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 811-7116
 
Nuveen Michigan Premium Income Municipal Fund, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             2/28          
 
Date of reporting period:          11/30/11         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
Item 1. Schedule of Investments
 

           
   
Portfolio of Investments (Unaudited)  
     
   
   Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP)  
     
   
November 30, 2011  
     
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Consumer Staples – 3.5% (2.4% of Total Investments)  
     
$    4,420  
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,  
6/18 at 100.00  
B2  
$  3,967,657  
   
Series 2008A, 6.875%, 6/01/42  
     
   
Education and Civic Organizations – 4.1% (2.8% of Total Investments)  
     
500  
 
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36  
11/16 at 100.00  
BB+  
361,215  
500  
 
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005,  
11/15 at 100.00  
B+  
371,310  
   
5.750%, 11/01/30  
     
335  
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding  
10/21 at 100.00  
BBB–  
335,000  
   
Bonds, Detroit Service Learning Academy Project, Series 2011, 7.000%, 10/01/31 (WI/DD,  
     
   
Settling 12/13/11)  
     
2,000  
 
Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2002 XVII-G, 5.200%,  
9/12 at 100.00  
AA  
2,014,840  
   
9/01/20 – AMBAC Insured (Alternative Minimum Tax)  
     
1,500  
 
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40  
2/20 at 100.00  
Aa1  
1,572,405  
4,835  
 
Total Education and Civic Organizations  
   
4,654,770  
   
Health Care – 21.0% (14.2% of Total Investments)  
     
1,500  
 
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson  
7/21 at 100.00  
A1  
1,502,760  
   
Healthcare, Refunding Series 2011A, 5.000%, 7/01/29  
     
630  
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance  
6/20 at 100.00  
AA–  
632,381  
   
Health, Refunding Series 2010A, 5.000%, 6/01/37 – AGM Insured  
     
   
Kent Hospital Finance Authority, Michigan, Revenue Refunding Bonds, Spectrum Health System,  
     
   
Refunding Series 2011C:  
     
2,000  
 
5.000%, 1/15/31  
1/22 at 100.00  
AA  
2,037,300  
750  
 
5.000%, 1/15/42  
No Opt. Call  
AA  
745,905  
4,000  
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,  
No Opt. Call  
AA  
4,001,560  
   
5.000%, 12/01/39  
     
2,725  
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,  
11/19 at 100.00  
A1  
2,797,485  
   
Refunding Series 2009, 5.750%, 11/15/39  
     
3,050  
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group,  
4/13 at 100.00  
A
3,069,002  
   
Series 2002A, 5.750%, 4/01/32  
     
1,350  
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated  
6/19 at 100.00  
AA–  
1,417,203  
   
Group, Series 2009A, 5.875%, 6/01/39 – AGC Insured  
     
915  
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health  
12/12 at 100.00  
AA  
921,469  
   
Credit Group, Series 2002C, 5.375%, 12/01/30  
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital,  
     
   
Series 2005A:  
     
2,435  
 
5.000%, 5/15/26  
5/15 at 100.00  
Baa3  
2,286,855  
200  
 
5.000%, 5/15/34  
5/15 at 100.00  
Baa3  
175,052  
3,500  
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue and Refunding Bonds, William  
8/19 at 100.00  
A1  
3,651,340  
   
Beaumont Hospital Obligated Group, Series 2009W, 6.000%, 8/01/39  
     
250  
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont  
9/18 at 100.00  
A1  
297,233  
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39  
     
23,305  
 
Total Health Care  
   
23,535,545  
   
Housing/Multifamily – 7.1% (4.8% of Total Investments)  
     
835  
 
Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily  
4/12 at 102.00  
Aaa  
846,114  
   
Housing Revenue Bonds, Burkshire Pointe Apartments, Series 2002A, 5.400%, 10/20/32  
     
   
(Alternative Minimum Tax)  
     
1,130  
 
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Breton Village Green  
4/12 at 100.00  
AA–  
1,131,797  
   
Project, Series 1993, 5.625%, 10/15/18 – AGM Insured  
     
1,700  
 
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Walled Lake Villa  
4/12 at 100.00  
Aaa  
1,703,893  
   
