Nuveen Michigan Quality Municipal Income Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06383

Nuveen Michigan Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

    333 West Wacker Drive, Chicago, Illinois 60606    

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman

Vice President and Secretary

    333 West Wacker Drive, Chicago, Illinois 60606    

(Name and address of agent for service)

Registrant’s telephone number, including area code:    312-917-7700    

Date of fiscal year end:       February 28      

Date of reporting period: November 30, 2017

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

 

 

NUM
Nuveen Michigan Quality Municipal Income Fund
Portfolio of Investments November 30, 2017 (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 157.3% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 157.3% (100.0% of Total Investments)        
    Consumer Staples  – 4.7% (3.0% of Total Investments)        
$ 6,000   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34   1/18 at 100.00 B- $5,936,100
8,650   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42   6/18 at 100.00 B2 8,818,762
14,650   Total Consumer Staples       14,754,862
    Education and Civic Organizations – 30.4% (19.3% of Total Investments)        
1,220   Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/39   10/24 at 100.00 Aa3 1,401,158
1,000   Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36   2/18 at 100.00 B 874,850
1,255   Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005, 5.750%, 11/01/30   2/18 at 100.00 B- 807,091
    Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A:        
1,100   5.000%, 3/01/33  –  BAM Insured   3/27 at 100.00 AA 1,272,524
2,270   5.000%, 3/01/36  –  BAM Insured   3/27 at 100.00 AA 2,604,348
2,250   Ferris State University, Michigan, General Revenue Bonds, Refunding Series 2016, 5.000%, 10/01/41   10/26 at 100.00 A1 2,574,022
500   Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28   12/24 at 100.00 A+ 580,075
990   Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31   10/21 at 100.00 BB- 1,000,494
1,170   Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, Kettering University, Series 2001, 5.000%, 9/01/26  –  AMBAC Insured   3/18 at 100.00 N/R 1,170,737
235   Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37   12/17 at 100.00 N/R 235,014
5,000   Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40   2/20 at 100.00 AA+ 5,293,000
7,790   Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41   8/23 at 100.00 AA+ 8,800,207
3,690   Michigan Technological University, General Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/34   10/21 at 100.00 A1 4,047,007
    Oakland University, Michigan, General Revenue Bonds, Series 2016:        
1,400   5.000%, 3/01/41   3/26 at 100.00 A1 1,589,910
4,000   5.000%, 3/01/47   3/26 at 100.00 A1 4,523,960
810   Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/35   7/26 at 100.00 A1 923,781

