nq2.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-06383
 
Nuveen Michigan Quality Income Municipal Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

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

 
 
 
 
 
Item 1. Schedule of Investments
 
 

 
           
   
Portfolio of Investments
      
           
   
Nuveen Michigan Quality Income Municipal Fund (NUM)
      
   
May 31, 2015 (Unaudited)
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 147.3% (100.0% of Total Investments)
      
           
   
MUNICIPAL BONDS – 147.3% (100.0% of Total Investments)
      
           
   
Consumer Staples – 4.6% (3.1% of Total Investments)
      
$     7,100
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
6/17 at 100.00
B–
$    6,261,845
   
Senior Lien Series 2007A, 6.000%, 6/01/34
      
8,650
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
6/18 at 100.00
BB–
8,571,371
   
Series 2008A, 6.875%, 6/01/42
      
15,750
  
Total Consumer Staples
    
14,833,216
   
Education and Civic Organizations – 15.0% (10.2% of Total Investments)
      
1,220
  
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014,
10/24 at 100.00
Aa3
1,375,013
   
5.000%, 10/01/39
      
1,000
  
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36
11/16 at 100.00
B+
730,730
1,255
  
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005,
11/15 at 100.00
B–
905,081
   
5.750%, 11/01/30
      
500
  
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B,
12/24 at 100.00
A+
575,655
   
5.000%, 12/01/28
      
805
  
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning
10/21 at 100.00
BB–
847,319
   
Academy Project, Refunding Series 2011, 7.000%, 10/01/31
      
   
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds,
      
   
Kettering University, Series 2001:
      
1,685
  
5.500%, 9/01/17 – AMBAC Insured
9/15 at 100.00
N/R
1,687,308
1,170
  
5.000%, 9/01/26 – AMBAC Insured
9/15 at 100.00
N/R
1,170,211
240
  
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American
12/17 at 100.00
N/R
244,423
   
Montessori Academy, Series 2007, 6.500%, 12/01/37
      
5,000
  
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40
2/20 at 100.00
AA+
5,542,000
7,790
  
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41
8/23 at 100.00
AA+
8,699,716
3,175
  
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A,
10/21 at 100.00
A1
3,481,705
   
5.000%, 10/01/34
      
4,000
  
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44
4/24 at 100.00
AAA
4,507,680
5,000
  
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008, 5.000%,
No Opt. Call
AA
5,502,050
   
11/15/35 – AGM Insured
      
3,700
  
Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40
11/23 at 100.00
AA–
4,106,223
525
  
Western Michigan University, General Revenue Bonds, Refunding Series 2011, 5.000%, 11/15/31
11/21 at 100.00
A1
576,865
   
Western Michigan University, General Revenue Bonds, Refunding Series 2013:
      
750
  
5.250%, 11/15/33 – AGM Insured
11/23 at 100.00
AA
849,502
4,250
  
5.000%, 11/15/39 – AGM Insured
11/23 at 100.00
AA
4,683,882
   
Western Michigan University, General Revenue Bonds, Refunding Series 2015:
      
1,500
  
5.000%, 11/15/40
5/25 at 100.00
A1
1,661,220
1,135
  
5.000%, 11/15/45
5/25 at 100.00
A1
1,249,033
44,700
  
Total Education and Civic Organizations
    
48,395,616
   
Health Care – 20.6% (14.0% of Total Investments)
      
4,000
  
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson
7/21 at 100.00
AA–
4,423,320
   
Healthcare, Refunding Series 2011A, 5.000%, 7/01/29
      
1,800
  
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance
6/20 at 100.00
AA
1,963,548
   
Health, Refunding Series 2010A, 5.000%, 6/01/37 – AGM Insured
      
   
Kent Hospital Finance Authority, Michigan, Revenue Refunding Bonds, Spectrum Health System,
      
   
Refunding Series 2011C:
      
5,500
  
5.000%, 1/15/31
1/22 at 100.00
AA
6,035,150
2,000
  
5.000%, 1/15/42
1/22 at 100.00
AA
2,144,200
1,780
  
Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding
8/24 at 100.00
A1
1,938,990
   
