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:            2/29          
 
Date of reporting period:         11/30/15         
 
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)
      
   
November 30, 2015 (Unaudited)
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 148.6% (99.4% of Total Investments)
      
           
   
MUNICIPAL BONDS – 148.6% (99.4% of Total Investments)
      
           
   
Consumer Staples – 4.7% (3.1% of Total Investments)
      
$     7,100
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
6/17 at 100.00
B–
$     6,554,720
   
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–
8,663,927
   
Series 2008A, 6.875%, 6/01/42
      
15,750
  
Total Consumer Staples
    
15,218,647
   
Education and Civic Organizations – 15.1% (10.1% of Total Investments)
      
1,220
  
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014,
10/24 at 100.00
Aa3
1,386,798
   
5.000%, 10/01/39
      
1,000
  
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007,
11/16 at 100.00
B
725,190
   
5.250%, 11/01/36
      
1,255
  
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005,
2/16 at 100.00
B–
904,842
   
5.750%, 11/01/30
      
500
  
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B,
12/24 at 100.00
A+
584,145
   
5.000%, 12/01/28
      
990
  
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning
10/21 at 100.00
BB–
1,003,672
   
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
3/16 at 100.00
N/R
1,687,224
1,170
  
5.000%, 9/01/26 – AMBAC Insured
3/16 at 100.00
N/R
1,170,281
240
  
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American
12/17 at 100.00
N/R
243,677
   
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+
5,578,100
7,790
  
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41
8/23 at 100.00
AA+
8,809,008
3,445
  
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A,
10/21 at 100.00
A1
3,926,267
   
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
4,551,240
5,000
  
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008, 5.000%,
No Opt. Call
AA
5,459,850
   
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–
4,137,044
525
  
Western Michigan University, General Revenue Bonds, Refunding Series 2011, 5.000%, 11/15/31
11/21 at 100.00
A1
580,388
   
Western Michigan University, General Revenue Bonds, Refunding Series 2013:
      
750
  
5.250%, 11/15/33 – AGM Insured
11/23 at 100.00
AA
857,258
4,250
  
5.000%, 11/15/39 – AGM Insured
11/23 at 100.00
AA
4,720,603
   
Western Michigan University, General Revenue Bonds, Refunding Series 2015A:
      
1,500
  
5.000%, 11/15/40
5/25 at 100.00
A1
1,678,545
1,135
  
5.000%, 11/15/45
5/25 at 100.00
A1
1,262,370
45,155
  
Total Education and Civic Organizations
    
49,266,502
   
Health Care – 21.2% (14.2% of Total Investments)
      
4,000
  
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson
7/21 at 100.00
AA–
4,447,680
   
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
1,961,658
   
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
6,072,220
2,000
  
5.000%, 1/15/42
1/22 at 100.00
AA
2,154,880
1,780
  
Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding
8/24 at 100.00
A1
2,007,164
   
Series 2015A, 5.000%, 8/01/32
      
4,015
  
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding
6/24 at 100.00
A+
4,409,715
   
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
4,337,620
   
2013, 5.000%, 8/15/31
      
6,060
  
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series
5/25 at 100.00
A+
6,691,452
   
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+
3,240,150
   
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
1,143,350
1,000
  
5.000%, 11/01/26
No Opt. Call
A1
1,136,030
3,750
  
5.000%, 11/01/42
11/22 at 100.00
A1
4,001,438
9,615
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
12/21 at 100.00
AA–
10,547,941
   
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–
167,993
7,300
  
5.750%, 11/15/39
11/19 at 100.00
A–
8,286,084
2,000
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health
11/16 at 100.00
A–
2,074,500
   
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
1,077,680
   
2009C, 5.000%, 12/01/48
      
4,880
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
3/24 at 100.00
A1
5,354,629
   
Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39
      
62,780
  
Total Health Care
    
69,112,184
   
Housing/Multifamily – 4.3% (2.9% of Total Investments)
      
2,675
  
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue
12/20 at 101.00
AA
2,926,397
   
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax)
      
535
  
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Breton Village Green
4/16 at 100.00
AA
539,976
   