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    University of Michigan, General Revenue Bonds, Refunding Series 2017A:        
$ 2,000   5.000%, 4/01/34   4/27 at 100.00 AAA $2,393,300
2,000   5.000%, 4/01/35   4/27 at 100.00 AAA 2,389,640
1,065   5.000%, 4/01/36   4/27 at 100.00 AAA 1,269,576
2,000   5.000%, 4/01/42   4/27 at 100.00 AAA 2,364,240
4,000   University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44   4/24 at 100.00 AAA 4,586,560
    University of Michigan, General Revenue Bonds, Series 2015:        
5,735   5.000%, 4/01/40 (UB) (4)   4/26 at 100.00 AAA 6,684,430
9,600   5.000%, 4/01/46 (UB) (4)   4/26 at 100.00 AAA 11,150,592
5,000   5.000%, 4/01/46   4/26 at 100.00 AAA 5,807,600
2,780   Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008, 5.000%, 11/15/35  –  AGM Insured   11/18 at 100.00 Aa3 2,867,153
5,160   Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/32   5/26 at 100.00 Aa3 5,937,406
3,700   Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40   11/23 at 100.00 Aa3 4,181,999
525   Western Michigan University, General Revenue Bonds, Refunding Series 2011, 5.000%, 11/15/31   11/21 at 100.00 A1 580,487
    Western Michigan University, General Revenue Bonds, Refunding Series 2013:        
750   5.250%, 11/15/33  –  AGM Insured   11/23 at 100.00 AA 864,653
4,250   5.000%, 11/15/39  –  AGM Insured   11/23 at 100.00 AA 4,806,112
    Western Michigan University, General Revenue Bonds, Refunding Series 2015A:        
1,500   5.000%, 11/15/40   5/25 at 100.00 A1 1,707,450
850   5.000%, 11/15/45   5/25 at 100.00 A1 964,512
85,595   Total Education and Civic Organizations       96,253,888
    Health Care – 23.3% (14.8% of Total Investments)        
2,000   County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn Hospital, Refunding Series 2016, 5.000%, 2/15/47   2/27 at 100.00 BBB- 2,117,780
4,000   Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Refunding Series 2011A, 5.000%, 7/01/29   7/21 at 100.00 AA- 4,431,160
    Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System, Refunding Series 2011C:        
5,500   5.000%, 1/15/31   1/22 at 100.00 AA 5,966,235
2,000   5.000%, 1/15/42   1/22 at 100.00 AA 2,142,100
1,780   Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding Series 2015A, 5.000%, 8/01/32   8/24 at 100.00 A1 2,000,613
5,010   Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, 5.000%, 11/15/41   11/26 at 100.00 A 5,595,919
4,850   Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding Series 2014, 5.000%, 6/01/39   6/24 at 100.00 A+ 5,440,633
3,930   Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding Series 2013, 5.000%, 8/15/31   8/23 at 100.00 A1 4,385,487
6,060   Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015, 5.000%, 11/15/45   5/25 at 100.00 A+ 6,748,901

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$ 3,000   Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42   11/22 at 100.00 A+ $3,316,860
5,000   Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI, 5.000%, 12/01/45   6/26 at 100.00 AA- 5,665,500
1,900   Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017MI, 5.000%, 12/01/30   6/27 at 100.00 AA- 2,219,827
    Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:        
1,000   5.000%, 11/01/25   11/22 at 100.00 A1 1,132,070
1,000   5.000%, 11/01/26   11/22 at 100.00 A1 1,128,090
3,750   5.000%, 11/01/42   11/22 at 100.00 A1 4,107,788
9,615   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39   12/21 at 100.00 AA- 10,499,772
1,000   Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48   6/22 at 100.00 AA- 1,074,060
5,380   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39   3/24 at 100.00 A1 5,934,409
66,775   Total Health Care       73,907,204
    Housing/Multifamily – 2.4% (1.5% of Total Investments)        
2,675   Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax)   12/20 at 101.00 AA 2,879,237
1,825   Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35   10/20 at 100.00 AA 1,931,726
1,725   Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2, 4.625%, 10/01/41   4/22 at 100.00 AA 1,789,739
1,000   Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 4.000%, 10/01/42   4/22 at 100.00 AA 1,037,880
7,225   Total Housing/Multifamily       7,638,582
    Tax Obligation/General – 31.6% (20.1% of Total Investments)        
2,310   Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/29   5/22 at 100.00 Aa1 2,609,330
840   Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, School Building & Site Series 2015, 5.000%, 5/01/24   No Opt. Call Aa2 982,582
895   Bloomfield Township, Michigan, General Obligation Bonds, Refunding Series 2016, 5.000%, 5/01/28   5/26 at 100.00 AAA 1,071,208
    Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2017I:        
2,250   5.000%, 5/01/43   5/27 at 100.00 AA- 2,568,870
2,195   5.000%, 5/01/47   5/27 at 100.00 AA- 2,498,437
    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- 1,026,920
500   4.000%, 5/01/33   5/21 at 100.00 AA- 511,510

