nq1.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-6383
 
Nuveen Michigan Quality Income Municipal Fund, Inc.
(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:            2/28          
 
Date of reporting period:         11/30/09         
 
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 (Unaudited)      
      Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM)      
  November 30, 2009      
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3)                    Value
  Consumer Staples – 2.2% (1.4% of Total Investments)      
$       4,000  Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,  6/18 at 100.00  Baa3  $    3,630,080 
  Series 2008A, 6.875%, 6/01/42       
  Education and Civic Organizations – 3.1% (2.1% of Total Investments)      
1,685  Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds,  9/11 at 100.00  N/R  1,686,870 
  Kettering University, Series 2001, 5.500%, 9/01/17 – AMBAC Insured       
1,500  Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2000 XII-T, 5.300%,  No Opt. Call  AA  1,481,805 
  9/01/10 – AMBAC Insured (Alternative Minimum Tax)       
1,000  Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2002 XVII-G, 5.200%,  9/12 at 100.00  AA  1,002,710 
  9/01/20 – AMBAC Insured (Alternative Minimum Tax)       
1,115  Michigan Technological University, General Revenue Bonds, Series 2004A, 5.000%, 10/01/22 –  10/13 at 100.00  A1  1,128,503 
  NPFG Insured       
5,300  Total Education and Civic Organizations      5,299,888 
  Health Care – 13.8% (9.3% of Total Investments)      
2,700  Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center  2/10 at 100.00  BB–  2,082,753 
  Obligated Group, Series 1998A, 5.250%, 8/15/28       
4,100  Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,  11/19 at 100.00  A1  3,892,704 
  Refunding Series 2009, 5.750%, 11/15/39       
4,075  Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group,  4/13 at 100.00  A  3,921,087 
  Series 2002A, 5.750%, 4/01/32       
2,500  Michigan State Hospital FInance Authority, Hospital Revenue Bonds,MidMichigan Obligated Group,  6/19 at 100.00  AAA  2,581,000 
  Series 2009A, 5.875%, 6/01/39 – AGC Insured       
1,000  Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Memorial  5/10 at 101.00  Baa1  1,005,370 
  Healthcare Center Obligated Group, Series 1999, 5.875%, 11/15/21       
  Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital,       
  Series 2005A:       
1,500  5.000%, 5/15/26  5/15 at 100.00  Baa3  1,295,040 
55  5.000%, 5/15/34  5/15 at 100.00  Baa3  42,522 
1,150  Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont  9/18 at 100.00  A1  1,333,379 
  Hospital, Refunding Series 2009V, 8.250%, 9/01/39       
5,500  Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont  11/11 at 100.00  A1  5,031,344 
  Hospital, Series 2001M, 5.250%, 11/15/31 – NPFG Insured       
2,195  University of Michigan, Medical Service Plan Revenue Bonds, Series 1991, 0.000%, 12/01/10  No Opt. Call  AA+  2,178,867 
24,775  Total Health Care      23,364,066 
  Housing/Multifamily – 2.7% (1.8% of Total Investments)      
2,675  Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue  12/20 at 101.00  AAA  2,755,411 
  Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax)       
215  Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1999A, 5.300%,  4/10 at 100.50  AA  213,437 
  10/01/37 – NPFG Insured (Alternative Minimum Tax)       
1,300  Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%,  7/15 at 100.00  AAA  1,313,455 
  4/01/31 – FSA Insured (Alternative Minimum Tax)       
200  Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009A,  10/18 at 100.00  AA  205,854 
  5.700%, 10/01/39       
4,390  Total Housing/Multifamily      4,488,157 
  Materials – 0.7% (0.5% of Total Investments)      
1,250  Dickinson County Economic Development Corporation, Michigan, Pollution Control Revenue Bonds,  11/14 at 100.00  BBB  1,197,488 
  International Paper Company, Series 2004A, 4.800%, 11/01/18       
  Tax Obligation/General – 55.9% (37.6% of Total Investments)      
