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:            2/28          
 
Date of reporting period:         11/30/16         
 
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 Municipal Income Fund (NUM) 
 
 
 
 
  
(formerly known as Nuveen Michigan Quality Income Municipal Fund) 
 
 
 
 
  
November 30, 2016 (Unaudited) 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 161.4% (100.0% of Total Investments) 
 
 
 
           
 
  
MUNICIPAL BONDS – 161.4% (100.0% of Total Investments) 
 
 
 
           
 
  
Consumer Staples – 5.0% (3.1% of Total Investments) 
 
 
 
$    7,100 
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/17 at 100.00 
B– 
$     6,760,549 
 
  
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 
B2 
8,690,568 
 
  
Series 2008A, 6.875%, 6/01/42 
 
 
 
15,750 
  
Total Consumer Staples 
 
 
15,451,117 
 
  
Education and Civic Organizations – 24.5% (15.2% of Total Investments) 
 
 
 
1,220 
  
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014, 
10/24 at 100.00 
Aa3 
1,335,656 
 
  
5.000%, 10/01/39 
 
 
 
1,000 
  
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 
2/17 at 100.00 
B 
688,950 
 
  
5.250%, 11/01/36 
 
 
 
1,255 
  
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005, 
2/17 at 100.00 
B– 
785,216 
 
  
5.750%, 11/01/30 
 
 
 
2,250 
  
Ferris State University, Michigan, General Revenue Bonds, Refunding Series 2016, 
10/26 at 100.00 
A1 
2,446,628 
 
  
5.000%, 10/01/41 
 
 
 
500 
  
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 
12/24 at 100.00 
A+ 
562,565 
 
  
5.000%, 12/01/28 
 
 
 
990 
  
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning 
10/21 at 100.00 
BB– 
969,349 
 
  
Academy Project, Refunding Series 2011, 7.000%, 10/01/31 
 
 
 
 
  
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, 
 
 
 
 
  
Kettering University, Series 2001: 
 
 
 
865 
  
5.500%, 9/01/17 – AMBAC Insured 
2/17 at 100.00 
N/R 
865,995 
1,170 
  
5.000%, 9/01/26 – AMBAC Insured 
3/17 at 100.00 
N/R 
1,169,988 
240 
  
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American 
12/17 at 100.00 
N/R 
242,402 
 
  
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+ 
5,385,550 
7,790 
  
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41 
8/23 at 100.00 
AA+ 
8,620,257 
3,690 
  
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A, 
10/21 at 100.00 
A1 
4,059,923 
 
  
5.000%, 10/01/34 
 
 
 
4,170 
  
Oakland University, Michigan, General Revenue Bonds, Series 2016, 5.000%, 3/01/41 
3/26 at 100.00 
A1 
4,523,199 
810 
  
Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 
7/26 at 100.00 
A1 
884,731 
 
  
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 
4,431,440 
 
  
University of Michigan, General Revenue Bonds, Series 2015: 
 
 
 
5,735 
  
5.000%, 4/01/40 (UB) (4) 
4/26 at 100.00 
AAA 
6,497,870 
9,600 
  
5.000%, 4/01/46 (UB) (4) 
4/26 at 100.00 
AAA 
10,819,488 
2,780 
  
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008, 5.000%, 
11/18 at 100.00 
Aa3 
2,936,347 
 
  
11/15/35 – AGM Insured 
 
 
 
5,160 
  
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 
5/26 at 100.00 
Aa3 
5,712,842 
 
  
5.000%, 11/15/32 
 
 
 
3,700 
  
Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40 
11/23 at 100.00 
Aa3 
4,004,436 
525 
  
Western Michigan University, General Revenue Bonds, Refunding Series 2011, 5.000%, 11/15/31 
11/21 at 100.00 
A1 
574,938 
 
  
Western Michigan University, General Revenue Bonds, Refunding Series 2013: 
 
 
 
750 
  
5.250%, 11/15/33 – AGM Insured 
11/23 at 100.00 
AA 
834,338 
4,250 
  
5.000%, 11/15/39 – AGM Insured 
11/23 at 100.00 
AA 
4,602,410 
 
  
Western Michigan University, General Revenue Bonds, Refunding Series 2015A: 
 
 
 
1,500 
  
5.000%, 11/15/40 
5/25 at 100.00 
A1 
1,616,760 
850 
  
5.000%, 11/15/45 
5/25 at 100.00 
A1 
913,002 
69,800 
  
Total Education and Civic Organizations 
 
 
75,484,280 
 
  
Health Care – 22.8% (14.1% of Total Investments) 
 