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 1,135   Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39   5/24 at 100.00 AA- $1,276,273
875   Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/20   No Opt. Call AA- 941,334
    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 7,257,060
3,000   0.000%, 12/01/26   No Opt. Call AAA 2,363,460
100   0.000%, 12/01/27   No Opt. Call AAA 76,192
4,305   0.000%, 12/01/29   No Opt. Call AAA 3,073,426
    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 619,808
500   5.000%, 10/01/30   10/21 at 100.00 AA 556,130
500   5.000%, 10/01/31   10/21 at 100.00 AA 554,375
    Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding School Building & Site Series 2016:        
1,700   5.000%, 5/01/24  –  AGM Insured   No Opt. Call AA 1,993,012
4,205   5.000%, 5/01/28  –  AGM Insured   5/26 at 100.00 AA 5,008,197
1,000   5.000%, 5/01/38  –  AGM Insured   5/26 at 100.00 AA 1,150,040
    Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017:        
1,245   5.000%, 5/01/29   5/27 at 100.00 Aa3 1,479,209
1,265   5.000%, 5/01/30   5/27 at 100.00 Aa3 1,494,901
    Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities Series 2017:        
300   5.000%, 4/01/27   No Opt. Call AA+ 364,533
1,675   5.000%, 4/01/30   4/27 at 100.00 AA+ 1,999,799
    Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2016:        
1,000   5.000%, 6/01/31   6/26 at 100.00 AAA 1,188,520
1,445   5.000%, 6/01/34   6/26 at 100.00 AAA 1,695,693
1,000   5.000%, 6/01/35   6/26 at 100.00 AAA 1,171,840
    Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2017A:        
1,570   5.000%, 6/01/36   6/27 at 100.00 AAA 1,863,339
1,650   5.000%, 6/01/37   6/27 at 100.00 AAA 1,953,748
1,025   Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34   1/25 at 100.00 AAA 1,175,890
3,440   Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 5.000%, 1/01/31   1/25 at 100.00 AAA 4,009,010
    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+ 1,152,270
1,020   5.000%, 10/01/26   10/23 at 100.00 AA+ 1,172,908

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 1,000   L'Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/23   No Opt. Call AA- $1,150,270
    Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I:        
1,345   5.000%, 5/01/26   No Opt. Call AA- 1,607,544
2,245   5.000%, 5/01/33   5/26 at 100.00 AA- 2,601,753
2,085   5.000%, 5/01/38   5/26 at 100.00 AA- 2,377,838
2,200   5.000%, 5/01/41   5/26 at 100.00 AA- 2,502,016
4,000   Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22   12/21 at 100.00 Aa1 4,487,600
1,950   Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2015A, 5.000%, 12/01/28   12/25 at 100.00 Aa1 2,318,257
1,000   Michigan State, General Obligation Bonds, Environmental Program, Series 2014A, 5.000%, 12/01/28   12/24 at 100.00 Aa1 1,189,810
2,500   Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 5/01/22  –  NPFG Insured   No Opt. Call Aa2 2,734,550
2,945   Muskegon Community College District, Michigan, General Obligation Bonds, Community Facility Series 2013I, 5.000%, 5/01/38  –  BAM Insured   5/24 at 100.00 AA 3,365,281
    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 1,565,582
1,730   5.000%, 11/01/36   11/25 at 100.00 AA 1,991,645
    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 1,741,408
640   5.250%, 10/01/37  –  AGM Insured   10/21 at 100.00 AA 705,766
    Port Huron, Michigan, General Obligation Bonds, Series 2011B:        
530   5.000%, 10/01/31  –  AGM Insured   10/21 at 100.00 AA 582,300
800   5.250%, 10/01/40  –  AGM Insured   10/21 at 100.00 AA 880,672
500   Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/19   No Opt. Call AA- 523,715
625   Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/20   No Opt. Call Aa2 673,919
1,435   South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School Building & Site, Series 2014A, 5.000%, 5/01/41  –  BAM Insured   5/24 at 100.00 AA 1,634,336
550   Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/26   5/25 at 100.00 AA 653,081
1,600   Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/40   11/23 at 100.00 Aa1 1,799,696
2,590   West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2017, 5.000%, 5/01/36  –  AGM Insured   5/27 at 100.00 AA 2,986,555
1,390   Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25  –  NPFG Insured   No Opt. Call Aa2 1,563,347
1,475   Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2011, 4.500%, 5/01/31  –  AGM Insured   5/21 at 100.00 AA 1,580,758
92,475   Total Tax Obligation/General       100,077,523

