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: May 31, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

 

 

Item 1. Schedule of Investments

 

 

NUM
Nuveen Michigan Quality Municipal Income Fund
Portfolio of Investments    as of May 31, 2018
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 159.1% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 159.1% (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   7/18 at 100.00 B- $6,030,960
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 8,667,127
14,650   Total Consumer Staples       14,698,087
    Education and Civic Organizations – 32.9% (20.7% 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 1,382,858
1,000   Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36   8/18 at 100.00 B 866,870
1,255   Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005, 5.750%, 11/01/30   8/18 at 100.00 B- 798,080
    Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A:        
1,100   5.000%, 3/01/33  –  BAM Insured   3/27 at 100.00 AA 1,262,547
2,270   5.000%, 3/01/36  –  BAM Insured   3/27 at 100.00 AA 2,581,172
7,665   Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44  –  AGM Insured   3/28 at 100.00 AA 7,895,640
2,250   Ferris State University, Michigan, General Revenue Bonds, Refunding Series 2016, 5.000%, 10/01/41   10/26 at 100.00 A+ 2,547,360
500   Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28   12/24 at 100.00 A+ 569,655
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 B 955,855
1,170   Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, Kettering University, Series 2001, 5.000%, 9/01/26  –  AMBAC Insured   9/18 at 100.00 N/R 1,170,573
235   Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37   8/18 at 100.00 N/R 234,995
5,000   Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40   2/20 at 100.00 AA+ 5,221,600
7,790   Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41   8/23 at 100.00 AA+ 8,677,047
800   Michigan State University, General Revenue Bonds, Series 2015A, 5.000%, 8/15/27   8/25 at 100.00 AA+ 930,960
3,690   Michigan Technological University, General Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/34   10/21 at 100.00 A1 3,984,905
    Northern Michigan University, General Revenue Bonds, Series 2018A:        
400   5.000%, 12/01/33, (WI/DD, Settling 6/06/18)   6/28 at 100.00 A1 465,588
650   5.000%, 12/01/35, (WI/DD, Settling 6/06/18)   6/28 at 100.00 A1 751,140
1

NUM Nuveen Michigan Quality Municipal Income Fund (continued)
  Portfolio of Investments as of May 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    Oakland University, Michigan, General Revenue Bonds, Series 2016:        
$ 1,400   5.000%, 3/01/41   3/26 at 100.00 A1 $1,573,572
4,000   5.000%, 3/01/47   3/26 at 100.00 A1 4,478,440
810   Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/35   7/26 at 100.00 A1 912,400
    University of Michigan, General Revenue Bonds, Refunding Series 2017A:        
2,000   5.000%, 4/01/34   4/27 at 100.00 AAA 2,365,880
2,000   5.000%, 4/01/35   4/27 at 100.00 AAA 2,359,000
1,065   5.000%, 4/01/36   4/27 at 100.00 AAA 1,252,504
2,000   5.000%, 4/01/42   4/27 at 100.00 AAA 2,340,160
4,000   University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44   4/24 at 100.00 AAA 4,566,760
    University of Michigan, General Revenue Bonds, Series 2015:        
5,735   5.000%, 4/01/40 (UB) (4)   4/26 at 100.00 AAA 6,620,255
9,600   5.000%, 4/01/46 (UB) (4)   4/26 at 100.00 AAA 11,038,176
5,000   5.000%, 4/01/46   4/26 at 100.00 AAA 5,749,050
5,160   Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/32   5/26 at 100.00 Aa3 5,904,433
3,700   Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40   11/23 at 100.00 Aa3 4,140,263
525   Western Michigan University, General Revenue Bonds, Refunding Series 2011, 5.000%, 11/15/31   11/21 at 100.00 Aa3 572,990
    Western Michigan University, General Revenue Bonds, Refunding Series 2013:        
750   5.250%, 11/15/33  –  AGM Insured   11/23 at 100.00 AA 853,185
4,250   5.000%, 11/15/39  –  AGM Insured   11/23 at 100.00 AA 4,758,002
    Western Michigan University, General Revenue Bonds, Refunding Series 2015A:        
1,500   5.000%, 11/15/40   5/25 at 100.00 Aa3 1,675,875
850   5.000%, 11/15/45   5/25 at 100.00 Aa3 946,858
92,330   Total Education and Civic Organizations       102,404,648
    Health Care – 23.6% (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- 2,106,500
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- 4,359,840
    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 5,905,130
2,000   5.000%, 1/15/42   1/22 at 100.00 AA 2,120,460
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 A+ 1,992,550
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 5,613,705
2

