0001193125-18-311534.txt : 20181030 0001193125-18-311534.hdr.sgml : 20181030 20181030111806 ACCESSION NUMBER: 0001193125-18-311534 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180831 FILED AS OF DATE: 20181030 DATE AS OF CHANGE: 20181030 EFFECTIVENESS DATE: 20181030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen Minnesota Quality Municipal Income Fund CENTRAL INDEX KEY: 0001607997 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-22967 FILM NUMBER: 181145945 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: Nuveen Minnesota Municipal Income Fund DATE OF NAME CHANGE: 20140513 N-Q 1 d626540dnq.htm NUVEEN MINNESOTA QUALITY MUNICIPAL INCOME FUND Nuveen Minnesota Quality Municipal Income Fund

 

 

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:       May 31      

Date of reporting period: August 31, 2018

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

 

 

NMS
Nuveen Minnesota Quality Municipal Income Fund
Portfolio of Investments    August 31, 2018
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 160.5% (99.2% of Total Investments)        
    MUNICIPAL BONDS – 160.5% (99.2% of Total Investments)        
    Consumer Staples  – 0.9% (0.5% of Total Investments)        
$ 700   Moorhead, Minnesota, Recovery Zone Facility Revenue Bonds, American Crystal Sugar Company Project, Series 2010, 5.650%, 6/01/27   6/20 at 100.00 BBB+ $ 731,409
    Education and Civic Organizations – 25.2% (15.6% of Total Investments)        
50   City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A, 5.000%, 7/01/36   7/24 at 102.00 N/R 50,969
830   City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/43   12/20 at 102.00 BBB- 863,698
250   Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A, 5.250%, 7/01/40   7/25 at 100.00 BB+ 263,295
1,000   Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.600%, 11/01/30   11/18 at 102.00 BB+ 1,022,830
570   Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44   8/22 at 102.00 BB+ 605,870
100   Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A, 5.000%, 7/01/47   7/26 at 100.00 N/R 96,013
2,200   Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A, 5.000%, 7/01/44   7/24 at 100.00 BB+ 2,262,458
1,575   Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A, 5.000%, 7/01/46   7/26 at 100.00 N/R 1,565,518
1,425   Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A, 6.000%, 7/01/43   7/23 at 100.00 BB+ 1,502,734
    Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017:        
250   5.000%, 5/01/37   5/27 at 100.00 BBB- 274,260
1,500   5.000%, 5/01/47   5/27 at 100.00 BBB- 1,629,330
1,460   Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017, 4.000%, 3/01/41   3/27 at 100.00 Aa2 1,516,473
305   Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2016-8K, 4.000%, 3/01/43   3/26 at 100.00 Baa1 308,346
600   Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 2012-7S, 3.250%, 5/01/36   5/21 at 100.00 Aa3 597,588
225   Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Refunding Series 2018A, 5.000%, 10/01/45 (WI/DD, Settling 9/13/18)   10/28 at 100.00 Baa1 252,574
705   Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/44   9/24 at 100.00 BB 706,805
450   Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Series 2004A, 5.500%, 12/01/33   12/21 at 100.00 BBB- 469,867
1

