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:         11/30/11         
 
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, 2011 
      
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 3.9% (2.6% of Total Investments) 
      
$  7,500 
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/18 at 100.00 
B2 
$  6,732,450 
   
Series 2008A, 6.875%, 6/01/42 
      
   
Education and Civic Organizations – 4.1% (2.7% 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+ 
180,608 
755 
  
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005, 
11/15 at 100.00 
B+ 
560,678 
   
5.750%, 11/01/30 
      
385 
  
Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding 
10/21 at 100.00 
BBB– 
385,000 
   
Bonds, Detroit Service Learning Academy Project, Series 2011, 7.000%, 10/01/31 (WI/DD, 
      
   
Settling 12/13/11) 
      
1,685 
  
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, 
3/12 at 100.00 
N/R 
1,685,843 
   
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 
1,007,420 
   
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 
2,096,540 
1,115 
  
Michigan Technological University, General Revenue Bonds, Series 2004A, 5.000%, 10/01/22 – 
10/13 at 100.00 
Aa3 
1,174,876 
   
NPFG Insured 
      
7,190 
  
Total Education and Civic Organizations 
    
7,090,965 
   
Health Care – 19.6% (13.1% of Total Investments) 
      
2,000 
  
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson 
7/21 at 100.00 
A1 
2,003,680 
   
Healthcare, 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– 
1,084,082 
   
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 
3,055,950 
750 
  
5.000%, 1/15/42 
No Opt. Call 
AA 
745,905 
4,000 
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
No Opt. Call 
AA 
4,001,560 
   
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 
4,209,060 
   
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
4,100,387 
   
Series 2002A, 5.750%, 4/01/32 
      
2,500 
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated 
6/19 at 100.00 
AA– 
2,624,450 
   
Group, Series 2009A, 5.875%, 6/01/39 – AGC Insured 
      
1,000 
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Memorial 
5/12 at 100.00 
BBB 
1,000,770 
   
Healthcare Center Obligated Group, Series 1999, 5.875%, 11/15/21 
      
1,375 
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health 
12/12 at 100.00 
AA 
1,384,721 
   
Credit Group, Series 2002C, 5.375%, 12/01/30 
      
   
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 
1,408,740 
2,080 
  
5.000%, 5/15/34 
5/15 at 100.00 
Baa3 
1,820,541 
1,150 
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
1,367,270 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
      
5,575 
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
5/12 at 100.00 
A1 
5,574,889 
   
Hospital, Series 2001M, 5.250%, 11/15/31 – NPFG Insured 
      
34,185 
  
Total Health Care 
    
34,382,005 
   
Housing/Multifamily – 5.2% (3.5% of Total Investments) 
      
2,675 
  
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue 
12/20 at 101.00 
AA+ 
2,827,448 
   
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax) 
      
   
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A: 
      
285 
  
3.375%, 11/01/16 (Alternative Minimum Tax) 
11/14 at 101.00 
AA 
285,285 
2,515 
  
3.875%, 11/01/17 (Alternative Minimum Tax) 
11/14 at 101.00 
AA 
2,530,216 
140 
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1999A, 5.300%, 
4/12 at 100.00 
AA 
140,021 
   
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 
1,313,585 
   
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 
209,066 
   
5.700%, 10/01/39 
      
1,825 
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 
10/20 at 100.00 
AA 
1,840,713 
   
5.000%, 10/01/35 
      
8,940 
  
Total Housing/Multifamily 
    
9,146,334 
   
Housing/Single Family – 1.7% (1.1% of Total Investments) 
      
2,000 
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series 
6/20 at 100.00 
AAA 
2,042,880 
   
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax) 
      
950 
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series 
6/21 at 100.00 
AAA 
980,429 
   
2011A, 4.600%, 12/01/26 
      
2,950 
  
Total Housing/Single Family 
    
3,023,309 
   
Tax Obligation/General – 51.5% (34.2% of Total Investments) 
      
1,000 
  
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation 
5/12 at 100.00 
Aa2 
1,005,150 
   
