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:         2/29/16         
 
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 29, 2016 (Unaudited)
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
 
   
LONG-TERM INVESTMENTS – 147.3% (100.0% of Total Investments)
     
 
   
MUNICIPAL BONDS – 147.3% (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+
$       784,014
   
Project, Series 2010, 5.650%, 6/01/27
     
   
Education and Civic Organizations – 26.2% (17.8% of Total Investments)
     
390
 
Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series
No Opt. Call
BBB–
399,461
   
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+
1,287,375
   
Series 2008A, 7.000%, 8/01/38
     
830
 
City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy
No Opt. Call
BBB–
851,447
   
Building Company, Series 2012A, 5.000%, 12/01/43
     
250
 
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series
7/25 at 100.00
BB+
258,370
   
2015A, 5.250%, 7/01/40
     
1,000
 
Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public
11/18 at 102.00
BBB–
1,060,720
   
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–
615,931
   
Academy, Series 2014A, 5.750%, 8/01/44
     
2,200
 
Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A,
7/24 at 100.00
BB+
2,189,946
   
5.000%, 7/01/44
     
1,425
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Charter School,
7/23 at 100.00
BB
1,524,166
   
Series 2013A, 6.000%, 7/01/43
     
   
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
513,045
1,000
 
5.500%, 5/01/27
5/17 at 100.00
N/R
1,023,190
200
 
5.500%, 5/01/37
5/17 at 100.00
N/R
204,036
600
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series
No Opt. Call
Aa3
606,696
   
2012-7S, 3.250%, 5/01/36
     
2,000
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas,
10/19 at 100.00
A2
2,227,700
   
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+
724,662
   
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–
482,522
   
2004A, 5.500%, 12/01/33
     
315
 
Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck Saint Mary’s School
No Opt. Call
BB
340,077
   
Project, Series 2015, 5.000%, 8/01/22
     
500
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds,
No Opt. Call
BB+
522,770
   
Hmong Education Reform Company, Series 2012A, 5.250%, 9/01/32
     
1,100
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds,
9/21 at 100.00
BBB–
1,251,514
   
Nova Classical Academy, Series 2011A, 6.375%, 9/01/31
     
   
Saint Paul Housing and 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
366,664
510
 
5.375%, 7/01/50
7/25 at 100.00
BB
520,470
1,680
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds,
No Opt. Call
BB+
1,710,878
   
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
531,370
   
Refunding Bonds, Saint Paul Academy and Summit School Project, Series 2007, 5.000%, 10/01/24
     
390
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul
3/23 at 100.00
BBB–
392,668
   
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–
831,040
   
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
2,384,940
21,525
 
Total Education and Civic Organizations
   
22,821,658
   
Health Care – 22.5% (15.3% of Total Investments)
     
1,000
 
Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds,
6/17 at 100.00
N/R
1,016,000
   
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
421,932
230
 
4.000%, 4/01/31
4/22 at 100.00
BBB
240,426
3,000
 
Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, Health Care
7/25 at 100.00
A
3,186,090
   
Facilities Revenue Refunding Bonds, HealthPartners Obligated Group, Series 2015A, ,
     
   
4.000%, 7/01/35
     
   
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
21,008
1,000
 
5.250%, 5/01/25
5/17 at 100.00
Baa1
1,044,670
500
 
Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health
9/25 at 100.00
Baa1
520,685
   
Care, Series 2015, 4.000%, 9/01/35
     
450
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series
11/18 at 100.00
AA
509,049
   
2008B, 6.500%, 11/15/38 – AGC Insured
     
   
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services,
     
   
Series 2015A:
     
265
 
4.000%, 11/15/40
11/25 at 100.00
A+
275,486
1,000
 
5.000%, 11/15/44
11/25 at 100.00
A+
1,135,330
3,750
 
Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds,
2/18 at 100.00
AA
3,944,513
   
Essentia Health Obligated Group, Series 2008E, 5.000%, 2/15/37 – AGC Insured
     
710
 
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding
12/20 at 100.00
N/R
717,547
   