 
 
2,000 
  
County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn 
No Opt. Call 
BBB– 
2,010,980 
 
  
Hospital, Refunding Series 2016, 5.000%, 2/15/47 
 
 
 
4,000 
  
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson 
7/21 at 100.00 
AA– 
4,338,520 
 
  
Healthcare, Refunding Series 2011A, 5.000%, 7/01/29 
 
 
 
 
  
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 
5,889,125 
2,000 
  
5.000%, 1/15/42 
1/22 at 100.00 
AA 
2,108,820 
1,780 
  
Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding 
8/24 at 100.00 
A1 
1,963,180 
 
  
Series 2015A, 5.000%, 8/01/32 
 
 
 
5,010 
  
Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 
11/26 at 100.00 
A 
5,324,979 
 
  
2016, 5.000%, 11/15/41 
 
 
 
4,850 
  
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding 
6/24 at 100.00 
A+ 
5,223,547 
 
  
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 
4,318,991 
 
  
2013, 5.000%, 8/15/31 
 
 
 
6,060 
  
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 
5/25 at 100.00 
A+ 
6,549,830 
 
  
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+ 
3,211,740 
 
  
5.000%, 11/15/42 
 
 
 
5,000 
  
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding 
6/26 at 100.00 
AA 
5,343,100 
 
  
Series 2016MI, 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 
1,106,460 
1,000 
  
5.000%, 11/01/26 
No Opt. Call 
A1 
1,100,580 
3,750 
  
5.000%, 11/01/42 
11/22 at 100.00 
A1 
3,970,125 
9,615 
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
12/21 at 100.00 
AA– 
10,729,186 
 
  
5.000%, 12/01/39 
 
 
 
1,000 
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
6/22 at 100.00 
AA 
1,055,020 
 
  
2009C, 5.000%, 12/01/48 
 
 
 
5,380 
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
3/24 at 100.00 
A1 
5,782,047 
 
  
Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39 
 
 
 
64,875 
  
Total Health Care 
 
 
70,026,230 
 
  
Housing/Multifamily – 2.9% (1.8% of Total Investments) 
 
 
 
2,675 
  
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue 
12/20 at 101.00 
AA 
2,842,027 
 
  
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax) 
 
 
 
1,405 
  
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A, 
2/17 at 100.00 
AA 
1,407,585 
 
  
3.875%, 11/01/17 (Alternative Minimum Tax) 
 
 
 
1,825 
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 
10/20 at 100.00 
AA 
1,927,766 
 
  
5.000%, 10/01/35 
 
 
 
1,725 
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2, 
4/22 at 100.00 
AA 
1,757,154 
 
  
4.625%, 10/01/41 
 
 
 
1,000 
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 
No Opt. Call 
AA 
1,017,760 
 
  
4.000%, 10/01/42 
 
 
 
8,630 
  
Total Housing/Multifamily 
 
 
8,952,292 
 
  
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+ 
1,901,059 
 
  
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax) 
 
 
 
 
  
Tax Obligation/General – 29.6% (18.3% of Total Investments) 
 
 
 
2,310 
  
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, 
5/22 at 100.00 
Aa1 
2,593,091 
 
  
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 
974,417 
 
  
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+ 
2,296,316 
 
  
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– 
1,017,000 
500 
  
4.000%, 5/01/33 
5/21 at 100.00 
AA– 
507,275 
1,135 
  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
5/24 at 100.00 
AA– 
1,236,083 
 
  
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– 
967,348 
 
  
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– 
1,337,304 
2,190 
  
5.500%, 5/01/41 
5/21 at 100.00 
AA– 
2,440,580 
 
  
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General 
 
 
 
 
  
Obligation Bonds, Devos Place Project, Series 2001: 
 
 
 
8,900 
  
0.000%, 12/01/25 
No Opt. Call 
AAA 
6,848,016 
3,000 
  
0.000%, 12/01/26 
No Opt. Call 
AAA 
2,222,640 
100 
  
0.000%, 12/01/27 
No Opt. Call 
AAA 
71,029 
4,305 
  
0.000%, 12/01/29 
No Opt. Call 
AAA 
2,837,512 
 
  
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 
624,126 
500 
  
5.000%, 10/01/30 
10/21 at 100.00 
AA 
550,125 
500 
  
5.000%, 10/01/31 
10/21 at 100.00 
AA 
550,125 
 
  
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 
1,969,960 
4,205 
  
5.000%, 5/01/28 – AGM Insured 
5/26 at 100.00 
AA 
4,859,466 
1,000 
  
5.000%, 5/01/38 – AGM Insured 
5/26 at 100.00 
AA 
1,105,080 
 
  
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2016: 
 