NMS Nuveen Minnesota Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$ 300   Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck, Saint Mary's School Project, Series 2015, 5.000%, 8/01/22, 144A   No Opt. Call BB+ $316,470
500   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong Education Reform Company, Series 2012A, 5.250%, 9/01/32   9/20 at 101.00 BB+ 512,015
1,100   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 6.375%, 9/01/31   9/21 at 100.00 BBB- 1,204,049
    Saint Paul Housing & 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 370,130
510   5.375%, 7/01/50   7/25 at 100.00 BB 524,163
1,680   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44   7/23 at 100.00 BB+ 1,703,587
390   Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43   3/23 at 100.00 BB+ 370,005
1,000   Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A, 5.000%, 10/01/41   10/26 at 100.00 N/R 926,430
800   St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33   12/22 at 100.00 BBB- 834,984
500   University of Minnesota, General Obligation Bonds, Series 2014B, 4.000%, 1/01/34   1/24 at 100.00 Aa1 524,160
20,635   Total Education and Civic Organizations       21,274,621
    Health Care – 28.4% (17.6% of Total Investments)        
250   Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Refunding Series 2016, 4.000%, 3/01/32   3/26 at 100.00 N/R 252,095
180   City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2017, 5.000%, 4/01/41   4/27 at 100.00 BBB 194,168
1,000   Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/29   11/18 at 100.00 N/R 1,000,330
    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 409,760
230   4.000%, 4/01/31   4/22 at 100.00 BBB 234,135
500   Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health Care, Series 2015, 4.000%, 9/01/35   9/25 at 100.00 Baa1 507,930
    Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2017:        
200   5.000%, 5/01/31   5/27 at 100.00 Baa1 226,052
165   5.000%, 5/01/32   5/27 at 100.00 Baa1 185,698
300   Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38  –  AGC Insured   11/18 at 100.00 AA 302,892
2

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A:        
$ 265   4.000%, 11/15/40   11/25 at 100.00 A+ $271,824
1,000   5.000%, 11/15/44   11/25 at 100.00 A+ 1,108,710
3,750   Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2008E, 5.000%, 2/15/37  –  AGC Insured   11/18 at 100.00 AA 3,757,425
710   Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding Series 2013A, 4.400%, 12/01/33   12/20 at 100.00 N/R 699,108
    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 243,818
190   4.750%, 12/01/27   12/20 at 100.00 N/R 193,502
160   5.000%, 12/01/28   12/20 at 100.00 N/R 163,040
310   5.400%, 12/01/33   12/20 at 100.00 N/R 316,451
30   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30   5/20 at 100.00 AA- 31,569
635   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 4.000%, 5/01/37   5/26 at 100.00 AA- 660,470
4,000   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35   7/25 at 100.00 A+ 4,110,480
800   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29   11/19 at 100.00 AA- 837,320
    Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Fairview Health Services, Series 2017A:        
245   4.000%, 11/15/36   11/27 at 100.00 A+ 252,992
240   4.000%, 11/15/37   11/27 at 100.00 A+ 247,257
3,200   4.000%, 11/15/43   11/27 at 100.00 A+ 3,274,112
1,795   5.000%, 11/15/47   11/27 at 100.00 A+ 2,017,041
1,000   Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36   11/18 at 100.00 N/R 1,001,520
    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 792,196
630   5.000%, 9/01/34   9/24 at 100.00 A 685,623
23,190   Total Health Care       23,977,518
    Housing/Multifamily – 4.6% (2.9% of Total Investments)        
1,700   Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments Project, Series 2010, 4.500%, 6/01/26   6/20 at 100.00 Aaa 1,747,192
3

NMS Nuveen Minnesota Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Housing/Multifamily (continued)        
    Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011:        
$ 355   5.050%, 8/01/31   8/21 at 100.00 AA+ $373,176
1,700   5.450%, 8/01/41   8/21 at 100.00 AA+ 1,786,921
3,755   Total Housing/Multifamily       3,907,289
    Housing/Single Family – 1.8% (1.1% of Total Investments)        
30   Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (Alternative Minimum Tax)   10/18 at 100.00 AA+ 30,497
145   Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.700%, 1/01/31   7/21 at 100.00 Aaa 149,795
440   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2009E, 5.100%, 1/01/40   7/19 at 100.00 AA+ 445,025
55   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 3.900%, 7/01/43   1/23 at 100.00 AA+ 55,258
50   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.500%, 1/01/32   7/24 at 100.00 AA+ 50,737
170   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29   7/25 at 100.00 AA+ 171,758
425   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 3.200%, 7/01/30 (Alternative Minimum Tax)   1/27 at 100.00 AA+ 413,937
215   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2018A, 3.625%, 7/01/32 (Alternative Minimum Tax)   7/27 at 100.00 AA+ 214,181
1,530   Total Housing/Single Family       1,531,188
    Industrials – 2.5% (1.5% 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+ 1,460,774
600   4.750%, 6/01/39   6/21 at 100.00 A+ 629,484
2,000   Total Industrials       2,090,258
    Long-Term Care – 13.9% (8.6% of Total Investments)        
805   Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at Anoka, Inc. Project, Series 2014, 5.125%, 11/01/49   11/24 at 100.00 N/R 829,126
380   Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 4.000%, 11/01/39   11/24 at 100.00 Baa1 380,806
500   Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 5.000%, 11/01/41   11/19 at 100.00 Baa1 512,575
875   Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2013, 5.200%, 3/01/43   3/20 at 100.00 N/R 877,599
4

