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. McCarthyVice 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: 7/31
Date of reporting period: 4/30/07
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) | ||||||||
April 30, 2007 | ||||||||
Principal | Optional Call | |||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||
| ||||||||
Education and Civic Organizations 7.1% (4.7% of Total Investments) | ||||||||
$ 700 | Chandler Park Academy, Michigan, Public School Academy Charter School Revenue Bonds, Series | 11/15 at 100.00 | BBB | $ | 708,176 | |||
2005, 5.125%, 11/01/35 | ||||||||
1,380 | Ferris State College, Michigan, General Revenue Bonds, Series 1998, 5.000%, 10/01/23 | 4/08 at 100.00 | AAA | 1,393,165 | ||||
AMBAC Insured | ||||||||
435 | Grand Traverse Academy, Michigan, Public School Academy Revenue Bonds, Series 2007, | 11/17 at 100.00 | BBB | 435,357 | ||||
4.750%, 11/01/32 | ||||||||
1,685 | Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, | 9/11 at 100.00 | Aaa | 1,805,595 | ||||
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 | AAA | 1,553,700 | ||||
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 | AAA | 1,043,130 | ||||
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 | AAA | 1,174,318 | ||||
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 | AAA | 3,584,350 | ||||
1,000 | 5.125%, 11/15/29 FGIC Insured | 11/09 at 101.00 | AAA | 1,036,200 | ||||
| ||||||||
12,245 | Total Education and Civic Organizations | 12,733,991 | ||||||
| ||||||||
Health Care 14.7% (9.8% of Total Investments) | ||||||||
2,800 | Michigan Hospital Financing Authority, Revenue Bonds, Oakwood Obligated Group, Series 2007A, | 7/17 at 100.00 | A | 2,869,580 | ||||
5.000%, 7/15/37 | ||||||||
2,700 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center | 8/08 at 101.00 | BB | 2,701,782 | ||||
Obligated Group, Series 1998A, 5.250%, 8/15/28 | ||||||||
1,000 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Memorial | 11/09 at 101.00 | BBB+ | 1,041,830 | ||||
Healthcare Center Obligated Group, Series 1999, 5.875%, 11/15/21 | ||||||||
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Mercy Mt. Clemens | ||||||||
Corporation Obligated Group, Series 1999A: | ||||||||
3,385 | 5.750%, 5/15/17 MBIA Insured | 5/09 at 101.00 | AAA | 3,535,937 | ||||
500 | 5.750%, 5/15/29 MBIA Insured | 5/09 at 101.00 | AAA | 522,585 | ||||
500 | Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series | 5/15 at 100.00 | BBB | 507,230 | ||||
2005, 5.000%, 5/15/37 | ||||||||
500 | Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital, Series | 5/15 at 100.00 | Baa1 | 510,780 | ||||
2005A, 5.000%, 5/15/26 | ||||||||
5,800 | Michigan State Hospital Finance Authority, Revenue Bonds, Sparrow Obligated Group, Series | 5/15 at 100.00 | AAA | 6,053,402 | ||||
2005, 5.000%, 11/15/36 MBIA Insured (UB) | ||||||||
1,000 | Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation | 6/16 at 100.00 | BBB | 1,049,410 | ||||
Revenue Bonds, Series 2006, 5.375%, 6/01/26 | ||||||||
5,500 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont | 11/11 at 100.00 | AAA | 5,732,980 | ||||
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+ | 1,918,496 | ||||
| ||||||||
25,880 | Total Health Care | 26,444,012 | ||||||
| ||||||||
Housing/Multifamily 3.0% (2.0% of Total Investments) | ||||||||
2,675 | Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue | 12/20 at 101.00 | AAA | 2,913,262 | ||||
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax) | ||||||||
1,055 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1999A, 5.300%, | 4/09 at 101.00 | AAA | 1,074,169 | ||||