Project, Series 1993, 5.625%, 10/15/18 – AGM Insured
      
810
  
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Walled Lake Villa
4/16 at 100.00
AA
812,017
   
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)
2/16 at 100.00
AA
1,397,692
1,405
  
3.875%, 11/01/17 (Alternative Minimum Tax)
2/16 at 100.00
AA
1,407,670
2,300
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%,
2/16 at 100.00
AA
2,302,875
   
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
1,932,401
   
5.000%, 10/01/35
      
1,725
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2,
4/22 at 100.00
AA
1,782,788
   
4.625%, 10/01/41
      
1,000
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D,
No Opt. Call
AA
1,005,520
   
4.000%, 10/01/42
      
13,670
  
Total Housing/Multifamily
    
14,107,336
   
Housing/Single Family – 0.9% (0.6% of Total Investments)
      
2,495
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
6/20 at 100.00
AA+
2,649,840
   
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+
393,718
   
2011A, 4.600%, 12/01/26
      
2,875
  
Total Housing/Single Family
    
3,043,558
   
Tax Obligation/General – 38.9% (26.0% of Total Investments)
      
2,310
  
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds,
5/22 at 100.00
Aa1
2,695,216
   
Refunding Series 2012, 5.000%, 5/01/29
      
840
  
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, School
No Opt. Call
Aa2
1,014,846
   
Building & Site Series 2015, 5.000%, 5/01/24
      
2,200
  
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement
5/18 at 100.00
AA+
2,377,738
   
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
Aa1
104,912
   
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–
1,038,480
500
  
4.000%, 5/01/33
5/21 at 100.00
AA–
518,235
1,135
  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
5/24 at 100.00
AA–
1,263,448
   
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
Aa1
8,085,281
   
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–
999,171
   
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–
1,394,592
2,190
  
5.500%, 5/01/41
5/21 at 100.00
AA–
2,545,130
   
Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation
      
   
Bonds, Building Authority Stadium Refunding Series 2012:
      
2,615
  
5.000%, 10/01/20 – AGM Insured
No Opt. Call
AA
2,908,115
1,000
  
5.000%, 10/01/21 – AGM Insured
No Opt. Call
AA
1,121,660
1,645
  
5.000%, 10/01/22 – AGM Insured
No Opt. Call
AA
1,860,479
4,850
  
5.000%, 10/01/26 – AGM Insured
10/22 at 100.00
AA
5,325,009
   
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
6,902,217
3,000
  
0.000%, 12/01/26
No Opt. Call
AAA
2,243,310
100
  
0.000%, 12/01/27
No Opt. Call
AAA
72,706
5,305
  
0.000%, 12/01/29
No Opt. Call
AAA
3,576,737
   
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007:
      
860
  
5.000%, 9/01/24 – NPFG Insured
9/17 at 100.00
AA
918,876
2,000
  
5.000%, 9/01/27 – NPFG Insured
9/17 at 100.00
AA
2,121,060
1,025
  
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34
1/25 at 100.00
AAA
1,192,270
3,440
  
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015,
1/25 at 100.00
AAA
4,049,396
   
5.000%, 1/01/31
      
   
Lake Saint Claire Clean Water Drain Drainage District, Macomb County, Michigan, General
      
   
Obligation Bonds, Series 2013:
      
1,000
  
5.000%, 10/01/25
10/23 at 100.00
AA+
1,178,820
1,020
  
5.000%, 10/01/26
10/23 at 100.00
AA+
1,190,146
2,505
  
Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, General
5/16 at 100.00
Aa1
2,548,762
   
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
Aa1
2,264,846
   
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–
2,018,979
   
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
Aa1
4,746,880
   
5.000%, 12/01/22
      
1,000
  
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A,
5/19 at 100.00
Aa1
1,125,720
   
5.500%, 11/01/25
      
2,500
  
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%,
No Opt. Call
Aa2
2,917,575
   
5/01/22 – NPFG Insured
      
2,945
  
Muskegon Community College District, Michigan, General Obligation Bonds, Community Facility
5/24 at 100.00
AA
3,415,935
   
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
11/25 at 100.00
AA
1,543,995
1,730
  
5.000%, 11/01/36
11/25 at 100.00
AA
1,956,699
6,820
  
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,
5/17 at 100.00
Aaa
7,165,842
   