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care (continued)        
    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 $180,926
850   5.250%, 1/01/46   1/23 at 100.00 N/R 877,089
500   Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51, 144A   8/22 at 100.00 N/R 504,210
1,350   Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012, 4.750%, 11/15/28   11/22 at 100.00 N/R 1,350,931
750   Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen, Abiitan Mill City Project, Series 2015, 5.250%, 11/01/45   5/23 at 100.00 N/R 776,212
500   Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc. Project, Refunding Series 2017A, 5.000%, 8/01/48   8/25 at 100.00 N/R 514,380
1,300   Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 4.900%, 6/01/49   6/26 at 100.00 N/R 1,345,604
500   Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48   5/23 at 100.00 N/R 501,505
1,143   Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33   4/19 at 100.00 N/R 1,145,461
100   Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42   11/20 at 100.00 N/R 100,357
    Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes Bloomington Project, Refunding Series 2017:        
500   4.125%, 9/01/34   9/24 at 100.00 N/R 519,215
350   4.125%, 9/01/35   9/24 at 100.00 N/R 363,065
585   Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39   1/23 at 100.00 N/R 597,104
330   Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A, 6.000%, 5/01/47   5/19 at 102.00 N/R 341,580
11,493   Total Long-Term Care       11,717,745
    Materials – 3.0% (1.8% of Total Investments)        
2,650   Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax), 144A   10/22 at 100.00 BBB- 2,506,927
    Tax Obligation/General – 27.8% (17.2% of Total Investments)        
1,000   Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40   2/27 at 100.00 AAA 1,048,000
    Brainerd Independent School District 181, Crow Wing County, Minnesota, General Obligation Bonds, School Building Series 2018A:        
500   4.000%, 2/01/38   2/27 at 100.00 AAA 521,020
1,000   4.000%, 2/01/42   2/27 at 100.00 AAA 1,033,170
5