Project, Series 1993, 6.000%, 4/15/18 – AGM Insured  
     
1,700  
 
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A,  
11/14 at 101.00  
AA  
1,701,700  
   
3.375%, 11/01/16 (Alternative Minimum Tax)  
     
800  
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D,  
7/15 at 100.00  
AA  
808,360  
   
5.125%, 4/01/31 – AGM Insured (Alternative Minimum Tax)  
     
25  
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009A,  
10/18 at 100.00  
AA  
26,133  
   
5.700%, 10/01/39  
     
   
Mt. Clemens Housing Corporation, Michigan, FHA-Insured Section 8 Assisted Multifamily Housing  
     
   
Revenue Refunding Bonds, Clinton Place Project, Series 1992A:  
     
190  
 
6.600%, 6/01/13  
6/12 at 100.00  
AA+  
190,777  
1,500  
 
6.600%, 6/01/22  
6/12 at 100.00  
AA+  
1,502,850  
7,880  
 
Total Housing/Multifamily  
   
7,911,624  
   
Housing/Single Family – 0.9% (0.6% of Total Investments)  
     
1,000  
 
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series  
6/20 at 100.00  
AAA  
1,021,440  
   
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax)  
     
   
Tax Obligation/General – 55.5% (37.4% of Total Investments)  
     
1,475  
 
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation Bonds,  
11/13 at 100.00  
Aa2  
1,562,689  
   
Series 2003, 5.000%, 5/01/21  
     
1,000  
 
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement  
5/18 at 100.00  
AA+  
1,047,730  
   
Series 2008, 5.000%, 5/01/38  
     
100  
 
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007,  
5/17 at 100.00  
Aa2  
102,353  
   
5.000%, 5/01/37 – AGM Insured  
     
2,250  
 
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation  
5/15 at 100.00  
Aa2  
2,333,925  
   
Bonds, Series 2005, 5.000%, 5/01/26 – NPFG Insured  
     
1,501  
 
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation  
5/17 at 100.00  
Aa2  
1,530,119  
   
Bonds, Tender Option Bond Trust 2008-1096, 7.950%, 5/01/32 – NPFG Insured (IF)  
     
1,050  
 
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building  
5/21 at 100.00  
AA–  
1,118,649  
   
& Site, Series 2011B, 5.500%, 5/01/36  
     
   
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A:  
     
1,815  
 
6.000%, 5/01/20 – FGIC Insured  
No Opt. Call  
Aa2  
2,104,456  
750  
 
6.000%, 5/01/21 – FGIC Insured  
No Opt. Call  
Aa2  
868,778  
2,500  
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2003B,  
5/13 at 100.00  
Aa2  
2,538,750  
   
5.000%, 5/01/23 – FGIC Insured  
     
   
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building  
     
   
Authority Stadium Bonds, Series 1997:  
     
770  
 
5.500%, 2/01/17 – FGIC Insured  
2/12 at 100.00  
A3  
771,717  
6,990  
 
5.250%, 2/01/27 – FGIC Insured  
2/12 at 100.00  
A3  
6,995,312  
860  
 
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%,  
9/17 at 100.00  
AA  
930,142  
   
9/01/24 – NPFG Insured  
     
1,650  
 
Holly Area School District, Oakland County, Michigan, General Obligation Bonds, Series 2006,  
5/16 at 100.00  
Aa2  
1,699,187  
   
5.125%, 5/01/32 – NPFG Insured  
     
2,000  
 
Howell Public Schools, Livingston County, Michigan, General Obligation Bonds, Series 2003,  
11/13 at 100.00  
Aa2  
2,128,600  
   
5.000%, 5/01/22  
     
1,250  
 
Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 –  
5/16 at 100.00  
Aa2  
1,339,613  
   
AGM Insured  
     
500  
 
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2004,  
5/14 at 100.00  
Aa2  
537,400  
   
5.000%, 5/01/22  
     
1,000  
 
Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Series 2004A,  
5/14 at 100.00  
Aa2  
1,068,170  
   
