N-Q 1 nq.htm NMS



 
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 Quality 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)
 

Gifford R. Zimmerman
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:         2/28/17         
 
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 Quality Municipal Income Fund (NMS) 
 
 
 
 
 
February 28, 2017 (Unaudited) 
 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 163.1% (100.0% of Total Investments) 
 
 
 
           
 
 
MUNICIPAL BONDS – 163.1% (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 
6/20 at 100.00 
BBB+ 
$ 756,259 
 
 
Project, Series 2010, 5.650%, 6/01/27 
 
 
 
 
 
Education and Civic Organizations – 30.4% (18.6% of Total Investments) 
 
 
 
390 
 
Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 
6/20 at 102.00 
BBB– 
407,390 
 
 
2012A, 5.000%, 6/01/43 
 
 
 
50 
 
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, 
7/24 at 102.00 
N/R 
48,490 
 
 
Series 2016A, 5.000%, 7/01/36 
 
 
 
830 
 
City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy 
12/20 at 102.00 
BBB– 
855,581 
 
 
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+ 
255,400 
 
 
2015A, 5.250%, 7/01/40 
 
 
 
1,000 
 
Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public 
11/18 at 102.00 
BB+ 
1,027,260 
 
 
Schools Academy, Series 2010A, 5.600%, 11/01/30 
 
 
 
570 
 
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language 
8/22 at 102.00 
BB+ 
609,860 
 
 
Academy, Series 2014A, 5.750%, 8/01/44 
 
 
 
100 
 
Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing 
7/26 at 100.00 
N/R 
86,564 
 
 
Arts Project, Series 2016A, 5.000%, 7/01/47 
 
 
 
2,200 
 
Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A, 
7/24 at 100.00 
BB+ 
2,173,996 
 
 
5.000%, 7/01/44 
 
 
 
1,575 
 
Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, 
7/26 at 100.00 
N/R 
1,459,222 
 
 
Series 2016A, 5.000%, 7/01/46 
 
 
 
1,425 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, 
7/23 at 100.00 
BB 
1,502,306 
 
 
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 
501,660 
1,000 
 
5.500%, 5/01/27 
5/17 at 100.00 
N/R 
1,002,840 
200 
 
5.500%, 5/01/37 
5/17 at 100.00 
N/R 
200,128 
305 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, 
3/26 at 100.00 
Baa1 
305,458 
 
 
Series 2016-8K, 4.000%, 3/01/43 
 
 
 
600 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 
5/21 at 100.00 
Aa3 
589,872 
 
 
2012-7S, 3.250%, 5/01/36 
 
 
 
500 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Series 
10/26 at 100.00 
A1 
519,795 
 
 
2016-8-N, 4.000%, 10/01/35 
 
 
 
2,000 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, 
10/19 at 100.00 
A2 
2,156,820 
 
 
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+ 
710,259 
 
 
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– 
476,154 
 
 
2004A, 5.500%, 12/01/33 
 
 
 
310 
 
Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck Saint Mary’s School 
No Opt. Call 
BB 
326,675 
 
 
Project, Series 2015, 5.000%, 8/01/22 
 
 
 
500 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, 
9/20 at 101.00 
BB+ 
500,470 
 
 
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– 
1,212,233 
 
 
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 
362,920 
510 
 
5.375%, 7/01/50 
7/25 at 100.00 
BB 
515,253 
1,680 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, 
7/23 at 100.00 
BB+ 
1,704,494 
 
 
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 
511,295 
 
 
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– 
391,115 
 
 
Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43 
 
 
 
1,000 
 
Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A, 
10/26 at 100.00 
N/R 
906,750 
 
 
5.000%, 10/01/41 
 
 
 
800 
 
St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher 
12/22 at 100.00 
BBB– 
825,064 
 
 
Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33 
 
 
 
500 
 
University of Minnesota, General Obligation Bonds, Series 2014B, 4.000%, 1/01/34 
1/24 at 100.00 
Aa1 
528,165 
2,000 
 
University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29 
12/20 at 100.00 
Aa1 
2,272,900 
24,300 
 
Total Education and Civic Organizations 
 
 
24,946,389 
 
 
Health Care – 24.4% (15.0% of Total Investments) 
 
 
 
