Unassociated Document



 
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:         5/31/12         
 
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)
      
   
May 31, 2012
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 4.2% (2.9% of Total Investments)
      
$ 8,000
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
6/18 at 100.00
BB+
$ 7,826,240
   
Series 2008A, 6.875%, 6/01/42
      
   
Education and Civic Organizations – 3.9% (2.6% of Total Investments)
      
250
  
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007,
      
   
5.250%, 11/01/36
11/16 at 100.00
BB-
201,360
755
  
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005,
11/15 at 100.00
B+
584,264
   
5.750%, 11/01/30
      
385
  
Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding
10/21 at 100.00
BBB–
418,187
   
Bonds, Detroit Service Learning Academy Project, Series 2011, 7.000%, 10/01/31
      
1,685
  
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds,
9/12 at 100.00
N/R
1,686,449
   
Kettering University, Series 2001, 5.500%, 9/01/17 – AMBAC Insured
      
1,000
  
Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2002 XVII-G, 5.200%,
9/12 at 100.00
AA
1,003,960
   
9/01/20 – AMBAC Insured (Alternative Minimum Tax)
      
2,000
  
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40
2/20 at 100.00
Aa1
2,201,700
1,000
  
Michigan Technological University, General Revenue and Refunding Bonds, Series 2012A,
10/21 at 100.00
Aa3
1,108,010
   
5.000%, 10/01/34
      
7,075
  
Total Education and Civic Organizations
    
7,203,930
   
Health Care – 15.0% (10.2% of Total Investments)
      
2,000
  
Grand Traverse County Hospital Financal Authority, Michigan, Revenue Bonds, Munson Healthcare,
7/21 at 100.00
AA–
2,136,080
   
Refunding Series 2011A, 5.000%, 7/01/29
      
1,080
  
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance
6/20 at 100.00
AA–
1,155,989
   
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:
      
3,000
  
5.000%, 1/15/31
1/22 at 100.00
AA
3,335,040
750
  
5.000%, 1/15/42
1/22 at 100.00
AA
809,070
2,500
  
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012,
11/22 at 100.00
A
2,666,175
   
5.000%, 11/01/42
      
4,000
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
12/21 at 100.00
AA
4,351,480
   
5.000%, 12/01/39
      
4,100
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,
11/19 at 100.00
A1
4,543,210
   
Refunding Series 2009, 5.750%, 11/15/39
      
2,500
  
Michigan State Hospital FInance Authority, Hospital Revenue Bonds,MidMichigan Obligated Group,
6/19 at 100.00
AA–
2,793,600
   
Series 2009A, 5.875%, 6/01/39 – AGC Insured
      
1,000
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Memorial
11/12 at 100.00
BBB
1,001,400
   
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
1,512,255
2,080
  
5.000%, 5/15/34
5/15 at 100.00
Baa3
2,039,211
1,150
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
9/18 at 100.00
A1
1,472,391
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39
      
25,660
  
Total Health Care
    
27,815,901
   
Housing/Multifamily – 5.7% (3.9% of Total Investments)
      
2,675
  
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue
12/20 at 101.00
AA+
2,966,923
   
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax)
      
   
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A:
      
210
  
3.375%, 11/01/16 (Alternative Minimum Tax)
11/14 at 101.00
AA
215,223
1,860
  
3.875%, 11/01/17 (Alternative Minimum Tax)
11/14 at 101.00
AA
1,912,322
140
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1999A, 5.300%,
10/12 at 100.00
AA
140,101
   
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
AA
1,340,924
   
4/01/31 – AGM Insured (Alternative Minimum Tax)
      
200
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009A,
10/18 at 100.00
AA
216,058
   
5.700%, 10/01/39
      
1,825
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A,
10/20 at 100.00
AA
1,932,328
   
5.000%, 10/01/35
      
1,725
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2,
4/22 at 100.00
AA
1,779,251
   
4.625%, 10/01/41
      
9,935
  
Total Housing/Multifamily
    
10,503,130
   
Housing/Single Family – 1.5% (1.1% of Total Investments)
      
1,890
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
6/20 at 100.00
AA+
2,026,949
   
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax)
      
785
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
6/21 at 100.00
AA+
858,853
   
2011A, 4.600%, 12/01/26
      
2,675
  
Total Housing/Single Family
    
2,885,802
   
Tax Obligation/General – 50.3% (34.2% of Total Investments)
      
1,620
  
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds,
5/22 at 100.00
Aa2
1,921,304
   
Refunding Series 2012, 5.000%, 5/01/29
      
1,000
  
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement
5/18 at 100.00
AA+
1,089,270
   
Series 2008, 5.000%, 5/01/38
      
1,000
  
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2012,
5/21 at 100.00
AA–
1,023,730
   