 
 
1,305 
  
5.000%, 6/01/32 
6/26 at 100.00 
AAA 
1,495,021 
1,275 
  
5.000%, 6/01/33 
6/26 at 100.00 
AAA 
1,452,799 
1,000 
  
5.000%, 6/01/35 
6/26 at 100.00 
AAA 
1,130,730 
1,025 
  
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34 
1/25 at 100.00 
AAA 
1,146,217 
3,440 
  
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 
1/25 at 100.00 
AAA 
3,896,316 
 
  
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+ 
1,131,820 
1,020 
  
5.000%, 10/01/26 
10/23 at 100.00 
AA+ 
1,145,368 
1,000 
  
L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Refunding 
No Opt. Call 
AA– 
1,144,020 
 
  
Series 2015, 5.000%, 5/01/23 
 
 
 
 
  
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I: 
 
 
 
1,345 
  
5.000%, 5/01/26 
No Opt. Call 
AA– 
1,565,916 
2,245 
  
5.000%, 5/01/33 
5/26 at 100.00 
AA– 
2,503,624 
1,045 
  
5.000%, 5/01/38 
5/26 at 100.00 
AA– 
1,152,186 
1,000 
  
5.000%, 5/01/39 
5/26 at 100.00 
AA– 
1,100,900 
2,200 
  
5.000%, 5/01/40 
5/26 at 100.00 
AA– 
2,420,132 
425 
  
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 
5/17 at 100.00 
AA– 
430,606 
 
  
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 
4,541,200 
 
  
5.000%, 12/01/22 
 
 
 
1,950 
  
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2015A, 
12/25 at 100.00 
Aa1 
2,266,680 
 
  
5.000%, 12/01/28 
 
 
 
1,000 
  
Michigan State, General Obligation Bonds, Environmental Program, Series 2014A, 5.000%, 12/01/28 
12/24 at 100.00 
Aa1 
1,151,780 
2,500 
  
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 
No Opt. Call 
Aa2 
2,807,850 
 
  
5/01/22 – NPFG Insured 
 
 
 
2,945 
  
Muskegon Community College District, Michigan, General Obligation Bonds, Community Facility 
5/24 at 100.00 
AA 
3,219,297 
 
  
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 
1,486,566 
1,730 
  
5.000%, 11/01/36 
11/25 at 100.00 
AA 
1,878,936 
750 
  
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School 
5/18 at 100.00 
Aa1 
783,480 
 
  
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 
1,758,288 
640 
  
5.250%, 10/01/37 – AGM Insured 
10/21 at 100.00 
AA 
712,890 
 
  
Port Huron, Michigan, General Obligation Bonds, Series 2011B: 
 
 
 
530 
  
5.000%, 10/01/31 – AGM Insured 
10/21 at 100.00 
AA 
581,871 
800 
  
5.250%, 10/01/40 – AGM Insured 
10/21 at 100.00 
AA 
890,344 
500 
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series 
No Opt. Call 
AA– 
539,360 
 
  
2012, 5.000%, 5/01/19 
 
 
 
625 
  
Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding 
No Opt. Call 
Aa2 
690,375 
 
  
Series 2014, 5.000%, 5/01/20 
 
 
 
1,435 
  
South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School 
5/24 at 100.00 
AA 
1,558,912 
 
  
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 
379,166 
 
  
2009, 5.125%, 12/01/33 – AGC Insured 
 
 
 
550 
  
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 
5/25 at 100.00 
AA 
631,895 
 
  
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 
1,154,822 
2,150 
  
5.000%, 5/01/38 – AGM Insured 
5/18 at 100.00 
Aa1 
2,238,881 
1,600 
  
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, 
11/23 at 100.00 
Aa1 
1,748,368 
 
  
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 
1,747,481 
 
  
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 
1,578,811 
 
  
Series 2011, 4.500%, 5/01/31 – AGM Insured 
 
 
 
87,480 
  
Total Tax Obligation/General 
 
 
91,070,401 
 
  
Tax Obligation/Limited – 12.8% (7.9% of Total Investments) 
 
