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: 5/31/09
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Schedule of Investments
Portfolio of Investments (Unaudited) | ||||||||
Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM) | ||||||||
May 31, 2009 | ||||||||
Principal | Optional Call | |||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||
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Consumer Staples – 1.7% (1.1% of Total Investments) | ||||||||
$ 3,500 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, | 6/18 at 100.00 | Baa3 | $ | 2,854,320 | |||
Series 2008A, 6.875%, 6/01/42 | ||||||||
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Education and Civic Organizations – 6.3% (4.1% of Total Investments) | ||||||||
700 | Chandler Park Academy, Michigan, Public School Academy Charter School Revenue Bonds, Series | 11/15 at 100.00 | BBB | 455,693 | ||||
2005, 5.125%, 11/01/35 | ||||||||
1,685 | Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, | 9/11 at 100.00 | N/R | 1,794,744 | ||||
Kettering University, Series 2001, 5.500%, 9/01/17 – AMBAC Insured | ||||||||
1,500 | Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2000 XII-T, 5.300%, | No Opt. Call | AA | 1,448,355 | ||||
9/01/10 – AMBAC Insured (Alternative Minimum Tax) | ||||||||
1,000 | Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2002 XVII-G, 5.200%, | 9/12 at 100.00 | AA | 932,010 | ||||
9/01/20 – AMBAC Insured (Alternative Minimum Tax) | ||||||||
1,115 | Michigan Technological University, General Revenue Bonds, Series 2004A, 5.000%, 10/01/22 – | 10/13 at 100.00 | AA– | 1,119,672 | ||||
MBIA Insured | ||||||||
Wayne State University, Michigan, General Revenue Bonds, Series 1999: | ||||||||
3,430 | 5.250%, 11/15/19 – FGIC Insured | 11/09 at 101.00 | AA– | 3,502,407 | ||||
1,000 | 5.125%, 11/15/29 – FGIC Insured | 11/09 at 101.00 | AA– | 1,000,600 | ||||
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10,430 | Total Education and Civic Organizations | 10,253,481 | ||||||
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Health Care – 10.4% (6.7% of Total Investments) | ||||||||
2,900 | Michigan Hospital Financing Authority, Revenue Bonds, Oakwood Obligated Group, Series 2007A, | 7/17 at 100.00 | A | 2,243,208 | ||||
5.000%, 7/15/37 | ||||||||
2,700 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center | 8/09 at 100.00 | BB– | 1,679,778 | ||||
Obligated Group, Series 1998A, 5.250%, 8/15/28 | ||||||||
900 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, | 4/13 at 100.00 | A | 768,951 | ||||
Series 2002A, 5.750%, 4/01/32 | ||||||||
1,000 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Memorial | 11/09 at 101.00 | Baa1 | 945,510 | ||||
Healthcare Center Obligated Group, Series 1999, 5.875%, 11/15/21 | ||||||||
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, | ||||||||
Series 2005: | ||||||||
1,025 | 5.000%, 5/15/30 | 5/15 at 100.00 | BBB | 1,160,321 | ||||
500 | 5.000%, 5/15/37 | 5/15 at 100.00 | AAA | 566,010 | ||||
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital, | ||||||||
Series 2005A: | ||||||||
150 | 5.000%, 5/15/13 | No Opt. Call | Baa3 | 142,875 | ||||
1,500 | 5.000%, 5/15/26 | 5/15 at 100.00 | Baa3 | 1,147,530 | ||||
55 | 5.000%, 5/15/34 | 5/15 at 100.00 | Baa3 | 37,616 | ||||
1,150 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont | 9/18 at 100.00 | A1 | 1,299,259 | ||||
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 | AA– | 4,846,765 | ||||
Hospital, Series 2001M, 5.250%, 11/15/31 – MBIA Insured | ||||||||
2,195 | University of Michigan, Medical Service Plan Revenue Bonds, Series 1991, 0.000%, 12/01/10 | No Opt. Call | AA+ | 2,149,366 | ||||
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19,575 | Total Health Care | 16,987,189 | ||||||
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Housing/Multifamily – 2.6% (1.7% of Total Investments) | ||||||||
2,675 | Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue | 12/20 at 101.00 | AAA | 2,691,772 | ||||
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax) | ||||||||
