Portfolio of Investments (Unaudited)
|
|||||
Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM)
|
|||||
November 30, 2011
|
|||||
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
Consumer Staples – 3.9% (2.6% of Total Investments)
|
|||||
$ 7,500
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
|
6/18 at 100.00
|
B2
|
$ 6,732,450
|
|
Series 2008A, 6.875%, 6/01/42
|
|||||
Education and Civic Organizations – 4.1% (2.7% 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
|
|
755
|
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005,
|
11/15 at 100.00
|
B+
|
560,678
|
|
5.750%, 11/01/30
|
|||||
385
|
Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding
|
10/21 at 100.00
|
BBB–
|
385,000
|
|
Bonds, Detroit Service Learning Academy Project, Series 2011, 7.000%, 10/01/31 (WI/DD,
|
|||||
Settling 12/13/11)
|
|||||
1,685
|
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds,
|
3/12 at 100.00
|
N/R
|
1,685,843
|
|
Kettering University, Series 2001, 5.500%, 9/01/17 – AMBAC Insured
|
|||||
1,000
|
Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2002 XVII-G, 5.200%,
|
9/12 at 100.00
|
AA
|
1,007,420
|
|
9/01/20 – AMBAC Insured (Alternative Minimum Tax)
|
|||||
2,000
|
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40
|
2/20 at 100.00
|
Aa1
|
2,096,540
|
|
1,115
|
Michigan Technological University, General Revenue Bonds, Series 2004A, 5.000%, 10/01/22 –
|
10/13 at 100.00
|
Aa3
|
1,174,876
|
|
NPFG Insured
|
|||||
7,190
|
Total Education and Civic Organizations
|
7,090,965
|
|||
Health Care – 19.6% (13.1% of Total Investments)
|
|||||
2,000
|
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson
|
7/21 at 100.00
|
A1
|
2,003,680
|
|
Healthcare, Refunding Series 2011A, 5.000%, 7/01/29
|
|||||
1,080
|
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance
|
6/20 at 100.00
|
AA–
|
1,084,082
|
|
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:
|
|||||
3,000
|
5.000%, 1/15/31
|
1/22 at 100.00
|
AA
|
3,055,950
|
|
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
|
|||||
4,100
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,
|
11/19 at 100.00
|
A1
|
4,209,060
|
|
Refunding Series 2009, 5.750%, 11/15/39
|
|||||
4,075
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group,
|
4/13 at 100.00
|
A
|
4,100,387
|
|
Series 2002A, 5.750%, 4/01/32
|
|||||
2,500
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated
|
6/19 at 100.00
|
AA–
|
2,624,450
|
|
Group, Series 2009A, 5.875%, 6/01/39 – AGC Insured
|
|||||
1,000
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Memorial
|
5/12 at 100.00
|
BBB
|
1,000,770
|
|
Healthcare Center Obligated Group, Series 1999, 5.875%, 11/15/21
|
|||||
1,375
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health
|
12/12 at 100.00
|
AA
|
1,384,721
|
|
Credit Group, Series 2002C, 5.375%, 12/01/30
|
|||||
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital,
|
|||||
Series 2005A:
|
|||||
1,500
|
5.000%, 5/15/26
|
5/15 at 100.00
|
Baa3
|
1,408,740
|
|
2,080
|
5.000%, 5/15/34
|
5/15 at 100.00
|
Baa3
|
1,820,541
|
|
1,150
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
9/18 at 100.00
|
A1
|
1,367,270
|
|
Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
|||||
5,575
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
5/12 at 100.00
|
A1
|
5,574,889
|
|
Hospital, Series 2001M, 5.250%, 11/15/31 – NPFG Insured
|
|||||
34,185
|
Total Health Care