Series 2015A, 5.000%, 8/01/33
      
5,505
  
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center,
No Opt. Call
BBB
5,816,032
   
Refunding Series 2012A, 5.000%, 6/01/39
      
4,015
  
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding
6/24 at 100.00
A+
4,349,249
   
Series 2014, 5.000%, 6/01/39
      
3,930
  
Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding Series
8/23 at 100.00
A1
4,284,368
   
2013, 5.000%, 8/15/31
      
3,750
  
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series
5/25 at 100.00
A+
4,060,350
   
2015, 5.000%, 11/15/45
      
3,000
  
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012,
11/22 at 100.00
A+
3,186,870
   
5.000%, 11/15/42
      
   
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:
      
1,000
  
5.000%, 11/01/25
11/22 at 100.00
A1
1,135,490
1,000
  
5.000%, 11/01/26
No Opt. Call
A1
1,126,960
3,750
  
5.000%, 11/01/42
11/22 at 100.00
A1
3,962,737
9,650
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
12/21 at 100.00
AA
10,639,028
   
5.000%, 12/01/39
      
   
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,
      
   
Refunding Series 2009:
      
150
  
5.000%, 11/15/20
11/19 at 100.00
A–
168,416
7,300
  
5.750%, 11/15/39
11/19 at 100.00
A–
8,167,897
2,000
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health
11/16 at 100.00
A–
2,088,260
   
System, Series 2006A, 5.250%, 11/15/46
      
1,000
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series
6/22 at 100.00
AA
1,071,470
   
2009C, 5.000%, 12/01/48
      
61,130
  
Total Health Care
    
66,562,335
   
Housing/Multifamily – 4.4% (3.0% of Total Investments)
      
2,675
  
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue
12/20 at 101.00
AA
2,888,438
   
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax)
      
695
  
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Breton Village Green
10/15 at 100.00
AA
701,742
   
Project, Series 1993, 5.625%, 10/15/18 – AGM Insured
      
810
  
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Walled Lake Villa
10/15 at 100.00
AA
811,847
   
Project, Series 1993, 6.000%, 4/15/18 – AGM Insured
      
   
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A:
      
1,395
  
3.375%, 11/01/16 (Alternative Minimum Tax)
11/15 at 100.00
AA
1,404,458
1,405
  
3.875%, 11/01/17 (Alternative Minimum Tax)
11/15 at 100.00
AA
1,414,498
2,300
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%,
7/15 at 100.00
AA
2,305,336
   
4/01/31 – AGM Insured (Alternative Minimum Tax)
      
1,825
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A,
10/20 at 100.00
AA
1,924,426
   
5.000%, 10/01/35
      
1,725
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2,
4/22 at 100.00
AA
1,776,370
   
4.625%, 10/01/41
      
1,000
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D,
No Opt. Call
AA
1,000,550
   
4.000%, 10/01/42
      
13,830
  
Total Housing/Multifamily
    
14,227,665
   
Housing/Single Family – 0.9% (0.7% of Total Investments)
      
2,495
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
6/20 at 100.00
AA+
2,631,901
   
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax)
      
380
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
6/21 at 100.00
AA+
394,201
   
2011A, 4.600%, 12/01/26
      
2,875
  
Total Housing/Single Family
    
3,026,102
   
Tax Obligation/General – 40.5% (27.5% of Total Investments)
      
2,310
  
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds,
5/22 at 100.00
Aa2
2,676,528
   
Refunding Series 2012, 5.000%, 5/01/29
      
2,200
  
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement
5/18 at 100.00
AA+
2,401,278
   
Series 2008, 5.000%, 5/01/38
      
100
  
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
AA
106,332
   
5.000%, 5/01/37 – AGM Insured
      
   
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2012:
      
1,000
  
4.000%, 5/01/32
5/21 at 100.00
AA–
1,019,530
500
  
4.000%, 5/01/33
5/21 at 100.00
AA–
509,030
1,135
  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
5/24 at 100.00
AA–
1,238,115
   
Bonds, School Building & Site Series 2014, 5.000%, 5/01/39
      
7,740
  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
5/17 at 100.00
Aa2
8,183,038
   