1,000 
 
Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, 
6/17 at 100.00 
N/R 
1,002,050 
 
 
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 
414,016 
230 
 
4.000%, 4/01/31 
4/22 at 100.00 
BBB 
237,047 
 
 
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 
20,140 
1,000 
 
5.250%, 5/01/25 
5/17 at 100.00 
Baa1 
1,005,830 
500 
 
Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health 
9/25 at 100.00 
Baa1 
503,590 
 
 
Care, Series 2015, 4.000%, 9/01/35 
 
 
 
300 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 
11/18 at 100.00 
AA 
323,856 
 
 
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+ 
268,299 
1,000 
 
5.000%, 11/15/44 
11/25 at 100.00 
A+ 
1,103,080 
3,750 
 
Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, 
2/18 at 100.00 
AA 
3,830,400 
 
 
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 
701,665 
 
 
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 
246,137 
190 
 
4.750%, 12/01/27 
12/20 at 100.00 
N/R 
195,673 
160 
 
5.000%, 12/01/28 
12/20 at 100.00 
N/R 
164,813 
310 
 
5.400%, 12/01/33 
12/20 at 100.00 
N/R 
321,042 
30 
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 
5/20 at 100.00 
A1 
32,535 
 
 
2010A, 5.125%, 5/01/30 
 
 
 
500 
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 
5/26 at 100.00 
A1 
514,305 
 
 
4.000%, 5/01/37 
 
 
 
3,920 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, 
7/25 at 100.00 
A 
3,983,857 
 
 
HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 
 
 
 
1,625 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina 
11/19 at 100.00 
AA– 
1,788,150 
 
 
Health System, Series 2009A-1, 5.250%, 11/15/29 
 
 
 
1,000 
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp 
4/17 at 100.00 
N/R 
1,000,260 
 
 
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 
798,285 
630 
 
5.000%, 9/01/34 
9/24 at 100.00 
A 
692,792 
 
 
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast 
 
 
 
 
 
Inc., Series 2015A: 
 
 
 
225 
 
5.000%, 11/15/23 
No Opt. Call 
BBB– 
259,695 
580 
 
5.000%, 11/15/44 
11/25 at 100.00 
BBB– 
616,140 
19,350 
 
Total Health Care 
 
 
20,023,657 
 
 
Housing/Multifamily – 4.9% (3.0% of Total Investments) 
 
 
 
1,700 
 
Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments Project, 
6/20 at 100.00 
Aaa 
1,785,918 
 
 
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+ 
379,559 
1,700 
 
5.450%, 8/01/41 
8/21 at 100.00 
AA+ 
1,812,489 
3,755 
 
Total Housing/Multifamily 
 
 
3,977,966 
 
 
Housing/Single Family – 1.8% (1.1% of Total Investments) 
 
 
 
119 
 
Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, 
3/17 at 100.00 
AA+ 
121,540 
 
 
City Living Series 2006A-4, 5.000%, 11/01/38 (Alternative Minimum Tax) 
 
 
 
185 
 
Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities 
7/21 at 100.00 
Aaa 
196,453 
 
 
Program, Series 2011D, 4.700%, 1/01/31 
 
 
 
170 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2008B, 
1/18 at 100.00 
AA+ 
175,119 
 
 
5.650%, 7/01/33 (Alternative Minimum Tax) 
 
 
 
555 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2009E, 
7/19 at 100.00 
AA+ 
577,694 
 
 
5.100%, 1/01/40 
 
 
 
75 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 
1/23 at 100.00 
AA+ 
74,338 
 
 
3.900%, 7/01/43 
 
 
 
65 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 
7/24 at 100.00 
AA+ 
65,501 
 
 
3.500%, 1/01/32 
 
 
 
225 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 
7/25 at 100.00 
AA+ 
227,869 
 
 
3.300%, 7/01/29 
 
 
 
1,394 
 
Total Housing/Single Family 
 
 
1,438,514 
 
 
Industrials – 2.6% (1.6% of Total Investments) 
 
 
 
 
 
Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund 
 
 
 
 
 
Series 2013-1: 
 
 
 