Refunding Bonds, Series 2002, 5.000%, 5/01/25 
      
1,000 
  
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement 
5/18 at 100.00 
AA+ 
1,047,730 
   
Series 2008, 5.000%, 5/01/38 
      
2,110 
  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
5/13 at 100.00 
Aa2 
2,217,610 
   
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 
1,042,410 
   
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 
2,363,989 
   
Bonds, Tender Option Bond Trust 2008-1096, 7.950%, 5/01/32 – NPFG Insured (IF) 
      
1,900 
  
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building 
5/21 at 100.00 
AA– 
2,019,738 
   
& 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 
2,317,380 
   
6.000%, 5/01/19 – FGIC Insured 
      
700 
  
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building 
2/12 at 100.00 
A3 
701,561 
   
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, 
5/12 at 100.00 
AA 
286,143 
   
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 
4,889,838 
3,000 
  
0.000%, 12/01/26 
No Opt. Call 
AAA 
1,551,210 
5,305 
  
0.000%, 12/01/29 
No Opt. Call 
AAA 
2,268,524 
1,700 
  
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%, 
9/17 at 100.00 
AA 
1,803,071 
   
9/01/27 – NPFG Insured 
      
1,400 
  
Howell Public Schools, Livingston County, Michigan, General Obligation Bonds, Series 2003, 
11/13 at 100.00 
Aa2 
1,480,122 
   
5.000%, 5/01/21 
      
1,065 
  
Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site 
5/14 at 100.00 
Aa2 
1,144,662 
   
Bonds, Series 2004, 5.000%, 5/01/22 – AGM Insured 
      
1,935 
  
Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 – 
5/16 at 100.00 
Aa2 
2,073,720 
   
AGM Insured 
      
200 
  
L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Series 2005, 
5/15 at 100.00 
AA+ 
203,352 
   
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 
2,632,605 
   
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 
3,001,558 
   
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 
Aa2 
884,099 
   
2007, 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– 
1,554,270 
   
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 
AA– 
2,197,629 
   
Series 2005, 5.000%, 6/01/18 – AGM Insured 
      
1,000 
  
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 
12/21 at 100.00 
Aa2 
1,168,150 
   
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 
113,491 
2,500 
  
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 
No Opt. Call 
Aa3 
3,043,150 
   
5/01/22 – NPFG Insured 
      
3,950 
  
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
Aaa 
4,067,829 
   
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– 
1,749,157 
   
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 
4,737,107 
1,120 
  
5.000%, 8/01/30 – NPFG Insured (UB) 
8/17 at 100.00 
Aaa 
1,172,494 
1,245 
  
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option 
No Opt. Call 
Aa2 
1,251,574 
   
Bond Trust 2836, 11.227%, 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 
4,466,771 
   
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– 
1,626,400 
640 
  
5.250%, 10/01/37 – AGM Insured 
10/21 at 100.00 
AA– 
654,016 
   
Port Huron, Michigan, General Obligation Bonds, Series 2011B: 
      
530 
  
5.000%, 10/01/31 – AGM Insured 
10/21 at 100.00 
AA– 
543,844 
800 
  
5.250%, 10/01/40 – AGM Insured 
10/21 at 100.00 
AA– 
816,272 
1,000 
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%, 
5/18 at 100.00 
Aa2 
1,034,620 
   
5/01/33 – AGM Insured 
      
200 
  
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 
12/19 at 100.00 
AA– 
216,632 
   
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 
3,250,438 
   
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 
1,724,808 
   
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 
2,265,626 
   
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 
2,064,720 
   
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 
2,514,740 
   
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 
321,433 
575 
  
5.000%, 5/01/38 – AGM Insured 
5/18 at 100.00 
Aa2 
589,404 
1,180 
  
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 
12/19 at 100.00 
A3 
1,275,651 
   
6.750%, 11/01/39 
      
5,000 
  
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit 
12/12 at 100.00 
BBB+ 
5,046,850 
   