215 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1999A, 5.300%, | 10/09 at 101.00 | AA | 204,702 | ||||
10/01/37 – MBIA Insured (Alternative Minimum Tax) | ||||||||
1,300 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%, | 7/15 at 100.00 | AAA | 1,290,627 | ||||
4/01/31 – FSA Insured (Alternative Minimum Tax) | ||||||||
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4,190 | Total Housing/Multifamily | 4,187,101 | ||||||
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Long-Term Care – 0.5% (0.3% of Total Investments) | ||||||||
1,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian Villages of Michigan | 5/15 at 100.00 | N/R | 723,510 | ||||
Obligated Group, Series 2005, 5.250%, 11/15/25 | ||||||||
200 | Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Porter Hills Presbyterian | 7/09 at 100.00 | BBB | 164,948 | ||||
Village, Series 1998, 5.375%, 7/01/28 | ||||||||
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1,200 | Total Long-Term Care | 888,458 | ||||||
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Materials – 0.6% (0.4% of Total Investments) | ||||||||
1,250 | Dickinson County Economic Development Corporation, Michigan, Pollution Control Revenue Bonds, | 11/14 at 100.00 | BBB | 1,057,975 | ||||
International Paper Company, Series 2004A, 4.800%, 11/01/18 | ||||||||
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Tax Obligation/General – 58.8% (38.1% of Total Investments) | ||||||||
1,000 | Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation | 5/12 at 100.00 | AA– | 1,012,420 | ||||
Refunding Bonds, Series 2002, 5.000%, 5/01/25 | ||||||||
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, Unlimited Tax General | ||||||||
Obligation Refunding Bonds, Series 2001: | ||||||||
2,500 | 5.000%, 5/01/21 | 5/11 at 100.00 | AA– | 2,576,100 | ||||
3,200 | 5.000%, 5/01/29 | 5/11 at 100.00 | AA– | 3,215,008 | ||||
1,000 | Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement | 5/18 at 100.00 | AA+ | 1,016,520 | ||||
Series 2008, 5.000%, 5/01/38 | ||||||||
1,320 | Bridgeport Spaulding Community School District, Saginaw County, Michigan, General Obligation | 5/12 at 100.00 | AA– | 1,440,410 | ||||
Bonds, Series 2002, 5.500%, 5/01/16 | ||||||||
2,110 | Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation | 5/13 at 100.00 | AA– | 2,240,187 | ||||
Bonds, Series 2003, 5.250%, 5/01/20 | ||||||||
1,000 | Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation | 5/15 at 100.00 | AA– | 1,032,900 | ||||
Bonds, Series 2005, 5.000%, 5/01/25 – MBIA Insured | ||||||||
2,319 | Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation | 5/17 at 100.00 | AA– | 2,153,678 | ||||
Bonds, Tender Option Bond Trust 2008-1096, 7.772%, 5/01/32 – MBIA Insured (IF) | ||||||||
2,000 | Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A, | No Opt. Call | AA– | 2,182,660 | ||||
6.000%, 5/01/19 – FGIC Insured | ||||||||
700 | Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building | 6/09 at 100.00 | AA– | 700,000 | ||||
Authority Stadium Bonds, Series 1997, 5.500%, 2/01/17 – FGIC Insured | ||||||||
285 | East Grand Rapids Public Schools, County of Kent, State of Michigan, General Obligation Bonds, | 5/11 at 100.00 | AA | 286,984 | ||||
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 | 4,048,343 | ||||
3,000 | 0.000%, 12/01/26 | No Opt. Call | AAA | 1,278,960 | ||||
5,305 | 0.000%, 12/01/29 | No Opt. Call | AAA | 1,860,410 | ||||
1,700 | Grand Rapids, Michigan, General Obligation Bonds, Series 2007, 5.000%, 9/01/27 – MBIA Insured | 9/17 at 100.00 | AA | 1,773,440 | ||||
2,000 | Hartland Consolidated School District, Livingston County, Michigan, General Obligation | 5/11 at 100.00 | AA– | 2,005,540 | ||||
Refunding Bonds, Series 2001, 5.125%, 5/01/29 | ||||||||
1,400 | Howell Public Schools, Livingston County, Michigan, General Obligation Bonds, Series 2003, | 11/13 at 100.00 | AA– | 1,455,608 | ||||
5.000%, 5/01/21 | ||||||||
1,065 | Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site | 5/14 at 100.00 | AAA | 1,104,895 | ||||
