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:          5/31/10         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
Item 1. Schedule of Investments
 

  Portfolio of Investments (Unaudited)      
      Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP)      
  May 31, 2010      
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Consumer Staples – 2.1% (1.4% of Total Investments)      
$     2,625  Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,  6/18 at 100.00  Baa3  $   2,351,764 
  Series 2008A, 6.875%, 6/01/42       
  Education and Civic Organizations – 3.2% (2.2% of Total Investments)      
2,000  Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2002 XVII-G, 5.200%,  9/12 at 100.00  AA  2,018,060 
  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  1,565,595 
3,500  Total Education and Civic Organizations      3,583,655 
  Health Care – 13.3% (8.9% of Total Investments)      
2,725  Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,  11/19 at 100.00  A1  2,748,653 
  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  3,058,418 
  Series 2002A, 5.750%, 4/01/32       
1,350  Michigan State Hospital FInance Authority, Hospital Revenue Bonds,MidMichigan Obligated Group,  6/19 at 100.00  AAA  1,424,412 
  Series 2009A, 5.875%, 6/01/39 – AGC Insured       
  Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital,       
  Series 2005A:       
1,005  5.000%, 5/15/26  5/15 at 100.00  Baa3  915,173 
200  5.000%, 5/15/34  5/15 at 100.00  Baa3  171,578 
  Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center       
  Obligated Group, Series 1993A:       
2,000  6.250%, 8/15/13  8/10 at 100.00  BB–  2,000,420 
500  6.500%, 8/15/18  8/10 at 100.00  BB–  498,365 
3,500  Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue and Refunding Bonds, William  8/19 at 100.00  A1  3,621,905 
  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  299,335 
  Hospital, Refunding Series 2009V, 8.250%, 9/01/39       
14,580  Total Health Care      14,738,259 
  Housing/Multifamily – 6.2% (4.2% of Total Investments)      
865  Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily  4/12 at 102.00  Aaa  881,037 
  Housing Revenue Bonds, Burkshire Pointe Apartments, Series 2002A, 5.400%, 10/20/32       
  (Alternative Minimum Tax)       
1,380  Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Breton Village Green  10/10 at 100.00  AAA  1,381,932 
  Project, Series 1993, 5.625%, 10/15/18 – AGM Insured       
1,890  Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Walled Lake Villa  10/10 at 100.00  AAA  1,893,553 
  Project, Series 1993, 6.000%, 4/15/18 – AGM Insured       
800  Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%,  7/15 at 100.00  AAA  817,384 
  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  26,128 
  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:       
370  6.600%, 6/01/13  6/10 at 100.00  AA+  371,280 
1,500  6.600%, 6/01/22  6/10 at 100.00  AA+  1,502,475 
6,830  Total Housing/Multifamily      6,873,789 
  Materials – 1.0% (0.6% of Total Investments)      
1,050  Dickinson County Economic Development Corporation, Michigan, Pollution Control Revenue Bonds,  11/14 at 100.00  BBB  1,052,867 
  International Paper Company, Series 2004A, 4.800%, 11/01/18       
  Tax Obligation/General – 57.6% (38.5% of Total Investments)      
1,475  Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation Bonds,  11/13 at 100.00  Aa2  1,559,075 
  Series 2003, 5.000%, 5/01/21       
2,500  Anchor Bay School District, Macomb and St. Clair Counties, Michigan, Unlimited Tax General  5/11 at 100.00  Aa2  2,580,550 
  Obligation Refunding Bonds, Series 2001, 5.000%, 5/01/21       
1,000  Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement  5/18 at 100.00  AA+  1,053,770 
  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  AAA  102,167 
  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  2,343,488 
  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  1,515,335 
  Bonds, Tender Option Bond Trust 2008-1096, 7.821%, 5/01/32 – NPFG Insured (IF)       
  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  2,092,205 
750  6.000%, 5/01/21 – FGIC Insured  No Opt. Call  Aa2  865,365 
2,500  Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2003B,  5/13 at 100.00  AA  2,534,025 
  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  2/17 at 100.00  A  771,009 
6,990  5.250%, 2/01/27 – FGIC Insured  8/10 at 100.00  A  6,993,215 
860  Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%,  9/17 at 100.00  AA  929,239 
  9/01/24 – NPFG Insured       
1,500  Hartland Consolidated School District, Livingston County, Michigan, General Obligation  5/11 at 100.00  Aa2  1,508,085 
  Refunding Bonds, Series 2001, 5.125%, 5/01/29       
1,650  Holly Area School District, Oakland County, Michigan, General Obligation Bonds, Series 2006,  5/16 at 100.00  Aa2  1,697,867 
  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  2,104,760 
  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  AAA  1,315,325 
  AGM Insured       
500  Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2004,  5/14 at 100.00  Aa2  529,115 