1,000  Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation  5/12 at 100.00  AA–  1,016,810 
  Refunding Bonds, Series 2002, 5.000%, 5/01/25       
  Anchor Bay School District, Macomb and St. Clair Counties, Michigan, Unlimited Tax General       
  Obligation Refunding Bonds, Series 2001:       
2,500  5.000%, 5/01/21  5/11 at 100.00  AA–  2,604,550 
3,200  5.000%, 5/01/29  5/11 at 100.00  AA–  3,216,384 
1,000  Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement  5/18 at 100.00  AA+  1,032,910 
  Series 2008, 5.000%, 5/01/38       
1,320  Bridgeport Spaulding Community School District, Saginaw County, Michigan, General Obligation  5/12 at 100.00  AA–  1,457,848 
  Bonds, Series 2002, 5.500%, 5/01/16       
2,110  Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation  5/13 at 100.00  AA–  2,291,038 
  Bonds, Series 2003, 5.250%, 5/01/20       
1,000  Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation  5/15 at 100.00  AA–  1,033,830 
  Bonds, Series 2005, 5.000%, 5/01/25 – NPFG Insured       
2,319  Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation  5/17 at 100.00  AA–  2,177,587 
  Bonds, Tender Option Bond Trust 2008-1096, 7.914%, 5/01/32 – NPFG Insured (IF)       
750  Charter County of Wayne, Michigan, General Obligation Limited Tax Building Improvement Bonds,  12/19 at 100.00  A  778,260 
  Series 2009, 6.750%, 11/01/39       
2,000  Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A,  No Opt. Call  AA–  2,236,340 
  6.000%, 5/01/19 – FGIC Insured       
700  Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building  2/10 at 100.00  A  700,826 
  Authority Stadium Bonds, Series 1997, 5.500%, 2/01/17 – FGIC Insured       
285  East Grand Rapids Public Schools, County of Kent, State of Michigan, General Obligation Bonds,  5/11 at 100.00  AA  286,867 
  Series 2001, Refunding, 5.125%, 5/01/29       
  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  4,428,195 
3,000  0.000%, 12/01/26  No Opt. Call  AAA  1,407,720 
5,305  0.000%, 12/01/29  No Opt. Call  AAA  2,074,308 
1,700  Grand Rapids, Michigan, General Obligation Bonds, Series 2007, 5.000%, 9/01/27 – NPFG Insured  9/17 at 100.00  AA  1,802,952 
2,000  Hartland Consolidated School District, Livingston County, Michigan, General Obligation  5/11 at 100.00  AA–  2,012,280 
  Refunding Bonds, Series 2001, 5.125%, 5/01/29       
1,400  Howell Public Schools, Livingston County, Michigan, General Obligation Bonds, Series 2003,  11/13 at 100.00  AA–  1,484,042 
  5.000%, 5/01/21       
1,065  Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site  5/14 at 100.00  AAA  1,123,788 
  Bonds, Series 2004, 5.000%, 5/01/22 – FSA Insured       
1,935  Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 –  5/16 at 100.00  AAA  2,045,450 
  FSA Insured       
200  L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Series 2005,  5/15 at 100.00  AAA  201,880 
  5.000%, 5/01/35 – FSA Insured       
2,505  Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, General  5/16 at 100.00  AA–  2,603,371 
  Obligation Bonds, Series 2006, 5.000%, 5/01/25 – NPFG Insured       
2,810  Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Series 2004A,  5/14 at 100.00  AA–  2,945,554 
  5.000%, 5/01/21 – NPFG Insured       
865  Lowell Area Schools, Counties of Ionia and Kent, Michigan, General Obligation Bonds, Series  5/17 at 100.00  AAA  866,029 
  2007, 5.000%, 5/01/37 – FSA Insured       
1,500  Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007,  5/17 at 100.00  AA–  1,527,855 
  5.000%, 5/01/30 – SYNCORA GTY Insured       
2,100  Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District,  6/15 at 100.00  AAA  2,277,093 
  Series 2005, 5.000%, 6/01/18 – FSA Insured       
4,000  Michigan, General Obligation Bonds, Environmental Protection Program, Series 2003A,  5/13 at 100.00  AA–  4,191,680 
  5.250%, 5/01/20       
100  Michigan, General Obligation Bonds, Environmental Protection Program, Series 2009A,  5/19 at 100.00  AA–  107,924 
  5.500%, 11/01/25       
2,500  Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%,  No Opt. Call  A1  2,957,250 