Bonds, Series 2007, 4.750%, 5/01/32 – NPFG Insured
      
875
  
Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Refunding
No Opt. Call
AA–
1,001,000
   
Series 2012, 5.000%, 5/01/20
      
   
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building &
      
   
Site, Series 2011B:
      
1,200
  
5.500%, 5/01/36
5/21 at 100.00
AA–
1,366,452
2,190
  
5.500%, 5/01/41
5/21 at 100.00
AA–
2,481,949
   
Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation
      
   
Bonds, Building Authority Stadium Refunding Series 2012:
      
1,040
  
5.000%, 10/01/19 – AGM Insured
No Opt. Call
AA
1,137,271
2,615
  
5.000%, 10/01/20 – AGM Insured
No Opt. Call
AA
2,878,226
1,000
  
5.000%, 10/01/21 – AGM Insured
No Opt. Call
AA
1,102,640
1,645
  
5.000%, 10/01/22 – AGM Insured
No Opt. Call
AA
1,825,029
4,850
  
5.000%, 10/01/26 – AGM Insured
10/22 at 100.00
AA
5,209,822
   
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General
      
   
Obligation Bonds, Devos Place Project, Series 2001:
      
8,900
  
0.000%, 12/01/25
No Opt. Call
AAA
6,657,556
3,000
  
0.000%, 12/01/26
No Opt. Call
AAA
2,148,960
100
  
0.000%, 12/01/27
No Opt. Call
AAA
69,150
5,305
  
0.000%, 12/01/29
No Opt. Call
AAA
3,373,662
   
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007:
      
860
  
5.000%, 9/01/24 – NPFG Insured
9/17 at 100.00
AA
934,519
2,000
  
5.000%, 9/01/27 – NPFG Insured
9/17 at 100.00
AA
2,152,820
1,025
  
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34
1/25 at 100.00
AAA
1,178,115
3,440
  
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015,
1/25 at 100.00
AAA
3,997,074
   
5.000%, 1/01/31
      
   
Lake Saint Claire, Macomb County, Michigan, Clean water Drainage District General Obligation
      
   
Bonds, Series 2013:
      
1,000
  
5.000%, 10/01/25
10/23 at 100.00
AA+
1,166,810
1,020
  
5.000%, 10/01/26
10/23 at 100.00
AA+
1,176,998
2,505
  
Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, General
5/16 at 100.00
Aa2
2,600,616
   
Obligation Bonds, Series 2006, 5.000%, 5/01/25 – NPFG Insured
      
2,160
  
Lowell Area Schools, Kent and Ionia Counties, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
AA
2,295,086
   
5.000%, 5/01/37 – AGM Insured
      
1,925
  
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
AA–
1,992,337
   
5.000%, 5/01/30 – SYNCORA GTY Insured
      
4,000
  
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A,
12/21 at 100.00
Aa2
4,717,000
   
5.000%, 12/01/22
      
1,000
  
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A,
5/19 at 100.00
Aa2
1,130,850
   
5.500%, 11/01/25
      
2,500
  
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%,
No Opt. Call
AA–
2,937,925
   
5/01/22 – NPFG Insured
      
2,945
  
Muskegon Community College District, Michigan, General Obligation Bonds, Community Facility
5/24 at 100.00
AA
3,365,841
   
Series 2013I, 5.000%, 5/01/38 – BAM Insured
      
   
Muskegon County, Michigan, General Obligation Wastewater Bonds, Management System 1,
      
   
Refunding Series 2015:
      
1,350
  
5.000%, 11/01/33 (WI/DD, Settling 6/02/15)
11/25 at 100.00
AA
1,523,016
1,730
  
5.000%, 11/01/36 (WI/DD, Settling 6/02/15)
11/25 at 100.00
AA
1,934,088
1,410
  
New Haven Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2006,
5/16 at 100.00
AA
1,466,640
   
5.000%, 5/01/25 – AGM Insured
      
6,820
  
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,
5/17 at 100.00
Aaa
7,266,574
   