4.000%, 5/01/32
      
2,110
  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
5/13 at 100.00
Aa2
2,198,726
   
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
Aa2
1,062,190
   
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
Aa2
2,579,516
   
Bonds, Tender Option Bond Trust 2008-1096, 7.812%, 5/01/32 – NPFG Insured (IF)
      
875
  
Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Refunding
No Opt. Call
AA–
1,062,871
   
Series 2012, 5.000%, 5/01/20
      
1,900
  
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building
5/21 at 100.00
AA–
2,150,743
   
& Site, Series 2011B, 5.500%, 5/01/41
      
2,000
  
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A,
No Opt. Call
Aa2
2,466,200
   
6.000%, 5/01/19 – FGIC Insured
      
700
  
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building
812 at 100.00
BBB+
701,911
   
Authority Stadium Bonds, Series 1997, 5.500%, 2/01/17 – FGIC Insured
      
   
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
5,643,579
3,000
  
0.000%, 12/01/26
No Opt. Call
AAA
1,815,240
100
  
0.000%, 12/01/27
No Opt. Call
AAA
57,476
5,305
  
0.000%, 12/01/29
No Opt. Call
AAA
2,733,507
1,700
  
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%,
9/17 at 100.00
AA
1,864,628
   
9/01/27 – NPFG Insured
      
1,935
  
Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 –
5/16 at 100.00
Aa2
2,160,737
   
AGM Insured
      
200
  
L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Series 2005,
5/15 at 100.00
AA
207,652
   
5.000%, 5/01/35 – AGM Insured
      
2,505
  
Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, General
5/16 at 100.00
Aa2
2,695,981
   
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
Aa2
2,981,073
   
5.000%, 5/01/21 – NPFG Insured
      
865
  
Lowell Area Schools, Kent and Ionia Counties, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
Aa2
916,502
   
5.000%, 5/01/37 – AGM Insured
      
1,500
  
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
AA–
1,611,645
   
5.000%, 5/01/30 – SYNCORA GTY Insured
      
550
  
Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012,
No Opt. Call
A+
618,976
   
5.000%, 6/01/20
      
1,000
  
Michigan State, General Obligation Bonds, Environmental Program, Refunidng Series 2011A,
12/21 at 100.00
Aa2
1,222,830
   
5.000%, 12/01/22
      
100
  
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25
5/19 at 100.00
Aa2
117,714
2,500
  
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%,
No Opt. Call
Aa3
3,146,725
   
5/01/22 – NPFG Insured
      
3,950
  
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,
5/17 at 100.00
Aaa
4,214,453
   
Series 2007, 5.000%, 5/01/36 – AGM Insured
      
1,595
  
Oakridge Public Schools, Muskegon County, Michigan, General Obligation Bonds, Series 2005,
5/15 at 100.00
AA–
1,774,613
   
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
Aaa
5,025,658
1,120
  
5.000%, 8/01/30 – NPFG Insured (UB)
8/17 at 100.00
Aaa
1,216,645
1,245
  
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option
No Opt. Call
Aa2
1,403,165
   
Bond Trust 2836, 10.888%, 5/01/15 – AGM Insured (IF)
      
4,340
  
Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General
5/14 at 100.00
Aa2
4,620,364
   
Obligation Bonds, Series 2004, 5.000%, 5/01/26 – FGIC 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–
1,740,393
640
  
5.250%, 10/01/37 – AGM Insured
10/21 at 100.00
AA–
699,418
   
Port Huron, Michigan, General Obligation Bonds, Series 2011B:
      
530
  
5.000%, 10/01/31 – AGM Insured
10/21 at 100.00
AA–
581,961
800
  
5.250%, 10/01/40 – AGM Insured
10/21 at 100.00
AA–
872,976
300
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series
No Opt. Call
AA–
365,850
   
2012, 5.000%, 5/01/19
      
1,000
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%,
5/18 at 100.00
Aa2
1,084,240
   
5/01/33 – AGM Insured
      
200
  
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series
12/19 at 100.00
AA–
228,426
   
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
Aa2
3,319,780
   
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
1,753,489
   
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
Aa2
2,350,370
   
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
Aa2
2,158,460
   
5/01/34 – AGM Insured
      
2,275
  
Troy City School District, Oakland County, Michigan, General Obligation Bonds, Series 2006,
5/16 at 100.00
Aa1
2,559,739
   
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 – AGM Insured
5/18 at 100.00
Aa2
338,021
575
  
5.000%, 5/01/38 – AGM Insured
5/18 at 100.00
Aa2
614,853
1,180
  
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A,
12/19 at 100.00
BBB+
1,343,005
   
6.750%, 11/01/39
      
5,000
  
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds,
12/12 at 100.00
BBB+
5,037,250
   
Detroit 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
Aa2
3,690,729
   
5/01/17 – AGM Insured
      
1,725
  
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds,
No Opt. Call
Aa3
2,138,293
   