  5/01/22 – NPFG Insured       
1,100  Muskegon County, Michigan, Limited Tax General Obligation Wastewater Management System 2  7/11 at 100.00  AA–  1,123,848 
  Revenue Bonds, Series 2002, 5.000%, 7/01/26 – FGIC Insured       
1,000  Oakland County Building Authority, Michigan, General Obligation Bonds, Series 2002,  9/11 at 100.00  AAA  1,032,610 
  5.125%, 9/01/22       
2,250  Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,  5/17 at 100.00  AAA  2,290,365 
  Series 2007, 5.000%, 5/01/36 – FSA Insured       
1,595  Oakridge Public Schools, Muskegon County, Michigan, General Obligation Bonds, Series 2005,  5/15 at 100.00  AA–  1,689,743 
  5.000%, 5/01/22 – NPFG Insured       
  Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007:       
4,330  5.000%, 8/01/26 – NPFG Insured (UB)  8/17 at 100.00  Aa1  4,610,368 
1,120  5.000%, 8/01/30 – NPFG Insured (UB)  8/17 at 100.00  Aa1  1,164,016 
1,245  Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option  5/17 at 100.00  AAA  1,104,054 
  Bond Trust 2836, 11.046%, 5/01/36 – FSA Insured (IF)       
4,340  Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General  5/14 at 100.00  AA–  4,448,674 
  Obligation Bonds, Series 2004, 5.000%, 5/01/26 – FGIC Insured       
1,000  Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%,  5/18 at 100.00  AAA  1,008,160 
  5/01/33 – FSA Insured       
200  South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series  12/19 at 100.00  AAA  204,000 
  2009, 5.125%, 12/01/33 – AGC Insured       
3,175  South Redford School District, Wayne County, Michigan, General Obligation Bonds, School  5/15 at 100.00  AA–  3,221,514 
  Building and Site, Series 2005, 5.000%, 5/01/30 – NPFG Insured       
1,655  Southfield Library Building Authority, Michigan, General Obligation Bonds, Series 2005,  5/15 at 100.00  AA+  1,734,043 
  5.000%, 5/01/26 – NPFG Insured       
2,200  Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series  5/17 at 100.00  AA–  2,218,898 
  2007, 5.000%, 5/01/32 – NPFG Insured       
2,000  Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%,  5/18 at 100.00  AAA  2,010,840 
  5/01/34 – FSA Insured       
2,275  Troy City School District, Oakland County, Michigan, General Obligation Bonds, Series 2006,  5/16 at 100.00  Aa2  2,498,974 
  5.000%, 5/01/19 – NPFG Insured       
  Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building       
  and Site, Series 2008:       
310  5.000%, 5/01/31 – FSA Insured  5/18 at 100.00  AAA  316,178 
575  5.000%, 5/01/38 – FSA Insured  5/18 at 100.00  AAA  574,977 
5,000  Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit  12/11 at 101.00  A  4,936,550 
  Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/21 – NPFG Insured       
3,350  Wayne Westland Community Schools, Michigan, General Obligation Bonds, Series 2004, 5.000%,  11/14 at 100.00  AAA  3,824,662 
  5/01/17 – FSA Insured       
1,725  Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds,  No Opt. Call  A1  1,979,282 
  Series 1996, 5.500%, 5/01/25 – NPFG Insured       
100,514  Total Tax Obligation/General      94,882,377 
  Tax Obligation/Limited – 16.4% (11.0% of Total Investments)      
1,000  Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds,  No Opt. Call  AA  1,126,260 
  Series 1998, 5.000%, 4/01/16       
1,345  Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds,  10/11 at 100.00  AA  1,385,659 
  Series 2001, 5.125%, 10/01/26 – NPFG Insured       
  Michigan Building Authority, Revenue Bonds, Series 2006IA:       
7,000  0.000%, 10/15/27 – FGIC Insured  10/16 at 58.27  AAA  2,607,290 
6,200  0.000%, 10/15/28 – FGIC Insured  10/16 at 55.35  AAA  2,151,772 
4,440  5.000%, 10/15/36 – FGIC Insured  10/16 at 100.00  A+  4,268,483 
30  Michigan Municipal Bond Authority, Local Government Loan Program Revenue Sharing Bonds, Series  5/10 at 100.00  Aa3  30,151 
  1992D, 6.650%, 5/01/12       
2,135  Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%,  10/15 at 100.00  A+  2,102,697 
  10/15/33 – AMBAC Insured       
  Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II:       
5,100  5.000%, 10/15/22 – NPFG Insured  10/13 at 100.00  A+  5,162,372 
5,000  5.000%, 10/15/23 – NPFG Insured  10/13 at 100.00  A+  5,046,999 
3,500  Michigan State Trunk Line, Fund Refunding Bonds, Series 2002, 5.250%, 10/01/21 – FSA Insured  10/12 at 100.00  AAA  3,754,975 
250  Virgin Islands Public Finance Authority Revenue and Refunding Bonds, Virgin Islands Matching  10/19 at 100.00  BBB  225,020 
  Fund Loan Notes, Series 2009A-1, Senior Lien, 5.000%, 10/01/39       
36,000  Total Tax Obligation/Limited      27,861,678 
  Transportation – 0.9% (0.6% of Total Investments)      
1,000  Capital Region Airport Authority, Michigan, Revenue Refunding Bonds, Series 2002, 5.250%,  7/12 at 100.00  A  1,004,750 
  7/01/21 – NPFG Insured (Alternative Minimum Tax)       
500  Wayne County Airport Authority, Michigan, Revenue Refunding Bonds, Detroit Metropolitan  No Opt. Call  A  536,635 
  Airport, Series 2007, 5.000%, 12/01/12 – FGIC Insured       
1,500  Total Transportation      1,541,385 
  U.S. Guaranteed – 26.8% (18.0% of Total Investments) (4)      
1,200  Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/20  10/12 at 100.50  AAA  1,344,204 
  (Pre-refunded 10/01/12)       
935  Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,  7/13 at 100.00  AAA  1,060,926 
  7/01/17 (Pre-refunded 7/01/13) – FSA Insured       
  Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2001A:       
3,400  5.750%, 7/01/28 (Pre-refunded 7/01/11) – FGIC Insured  7/11 at 101.00  A+ (4)  3,677,066 
770  5.250%, 7/01/33 (Pre-refunded 7/01/11) – FGIC Insured  7/11 at 100.00  A+ (4)  819,157 
730  5.250%, 7/01/33 (Pre-refunded 7/01/11) – FGIC Insured  7/11 at 100.00  A+ (4)  783,078 
  Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A:       
4,025  5.000%, 7/01/24 (Pre-refunded 7/01/13) – NPFG Insured  7/13 at 100.00  A+ (4)  4,557,991 
1,500  5.000%, 7/01/25 (Pre-refunded 7/01/13) – MBIA Insured  7/13 at 100.00  A+ (4)  1,698,630 
1,000  Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A, 5.875%, 7/01/27  1/10 at 101.00  Aaa  1,014,740 
  (Pre-refunded 1/01/10) – FGIC Insured       
1,085  Freeland Community School District, Saginaw, Midland and Bay Counties, Michigan, General  5/10 at 100.00  AA– (4)  1,107,752 
  Obligation Bonds, Series 2000, 5.250%, 5/01/19 (Pre-refunded 5/01/10)       
2,000  Lake Fenton Community Schools, Genesee County, Michigan, General Obligation Bonds, Series  5/12 at 100.00  AA– (4)  2,204,020 
  2002, 5.000%, 5/01/24 (Pre-refunded 5/01/12)       
1,790  Lansing Building Authority, Michigan, General Obligation Bonds, Series 2003A, 5.000%, 6/01/26  6/13 at 100.00  AA+ (4)  2,034,389 
  (Pre-refunded 6/01/13) – MBIA Insured       
3,880  Mayville Community Schools, Tuscola County, Michigan, General Obligation Bonds, School  11/14 at 100.00  AA– (4)  4,523,847 
  Building and Site Project, Series 2004, 5.000%, 5/01/34 (Pre-refunded 11/01/14) – FGIC Insured       
250  Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, 6.000%,  No Opt. Call  A3 (4)  267,903 
  5/01/12 (ETM)       
1,500  Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health  3/13 at 100.00  A1 (4)  1,719,540 
  System, Series 2003A, 5.625%, 3/01/17 (Pre-refunded 3/01/13)       
3,460  Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s Health  5/10 at 100.00  Aaa  3,489,029 
  System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM)       
  Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital,       
  Series 2005:       
1,025  5.000%, 5/15/30 (Pre-refunded 5/15/15)  5/15 at 100.00  AAA  1,197,743 
500  5.000%, 5/15/37 (Pre-refunded 5/15/15)  5/15 at 100.00  AAA  584,265 
1,000  Michigan State Trunk Line, Fund Bonds, Series 2001A, 5.000%, 11/01/25 (Pre-refunded 11/01/11) –  11/11 at 100.00  AAA  1,084,340 
  FSA Insured       
2,000  Michigan, Certificates of Participation, Series 2000, 5.500%, 6/01/27 (Pre-refunded 6/01/10) –  6/10 at 100.00  A2 (4)  2,051,840 
  AMBAC Insured       
700  Muskegon Heights, Muskegon County, Michigan, Water Supply System Revenue Bonds, Series 2000A,  11/10 at 100.00  N/R (4)  734,454 