NMS Nuveen Minnesota Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 1,020   Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, Series 2018A, 4.000%, 2/01/43   2/27 at 100.00 Aa2 $1,045,612
    Buffalo, Minnesota, Water and Sewer Revenue Bonds, Series 2009B:        
1,800   0.000%, 10/01/21   4/19 at 89.45 AAA 1,595,844
1,800   0.000%, 10/01/22   4/19 at 85.14 AAA 1,518,498
1,800   0.000%, 10/01/23   4/19 at 80.85 AAA 1,441,368
300   Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds, School Building Series 2015A, 0.000%, 2/01/35   2/25 at 67.23 AAA 159,378
1,000   Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36   2/25 at 100.00 Aa2 1,030,760
250   Deer River, Minnesota, General Obligation Bonds, Series 2018B, 4.000%, 2/01/48   2/26 at 100.00 AAA 254,488
225   Delano Independent School District 879, Minnesota, General Obligation Bonds, Refunding School Building Series 2016A, 3.000%, 2/01/35   2/26 at 100.00 Aa2 213,206
    Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School Building Series 2015A:        
940   0.000%, 2/01/37   No Opt. Call Aa2 436,940
1,075   0.000%, 2/01/38   No Opt. Call Aa2 475,376
1,500   Independent School District 2310(Sibley East), Minnesota, General Obligation School Building Bonds, Series 2015A, 4.000%, 2/01/40   2/25 at 100.00 Aa2 1,539,195
2,000   Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/41   2/27 at 100.00 AAA 2,079,620
1,500   Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/30   2/24 at 100.00 AAA 1,585,815
1,000   Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Long-Term Facilities Maintenance Series 2017B, 4.000%, 2/01/38   2/28 at 100.00 AAA 1,057,010
1,000   Richfield Independent School District 280, Hennepin County, Minnesota, General Obligation Bonds, School Buildings Series 2018A, 4.000%, 2/01/40   2/27 at 100.00 AAA 1,040,550
1,000   Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, School Building Refunding Series 2018A, 4.000%, 2/01/35   2/27 at 100.00 Aa2 1,050,240
350   Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Series 2015A, 3.125%, 2/01/34   2/25 at 100.00 Aa2 338,523
1,000   Saint James Independent School District 840, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/45   2/26 at 100.00 AAA 1,041,630
1,000   Sartell Independent School District 748, Stearns County, Minnesota, General Obligation Bonds, School Building Capital Appreciation Series 2016B, 0.000%, 2/01/39   2/25 at 62.98 Aa2 447,530
1,970   Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2014A, 3.500%, 2/01/31   2/23 at 100.00 AAA 1,993,246
500   West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39   2/27 at 100.00 AAA 517,320
25,530   Total Tax Obligation/General       23,464,339
6

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited – 12.9% (8.0% of Total Investments)        
$ 1,000   Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation, Series 2015A, 4.000%, 2/01/41   2/23 at 100.00 A+ $1,021,450
1,600   Duluth Independent School District 709, Minnesota, Certificates of Participation, Capital Appreciation Series 2012A, 0.000%, 2/01/28  –  AGM Insured   2/22 at 77.70 Aa2 1,122,912
125   Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015, 4.000%, 3/01/30   3/23 at 100.00 N/R 126,486
500   Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015, 5.000%, 3/01/29   3/24 at 100.00 N/R 516,210
2,230   Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.000%, 8/01/31   8/21 at 100.00 AA+ 2,414,600
1,000   Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015A, 3.750%, 2/01/36   2/25 at 100.00 A2 1,002,800
750   Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015B, 4.000%, 2/01/42   2/25 at 100.00 A2 766,575
    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 163,041
500   4.000%, 2/01/38   2/25 at 100.00 A1 505,055
    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 458,899
895   5.250%, 4/01/43   4/23 at 100.00 N/R 897,694
    Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012:        
500   5.000%, 9/01/26   3/20 at 102.00 N/R 520,505
500   5.000%, 3/01/29   3/20 at 102.00 N/R 518,430
800   Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33   11/24 at 100.00 A+ 810,072
11,000   Total Tax Obligation/Limited       10,844,729
    Transportation – 2.4% (1.5% of Total Investments)        
1,600   Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C, 5.000%, 1/01/46   1/27 at 100.00 AA- 1,813,888
200   Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax)   1/20 at 100.00 A+ 204,082
1,800   Total Transportation       2,017,970
    U.S. Guaranteed – 15.1% (9.3% of Total Investments) (4)        
390   Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43 (Pre-refunded 6/01/20)   6/20 at 102.00 BBB- 418,961
2,675   Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18)   11/18 at 100.00 A+ 2,701,643
2,000   Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A, 5.000%, 10/01/39 (Pre-refunded 10/01/19)   10/19 at 100.00 A2 2,069,160
7