Series 1996, 5.500%, 5/01/25 – NPFG Insured
      
92,574
  
Total Tax Obligation/General
    
93,182,877
   
Tax Obligation/Limited – 19.0% (12.9% of Total Investments)
      
1,305
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
1/22 at 100.00
A
1,416,003
1,000
  
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds,
No Opt. Call
AA
1,147,120
   
Series 1998, 5.000%, 4/01/16
      
2,135
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%,
10/15 at 100.00
Aa3
2,337,334
   
10/15/33 – AMBAC Insured
      
   
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
      
7,000
  
0.000%, 10/15/27 – AGM Insured
10/16 at 58.27
AA–
3,412,220
6,200
  
0.000%, 10/15/28 – AGM Insured
10/16 at 55.35
AA–
2,858,448
4,440
  
5.000%, 10/15/36 – FGIC Insured
10/16 at 100.00
Aa3
4,679,094
   
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
Aa3
5,380,296
5,000
  
5.000%, 10/15/23 – NPFG Insured
10/13 at 100.00
Aa3
5,274,800
700
  
Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/15/36
11/21 at 100.00
AA+
799,330
3,500
  
Michigan State Trunk Line, Fund Refunding Bonds, Series 2002, 5.250%, 10/01/21 – AGM Insured
10/12 at 100.00
AA+
3,558,555
17,000
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
No Opt. Call
Aa2
2,811,800
   
8/01/44 – NPFG Insured
      
1,000
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B,
10/19 at 100.00
BBB+
1,073,940
   
5.000%, 10/01/25
      
420
  
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan
10/19 at 100.00
BBB+
432,835
   
Notes,Series 2009A-1, 5.000%, 10/01/39
      
54,800
  
Total Tax Obligation/Limited
    
35,181,775
   
Transportation – 2.0% (1.4% of Total Investments)
      
1,000
  
Capital Region Airport Authority, Michigan, Revenue Refunding Bonds, Series 2002, 5.250%,
7/12 at 100.00
BBB
1,001,750
   
7/01/21 – NPFG Insured (Alternative Minimum Tax)
      
500
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
No Opt. Call
A
510,035
   
Refunding Series 2007, 5.000%, 12/01/12 – FGIC Insured
      
2,000
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
No Opt. Call
A
2,252,060
   
Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)
      
3,500
  
Total Transportation
    
3,763,845
   
U.S. Guaranteed – 21.1% (14.4% of Total Investments) (4)
      
1,200
  
Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/20
10/12 at 100.50
AAA
1,225,320
   
(Pre-refunded 10/01/12)
      
935
  
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,
7/13 at 100.00
AA– (4)
982,863
   
7/01/17 (Pre-refunded 7/01/13) – AGM Insured
      
   
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)
4,231,040
1,500
  
5.000%, 7/01/25 (Pre-refunded 7/01/13) – NPFG Insured
7/13 at 100.00
A+ (4)
1,576,785
1,400
  
Howell Public Schools, Livingston County, Michigan, General Obligation Bonds, Series 2003,
11/13 at 100.00
Aa2 (4)
1,493,674
   
5.000%, 5/01/21 (Pre-refunded 11/01/13)
      
1,065
  
Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site
5/14 at 100.00
Aa2 (4)
1,160,328
   
Bonds, Series 2004, 5.000%, 5/01/22 (Pre-refunded 5/01/14) – AGM Insured
      
1,790
  
Lansing Building Authority, Michigan, General Obligation Bonds, Series 2003A, 5.000%, 6/01/26
6/13 at 100.00
AA (4)
1,875,652
   
(Pre-refunded 6/01/13) – NPFG Insured
      
3,880
  
Mayville Community Schools, Tuscola County, Michigan, General Obligation Bonds, School
11/14 at 100.00
Aa2 (4)
4,312,310
   
Building and Site Project, Series 2004, 5.000%, 5/01/34 (Pre-refunded 11/01/14) – FGIC Insured
      
4,075
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group,
4/13 at 100.00
AA+ (4)
4,260,209
   
Series 2002A, 5.750%, 4/01/32 (Pre-refunded 4/01/13)
      
1,500
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health
3/13 at 100.00
A1 (4)
1,560,930
   
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
8/12 at 100.00
Aaa
3,472,283
   
System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM)
      
   
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health
      
   
Credit Group, Series 2002C:
      
125
  
5.375%, 12/01/30 (Pre-refunded 12/01/12)
12/12 at 100.00
Aa2 (4)
128,245
1,375
  
5.375%, 12/01/30 (Pre-refunded 12/01/12)
12/12 at 100.00
AA (4)
1,410,571
   
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
AA+ (4)
1,159,275
500
  
5.000%, 5/15/37 (Pre-refunded 5/15/15)
5/15 at 100.00
AA+ (4)
565,500
2,000
  
Michigan State, General Obligation Bonds, Environmental Protection Program, Series 2003A,
5/13 at 100.00
Aa2 (4)
2,092,160
   