Series 2007, 5.000%, 5/01/36 – AGM Insured
      
   
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
4,640,937
5,620
  
5.000%, 8/01/30 (Pre-refunded 8/01/17) – NPFG Insured (UB)
8/17 at 100.00
Aaa
6,023,572
5,785
  
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
Aa1
6,028,896
   
4.750%, 5/01/36 – AGM Insured
      
750
  
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School
5/18 at 100.00
Aa1
809,243
   
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
1,733,071
640
  
5.250%, 10/01/37 – AGM Insured
10/21 at 100.00
AA
701,101
   
Port Huron, Michigan, General Obligation Bonds, Series 2011B:
      
530
  
5.000%, 10/01/31 – AGM Insured
10/21 at 100.00
AA
579,513
800
  
5.250%, 10/01/40 – AGM Insured
10/21 at 100.00
AA
872,840
500
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series
No Opt. Call
AA–
561,375
   
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
Aa1
2,259,264
   
5/01/33 – AGM Insured
      
625
  
Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding
No Opt. Call
Aa2
720,131
   
Series 2014, 5.000%, 5/01/20
      
1,435
  
South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School
5/24 at 100.00
AA
1,595,175
   
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
395,329
   
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
Aa1
3,873,024
   
5/01/34 – AGM Insured
      
550
  
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series
5/25 at 100.00
AA
659,153
   
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
Aa1
1,194,726
2,150
  
5.000%, 5/01/38 – AGM Insured
5/18 at 100.00
Aa1
2,314,110
1,600
  
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds,
11/23 at 100.00
Aa1
1,790,528
   
School Building & Site Series 2014, 5.000%, 5/01/40
      
1,725
  
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds,
No Opt. Call
Aa2
1,987,390
   
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
1,591,776
   
Series 2011, 4.500%, 5/01/31 – AGM Insured
      
121,045
  
Total Tax Obligation/General
    
126,734,237
   
Tax Obligation/Limited – 19.0% (12.7% 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
642,779
500
  
5.000%, 10/01/30
10/21 at 100.00
AA
576,745
500
  
5.000%, 10/01/31
10/21 at 100.00
AA
575,990
1,000
  
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds,
No Opt. Call
AA
1,015,500
   
Series 1998, 5.000%, 4/01/16
      
2,200
  
Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds,
2/24 at 103.00
N/R
2,478,388
   
Series 2013A, 5.950%, 2/01/42
      
   
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–
1,391,801
2,000
  
5.000%, 10/01/24
10/23 at 100.00
AA–
2,351,400
2,000
  
5.000%, 10/01/25
10/24 at 100.00
AA–
2,365,000
11,025
  
5.000%, 10/01/39
10/24 at 100.00
AA–
12,201,475
4,730
  
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B,
7/16 at 100.00
AAA
4,859,129
   
5.000%, 7/01/22
      
   
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
      
7,000
  
0.000%, 10/15/27 – AGM Insured
10/16 at 58.27
AA
4,024,720
7,720
  
0.000%, 10/15/28 – AGM Insured
10/16 at 55.35
AA
4,213,267
865
  
0.000%, 10/15/30 – NPFG Insured
10/16 at 50.02
Aa2
425,494
6,140
  
5.000%, 10/15/36 – NPFG Insured
10/16 at 100.00
Aa2
6,237,073
4,000
  
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding
10/25 at 100.00
Aa2
4,565,320
   
Series 2015-I, 5.000%, 4/15/38
      
   
Michigan State Trunk Line Fund Bonds, Series 2011:
      
1,100
  
5.000%, 11/15/24
11/21 at 100.00
AA+
1,277,540
1,750
  
5.000%, 11/15/29
11/21 at 100.00
AA+
2,062,200
1,605
  
5.000%, 11/15/31
11/21 at 100.00
AA+
1,884,880
1,160
  
4.000%, 11/15/32
11/21 at 100.00
AA+
1,220,912
1,970
  
5.000%, 11/15/36
11/21 at 100.00
AA+
2,256,143
1,370
  
Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22
No Opt. Call
AA+
1,663,509
   
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015:
      
