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:          11/30/12         
 
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, 2012
     
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Consumer Staples – 3.8% (2.7% of Total Investments)
     
$ 4,500
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
6/18 at 100.00
BB–
$ 4,658,850
   
Series 2008A, 6.875%, 6/01/42
     
   
Education and Civic Organizations – 2.4% (1.7% 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–
432,225
500
 
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005,
11/15 at 100.00
B+
426,280
   
5.750%, 11/01/30
     
335
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding
10/21 at 100.00
BBB–
388,587
   
Bonds, Detroit Service Learning Academy Project, Series 2011, 7.000%, 10/01/31
     
1,500
 
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40
2/20 at 100.00
Aa1
1,712,415
2,835
 
Total Education and Civic Organizations
   
2,959,507
   
Health Care – 22.7% (16.1% of Total Investments)
     
1,500
 
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson
7/21 at 100.00
AA–
1,709,115
   
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–
703,105
   
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
2,321,500
750
 
5.000%, 1/15/42
1/22 at 100.00
AA
849,413
2,500
 
Michigan Finance Authority, Hospital Revenue Refunding Bonds, Crittenton Hospital Medical
No Opt. Call
A–
2,721,800
   
Center, Series 2012A, 5.000%, 6/01/39
     
   
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:
     
250
 
5.000%, 11/01/25
11/22 at 100.00
A
294,190
1,000
 
5.000%, 11/01/42
11/22 at 100.00
A
1,115,440
3,000
 
Michigan Finance Authority, Revenue Bonds, Sparrow Obligated Group, Series 2012,
11/22 at 100.00
A+
3,384,990
   
5.000%, 11/15/42
     
4,000
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
12/21 at 100.00
AA
4,567,720
   
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
3,195,226
   
Refunding Series 2009, 5.750%, 11/15/39
     
1,350
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds,MidMichigan Obligated Group,
6/19 at 100.00
AA–
1,558,872
   
Series 2009A, 5.875%, 6/01/39 – AGC Insured
     
1,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series
6/22 at 100.00
AA
1,132,470
   
2009C, 5.000%, 12/01/48
     
3,640
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue and Refunding Bonds, William
8/19 at 100.00
A1
4,234,521
   
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
326,175
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39
     
24,595
 
Total Health Care
   
28,114,537
   
Housing/Multifamily – 7.2% (5.1% of Total Investments)
     
810
 
Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily
4/14 at 100.00
Aaa
837,589
   
Housing Revenue Bonds, Burkshire Pointe Apartments, Series 2002A, 5.400%, 10/20/32
     
   
(Alternative Minimum Tax)
     
990
 
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Breton Village Green
4/13 at 100.00
AA–
1,001,850
   
Project, Series 1993, 5.625%, 10/15/18 – AGM Insured
     
1,500
 
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Walled Lake Villa
4/13 at 100.00
Aaa
1,504,935
   
Project, Series 1993, 6.000%, 4/15/18 – AGM Insured
     
1,260
 
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A,
11/14 at 101.00
AA
1,303,760
   
3.375%, 11/01/16 (Alternative Minimum Tax)
     
800
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%,
7/15 at 100.00
AA
831,288
   
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
27,671
   
5.700%, 10/01/39
     
   
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D:
     
800
 
3.950%, 10/01/37 (WI/DD, Settling 12/05/12)
4/22 at 100.00
AA
814,752
1,000
 
4.000%, 10/01/42 (WI/DD, Settling 12/05/12)
4/22 at 100.00
AA
1,035,460
   
Mt. Clemens Housing Corporation, Michigan, FHA-Insured Section 8 Assisted Multifamily Housing
     
   
Revenue Refunding Bonds, Clinton Place Project, Series 1992A:
     
70
 
6.600%, 6/01/13
12/12 at 100.00
AA+
70,330
1,500
 
6.600%, 6/01/22
6/13 at 100.00
AA+
1,504,650
8,755
 
Total Housing/Multifamily
   
8,932,285
   
Housing/Single Family – 0.8% (0.6% of Total Investments)
     
945
 
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
6/20 at 100.00
AA+
1,042,855
   
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax)
     
   
Tax Obligation/General – 44.7% (31.6% of Total Investments)
     
1,475
 
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation Bonds,
11/13 at 100.00
Aa2
1,535,844
   
Series 2003, 5.000%, 5/01/21
     
345
 
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds,
5/22 at 100.00
Aa2
427,931
   
Refunding Series 2012, 5.000%, 5/01/29
     
1,000
 
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement
5/18 at 100.00
AA+
1,159,190
   
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
113,030
   
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
2,460,893
   
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
1,820,428
   
Bonds, Tender Option Bond Trust 2008-1096, 8.012%, 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–
1,244,429
   
& 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
2,311,094
1,075
 
6.000%, 5/01/21 – FGIC Insured
No Opt. Call
Aa2
1,391,394
   
Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation
     
   
Bonds, Building Authority Stadium Refunding Series 2012:
     