|
34,382,005
|
|||
Housing/Multifamily – 5.2% (3.5% of Total Investments)
|
|||||
2,675
|
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue
|
12/20 at 101.00
|
AA+
|
2,827,448
|
|
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax)
|
|||||
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A:
|
|||||
285
|
3.375%, 11/01/16 (Alternative Minimum Tax)
|
11/14 at 101.00
|
AA
|
285,285
|
|
2,515
|
3.875%, 11/01/17 (Alternative Minimum Tax)
|
11/14 at 101.00
|
AA
|
2,530,216
|
|
140
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1999A, 5.300%,
|
4/12 at 100.00
|
AA
|
140,021
|
|
10/01/37 – NPFG Insured (Alternative Minimum Tax)
|
|||||
1,300
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%,
|
7/15 at 100.00
|
AA
|
1,313,585
|
|
4/01/31 – AGM Insured (Alternative Minimum Tax)
|
|||||
200
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009A,
|
10/18 at 100.00
|
AA
|
209,066
|
|
5.700%, 10/01/39
|
|||||
1,825
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A,
|
10/20 at 100.00
|
AA
|
1,840,713
|
|
5.000%, 10/01/35
|
|||||
8,940
|
Total Housing/Multifamily
|
9,146,334
|
|||
Housing/Single Family – 1.7% (1.1% of Total Investments)
|
|||||
2,000
|
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
|
6/20 at 100.00
|
AAA
|
2,042,880
|
|
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax)
|
|||||
950
|
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series
|
6/21 at 100.00
|
AAA
|
980,429
|
|
2011A, 4.600%, 12/01/26
|
|||||
2,950
|
Total Housing/Single Family
|
3,023,309
|
|||
Tax Obligation/General – 51.5% (34.2% of Total Investments)
|
|||||
1,000
|
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation
|
5/12 at 100.00
|
Aa2
|
1,005,150
|
|
Refunding Bonds, Series 2002, 5.000%, 5/01/25
|
|||||
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
|
|||||
2,110
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
|
5/13 at 100.00
|
Aa2
|
2,217,610
|
|
Bonds, Series 2003, 5.250%, 5/01/20
|
|||||
1,000
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
|
5/15 at 100.00
|
Aa2
|
1,042,410
|
|
Bonds, Series 2005, 5.000%, 5/01/25 – NPFG Insured
|
|||||
2,319
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
|
5/17 at 100.00
|
Aa2
|
2,363,989
|
|
Bonds, Tender Option Bond Trust 2008-1096, 7.950%, 5/01/32 – NPFG Insured (IF)
|
|||||
1,900
|
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building
|
5/21 at 100.00
|
AA–
|
2,019,738
|
|
& Site, Series 2011B, 5.500%, 5/01/41
|
|||||
2,000
|
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A,
|
No Opt. Call
|
Aa2
|
2,317,380
|
|
6.000%, 5/01/19 – FGIC Insured
|
|||||
700
|
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building
|
2/12 at 100.00
|
A3
|
701,561
|
|
Authority Stadium Bonds, Series 1997, 5.500%, 2/01/17 – FGIC Insured
|
|||||
285
|
East Grand Rapids Public Schools, County of Kent, State of Michigan, General Obligation Bonds,
|
5/12 at 100.00
|
AA
|
286,143
|
|
Series 2001, Refunding, 5.125%, 5/01/29
|
|||||
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General
|
|||||
Obligation Bonds, Devos Place Project, Series 2001:
|
|||||
8,900
|
0.000%, 12/01/25
|
No Opt. Call
|
AAA
|
4,889,838
|
|
3,000
|
0.000%, 12/01/26
|
No Opt. Call
|
AAA
|
1,551,210
|
|
5,305
|
0.000%, 12/01/29
|
No Opt. Call
|
AAA
|
2,268,524
|
|
1,700
|
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%,
|
9/17 at 100.00
|
AA
|
1,803,071