Series 2007, 5.000%, 5/01/36 – AGM Insured
      
1,100
  
Oxford Area Community Schools, Oakland and Lapeer Counties, Michigan, General Obligation
8/15 at 100.00
AA
1,103,399
   
Bonds, Series 2004, 5.000%, 5/01/25 – AGM Insured
      
5,785
  
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
AA
6,096,985
   
4.750%, 5/01/36 – AGM Insured
      
750
  
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School
5/18 at 100.00
AA
818,482
   
Building & Site, Series 2008, 5.000%, 5/01/28 – AGC Insured
      
   
Port Huron, Michigan, General Obligation Bonds, Refunding & Capital Improvement Series 2011:
      
1,585
  
5.000%, 10/01/31 – AGM Insured
10/21 at 100.00
AA
1,719,043
640
  
5.250%, 10/01/37 – AGM Insured
10/21 at 100.00
AA
698,208
   
Port Huron, Michigan, General Obligation Bonds, Series 2011B:
      
530
  
5.000%, 10/01/31 – AGM Insured
10/21 at 100.00
AA
574,822
800
  
5.250%, 10/01/40 – AGM Insured
10/21 at 100.00
AA
868,984
500
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series
No Opt. Call
AA–
562,080
   
2012, 5.000%, 5/01/19
      
2,100
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%,
5/18 at 100.00
AA
2,279,613
   
5/01/33 – AGM Insured
      
625
  
Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding
No Opt. Call
Aa2
721,569
   
Series 2014, 5.000%, 5/01/20
      
1,435
  
South Haven Public Schools, Van Buren Couty, Michigan, General Obligation Bonds, School
5/24 at 100.00
AA
1,580,208
   
Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured
      
350
  
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series
12/19 at 100.00
AA
396,095
   
2009, 5.125%, 12/01/33 – AGC Insured
      
3,600
  
Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%,
5/18 at 100.00
AA
3,907,908
   
5/01/34 – AGM Insured
      
550
  
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series
5/25 at 100.00
AA
640,547
   
2015, 5.000%, 5/01/26
      
   
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building &
      
   
Site, Series 2008:
      
1,110
  
5.000%, 5/01/31 – AGM Insured
5/18 at 100.00
AA
1,206,703
2,150
  
5.000%, 5/01/38 – AGM Insured
5/18 at 100.00
AA
2,335,179
1,600
  
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds,
11/23 at 100.00
Aa2
1,782,352
   
School Building & Site Series 2014, 5.000%, 5/01/40
      
   
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds,
      
   
Detroit Metropolitan Wayne County Airport, Series 2001A:
      
1,500
  
5.500%, 12/01/18 – NPFG Insured
8/15 at 100.00
AA–
1,505,325
5,000
  
5.000%, 12/01/21 – NPFG Insured
8/15 at 100.00
AA–
5,015,700
6,125
  
5.000%, 12/01/30 – NPFG Insured
8/15 at 100.00
AA–
6,140,986
1,725
  
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds,
No Opt. Call
AA–
1,994,669
   
Series 1996, 5.500%, 5/01/25 – NPFG Insured
      
1,475
  
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, Refunding
5/21 at 100.00
AA
1,575,211
   
Series 2011, 4.500%, 5/01/31 – AGM Insured
      
126,430
  
Total Tax Obligation/General
    
130,745,945
   
Tax Obligation/Limited – 17.2% (11.7% of Total Investments)
      
   
Grand Rapids Building Authority, Kent County, Michigan, General Obligation Bonds, Refunding
      
   
Series 2011:
      
560
  
5.000%, 10/01/28
10/21 at 100.00
AA
643,440
500
  
5.000%, 10/01/30
10/21 at 100.00
AA
564,240
500
  
5.000%, 10/01/31
10/21 at 100.00
AA
562,075
1,000
  
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds,
No Opt. Call
AA
1,038,220
   
Series 1998, 5.000%, 4/01/16
      
   
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Regional
      
   
Convention Facility Authority Local Project, Series 2014H-1:
      