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 
3,656,492 
   
5/01/17 – AGM Insured 
      
1,725 
  
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, 
No Opt. Call 
Aa3 
2,058,719 
   
Series 1996, 5.500%, 5/01/25 – NPFG Insured 
      
93,979 
  
Total Tax Obligation/General 
    
90,116,759 
   
Tax Obligation/Limited – 18.6% (12.3% of Total Investments) 
      
1,305 
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 (WI/DD, 
1/22 at 100.00 
A
1,327,577 
   
Settling 12/01/11) 
      
1,000 
  
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds, 
No Opt. Call 
AA 
1,142,450 
   
Series 1998, 5.000%, 4/01/16 
      
10 
  
Michigan Municipal Bond Authority, Local Government Loan Program Revenue Sharing Bonds, Series 
No Opt. Call 
Aa3 
10,044 
   
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 
Aa3 
2,166,769 
   
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– 
3,137,260 
6,200 
  
0.000%, 10/15/28 – AGM Insured 
10/16 at 55.35 
AA– 
2,599,908 
4,440 
  
5.000%, 10/15/36 – FGIC Insured 
10/16 at 100.00 
Aa3 
4,496,210 
   
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 
5,273,298 
5,000 
  
5.000%, 10/15/23 – NPFG Insured 
10/13 at 100.00 
Aa3 
5,157,550 
3,500 
  
Michigan State Trunk Line, Fund Refunding Bonds, Series 2002, 5.250%, 10/01/21 – AGM Insured 
10/12 at 100.00 
AA+ 
3,622,745 
17,000 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
Aa2 
2,165,290 
   
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 
1,017,770 
   
5.000%, 10/01/25 
      
420 
  
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan Notes, 
10/19 at 100.00 
BBB 
388,252 
   
Series 2009A-1, 5.000%, 10/01/39 
      
54,110 
  
Total Tax Obligation/Limited 
    
32,505,123 
   
Transportation – 2.1% (1.4% of Total Investments) 
      
1,000 
  
Capital Region Airport Authority, Michigan, Revenue Refunding Bonds, Series 2002, 5.250%, 
7/12 at 100.00 
Baa1 
1,007,390 
   
7/01/21 – NPFG Insured (Alternative Minimum Tax) 
      
500 
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, 
No Opt. Call 
A
518,915 
   
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
2,123,380 
   
Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax) 
      
3,500 
  
Total Transportation 
    
3,649,685 
   
U.S. Guaranteed – 21.3% (14.2% of Total Investments) (4) 
      
1,200 
  
Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/20 
10/12 at 100.50 
AAA 
1,253,508 
   
(Pre-refunded 10/01/12) 
      
1,320 
  
Bridgeport Spaulding Community School District, Saginaw County, Michigan, General Obligation 
5/12 at 100.00 
Aa2 (4) 
1,349,304 
   
Bonds, Series 2002, 5.500%, 5/01/16 (Pre-refunded 5/01/12) 
      
935 
  
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
AA– (4) 
1,001,002 
   
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) 
4,317,779 
1,500 
  
5.000%, 7/01/25 (Pre-refunded 7/01/13) – NPFG Insured 
7/13 at 100.00 
A+ (4) 
1,609,110 
2,000 
  
Lake Fenton Community Schools, Genesee County, Michigan, General Obligation Bonds, Series 
5/12 at 100.00 
Aa2 (4) 
2,040,300 
   
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) 
1,914,316 
   
(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) 
4,370,316 
   
Building and Site Project, Series 2004, 5.000%, 5/01/34 (Pre-refunded 11/01/14) – FGIC Insured 
      
3,000 
  
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A, 
1/12 at 100.00 
A2 (4) 
3,013,080 
   
5.250%, 1/01/27 (Pre-refunded 1/01/12) – AMBAC Insured 
      
1,500 
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health 
3/13 at 100.00 
A1 (4) 
1,598,520 
   
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 
5/12 at 100.00 
Aaa 
3,472,041 
   
System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM) 
      
125 
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health 
12/12 at 100.00 
N/R (4) 
131,380 
   