NMS Nuveen Minnesota Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (4) (continued)        
$ 470   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 (Pre-refunded 5/01/20)   5/20 at 100.00 Aaa $495,606
2,215   Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19)   7/19 at 100.00 Aaa 2,288,804
825   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29 (Pre-refunded 11/15/19)   11/19 at 100.00 N/R 859,064
580   St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, 5.000%, 11/15/44 (Pre-refunded 11/15/25)   11/25 at 100.00 A+ 680,334
2,000   University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29 (Pre-refunded 12/01/20)   12/20 at 100.00 Aa1 2,153,440
1,000   West St. Paul, Minnesota, Health Care Facilities Revenue Bonds, Walker Thompson Hill LLC Project, Series 2011A, 7.000%, 9/01/46 (Pre-refunded 9/01/19)   9/19 at 100.00 N/R 1,050,540
12,155   Total U.S. Guaranteed       12,717,552
    Utilities – 21.5% (13.3% of Total Investments)        
500   Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 4.000%, 10/01/33   10/24 at 100.00 A1 517,155
965   Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/35   10/26 at 100.00 A1 1,098,729
1,170   Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/42   12/26 at 100.00 Aa3 1,330,489
500   Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 4.000%, 10/01/42   10/27 at 100.00 A- 514,960
    Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A:        
8,600   0.000%, 1/01/19  –  NPFG Insured   No Opt. Call A+ 8,551,496
1,100   0.000%, 1/01/23  –  NPFG Insured   No Opt. Call A+ 992,651
3,070   0.000%, 1/01/24  –  NPFG Insured   No Opt. Call A+ 2,682,689
100   0.000%, 1/01/26  –  NPFG Insured   No Opt. Call A+ 81,168
    Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A:        
1,000   4.000%, 1/01/40   1/24 at 100.00 Aa3 1,022,100
1,200   5.000%, 1/01/46   1/24 at 100.00 Aa3 1,330,272
18,205   Total Utilities       18,121,709
    Water and Sewer – 0.5% (0.3% of Total Investments)        
415   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46   7/26 at 100.00 A- 452,213
$ 135,058   Total Long-Term Investments (cost $131,728,293)       135,355,467
    
8

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    SHORT-TERM INVESTMENTS – 1.3% (0.8% of Total Investments)        
    MUNICIPAL BONDS – 1.3% (0.8% of Total Investments)        
    Health Care – 1.3% (0.8% of Total Investments)        
$ 1,100   Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligation, Mayo Clinic Series 2008B, 1.540%, 11/15/38 (5)   11/18 at 100.00 A-1+ $ 1,100,000
$ 1,100   Total Short-Term Investments (cost $1,100,000)       1,100,000
    Total Investments (cost $132,828,293) – 161.8%       136,455,467
    Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (62.6)% (6)       (52,781,099)
    Other Assets Less Liabilities – 0.8%       670,173
    Net Asset Applicable to Common Shares – 100%       $ 84,344,541
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 $ — $135,355,467 $ — $135,355,467
Short-Term Investments:        
Municipal Bonds  — 1,100,000  — 1,100,000
Total $ — $136,455,467 $ — $136,455,467
9

NMS Nuveen Minnesota Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
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.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of August 31, 2018.
Tax cost of investments $132,755,312
Gross unrealized:  
Appreciation $ 4,181,774
Depreciation (481,619)
Net unrealized appreciation (depreciation) of investments $ 3,700,155
(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.  
(5) Investment has maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.  
(6) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 38.7%.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  
10

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: October 30, 2018

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: October 30, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: October 30, 2018      

 

 

 EX-99.CERT 2 d626540dex99cert.htm CERTIFICATIONS Certifications

CERTIFICATIONS

I, Cedric H. Antosiewicz, certify that:

 

  1.

I have reviewed this report on Form N-Q of Nuveen Minnesota Quality Municipal Income Fund;

 

  2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

  4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

  d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5.

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 30, 2018

 

               /s/ Cedric H. Antosiewicz               
   Cedric H. Antosiewicz   
   Chief Administrative Officer   
   (principal executive officer)   

 

 

CERTIFICATIONS

I, Stephen D. Foy, certify that:

 

  1.

I have reviewed this report on Form N-Q of Nuveen Minnesota Quality Municipal Income Fund;

 

  2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

  4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

  d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5.

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 30, 2018

 

               /s/ Stephen D. Foy               
   Stephen D. Foy   
   Vice President and Controller   
   (principal financial officer)