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Portfolio of Investments (Unaudited)
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Nuveen Michigan Dividend Advantage Municipal Fund (NZW)
|
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November 30, 2011
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Principal
|
|
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Optional Call
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
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Value
|
|
|
Consumer Staples – 3.8% (2.5% of Total Investments)
|
|
|
|
$ 1,250
|
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
|
6/18 at 100.00
|
B2
|
$ 1,122,075
|
|
|
Series 2008A, 6.875%, 6/01/42
|
|
|
|
|
|
Education and Civic Organizations – 10.5% (6.8% of Total Investments)
|
|
|
|
250
|
|
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36
|
11/16 at 100.00
|
BB+
|
180,608
|
85
|
|
Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding
|
10/21 at 100.00
|
BBB–
|
85,000
|
|
|
Bonds, Detroit Service Learning Academy Project, Series 2011, 7.000%, 10/01/31 (WI/DD,
|
|
|
|
|
|
Settling 12/13/11)
|
|
|
|
1,150
|
|
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds,
|
3/12 at 100.00
|
N/R
|
1,042,544
|
|
|
Kettering University, Series 2001, 5.000%, 9/01/26 – AMBAC Insured
|
|
|
|
250
|
|
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American
|
12/17 at 100.00
|
N/R
|
217,250
|
|
|
Montessori Academy, Series 2007, 6.500%, 12/01/37
|
|
|
|
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
|
3,235
|
|
Total Education and Civic Organizations
|
|
|
3,097,807
|
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|
Health Care – 26.4% (17.2% of Total Investments)
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|
|
|
500
|
|
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson
|
7/21 at 100.00
|
A1
|
500,920
|
|
|
Healthcare, Refunding Series 2011A, 5.000%, 7/01/29
|
|
|
|
90
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|
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance
|
6/20 at 100.00
|
AA–
|
90,340
|
|
|
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:
|
|
|
|
500
|
|
5.000%, 1/15/31
|
1/22 at 100.00
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AA
|
509,325
|
500
|
|
5.000%, 1/15/42
|
No Opt. Call
|
AA
|
497,270
|
1,000
|
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
|
No Opt. Call
|
AA
|
1,000,390
|
|
|
5.000%, 12/01/39
|
|
|
|
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Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,
|
|
|
|
|
|
Refunding Series 2009:
|
|
|
|
150
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|
5.000%, 11/15/20
|
11/19 at 100.00
|
A1
|
162,581
|
475
|
|
5.750%, 11/15/39
|
11/19 at 100.00
|
A1
|
487,635
|
775
|
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group,
|
4/13 at 100.00
|
A
|
779,828
|
|
|
Series 2002A, 5.750%, 4/01/32
|
|
|
|
150
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|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated
|
6/19 at 100.00
|
AA–
|
157,467
|
|
|
Group, Series 2009A, 5.875%, 6/01/39 – AGC Insured
|
|
|
|
80
|
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, McLaren
|
No Opt. Call
|
Aa3
|
79,955
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|
|
Healthcare Corporation, Series 1998A, 5.000%, 6/01/28
|
|
|
|
915
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|
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
|
|
|
|
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Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital,
|
|
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|
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Series 2005A:
|
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|
500
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|
5.000%, 5/15/26
|
5/15 at 100.00
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Baa3
|
469,580
|
400
|
|
5.000%, 5/15/34