1,400 
 
4.500%, 6/01/33 
6/21 at 100.00 
A+ 
1,461,642 
600 
 
4.750%, 6/01/39 
6/21 at 100.00 
A+ 
631,590 
2,000 
 
Total Industrials 
 
 
2,093,232 
 
 
Long-Term Care – 16.4% (10.0% 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 
801,353 
 
 
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 
380,980 
 
 
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 
520,135 
 
 
Series 2011, 5.000%, 11/01/41 
 
 
 
875 
 
Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding 
3/20 at 100.00 
N/R 
883,225 
 
 
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 
174,295 
850 
 
5.250%, 1/01/46 
1/23 at 100.00 
N/R 
828,980 
400 
 
Cottage Grove, Minnesota, Senior Housing Revenue Bonds, PHS/Cottage Grove, Inc., Project, 
4/17 at 100.00 
N/R 
400,156 
 
 
Series 2006A, 5.000%, 12/01/31 
 
 
 
500 
 
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker 
8/22 at 100.00 
N/R 
468,110 
 
 
Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51 
 
 
 
1,350 
 
Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 
11/22 at 100.00 
N/R 
1,363,028 
 
 
2012, 4.750%, 11/15/28 
 
 
 
750 
 
Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen Abiitan Mill City 
5/23 at 100.00 
N/R 
747,735 
 
 
Project, Series 2015, 5.250%, 11/01/45 
 
 
 
1,000 
 
Moorhead Economic Development Authority, Minnesota, Multifamily Revenue Bonds, Eventide Senior 
4/17 at 100.00 
N/R 
1,000,510 
 
 
Housing, Series 2006A, 5.150%, 6/01/29 
 
 
 
1,300 
 
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home 
12/17 at 100.00 
N/R 
1,214,460 
 
 
Project, Series 2016B, 2.000%, 6/01/49 
 
 
 
500 
 
Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care 
5/23 at 100.00 
N/R 
495,095 
 
 
Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48 
 
 
 
1,210 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, 
10/17 at 100.00 
N/R 
1,210,748 
 
 
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 
902,592 
 
 
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 
11/20 at 100.00 
N/R 
100,012 
 
 
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 
580,098 
 
 
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 
348,371 
 
 
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 
1,035,640 
 
 
Project, Series 2011A, 7.000%, 9/01/46 
 
 
 
13,510 
 
Total Long-Term Care 
 
 
13,455,523 
 
 
Materials – 2.6% (1.6% of Total Investments) 
 
 
 
2,650 
 
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul 
10/22 at 100.00 
BBB– 
2,154,318 
 
 
Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax) 
 
 
 
 
 
Tax Obligation/General – 21.4% (13.1% of Total Investments) 
 
 
 
1,000 
 
Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation 
2/27 at 100.00 
AA+ 
1,048,140 
 
 
Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40 (WI/DD, Settling 3/23/17) 
 
 
 
300 
 
Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds, 
2/25 at 67.23 
AA+ 
153,036 
 
 
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 
1,028,040 
 
 
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 
928,880 
 
 
Building Series 2016A, 3.000%, 2/01/35 
 
 
 
300 
 
East Central Independent School District 2580, Pine County, Minnesota, General Obligation 
2/26 at 100.00 
Aa2 
271,716 
 
 
Bonds, Refunding Series 2016A, 3.000%, 2/01/37 
 
 
 
1,085 
 
Ely Housing and Redevelopment Authority, Minnesota, Governmental Housing Revenue Bonds, Saint 
11/24 at 100.00 
AA+ 
938,905 
 
 
Louis County General Obligation, Refunding Series 2016A, 3.000%, 11/01/41 
 
 
 
700 
 
Forest Lake Independent School District 831, Washington County, Minnesota, General Obligation 
2/26 at 100.00 
AA+ 
653,912 
 
 
Bonds, School Building Series 2016A, 3.125%, 2/01/39 
 
 
 
620 
 
Fridley Independent School District 14, Anoka County, Minnesota, General Obligation Bonds, 
2/26 at 100.00 
Aa2 
742,462 
 
 
Alternative Facility, Series 2016B, 5.000%, 2/01/27 
 
 
 
 
 
Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School 
 
 
 
 
 
Building Series 2015A: 
 
 
 