1,240
  
5.000%, 10/01/20
10/19 at 100.00
AA–
1,390,945
2,000
  
5.000%, 10/01/24
10/23 at 100.00
AA–
2,325,920
2,000
  
5.000%, 10/01/25
10/24 at 100.00
AA–
2,334,260
11,025
  
5.000%, 10/01/39
10/24 at 100.00
AA–
12,156,716
4,730
  
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B,
7/16 at 100.00
AAA
4,970,142
   
5.000%, 7/01/22
      
   
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II:
      
1,600
  
5.000%, 10/15/30 – AMBAC Insured
10/15 at 100.00
Aa3
1,625,120
2,135
  
5.000%, 10/15/33 – AMBAC Insured
10/15 at 100.00
Aa3
2,169,608
   
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
      
7,000
  
0.000%, 10/15/27 – AGM Insured
10/16 at 58.27
AA
4,025,070
7,720
  
0.000%, 10/15/28 – AGM Insured
10/16 at 55.35
AA
4,102,485
1,500
  
0.000%, 10/15/30 – FGIC Insured
10/16 at 50.02
AA–
713,130
8,040
  
5.000%, 10/15/36 – FGIC Insured
10/16 at 100.00
AA–
8,434,121
   
Michigan State Trunk Line Fund Bonds, Series 2011:
      
1,100
  
5.000%, 11/15/24
11/21 at 100.00
AA+
1,278,541
1,750
  
5.000%, 11/15/29
11/21 at 100.00
AA+
2,026,587
1,605
  
5.000%, 11/15/31
11/21 at 100.00
AA+
1,839,507
1,160
  
4.000%, 11/15/32
11/21 at 100.00
AA+
1,204,834
1,970
  
5.000%, 11/15/36
11/21 at 100.00
AA+
2,196,885
59,135
  
Total Tax Obligation/Limited
    
55,601,846
   
Transportation – 3.8% (2.6% of Total Investments)
      
4,500
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
No Opt. Call
A
5,175,900
   
Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)
      
   
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County
      
   
Airport, Series 2012A:
      
2,345
  
5.000%, 12/01/23
No Opt. Call
A
2,714,220
4,000
  
5.000%, 12/01/42 – AGM Insured
12/22 at 100.00
AA
4,370,960
10,845
  
Total Transportation
    
12,261,080
   
U.S. Guaranteed – 11.2% (7.6% of Total Investments) (4)
      
915
  
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,
7/15 at 100.00
AA– (4)
918,880
   
7/01/30 (Pre-refunded 7/01/15) – NPFG Insured
      
1,650
  
Holly Area School District, Oakland County, Michigan, General Obligation Bonds, Series 2006,
5/16 at 100.00
Aa2 (4)
1,722,979
   
5.125%, 5/01/32 (Pre-refunded 5/01/16) – NPFG Insured
      
3,185
  
Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25
5/16 at 100.00
AA (4)
3,319,885
   
(Pre-refunded 5/01/16) – AGM Insured
      
230
  
Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series
1/17 at 100.00
AAA
245,845
   
2007, 5.000%, 1/01/32 (Pre-refunded 1/01/17)
      
830
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005,
10/15 at 100.00
N/R (4)
843,189
   
5.000%, 10/01/19 (Pre-refunded 10/01/15)
      
4,000
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated
6/19 at 100.00
AA+ (4)
4,714,560
   
Group, Series 2009A, 5.875%, 6/01/39 (Pre-refunded 6/01/19) – AGC Insured
      
3,415
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s Health
11/15 at 100.00
Aaa
3,428,421
   
System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM)
      
   
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007:
      
4,330
  
5.000%, 8/01/26 (Pre-refunded 8/01/17) – NPFG Insured (UB)
8/17 at 100.00
Aaa
4,724,679
5,620
  
5.000%, 8/01/30 (Pre-refunded 8/01/17) – NPFG Insured (UB)
8/17 at 100.00
Aaa
6,132,264
3,640
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
8/19 at 100.00
A1 (4)
4,330,544
   
Hospital Obligated Group, Refunding Series 2009W, 6.000%, 8/01/39 (Pre-refunded 8/01/19)
      
1,500
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
9/18 at 100.00
Aaa
1,841,355
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
      