|
5/15 at 100.00
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Baa3
|
350,104
|
100
|
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
9/18 at 100.00
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A1
|
118,893
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|
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Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
|
|
|
1,700
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|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
5/12 at 100.00
|
A1
|
1,699,966
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|
|
Hospital, Series 2001M, 5.250%, 11/15/31 – NPFG Insured
|
|
|
|
7,835
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|
Total Health Care
|
|
|
7,825,723
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Housing/Multifamily – 8.5% (5.6% of Total Investments)
|
|
|
|
1,700
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|
Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily
|
8/12 at 102.00
|
Aaa
|
1,724,871
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Housing Revenue Bonds, Cranbrook Apartments, Series 2001A, 5.400%, 2/20/31 (Alternative
|
|
|
|
|
|
Minimum Tax)
|
|
|
|
500
|
|
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A,
|
11/14 at 101.00
|
AA
|
500,500
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|
|
3.375%, 11/01/16 (Alternative Minimum Tax)
|
|
|
|
200
|
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%,
|
7/15 at 100.00
|
AA
|
202,090
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|
|
4/01/31 – AGM Insured (Alternative Minimum Tax)
|
|
|
|
100
|
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009A,
|
10/18 at 100.00
|
AA
|
104,533
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|
|
5.700%, 10/01/39
|
|
|
|
2,500
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|
Total Housing/Multifamily
|
|
|
2,531,994
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|
Housing/Single Family – 3.3% (2.1% of Total Investments)
|
|
|
|
500
|
|
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
|
6/20 at 100.00
|
AAA
|
510,720
|
|
|
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax)
|
|
|
|
455
|
|
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
|
6/21 at 100.00
|
AAA
|
469,574
|
|
|
2011A, 4.600%, 12/01/26
|
|
|
|
955
|
|
Total Housing/Single Family
|
|
|
980,294
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|
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Industrials – 1.7% (1.1% of Total Investments)
|
|
|
|
500
|
|
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Republic Services Inc., Series
|
No Opt. Call
|
BBB
|
509,675
|
|
|
2001, 4.250%, 8/01/31 (Mandatory put 4/01/14) (Alternative Minimum Tax)
|
|
|
|
|
|
Tax Obligation/General – 35.8% (23.2% of Total Investments)
|
|
|
|
200
|
|
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement
|
5/18 at 100.00
|
AA+
|
209,546
|
|
|
Series 2008, 5.000%, 5/01/38
|
|
|
|
437
|
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
|
5/17 at 100.00
|
Aa2
|
445,478
|
|
|
Bonds, Tender Option Bond Trust 2008-1096, 7.950%, 5/01/32 – NPFG Insured (IF)
|
|
|
|
|
|
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building &
|
|
|
|
|
|
Site, Series 2011B:
|
|
|
|
150
|
|
5.500%, 5/01/36
|
5/21 at 100.00
|
AA–
|
159,807
|
290
|
|
5.500%, 5/01/41
|
5/21 at 100.00
|
AA–
|
308,276
|
50
|
|
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building
|
2/12 at 100.00
|
A3
|
50,112
|
|
|
Authority Stadium Bonds, Series 1997, 5.500%, 2/01/17 – FGIC Insured
|
|
|
|
300
|
|
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%,
|
9/17 at 100.00
|
AA
|
318,189
|
|
|
9/01/27 – NPFG Insured
|
|
|
|
500
|
|
Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site
|
5/14 at 100.00
|
Aa2
|
537,400
|
|
|
Bonds, Series 2004, 5.000%, 5/01/22 – AGM Insured
|
|
|
|
430
|
|
Lowell Area Schools, Counties of Ionia and Kent, Michigan, General Obligation Bonds, Series