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
251,311
190
 
4.750%, 12/01/27
12/20 at 100.00
N/R
199,823
160
 
5.000%, 12/01/28
12/20 at 100.00
N/R
168,491
310
 
5.400%, 12/01/33
12/20 at 100.00
N/R
328,467
500
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series
5/20 at 100.00
A1
566,735
   
2010A, 5.125%, 5/01/30
     
1,625
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina
11/19 at 100.00
AA–
1,839,338
   
Health System, Series 2009A-1, 5.250%, 11/15/29
     
1,000
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp
8/16 at 100.00
N/R
1,003,560
   
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
816,423
630
 
5.000%, 9/01/34
9/24 at 100.00
A
721,174
580
 
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast
11/25 at 100.00
BBB–
657,459
   
Inc., Series 2015A, 5.000%, 11/15/44
     
18,325
 
Total Health Care
   
19,585,517
   
Housing/Multifamily – 4.7% (3.2% of Total Investments)
     
1,700
 
Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments Project,
6/20 at 100.00
Aaa
1,834,436
   
Series 2010, 4.500%, 6/01/26
     
   
Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011:
     
355
 
5.050%, 8/01/31
8/21 at 100.00
AA+
389,669
1,700
 
5.450%, 8/01/41
8/21 at 100.00
AA+
1,849,243
3,755
 
Total Housing/Multifamily
   
4,073,348
   
Housing/Single Family – 4.9% (3.4% of Total Investments)
     
139
 
Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds,
7/16 at 100.00
AA+
142,456
   
City Living Series 2006A-4, 5.000%, 11/01/38 (Alternative Minimum Tax)
     
225
 
Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities
7/21 at 100.00
Aaa
244,078
   
Program, Series 2011D, 4.700%, 1/01/31
     
2,630
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007D, 4.700%,
7/16 at 100.00
AA+
2,643,597
   
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+
10,041
   
7/01/38 (Alternative Minimum Tax)
     
180
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2008B, 5.650%,
1/18 at 100.00
AA+
187,949
   
7/01/33 (Alternative Minimum Tax)
     
635
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2009E,
7/19 at 100.00
AA+
665,093
   
5.100%, 1/01/40
     
85
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C,
1/23 at 100.00
AA+
86,119
   
3.900%, 7/01/43
     
70
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C,
7/24 at 100.00
AA+
72,250
   
3.500%, 1/01/32
     
250
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F,
7/25 at 100.00
AA
258,540
   
3.300%, 7/01/29
     
4,224
 
Total Housing/Single Family
   
4,310,123
   
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+
584,791
610
 
4.875%, 12/01/18 (Alternative Minimum Tax)
6/16 at 100.00
A+
614,734
   
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+
1,500,646
600
 
4.750%, 6/01/39
6/21 at 100.00
A+
647,040
3,190
 
Total Industrials
   
3,347,211
   
Long-Term Care – 15.5% (10.5% of Total Investments)
     
805
 
Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at Anoka, Inc.
11/24 at 100.00
N/R
826,083
   
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
397,130
   
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
532,445
   
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
893,681
   
Series 2013, 5.200%, 3/01/43
     
   
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
178,665
850
 
5.250%, 1/01/46
1/23 at 100.00
N/R
860,404
415
 
Cottage Grove, Minnesota, Senior Housing Revenue Bonds, PHS/Cottage Grove, Inc., Project,
5/16 at 100.00
N/R
415,328
   
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
706,769
   
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
1,396,143
   
2012, 4.750%, 11/15/28
     
750
 
Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen ? Abiitan Mill
5/23 at 100.00
N/R
766,343
   
City Project, Series 2015, 5.250%, 11/01/45
     
1,000
 
Moorhead Economic Development Authority, Minnesota, Multifamily Revenue Bonds, Eventide Senior
5/16 at 100.00
N/R
1,000,850
   
Housing, Series 2006A, 5.150%, 6/01/29
     
660
 
Owatonna, Minnesota, Housing and Health Care Revenue Bonds, Ecumen Second Century & Owatonna
9/18 at 100.00
N/R
666,382
   
Senior Living Project, Refunding Series 2014B, 4.500%, 9/01/44 (Mandatory put 9/01/24)
     
500
 
Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care
5/23 at 100.00
N/R
520,550
   
Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48
     
1,251
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds,
4/17 at 100.00
N/R
1,270,407
   
Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33
     
900
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Rossy & Richard
10/17 at 100.00
N/R
912,204
   
Shaller Family Sholom East Campus, Series 2007A, 5.250%, 10/01/42
     
100
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care
No Opt. Call
N/R
103,083
   
Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42
     
585
 
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd
1/23 at 100.00
N/R
598,882
   
Lutheran 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
357,618
   
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
1,062,870
   
Project, Series 2011A, 7.000%, 9/01/46
     
13,126
 
Total Long-Term Care
   
13,465,837
   
Materials – 2.5% (1.7% of Total Investments)
     
2,650
 
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul
10/22 at 100.00
BBB–
2,135,238
   
Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax)
     
   
Tax Obligation/General – 15.5% (10.5% of Total Investments)
     
300
 
Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds,
2/25 at 67.23
AA+
154,080
   
School Building Series 2015A, 0.000%, 2/01/35
     
1,000
 
Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, General
2/25 at 100.00
Aa2
1,060,850
   
Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36
     
1,000
 
Delano Independent School District 879, Minnesota, General Obligation Bonds, Refunding School
2/26 at 100.00
Aa2
956,400
   
Building Series 2016A, 3.000%, 2/01/35
     
620
 
Fridley Independent School District 14, Anoka County, Minnesota, General Obligation Bonds,
2/26 at 100.00
Aa2
779,371
   
Alternative Facility, Series 2016B, 5.000%, 2/01/27
     
1,000
 
Hennepin County, Minnesota, General Obligation Bonds, Refunding Series 2008D, 5.000%, 12/01/25
12/16 at 100.00
AAA
1,035,220
   
Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School
     
   
Building Series 2015A:
     
940
 
0.000%, 2/01/37
No Opt. Call
Aa2
385,127
1,075
 
0.000%, 2/01/38
No Opt. Call
Aa2
420,121
1,500
 
Independent School District 2310(Sibley East), Minnesota, General Obligation School Building
2/25 at 100.00
Aa2
1,574,625
   
Bonds, Series 2015A, 4.000%, 2/01/40
     
1,500
 
Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building
2/24 at 100.00
AA+
1,671,045
   
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+
1,038,530
   
Series 2007-2A, 5.125%, 6/01/22 (Alternative Minimum Tax)
     
1,000
 
Moorhead Independent School District 152, Clay County, Minnesota, General Obligation Bonds,
2/26 at 100.00
Aa2
954,180
   
Refunding School Building Series 2016A, 3.000%, 2/01/36
     
350
 
Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation
2/25 at 100.00
Aa2
353,332
   
Bonds, Series 2015A, 3.125%, 2/01/34
     
1,000
 
Saint James Independent School District 840, Minnesota, General Obligation Bonds, School
2/26 at 100.00
AA+
1,066,650
   
Building Series 2015B, 4.000%, 2/01/45
     
1,970
 
Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation Bonds,
2/23 at 100.00
AAA
2,077,798
   
School Building Series 2014A, 3.500%, 2/01/31
     
14,255
 
Total Tax Obligation/General
   
13,527,329
   
Tax Obligation/Limited – 12.6% (8.5% of Total Investments)
     
1,000
 
Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation,
2/23 at 100.00
A+
1,045,500
   
Series 2015A, 4.000%, 2/01/41
     
1,600
 
Duluth Independent School District 709, Minnesota, Certificates of Participation, Capital
2/22 at 77.70
Aa2
1,057,600
   
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
125,334
   
2015, 4.000%, 3/01/30
     
500
 
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015,
3/24 at 100.00
N/R
536,300
   
5.000%, 3/01/29
     
2,230
 
Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011,
8/21 at 100.00
AA
2,535,242
   
5.000%, 8/01/31
     
520
 
Moorhead, Minnesota, Golf Course Revenue Refunding Bonds, Series 1998B, 5.875%, 12/01/21
5/16 at 100.00
N/R
520,224
1,000
 
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota,
2/25 at 100.00
A1
1,023,990
   
Certificates of Participation, Series 2015A, 3.750%, 2/01/36
     
750
 
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota,
2/25 at 100.00
A1
772,845
   