Credit Group, Series 2002C, 5.375%, 12/01/30 (Pre-refunded 12/01/12) 
      
   
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) 
1,168,008 
500 
  
5.000%, 5/15/37 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AA+ (4) 
569,760 
3,000 
  
Michigan State, General Obligation Bonds, Environmental Protection Program, Series 2003A, 
5/13 at 100.00 
Aa2 (4) 
3,207,450 
   
5.250%, 5/01/20 (Pre-refunded 5/01/13) 
      
   
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E: 
      
85 
  
6.000%, 8/01/26 
No Opt. Call 
Baa2 (4) 
113,456 
915 
  
6.000%, 8/01/26 
No Opt. Call 
AA+ (4) 
1,221,324 
4,100 
  
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y, 
7/16 at 100.00 
Aaa 
4,936,236 
   
5.500%, 7/01/36 (Pre-refunded 7/01/16) 
      
34,360 
  
Total U.S. Guaranteed 
    
37,286,890 
   
Utilities – 9.9% (6.6% 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– 
227,014 
5,000 
  
5.000%, 7/01/32 
7/18 at 100.00 
AA– 
5,176,950 
   
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond 
      
   
Trust 4700: 
      
900 
  
17.770%, 7/01/37 (IF) (5) 
7/21 at 100.00 
AA– 
1,088,892 
500 
  
17.924%, 7/01/37 (IF) (5) 
7/21 at 100.00 
AA– 
604,940 
500 
  
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2011, 
1/21 at 100.00 
AA– 
533,245 
   
5.000%, 1/01/26 – AGM Insured 
      
2,110 
  
Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, 
No Opt. Call 
BBB+ 
2,141,376 
   
6.000%, 5/01/12 
      
3,630 
  
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, 
No Opt. Call 
A
4,599,101 
   
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+ 
3,001,560 
   
Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax) 
      
15,855 
  
Total Utilities 
    
17,373,078 
   
Water and Sewer – 12.5% (8.3% of Total Investments) 
      
5,500 
  
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A, 
7/16 at 100.00 
AA– 
5,538,940 
   
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
1,591,515 
   
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– 
585,029 
   
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+ 
1,505,940 
   
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+ 
446,628 
   
7/01/36 – BHAC Insured 
      
675 
  
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38 
1/18 at 100.00 
AA+ 
694,035 
2,030 
  
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – 
1/19 at 100.00 
Aa1 
2,141,527 
   
AGC Insured 
      
4,210 
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 
10/14 at 100.00 
AAA 
4,653,228 
   
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 
1,254,787 
   
5.000%, 10/01/23 
      
1,000 
  
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 
10/17 at 100.00 
AAA 
1,107,439 
   
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
1,026,509 
1,000 
  
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa2 
1,034,789 
   
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
322,502 
   
NPFG Insured 
      
20,855 
  
Total Water and Sewer 
    
21,902,868 
$ 283,424 
  
Total Investments (cost $250,828,541) – 150.4% 
    
263,209,466 
   
Floating Rate Obligations – (2.1)% 
    
(3,630,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (50.2)% (6) 
    
(87,900,000)
   
Other Assets Less Liabilities – 1.9% 
    
3,342,070 
   
Net Assets Applicable to Common Shares – 100% 
    
$ 175,021,536 
 
 
 
 
 
 
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 November 30, 2011:
         
 
Level 1 
Level 2 
Level 3 
Total 
Investments: 
        
Municipal Bonds 
$ — 
$263,209,466 
$ — 
$263,209,466 
 
 
During the period ended November 30, 2011, the Fund recognized no significant 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 November 30, 2011, the cost of investments was $247,381,945.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2011, were as follows:
   
Gross unrealized: 
  
Appreciation 
$13,075,737 
Depreciation 
(878,176)
Net unrealized appreciation (depreciation) of investments 
$12,197,561 
 
 
     
(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 33.4%. 
N/R 
  
Not rated. 
WI/DD 
  
Purchased on a when-issued or delayed delivery basis. 
(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 27, 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         January 27, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         January 27, 2012