1,065
  
5.000%, 11/15/19
No Opt. Call
AA+
1,223,334
1,950
  
5.000%, 11/15/29
11/24 at 100.00
AA+
2,326,994
63,450
  
Total Tax Obligation/Limited
    
61,839,593
   
Transportation – 3.8% (2.5% of Total Investments)
      
4,500
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
No Opt. Call
A
5,100,210
   
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
2,739,664
4,000
  
5.000%, 12/01/42 – AGM Insured
12/22 at 100.00
AA
4,403,680
10,845
  
Total Transportation
    
12,243,554
   
U.S. Guaranteed – 10.3% (6.9% of Total Investments) (4)
      
1,650
  
Holly Area School District, Oakland County, Michigan, General Obligation Bonds, Series 2006,
5/16 at 100.00
Aa1 (4)
1,683,660
   
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)
3,248,318
   
(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
241,132
   
2007, 5.000%, 1/01/32 (Pre-refunded 1/01/17)
      
5,505
  
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center,
6/22 at 100.00
N/R (4)
6,594,329
   
Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22)
      
35
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
12/21 at 100.00
N/R (4)
42,031
   
5.000%, 12/01/39 (Pre-refunded 12/01/21)
      
   
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
      
635
  
0.000%, 10/15/30 (Pre-refunded 10/15/16) – NPFG Insured
10/16 at 50.02
AA– (4)
316,211
1,900
  
5.000%, 10/15/36 (Pre-refunded 10/15/16) – NPFG Insured
10/16 at 100.00
AA– (4)
1,976,418
4,000
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated
6/19 at 100.00
AA+ (4)
4,658,520
   
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
5/16 at 100.00
Aaa
3,428,831
   
System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM)
      
1,410
  
New Haven Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2006,
5/16 at 100.00
Aa1 (4)
1,435,916
   
5.000%, 5/01/25 (Pre-refunded 5/01/16) – AGM Insured
      
3,640
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
8/19 at 100.00
A1 (4)
4,277,728
   
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
1,794,885
   
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
Aa1 (4)
1,630,063
   
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)
2,320,227
   
5.000%, 5/01/19 (Pre-refunded 5/01/16) – NPFG Insured
      
30,915
  
Total U.S. Guaranteed
    
33,648,269
   
Utilities – 13.8% (9.3% 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
3,142,975
6,020
  
5.000%, 7/01/39
No Opt. Call
AA
6,870,325
   
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–
423,368
8,250
  
5.000%, 7/01/32
7/18 at 100.00
AA–
8,897,788
   
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond
      
   
Trust 4700:
      
1,700
  
18.374%, 7/01/37 (IF) (5)
7/21 at 100.00
AA–
2,588,964
1,110
  
18.374%, 7/01/37 (IF) (5)
7/21 at 100.00
AA–
1,690,441
   
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:
      
1,900
  
5.000%, 1/01/27
1/22 at 100.00
A2
2,107,670
4,530
  
5.000%, 1/01/43
1/22 at 100.00
A2
4,832,876
   
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
1,991,352
1,990
  
5.000%, 1/01/25 – AGM Insured
1/21 at 100.00
AA
2,238,332
2,180
  
5.000%, 1/01/26 – AGM Insured
1/21 at 100.00
AA
2,438,722
290
  
5.000%, 1/01/27 – AGM Insured
1/21 at 100.00
AA
320,476
3,640
  
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company,
No Opt. Call
Aa3
4,595,318
   
Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured
      
2,700
  
Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015, 5.000%, 10/01/44 –
10/25 at 100.00
AA
2,856,816
   
BAM Insured
      
39,210
  
Total Utilities
    
44,995,423
   
Water and Sewer – 16.6% (11.1% of Total Investments)
      
425
  
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%,
7/18 at 100.00
AA+
458,503
   
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
10,214,431
   
7/01/34 – AGM Insured
      
190
  
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C,
No Opt. Call
AA
192,153
   
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+
1,162,110
1,000
  
5.000%, 1/01/33
1/24 at 100.00
AA+
1,158,180
1,000
  
5.000%, 1/01/34
1/24 at 100.00
AA+
1,152,710
1,855
  
5.000%, 1/01/44
1/24 at 100.00
AA+
2,098,246
1,190
  
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38
1/18 at 100.00
AA+
1,273,181
2,605
  