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 | 1,348,919 | ||||
4/01/31 FSA Insured (Alternative Minimum Tax) | ||||||||
| ||||||||
5,030 | Total Housing/Multifamily | 5,336,350 | ||||||
| ||||||||
Housing/Single Family 0.6% (0.3% of Total Investments) | ||||||||
1,000 | Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2001, | 1/11 at 100.00 | AAA | 1,030,230 | ||||
5.300%, 12/01/16 MBIA Insured (Alternative Minimum Tax) | ||||||||
| ||||||||
Long-Term Care 0.7% (0.5% of Total Investments) | ||||||||
1,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian Villages of Michigan | 5/15 at 100.00 | N/R | 1,026,690 | ||||
Obligated Group, Series 2005, 5.250%, 11/15/25 | ||||||||
200 | Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Porter Hills Presbyterian | 7/08 at 101.00 | BBB+ | 202,720 | ||||
Village, Series 1998, 5.375%, 7/01/28 | ||||||||
| ||||||||
1,200 | Total Long-Term Care | 1,229,410 | ||||||
| ||||||||
Materials 1.0% (0.7% of Total Investments) | ||||||||
1,750 | Dickinson County Economic Development Corporation, Michigan, Pollution Control Revenue Bonds, | 11/14 at 100.00 | BBB | 1,795,553 | ||||
International Paper Company, Series 2004A, 4.800%, 11/01/18 | ||||||||
| ||||||||
Tax Obligation/General 44.5% (29.6% of Total Investments) | ||||||||
1,000 | Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation | 5/12 at 100.00 | AA | 1,045,860 | ||||
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 | 2,609,950 | ||||
3,200 | 5.000%, 5/01/29 | 5/11 at 100.00 | AA | 3,299,968 | ||||
1,000 | Belding School District, Ionia, Kent and Montcalm Counties, Michigan, General Obligation | 5/08 at 100.00 | AAA | 1,009,540 | ||||
Refunding Bonds, Series 1998, 5.000%, 5/01/26 AMBAC Insured | ||||||||
1,200 | Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/20 | 10/12 at 100.50 | AAA | 1,273,884 | ||||
1,320 | Bridgeport Spaulding Community School District, Saginaw County, Michigan, General Obligation | 5/12 at 100.00 | AA | 1,423,052 | ||||
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 | 2,267,575 | ||||
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 | AAA | 1,057,030 | ||||
Bonds, Series 2005, 5.000%, 5/01/25 MBIA Insured | ||||||||
2,000 | Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A, | No Opt. Call | AAA | 2,370,980 | ||||
6.000%, 5/01/19 FGIC Insured | ||||||||
1,195 | Detroit, Michigan, General Obligation Bonds, Series 2004A-1, 5.250%, 4/01/24 AMBAC Insured | 4/14 at 100.00 | AAA | 1,279,630 | ||||
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 | 3,956,317 | ||||
3,000 | 0.000%, 12/01/26 | No Opt. Call | AAA | 1,274,220 | ||||
5,305 | 0.000%, 12/01/29 | No Opt. Call | AAA | 1,958,871 | ||||
1,400 | Howell Public Schools, Livingston County, Michigan, General Obligation Bonds, Series 2003, | 11/13 at 100.00 | AA | 1,492,260 | ||||
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 | 1,131,488 | ||||
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 | 2,064,258 | ||||
FSA Insured | ||||||||
1,790 | Lansing Building Authority, Michigan, General Obligation Bonds, Series 2003A, 5.000%, | 6/13 at 100.00 | AAA | 1,872,000 | ||||
6/01/26 MBIA Insured | ||||||||
2,505 | Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, General | 5/16 at 100.00 | AAA | 2,672,334 | ||||
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 | AAA | 2,985,428 | ||||
5.000%, 5/01/21 MBIA Insured | ||||||||
2,100 | Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District, | 6/15 at 100.00 | AAA | 2,236,479 | ||||
Series 2005, 5.000%, 6/01/18 FSA Insured | ||||||||