Certificates of Participation, Series 2015B, 4.000%, 2/01/42
     
   
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
463,995
895
 
5.250%, 4/01/43
4/23 at 100.00
N/R
903,923
500
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Facility Lease Revenue
12/17 at 100.00
AA+
528,295
   
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
478,728
130
 
5.000%, 3/01/29
No Opt. Call
N/R
137,549
800
 
Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33
11/24 at 100.00
A+
825,488
10,955
 
Total Tax Obligation/Limited
   
10,955,013
   
Transportation – 1.3% (0.9% of Total Investments)
     
225
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,
1/20 at 100.00
A+
241,630
   
Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax)
     
800
 
St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking
8/18 at 102.00
A+
881,240
   
Facilities Project, Refunding Series 2010A, 5.000%, 8/01/30
     
1,025
 
Total Transportation
   
1,122,870
   
U.S. Guaranteed – 12.8% (8.7% of Total Investments) (4)
     
1,600
 
Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General
2/18 at 100.00
Aa2 (4)
1,717,216
   
Obligation Bonds, Series 2008A, 4.750%, 2/01/24 (Pre-refunded 2/01/18)
     
85
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series
11/18 at 100.00
AA (4)
98,023
   
2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured
     
2,675
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare
11/18 at 100.00
A+ (4)
3,093,798
   
Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18)
     
1,000
 
Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010,
8/18 at 100.00
BBB+ (4)
1,084,610
   
4.250%, 8/01/20 (Pre-refunded 8/01/18)
     
1,000
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas,
4/17 at 100.00
A2 (4)
1,051,910
   
Series 2009-6X, 5.250%, 4/01/39 (Pre-refunded 4/01/17)
     
2,215
 
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health
7/19 at 100.00
Aaa
2,571,925
   
Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19)
     
1,430
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds,
11/16 at 100.00
Aaa
1,479,921
   
HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 (Pre-refunded 11/15/16)
     
10,005
 
Total U.S. Guaranteed
   
11,097,403
   
Utilities – 18.4% (12.5% of Total Investments)
     
500
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A,
10/24 at 100.00
A2
527,510
   
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
323,124
1,000
 
5.000%, 1/01/20 – AGC Insured
1/18 at 100.00
AA
1,071,170
1,000
 
5.000%, 1/01/21 – AGC Insured
1/18 at 100.00
AA
1,074,400
   
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–
8,276,551
1,100
 
0.000%, 1/01/23 – NPFG Insured
No Opt. Call
AA–
961,004
3,070
 
0.000%, 1/01/24 – NPFG Insured
No Opt. Call
AA–
2,601,211
135
 
0.000%, 1/01/26 – NPFG Insured
No Opt. Call
AA–
107,016
1,000
 
Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A,
1/24 at 100.00
Aa3
1,057,180
   
4.000%, 1/01/40
     
16,705
 
Total Utilities
   
15,999,166
   
Water and Sewer – 5.7% (3.8% 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+
1,569,762
1,800
 
0.000%, 10/01/22
4/19 at 85.14
AA+
1,486,674
1,800
 
0.000%, 10/01/23
4/19 at 80.85
AA+
1,402,722
415
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
7/26 at 100.00
A–
465,530
   
Series 2016, 5.000%, 1/01/46
     
5,815
 
Total Water and Sewer
   
4,924,688
$ 126,255
 
Total Long-Term Investments (cost $118,881,872)
   
128,149,415
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (50.7)% (5)
   
(44,100,000)
   
Other Assets Less Liabilities – 3.4%
   
2,963,004
   
Net Assets Applicable to Common Shares – 100%
   
$  87,012,419

 
 

 
 
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 risk 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
$ —
$128,149,415
$ —
$128,149,415
 
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 29, 2016, the cost of investments was $118,771,214.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of February 29, 2016, were as follows:
   
Gross unrealized:
 
Appreciation
$9,955,487
Depreciation
(577,286)
Net unrealized appreciation (depreciation) of investments
$9,378,201
 
(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 Preference as a percentage of Total
   
Investments is 34.4%.

 
 
 

 
 
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, 2016        
 
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, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         April 29, 2016