  5.000%, 5/01/22       
1,000  Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Series 2004A,  5/14 at 100.00  Aa2  1,049,040 
  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  AAA  883,745 
  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–  437,508 
  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  AAA  1,085,380 
  Series 2005, 5.000%, 6/01/18 – AGM Insured       
  Michigan, General Obligation Bonds, Environmental Protection Program, Series 2003A:       
1,000  5.250%, 5/01/20  5/13 at 100.00  Aa2  1,073,600 
2,000  5.250%, 5/01/21  5/13 at 100.00  Aa2  2,126,460 
800  Michigan, General Obligation Bonds, Environmental Protection Program, Series 2009A,  5/19 at 100.00  Aa2  886,768 
  5.500%, 11/01/25       
2,450  Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,  5/17 at 100.00  AAA  2,541,287 
  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  3,673,912 
  8/01/30 – NPFG Insured (UB)       
1,100  Oxford Area Community Schools, Oakland and Lapeer Counties, Michigan, General Obligation  5/14 at 100.00  AAA  1,139,556 
  Bonds, Series 2004, 5.000%, 5/01/25 – AGM Insured       
805  Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option  5/17 at 100.00  AAA  802,215 
  Bond Trust 2836, 10.827%, 5/01/36 – AGM Insured (IF)       
1,000  Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2005, 5.000%,  5/15 at 100.00  AAA  1,034,330 
  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  AAA  1,029,630 
  5/01/33 – AGM Insured       
125  South Haven, Van Buren County,Michigan, General Obligation Bonds, Capital Improvement Series  12/19 at 100.00  AAA  129,910 
  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  1,128,424 
  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  AAA  1,540,425 
  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  AAA  831,256 
1,350  5.000%, 5/01/38 – AGM Insured  5/18 at 100.00  AAA  1,386,383 
2,830  Warren Consolidated School District, Macomb and Oakland Counties, Michigan, General Obligation  5/13 at 100.00  AA  2,951,832 
  Refunding Bonds, Series 2003, 5.250%, 5/01/20       
1,725  Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A,  12/19 at 100.00  A  1,833,106 
  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  12/11 at 101.00  A  1,537,440 
4,435  5.000%, 12/01/30 – NPFG Insured  12/11 at 101.00  A  4,169,477 
61,721  Total Tax Obligation/General      63,766,279 
  Tax Obligation/Limited – 20.9% (14.0% of Total Investments)      
  Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I:       
2,420  5.500%, 10/15/19  10/11 at 100.00  Aa3  2,526,214 
6,205  5.000%, 10/15/24  10/11 at 100.00  Aa3  6,295,593 
1,600  Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%,  10/15 at 100.00  Aa3  1,622,496 
  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  2,893,882 
  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  5,215,900 
2,480  5.000%, 10/15/23 – NPFG Insured  10/13 at 100.00  Aa3  2,575,554 
1,500  Michigan, Comprehensive Transportation Revenue Refunding Bonds, Series 2001A, 5.000%,  11/11 at 100.00  AAA  1,575,360 
  11/01/19 – AGM Insured       
450  Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan  10/19 at 100.00  BBB  450,302 
  Notes,Series 2009A-1, 5.000%, 10/01/39       
22,535  Total Tax Obligation/Limited      23,155,301 
  Transportation – 0.5% (0.3% of Total Investments)      
230  Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series  1/17 at 100.00  AAA  239,147 
  2007, 5.000%, 1/01/32       
500  Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,  10/28 at 100.00  BBB+  296,175 
  Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44       
730  Total Transportation      535,322 
  U.S. Guaranteed – 11.6% (7.8% 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)  1,067,256 
  7/01/30 (Pre-refunded 7/01/15) – MBIA Insured       
1,385  Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2001A, 5.250%,  7/11 at 100.00  Aa3 (4)  1,451,300 
  7/01/33 (Pre-refunded 7/01/11) – FGIC Insured       
500  Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2004,  5/14 at 100.00  Aa2 (4)  571,700 
  5.000%, 5/01/22 (Pre-refunded 5/01/14)       
75  Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000,  No Opt. Call  A3 (4)  78,535 
  6.000%, 5/01/12 (ETM)       
1,500  Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2000I, 5.375%,  10/10 at 100.00  Aa3 (4)  1,528,305 
  10/15/20 (Pre-refunded 10/15/10)       
  Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I:       
150  5.500%, 10/15/19 (Pre-refunded 10/15/11)  10/11 at 100.00  A+ (4)  160,011 
295  5.000%, 10/15/24 (Pre-refunded 10/15/11)  10/11 at 100.00  A+ (4)  312,665 
1,500  Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health  3/13 at 100.00  A1 (4)  1,680,915 
  System, Series 2003A, 5.625%, 3/01/17 (Pre-refunded 3/01/13)       
500  Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sparrow Obligated  11/11 at 101.00  A+ (4)  540,750 
  Group, Series 2001, 5.625%, 11/15/31 (Pre-refunded 11/15/11)       
1,900  Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s  8/10 at 100.00  N/R (4)  2,005,659 