4,000 | Michigan, General Obligation Bonds, Environmental Protection Program, Series 2003A, | 5/13 at 100.00 | AA | 4,303,160 | ||||
5.250%, 5/01/20 | ||||||||
2,500 | Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, | No Opt. Call | AAA | 3,002,400 | ||||
5/01/22 MBIA Insured | ||||||||
1,100 | Muskegon County, Michigan, Limited Tax General Obligation Wastewater Management System 2 | 7/11 at 100.00 | AAA | 1,137,312 | ||||
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 | 1,047,980 | ||||
5.125%, 9/01/22 | ||||||||
1,650 | Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, | 5/17 at 100.00 | AAA | 1,756,211 | ||||
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 | AAA | 1,701,514 | ||||
5.000%, 5/01/22 MBIA Insured | ||||||||
4,340 | Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General | 5/14 at 100.00 | AAA | 4,571,626 | ||||
Obligation Bonds, Series 2004, 5.000%, 5/01/26 FGIC Insured | ||||||||
4,200 | Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.500%, 7/01/20 | No Opt. Call | AAA | 4,837,518 | ||||
MBIA Insured | ||||||||
3,175 | South Redford School District, Wayne County, Michigan, General Obligation Bonds, School | 5/15 at 100.00 | AAA | 3,347,212 | ||||
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 | AAA | 1,754,002 | ||||
5.000%, 5/01/26 MBIA Insured | ||||||||
2,275 | Troy City School District, Oakland County, Michigan, General Obligation Bonds, Series 2006, | 5/16 at 100.00 | AAA | 2,451,290 | ||||
5.000%, 5/01/19 MBIA Insured | ||||||||
5,000 | Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit | 12/11 at 101.00 | AAA | 5,223,750 | ||||
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 | 3,608,486 | ||||
5/01/17 FSA Insured | ||||||||
1,725 | Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, | No Opt. Call | AAA | 1,993,686 | ||||
Series 1996, 5.500%, 5/01/25 MBIA Insured | ||||||||
| ||||||||
84,900 | Total Tax Obligation/General | 80,017,271 | ||||||
| ||||||||
Tax Obligation/Limited 14.9% (9.9% of Total Investments) | ||||||||
1,000 | Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds, | No Opt. Call | AA | 1,086,090 | ||||
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 | AAA | 1,405,700 | ||||
Series 2001, 5.125%, 10/01/26 MBIA Insured | ||||||||
4,440 | Michigan Building Authority, Revenue Bonds, Series 2006IA, 5.000%, 10/15/36 FGIC Insured | 10/16 at 100.00 | AAA | 4,713,060 | ||||
50 | Michigan Municipal Bond Authority, Local Government Loan Program Revenue Sharing Bonds, Series | 5/07 at 100.00 | Aa3 | 50,111 | ||||
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 | AAA | 2,260,965 | ||||
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 | AAA | 5,372,799 | ||||
5,000 | 5.000%, 10/15/23 MBIA Insured | 10/13 at 100.00 | AAA | 5,267,450 | ||||
3,500 | Michigan State Trunk Line, Fund Refunding Bonds, Series 2002, 5.250%, 10/01/21 FSA Insured | 10/12 at 100.00 | AAA | 3,748,990 | ||||
5,500 | Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, | No Opt. Call | AAA | 1,833,260 | ||||
0.000%, 7/01/32 FGIC Insured | ||||||||
915 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, | No Opt. Call | BBB | 1,092,419 | ||||
6.000%, 8/01/26 | ||||||||
| ||||||||
28,985 | Total Tax Obligation/Limited | 26,830,844 | ||||||
| ||||||||
Transportation 0.6% (0.3% of Total Investments) | ||||||||
1,000 | Capital Region Airport Authority, Michigan, Revenue Refunding Bonds, Series 2002, 5.250%, | 7/12 at 100.00 | AAA | 1,043,080 | ||||
7/01/21 MBIA Insured (Alternative Minimum Tax) | ||||||||
| ||||||||
U.S. Guaranteed 42.3% (28.1% of Total Investments) (4) | ||||||||