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited – 13.4% (8.5% of Total Investments)        
$ 2,200   Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds, Series 2013A, 5.950%, 2/01/42   2/24 at 103.00 N/R $2,418,064
    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- 1,305,621
2,000   5.000%, 10/01/24   10/23 at 100.00 AA- 2,279,880
2,000   5.000%, 10/01/25   10/24 at 100.00 AA- 2,299,680
11,025   5.000%, 10/01/39   10/24 at 100.00 AA- 12,097,953
2,000   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41   10/21 at 100.00 Aa2 2,240,240
4,000   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38   10/25 at 100.00 Aa2 4,586,720
1,500   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2016-I, 5.000%, 4/15/41   10/26 at 100.00 Aa2 1,715,610
    Michigan State Trunk Line Fund Bonds, Series 2011:        
1,100   5.000%, 11/15/24   11/21 at 100.00 AA+ 1,225,081
1,750   5.000%, 11/15/29   11/21 at 100.00 AA+ 1,944,775
1,605   5.000%, 11/15/31   11/21 at 100.00 AA+ 1,784,279
1,160   4.000%, 11/15/32   11/21 at 100.00 AA+ 1,212,989
1,970   5.000%, 11/15/36   11/21 at 100.00 AA+ 2,175,865
1,370   Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22   No Opt. Call AA+ 1,573,801
    Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015:        
1,065   5.000%, 11/15/19   No Opt. Call AA+ 1,133,288
1,950   5.000%, 11/15/29   11/24 at 100.00 AA+ 2,295,832
37,935   Total Tax Obligation/Limited       42,289,678
    Transportation – 3.3% (2.1% of Total Investments)        
4,500   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)   No Opt. Call A 5,000,805
4,000   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/42  –  AGM Insured   12/22 at 100.00 AA 4,413,160
1,000   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2017A, 5.000%, 12/01/42   12/27 at 100.00 A 1,162,180
9,500   Total Transportation       10,576,145
    U.S. Guaranteed – 20.2% (12.9% of Total Investments) (5)        
2,200   Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement Series 2008, 5.000%, 5/01/38 (Pre-refunded 5/01/18)   5/18 at 100.00 AA+ (5) 2,233,286
    Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site, Series 2011B:        
1,200   5.500%, 5/01/36 (Pre-refunded 5/01/21)   5/21 at 100.00 AA- (5) 1,352,064
2,190   5.500%, 5/01/41 (Pre-refunded 5/01/21)   5/21 at 100.00 AA- (5) 2,467,517
425   Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 (Pre-refunded 7/01/18)  –  BHAC Insured   7/18 at 100.00 AA+ (5) 434,966