|
5/17 at 100.00
|
Aa2
|
439,494
|
|
|
2007, 5.000%, 5/01/37 – AGM Insured
|
|
|
|
400
|
|
Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District,
|
6/15 at 100.00
|
AA–
|
418,596
|
|
|
Series 2005, 5.000%, 6/01/18 – AGM Insured
|
|
|
|
500
|
|
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A,
|
12/21 at 100.00
|
Aa2
|
584,075
|
|
|
5.000%, 12/01/22
|
|
|
|
100
|
|
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25
|
5/19 at 100.00
|
Aa2
|
113,491
|
1,410
|
|
New Haven Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2006,
|
5/16 at 100.00
|
Aa2
|
1,494,797
|
|
|
5.000%, 5/01/25 – AGM Insured
|
|
|
|
420
|
|
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,
|
5/17 at 100.00
|
Aaa
|
432,529
|
|
|
Series 2007, 5.000%, 5/01/36 – AGM Insured
|
|
|
|
1,000
|
|
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007, 5.000%,
|
8/17 at 100.00
|
Aaa
|
1,046,870
|
|
|
8/01/30 – NPFG Insured (UB)
|
|
|
|
235
|
|
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option
|
No Opt. Call
|
Aa2
|
236,241
|
|
|
Bond Trust 2836, 11.227%, 5/01/15 – AGM Insured (IF)
|
|
|
|
750
|
|
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School
|
5/18 at 100.00
|
Aa2
|
790,980
|
|
|
Building & Site, Series 2008, 5.000%, 5/01/28 – AGC Insured
|
|
|
|
100
|
|
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%,
|
5/18 at 100.00
|
Aa2
|
103,462
|
|
|
5/01/33 – AGM Insured
|
|
|
|
25
|
|
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series
|
12/19 at 100.00
|
AA–
|
27,079
|
|
|
2009, 5.125%, 12/01/33 – AGC Insured
|
|
|
|
330
|
|
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series
|
5/17 at 100.00
|
Aa2
|
339,844
|
|
|
2007, 5.000%, 5/01/32 – NPFG Insured
|
|
|
|
100
|
|
Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%,
|
5/18 at 100.00
|
Aa2
|
103,236
|
|
|
5/01/34 – AGM Insured
|
|
|
|
225
|
|
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building
|
5/18 at 100.00
|
Aa2
|
230,636
|
|
|
and Site, Series 2008, 5.000%, 5/01/38 – AGM Insured
|
|
|
|
25
|
|
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A,
|
12/19 at 100.00
|
A3
|
27,027
|
|
|
6.750%, 11/01/39
|
|
|
|
1,690
|
|
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit
|
12/12 at 100.00
|
BBB+
|
1,638,590
|
|
|
Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – NPFG Insured
|
|
|
|
500
|
|
Wayne Westland Community Schools, Michigan, General Obligation Bonds, Series 2004, 5.000%,
|
11/14 at 100.00
|
Aa2
|
545,745
|
|
|
5/01/17 – AGM Insured
|
|
|
|
10,167
|
|
Total Tax Obligation/General
|
|
|
10,601,500
|
|
|
Tax Obligation/Limited – 15.4% (10.0% of Total Investments)
|
|
|
|
150
|
|
Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16
|
No Opt. Call
|
A–
|
156,939
|
|
|
(Alternative Minimum Tax)
|
|
|
|
265
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 (WI/DD,
|
1/22 at 100.00
|
A
|
269,585
|
|
|
Settling 12/01/11)
|
|
|
|
|
|
Grand Rapids Building Authority, Kent County, Michigan, General Obligation Bonds, Refunding
|
|
|
|
|
|
Series 2011:
|
|
|
|
560
|
|
5.000%, 10/01/28
|
10/21 at 100.00
|
AA
|
590,453
|
500
|
|
5.000%, 10/01/30
|
10/21 at 100.00
|
AA
|
520,270
|
500
|
|
5.000%, 10/01/31
|
10/21 at 100.00
|
AA
|
517,050
|
485
|
|
Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007,
|
No Opt. Call
|
N/R
|
500,986
|
|
|
5.125%, 5/01/14
|
|
|
|
|
|
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
|
|
|
|
1,520
|
|
0.000%, 10/15/28 – AGM Insured
|
10/16 at 55.35
|
AA–
|
637,397
|
720
|
|
5.000%, 10/15/36 – FGIC Insured
|
10/16 at 100.00
|
Aa3
|
729,115
|
700
|
|
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan Notes,
|
10/19 at 100.00
|
BBB
|
647,087
|
|
|
Series 2009A-1, 5.000%, 10/01/39
|
|
|
|
5,400
|
|
Total Tax Obligation/Limited
|
|
|
4,568,882
|
|
|
Transportation – 2.7% (1.7% of Total Investments)
|
|
|
|
250
|
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
|
No Opt. Call
|
A
|
259,458
|
|
|