1,850 | Allegan County Public School District, Michigan, General Obligation Bonds, Series 2000, | 5/10 at 100.00 | AAA | 1,950,381 | ||||
5.600%, 5/01/20 (Pre-refunded 5/01/10) FSA Insured | ||||||||
2,190 | Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation Bonds, | 5/09 at 100.00 | AAA | 2,288,309 | ||||
Series 1999I, 6.000%, 5/01/29 (Pre-refunded 5/01/09) FGIC Insured | ||||||||
1,000 | Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Series | 5/09 at 100.00 | AAA | 1,030,530 | ||||
1999, 5.250%, 5/01/25 (Pre-refunded 5/01/09) FGIC Insured | ||||||||
935 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, | 7/13 at 100.00 | Aaa | 1,000,656 | ||||
7/01/17 (Pre-refunded 7/01/13) FSA Insured | ||||||||
2,000 | Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1999A, 5.750%, | 1/10 at 101.00 | AAA | 2,122,640 | ||||
7/01/26 (Pre-refunded 1/01/10) FGIC 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 | AAA | 3,693,930 | ||||
770 | 5.250%, 7/01/33 (Pre-refunded 7/01/11) FGIC Insured | 7/11 at 100.00 | AAA | 815,222 | ||||
730 | 5.250%, 7/01/33 (Pre-refunded 7/01/11) FGIC Insured | 7/11 at 100.00 | AAA | 774,034 | ||||
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 | AAA | 4,298,459 | ||||
1,500 | 5.000%, 7/01/25 (Pre-refunded 7/01/13) MBIA Insured | 7/13 at 100.00 | Aaa | 1,601,910 | ||||
1,000 | Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A, 5.875%, 7/01/27 | 1/10 at 101.00 | AAA | 1,064,470 | ||||
(Pre-refunded 1/01/10) FGIC Insured | ||||||||
2,000 | East Grand Rapids Public Schools, Kent County, Michigan, Unlimited Tax General Obligation | 5/09 at 100.00 | AAA | 2,089,780 | ||||
School Building and Site Bonds, Series 2000, 6.000%, 5/01/29 (Pre-refunded 5/01/09) | ||||||||
FSA Insured | ||||||||
1,085 | Freeland Community School District, Saginaw, Midland and Bay Counties, Michigan, General | 5/10 at 100.00 | AA (4) | 1,133,163 | ||||
Obligation Bonds, Series 2000, 5.250%, 5/01/19 (Pre-refunded 5/01/10) | ||||||||
1,235 | Hancock Hospital Finance Authority, Michigan, FHA-Insured Mortgage Hospital Revenue Bonds, | 8/08 at 100.00 | AAA | 1,260,886 | ||||
Portage Health System Inc., Series 1998, 5.450%, 8/01/47 (Pre-refunded 8/01/08) MBIA Insured | ||||||||
2,000 | Lake Fenton Community Schools, Genesee County, Michigan, General Obligation Bonds, Series | 5/12 at 100.00 | AA (4) | 2,120,100 | ||||
2002, 5.000%, 5/01/24 (Pre-refunded 5/01/12) | ||||||||
3,880 | Mayville Community Schools, Tuscola County, Michigan, General Obligation Bonds, School | 11/14 at 100.00 | AAA | 4,194,086 | ||||
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) | 270,350 | ||||
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 | 1,067,780 | ||||
500 | 6.125%, 11/15/26 (Pre-refunded 11/15/09) | 11/09 at 101.00 | AAA | 533,510 | ||||
5,000 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, | 11/09 at 101.00 | A1 (4) | 5,323,850 | ||||
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) | 1,644,060 | ||||
System, Series 2003A, 5.625%, 3/01/17 (Pre-refunded 3/01/13) | ||||||||
1,700 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Mercy Health | 8/09 at 101.00 | AAA | 1,792,004 | ||||
Services Obligated Group, Series 1999X, 5.750%, 8/15/19 (Pre-refunded 8/15/09) MBIA Insured | ||||||||
1,000 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, OSF Healthcare | 11/09 at 101.00 | A (4) | 1,067,020 | ||||
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. Johns Health | 5/08 at 101.00 | AAA | 3,529,892 | ||||
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 | 1,054,530 | ||||
11/01/11) FSA Insured | ||||||||
1,100 | Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Porter Hills Presbyterian | 7/08 at 101.00 | BBB+ (4) | 1,131,691 | ||||