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
$ 1,190   Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38 (Pre-refunded 1/01/18)   1/18 at 100.00 Aa1 (5) $1,193,344
2,605   Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 (Pre-refunded 1/01/19)  –  AGC Insured   1/19 at 100.00 AA (5) 2,702,896
1,800   Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance Health, Refunding Series 2010A, 5.000%, 6/01/37 (Pre-refunded 6/01/20)  –  AGM Insured   6/20 at 100.00 AA (5) 1,946,142
    Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, Series 2008A:        
390   5.000%, 7/01/28 (Pre-refunded 7/01/18)   7/18 at 100.00 AA- (5) 398,260
8,250   5.000%, 7/01/32 (Pre-refunded 7/01/18)   7/18 at 100.00 AA- (5) 8,424,735
5,505   Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22)   6/22 at 100.00 N/R (5) 6,261,827
35   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21)   12/21 at 100.00 N/R (5) 39,338
    Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010:        
390   5.000%, 10/01/26 (Pre-refunded 10/01/20)   10/20 at 100.00 AAA 425,568
475   5.000%, 10/01/30 (Pre-refunded 10/01/20)   10/20 at 100.00 AAA 518,320
    Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009:        
150   5.000%, 11/15/20 (Pre-refunded 11/15/19)   11/19 at 100.00 A (5) 159,947
7,300   5.750%, 11/15/39 (Pre-refunded 11/15/19)   11/19 at 100.00 A (5) 7,888,745
4,000   Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated Group, Series 2009A, 5.875%, 6/01/39 (Pre-refunded 6/01/19)  –  AGC Insured   6/19 at 100.00 AA+ (5) 4,253,520
3,415   Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John's Health System, Series 1998A, 5.000%, 5/15/28  –  AMBAC Insured (ETM)   2/18 at 100.00 Aaa 3,643,259
1,000   Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25 (Pre-refunded 5/01/19)   5/19 at 100.00 Aa1 (5) 1,054,660
750   Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School Building & Site, Series 2008, 5.000%, 5/01/28 (Pre-refunded 5/01/18)  –  AGC Insured   5/18 at 100.00 Aa1 (5) 761,348
2,100   Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2008, 5.000%, 5/01/33 (Pre-refunded 5/01/18)  –  AGM Insured   5/18 at 100.00 Aa1 (5) 2,131,332
3,640   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.000%, 8/01/39 (Pre-refunded 8/01/19)   8/19 at 100.00 A1 (5) 3,899,750
1,500   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)   9/18 at 100.00 Aaa 1,576,530
700   Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 (Pre-refunded 7/01/18)  –  NPFG Insured   7/18 at 100.00 A (5) 715,820
350   South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 2009, 5.125%, 12/01/33 (Pre-refunded 12/01/19)  –  AGC Insured   12/19 at 100.00 AA (5) 374,231
3,600   Trenton Public Schools District, Michigan, General Obligation Bonds, School Building & Site Series 2008, 5.000%, 5/01/34 (Pre-refunded 5/01/18)  –  AGM Insured   5/18 at 100.00 Aa1 (5) 3,654,468

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
    Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building & Site, Series 2008:        
$ 1,110   5.000%, 5/01/31 (Pre-refunded 5/01/18)  –  AGM Insured   5/18 at 100.00 Aa1 (5) $1,126,794
2,150   5.000%, 5/01/38 (Pre-refunded 5/01/18)  –  AGM Insured   5/18 at 100.00 Aa1 (5) 2,182,529
2,220   Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008, 5.000%, 11/15/35 (Pre-refunded 11/15/18)  –  AGM Insured   11/18 at 100.00 Aa3 (5) 2,297,922
60,640   Total U.S. Guaranteed       64,119,118
    Utilities – 11.9% (7.6% 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 3,029,235
6,020   5.000%, 7/01/39   7/21 at 100.00 AA 6,631,271
    Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF0394, 144A:        
1,110   15.355%, 7/01/37 (IF) (4)   7/21 at 100.00 AA- 1,517,492
1,700   15.355%, 7/01/37 (IF) (4)   7/21 at 100.00 AA- 2,324,087
    Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A:        
1,000   5.000%, 7/01/30   7/26 at 100.00 A 1,156,760
1,000   5.000%, 7/01/31   7/26 at 100.00 A 1,153,480
75   5.000%, 7/01/32   7/26 at 100.00 A 86,266
1,000   5.000%, 7/01/33   7/26 at 100.00 A 1,145,330
    Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:        
1,900   5.000%, 1/01/27   1/22 at 100.00 A2 2,052,266
4,530   5.000%, 1/01/43   1/22 at 100.00 A2 4,782,321
    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 1,906,274
1,990   5.000%, 1/01/25  –  AGM Insured   1/21 at 100.00 AA 2,147,369
2,180   5.000%, 1/01/26  –  AGM Insured   1/21 at 100.00 AA 2,341,647
290   5.000%, 1/01/27  –  AGM Insured   1/21 at 100.00 AA 310,970
3,640   Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, Series 1991BB, 7.000%, 5/01/21  –  AMBAC Insured   No Opt. Call Aa3 4,224,911
2,700   Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44  –  BAM Insured   10/25 at 100.00 AA 2,969,190
33,645   Total Utilities       37,778,869
    Water and Sewer – 16.1% (10.2% of Total Investments)        
15   Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.000%, 7/01/34  –  AGM Insured   2/18 at 100.00 AA 15,042
    Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding Series 2014:        
1,000   5.000%, 1/01/32   1/24 at 100.00 Aa1 1,157,160
1,000   5.000%, 1/01/33   1/24 at 100.00 Aa1 1,153,470
1,000   5.000%, 1/01/34   1/24 at 100.00 Aa1 1,149,800
1,855   5.000%, 1/01/44   1/24 at 100.00 Aa1 2,117,093