  5.625%, 11/01/30 (Pre-refunded 11/01/10) – MBIA Insured       
1,125  Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 6.000%,  7/10 at 101.00  BBB (4)  1,173,645 
  7/01/39 (Pre-refunded 7/01/10)       
  Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E:       
85  6.000%, 8/01/26 (ETM)  No Opt. Call  BBB– (4)  105,828 
915  6.000%, 8/01/26 (ETM)  No Opt. Call  AAA  1,139,212 
4,100  Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y,  7/16 at 100.00  Aaa  4,974,243 
  5.500%, 7/01/36 (Pre-refunded 7/01/16)       
1,000  Rochester Community School District, Oakland and Macomb Counties, Michigan, General Obligation  5/10 at 100.00  AA– (4)  1,022,670 
  Bonds, Series 2000I, 5.750%, 5/01/19 (Pre-refunded 5/01/10) – FGIC Insured       
1,050  Warren Consolidated School District, Macomb and Oakland Counties, Michigan, General Obligation  11/11 at 100.00  AAA  1,145,435 
  Bonds, Series 2001, 5.375%, 5/01/19 (Pre-refunded 11/01/11) – FSA Insured       
41,025  Total U.S. Guaranteed      45,515,947 
  Utilities – 15.4% (10.3% of Total Investments)      
  Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds,       
  Series 2008A:       
215  5.000%, 7/01/28  7/18 at 100.00  AA–  225,230 
5,000  5.000%, 7/01/32  7/18 at 100.00  AA–  5,104,749 
3,000  Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A,  1/12 at 100.00  A2  3,093,030 
  5.250%, 1/01/27 – AMBAC Insured       
3,225  Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000,  No Opt. Call  A3  3,445,171 
  6.000%, 5/01/12       
1,000  Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding  3/10 at 102.00  A  991,620 
  Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 – NPFG Insured (Alternative       
  Minimum Tax)       
4,000  Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding  9/11 at 100.00  A2  4,012,200 
  Bonds, Detroit Edison Company, Series 2001C, 5.450%, 9/01/29       
2,050  Michigan Strategic Fund, Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit  No Opt. Call  Baa1  2,102,173 
  Edison Company, Series 1995CC, 4.850%, 9/01/30 (Mandatory put 9/01/11) – AMBAC Insured       
3,630  Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company,  No Opt. Call  A2  4,309,391 
  Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured       
3,000  Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company,  12/12 at 100.00  Baa1  2,805,960 
  Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax)       
25,120  Total Utilities      26,089,524 
  Water and Sewer – 11.0% (7.4% of Total Investments)      
5,500  Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A,  7/16 at 100.00  AAA  5,400,504 
  5.000%, 7/01/34 – FSA Insured       
1,500  Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%,  No Opt. Call  A  1,479,225 
  7/01/29 – FGIC Insured       
565  Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,  7/13 at 100.00  AAA  578,939 
  7/01/17 – FSA Insured       
1,500  Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%,  7/13 at 100.00  A+  1,495,110 
  7/01/25 – NPFG Insured       
675  Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38  1/18 at 100.00  AA+  686,192 
2,030  Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 –  1/19 at 100.00  AAA  2,080,344 
  AGC Insured       
4,210  Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004,  10/14 at 100.00  AAA  4,690,740 
  5.000%, 10/01/19       
1,150  Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004,  10/14 at 100.00  AAA  1,213,871 
  5.000%, 10/01/23       
1,000  Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007,  10/17 at 100.00  AAA  1,080,970 
  5.000%, 10/01/24       
18,130  Total Water and Sewer      18,705,895 
$       262,004  Total Investments (cost $243,919,367) – 148.9%      252,576,485 
  Floating Rate Obligations – (2.1)%      (3,630,000) 
  Other Assets Less Liabilities – 4.7%      8,026,973 
  Preferred Shares, at Liquidation Value – (51.5)% (5)      (87,325,000) 
  Net Assets Applicable to Common Shares – 100%      $ 169,648,458 

