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:         11/30/10         
 
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, 2010
      
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 2.4% (1.5% of Total Investments)
      
$    4,000
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
6/18 at 100.00
Baa3
$   3,997,440
   
Series 2008A, 6.875%, 6/01/42
      
   
Education and Civic Organizations – 3.5% (2.3% of Total Investments)
      
1,685
  
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds,
9/11 at 100.00
N/R
1,688,050
   
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
1,009,380
   
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
2,067,720
1,115
  
Michigan Technological University, General Revenue Bonds, Series 2004A, 5.000%, 10/01/22 –
10/13 at 100.00
Aa3
1,135,772
   
NPFG Insured
      
5,800
  
Total Education and Civic Organizations
    
5,900,922
   
Health Care – 16.0% (10.4% of Total Investments)
      
1,080
  
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance
6/20 at 100.00
AA+
993,146
   
Health, Refunding Series 2010A, 5.000%, 6/01/37 – AGM Insured
      
2,700
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center
2/11 at 100.00
BB–
2,638,035
   
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
4,071,259
   
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
4,076,386
   
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
AA+
2,595,825
   
Series 2009A, 5.875%, 6/01/39 – AGC Insured
      
1,000
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Memorial
5/11 at 100.50
BBB
1,003,610
   
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
1,343,235
2,055
  
5.000%, 5/15/34
5/15 at 100.00
Baa3
1,723,241
1,150
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
9/18 at 100.00
A1
1,349,663
   
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
5,244,579
   
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+
2,194,978
27,855
  
Total Health Care
    
27,233,957
   
Housing/Multifamily – 3.7% (2.4% of Total Investments)
      
2,675
  
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue
12/20 at 101.00
AAA
2,773,119
   
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax)
      
140
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1999A, 5.300%,
4/11 at 100.00
AA
140,011
   
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+
1,316,081
   
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
207,134
   
5.700%, 10/01/39
      
1,825
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A,
10/20 at 100.00
AA
1,799,341
   
5.000%, 10/01/35
      
6,140
  
Total Housing/Multifamily
    
6,235,686
   
Housing/Single Family – 1.2% (0.8% of Total Investments)
      
2,000
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
6/20 at 100.00
AA
2,000,000
   
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax)
      
   
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
1,254,825
   
International Paper Company, Series 2004A, 4.800%, 11/01/18
      
   
Tax Obligation/General – 54.3% (35.6% of Total Investments)
      
1,000
  
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation
5/12 at 100.00
Aa2
1,007,530
   
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
Aa2
2,538,450
3,200
  
5.000%, 5/01/29
5/11 at 100.00
Aa2
3,227,168
1,000
  
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement
5/18 at 100.00
AA+
1,027,080
   
Series 2008, 5.000%, 5/01/38
      
1,320
  
Bridgeport Spaulding Community School District, Saginaw County, Michigan, General Obligation
5/12 at 100.00
Aa2
1,397,009
   
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
Aa2
2,267,195
   
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
1,033,760
   
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
2,172,996
   
Bonds, Tender Option Bond Trust 2008-1096, 7.930%, 5/01/32 – NPFG Insured (IF)
      
2,000
  
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A,
No Opt. Call
Aa2
2,336,260
   
6.000%, 5/01/19 – FGIC Insured
      
700
  
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building
2/11 at 100.00
A–
701,211
   
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
285,624
   
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
4,531,613
3,000
  
0.000%, 12/01/26
No Opt. Call
AAA
1,428,660
5,305
  
0.000%, 12/01/29
No Opt. Call
AAA
2,098,711
1,700
  
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%,
9/17 at 100.00
AA
1,777,605
   
9/01/27 – NPFG Insured
      
2,000
  
Hartland Consolidated School District, Livingston County, Michigan, General Obligation
5/11 at 100.00
Aa2
2,005,700
   
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
Aa2
1,458,156
   
5.000%, 5/01/21
      
1,065
  
Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site
5/14 at 100.00
AA+
1,104,480
   
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
AA+
2,009,749
   
AGM Insured
      
200
  
L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Series 2005,
5/15 at 100.00
AA+
200,976
   
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
2,598,086
   
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
2,927,065
   
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
AA+
858,071
   
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–
1,514,280
   
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+
2,215,584
   
Series 2005, 5.000%, 6/01/18 – AGM Insured
      
100
  
Michigan, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25
5/19 at 100.00
Aa2
109,433
2,500
  
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%,
No Opt. Call
Aa3
2,956,175
   
