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:         5/31/16         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
Item 1. Schedule of Investments

 
           
   
Portfolio of Investments
      
           
   
Nuveen Michigan Quality Income Municipal Fund (NUM)
      
   
May 31, 2016 (Unaudited)
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 151.3% (100.0% of Total Investments)
      
           
   
MUNICIPAL BONDS – 151.3% (100.0% of Total Investments)
      
           
   
Consumer Staples – 4.8% (3.2% of Total Investments)
      
$ 7,100
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
6/17 at 100.00
B–
$ 7,067,553
   
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
B+
8,927,143
   
Series 2008A, 6.875%, 6/01/42
      
15,750
  
Total Consumer Staples
    
15,994,696
   
Education and Civic Organizations – 20.8% (13.8% of Total Investments)
      
1,220
  
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014,
10/24 at 100.00
Aa3
1,434,073
   
5.000%, 10/01/39
      
1,000
  
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36
11/16 at 100.00
B
741,550
1,255
  
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005,
8/16 at 100.00
B–
924,195
   
5.750%, 11/01/30
      
500
  
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B,
12/24 at 100.00
A+
605,585
   
5.000%, 12/01/28
      
990
  
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning
10/21 at 100.00
BB–
1,010,731
   
Academy Project, Refunding Series 2011, 7.000%, 10/01/31
      
   
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds,
      
   
Kettering University, Series 2001:
      
1,685
  
5.500%, 9/01/17 – AMBAC Insured
9/16 at 100.00
N/R
1,687,241
1,170
  
5.000%, 9/01/26 – AMBAC Insured
9/16 at 100.00
N/R
1,170,608
240
  
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American
12/17 at 100.00
N/R
246,012
   
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+
5,602,000
7,790
  
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41
8/23 at 100.00
AA+
9,252,959
3,445
  
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A,
10/21 at 100.00
A1
3,976,564
   
5.000%, 10/01/34
      
810
  
Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A,
7/26 at 100.00
A1
961,673
   
5.000%, 7/01/35
      
4,000
  
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44
4/24 at 100.00
AAA
4,754,240
   
University of Michigan, General Revenue Bonds, Series 2015:
      
5,735
  
5.000%, 4/01/40 (UB) (4)
4/26 at 100.00
AAA
7,039,598
9,600
  
5.000%, 4/01/46 (UB) (4)
4/26 at 100.00
AAA
11,717,952
5,000
  
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008, 5.000%,
No Opt. Call
AA
5,442,800
   
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
Aa3
4,271,169
525
  
Western Michigan University, General Revenue Bonds, Refunding Series 2011, 5.000%, 11/15/31
11/21 at 100.00
A1
602,800
   
Western Michigan University, General Revenue Bonds, Refunding Series 2013:
      
750
  
5.250%, 11/15/33 – AGM Insured
11/23 at 100.00
AA
895,118
4,250
  
5.000%, 11/15/39 – AGM Insured
11/23 at 100.00
AA
4,909,175
   
Western Michigan University, General Revenue Bonds, Refunding Series 2015A:
      
1,500
  
5.000%, 11/15/40
5/25 at 100.00
A1
1,743,000
850
  
5.000%, 11/15/45
5/25 at 100.00
A1
981,912
61,015
  
Total Education and Civic Organizations
    
69,970,955
   
Health Care – 23.0% (15.2% of Total Investments)
      
4,000
  
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson
7/21 at 100.00
AA–
4,531,680
   
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
1,985,436
   
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
6,226,110
2,000
  
5.000%, 1/15/42
1/22 at 100.00
AA
2,213,100
1,780
  
Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding
8/24 at 100.00
A1
2,101,771
   
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+
4,627,087
   
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
4,578,254
   
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+
7,038,508
   
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+
3,356,250
   
5.000%, 11/15/42
      
5,000
  
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding
6/26 at 100.00
AA
5,905,800
   
Series 2016 MI, 5.000%, 12/01/45
      
   
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:
      
1,000
  
5.000%, 11/01/25
11/22 at 100.00
A1
1,171,030
1,000
  
5.000%, 11/01/26
No Opt. Call
A1
1,163,970
3,750
  
5.000%, 11/01/42
11/22 at 100.00
A1
4,181,250
9,615
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
12/21 at 100.00
AA–
10,954,367
   
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–
167,534
7,300
  
5.750%, 11/15/39
11/19 at 100.00
A–
8,309,152
2,000
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health
11/16 at 100.00
A–
2,040,660
   