5.000%, 5/01/21 – NPFG Insured  
     
865  
 
Lowell Area Schools, Counties of Ionia and Kent, Michigan, General Obligation Bonds, Series  
5/17 at 100.00  
Aa2  
884,099  
   
2007, 5.000%, 5/01/37 – AGM Insured  
     
425  
 
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007,  
5/17 at 100.00  
AA–  
440,377  
   
5.000%, 5/01/30 – SYNCORA GTY Insured  
     
1,000  
 
Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District,  
6/15 at 100.00  
AA–  
1,046,490  
   
Series 2005, 5.000%, 6/01/18 – AGM Insured  
     
2,500  
 
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A,  
12/21 at 100.00  
Aa2  
2,920,375  
   
5.000%, 12/01/22  
     
800  
 
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25  
5/19 at 100.00  
Aa2  
907,928  
2,450  
 
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,  
5/17 at 100.00  
Aaa  
2,523,084  
   
Series 2007, 5.000%, 5/01/36 – AGM Insured  
     
3,500  
 
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007, 5.000%,  
8/17 at 100.00  
Aaa  
3,664,045  
   
8/01/30 – NPFG Insured (UB)  
     
1,100  
 
Oxford Area Community Schools, Oakland and Lapeer Counties, Michigan, General Obligation  
5/14 at 100.00  
Aa2  
1,132,571  
   
Bonds, Series 2004, 5.000%, 5/01/25 – AGM Insured  
     
805  
 
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option  
No Opt. Call  
Aa2  
809,250  
   
Bond Trust 2836, 11.227%, 5/01/15 – AGM Insured (IF)  
     
1,000  
 
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2005, 5.000%,  
5/15 at 100.00  
Aa2  
1,061,700  
   
5/01/27 – AGM Insured  
     
1,000  
 
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%,  
5/18 at 100.00  
Aa2  
1,034,620  
   
5/01/33 – AGM Insured  
     
125  
 
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series  
12/19 at 100.00  
AA–  
135,395  
   
2009, 5.125%, 12/01/33 – AGC Insured  
     
1,100  
 
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series  
5/17 at 100.00  
Aa2  
1,132,813  
   
2007, 5.000%, 5/01/32 – NPFG Insured  
     
1,500  
 
Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%,  
5/18 at 100.00  
Aa2  
1,548,540  
   
5/01/34 – AGM Insured  
     
   
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building  
     
   
and Site, Series 2008:  
     
800  
 
5.000%, 5/01/31 – AGM Insured  
5/18 at 100.00  
Aa2  
829,504  
1,350  
 
5.000%, 5/01/38 – AGM Insured  
5/18 at 100.00  
Aa2  
1,383,818  
2,830  
 
Warren Consolidated School District, Macomb and Oakland Counties, Michigan, General Obligation  
5/13 at 100.00  
AA  
2,924,126  
   
Refunding Bonds, Series 2003, 5.250%, 5/01/20  
     
1,680  
 
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A,  
12/19 at 100.00  
A3  
1,816,181  
   
6.750%, 11/01/39  
     
   
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit  
     
   
Metropolitan Wayne County Airport, Series 2001A:  
     
1,500  
 
5.500%, 12/01/18 – NPFG Insured  
12/12 at 100.00  
BBB+  
1,517,445  
4,435  
 
5.000%, 12/01/30 – NPFG Insured  
12/12 at 100.00  
BBB+  
4,300,087  
1,475  
 
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, Refunding  
5/21 at 100.00  
AA–  
1,462,684  
   
Series 2011, 4.500%, 5/01/31 – AGM Insured  
     
59,701  
 
Total Tax Obligation/General  
   
62,152,722  
   
Tax Obligation/Limited – 12.2% (8.2% of Total Investments)  
     
915  
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 (WI/DD,  
1/22 at 100.00  
A
930,830  
   
Settling 12/01/11)  
     
1,600  
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%,  
10/15 at 100.00  
Aa3  
1,636,352  
   
10/15/30 – AMBAC Insured  
     
2,880  
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 5.000%, 10/15/36 –  
10/16 at 100.00  
Aa3  
2,916,461  
   
FGIC Insured  
     
   
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II:  
     