|
|
9/01/27 – NPFG Insured
|
|||||
1,400
|
Howell Public Schools, Livingston County, Michigan, General Obligation Bonds, Series 2003,
|
11/13 at 100.00
|
Aa2
|
1,480,122
|
|
5.000%, 5/01/21
|
|||||
1,065
|
Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site
|
5/14 at 100.00
|
Aa2
|
1,144,662
|
|
Bonds, Series 2004, 5.000%, 5/01/22 – AGM Insured
|
|||||
1,935
|
Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 –
|
5/16 at 100.00
|
Aa2
|
2,073,720
|
|
AGM Insured
|
|||||
200
|
L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Series 2005,
|
5/15 at 100.00
|
AA+
|
203,352
|
|
5.000%, 5/01/35 – AGM Insured
|
|||||
2,505
|
Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, General
|
5/16 at 100.00
|
Aa2
|
2,632,605
|
|
Obligation Bonds, Series 2006, 5.000%, 5/01/25 – NPFG Insured
|
|||||
2,810
|
Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Series 2004A,
|
5/14 at 100.00
|
Aa2
|
3,001,558
|
|
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
|
|||||
1,500
|
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007,
|
5/17 at 100.00
|
AA–
|
1,554,270
|
|
5.000%, 5/01/30 – SYNCORA GTY Insured
|
|||||
2,100
|
Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District,
|
6/15 at 100.00
|
AA–
|
2,197,629
|
|
Series 2005, 5.000%, 6/01/18 – AGM Insured
|
|||||
1,000
|
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A,
|
12/21 at 100.00
|
Aa2
|
1,168,150
|
|
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
|
|
2,500
|
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%,
|
No Opt. Call
|
Aa3
|
3,043,150
|
|
5/01/22 – NPFG Insured
|
|||||
3,950
|
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,
|
5/17 at 100.00
|
Aaa
|
4,067,829
|
|
Series 2007, 5.000%, 5/01/36 – AGM Insured
|
|||||
1,595
|
Oakridge Public Schools, Muskegon County, Michigan, General Obligation Bonds, Series 2005,
|
5/15 at 100.00
|
AA–
|
1,749,157
|
|
5.000%, 5/01/22 – NPFG Insured
|
|||||
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007:
|
|||||
4,330
|
5.000%, 8/01/26 – NPFG Insured (UB)
|
8/17 at 100.00
|
Aaa
|
4,737,107
|
|
1,120
|
5.000%, 8/01/30 – NPFG Insured (UB)
|
8/17 at 100.00
|
Aaa
|
1,172,494
|
|
1,245
|
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option
|
No Opt. Call
|
Aa2
|
1,251,574
|
|
Bond Trust 2836, 11.227%, 5/01/15 – AGM Insured (IF)
|
|||||
4,340
|
Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General
|
5/14 at 100.00
|
Aa2
|
4,466,771
|
|
Obligation Bonds, Series 2004, 5.000%, 5/01/26 – FGIC Insured
|
|||||
Port Huron, Michigan, General Obligation Bonds, Refunding & Capital Improvement Series 2011:
|
|||||
1,585
|
5.000%, 10/01/31 – AGM Insured
|
10/21 at 100.00
|
AA–
|
1,626,400
|
|
640
|
5.250%, 10/01/37 – AGM Insured
|
10/21 at 100.00
|
AA–
|
654,016
|
|
Port Huron, Michigan, General Obligation Bonds, Series 2011B:
|
|||||
530
|
5.000%, 10/01/31 – AGM Insured
|
10/21 at 100.00
|
AA–
|
543,844
|
|
800
|
5.250%, 10/01/40 – AGM Insured
|
10/21 at 100.00
|
AA–
|
816,272
|
|
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
|
|||||
200
|
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series
|
12/19 at 100.00
|
AA–
|
216,632
|
|
2009, 5.125%, 12/01/33 – AGC Insured
|
|||||
3,175
|
South Redford School District, Wayne County, Michigan, General Obligation Bonds, School
|
5/15 at 100.00
|
Aa2
|
3,250,438
|
|
Building and Site, Series 2005, 5.000%, 5/01/30 – NPFG Insured
|