Bonds, Series 2004, 5.000%, 5/01/22 – FSA Insured | ||||||||
1,935 | Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 – | 5/16 at 100.00 | AAA | 2,032,659 | ||||
FSA Insured | ||||||||
200 | L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Series 2005, | 5/15 at 100.00 | AAA | 199,128 | ||||
5.000%, 5/01/35 – FSA Insured | ||||||||
2,505 | Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, General | 5/16 at 100.00 | AA– | 2,599,363 | ||||
Obligation Bonds, Series 2006, 5.000%, 5/01/25 – MBIA Insured | ||||||||
2,810 | Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Series 2004A, | 5/14 at 100.00 | AA– | 2,954,856 | ||||
5.000%, 5/01/21 – MBIA Insured | ||||||||
865 | Lowell Area Schools, Counties of Ionia and Kent, Michigan, General Obligation Bonds, Series | 5/17 at 100.00 | AAA | 858,530 | ||||
2007, 5.000%, 5/01/37 – FSA Insured | ||||||||
1,500 | Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007, | 5/17 at 100.00 | AA– | 1,518,540 | ||||
5.000%, 5/01/30 – SYNCORA GTY Insured | ||||||||
2,100 | Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District, | 6/15 at 100.00 | AAA | 2,258,676 | ||||
Series 2005, 5.000%, 6/01/18 – FSA Insured | ||||||||
3,500 | Michigan Municipal Bond Authority, State Aid Anticipation Revenue Notes, Series 2009B, | No Opt. Call | N/R | 3,528,735 | ||||
6.000%, 1/20/10 | ||||||||
4,000 | Michigan, General Obligation Bonds, Environmental Protection Program, Series 2003A, | 5/13 at 100.00 | AA– | 4,145,880 | ||||
5.250%, 5/01/20 | ||||||||
100 | Michigan, General Obligation Bonds, Environmental Protection Program, Series 2009A, | 5/19 at 100.00 | AA– | 105,148 | ||||
5.500%, 11/01/25 | ||||||||
2,500 | Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, | No Opt. Call | AA– | 2,976,900 | ||||
5/01/22 – MBIA Insured | ||||||||
1,100 | Muskegon County, Michigan, Limited Tax General Obligation Wastewater Management System 2 | 7/11 at 100.00 | AA– | 1,109,713 | ||||
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 | 1,036,000 | ||||
5.125%, 9/01/22 | ||||||||
2,250 | Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, | 5/17 at 100.00 | AAA | 2,265,998 | ||||
Series 2007, 5.000%, 5/01/36 – FSA Insured | ||||||||
1,595 | Oakridge Public Schools, Muskegon County, Michigan, General Obligation Bonds, Series 2005, | 5/15 at 100.00 | AA– | 1,665,483 | ||||
5.000%, 5/01/22 – MBIA Insured | ||||||||
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007: | ||||||||
4,330 | 5.000%, 8/01/26 – MBIA Insured (UB) | 8/17 at 100.00 | Aa1 | 4,548,968 | ||||
1,120 | 5.000%, 8/01/30 – MBIA Insured (UB) | 8/17 at 100.00 | Aa1 | 1,145,558 | ||||
1,245 | Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option | 5/17 at 100.00 | AAA | 1,085,142 | ||||
Bond Trust 2836, 10.445%, 5/01/36 – FSA Insured (IF) | ||||||||
4,340 | Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General | 5/14 at 100.00 | AA– | 4,442,381 | ||||
Obligation Bonds, Series 2004, 5.000%, 5/01/26 – FGIC Insured | ||||||||
1,000 | Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%, | 5/18 at 100.00 | AAA | 1,000,670 | ||||
5/01/33 – FSA Insured | ||||||||
3,175 | South Redford School District, Wayne County, Michigan, General Obligation Bonds, School | 5/15 at 100.00 | AA– | 3,207,290 | ||||
Building and Site, Series 2005, 5.000%, 5/01/30 – MBIA Insured | ||||||||
1,655 | Southfield Library Building Authority, Michigan, General Obligation Bonds, Series 2005, | 5/15 at 100.00 | AA+ | 1,718,453 | ||||
5.000%, 5/01/26 – MBIA Insured | ||||||||
2,200 | Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series | 5/17 at 100.00 | AA– | 2,208,470 | ||||
2007, 5.000%, 5/01/32 – MBIA Insured | ||||||||
2,000 | Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%, | 5/18 at 100.00 | AAA | 1,997,080 | ||||
5/01/34 – FSA Insured | ||||||||
2,275 | Troy City School District, Oakland County, Michigan, General Obligation Bonds, Series 2006, | 5/16 at 100.00 | Aa2 | 2,481,206 | ||||
5.000%, 5/01/19 – MBIA Insured | ||||||||
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building | ||||||||