5,000  
 
5.000%, 10/15/22 – NPFG Insured  
10/13 at 100.00  
Aa3  
5,169,900  
2,480  
 
5.000%, 10/15/23 – NPFG Insured  
10/13 at 100.00  
Aa3  
2,558,145  
450  
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan Notes,  
10/19 at 100.00  
BBB  
415,985  
   
Series 2009A-1, 5.000%, 10/01/39  
     
13,325  
 
Total Tax Obligation/Limited  
   
13,627,673  
   
Transportation – 2.1% (1.4% of Total Investments)  
     
230  
 
Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series  
1/17 at 100.00  
AAA  
238,499  
   
2007, 5.000%, 1/01/32  
     
2,000  
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,  
No Opt. Call  
A
2,123,380  
   
Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)  
     
2,230  
 
Total Transportation  
   
2,361,879  
   
U.S. Guaranteed – 10.9% (7.3% of Total Investments) (4)  
     
915  
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,  
7/15 at 100.00  
A (4)  
1,044,125  
   
7/01/30 (Pre-refunded 7/01/15) – NPFG Insured  
     
500  
 
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2004,  
5/14 at 100.00  
Aa2 (4)  
553,390  
   
5.000%, 5/01/22 (Pre-refunded 5/01/14)  
     
1,000  
 
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A,  
1/12 at 100.00  
A2 (4)  
1,004,360  
   
5.250%, 1/01/27 (Pre-refunded 1/01/12) – AMBAC Insured  
     
1,500  
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health  
3/13 at 100.00  
A1 (4)  
1,598,520  
   
System, Series 2003A, 5.625%, 3/01/17 (Pre-refunded 3/01/13)  
     
1,305  
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s  
5/12 at 100.00  
N/R (4)  
1,377,610  
   
Hospital, Series 1992A, 6.000%, 5/15/13 – AMBAC Insured (ETM)  
     
85  
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health  
12/12 at 100.00  
N/R (4)  
89,338  
   
Credit Group, Series 2002C, 5.375%, 12/01/30 (Pre-refunded 12/01/12)  
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital,  
     
   
Series 2005:  
     
425  
 
5.000%, 5/15/25 (Pre-refunded 5/15/15)  
5/15 at 100.00  
AA+ (4)  
484,296  
150  
 
5.000%, 5/15/30 (Pre-refunded 5/15/15)  
5/15 at 100.00  
AA+ (4)  
170,928  
   
Michigan State, General Obligation Bonds, Environmental Protection Program, Series 2003A:  
     
1,000  
 
5.250%, 5/01/20 (Pre-refunded 5/01/13)  
5/13 at 100.00  
Aa2 (4)  
1,069,150  
2,000  
 
5.250%, 5/01/21 (Pre-refunded 5/01/13)  
5/13 at 100.00  
Aa2 (4)  
2,138,300  
1,000  
 
Otsego Public Schools District, Allegan and Kalamazoo Counties, Michigan, General Obligation  
5/14 at 100.00  
Aa2 (4)  
1,106,780  
   
Bonds, Series 2004, 5.000%, 5/01/25 (Pre-refunded 5/01/14) – AGM Insured  
     
1,425  
 
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds,  
5/14 at 100.00  
AA– (4)  
1,585,712  
   
Series 2004, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – NPFG Insured  
     
11,305  
 
Total U.S. Guaranteed  
   
12,222,509  
   
Utilities – 12.4% (8.4% of Total Investments)  
     
   
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds,  
     
   
Series 2008A:  
     
125  
 
5.000%, 7/01/28  
7/18 at 100.00  
AA–  
131,985  
2,500  
 
5.000%, 7/01/32  
7/18 at 100.00  
AA–  
2,588,475  
   
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond  
     
   
Trust 4700:  
     
700  
 
17.770%, 7/01/37 (IF) (5)  
7/21 at 100.00  
AA–  
846,916  
360  
 
17.924%, 7/01/37 (IF) (5)  
7/21 at 100.00  
AA–  
435,557  
   
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2011:  
     