|||||
1,655
|
Southfield Library Building Authority, Michigan, General Obligation Bonds, Series 2005,
|
5/15 at 100.00
|
AA
|
1,724,808
|
|
5.000%, 5/01/26 – NPFG Insured
|
|||||
2,200
|
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series
|
5/17 at 100.00
|
Aa2
|
2,265,626
|
|
2007, 5.000%, 5/01/32 – NPFG Insured
|
|||||
2,000
|
Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%,
|
5/18 at 100.00
|
Aa2
|
2,064,720
|
|
5/01/34 – AGM Insured
|
|||||
2,275
|
Troy City School District, Oakland County, Michigan, General Obligation Bonds, Series 2006,
|
5/16 at 100.00
|
Aa1
|
2,514,740
|
|
5.000%, 5/01/19 – NPFG Insured
|
|||||
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building
|
|||||
and Site, Series 2008:
|
|||||
310
|
5.000%, 5/01/31 – AGM Insured
|
5/18 at 100.00
|
Aa2
|
321,433
|
|
575
|
5.000%, 5/01/38 – AGM Insured
|
5/18 at 100.00
|
Aa2
|
589,404
|
|
1,180
|
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A,
|
12/19 at 100.00
|
A3
|
1,275,651
|
|
6.750%, 11/01/39
|
|||||
5,000
|
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit
|
12/12 at 100.00
|
BBB+
|
5,046,850
|
|
Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/21 – NPFG Insured
|
|||||
3,350
|
Wayne Westland Community Schools, Michigan, General Obligation Bonds, Series 2004, 5.000%,
|
11/14 at 100.00
|
Aa2
|
3,656,492
|
|
5/01/17 – AGM Insured
|
|||||
1,725
|
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds,
|
No Opt. Call
|
Aa3
|
2,058,719
|
|
Series 1996, 5.500%, 5/01/25 – NPFG Insured
|
|||||
93,979
|
Total Tax Obligation/General
|
90,116,759
|
|||
Tax Obligation/Limited – 18.6% (12.3% of Total Investments)
|
|||||
1,305
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 (WI/DD,
|
1/22 at 100.00
|
A
|
1,327,577
|
|
Settling 12/01/11)
|
|||||
1,000
|
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds,
|
No Opt. Call
|
AA
|
1,142,450
|
|
Series 1998, 5.000%, 4/01/16
|
|||||
10
|
Michigan Municipal Bond Authority, Local Government Loan Program Revenue Sharing Bonds, Series
|
No Opt. Call
|
Aa3
|
10,044
|
|
1992D, 6.650%, 5/01/12
|
|||||
2,135
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%,
|
10/15 at 100.00
|
Aa3
|
2,166,769
|
|
10/15/33 – AMBAC Insured
|
|||||
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
|
|||||
7,000
|
0.000%, 10/15/27 – AGM Insured
|
10/16 at 58.27
|
AA–
|
3,137,260
|
|
6,200
|
0.000%, 10/15/28 – AGM Insured
|
10/16 at 55.35
|
AA–
|
2,599,908
|
|
4,440
|
5.000%, 10/15/36 – FGIC Insured
|
10/16 at 100.00
|
Aa3
|
4,496,210
|
|
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II:
|
|||||
5,100
|
5.000%, 10/15/22 – NPFG Insured
|
10/13 at 100.00
|
Aa3
|
5,273,298
|
|
5,000
|
5.000%, 10/15/23 – NPFG Insured
|
10/13 at 100.00
|
Aa3
|
5,157,550
|
|
3,500
|
Michigan State Trunk Line, Fund Refunding Bonds, Series 2002, 5.250%, 10/01/21 – AGM Insured
|
10/12 at 100.00
|
AA+
|
3,622,745
|
|
17,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
|
No Opt. Call
|
Aa2
|
2,165,290
|
|
8/01/44 – NPFG Insured
|
|||||
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B,
|
10/19 at 100.00
|
BBB
|
1,017,770
|
|
5.000%, 10/01/25
|
|||||
420
|
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan Notes,
|
10/19 at 100.00
|
BBB
|
388,252
|
|
Series 2009A-1, 5.000%, 10/01/39
|
|||||
54,110
|
Total Tax Obligation/Limited
|
32,505,123
|
|||
Transportation – 2.1% (1.4% of Total Investments)
|