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
1,110,860
   
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
5,573,790
   
Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39
      
67,780
  
Total Health Care
    
77,236,609
   
Housing/Multifamily – 3.9% (2.5% of Total Investments)
      
2,675
  
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue
12/20 at 101.00
AA
2,966,709
   
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax)
      
   
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A:
      
1,395
  
3.375%, 11/01/16 (Alternative Minimum Tax)
8/16 at 100.00
AA
1,397,553
1,405
  
3.875%, 11/01/17 (Alternative Minimum Tax)
8/16 at 100.00
AA
1,407,852
2,300
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%,
8/16 at 100.00
AA
2,303,910
   
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
1,976,840
   
5.000%, 10/01/35
      
1,725
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A–2,
4/22 at 100.00
AA
1,825,585
   
4.625%, 10/01/41
      
1,000
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D,
No Opt. Call
AA
1,032,540
   
4.000%, 10/01/42
      
12,325
  
Total Housing/Multifamily
    
12,910,989
   
Housing/Single Family – 0.6% (0.4% of Total Investments)
      
1,830
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
6/20 at 100.00
AA+
1,961,870
   
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax)
      
135
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
6/21 at 100.00
AA+
139,813
   
2011A, 4.600%, 12/01/26
      
1,965
  
Total Housing/Single Family
    
2,101,683
   
Tax Obligation/General – 32.3% (21.4% of Total Investments)
      
2,310
  
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds,
5/22 at 100.00
AA1
2,756,477
   
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
1,040,298
   
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+
2,360,094
   
Series 2008, 5.000%, 5/01/38
      
   
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–
1,059,940
500
  
4.000%, 5/01/33
5/21 at 100.00
AA–
529,020
1,135
  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
5/24 at 100.00
AA–
1,313,797
   
Bonds, School Building & Site Series 2014, 5.000%, 5/01/39
      
875
  
Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Refunding
No Opt. Call
AA–
1,003,048
   
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–
1,398,996
2,190
  
5.500%, 5/01/41
5/21 at 100.00
AA–
2,553,168
   
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
2,933,795
1,000
  
5.000%, 10/01/21 – AGM Insured
No Opt. Call
AA
1,134,750
1,645
  
5.000%, 10/01/22 – AGM Insured
No Opt. Call
AA
1,895,122
4,850
  
5.000%, 10/01/26 – AGM Insured
10/22 at 100.00
AA
5,427,053
   
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
7,359,321
3,000
  
0.000%, 12/01/26
No Opt. Call
AAA
2,414,340
100
  
0.000%, 12/01/27
No Opt. Call
AAA
78,532
4,305
  
0.000%, 12/01/29
No Opt. Call
AAA
3,207,182
   
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
653,285
500
  
5.000%, 10/01/30
10/21 at 100.00
AA
577,150
500
  
5.000%, 10/01/31
10/21 at 100.00
AA
577,150
   
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding School
      
   
Building & Site Series 2016:
      
4,205
  
5.000%, 5/01/28 – AGM Insured
5/26 at 100.00
AA
5,200,954
1,000
  
5.000%, 5/01/38 – AGM Insured
5/26 at 100.00
AA
1,190,280
   
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2016:
      
1,305
  
5.000%, 6/01/32 (WI/DD, Settling 6/01/16)
6/26 at 100.00
AAA
1,626,095
1,275
  
5.000%, 6/01/33 (WI/DD, Settling 6/01/16)
6/26 at 100.00
AAA
1,582,250
1,000
  
5.000%, 6/01/35 (WI/DD, Settling 6/01/16)
6/26 at 100.00
AAA
1,231,940
1,025
  
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34
1/25 at 100.00
AAA
1,236,775
3,440
  
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015,
1/25 at 100.00
AAA
4,195,596
   
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+
1,207,250
1,020
  
5.000%, 10/01/26
10/23 at 100.00
AA+
1,220,430
1,000
  
L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Refunding
No Opt. Call
AA–
1,211,830
   
Series 2015, 5.000%, 5/01/23
      
425
  
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
AA–
439,756
   
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
4,759,320
   
5.000%, 12/01/22
      
1,000
  
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25
5/19 at 100.00
AA1
1,120,130
2,500
  
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%,
No Opt. Call
Aa2
2,896,550
   
5/01/22 – NPFG Insured
      
2,945
  
Muskegon Community College District, Michigan, General Obligation Bonds, Community Facility
5/24 at 100.00
AA
3,422,561
   