5.250%, 5/01/20 (Pre-refunded 5/01/13)
      
1,115
  
Michigan Technological University, General Revenue Bonds, Series 2004A, 5.000%, 10/01/22
10/13 at 100.00
Aa3 (4)
1,184,911
   
(Pre-refunded 10/01/13) – NPFG Insured
      
   
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E:
      
85
  
6.000%, 8/01/26 (ETM)
No Opt. Call
Baa2 (4)
121,385
915
  
6.000%, 8/01/26 (ETM)
No Opt. Call
AA+ (4)
1,306,675
4,100
  
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y,
7/16 at 100.00
Aaa
4,961,820
   
5.500%, 7/01/36 (Pre-refunded 7/01/16)
      
36,070
  
Total U.S. Guaranteed
    
39,081,936
   
Utilities – 8.7% (5.9% 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–
236,296
5,000
  
5.000%, 7/01/32
7/18 at 100.00
AA–
5,414,750
   
Lansing Board of Water and Light, Michigan, Utility System Rvenue Bonds, Tender Option Bond
      
   
Trust 4700:
      
500
  
17.744%, 7/01/37 (IF) (5)
7/21 at 100.00
AA–
749,040
900
  
17.590%, 7/01/37 (IF) (5)
7/21 at 100.00
AA–
1,348,272
500
  
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2011,
1/21 at 100.00
AA–
566,470
   
5.000%, 1/01/26 – AGM Insured
      
3,630
  
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company,
No Opt. Call
A
4,765,826
   
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
BBB+
3,015,209
   
Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax)
      
13,745
  
Total Utilities
    
16,095,863
   
Water and Sewer – 15.4% (10.5% of Total Investments)
      
5,500
  
Detroit Water Supply System, Michigan, Water Supply System Revenue Senior Lien Bonds, Series
7/16 at 100.00
AA–
5,579,805
   
2006A, 5.000%, 7/01/34 – AGM Insured
      
1,500
  
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%,
No Opt. Call
A
1,688,340
   
7/01/29 – FGIC Insured
      
565
  
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,
7/13 at 100.00
AA–
585,978
   
7/01/17 – AGM Insured
      
1,500
  
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%,
7/13 at 100.00
A+
1,516,095
   
7/01/25 – NPFG Insured
      
425
  
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%,
7/18 at 100.00
AA+
478,508
   
7/01/36 – BHAC Insured
      
2,915
  
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
A+
3,005,132
675
  
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38
1/18 at 100.00
AA+
726,813
2,030
  
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 –
1/19 at 100.00
AA
2,233,853
   
AGC Insured
      
   
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
2,371,640
710
  
5.000%, 10/01/32
10/22 at 100.00
AAA
837,069
4,210
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004,
10/14 at 100.00
AAA
4,619,970
   
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
1,259,170
   
5.000%, 10/01/23
      
1,000
  
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007,
10/17 at 100.00
AAA
1,161,960
   
5.000%, 10/01/24
      
1,000
  
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011, 5.625%, 10/01/40
10/21 at 100.00
A
1,096,480
1,000
  
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
7/18 at 100.00
Baa2
1,061,259
   
6.000%, 7/01/44
      
300
  
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 –
7/18 at 100.00
A
332,258
   
NPFG Insured
      
26,480
  
Total Water and Sewer
    
28,554,330
$ 280,514
  
Total Investments (cost $249,393,633) – 146.8%
    
272,095,629
   
Floating Rate Obligations – (2.0)%
    
(3,630,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (47.4)% (6)
    
(87,900,000)
   
Other Assets Less Liabilities – 2.6%
    
4,843,268
   
Net Assets Applicable to Common Shares – 100%
    
$ 185,408,897
 
 
 
 
 
 
 
 

 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive 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 three-tier hierarchy of inputs is 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 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 May 31, 2012:
 
                         
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Long-Term Investments:
                        
Municipal Bonds
   $ —     $ 272,095,629     $ —     $ 272,095,629  
 
 
During the period ended May 31, 2012, the Fund recognized no transfers to or from Level 1, Level 2 or Level 3.
 
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 May 31, 2012, the cost of investments was $245,905,482.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2012, were as follows:
       
Gross unrealized:
      
Appreciation
   $ 22,976,159  
Depreciation
     (415,932 )
Net unrealized appreciation (depreciation) of investments
   $ 22,560,227  
 
 
     
(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)
  
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.
(5)
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(6)
  
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value, as a percentage of Total Investments
   
is 32.3%.
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:         July 30, 2012        
 
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 30, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         July 30, 2012