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 –
1/19 at 100.00
AA
2,858,597
   
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
1,664,400
1,220
  
5.000%, 7/01/37 – AGM Insured
7/24 at 100.00
AA
1,345,148
   
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
2,308,260
1,135
  
5.000%, 10/01/32
10/22 at 100.00
AAA
1,305,329
   
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate
      
   
Refunding Series 2013:
      
2,005
  
5.000%, 10/01/19
No Opt. Call
AAA
2,295,845
1,955
  
5.000%, 10/01/22
No Opt. Call
AAA
2,373,878
3,200
  
5.000%, 10/01/25
10/22 at 100.00
AAA
3,816,096
2,000
  
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series
No Opt. Call
AAA
2,344,960
   
2012, 5.000%, 10/01/20
      
580
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004,
2/16 at 100.00
AAA
582,349
   
5.000%, 10/01/19
      
170
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005,
2/16 at 100.00
AAA
170,689
   
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
450,087
475
  
5.000%, 10/01/30
No Opt. Call
AAA
545,799
90
  
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004,
2/16 at 100.00
AAA
90,358
   
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
538,250
2,000
  
5.000%, 10/01/24
10/17 at 100.00
AAA
2,153,140
8,245
  
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Series 2006, 5.000%, 11/01/31 –
11/16 at 100.00
AA
8,506,696
   
NPFG Insured
      
   
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:
      
500
  
5.250%, 10/01/31
10/21 at 100.00
A
547,185
1,500
  
5.625%, 10/01/40
10/21 at 100.00
A
1,685,385
700
  
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 –
7/18 at 100.00
AA–
757,813
   
NPFG Insured
      
49,530
  
Total Water and Sewer
    
54,049,778
$ 455,225
  
Total Long-Term Investments (cost $453,246,092)
    
484,259,081
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
SHORT-TERM INVESTMENTS – 0.9% (0.6% of Total Investments)
      
           
   
MUNICIPAL BONDS – 0.9% (0.6% of Total Investments)
      
           
   
Tax Obligation/Limited – 0.9% (0.6% of Total Investments)
      
$     3,000
  
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation
No Opt. Call
A-2
$    3,000,000
   
Bonds, Devos Place Project, Variable Rate Demand Obligation, Tender Option Bond Trust 302,
      
   
0.140%, 12/01/31 (6)
      
   
Total Short-Term Investments (cost $3,000,000)
    
3,000,000
   
Total Investments (cost $456,246,092) – 149.5%
    
487,259,081
   
Floating Rate Obligations – (2.0)%
    
(6,625,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (48.8)% (7)
    
(159,000,000)
   
Other Assets Less Liabilities – 1.3%
    
4,314,047
   
Net Assets Applicable to Common Shares – 100%
    
$ 325,948,128
 
 
 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of November 30, 2015:
 
         
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
        
Municipal Bonds
$—
$484,259,081
$—
$484,259,081
Short-Term Investments:
        
Municipal Bonds
—
3,000,000
—
3,000,000
Total
$—
$487,259,081
$—
$487,259,081
 
 
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 with in 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 November 30, 2015, the cost of investments was $449,753,089.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of November 30, 2015, were as follows:
   
Gross unrealized:
  
Appreciation
$31,591,001
Depreciation
(710,022)
Net unrealized appreciation (depreciation) of investments
$30,880,979
 
     
(1)
  
All percentages shown in the Portfolio of Investments are based on net assets applicable to common
   
shares unless otherwise noted.
(2)
  
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
   
may be subject to periodic principal paydowns.
(3)
  
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s
   
or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by
   
any of these national rating agencies.
(4)
  
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(6)
  
Investment has a maturity of more than one year, but has variable rate and demand features which qualify
   
it as a short-term investment. The rate disclosed 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.
(7)
  
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments
   
is 32.6%.
(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:         January 29, 2016        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title) /s/ Gifford R. Zimmerman            
       Gifford R. Zimmerman
     Chief Administrative Officer (principal executive officer)
                        
Date:         January 29, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         January 29, 2016