Village, Series 1998, 5.375%, 7/01/28 (Pre-refunded 7/01/08) | ||||||||
Michigan, Certificates of Participation, Series 2000: | ||||||||
2,000 | 5.500%, 6/01/19 (Pre-refunded 6/01/10) AMBAC Insured | 6/10 at 100.00 | AAA | 2,102,520 | ||||
2,000 | 5.500%, 6/01/27 (Pre-refunded 6/01/10) AMBAC Insured | 6/10 at 100.00 | AAA | 2,102,520 | ||||
2,875 | Milan Area Schools, Washtenaw and Monroe Counties, Michigan, General Obligation Bonds, Series | 5/10 at 100.00 | AAA | 3,043,130 | ||||
2000A, 5.750%, 5/01/24 (Pre-refunded 5/01/10) FGIC Insured | ||||||||
Muskegon Heights, Muskegon County, Michigan, Water Supply System Revenue Bonds, Series 2000A: | ||||||||
1,040 | 5.625%, 11/01/25 (Pre-refunded 11/01/10) MBIA Insured | 11/10 at 100.00 | Aaa | 1,106,082 | ||||
1,160 | 5.625%, 11/01/30 (Pre-refunded 11/01/10) MBIA Insured | 11/10 at 100.00 | Aaa | 1,233,706 | ||||
400 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2000HH, 5.250%, 7/01/29 | 7/10 at 101.00 | AAA | 422,968 | ||||
(Pre-refunded 7/01/10) FSA Insured | ||||||||
1,125 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 6.000%, | 7/10 at 101.00 | BBB+ (4) | 1,212,885 | ||||
7/01/39 (Pre-refunded 7/01/10) | ||||||||
85 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, | No Opt. Call | BBB (4) | 106,810 | ||||
6.000%, 8/01/26 | ||||||||
4,100 | Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y, | 7/16 at 100.00 | Aaa | 4,647,063 | ||||
5.500%, 7/01/36 (Pre-refunded 7/01/16) | ||||||||
185 | Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, | 7/10 at 100.00 | AAA | 191,168 | ||||
5.750%, 7/01/20 (Pre-refunded 7/01/10) | ||||||||
1,000 | Rochester Community School District, Oakland and Macomb Counties, Michigan, General Obligation | 5/10 at 100.00 | AAA | 1,058,480 | ||||
Bonds, Series 2000I, 5.750%, 5/01/19 (Pre-refunded 5/01/10) FGIC Insured | ||||||||
2,100 | Romulus Community Schools, Wayne County, Michigan, Unlimited Tax General Obligation School | 5/09 at 100.00 | AAA | 2,184,231 | ||||
Building and Site Bonds, Series 1999, 5.750%, 5/01/25 (Pre-refunded 5/01/09) FGIC Insured | ||||||||
1,050 | Warren Consolidated School District, Macomb and Oakland Counties, Michigan, General Obligation | 11/11 at 100.00 | AAA | 1,123,458 | ||||
Bonds, Series 2001, 5.375%, 5/01/19 (Pre-refunded 11/01/11) FSA Insured | ||||||||
1,980 | Washtenaw County Building Authority, Michigan, Limited Tax General Obligation Bonds, Series | 9/07 at 100.00 | AAA | 1,990,850 | ||||
1999, 5.400%, 9/01/17 (Pre-refunded 9/01/07) FGIC Insured | ||||||||
1,800 | Wayne County, Dearborn Heights, Michigan, Tax Increment Financing Authority, Limited Tax | 10/10 at 100.00 | AAA | 1,875,924 | ||||
General Obligation Bonds, Police and Courthouse Facility, Series 2001A, 5.000%, 10/01/26 | ||||||||
(Pre-refunded 10/01/10) MBIA Insured | ||||||||
2,600 | West Bloomfield School District, Oakland County, Michigan, Unlimited Tax General Obligation | 5/10 at 100.00 | AAA | 2,763,046 | ||||
School Building and Site Bonds, Series 2000, 5.900%, 5/01/18 (Pre-refunded 5/01/10) | ||||||||
FGIC Insured | ||||||||
| ||||||||
71,610 | Total U.S. Guaranteed | 76,018,084 | ||||||
| ||||||||
Utilities 12.1% (8.0% of Total Investments) | ||||||||
3,000 | Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A, | 1/12 at 100.00 | AAA | 3,156,810 | ||||
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 | 3,428,433 | ||||
6.000%, 5/01/12 | ||||||||
1,000 | Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding | 9/09 at 102.00 | AAA | 1,050,000 | ||||