 
 
2,200 
  
Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds, 
2/24 at 103.00 
N/R 
2,404,468 
 
  
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– 
1,338,295 
2,000 
  
5.000%, 10/01/24 
10/23 at 100.00 
AA– 
2,260,980 
2,000 
  
5.000%, 10/01/25 
10/24 at 100.00 
AA– 
2,266,580 
11,025 
  
5.000%, 10/01/39 
10/24 at 100.00 
AA– 
11,821,114 
4,000 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 
10/25 at 100.00 
Aa2 
4,377,480 
 
  
5.000%, 4/15/38 
 
 
 
1,500 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2016-I, 
10/26 at 100.00 
Aa2 
1,640,535 
 
  
5.000%, 4/15/41 
 
 
 
 
  
Michigan State Trunk Line Fund Bonds, Series 2011: 
 
 
 
1,100 
  
5.000%, 11/15/24 
11/21 at 100.00 
AA+ 
1,236,433 
1,750 
  
5.000%, 11/15/29 
11/21 at 100.00 
AA+ 
1,960,088 
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+ 
1,190,427 
1,970 
  
5.000%, 11/15/36 
11/21 at 100.00 
AA+ 
2,180,376 
1,370 
  
Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22 
No Opt. Call 
AA+ 
1,587,981 
 
  
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015: 
 
 
 
1,065 
  
5.000%, 11/15/19 
No Opt. Call 
AA+ 
1,171,809 
1,950 
  
5.000%, 11/15/29 
11/24 at 100.00 
AA+ 
2,227,973 
35,935 
  
Total Tax Obligation/Limited 
 
 
39,448,818 
 
  
Transportation – 3.0% (1.9% of Total Investments) 
 
 
 
4,500 
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, 
No Opt. Call 
A 
4,983,660 
 
  
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 
4,233,480 
 
  
Airport, Series 2012A, 5.000%, 12/01/42 – AGM Insured 
 
 
 
8,500 
  
Total Transportation 
 
 
9,217,140 
 
  
U.S. Guaranteed – 28.2% (17.5% of Total Investments) (5) 
 
 
 
100 
  
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, School 
5/17 at 100.00 
Aa1 (5) 
101,733 
 
  
Building & Site Series 2007, 5.000%, 5/01/37 (Pre-refunded 5/01/17) – AGM Insured 
 
 
 
6,740 
  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
5/17 at 100.00 
Aa1 (5) 
6,851,411 
 
  
Bonds, Series 2007, 4.750%, 5/01/32 (Pre-refunded 5/01/17) – NPFG Insured 
 
 
 
425 
  
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 
7/18 at 100.00 
AA+ (5) 
454,181 
 
  
7/01/36 (Pre-refunded 7/01/18) – BHAC 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) 
886,780 
2,000 
  
5.000%, 9/01/27 (Pre-refunded 9/01/17) – NPFG Insured 
9/17 at 100.00 
AA (5) 
2,062,280 
1,190 
  
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38 
1/18 at 100.00 
Aa1 (5) 
1,240,884 
 
  
(Pre-refunded 1/01/18) 
 
 
 
2,605 
  
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 
1/19 at 100.00 
AA (5) 
2,805,246 
 
  
(Pre-refunded 1/01/19) – AGC Insured 
 
 
 
1,800 
  
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance 
6/20 at 100.00 
AA (5) 
2,002,896 
 
  
Health, Refunding Series 2010A, 5.000%, 6/01/37 (Pre-refunded 6/01/20) – AGM Insured 
 
 
 
230 
  
Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series 
1/17 at 100.00 
AAA 
230,837 
 
  
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) 
2,197,951 
 
  
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) 
1,526,355 
 
  
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) 
6,345,007 
 
  
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 (5) 
40,221 
 
  
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) 
444,719 
1,775 
  
5.000%, 10/01/24 (Pre-refunded 10/01/17) 
10/17 at 100.00 
N/R (5) 
1,835,758 
 
  
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 
438,594 
475 
  
5.000%, 10/01/30 (Pre-refunded 10/01/20) 
10/20 at 100.00 
AAA 
534,185 
 
  
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) 
164,358 
7,300 
  
5.750%, 11/15/39 (Pre-refunded 11/15/19) 
11/19 at 100.00 
A (5) 
8,156,144 
4,000 
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated 
6/19 at 100.00 
AA+ (5) 
4,414,920 
 