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$ 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+ $5,375,546
3,930   Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding Series 2013, 5.000%, 8/15/31   8/23 at 100.00 A+ 4,353,340
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+ 6,675,029
3,000   Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42   11/22 at 100.00 A+ 3,255,810
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- 5,633,950
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- 2,230,239
    Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:        
1,000   5.000%, 11/01/25   11/22 at 100.00 A+ 1,111,670
1,000   5.000%, 11/01/26   11/22 at 100.00 A+ 1,108,570
3,750   5.000%, 11/01/42   11/22 at 100.00 A+ 4,062,262
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- 10,474,485
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- 1,072,760
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 A+ 5,886,957
66,775   Total Health Care       73,338,803
    Housing/Multifamily – 2.4% (1.5% of Total Investments)        
2,635   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 2,804,536
1,825   Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35   10/20 at 100.00 AA 1,911,760
1,725   Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2, 4.625%, 10/01/41   4/22 at 100.00 AA 1,783,840
1,000   Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 4.000%, 10/01/42   4/22 at 100.00 AA 1,034,020
7,185   Total Housing/Multifamily       7,534,156
    Tax Obligation/General – 32.0% (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 2,548,184
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 963,606
895   Bloomfield Township, Michigan, General Obligation Bonds, Refunding Series 2016, 5.000%, 5/01/28   5/26 at 100.00 AAA 1,048,331
3

NUM Nuveen Michigan Quality Municipal Income Fund (continued)
  Portfolio of Investments as of May 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
    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- $2,571,075
2,195   5.000%, 5/01/47   5/27 at 100.00 AA- 2,482,721
    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- 1,015,900
500   4.000%, 5/01/33   5/21 at 100.00 AA- 506,290
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- 1,261,587
875   Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/20   No Opt. Call AA- 924,735
    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 7,221,015
3,000   0.000%, 12/01/26   No Opt. Call AAA 2,349,300
100   0.000%, 12/01/27   No Opt. Call AAA 75,804
4,305   0.000%, 12/01/29   No Opt. Call AAA 3,064,385
    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 610,182
500   5.000%, 10/01/30   10/21 at 100.00 AA 544,470
500   5.000%, 10/01/31   10/21 at 100.00 AA 544,135
    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 1,949,152
4,205   5.000%, 5/01/28  –  AGM Insured   5/26 at 100.00 AA 4,902,483
1,000   5.000%, 5/01/38  –  AGM Insured   5/26 at 100.00 AA 1,136,830
    Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017:        
1,245   5.000%, 5/01/29   5/27 at 100.00 Aa3 1,448,931
1,265   5.000%, 5/01/30   5/27 at 100.00 Aa3 1,468,969
    Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities Series 2017:        
300   5.000%, 4/01/27   No Opt. Call AA+ 356,442
1,675   5.000%, 4/01/30   4/27 at 100.00 AA+ 1,968,460
    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 1,169,820
1,445   5.000%, 6/01/34   6/26 at 100.00 AAA 1,671,229
1,000   5.000%, 6/01/35   6/26 at 100.00 AAA 1,155,780
4

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
    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 $1,836,084
1,650   5.000%, 6/01/37   6/27 at 100.00 AAA 1,928,206
1,025   Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34   1/25 at 100.00 AAA 1,168,787
3,440   Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 5.000%, 1/01/31   1/25 at 100.00 AAA 3,953,867
    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+ 1,133,490
1,020   5.000%, 10/01/26   10/23 at 100.00 AA+ 1,154,518
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- 1,128,590
    Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I:        
1,345   5.000%, 5/01/26   No Opt. Call AA- 1,572,278
2,245   5.000%, 5/01/33   5/26 at 100.00 AA- 2,569,156
2,085   5.000%, 5/01/38   5/26 at 100.00 AA- 2,353,110
2,200   5.000%, 5/01/41   5/26 at 100.00 AA- 2,476,320
4,000   Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22   12/21 at 100.00 Aa1 4,387,160
1,950   Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2015A, 5.000%, 12/01/28   12/25 at 100.00 Aa1 2,258,080
1,000   Michigan State, General Obligation Bonds, Environmental Program, Series 2014A, 5.000%, 12/01/28   12/24 at 100.00 Aa1 1,158,030
2,000   Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 5/01/22  –  NPFG Insured   No Opt. Call Aa2 2,178,260
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 3,317,690
    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 1,531,966
1,730   5.000%, 11/01/36   11/25 at 100.00 AA 1,953,360
    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 1,715,366
640   5.250%, 10/01/37  –  AGM Insured   10/21 at 100.00 AA 697,933
    Port Huron, Michigan, General Obligation Bonds, Series 2011B:        
530   5.000%, 10/01/31  –  AGM Insured   10/21 at 100.00 AA 573,593
800   5.250%, 10/01/40  –  AGM Insured   10/21 at 100.00 AA 871,616
500   Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/19   No Opt. Call AA- 514,940
5