1,000
 
5.000%, 10/01/21 – AGM Insured
No Opt. Call
AA–
1,173,260
1,645
 
5.000%, 10/01/22 – AGM Insured
No Opt. Call
AA–
1,929,799
860
 
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%,
9/17 at 100.00
AA
1,003,887
   
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
1,830,263
   
5.125%, 5/01/32 – NPFG Insured
     
1,250
 
Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%,
5/16 at 100.00
Aa2
1,405,075
   
5/01/25 – AGM Insured
     
1,000
 
Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Series 2004A,
5/14 at 100.00
Aa3
1,054,220
   
5.000%, 5/01/21 – NPFG Insured
     
865
 
Lowell Area Schools, Kent and Ionia Counties, Michigan, General Obligation Bonds, Series 2007,
5/17 at 100.00
Aa2
975,279
   
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–
466,106
   
5.000%, 5/01/30 – SYNCORA GTY Insured
     
340
 
Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012,
No Opt. Call
A+
397,569
   
5.000%, 6/01/20
     
2,500
 
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A,
12/21 at 100.00
Aa2
3,201,125
   
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
977,592
2,450
 
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,
5/17 at 100.00
Aaa
2,773,670
   
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
3,975,160
   
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
1,163,492
   
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
1,024,789
   
Bond Trust 2836, 11.153%, 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
1,083,720
   
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
1,146,040
   
5/01/33 – AGM Insured
     
125
 
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series
12/19 at 100.00
AA–
146,441
   
2009, 5.125%, 12/01/33 – AGC Insured
     
500
 
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series
5/17 at 100.00
Aa2
564,695
   
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
1,711,800
   
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
919,792
1,350
 
5.000%, 5/01/38 – AGM Insured
5/18 at 100.00
Aa2
1,524,056
2,830
 
Warren Consolidated School District, Macomb and Oakland Counties, Michigan, General Obligation
5/13 at 100.00
AA
2,887,081
   
Refunding Bonds, Series 2003, 5.250%, 5/01/20
     
1,655
 
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A,
12/19 at 100.00
BBB+
1,951,046
   
6.750%, 11/01/39
     
   
Wayne Charter 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+
1,502,715
4,435
 
5.000%, 12/01/30 – NPFG Insured
12/12 at 100.00
BBB+
4,437,173
1,475
 
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, Refunding
5/21 at 100.00
AA–
1,639,094
   
Series 2011, 4.500%, 5/01/31 – AGM Insured
     
48,971
 
Total Tax Obligation/General
   
55,329,172
   
Tax Obligation/Limited – 13.5% (9.5% of Total Investments)
     
915
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
1/22 at 100.00
A
1,046,303
1,675
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B,
7/16 at 100.00
AAA
1,914,056
   
5.000%, 7/01/22
     
1,600
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%,
10/15 at 100.00
Aa3
1,745,856
   
10/15/30 – AMBAC Insured
     
2,880
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 5.000%,
10/16 at 100.00
Aa3
3,213,216
   
10/15/36 – 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
5,194,650
2,480
 
5.000%, 10/15/23 – NPFG Insured
10/13 at 100.00
Aa3
2,576,546
450
 
Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/15/36
11/21 at 100.00
AA+
535,613
450
 
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan
10/19 at 100.00
BBB+
480,960
   
Notes, Series 2009A-1, 5.000%, 10/01/39
     
15,450
 
Total Tax Obligation/Limited
   
16,707,200
   
Transportation – 2.2% (1.5% of Total Investments)
     
230
 
Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series
1/17 at 100.00
AAA
257,756
   
2007, 5.000%, 1/01/32
     
2,000
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
No Opt. Call
A
2,403,880
   
Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)
     
2,230
 
Total Transportation
   
2,661,636
   
U.S. Guaranteed – 12.2% (8.6% of Total Investments) (4)
     
2,500
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2003B,
5/13 at 100.00
Aa2 (4)
2,550,375
   
5.000%, 5/01/23 (Pre-refunded 5/01/13) – FGIC Insured
     
915
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,
7/15 at 100.00
A (4)
1,019,530
   
7/01/30 (Pre-refunded 7/01/15) – NPFG Insured
     
2,000
 
Howell Public Schools, Livingston County, Michigan, General Obligation Bonds, Series 2003,
11/13 at 100.00
Aa2 (4)
2,087,720
   
5.000%, 5/01/22 (Pre-refunded 11/01/13)
     
   
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2004:
     
500
 
5.000%, 5/01/22 (Pre-refunded 5/01/14)
5/14 at 100.00
Aa2 (4)
533,245
500
 
5.000%, 5/01/22 (Pre-refunded 5/01/14)
5/14 at 100.00
Aa2 (4)
533,245
1,500
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health
3/13 at 100.00
A1 (4)
1,520,055
   