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 | A3 | 4,179,640 | ||||
Bonds, Detroit Edison Company, Series 2001C, 5.450%, 9/01/29 | ||||||||
2,000 | Michigan Strategic Fund, Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit | 9/30 at 100.00 | Aaa | 2,074,620 | ||||
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 | AAA | 4,700,015 | ||||
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 | AAA | 3,189,240 | ||||
Series 2002C, 5.450%, 12/15/32 XLCA Insured (Alternative Minimum Tax) | ||||||||
| ||||||||
19,855 | Total Utilities | 21,778,758 | ||||||
| ||||||||
Water and Sewer 8.6% (5.7% of Total Investments) | ||||||||
5,500 | Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A, | 7/16 at 100.00 | AAA | 5,812,398 | ||||
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 | AAA | 1,780,650 | ||||
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 | 602,748 | ||||
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 | AAA | 1,568,265 | ||||
7/01/25 MBIA Insured | ||||||||
4,210 | Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, | 10/14 at 100.00 | AAA | 4,511,352 | ||||
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 | 1,222,784 | ||||
5.000%, 10/01/23 | ||||||||
| ||||||||
14,425 | Total Water and Sewer | 15,498,197 | ||||||
| ||||||||
$ 267,880 | Total Long-Term Investments (cost $254,866,506) 150.1% | 269,755,780 | ||||||
|
| |||||||
Short-Term Investments 0.5% (0.4% of Total Investments) | ||||||||
1,000 | Puerto Rico Government Development Bank, Adjustable Refunding Bonds, Variable Rate Demand | No Opt. Call | AAA | 1,000,000 | ||||
Obligations, Series 1985, 3.690%, 12/01/15 MBIA Insured (5) | ||||||||
| ||||||||
$ 1,000 | Total Short-Term Investments (cost $1,000,000) | 1,000,000 | ||||||
|
| |||||||
Total Investments (cost $255,866,506) 150.6% | 270,755,780 | |||||||
| ||||||||
Floating Rate Obligations (2.2)% | (3,870,000) | |||||||
| ||||||||
Other Assets Less Liabilities 3.9% | 6,843,296 | |||||||
| ||||||||
Preferred Shares, at Liquidation Value (52.3)% | (94,000,000) | |||||||
| ||||||||
Net Assets Applicable to Common Shares 100% | $ | 179,729,076 | ||||||
|
(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 & Poors or Moodys rating. Ratings below BBB by Standard & | |
Poors Group or Baa by Moodys Investor Service, Inc. 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) | Investment has a maturity of more than one year, but has variable rate and demand features which qualify | |
it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This | ||
rate changes periodically based on market conditions or a specified market index. | ||
N/R | Not rated. | |
(ETM) | Escrowed to maturity. | |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the | |
provisions of SFAS No. 140. |
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 the treatment of paydown gains and losses, 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 SFAS No. 140.
At April 30, 2007, the cost of investments was $252,114,061.
Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2007, were as follows:
| ||
Gross unrealized: | ||
Appreciation | $15,003,667 | |
Depreciation | (226,383) | |
| ||
Net unrealized appreciation (depreciation) of investments | $14,777,284 | |
|
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: 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 June 29, 2007
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 June 29, 2007
By (Signature and Title)* /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller (principal financial
officer)
Date June 29, 2007
* Print the name and title of each signing officer under his or her signature.