01/33 (Alternative Minimum Tax)
     
705
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2009E,
7/19 at 100.00
AA+
746,567
   
5.100%, 1/01/40
     
700
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C,
1/23 at 100.00
AA+
706,104
   
3.900%, 7/01/43
     
2,000
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C,
7/24 at 100.00
AA+
1,999,940
   
3.500%, 1/01/32
     
6,934
 
Total Housing/Single Family
   
7,057,762
   
Industrials – 3.8% (2.6% of Total Investments)
     
   
Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund
     
   
Series 2006-1A:
     
580
 
4.850%, 12/01/17 (Alternative Minimum Tax)
6/16 at 100.00
A+
601,692
610
 
4.875%, 12/01/18 (Alternative Minimum Tax)
6/16 at 100.00
A+
630,203
   
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+
1,490,188
600
 
4.750%, 6/01/39
6/21 at 100.00
A+
648,468
3,190
 
Total Industrials
   
3,370,551
   
Long-Term Care – 13.4% (9.1% of Total Investments)
     
485
 
Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at Anoka, Inc.
11/24 at 100.00
N/R
493,216
   
Project, Series 2014, 5.125%, 11/01/49
     
380
 
Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation
11/24 at 100.00
A3
390,279
   
Project, Series 2014, 4.000%, 11/01/39
     
500
 
Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project,
11/19 at 100.00
A3
535,760
   
Series 2011, 5.000%, 11/01/41
     
875
 
Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding
7/20 at 100.00
N/R
901,014
   
Series 2013, 5.200%, 3/01/43
     
435
 
Cottage Grove, Minnesota, Senior Housing Revenue Bonds, PHS/Cottage Grove, Inc., Project,
5/15 at 100.00
N/R
435,274
   
Series 2006A, 5.000%, 12/01/31
     
700
 
Lake Crystal, Minnesota, Housing and Health Care Revenue Bonds, Ecumen – Second Century &
9/18 at 100.00
N/R
705,761
   
Owatonna Senior Living Project, Refunding Series 2014A, 4.500%, 9/01/44 (Mandatory
     
   
put 9/01/24)
     
1,350
 
Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series
11/22 at 100.00
N/R
1,387,665
   
2012, 4.750%, 11/15/28
     
1,000
 
Moorhead Economic Development Authority, Minnesota, Multifamily Revenue Bonds, Eventide
5/15 at 100.00
N/R
1,000,680
   
Senior Housing, Series 2006A, 5.150%, 6/01/29
     
660
 
Owatonna, Minnesota, Housing and Health Care Revenue Bonds, Ecumen – Second Century &
9/18 at 100.00
N/R
665,432
   
Owatonna Senior Living Project, Refunding Series 2014B, 4.500%, 9/01/44 (Mandatory
     
   
put 9/01/24)
     
900
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Revenue Bonds, Rossy & Richard
10/17 at 100.00
N/R
916,209
   
Shaller Family Sholom East Campus, Series 2007A, 5.250%, 10/01/42
     
500
 
Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care
5/23 at 100.00
N/R
517,750
   
Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48
     
1,291
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds,
4/17 at 100.00
N/R
1,322,903
   
Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33
     
100
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care
No Opt. Call
N/R
102,911
   
Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42
     
385
 
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd
1/23 at 100.00
N/R
393,073
   
Luthran Home, Refunding Series 2013, 5.125%, 1/01/39
     
330
 
Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series
5/19 at 102.00
N/R
361,759
   
2012A, 6.000%, 5/01/47
     
1,000
 
West St. Paul, Minnesota, Health Care Facilities Revenue Bonds, Walker Thompson Hill LLC
9/19 at 100.00
N/R
1,072,720
   
Project, Series 2011A, 7.000%, 9/01/46
     
520
 
Worthington, Minnesota, Housing Revenue Refunding Bonds, Meadows of Worthington Project,
5/15 at 101.00
N/R
523,094
   
Series 2007A, 5.250%, 11/01/28
     
11,411
 
Total Long-Term Care
   
11,725,500
   
Materials – 3.1% (2.1% of Total Investments)
     
