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)
Registrants 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
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
NMS | Nuveen Minnesota Quality Municipal Income Fund (continued) |
Portfolio of Investments August 31, 2018 | |
(Unaudited) |
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. |
Item 2. Controls and Procedures.
a. | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants 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 registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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 |
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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants 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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
Date: October 30, 2018
/s/ Stephen D. Foy | ||||
Stephen D. Foy | ||||
Vice President and Controller | ||||
(principal financial officer) |