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
1,614,074
1,730
  
5.000%, 11/01/36
11/25 at 100.00
AA
2,035,259
   
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007:
      
4,330
  
5.000%, 8/01/26 – NPFG Insured (UB)
No Opt. Call
AAA
4,548,535
5,620
  
5.000%, 8/01/30 – NPFG Insured (UB)
No Opt. Call
AAA
5,903,641
750
  
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School
5/18 at 100.00
AA1
800,048
   
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
1,850,567
640
  
5.250%, 10/01/37 – AGM Insured
10/21 at 100.00
AA
748,237
   
Port Huron, Michigan, General Obligation Bonds, Series 2011B:
      
530
  
5.000%, 10/01/31 – AGM Insured
10/21 at 100.00
AA
610,041
800
  
5.250%, 10/01/40 – AGM Insured
10/21 at 100.00
AA
934,416
500
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series
No Opt. Call
AA–
553,585
   
2012, 5.000%, 5/01/19
      
625
  
Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding
No Opt. Call
Aa2
716,288
   
Series 2014, 5.000%, 5/01/20
      
1,435
  
South Haven Public Schools, Van Buren Couty, Michigan, General Obligation Bonds, School
5/24 at 100.00
AA
1,667,700
   
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
393,614
   
2009, 5.125%, 12/01/33 – AGC Insured
      
3,600
  
Trenton Public Schools District, Michigan, General Obligation Bonds, School Building and Site
5/18 at 100.00
AA1
3,847,752
   
Series 2008, 5.000%, 5/01/34 – AGM Insured
      
550
  
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series
5/25 at 100.00
AA
675,576
   
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
1,184,137
2,150
  
5.000%, 5/01/38 – AGM Insured
5/18 at 100.00
AA1
2,298,823
1,600
  
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds,
11/23 at 100.00
AA1
1,844,640
   
School Building & Site Series 2014, 5.000%, 5/01/40
      
1,560
  
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds,
No Opt. Call
Aa2
1,812,455
   
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
1,656,661
   
Series 2011, 4.500%, 5/01/31 – AGM Insured
      
99,655
  
Total Tax Obligation/General
    
108,510,284
   
Tax Obligation/Limited – 16.4% (10.8% of Total Investments)
      
2,200
  
Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds,
2/24 at 103.00
N/R
2,520,584
   
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–
1,382,922
2,000
  
5.000%, 10/01/24
10/23 at 100.00
AA–
2,395,240
2,000
  
5.000%, 10/01/25
10/24 at 100.00
AA–
2,418,700
11,025
  
5.000%, 10/01/39
10/24 at 100.00
AA–
12,596,056
   
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
      
7,000
  
0.000%, 10/15/27 – AGM Insured
10/16 at 58.27
AA
4,059,230
7,720
  
0.000%, 10/15/28 – AGM Insured
10/16 at 55.35
AA
4,250,941
865
  
0.000%, 10/15/30 – NPFG Insured
10/16 at 50.02
Aa2
430,043
6,140
  
5.000%, 10/15/36 – NPFG Insured
10/16 at 100.00
Aa2
6,232,775
4,000
  
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding
10/25 at 100.00
Aa2
4,746,280
   
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+
1,297,945
1,750
  
5.000%, 11/15/29
11/21 at 100.00
AA+
2,053,905
1,605
  
5.000%, 11/15/31
11/21 at 100.00
AA+
1,878,925
1,160
  
4.000%, 11/15/32
11/21 at 100.00
AA+
1,258,693
1,970
  
5.000%, 11/15/36
11/21 at 100.00
AA+
2,289,495
1,370
  
Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22
No Opt. Call
AA+
1,672,702
   
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015:
      
1,065
  
5.000%, 11/15/19
No Opt. Call
AA+
1,210,894
1,950
  
5.000%, 11/15/29
11/24 at 100.00
AA+
2,396,609
56,160
  
Total Tax Obligation/Limited
    
55,091,939
   
Transportation – 2.9% (1.9% of Total Investments)
      
4,500
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
No Opt. Call
A
5,149,305
   
Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)
      
4,000
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County
12/22 at 100.00
AA
4,596,520
   
Airport, Series 2012A, 5.000%, 12/01/42 – AGM Insured
      
8,500
  
Total Transportation
    
9,745,825
   
U.S. Guaranteed – 20.0% (13.2% of Total Investments) (5)
      