Refunding Series 2007, 5.000%, 12/01/12 – FGIC Insured
|
|
|
|
500
|
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
|
No Opt. Call
|
A
|
530,845
|
|
|
Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)
|
|
|
|
750
|
|
Total Transportation
|
|
|
790,303
|
|
|
U.S. Guaranteed – 16.6% (10.8% of Total Investments) (4)
|
|
|
|
1,000
|
|
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site
|
5/12 at 100.00
|
Aa2 (4)
|
1,022,200
|
|
|
Improvement Bonds, Series 2001A, 5.500%, 5/01/21 (Pre-refunded 5/01/12) – AGM Insured
|
|
|
|
720
|
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,
|
7/13 at 100.00
|
AA– (4)
|
770,825
|
|
|
7/01/17 (Pre-refunded 7/01/13) – AGM Insured
|
|
|
|
1,235
|
|
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A,
|
1/12 at 100.00
|
A2 (4)
|
1,240,385
|
|
|
5.250%, 1/01/24 (Pre-refunded 1/01/12) – AMBAC Insured
|
|
|
|
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%, 5/15/30 (Pre-refunded 5/15/15)
|
5/15 at 100.00
|
AA+ (4)
|
484,296
|
335
|
|
5.000%, 5/15/37 (Pre-refunded 5/15/15)
|
5/15 at 100.00
|
AA+ (4)
|
381,739
|
|
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E:
|
|
|
|
85
|
|
6.000%, 8/01/26 (ETM)
|
No Opt. Call
|
Baa2 (4)
|
113,456
|
615
|
|
6.000%, 8/01/26 (ETM)
|
No Opt. Call
|
AA+ (4)
|
820,890
|
4,500
|
|
Total U.S. Guaranteed
|
|
|
4,923,129
|
|
|
Utilities – 11.0% (7.1% of Total Investments)
|
|
|
|
1,115
|
|
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds,
|
7/13 at 100.00
|
AA–
|
1,165,253
|
|
|
Series 2003A, 5.000%, 7/01/21 – AGM Insured
|
|
|
|
|
|
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds,
|
|
|
|
|
|
Series 2008A:
|
|
|
|
50
|
|
5.000%, 7/01/28
|
7/18 at 100.00
|
AA–
|
52,794
|
750
|
|
5.000%, 7/01/32
|
7/18 at 100.00
|
AA–
|
776,543
|
|
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond
|
|
|
|
|
|
Trust 4700:
|
|
|
|
100
|
|
17.770%, 7/01/37 (IF) (5)
|
7/21 at 100.00
|
AA–
|
120,988
|
250
|
|
17.924%, 7/01/37 (IF) (5)
|
7/21 at 100.00
|
AA–
|
302,470
|
|
|
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2011:
|
|
|
|
500
|
|
5.000%, 1/01/26 – AGM Insured
|
1/21 at 100.00
|
AA–
|
533,245
|
290
|
|
5.000%, 1/01/27 – AGM Insured
|
No Opt. Call
|
AA–
|
308,151
|
3,055
|
|
Total Utilities
|
|
|
3,259,444
|
|
|
Water and Sewer – 18.3% (11.9% of Total Investments)
|
|
|
|
1,000
|
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A,
|
7/16 at 100.00
|
AA–
|
1,007,080
|
|
|
5.000%, 7/01/34 – AGM Insured
|
|
|
|
1,000
|
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%,
|
No Opt. Call
|
A
|
1,061,010
|
|
|
7/01/29 – FGIC Insured
|
|
|
|
280
|
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,
|
7/13 at 100.00
|
AA–
|
289,926
|
|
|
7/01/17 – AGM Insured
|
|
|
|
125
|
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38
|
1/18 at 100.00
|
AA+
|
128,525
|
150
|
|
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 –
|
1/19 at 100.00
|
Aa1
|
158,241
|
|
|
AGC Insured
|
|
|
|
1,000
|
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005,
|
10/15 at 100.00
|
AAA
|
1,132,460
|
|
|
5.000%, 10/01/19
|
|
|
|
500
|
|
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007,
|
10/17 at 100.00
|
AAA
|
558,629
|
|
|
5.000%, 10/01/23
|
|
|
|
500
|
|
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011, 5.250%, 10/01/31
|
10/21 at 100.00
|
A
|
510,559
|
500
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
|
7/18 at 100.00
|
Baa2
|
517,394
|
|
|
6.000%, 7/01/44
|
|
|
|
50
|
|
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 –
|
7/18 at 100.00
|
A
|
53,750
|
|
|
NPFG Insured
|
|
|
|
5,105
|
|
Total Water and Sewer
|
|
|
5,417,574
|
$ 45,252
|
|
Total Investments (cost $44,092,536) – 154.0%
|
|
|
45,628,400
|
|
|
Floating Rate Obligations – (2.2)%
|
|
|
(665,000)
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (55.0)% (6)
|
|
|
(16,313,000)
|
|
|
Other Assets Less Liabilities – 3.2%
|
|
|
984,856
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 29,635,256
|