and Site, Series 2008: | ||||||||
310 | 5.000%, 5/01/31 – FSA Insured | 5/18 at 100.00 | AAA | 312,654 | ||||
575 | 5.000%, 5/01/38 – FSA Insured | 5/18 at 100.00 | AAA | 568,905 | ||||
5,000 | Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit | 12/11 at 101.00 | AA– | 5,052,299 | ||||
Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/21 – MBIA Insured | ||||||||
3,350 | Wayne Westland Community Schools, Michigan, General Obligation Bonds, Series 2004, 5.000%, | 11/14 at 100.00 | AAA | 3,717,428 | ||||
5/01/17 – FSA Insured | ||||||||
1,725 | Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, | No Opt. Call | AA– | 1,993,876 | ||||
Series 1996, 5.500%, 5/01/25 – MBIA Insured | ||||||||
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103,064 | Total Tax Obligation/General | 96,120,052 | ||||||
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Tax Obligation/Limited – 16.2% (10.5% of Total Investments) | ||||||||
1,000 | Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds, | No Opt. Call | AA | 1,099,100 | ||||
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 | 1,375,074 | ||||
Series 2001, 5.125%, 10/01/26 – MBIA Insured | ||||||||
Michigan Building Authority, Revenue Bonds, Series 2006IA: | ||||||||
7,000 | 0.000%, 10/15/27 – FGIC Insured | 10/16 at 58.27 | AAA | 2,258,900 | ||||
6,200 | 0.000%, 10/15/28 – FGIC Insured | 10/16 at 55.35 | AAA | 1,855,350 | ||||
4,440 | 5.000%, 10/15/36 – FGIC Insured | 10/16 at 100.00 | AA– | 4,115,658 | ||||
30 | Michigan Municipal Bond Authority, Local Government Loan Program Revenue Sharing Bonds, Series | 11/09 at 100.00 | Aa3 | 30,137 | ||||
1992D, 6.650%, 5/01/12 | ||||||||
2,135 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%, | 10/15 at 100.00 | A+ | 2,003,377 | ||||
10/15/33 – AMBAC Insured | ||||||||
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II: | ||||||||
5,100 | 5.000%, 10/15/22 – MBIA Insured | 10/13 at 100.00 | AA– | 5,121,571 | ||||
5,000 | 5.000%, 10/15/23 – MBIA Insured | 10/13 at 100.00 | AA– | 4,984,499 | ||||
3,500 | Michigan State Trunk Line, Fund Refunding Bonds, Series 2002, 5.250%, 10/01/21 – FSA Insured | 10/12 at 100.00 | AAA | 3,708,810 | ||||
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35,750 | Total Tax Obligation/Limited | 26,552,476 | ||||||
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Transportation – 0.6% (0.4% of Total Investments) | ||||||||
1,000 | Capital Region Airport Authority, Michigan, Revenue Refunding Bonds, Series 2002, 5.250%, | 7/12 at 100.00 | AA– | 966,100 | ||||
7/01/21 – MBIA Insured (Alternative Minimum Tax) | ||||||||
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U.S. Guaranteed – 30.3% (19.6% of Total Investments) (4) | ||||||||
1,200 | Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/20 | 10/12 at 100.50 | AAA | 1,348,032 | ||||
(Pre-refunded 10/01/12) | ||||||||
935 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, | 7/13 at 100.00 | AAA | 1,061,721 | ||||
7/01/17 (Pre-refunded 7/01/13) – FSA Insured | ||||||||
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2001A: | ||||||||
3,400 | 5.750%, 7/01/28 (Pre-refunded 7/01/11) – FGIC Insured | 7/11 at 101.00 | A+ (4) | 3,716,778 | ||||
770 | 5.250%, 7/01/33 (Pre-refunded 7/01/11) – FGIC Insured | 7/11 at 100.00 | A+ (4) | 826,426 | ||||
730 | 5.250%, 7/01/33 (Pre-refunded 7/01/11) – FGIC Insured | 7/11 at 100.00 | A+ (4) | 790,882 | ||||
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A: | ||||||||
4,025 | 5.000%, 7/01/24 (Pre-refunded 7/01/13) – MBIA Insured | 7/13 at 100.00 | A+ (4) | 4,538,107 | ||||
1,500 | 5.000%, 7/01/25 (Pre-refunded 7/01/13) – MBIA Insured | 7/13 at 100.00 | A+ (4) | 1,691,220 | ||||
1,000 | Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A, 5.875%, 7/01/27 | 1/10 at 101.00 | Aaa | 1,041,070 | ||||
(Pre-refunded 1/01/10) – FGIC Insured | ||||||||
1,085 | Freeland Community School District, Saginaw, Midland and Bay Counties, Michigan, General | 5/10 at 100.00 | AA– (4) | 1,132,447 | ||||