7,740
  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
5/17 at 100.00
Aa1 (5)
8,031,334
   
Bonds, Series 2007, 4.750%, 5/01/32 (Pre-refunded 5/01/17) – NPFG Insured
      
100
  
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, School
5/17 at 100.00
Aa1 (5)
103,993
   
Building & Site Series 2007, 5.000%, 5/01/37 (Pre-refunded 5/01/17) – AGM Insured
      
   
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007:
      
860
  
5.000%, 9/01/24 (Pre-refunded 9/01/17) – NPFG Insured
9/17 at 100.00
AA (5)
906,208
2,000
  
5.000%, 9/01/27 (Pre-refunded 9/01/17) – NPFG Insured
9/17 at 100.00
AA (5)
2,107,460
1,190
  
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38
1/18 at 100.00
Aa1 (5)
1,269,349
   
(Pre-refunded 1/01/18)
      
230
  
Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series
1/17 at 100.00
AAA
235,739
   
2007, 5.000%, 1/01/32 (Pre-refunded 1/01/17)
      
2,160
  
Lowell Area Schools, Kent and Ionia Counties, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
Aa1 (5)
2,246,249
   
5.000%, 5/01/37 (Pre-refunded 5/01/17) – AGM Insured
      
1,500
  
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
N/R (5)
1,559,895
   
5.000%, 5/01/30 (Pre-refunded 5/01/17) – SYNCORA GTY Insured
      
5,505
  
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center,
6/22 at 100.00
N/R (5)
6,645,856
   
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)
41,976
   
5.000%, 12/01/39 (Pre-refunded 12/01/21)
      
   
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007:
      
430
  
5.000%, 10/01/23 (Pre-refunded 10/01/17)
10/17 at 100.00
N/R (5)
454,493
1,775
  
5.000%, 10/01/24 (Pre-refunded 10/01/17)
10/17 at 100.00
N/R (5)
1,876,104
   
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
Aa2 (5)
316,967
1,900
  
5.000%, 10/15/36 (Pre-refunded 10/15/16) – NPFG Insured
10/16 at 100.00
Aa2 (5)
1,931,483
4,000
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated
6/19 at 100.00
AA+ (5)
4,579,800
   
Group, Series 2009A, 5.875%, 6/01/39 (Pre-refunded 6/01/19) – AGC Insured
      
3,415
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s Health
11/16 at 100.00
AAA
3,428,489
   
System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM)
      
8,245
  
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Series 2006, 5.000%, 11/01/31
11/16 at 100.00
AA (5)
8,397,945
   
(Pre-refunded 11/01/16) – NPFG Insured
      
6,820
  
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,
5/17 at 100.00
AAA
7,092,323
   
Series 2007, 5.000%, 5/01/36 (Pre-refunded 5/01/17) – AGM Insured
      
5,785
  
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
Aa1 (5)
6,002,747
   
4.750%, 5/01/36 (Pre-refunded 5/01/17) – AGM Insured
      
2,100
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, School Building &
5/18 at 100.00
Aa1 (5)
2,269,029
   
Site Series 2008, 5.000%, 5/01/33 (Pre-refunded 5/01/18) – AGM Insured
      
3,640
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
8/19 at 100.00
A1 (5)
4,217,814
   
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
1,748,475
   
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 (5)
1,596,431
   
2007, 5.000%, 5/01/32 (Pre-refunded 5/01/17) – NPFG Insured
      
63,100
  
Total U.S. Guaranteed
    
67,060,159
   
Utilities – 13.8% (9.1% 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
3,158,348
6,020
  
5.000%, 7/01/39
No Opt. Call
AA
6,932,813
   
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–
419,016
8,250
  
5.000%, 7/01/32
7/18 at 100.00
AA–
8,852,333
   
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond
      
   
Trust 2016-XF0394:
      
1,110
  
17.065%, 7/01/37 (IF) (4)
7/21 at 100.00
AA–
1,769,296
1,700
  
17.065%, 7/01/37 (IF) (4)
7/21 at 100.00
AA–
2,709,732
   
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A:
      
75
  
5.000%, 7/01/32
7/26 at 100.00
A
90,874
500
  
5.000%, 7/01/33
7/26 at 100.00
A
604,345
   
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:
      