 

 
Fair Value Measurements
 
In determining the value of the Fund's investments various inputs are used. These inputs are summarized in the three broad levels listed below:
 
  Level 1 – Quoted prices in active markets for identical securities.
 
  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
  Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of November 30, 2009:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $252,576,485  $ —  $252,576,485 

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.
 
At November 30, 2009, the cost of investments was $240,378,325.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2009, were as follows:
 
Gross unrealized:   
  Appreciation  $11,731,977 
  Depreciation  (3,163,268)
Net unrealized appreciation (depreciation) of investments  $  8,568,709 

(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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, 
  Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be 
  below investment grade. 
(4)  Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities 
  which ensure the timely payment of principal and interest. Such investments are normally considered to 
  be equivalent to AAA rated securities. 
(5)  Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.6%. 
N/R  Not rated. 
(ETM)  Escrowed to maturity. 
(IF)  Inverse floating rate investment. 
(UB)  Underlying bond of an inverse floating rate trust reflected as a financing transaction. 


 
 
 


 
Item 2. Controls and Procedures.

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

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



 
 
 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Michigan Quality Income Municipal Fund, Inc. 
 
By (Signature and Title)      /s/ Kevin J. McCarthy                    
                                                Kevin J. McCarthy
                                                Vice President and Secretary
 
Date         January 29, 2010        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                               Gifford R. Zimmerman
                                               Chief Administrative Officer (principal executive officer) 
 
Date         January 29, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                               Stephen D. Foy
                                               Vice President and Controller (principal financial officer) 
 
Date        January 29, 2010