  Hospital, Series 1993A, 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  AAA  492,652 
150  5.000%, 5/15/30 (Pre-refunded 5/15/15)  5/15 at 100.00  AAA  173,877 
1,000  Otsego Public Schools District, Allegan and Kalamazoo Counties, Michigan, General Obligation  5/14 at 100.00  AAA  1,143,400 
  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)  1,642,940 
  Series 2004, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – MBIA Insured       
11,720  Total U.S. Guaranteed      12,849,965 
  Utilities – 15.3% (10.3% of Total Investments)      
400  Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Public Service Company of  6/20 at 100.00  Baa3  403,004 
  New Mexico San Juan Project, Series 2010D, 5.900%, 6/01/40 (WI/DD, Settling 6/09/10)       
  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  Aa2  131,533 
2,500  5.000%, 7/01/32  7/18 at 100.00  Aa2  2,602,825 
1,000  Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A,  1/12 at 100.00  A2  1,014,270 
  5.250%, 1/01/27 – AMBAC Insured       
775  Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000,  No Opt. Call  A3  821,244 
  6.000%, 5/01/12       
1,000  Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding  9/10 at 101.00  A  1,002,190 
  Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 – NPFG Insured (Alternative       
  Minimum Tax)       
5,000  Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding  9/11 at 100.00  A2  5,026,100 
  Bonds, Detroit Edison Company, Series 2001C, 5.450%, 9/01/29       
3,000  Michigan Strategic Fund, Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit  No Opt. Call  Baa1  3,073,890 
  Edison Company, Series 1995CC, 4.850%, 9/01/30 (Mandatory put 9/01/11) – AMBAC Insured       
3,000  Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company,  12/12 at 100.00  Baa1  2,905,380 
  Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax)       
16,800  Total Utilities      16,980,436 
  Water and Sewer – 17.6% (11.8% of Total Investments)      
3,500  Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A,  7/16 at 100.00  AAA  3,501,645 
  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  A1  1,096,110 
  7/01/30 – NPFG Insured       
1,500  Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%,  No Opt. Call  A1  1,521,765 
  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  AAA  1,164,128 
  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+  1,375,805 
  NPFG Insured       
  Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008:       
400  5.000%, 1/01/27  No Opt. Call  AA+  426,492 
450  5.000%, 1/01/38  1/18 at 100.00  AA+  467,541 
425  Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 –  1/19 at 100.00  AAA  446,386 
  AGC Insured       
1,000  Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007,  10/17 at 100.00  AAA  1,111,510 
  5.000%, 10/01/24       
8,245  North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Series 2006, 5.000%, 11/01/31 –  11/16 at 100.00  A+  8,431,004 
  NPFG Insured       
19,055  Total Water and Sewer      19,542,386 
$     161,146  Total Investments (cost $160,869,041) – 149.3%      165,430,023 
  Floating Rate Obligations – (2.1)%      (2,330,000)
  Other Assets Less Liabilities – 1.3%      1,376,426 
  Auction Rate Preferred Shares, at Liquidation Value – (48.5)% (5)      (53,700,000)
  Net Assets Applicable to Common Shares – 100%      $ 110,776,449 
 
Fair Value Measurements
 
In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
  Level 1 – Quoted prices in active markets for identical securities.
 
  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
  Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or 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 May 31, 2010:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $165,430,023  $ —  $165,430,023 

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 May 31, 2010, the cost of investments was $158,710,882.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2010, were as follows:
 
Gross unrealized:   
   Appreciation  $5,264,164 
   Depreciation  (874,503)
Net unrealized appreciation (depreciation) of investments  $4,389,661 

(1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to Common 
  shares unless otherwise noted. 
(2)  Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
  There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities 
  may be subject to periodic principal paydowns. 
(3)  Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. 
  (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB 
  by Fitch are considered to be below investment grade. 
(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)  Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.5%. 
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          July 30, 2010        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date          July 30, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         July 30, 2010        
 
 

Nuveen MI Prem (NYSE:NMP)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Nuveen MI Prem Charts.
Nuveen MI Prem (NYSE:NMP)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Nuveen MI Prem Charts.