2,650
 
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul
10/22 at 100.00
BBB–
2,686,517
   
Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax)
     
   
Tax Obligation/General – 9.9% (6.8% of Total Investments)
     
1,600
 
Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General
2/18 at 100.00
Aa2
1,762,448
   
Obligation Bonds, Series 2008A, 4.750%, 2/01/24
     
300
 
Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds,
2/25 at 67.23
AA+
142,221
   
School Building Series 2015A, 0.000%, 2/01/35
     
280
 
Fertile Economic Development Authority, Minnesota, General Obligation of the City, Housing
12/22 at 100.00
A+
291,169
   
Development Revenue Bonds, Series 2012A, 4.000%, 12/01/39
     
1,000
 
Hennepin County, Minnesota, General Obligation Bonds, Refunding Series 2008D, 5.000%, 12/01/25
12/16 at 100.00
AAA
1,079,720
245
 
Jordan Independent School District 717, Scott County, Minnesota, General Obligation Bonds,
2/23 at 100.00
Aa2
281,951
   
School Building Series 2014A, 5.000%, 2/01/35
     
1,500
 
Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building
2/24 at 100.00
AA+
1,636,335
   
Series 2014A, 4.000%, 2/01/30
     
1,000
 
Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund
6/17 at 100.00
A+
1,055,960
   
Series 2007-2A, 5.125%, 6/01/22 (Alternative Minimum Tax)
     
350
 
South Washington County Independent School District 833, Minnesota, General Obligation Bonds,
2/24 at 100.00
Aa2
372,193
   
Alternate Facilities Series 2014A, 3.500%, 2/01/27
     
1,970
 
Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation Bonds,
2/23 at 100.00
AAA
2,036,192
   
School Building Series 2014A, 3.500%, 2/01/31
     
8,245
 
Total Tax Obligation/General
   
8,658,189
   
Tax Obligation/Limited – 10.4% (7.1% of Total Investments)
     
1,600
 
Duluth Independent School District 709, Minnesota, Certificates of Participation, Capital
2/22 at 77.70
Aa2
996,032
   
Appreciation Series 2012A, 0.000%, 2/01/28 – AGM Insured
     
125
 
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series
3/23 at 100.00
N/R
123,677
   
2015, 4.000%, 3/01/30 (WI/DD, Settling 3/12/15)
     
2,230
 
Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011,
8/21 at 100.00
AA
2,512,519
   
5.000%, 8/01/31
     
1,100
 
Minnesota State, General Fund Appropriation Refunding Bonds, Series 2012B, 3.000%, 3/01/30
No Opt. Call
AA
1,061,181
590
 
Moorhead, Minnesota, Golf Course Revenue Refunding Bonds, Series 1998B, 5.875%, 12/01/21
5/15 at 100.00
N/R
590,271
500
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Facility Lease Revenue
12/17 at 100.00
AA+
541,205
   
Bonds, Jimmy Lee Recreational Center, Series 2008, 5.000%, 12/01/32
     
   
Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment
     
   
Revenue Refunding Bonds, Series 2012:
     
450
 
5.000%, 9/01/26
No Opt. Call
N/R
473,594
130
 
5.000%, 3/01/29
No Opt. Call
N/R
136,010
   
Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G:
     
250
 
5.000%, 11/01/30
11/24 at 100.00
A+
290,805
800
 
3.750%, 11/01/33
11/24 at 100.00
A+
804,912
1,050
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B,
10/19 at 100.00
BBB
1,160,838
   
5.000%, 10/01/25
     
400
 
Washington County Housing and Redevelopment Authority, Minnesota, Municipal Facility
5/15 at 100.00
Baa2
400,668
   
Lease Revenue Bonds, Lower St. Croix Valley Fire Protection District Project, Series 2003,
     
   
5.125%, 2/01/24
     
9,225
 
Total Tax Obligation/Limited
   
9,091,712
   
Transportation – 1.5% (1.1% of Total Investments)
     
200
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,
1/20 at 100.00
A
213,508
   
Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax)
     
200
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,
1/24 at 100.00
A
229,524
   