1,760  
 
5.000%, 1/01/24 – AGM Insured  
1/21 at 100.00  
AA–  
1,908,966  
1,990  
 
5.000%, 1/01/25 – AGM Insured  
1/21 at 100.00  
AA–  
2,131,668  
1,180  
 
5.000%, 1/01/26 – AGM Insured  
1/21 at 100.00  
AA–  
1,258,458  
605  
 
Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000,  
No Opt. Call  
BBB+  
613,996  
   
6.000%, 5/01/12  
     
3,000  
 
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company,  
12/12 at 100.00  
BBB+  
3,001,560  
   
Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax)  
     
990  
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities  
6/12 at 100.00  
Baa3  
989,901  
   
Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26  
     
   
(Alternative Minimum Tax)  
     
13,210  
 
Total Utilities  
   
13,907,482  
   
Water and Sewer – 18.5% (12.5% of Total Investments)  
     
3,600  
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A,  
7/16 at 100.00  
AA–  
3,625,488  
   
5.000%, 7/01/34 – AGM Insured  
     
1,085  
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,  
7/15 at 100.00  
A
1,094,689  
   
7/01/30 – NPFG Insured  
     
1,500  
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%,  
No Opt. Call  
A
1,591,515  
   
7/01/29 – FGIC Insured  
     
1,120  
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,  
7/13 at 100.00  
AA–  
1,159,704  
   
7/01/17 – AGM Insured  
     
1,330  
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2005, 5.000%, 1/01/30 –  
7/15 at 100.00  
AA+  
1,371,057  
   
NPFG Insured  
     
   
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008:  
     
400  
 
5.000%, 1/01/27  
No Opt. Call  
AA+  
426,632  
450  
 
5.000%, 1/01/38  
1/18 at 100.00  
AA+  
462,690  
425  
 
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 –  
1/19 at 100.00  
Aa1  
448,349  
   
AGC Insured  
     
1,000  
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 10/01/24  
10/17 at 100.00  
AAA  
1,107,439  
8,245  
 
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Series 2006, 5.000%, 11/01/31 –  
11/16 at 100.00  
Aa3  
8,574,139  
   
NPFG Insured  
     
500  
 
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011, 5.625%, 10/01/40  
10/21 at 100.00  
A
513,254  
350  
 
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 –  
7/18 at 100.00  
A
376,253  
   
NPFG Insured  
     
20,005  
 
Total Water and Sewer  
   
20,751,209  
$     161,216  
 
Total Investments (cost $161,013,611) – 148.2%  
   
166,114,510  
   
Floating Rate Obligations – (2.1)%  
   
(2,330,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (48.1)% (6)  
   
(53,900,000)
   
Other Assets Less Liabilities – 2.0%  
   
2,181,459  
   
Net Assets Applicable to Common Shares – 100%  
   
$ 112,065,969  
 
 

 
 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of November 30, 2011:
         
 
Level 1  
Level 2  
Level 3  
Total  
Investments:  
       
Municipal Bonds  
$ —  
$166,114,510  
$ —  
$166,114,510  
 
 
During the period ended November 30, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At November 30, 2011, the cost of investments was $158,837,817.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2011, were as follows:
   
Gross unrealized:  
 
Appreciation  
$5,392,584  
Depreciation  
(446,007)
Net unrealized appreciation (depreciation) of investments  
$4,946,577  
 
 
     
(1)  
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common  
   
shares unless otherwise noted.  
(2)  
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.  
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities  
   
may be subject to periodic principal paydowns.  
(3)  
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,  
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s  
   
or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by  
   
any of these national rating agencies.  
(4)  
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,  
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or  
   
agency securities are regarded as having an implied rating equal to the rating of such securities.  
(5)  
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for  
   
investments in inverse floating rate transactions.  
(6)  
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.4%.  
N/R  
 
Not rated.  
WI/DD  
 
Purchased on a when-issued or delayed delivery basis.  
(ETM)  
 
Escrowed to maturity.  
(IF)  
 
Inverse floating rate investment.  
(UB)  
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
 
 

 
 
 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)   Nuveen Michigan Premium Income Municipal Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date          January 27, 2012        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date          January 27, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date          January 27, 2012        
 

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