Obligation Bonds, Series 2000, 5.250%, 5/01/19 (Pre-refunded 5/01/10) | ||||||||
2,000 | Lake Fenton Community Schools, Genesee County, Michigan, General Obligation Bonds, Series | 5/12 at 100.00 | AA– (4) | 2,208,160 | ||||
2002, 5.000%, 5/01/24 (Pre-refunded 5/01/12) | ||||||||
1,790 | Lansing Building Authority, Michigan, General Obligation Bonds, Series 2003A, 5.000%, 6/01/26 | 6/13 at 100.00 | AA+ (4) | 2,028,786 | ||||
(Pre-refunded 6/01/13) – MBIA Insured | ||||||||
3,880 | Mayville Community Schools, Tuscola County, Michigan, General Obligation Bonds, School | 11/14 at 100.00 | AA– (4) | 4,492,109 | ||||
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) | 270,680 | ||||
5/01/12 (ETM) | ||||||||
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Ascension Health Credit | ||||||||
Group, Series 1999A: | ||||||||
1,000 | 6.125%, 11/15/23 (Pre-refunded 11/15/09) – MBIA Insured | 11/09 at 101.00 | AAA | 1,035,870 | ||||
500 | 6.125%, 11/15/26 (Pre-refunded 11/15/09) | 11/09 at 101.00 | AAA | 517,935 | ||||
3,000 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, | 11/09 at 101.00 | A1 (4) | 3,105,900 | ||||
Series 1999A, 6.000%, 11/15/24 (Pre-refunded 11/15/09) | ||||||||
1,500 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health | 3/13 at 100.00 | A1 (4) | 1,720,470 | ||||
System, Series 2003A, 5.625%, 3/01/17 (Pre-refunded 3/01/13) | ||||||||
1,000 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, OSF Healthcare | 11/09 at 101.00 | A (4) | 1,035,870 | ||||
System, Series 1999, 6.125%, 11/15/19 (Pre-refunded 11/15/09) | ||||||||
3,460 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s Health | 8/09 at 100.50 | Aaa | 3,487,576 | ||||
System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM) | ||||||||
1,000 | Michigan State Trunk Line, Fund Bonds, Series 2001A, 5.000%, 11/01/25 (Pre-refunded | 11/11 at 100.00 | AAA | 1,094,240 | ||||
11/01/11) – FSA Insured | ||||||||
2,000 | Michigan, Certificates of Participation, Series 2000, 5.500%, 6/01/27 (Pre-refunded 6/01/10) – | 6/10 at 100.00 | A (4) | 2,097,700 | ||||
AMBAC Insured | ||||||||
700 | Muskegon Heights, Muskegon County, Michigan, Water Supply System Revenue Bonds, Series 2000A, | 11/10 at 100.00 | N/R (4) | 748,811 | ||||
5.625%, 11/01/30 (Pre-refunded 11/01/10) – MBIA Insured | ||||||||
1,125 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 6.000%, | 7/10 at 101.00 | BBB (4) | 1,196,944 | ||||
7/01/39 (Pre-refunded 7/01/10) | ||||||||
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E: | ||||||||
85 | 6.000%, 8/01/26 | No Opt. Call | BBB– (4) | 103,874 | ||||
915 | 6.000%, 8/01/26 | No Opt. Call | AAA | 1,118,176 | ||||
4,100 | Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y, | 7/16 at 100.00 | Aaa | 4,934,268 | ||||
5.500%, 7/01/36 (Pre-refunded 7/01/16) | ||||||||
1,000 | Rochester Community School District, Oakland and Macomb Counties, Michigan, General Obligation | 5/10 at 100.00 | AA– (4) | 1,047,280 | ||||
Bonds, Series 2000I, 5.750%, 5/01/19 (Pre-refunded 5/01/10) – FGIC Insured | ||||||||
1,050 | Warren Consolidated School District, Macomb and Oakland Counties, Michigan, General Obligation | 11/11 at 100.00 | AAA | 1,158,350 | ||||
Bonds, Series 2001, 5.375%, 5/01/19 (Pre-refunded 11/01/11) – FSA Insured | ||||||||
|
||||||||
45,000 | Total U.S. Guaranteed | 49,549,682 | ||||||
|
||||||||
Utilities – 15.2% (9.9% 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– | 220,358 | ||||
5,000 | 5.000%, 7/01/32 | 7/18 at 100.00 | AA– | 5,021,549 | ||||
3,000 | Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A, | 1/12 at 100.00 | A | 3,022,920 | ||||
5.250%, 1/01/27 – AMBAC Insured | ||||||||
3,225 | Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, | No Opt. Call | A3 | 3,307,109 | ||||
6.000%, 5/01/12 | ||||||||
1,000 | Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding | 9/09 at 102.00 | AA– | 879,450 | ||||
Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 – MBIA Insured (Alternative | ||||||||
Minimum Tax) | ||||||||
4,000 | Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding | 9/11 at 100.00 | A– | 3,802,080 | ||||