1,535
  
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series
5/17 at 100.00
Aa2 (4)
1,660,870
   
2007, 5.000%, 5/01/32 (Pre-refunded 5/01/17) – NPFG Insured
      
2,275
  
Troy City School District, Oakland County, Michigan, General Obligation Bonds, Series 2006,
5/16 at 100.00
Aa1 (4)
2,373,007
   
5.000%, 5/01/19 (Pre-refunded 5/01/16) – NPFG Insured
      
33,125
  
Total U.S. Guaranteed
    
36,256,478
   
Utilities – 13.0% (8.7% of Total Investments)
      
   
Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A:
      
2,750
  
5.000%, 7/01/33
7/21 at 100.00
AA
3,070,788
6,020
  
5.000%, 7/01/39
No Opt. Call
AA
6,674,374
   
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds,
      
   
Series 2008A:
      
390
  
5.000%, 7/01/28
7/18 at 100.00
AA–
428,146
8,250
  
5.000%, 7/01/32
7/18 at 100.00
AA–
8,970,885
   
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond
      
   
Trust 4700:
      
1,700
  
18.206%, 7/01/37 (IF) (5)
7/21 at 100.00
AA–
2,371,704
1,110
  
18.206%, 7/01/37 (IF) (5)
7/21 at 100.00
AA–
1,548,583
   
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:
      
1,900
  
5.000%, 1/01/27
1/22 at 100.00
A2
2,088,632
4,530
  
5.000%, 1/01/43
1/22 at 100.00
A2
4,800,713
   
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Refunding
      
   
Series 2011:
      
1,760
  
5.000%, 1/01/24 – AGM Insured
1/21 at 100.00
AA
1,986,178
1,990
  
5.000%, 1/01/25 – AGM Insured
1/21 at 100.00
AA
2,228,103
2,180
  
5.000%, 1/01/26 – AGM Insured
1/21 at 100.00
AA
2,421,718
290
  
5.000%, 1/01/27 – AGM Insured
1/21 at 100.00
AA
320,386
3,640
  
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company,
No Opt. Call
Aa3
4,599,868
   
Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured
      
36,510
  
Total Utilities
    
41,510,078
   
Water and Sewer – 16.1% (10.9% of Total Investments)
      
425
  
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%,
7/18 at 100.00
AA+
466,918
   
7/01/36 – BHAC Insured
      
10,100
  
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.000%,
7/16 at 100.00
AA
10,328,765
   
7/01/34 – AGM Insured
      
190
  
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C,
No Opt. Call
AA
194,304
   
5.000%, 7/01/33 – AGM Insured
      
   
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding
      
   
Series 2014:
      
1,000
  
5.000%, 1/01/32
1/24 at 100.00
AA+
1,149,600
1,000
  
5.000%, 1/01/33
1/24 at 100.00
AA+
1,146,340
1,000
  
5.000%, 1/01/34
1/24 at 100.00
AA+
1,141,470
1,855
  
5.000%, 1/01/44
1/24 at 100.00
AA+
2,080,290
1,190
  
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38
1/18 at 100.00
AA+
1,286,830
2,605
  
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 –
1/19 at 100.00
AA
2,874,696
   
AGC Insured
      
   
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
      
   
Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1:
      
1,500
  
5.000%, 7/01/35 – AGM Insured
7/24 at 100.00
AA
1,637,205
1,220
  
5.000%, 7/01/37 – AGM Insured
7/24 at 100.00
AA
1,326,701
   
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012:
      
2,000
  
5.000%, 10/01/31
10/22 at 100.00
AAA
2,297,140
1,135
  
5.000%, 10/01/32
10/22 at 100.00
AAA
1,299,575
   
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate
      
   
Refunding Series 2013:
      
1,955
  
5.000%, 10/01/22
No Opt. Call
AAA
2,356,381
3,200
  
5.000%, 10/01/25
10/22 at 100.00
AAA
3,795,744
2,000
  
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series
No Opt. Call
AAA
2,349,660
   
2012, 5.000%, 10/01/20
      
580
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004,
8/15 at 100.00
AAA
582,308
   