Subordinate Lien, Refunding Series 2014A, 5.000%, 1/01/31
     
800
 
St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking
8/18 at 102.00
A+
900,744
   
Facilities Project, Refunding Series 2010A, 5.000%, 8/01/30
     
1,200
 
Total Transportation
   
1,343,776
   
U.S. Guaranteed – 3.1% (2.1% of Total Investments) (4)
     
1,000
 
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Series 2006, 5.350%,
4/15 at 100.00
N/R (4)
1,000,180
   
2/01/30 (Pre-refunded 4/01/15)
     
600
 
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project,
4/15 at 100.00
N/R (4)
603,576
   
Refunding Series 2005, 5.650%, 2/01/27 (Pre-refunded 4/06/15)
     
65
 
Minnesota State, General Obligation Bonds, Series 2007, 5.000%, 8/01/25 (Pre-refunded 8/01/17)
8/17 at 100.00
N/R (4)
71,949
1,000
 
Pine County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds,
2/16 at 100.00
AA– (4)
1,043,460
   
Series 2005A, 5.000%, 2/01/31 (Pre-refunded 2/01/16)
     
2,665
 
Total U.S. Guaranteed
   
2,719,165
   
Utilities – 18.4% (12.6% of Total Investments)
     
500
 
Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Refunding Series
10/15 at 100.00
A2
512,430
   
2005A, 5.000%, 10/01/30
     
10
 
Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Series 2000A,
5/15 at 100.00
A2
10,044
   
6.100%, 10/01/30
     
500
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A,
10/24 at 100.00
A2
516,910
   
4.000%, 10/01/33
     
   
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding
     
   
Series 2008A:
     
300
 
5.000%, 1/01/18 – AGC Insured
No Opt. Call
AA
334,014
1,000
 
5.000%, 1/01/20 – AGC Insured
1/18 at 100.00
AA
1,098,260
1,000
 
5.000%, 1/01/21 – AGC Insured
1/18 at 100.00
AA
1,104,460
   
Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A:
     
8,600
 
0.000%, 1/01/19 – NPFG Insured
No Opt. Call
AA–
8,044,354
1,100
 
0.000%, 1/01/23 – NPFG Insured
No Opt. Call
AA–
908,369
3,070
 
0.000%, 1/01/24 – NPFG Insured
No Opt. Call
AA–
2,439,760
135
 
0.000%, 1/01/26 – NPFG Insured
No Opt. Call
AA–
100,231
40
 
0.000%, 1/01/27 – NPFG Insured
No Opt. Call
AA–
28,293
1,000
 
Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A,
1/24 at 100.00
Aa3
1,034,630
   
4.000%, 1/01/40
     
17,255
 
Total Utilities
   
16,131,755
   
Water and Sewer – 5.0% (3.4% of Total Investments)
     
   
Buffalo, Minnesota, Water and Sewer Revenue Bonds, Series 2009B:
     
1,800
 
0.000%, 10/01/21
4/19 at 89.45
AA+
1,524,240
1,800
 
0.000%, 10/01/22
4/19 at 85.14
AA+
1,444,752
1,800
 
0.000%, 10/01/23
4/19 at 80.85
AA+
1,365,876
5,400
 
Total Water and Sewer
   
4,334,868
$ 125,385
 
Total Long-Term Investments (cost $118,374,133)
   
128,218,119
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (50.4)% (5)
   
(44,100,000)
   
Other Assets Less Liabilities – 3.9%
   
3,373,505
   
Net Assets Applicable to Common Shares – 100%
   
$ 87,491,624
 
 
 
 

 
 
 
Fair Value Measurements
 
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, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
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
$ —
$128,218,119
$ —
$128,218,119
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of February 28, 2015, the cost of investments was $118,281,727.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of February 28, 2015, were as follows:
   
Gross unrealized:
 
Appreciation
$9,995,062
Depreciation
(58,670)
Net unrealized appreciation (depreciation) of investments
$9,936,392
 
(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)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 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. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments
   
is 34.4%.
WI/DD
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
 
 
 
 

 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Minnesota Municipal Income Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         April 29, 2015        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         April 29, 2015        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         April 29, 2015