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 | 2,028,762 | ||||
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 | A | 3,984,506 | ||||
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 | 2,613,000 | ||||
Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax) | ||||||||
|
||||||||
25,120 | Total Utilities | 24,879,734 | ||||||
|
||||||||
Water and Sewer – 11.1% (7.2% of Total Investments) | ||||||||
5,500 | Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A, | 7/16 at 100.00 | AAA | 5,099,709 | ||||
5.000%, 7/01/34 – FSA Insured | ||||||||
1,500 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, | No Opt. Call | AA– | 1,466,055 | ||||
7/01/29 – FGIC Insured | ||||||||
565 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, | 7/13 at 100.00 | AAA | 588,476 | ||||
7/01/17 – FSA Insured | ||||||||
1,500 | Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, | 7/13 at 100.00 | AA– | 1,385,820 | ||||
7/01/25 – MBIA Insured | ||||||||
675 | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38 | 1/18 at 100.00 | AA+ | 678,713 | ||||
2,030 | Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – | 1/19 at 100.00 | AAA | 2,008,482 | ||||
AGC Insured | ||||||||
4,210 | Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, | 10/14 at 100.00 | AAA | 4,595,889 | ||||
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 | 1,216,516 | ||||
5.000%, 10/01/23 | ||||||||
1,000 | Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, | 10/17 at 100.00 | AAA | 1,076,510 | ||||
5.000%, 10/01/24 | ||||||||
|
||||||||
18,130 | Total Water and Sewer | 18,116,170 | ||||||
|
||||||||
$ 268,209 | Total Investments (cost $250,395,204) – 154.3% | 252,412,738 | ||||||
|
|
|||||||
Floating Rate Obligations – (2.2)% | (3,630,000) | |||||||
|
||||||||
Other Assets Less Liabilities – 1.3% | 2,152,483 | |||||||
|
||||||||
Preferred Shares, at Liquidation Value – (53.4)% (5) | (87,325,000) | |||||||
|
||||||||
Net Assets Applicable to Common Shares – 100% | $ | 163,610,221 | ||||||
|
Fair Value Measurements
During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No.157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the Fund’s fair value measurements as of May 31, 2009:
Level 1 | Level 2 | Level 3 | Total | |||||
|
||||||||
Investments | $ — | $252,412,738 | $ — | $252,412,738 | ||||
|
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 transactions subject to Statement of Financial Accounting Standards No. 140 (SFAS No. 140), 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, 2009, the cost of investments was $246,857,972.
Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2009, were as follows:
|
||
Gross unrealized: | ||
Appreciation | $ 9,784,883 | |
Depreciation | (7,859,767) | |
|
||
Net unrealized appreciation (depreciation) of investments | $ 1,925,116 | |
|
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common | |
shares unless otherwise noted. | ||
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. | |
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities | ||
may be subject to periodic principal paydowns. | ||
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, | |
Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to | ||
be below investment grade. | ||
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities | |
which ensure the timely payment of principal and interest. Such investments are normally considered to | ||
be equivalent to AAA rated securities. | ||
(5) | Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.6%. | |
N/R | Not rated. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. | |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the | |
provisions of SFAS No. 140. |
Item 2. Controls and Procedures.
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.
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, 2009
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, 2009
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller (principal financial officer)
Date July 30, 2009