940 
 
0.000%, 2/01/37 
2/24 at 56.07 
Aa2 
392,046 
1,075 
 
0.000%, 2/01/38 
2/24 at 53.49 
Aa2 
427,657 
1,500 
 
Independent School District 2310(Sibley East), Minnesota, General Obligation School Building 
2/25 at 100.00 
Aa2 
1,535,820 
 
 
Bonds, Series 2015A, 4.000%, 2/01/40 
 
 
 
500 
 
Little Falls Independent School District 482, Minnesota, General Obligation Bonds, Series 
8/26 at 100.00 
Aa2 
414,645 
 
 
2016A, 2.625%, 2/01/37 
 
 
 
1,500 
 
Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building 
2/24 at 100.00 
AA+ 
1,612,575 
 
 
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+ 
1,007,020 
 
 
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 
918,930 
 
 
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 
346,094 
 
 
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+ 
1,046,620 
 
 
Building Series 2015B, 4.000%, 2/01/45 
 
 
 
1,000 
 
Sartell Independent School District 748, Stearns County, Minnesota, General Obligation Bonds, 
2/25 at 62.98 
Aa2 
415,250 
 
 
School Building Capital Appreciation Series 2016B, 0.000%, 2/01/39 
 
 
 
1,730 
 
Spring Lake Independent School District 16, Anoka County, Minnesota, General Obligation Bonds, 
2/26 at 100.00 
Aa2 
1,626,546 
 
 
Refunding School Building Series 2016A, 3.000%, 2/01/35 
 
 
 
1,970 
 
Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation Bonds, 
2/23 at 100.00 
AAA 
2,017,694 
 
 
School Building Series 2014A, 3.500%, 2/01/31 
 
 
 
19,570 
 
Total Tax Obligation/General 
 
 
17,525,988 
 
 
Tax Obligation/Limited – 12.6% (7.7% of Total Investments) 
 
 
 
1,000 
 
Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation, 
2/23 at 100.00 
A+ 
1,026,520 
 
 
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 
1,068,912 
 
 
Appreciation Series 2012A, 0.000%, 2/01/28 
 
 
 
125 
 
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 
3/23 at 100.00 
N/R 
121,341 
 
 
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 
517,100 
 
 
5.000%, 3/01/29 
 
 
 
2,230 
 
Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 
8/21 at 100.00 
AA 
2,474,720 
 
 
5.000%, 8/01/31 
 
 
 
1,000 
 
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, 
2/25 at 100.00 
A1 
994,880 
 
 
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 
759,135 
 
 
Certificates of Participation, Series 2015B, 4.000%, 2/01/42 
 
 
 
 
 
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 
164,224 
500 
 
4.000%, 2/01/38 
2/25 at 100.00 
A1 
503,030 
 
 
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 
456,169 
895 
 
5.250%, 4/01/43 
4/23 at 100.00 
N/R 
881,208 
 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment 
 
 
 
 
 
Revenue Refunding Bonds, Series 2012: 
 
 
 
450 
 
5.000%, 9/01/26 
3/20 at 102.00 
N/R 
464,283 
130 
 
5.000%, 3/01/29 
3/20 at 102.00 
N/R 
133,237 
800 
 
Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33 
11/24 at 100.00 
A+ 
803,320 
10,580 
 
Total Tax Obligation/Limited 
 
 
10,368,079 
 
 
Transportation – 3.4% (2.1% of Total Investments) 
 
 
 
1,500 
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/27 at 100.00 
AA– 
1,710,030 
 
 
Senior Lien Series 2016C, 5.000%, 1/01/46 
 
 
 
225 
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/20 at 100.00 
A+ 
234,448 
 
 
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+ 
853,096 
 
 
Facilities Project, Refunding Series 2010A, 5.000%, 8/01/30 
 
 
 
2,525 
 
Total Transportation 
 
 
2,797,574 
 
 
U.S. Guaranteed – 11.7% (7.2% of Total Investments) (4) 
 
 
 
1,600 
 
Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General 
2/18 at 100.00 
Aa2 (4) 
1,655,088 
 
 
Obligation Bonds, Series 2008A, 4.750%, 2/01/24 (Pre-refunded 2/01/18) 
 
 
 
2,675 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare 
11/18 at 100.00 
A+ (4) 
2,932,897 
 
 
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 
N/R (4) 
1,047,490 
 
 
4.250%, 8/01/20 (Pre-refunded 8/01/18) 
 