5/01/22 – NPFG Insured
      
1,100
  
Muskegon County, Michigan, Limited Tax General Obligation Wastewater Management System 2
7/11 at 100.00
AA
1,117,820
   
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
1,014,100
   
5.125%, 9/01/22
      
3,950
  
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,
5/17 at 100.00
Aaa
3,998,467
   
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–
1,654,525
   
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
4,553,861
1,120
  
5.000%, 8/01/30 – NPFG Insured (UB)
8/17 at 100.00
Aaa
1,152,211
1,245
  
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option
No Opt. Call
AA+
1,061,736
   
Bond Trust 2836, 11.000%, 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
4,455,618
   
Obligation Bonds, Series 2004, 5.000%, 5/01/26 – FGIC Insured
      
1,000
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008,
5/18 at 100.00
AA+
1,003,340
   
5.000%, 5/01/33 – AGM Insured
      
200
  
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series
12/19 at 100.00
AA+
205,442
   
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
3,196,749
   
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+
1,714,266
   
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
2,208,888
   
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
AA+
2,000,540
   
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
2,471,537
   
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
AA+
314,303
575
  
5.000%, 5/01/38 – AGM Insured
5/18 at 100.00
AA+
573,701
1,200
  
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A,
12/19 at 100.00
A2
1,252,152
   
6.750%, 11/01/39
      
5,000
  
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit
12/11 at 101.00
A
5,016,300
   
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
AA+
3,693,710
   
5/01/17 – AGM Insured
      
1,725
  
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds,
No Opt. Call
Aa3
1,985,268
   
Series 1996, 5.500%, 5/01/25 – NPFG Insured
      
98,664
  
Total Tax Obligation/General
    
92,433,161
   
Tax Obligation/Limited – 18.4% (12.1% of Total Investments)
      
1,000
  
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds,
No Opt. Call
AA
1,138,060
   
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
1,379,069
   
Series 2001, 5.125%, 10/01/26 – NPFG Insured
      
20
  
Michigan Municipal Bond Authority, Local Government Loan Program Revenue Sharing Bonds, Series
5/11 at 100.00
Aa3
20,077
   
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
2,094,926
   
10/15/33 – AMBAC Insured
      
   
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
      
7,000
  
0.000%, 10/15/27 – FGIC Insured
10/16 at 58.27
AA+
2,719,500
6,200
  
0.000%, 10/15/28 – FGIC Insured
10/16 at 55.35
AA+
2,242,478
4,440
  
5.000%, 10/15/36 – FGIC Insured
10/16 at 100.00
Aa3
4,301,916
   
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
5,232,650
5,000
  
5.000%, 10/15/23 – NPFG Insured
10/13 at 100.00
Aa3
5,113,399
3,500
  
Michigan State Trunk Line, Fund Refunding Bonds, Series 2002, 5.250%, 10/01/21 – AGM Insured
10/12 at 100.00
AA+
3,713,885
17,000
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
No Opt. Call
Aa2
2,011,950
   
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
996,820
   
5.000%, 10/01/25
      
420
  
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan
10/19 at 100.00
BBB
399,672
   
Notes,Series 2009A-1, 5.000%, 10/01/39
      
54,160
  
Total Tax Obligation/Limited
    
31,364,402
   
Transportation – 1.5% (1.0% of Total Investments)
      
1,000
  
Capital Region Airport Authority, Michigan, Revenue Refunding Bonds, Series 2002, 5.250%,
7/12 at 100.00
A
1,009,030
   
7/01/21 – NPFG Insured (Alternative Minimum Tax)
      
1,750
  
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
10/28 at 100.00
BBB+
1,067,290
   
Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
      
500
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
No Opt. Call
A
527,575
   
Refunding Series 2007, 5.000%, 12/01/12 – FGIC Insured
      
3,250
  
Total Transportation
    
2,603,895
   
U.S. Guaranteed – 24.7% (16.2% of Total Investments) (4)
      
1,200
  
Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/20
10/12 at 100.50
AAA
1,301,160
   
(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)
1,036,962
   
7/01/17 (Pre-refunded 7/01/13) – AGM 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
Aa3 (4)
3,533,994
770
  
5.250%, 7/01/33 (Pre-refunded 7/01/11) – FGIC Insured
7/11 at 100.00
Aa3 (4)
790,428
730
  
5.250%, 7/01/33 (Pre-refunded 7/01/11) – FGIC Insured
7/11 at 100.00
Aa3 (4)
751,207
   
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)
4,444,244
1,500
  
5.000%, 7/01/25 (Pre-refunded 7/01/13) – NPFG Insured
7/13 at 100.00
A+ (4)
1,656,240
2,000
  