NUM Nuveen Michigan Quality Municipal Income Fund (continued)
  Portfolio of Investments as of May 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 625   Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/20   No Opt. Call Aa2 $662,100
1,510   Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax Series 2018, 5.000%, 4/01/43   4/28 at 100.00 AA+ 1,721,128
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 1,614,102
550   Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/26   5/25 at 100.00 AA 636,356
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 1,782,288
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 2,963,918
1,225   Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25  –  NPFG Insured   No Opt. Call Aa2 1,365,838
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 1,553,824
93,320   Total Tax Obligation/General       99,691,770
    Tax Obligation/Limited – 13.8% (8.7% 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 2,410,694
    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- 1,286,215
2,000   5.000%, 10/01/24   10/23 at 100.00 AA- 2,240,360
2,000   5.000%, 10/01/25   10/24 at 100.00 AA- 2,254,580
11,025   5.000%, 10/01/39   10/24 at 100.00 AA- 12,259,469
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 2,200,660
1,845   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2013-I-A, 5.000%, 10/15/29   10/23 at 100.00 Aa2 2,087,009
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 4,516,480
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 1,701,405
    Michigan State Trunk Line Fund Bonds, Series 2011:        
1,100   5.000%, 11/15/24   11/21 at 100.00 AA+ 1,202,080
1,750   5.000%, 11/15/29   11/21 at 100.00 AA+ 1,908,743
1,605   5.000%, 11/15/31   11/21 at 100.00 AA+ 1,751,151
1,160   4.000%, 11/15/32   11/21 at 100.00 AA+ 1,196,934
1,970   5.000%, 11/15/36   11/21 at 100.00 AA+ 2,139,144
1,370   Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22   No Opt. Call AA+ 1,543,415
6

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$ 1,950   Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, 5.000%, 11/15/29   11/24 at 100.00 AA+ $ 2,256,189
38,715   Total Tax Obligation/Limited       42,954,528
    Transportation – 3.4% (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 4,914,900
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 4,367,240
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 1,141,070
9,500   Total Transportation       10,423,210
    U.S. Guaranteed – 18.1% (11.3% of Total Investments) (5)        
    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- 1,320,216
2,190   5.500%, 5/01/41 (Pre-refunded 5/01/21)   5/21 at 100.00 AA- 2,409,394
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+ 426,279
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 2,657,387
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 1,910,736
    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- 391,041
8,250   5.000%, 7/01/32 (Pre-refunded 7/01/18)   7/18 at 100.00 AA- 8,272,028
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 6,102,073
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 38,487
    Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012:        
2,000   5.000%, 10/01/31 (Pre-refunded 10/01/22)   10/22 at 100.00 AAA 2,248,240
1,135   5.000%, 10/01/32 (Pre-refunded 10/01/22)   10/22 at 100.00 AAA 1,275,876
    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 417,452
475   5.000%, 10/01/30 (Pre-refunded 10/01/20)   10/20 at 100.00 AAA 508,435
7

NUM Nuveen Michigan Quality Municipal Income Fund (continued)
  Portfolio of Investments as of May 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
    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 N/R $156,759
7,300   5.750%, 11/15/39 (Pre-refunded 11/15/19)   11/19 at 100.00 N/R 7,706,756
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+ 4,163,120
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)   No Opt. Call Aaa 3,642,678
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 1,034,090
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 3,812,645
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 1,524,000
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 701,974
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 367,318
    Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008:        
2,220   5.000%, 11/15/35 (Pre-refunded 11/15/18)  –  AGM Insured   11/18 at 100.00 Aa3 2,253,966
2,780   5.000%, 11/15/35 (Pre-refunded 11/15/18)  –  AGM Insured   11/18 at 100.00 Aa3 2,822,534
53,455   Total U.S. Guaranteed       56,163,484
    Utilities – 11.9% (7.5% 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 2,973,410
6,020   5.000%, 7/01/39   7/21 at 100.00 AA 6,496,062
    Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF0394:        
1,110   14.736%, 7/01/37, 144A (IF) (4)   7/21 at 100.00 AA- 1,426,949
1,700   14.736%, 7/01/37, 144A (IF) (4)   7/21 at 100.00 AA- 2,185,418
    Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A:        
1,000   5.000%, 7/01/30   7/26 at 100.00 A 1,140,150
1,000   5.000%, 7/01/31   7/26 at 100.00 A 1,137,850
75   5.000%, 7/01/32   7/26 at 100.00 A 85,109
1,000   5.000%, 7/01/33   7/26 at 100.00 A 1,130,970
    Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:        
1,900   5.000%, 1/01/27   1/22 at 100.00 A2 2,029,865
4,530   5.000%, 1/01/43   1/22 at 100.00 A2 4,754,824
8