|||||
1,000
|
Capital Region Airport Authority, Michigan, Revenue Refunding Bonds, Series 2002, 5.250%,
|
7/12 at 100.00
|
Baa1
|
1,007,390
|
|
7/01/21 – NPFG Insured (Alternative Minimum Tax)
|
|||||
500
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
|
No Opt. Call
|
A
|
518,915
|
|
Refunding Series 2007, 5.000%, 12/01/12 – FGIC Insured
|
|||||
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)
|
|||||
3,500
|
Total Transportation
|
3,649,685
|
|||
U.S. Guaranteed – 21.3% (14.2% of Total Investments) (4)
|
|||||
1,200
|
Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/20
|
10/12 at 100.50
|
AAA
|
1,253,508
|
|
(Pre-refunded 10/01/12)
|
|||||
1,320
|
Bridgeport Spaulding Community School District, Saginaw County, Michigan, General Obligation
|
5/12 at 100.00
|
Aa2 (4)
|
1,349,304
|
|
Bonds, Series 2002, 5.500%, 5/01/16 (Pre-refunded 5/01/12)
|
|||||
935
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,
|
7/13 at 100.00
|
AA– (4)
|
1,001,002
|
|
7/01/17 (Pre-refunded 7/01/13) – AGM Insured
|
|||||
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A:
|
|||||
4,025
|
5.000%, 7/01/24 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
A+ (4)
|
4,317,779
|
|
1,500
|
5.000%, 7/01/25 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
A+ (4)
|
1,609,110
|
|
2,000
|
Lake Fenton Community Schools, Genesee County, Michigan, General Obligation Bonds, Series
|
5/12 at 100.00
|
Aa2 (4)
|
2,040,300
|
|
2002, 5.000%, 5/01/24 (Pre-refunded 5/01/12)
|
|||||
1,790
|
Lansing Building Authority, Michigan, General Obligation Bonds, Series 2003A, 5.000%, 6/01/26
|
6/13 at 100.00
|
AA (4)
|
1,914,316
|
|
(Pre-refunded 6/01/13) – NPFG Insured
|
|||||
3,880
|
Mayville Community Schools, Tuscola County, Michigan, General Obligation Bonds, School
|
11/14 at 100.00
|
Aa2 (4)
|
4,370,316
|
|
Building and Site Project, Series 2004, 5.000%, 5/01/34 (Pre-refunded 11/01/14) – FGIC Insured
|
|||||
3,000
|
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A,
|
1/12 at 100.00
|
A2 (4)
|
3,013,080
|
|
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)
|
|||||
3,460
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s Health
|
5/12 at 100.00
|
Aaa
|
3,472,041
|
|
System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM)
|
|||||
125
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health
|
12/12 at 100.00
|
N/R (4)
|
131,380
|
|
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:
|
|||||
1,025
|
5.000%, 5/15/30 (Pre-refunded 5/15/15)
|
5/15 at 100.00
|
AA+ (4)
|
1,168,008
|
|
500
|
5.000%, 5/15/37 (Pre-refunded 5/15/15)
|
5/15 at 100.00
|
AA+ (4)
|
569,760
|
|
3,000
|
Michigan State, General Obligation Bonds, Environmental Protection Program, Series 2003A,
|
5/13 at 100.00
|
Aa2 (4)
|
3,207,450
|
|
5.250%, 5/01/20 (Pre-refunded 5/01/13)
|
|||||
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E:
|
|||||
85
|
6.000%, 8/01/26
|
No Opt. Call
|
Baa2 (4)
|
113,456
|
|
915
|
6.000%, 8/01/26
|
No Opt. Call
|
AA+ (4)
|
1,221,324
|
|
4,100
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y,
|
7/16 at 100.00
|
Aaa
|
4,936,236
|
|
5.500%, 7/01/36 (Pre-refunded 7/01/16)
|
|||||
34,360
|
Total U.S. Guaranteed
|
37,286,890
|
|||
Utilities – 9.9% (6.6% of Total Investments)
|
|||||
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds,
|
|||||
Series 2008A:
|
|||||
215
|
5.000%, 7/01/28
|
7/18 at 100.00
|
AA–
|
227,014
|
|