Lake Fenton Community Schools, Genesee County, Michigan, General Obligation Bonds, Series
5/12 at 100.00
Aa2 (4)
2,127,180
   
2002, 5.000%, 5/01/24 (Pre-refunded 5/01/12)
      
1,790
  
Lansing Building Authority, Michigan, General Obligation Bonds, Series 2003A, 5.000%,
6/13 at 100.00
AA+ (4)
1,979,310
   
6/01/26 (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)
4,457,460
   
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)
255,470
   
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)
1,660,350
   
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
2/11 at 100.00
Aaa
3,470,588
   
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
1,186,581
500
  
5.000%, 5/15/37 (Pre-refunded 5/15/15)
5/15 at 100.00
AAA
578,820
1,000
  
Michigan State Trunk Line, Fund Bonds, Series 2001A, 5.000%, 11/01/25 (Pre-refunded
11/11 at 100.00
AA+ (4)
1,042,790
   
11/01/11) – AGM Insured
      
4,000
  
Michigan, General Obligation Bonds, Environmental Protection Program, Series 2003A, 5.250%,
5/13 at 100.00
Aa2 (4)
4,430,560
   
5/01/20 (Pre-refunded 5/01/13)
      
   
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E:
      
85
  
6.000%, 8/01/26 (ETM)
No Opt. Call
Baa1 (4)
108,731
915
  
6.000%, 8/01/26 (ETM)
No Opt. Call
AAA
1,170,459
4,100
  
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y,
7/16 at 100.00
Aaa
4,984,165
   
5.500%, 7/01/36 (Pre-refunded 7/01/16)
      
1,050
  
Warren Consolidated School District, Macomb and Oakland Counties, Michigan, General Obligation
11/11 at 100.00
AA+ (4)
1,099,172
   
Bonds, Series 2001, 5.375%, 5/01/19 (Pre-refunded 11/01/11) – AGM Insured
      
38,115
  
Total U.S. Guaranteed
    
42,065,871
   
Utilities – 14.9% (9.8% 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–
221,626
5,000
  
5.000%, 7/01/32
7/18 at 100.00
AA–
5,077,049
3,000
  
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A,
1/12 at 100.00
A2
3,022,530
   
5.250%, 1/01/27 – AMBAC Insured
      
2,695
  
Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000,
No Opt. Call
A3
2,825,169
   
6.000%, 5/01/12
      
1,000
  
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding
3/11 at 101.00
A
990,140
   
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
4,004,160
   
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
2,082,534
   
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
4,364,313
   
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
2,801,370
   
Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax)
      
24,590
  
Total Utilities
    
25,388,891
   
Water and Sewer – 11.4% (7.4% of Total Investments)
      
5,500
  
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A,
7/16 at 100.00
AA+
5,336,703
   
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
A1
1,502,700
   
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+
589,747
   
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
Aa3
1,506,435
   
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+
434,490
   
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+
683,201
2,030
  
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 –
1/19 at 100.00
AA+
2,101,273
   
AGC Insured
      
4,210
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004,
10/14 at 100.00
AAA
4,687,246
   
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
1,232,329
   
5.000%, 10/01/23
      
1,000
  
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007,
10/17 at 100.00
AAA
1,059,180
   
5.000%, 10/01/24
      
300
  
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 –
7/18 at 100.00
A
321,882
   
NPFG Insured
      
18,855
  
Total Water and Sewer
    
19,455,186
$ 284,679
  
Total Investments (cost $251,482,598) – 152.7%
    
259,934,236
   
Floating Rate Obligations – (2.1)%
    
(3,630,000)
   
Other Assets Less Liabilities – 0.7%
    
1,216,924
   
Preferred Shares, at Liquidation Value – (51.3)% (5)
    
(87,325,000)
   
Net Assets Applicable to Common Shares – 100%
    
$ 170,196,160
 
 
 
 
 
 
 
Fair Value Measurements
 
 
In determining the fair 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 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, 2010:
 
         
 
Level 1
Level 2
Level 3
Total
Investments:
        
Municipal Bonds
$ —
$259,934,236
$ —
$259,934,236
 
 
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, 2010, the cost of investments was $248,113,122.
 
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2010, were as follows:
 
   
Gross unrealized:
  
Appreciation
$  11,137,664
Depreciation
(2,946,147)
Net unrealized appreciation (depreciation) of investments
$   8,191,517
 
     
(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 Investor 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. 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 33.6%.
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 27, 2011        
 
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, 2011        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         January 27, 2011