1,900
  
5.000%, 1/01/27
1/22 at 100.00
A2
2,138,678
4,530
  
5.000%, 1/01/43
1/22 at 100.00
A2
4,936,522
   
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
2,020,885
1,990
  
5.000%, 1/01/25 – AGM Insured
1/21 at 100.00
AA
2,276,461
2,180
  
5.000%, 1/01/26 – AGM Insured
1/21 at 100.00
AA
2,480,404
290
  
5.000%, 1/01/27 – AGM Insured
1/21 at 100.00
AA
324,005
3,640
  
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company,
No Opt. Call
Aa3
4,573,624
   
Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured
      
2,700
  
Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 –
10/25 at 100.00
AA
2,968,056
   
BAM Insured
      
39,785
  
Total Utilities
    
46,255,392
   
Water and Sewer – 12.8% (8.5% of Total Investments)
      
425
  
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%,
7/18 at 100.00
AA+
457,823
   
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
10,134,640
   
7/01/34 – AGM Insured
      
190
  
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C,
No Opt. Call
AA
190,652
   
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
AA1
1,201,530
1,000
  
5.000%, 1/01/33
1/24 at 100.00
AA1
1,197,650
1,000
  
5.000%, 1/01/34
1/24 at 100.00
AA1
1,193,800
1,855
  
5.000%, 1/01/44
1/24 at 100.00
AA1
2,181,907
2,605
  
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 –
1/19 at 100.00
AA
2,852,162
   
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
1,732,515
1,220
  
5.000%, 7/01/37 – AGM Insured
7/24 at 100.00
AA
1,399,621
   
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
2,402,640
1,135
  
5.000%, 10/01/32
10/22 at 100.00
AAA
1,359,719
   
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
2,386,058
3,200
  
5.000%, 10/01/25
10/22 at 100.00
AAA
3,909,920
2,000
  
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series
No Opt. Call
AAA
2,329,140
   
2012, 5.000%, 10/01/20
      
580
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004,
8/16 at 100.00
AAA
582,279
   
5.000%, 10/01/19
      
170
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005,
8/16 at 100.00
AAA
171,715
   
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
450,735
475
  
5.000%, 10/01/30
No Opt. Call
AAA
549,190
90
  
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004,
8/16 at 100.00
AAA
90,353
   
5.000%, 10/01/23
      
   
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007:
      
70
  
5.000%, 10/01/23
10/17 at 100.00
AAA
73,973
225
  
5.000%, 10/01/24
10/17 at 100.00
AAA
237,832
1,000
  
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Refunding Series 2016,
No Opt. Call
AA
1,236,970
   
5.000%, 11/01/24
      
   
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:
      
500
  
5.250%, 10/01/31
10/21 at 100.00
A
557,130
1,500
  
5.625%, 10/01/40
10/21 at 100.00
A
1,715,715
700
  
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 –
7/18 at 100.00
AA–
750,869
   
NPFG Insured
      
   
Wyoming, Michigan, Water Supply System Revenue Bonds, Refunding Series 2016:
      
210
  
5.000%, 6/01/26
No Opt. Call
Aa2
262,920
505
  
5.000%, 6/01/27
6/26 at 100.00
Aa2
624,922
550
  
5.000%, 6/01/28
6/26 at 100.00
Aa2
675,780
38,150
  
Total Water and Sewer
    
42,910,160
$ 464,185
  
Total Long-Term Investments (cost $467,366,955)
    
507,788,691
   
Floating Rate Obligations – (5.6)%
    
(18,890,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (47.4)% (6)
    
(159,000,000)
   
Other Assets Less Liabilities – 1.7%
    
5,706,408
   
Net Assets Applicable to Common Shares – 100%
    
$ 335,605,099
 

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 the 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 the end of the reporting period:
         
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
        
Municipal Bonds
$ —
$507,788,691
$ —
$507,788,691
 
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 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.
As of May 31, 2016, the cost of investments was $448,578,572.
Gross unrealized appreciation and gross unrealized depreciation of investments as of May 31, 2016, were as follows:
   
Gross unrealized:
  
Appreciation
$40,864,771
Depreciation
(543,510)
Net unrealized appreciation (depreciation) of investments
$40,321,261
 
(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)
  
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 regarded as having an implied rating equal to the rating of such securities.
(6)
  
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total
   
Investments is 31.3%.
(ETM)
  
Escrowed to maturity.
(IF)
  
Inverse floating rate investment.
(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.
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Michigan Quality Income Municipal Fund 
 
By (Signature and Title) /s/ Kevin J. McCarthy                    
       Kevin J. McCarthy
     Vice President and Secretary
                                         
Date:         July 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:         July 29, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         July 29, 2016