  
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 
2/17 at 100.00 
Aaa 
3,426,577 
 
  
System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM) 
 
 
 
1,000 
  
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 
5/19 at 100.00 
Aa1 (5) 
1,097,530 
 
  
11/01/25 (Pre-refunded 5/01/19) 
 
 
 
6,820 
  
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
Aaa 
6,939,827 
 
  
Series 2007, 5.000%, 5/01/36 (Pre-refunded 5/01/17) – AGM Insured 
 
 
 
 
  
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007: 
 
 
 
4,330 
  
5.000%, 8/01/26 (Pre-refunded 8/01/17) – NPFG Insured (UB) 
8/17 at 100.00 
Aaa 
4,450,850 
5,620 
  
5.000%, 8/01/30 (Pre-refunded 8/01/17) – NPFG Insured (UB) 
8/17 at 100.00 
Aaa 
5,776,854 
5,785 
  
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Series 2007, 
5/17 at 100.00 
Aa1 (5) 
5,880,626 
 
  
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) 
2,212,791 
 
  
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) 
4,077,455 
 
  
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 
1,684,320 
 
  
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 
 
 
 
700 
  
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 
7/18 at 100.00 
AA– (5) 
744,975 
 
  
(Pre-refunded 7/01/18) – NPFG Insured 
 
 
 
1,535 
  
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series 
5/17 at 100.00 
Aa1 (5) 
1,562,047 
 
  
2007, 5.000%, 5/01/32 (Pre-refunded 5/01/17) – NPFG Insured 
 
 
 
3,600 
  
Trenton Public Schools District, Michigan, General Obligation Bonds, School Building & Site 
5/18 at 100.00 
Aa1 (5) 
3,796,308 
 
  
Series 2008, 5.000%, 5/01/34 (Pre-refunded 5/01/18) – AGM Insured 
 
 
 
2,220 
  
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008, 5.000%, 
11/18 at 100.00 
Aa3 (5) 
2,385,590 
 
  
11/15/35 (Pre-refunded 11/15/18) – AGM Insured 
 
 
 
81,935 
  
Total U.S. Guaranteed 
 
 
86,770,210 
 
  
Utilities – 15.2% (9.4% 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 
3,028,548 
6,020 
  
5.000%, 7/01/39 
No Opt. Call 
AA 
6,629,766 
 
  
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– 
409,551 
8,250 
  
5.000%, 7/01/32 
7/18 at 100.00 
AA– 
8,615,887 
 
  
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond 
 
 
 
 
  
Trust 2016-XF0394: 
 
 
 
1,110 
  
16.555%, 7/01/37 (IF) (4) 
7/21 at 100.00 
AA– 
1,535,574 
1,700 
  
16.555%, 7/01/37 (IF) (4) 
7/21 at 100.00 
AA– 
2,351,780 
 
  
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A: 
 
 
 
1,000 
  
5.000%, 7/01/30 
7/26 at 100.00 
A 
1,132,990 
1,000 
  
5.000%, 7/01/31 
7/26 at 100.00 
A 
1,126,440 
75 
  
5.000%, 7/01/32 
7/26 at 100.00 
A 
84,092 
1,000 
  
5.000%, 7/01/33 
7/26 at 100.00 
A 
1,118,640 
 
  
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A: 
 
 
 
1,900 
  
5.000%, 1/01/27 
1/22 at 100.00 
A2 
2,042,671 
4,530 
  
5.000%, 1/01/43 
1/22 at 100.00 
A2 
4,715,322 
 
  
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 
1,932,022 
1,990 
  
5.000%, 1/01/25 – AGM Insured 
1/21 at 100.00 
AA 
2,172,344 
2,180 
  
5.000%, 1/01/26 – AGM Insured 
1/21 at 100.00 
AA 
2,367,415 
290 
  
5.000%, 1/01/27 – AGM Insured 
1/21 at 100.00 
AA 
312,258 
3,640 
  
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, 
No Opt. Call 
Aa3 
4,343,685 
 
  
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 
2,773,575 
 
  
BAM Insured 
 
 
 
42,285 
  
Total Utilities 
 
 
46,692,560 
 
  
Water and Sewer – 16.8% (10.4% of Total Investments) 
 
 
 
15 
  
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.000%, 
2/17 at 100.00 
AA 
15,043 
 
  
7/01/34 – 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 
1,117,990 
1,000 
  