 
 
500 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, 
4/17 at 100.00 
A2 (4) 
502,150 
 
 
Series 2009-6X, 5.250%, 4/01/39 (Pre-refunded 4/01/17) 
 
 
 
470 
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 
5/20 at 100.00 
Aaa 
526,983 
 
 
2010A, 5.125%, 5/01/30 (Pre-refunded 5/01/20) 
 
 
 
2,215 
 
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health 
7/19 at 100.00 
Aaa 
2,455,150 
 
 
Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
500 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Facility Lease Revenue 
12/17 at 100.00 
AA+ (4) 
516,150 
 
 
Bonds, Jimmy Lee Recreational Center, Series 2008, 5.000%, 12/01/32 (Pre-refunded 12/01/17) 
 
 
 
8,960 
 
Total U.S. Guaranteed 
 
 
9,635,908 
 
 
Utilities – 24.0% (14.7% of Total Investments) 
 
 
 
500 
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 
10/24 at 100.00 
A2 
513,840 
 
 
4.000%, 10/01/33 
 
 
 
965 
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/35 
10/26 at 100.00 
A2 
1,101,470 
 
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding 
 
 
 
 
 
Series 2008A: 
 
 
 
300 
 
5.000%, 1/01/18 – AGC Insured 
No Opt. Call 
AA 
310,623 
1,000 
 
5.000%, 1/01/20 – AGC Insured 
1/18 at 100.00 
AA 
1,032,050 
1,000 
 
5.000%, 1/01/21 – AGC Insured 
1/18 at 100.00 
AA 
1,031,880 
1,170 
 
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/42 
12/26 at 100.00 
Aa3 
1,345,266 
 
 
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– 
8,356,618 
1,100 
 
0.000%, 1/01/23 – NPFG Insured 
No Opt. Call 
AA– 
961,609 
3,070 
 
0.000%, 1/01/24 – NPFG Insured 
No Opt. Call 
AA– 
2,596,238 
135 
 
0.000%, 1/01/26 – NPFG Insured 
No Opt. Call 
AA– 
107,199 
 
 
Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A: 
 
 
 
1,000 
 
4.000%, 1/01/40 
1/24 at 100.00 
Aa3 
1,020,980 
1,200 
 
5.000%, 1/01/46 
1/24 at 100.00 
Aa3 
1,328,616 
20,040 
 
Total Utilities 
 
 
19,706,389 
 
 
Water and Sewer – 6.0% (3.7% 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+ 
1,574,370 
1,800 
 
0.000%, 10/01/22 
4/19 at 85.14 
AA+ 
1,494,378 
1,800 
 
0.000%, 10/01/23 
4/19 at 80.85 
AA+ 
1,414,188 
415 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/26 at 100.00 
A– 
437,788 
 
 
Series 2016, 5.000%, 1/01/46 
 
 
 
5,815 
 
Total Water and Sewer 
 
 
4,920,724 
$ 135,149 
 
Total Long-Term Investments (cost $129,559,480) 
 
 
133,800,520 
 
 
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (64.4)% (5) 
 
 
(52,787,075) 
 
 
Other Assets Less Liabilities – 1.3% 
 
 
1,008,174 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$ 82,021,619 
 

 
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 
$ — 
$133,800,520 
$ — 
$133,800,520 
 
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, 2017, the cost of investments was $129,477,700.
Gross unrealized appreciation and gross unrealized depreciation of investments as of February 28, 2017, were as follows:
   
Gross unrealized: 
 
Appreciation 
$ 5,908,871 
Depreciation 
(1,586,051) 
Net unrealized appreciation (depreciation) of investments 
$ 4,322,820 
 
(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. 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, net of deferred offering costs as a percentage of Total 
 
 
Investments is 39.5%. 
(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 Quality Municipal Income Fund 
 
By (Signature and Title) /s/ Gifford R. Zimmerman            
       Gifford R. Zimmerman
     Vice President and Secretary
                                         
Date:         April 28, 2017        
 
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/ Cedric H. Antosiewicz            
       Cedric H. Antosiewicz
     Chief Administrative Officer (principal executive officer)
                        
Date:         April 28, 2017        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         April 28, 2017