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
$ 1,005   Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding Second Lien Series 2016C, 5.000%, 7/01/32   7/26 at 100.00 A- $1,136,484
6,245   Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien Series 2016C, 5.000%, 7/01/32   7/26 at 100.00 A 7,213,662
    Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C:        
4,665   5.000%, 7/01/34   7/25 at 100.00 A- 5,202,501
1,070   5.000%, 7/01/35   7/25 at 100.00 A- 1,191,017
    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 1,678,725
1,220   5.000%, 7/01/37  –  AGM Insured   7/24 at 100.00 AA 1,360,739
3,340   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-2, 5.000%, 7/01/27  –  AGM Insured   7/24 at 100.00 AA 3,815,015
    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 2,276,580
1,135   5.000%, 10/01/32   10/22 at 100.00 AAA 1,289,723
    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 2,244,770
3,200   5.000%, 10/01/25   10/22 at 100.00 AAA 3,669,536
5,000   Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate Refunding Series 2016B, 5.000%, 10/01/25   No Opt. Call AAA 6,049,150
2,000   Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series 2012, 5.000%, 10/01/20   No Opt. Call AAA 2,187,040
580   Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/19   2/18 at 100.00 AAA 581,537
170   Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 5.000%, 10/01/19   2/18 at 100.00 AAA 170,451
90   Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/23   2/18 at 100.00 AAA 90,252
    Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007:        
70   5.000%, 10/01/23   2/18 at 100.00 AAA 70,196
225   5.000%, 10/01/24   2/18 at 100.00 AAA 225,607
1,000   North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Refunding Series 2016, 5.000%, 11/01/24   No Opt. Call AA 1,170,830
    Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:        
500   5.250%, 10/01/31   10/21 at 100.00 A- 551,190
1,500   5.625%, 10/01/40   10/21 at 100.00 A- 1,682,160

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
    Wyoming, Michigan, Water Supply System Revenue Bonds, Refunding Series 2016:        
$ 210   5.000%, 6/01/26   No Opt. Call Aa3 $250,652
505   5.000%, 6/01/27   6/26 at 100.00 Aa3 597,238
550   5.000%, 6/01/28   6/26 at 100.00 Aa3 645,876
44,605   Total Water and Sewer       50,943,496
$ 453,045   Total Long-Term Investments (cost $474,495,408)       498,339,365
    Floating Rate Obligations – (3.9)%       (12,265,000)
    Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (54.6)% (6)       (172,978,539)
    Other Assets Less Liabilities – 1.2%       3,743,889
    Net Asset Applicable to Common Shares – 100%       $ 316,839,715
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 $ — $498,339,365 $ — $498,339,365
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of November 30, 2017.
Tax cost of investments $462,494,953
Gross unrealized:  
Appreciation $ 25,565,386
Depreciation (1,985,129)
Net unrealized appreciation (depreciation) of investments $ 23,580,257

(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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(5) 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 not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S. Government or agency.  
(6) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 34.7%.  
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.  
ETM Escrowed to maturity.  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
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 Municipal Income Fund   
By (Signature and Title)    /s/ Gifford R. Zimmerman                                                       
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: January 29, 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: January 29, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: January 29, 2018