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities (continued)        
    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 $1,875,386
1,990   5.000%, 1/01/25  –  AGM Insured   1/21 at 100.00 AA 2,120,464
2,180   5.000%, 1/01/26  –  AGM Insured   1/21 at 100.00 AA 2,322,921
290   5.000%, 1/01/27  –  AGM Insured   1/21 at 100.00 AA 309,012
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 4,117,423
2,700   Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44  –  BAM Insured   10/25 at 100.00 AA 2,921,481
33,645   Total Utilities       37,027,294
    Water and Sewer – 16.3% (10.3% of Total Investments)        
15   Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.000%, 7/01/34  –  AGM Insured   8/18 at 100.00 AA 15,040
    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 1,135,460
1,000   5.000%, 1/01/33   1/24 at 100.00 Aa1 1,133,220
1,000   5.000%, 1/01/34   1/24 at 100.00 Aa1 1,131,550
1,855   5.000%, 1/01/44   1/24 at 100.00 Aa1 2,086,671
    Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018:        
2,500   5.000%, 1/01/43, (WI/DD, Settling 6/13/18)   1/28 at 100.00 Aa1 2,896,725
1,055   5.000%, 1/01/48, (WI/DD, Settling 6/13/18)   1/28 at 100.00 Aa1 1,218,641
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- 1,133,570
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 7,153,960
    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- 5,136,911
1,070   5.000%, 7/01/35   7/25 at 100.00 A- 1,178,947
    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 1,670,730
1,220   5.000%, 7/01/37  –  AGM Insured   7/24 at 100.00 AA 1,355,274
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 3,775,670
9

NUM Nuveen Michigan Quality Municipal Income Fund (continued)
  Portfolio of Investments as of May 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
    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 $2,202,835
3,200   5.000%, 10/01/25   10/22 at 100.00 AAA 3,594,368
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 5,938,500
2,000   Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series 2012, 5.000%, 10/01/20   No Opt. Call AAA 2,145,980
580   Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/19   8/18 at 100.00 AAA 581,456
170   Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 5.000%, 10/01/19   8/18 at 100.00 AAA 170,437
90   Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/23   8/18 at 100.00 AAA 90,238
    Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007:        
70   5.000%, 10/01/23   8/18 at 100.00 AAA 70,186
225   5.000%, 10/01/24   8/18 at 100.00 AAA 225,574
1,000   North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Refunding Series 2016, 5.000%, 11/01/24   No Opt. Call AA 1,145,890
    Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:        
500   5.250%, 10/01/31   10/21 at 100.00 A- 544,090
1,500   5.625%, 10/01/40   10/21 at 100.00 A- 1,659,735
    Wyoming, Michigan, Water Supply System Revenue Bonds, Refunding Series 2016:        
210   5.000%, 6/01/26   No Opt. Call Aa3 244,511
505   5.000%, 6/01/27   6/26 at 100.00 Aa3 583,669
550   5.000%, 6/01/28   6/26 at 100.00 Aa3 633,132
45,025   Total Water and Sewer       50,852,970
$ 454,600   Total Long-Term Investments (cost $475,575,517)       495,088,950
    Floating Rate Obligations – (3.9)%       (12,265,000)
    Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (55.6)% (6)       (172,985,666)
    Other Assets Less Liabilities – 0.4%       1,411,627
    Net Asset Applicable to Common Shares – 100%       $ 311,249,911
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.
10

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 $ — $495,088,950 $ — $495,088,950
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 May 31, 2018.
Tax cost of investments $463,069,669
Gross unrealized:  
Appreciation $ 21,504,240
Depreciation (1,749,338)
Net unrealized appreciation (depreciation) of investments $ 19,754,902
(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.  
(6) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 34.9%.  
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.  
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  
11

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: July 30, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)    /s/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: July 30, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: July 30, 2018