5.000%, 1/01/33 
1/24 at 100.00 
Aa1 
1,113,290 
1,000 
  
5.000%, 1/01/34 
1/24 at 100.00 
Aa1 
1,109,940 
1,855 
  
5.000%, 1/01/44 
1/24 at 100.00 
Aa1 
2,036,771 
1,005 
  
Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding Second 
7/26 at 100.00 
A– 
1,088,495 
 
  
Lien Series 2016C, 5.000%, 7/01/32 
 
 
 
6,245 
  
Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien 
7/26 at 100.00 
A 
6,857,946 
 
  
Series 2016C, 5.000%, 7/01/32 
 
 
 
5,735 
  
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/25 at 100.00 
A– 
6,130,887 
 
  
Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C, 
 
 
 
 
  
5.000%, 7/01/35 
 
 
 
 
  
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 
1,634,130 
1,220 
  
5.000%, 7/01/37 – AGM Insured 
7/24 at 100.00 
AA 
1,324,029 
 
  
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 
2,246,760 
1,135 
  
5.000%, 10/01/32 
10/22 at 100.00 
AAA 
1,271,790 
 
  
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 
2,264,535 
3,200 
  
5.000%, 10/01/25 
10/22 at 100.00 
AAA 
3,657,504 
 
  
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate 
 
 
 
 
  
Refunding Series 2016B: 
 
 
 
5,000 
  
5.000%, 10/01/25 
No Opt. Call 
AAA 
5,933,050 
5,000 
  
5.000%, 10/01/29 
No Opt. Call 
AAA 
5,850,750 
2,000 
  
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series 
No Opt. Call 
AAA 
2,243,640 
 
  
2012, 5.000%, 10/01/20 
 
 
 
580 
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 
2/17 at 100.00 
AAA 
581,960 
 
  
5.000%, 10/01/19 
 
 
 
170 
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 
2/17 at 100.00 
AAA 
171,049 
 
  
5.000%, 10/01/19 
 
 
 
90 
  
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 
2/17 at 100.00 
AAA 
90,302 
 
  
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 
72,244 
225 
  
5.000%, 10/01/24 
10/17 at 100.00 
AAA 
233,831 
1,000 
  
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Refunding Series 2016, 
No Opt. Call 
AA 
1,152,310 
 
  
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 
531,275 
1,500 
  
5.625%, 10/01/40 
10/21 at 100.00 
A 
1,634,340 
 
  
Wyoming, Michigan, Water Supply System Revenue Bonds, Refunding Series 2016: 
 
 
 
210 
  
5.000%, 6/01/26 
No Opt. Call 
Aa2 
242,487 
505 
  
5.000%, 6/01/27 
6/26 at 100.00 
Aa2 
578,316 
550 
  
5.000%, 6/01/28 
6/26 at 100.00 
Aa2 
625,499 
46,265 
  
Total Water and Sewer 
 
 
51,810,163 
$ 463,285 
  
Total Long-Term Investments (cost $483,591,843) 
 
 
496,824,270 
 
  
Floating Rate Obligations – (6.1)% 
 
 
(18,890,000) 
 
  
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (56.2)% (6) 
 
 
(173,000,000) 
 
  
Other Assets Less Liabilities – 0.9% 
 
 
2,836,703 
 
  
Net Assets Applicable to Common Shares – 100% 
 
 
$ 307,770,973 
 
 
Fair Value Measurements
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
         
 
Level 1 
Level 2 
Level 3 
Total 
Long-Term Investments: 
 
 
 
 
Municipal Bonds 
$ — 
$496,824,270 
$ — 
$496,824,270 
 
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.
As of November 30, 2016, the cost of investments was $464,958,518.
Gross unrealized appreciation and gross unrealized depreciation of investments as of November 30, 2016, were as follows:
   
Gross unrealized: 
 
Appreciation 
$ 20,840,887 
Depreciation 
(7,864,468) 
Net unrealized appreciation (depreciation) of investments 
$ 12,976,419 
 
(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 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 34.8%. 
(ETM) 
  
Escrowed to maturity. 
(IF) 
  
Inverse floating rate investment. 
(UB) 
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
 
 
Item 2. Controls and Procedures.

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

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

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Michigan Quality Municipal Income Fund 
 
By (Signature and Title) /s/ Gifford R. Zimmerman            
       Gifford R. Zimmerman
     Vice President and Secretary
                                         
Date:         January 27, 2017        
 
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 27, 2017        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         January 27, 2017