5.000%, 10/01/19
      
170
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005,
10/15 at 100.00
AAA
172,744
   
5.000%, 10/01/19
      
   
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010:
      
390
  
5.000%, 10/01/26
No Opt. Call
AAA
452,708
475
  
5.000%, 10/01/30
No Opt. Call
AAA
546,478
90
  
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004,
8/15 at 100.00
AAA
90,356
   
5.000%, 10/01/23
      
   
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007:
      
500
  
5.000%, 10/01/23
10/17 at 100.00
AAA
547,715
2,000
  
5.000%, 10/01/24
10/17 at 100.00
AAA
2,191,840
8,245
  
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Series 2006, 5.000%, 11/01/31 –
11/16 at 100.00
AA
8,657,580
   
NPFG Insured
      
   
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:
      
500
  
5.250%, 10/01/31
10/21 at 100.00
A
542,820
1,500
  
5.625%, 10/01/40
10/21 at 100.00
A
1,681,545
700
  
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 –
7/18 at 100.00
AA–
765,954
   
NPFG Insured
      
47,525
  
Total Water and Sewer
    
51,963,667
$ 451,855
  
Total Long-Term Investments (cost $448,137,828)
    
475,384,028
   
Floating Rate Obligations – (2.1)%
    
(6,625,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (49.3)% (6)
    
(159,000,000)
   
Other Assets Less Liabilities – 4.1% (7)
    
13,025,322
   
Net Assets Applicable to Common Shares – 100%
    
$ 322,784,350
 
 
 
 
 

 
                 
Investments in Derivatives as of May 31, 2015 
          
Credit Default Swaps outstanding:
              
     
Current
        
Unrealized
   
Buy/Sell
Credit
Notional
Fixed Rate
Termination
  
Appreciation
Counterparty
Reference Entity
Protection (8)
Spread (9)
Amount
(Annualized)
Date
Value
(Depreciation)
Goldman Sachs
Commonwealth of
Puerto Rico
Buy
16.64%
$1,250,000
5.000%
9/20/19
$295,513
$29,238
Goldman Sachs
Commonwealth of
Puerto Rico
Buy
16.64   
1,700,000
5.000
12/20/19
412,883
36,738
       
$2,950,000
    
$708,396
$65,976
 
 
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
$ —
$475,384,028
$ —
$475,384,028
Investments in Derivatives:
        
Credit Default Swaps*
—
65,976
—
65,976
Total
$ —
$475,450,004
$ —
$475,450,004
* Represents net unrealized appreciation (depreciation).
 
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 certain gains and losses on investment transactions. 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 May 31, 2015, the cost of investments (excluding investments in derivatives) was $441,677,861.
 
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of May 31, 2015, were as follows:
 
   
Gross unrealized:
  
  Appreciation
$ 28,720,631
  Depreciation
(1,639,472)
Net unrealized appreciation (depreciation) of investments
$ 27,081,159
 
 
     
(1)
  
All percentages shown in the Portfolio of Investments are based on net assets applicable to common
   
shares unless otherwise noted.
(2)
  
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
   
may be subject to periodic principal paydowns.
(3)
  
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service,
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s
   
or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by
   
any of these national rating agencies.
(4)
  
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(6)
  
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments
   
is 33.4%.
(7)
  
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the counter
   
derivatives as well as the exchange-cleared and exchange-traded derivatives, when applicable.
(8)
  
The Fund entered into the credit default swap to gain investment exposure to the referenced entity. Selling
   
protection has a similar credit risk position to owning that referenced entity. Buying protection has a similar
   
credit risk position to selling the referenced entity short.
(9)
  
The credit spread generally serves as an indication of the current status of the payment/performance risk
   
and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of
   
buying/selling protection and may include upfront payments required to be made to enter into a credit
   
default swap contract. Higher credit spreads are indicative of a higher likelihood of performance by the
   
seller of protection.
(WI/DD)
  
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
  
Escrowed to maturity.
(IF)
  
Inverse floating rate investment.
(UB)
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
 
 
 
 
 
 
 
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 Michigan Quality Income Municipal Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         July 30, 2015        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         July 30, 2015        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         July 30, 2015