System, Series 2003A, 5.625%, 3/01/17 (Pre-refunded 3/01/13)
     
675
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s
No Opt. Call
N/R (4)
677,396
   
Hospital, Series 1992A, 6.000%, 5/15/13 – AMBAC Insured (ETM)
     
   
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)
471,890
150
 
5.000%, 5/15/30 (Pre-refunded 5/15/15)
5/15 at 100.00
AA+ (4)
166,550
   
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital,
     
   
Series 2005A:
     
2,435
 
5.000%, 5/15/26 (Pre-refunded 5/15/15)
5/15 at 100.00
Baa3 (4)
2,699,855
200
 
5.000%, 5/15/34 (Pre-refunded 5/15/15)
5/15 at 100.00
Baa3 (4)
221,754
1,000
 
Otsego Public Schools District, Allegan and Kalamazoo Counties, Michigan, General Obligation
5/14 at 100.00
Aa2 (4)
1,066,790
   
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)
1,525,220
   
Series 2004, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – NPFG Insured
     
14,225
 
Total U.S. Guaranteed
   
15,073,625
   
Utilities – 10.5% (7.4% 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–
141,161
2,500
 
5.000%, 7/01/32
7/18 at 100.00
AA–
2,822,375
   
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond
     
   
Trust 4700:
     
700
 
17.800%, 7/01/37 (IF) (5)
7/21 at 100.00
AA–
1,182,328
360
 
17.954%, 7/01/37 (IF) (5)
7/21 at 100.00
AA–
608,054
1,250
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%,
1/22 at 100.00
A2
1,371,863
   
1/01/43 – AGM Insured
     
   
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–
2,089,507
1,990
 
5.000%, 1/01/25 – AGM Insured
1/21 at 100.00
AA–
2,352,936
1,180
 
5.000%, 1/01/26 – AGM Insured
1/21 at 100.00
AA–
1,385,780
990
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities
6/13 at 100.00
Ba1
994,109
   
Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26
     
   
(Alternative Minimum Tax)
     
10,855
 
Total Utilities
   
12,948,113
   
Water and Sewer – 21.5% (15.2% of Total Investments)
     
1,250
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
7/22 at 100.00
AA–
1,378,513
   
Refunding Senior Lien Series 2012A, 5.000%, 7/01/39 – AGM Insured
     
3,600
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Senior Lien Bonds, Series
7/16 at 100.00
AA–
3,818,412
   
2006A, 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
1,134,031
   
7/01/30 – NPFG Insured
     
1,500
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%,
No Opt. Call
A
1,829,895
   
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
1,140,518
   
7/01/17 – AGM Insured
     
1,945
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
A+
2,116,452
1,060
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011C, 5.000%, 7/01/41
No Opt. Call
A+
1,126,451
1,330
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2005, 5.000%,
7/15 at 100.00
AA+
1,451,003
   
1/01/30 – NPFG Insured
     
390
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38
1/18 at 100.00
AA+
448,445
425
 
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%,
1/19 at 100.00
AA
497,084
   
1/01/39 – AGC Insured
     
285
 
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012,
10/22 at 100.00
AAA
352,810
   
5.000%, 10/01/32
     
1,000
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007,
10/17 at 100.00
AAA
1,179,550
   
5.000%, 10/01/24
     
8,245
 
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Series 2006, 5.000%,
11/16 at 100.00
Aa3
9,182,783
   
11/01/31 –NPFG Insured
     
500
 
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011, 5.625%, 10/01/40
10/21 at 100.00
A
575,410
350
 
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%,
7/18 at 100.00
A
395,595
   
7/01/22 – NPFG Insured
     
24,085
 
Total Water and Sewer
   
26,626,952
$ 157,446
 
Total Investments (cost $159,060,586) – 141.5%
   
175,054,732
   
Floating Rate Obligations – (1.9)%
   
(2,330,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (43.6)% (6)
   
(53,900,000)
   
Other Assets Less Liabilities – 4.0%
   
4,927,885
   
Net Assets Applicable to Common Shares – 100%
 
$ 123,752,617
 
 
 
 
 
 
 

 
Fair Value Measurements
 
Fair value is defined as the price that the Funds 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 following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using 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 risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
 
         
 
Level 1
Level 2
Level 3
Total
Long-Term Investments*:
       
Municipal Bonds
$ —
$175,054,732
$ —
$175,054,732
* Refer to the Fund’s Portfolio of Investments for industry classifications.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevantand appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
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, 2012, the cost of investments was $156,886,131.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2012, were as follows:
 
   
Gross unrealized:
 
Appreciation
$16,056,209
Depreciation
(217,947)
Net unrealized appreciation (depreciation) of investments
$15,838,262
 
 
     
(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 30.8%.
N/R
 
Not rated.
WI/DD
 
Investment, or portion of investment, 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 29, 2013        
 
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 29, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          January 29, 2013        
 

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