5,000
|
5.000%, 7/01/32
|
7/18 at 100.00
|
AA–
|
5,176,950
|
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond
|
|||||
Trust 4700:
|
|||||
900
|
17.770%, 7/01/37 (IF) (5)
|
7/21 at 100.00
|
AA–
|
1,088,892
|
|
500
|
17.924%, 7/01/37 (IF) (5)
|
7/21 at 100.00
|
AA–
|
604,940
|
|
500
|
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2011,
|
1/21 at 100.00
|
AA–
|
533,245
|
|
5.000%, 1/01/26 – AGM Insured
|
|||||
2,110
|
Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000,
|
No Opt. Call
|
BBB+
|
2,141,376
|
|
6.000%, 5/01/12
|
|||||
3,630
|
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company,
|
No Opt. Call
|
A
|
4,599,101
|
|
Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured
|
|||||
3,000
|
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company,
|
12/12 at 100.00
|
BBB+
|
3,001,560
|
|
Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax)
|
|||||
15,855
|
Total Utilities
|
17,373,078
|
|||
Water and Sewer – 12.5% (8.3% of Total Investments)
|
|||||
5,500
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A,
|
7/16 at 100.00
|
AA–
|
5,538,940
|
|
5.000%, 7/01/34 – AGM 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
|
|||||
565
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,
|
7/13 at 100.00
|
AA–
|
585,029
|
|
7/01/17 – AGM Insured
|
|||||
1,500
|
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%,
|
7/13 at 100.00
|
A+
|
1,505,940
|
|
7/01/25 – NPFG Insured
|
|||||
425
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%,
|
7/18 at 100.00
|
AA+
|
446,628
|
|
7/01/36 – BHAC Insured
|
|||||
675
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38
|
1/18 at 100.00
|
AA+
|
694,035
|
|
2,030
|
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 –
|
1/19 at 100.00
|
Aa1
|
2,141,527
|
|
AGC Insured
|
|||||
4,210
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004,
|
10/14 at 100.00
|
AAA
|
4,653,228
|
|
5.000%, 10/01/19
|
|||||
1,150
|
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004,
|
10/14 at 100.00
|
AAA
|
1,254,787
|
|
5.000%, 10/01/23
|
|||||
1,000
|
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007,
|
10/17 at 100.00
|
AAA
|
1,107,439
|
|
5.000%,10/01/24
|
|||||
1,000
|
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011, 5.625%, 10/01/40
|
10/21 at 100.00
|
A
|
1,026,509
|
|
1,000
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
|
7/18 at 100.00
|
Baa2
|
1,034,789
|
|
6.000%, 7/01/44
|
|||||
300
|
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 –
|
7/18 at 100.00
|
A
|
322,502
|
|
NPFG Insured
|
|||||
20,855
|
Total Water and Sewer
|
21,902,868
|
|||
$ 283,424
|
Total Investments (cost $250,828,541) – 150.4%
|
263,209,466
|
|||
Floating Rate Obligations – (2.1)%
|
(3,630,000)
|
||||
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (50.2)% (6)
|
(87,900,000)
|
||||
Other Assets Less Liabilities – 1.9%
|
3,342,070
|
||||
Net Assets Applicable to Common Shares – 100%
|
$ 175,021,536
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
||||
Municipal Bonds
|
$ —
|
$263,209,466
|
$ —
|
$263,209,466
|
Gross unrealized:
|
|
Appreciation
|
$13,075,737
|
Depreciation
|
(878,176)
|
Net unrealized appreciation (depreciation) of investments
|
$12,197,561
|
(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 33.4%.
|
||
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.
|
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.
|