$ 1,750
|
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
|
6/18 at 100.00
|
BB–
|
$ 1,811,775
|
|
|
Series 2008A, 6.875%, 6/01/42
|
|
|
|
|
|
Education and Civic Organizations – 11.7% (7.8% 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–
|
216,113
|
85
|
|
Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding
|
10/21 at 100.00
|
BBB–
|
98,597
|
|
|
Bonds, Detroit Service Learning Academy Project, Series 2011, 7.000%, 10/01/31
|
|
|
|
1,150
|
|
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds,
|
3/13 at 100.00
|
N/R
|
1,150,207
|
|
|
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
|
253,613
|
|
|
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
|
1,712,415
|
350
|
|
Michigan Technological University, General Revenue and Refunding Bonds, Series 2012A,
|
10/21 at 100.00
|
Aa3
|
406,473
|
|
|
5.000%, 10/01/34
|
|
|
|
3,585
|
|
Total Education and Civic Organizations
|
|
|
3,837,418
|
|
|
Health Care – 14.7% (9.8% of Total Investments)
|
|
|
|
500
|
|
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson
|
7/21 at 100.00
|
AA–
|
569,705
|
|
|
Healthcare, Refunding Series 2011A, 5.000%, 7/01/29
|
|
|
|
90
|
|
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance
|
6/20 at 100.00
|
AA–
|
100,444
|
|
|
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
|
AA
|
580,375
|
500
|
|
5.000%, 1/15/42
|
1/22 at 100.00
|
AA
|
566,275
|
250
|
|
Michigan Finance Authority, Hospital Revenue Refunding Bonds, Crittenton Hospital Medical
|
No Opt. Call
|
A–
|
272,180
|
|
|
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
|
250
|
|
5.000%, 11/01/42
|
11/22 at 100.00
|
A
|
278,860
|
1,000
|
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
|
12/21 at 100.00
|
AA
|
1,141,930
|
|
|
5.000%, 12/01/39
|
|
|
|
|
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,
|
|
|
|
|
|
Refunding Series 2009:
|
|
|
|
150
|
|
5.000%, 11/15/20
|
11/19 at 100.00
|
A1
|
178,323
|
475
|
|
5.750%, 11/15/39
|
11/19 at 100.00
|
A1
|
556,966
|
150
|
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated Group,
|
6/19 at 100.00
|
AA–
|
173,208
|
|
|
Series 2009A, 5.875%, 6/01/39 – AGC Insured
|
|
|
|
100
|
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
9/18 at 100.00
|
A1
|
130,470
|
|
|
Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
|
|
|
4,215
|
|
Total Health Care
|
|
|
4,842,926
|
|
|
Housing/Multifamily – 7.5% (5.0% of Total Investments)
|
|
|
|
1,700
|
|
Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily
|
8/14 at 100.00
|
Aaa
|
1,736,397
|
|
|
Housing Revenue Bonds, Cranbrook Apartments, Series 2001A, 5.400%, 2/20/31 (Alternative
|
|
|
|
|
|
Minimum Tax)
|
|
|
|
370
|
|
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A,
|
11/14 at 101.00
|
AA
|
382,850
|
|
|
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
|
207,822
|
|
|
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
|
110,683
|
|
|
5.700%, 10/01/39
|
|
|
|
45
|
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 3.950%,
|
4/22 at 100.00
|
AA
|
45,830
|
|
|
10/01/37 (WI/DD, Settling 12/05/12)
|
|
|
|
2,415
|
|
Total Housing/Multifamily
|
|
|
2,483,582
|
|
|
Housing/Single Family – 2.9% (1.9% of Total Investments)
|
|
|
|
845
|
|
Total Housing/Single Family
|
|
|
938,703
|
|
|
Industrials – 1.6% (1.0% of Total Investments)
|
|
|
|
500
|
|
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Republic Services Inc., Series
|
No Opt. Call
|
BBB
|
512,345
|
|
|
2001, 4.250%, 8/01/31 (Mandatory put 4/01/14) (Alternative Minimum Tax)
|
|
|
|
|
|
Tax Obligation/General – 38.4% (25.6% of Total Investments)
|
|
|
|
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
|
|
|
|
200
|
|
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement
|
5/18 at 100.00
|
AA+
|
231,838
|
|
|
Series 2008, 5.000%, 5/01/38
|
|
|
|
500
|
|
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2012,
|
5/21 at 100.00
|
AA–
|
531,665
|
|
|
4.000%, 5/01/33
|
|
|
|
437
|
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
|
5/17 at 100.00
|
Aa2
|
529,998
|
|
|
Bonds, Tender Option Bond Trust 2008-1096, 8.012%, 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–
|
177,776
|
290
|
|
5.500%, 5/01/41
|
5/21 at 100.00
|
AA–
|
343,464
|
1,040
|
|
Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation
|
No Opt. Call
|
AA–
|
1,205,038
|
|
|
Bonds, Building Authority Stadium Refunding Series 2012, 5.000%, 10/01/19 – AGM Insured
|
|
|
|
300
|
|
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007, 5.000%,
|
9/17 at 100.00
|
AA
|
345,084
|
|
|
9/01/27 – NPFG Insured
|
|
|
|
430
|
|
Lowell Area Schools, Kent and Ionia Counties, Michigan, General Obligation Bonds, Series 2007,
|
5/17 at 100.00
|
Aa2
|
484,821
|
|
|
5.000%, 5/01/37 – AGM Insured
|
|
|
|
100
|
|
Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012,
|
No Opt. Call
|
A+
|
116,932
|
|
|
5.000%, 6/01/20
|
|
|
|
500
|
|
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A,
|
12/21 at 100.00
|
Aa2
|
640,225
|
|
|
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
|
122,199
|
1,410
|
|
New Haven Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2006,
|
5/16 at 100.00
|
Aa2
|
1,581,400
|
|
|
5.000%, 5/01/25 – AGM Insured
|
|
|
|
420
|
|
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,
|
5/17 at 100.00
|
Aaa
|
475,486
|
|
|
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
|
1,135,760
|
|
|
8/01/30 – NPFG Insured (UB)
|
|
|
|
235
|
|
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option
|
No Opt. Call
|
Aa2
|
299,162
|
|
|
Bond Trust 2836, 11.153%, 5/01/15 – AGM Insured (IF)
|
|
|
|
750
|
|
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School
|
5/18 at 100.00
|
Aa2
|
862,305
|
|
|
Building & Site, Series 2008, 5.000%, 5/01/28 – AGC Insured
|
|
|
|
200
|
|
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series
|
No Opt. Call
|
AA–
|
246,472
|
|
|
2012, 5.000%, 5/01/19
|
|
|
|
100
|
|
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%,
|
5/18 at 100.00
|
Aa2
|
114,604
|
|
|
5/01/33 – AGM Insured
|
|
|
|
25
|
|
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series
|
12/19 at 100.00
|
AA–
|
29,288
|
|
|
2009, 5.125%, 12/01/33 – AGC Insured
|
|
|
|
35
|
|
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series
|
5/17 at 100.00
|
Aa2
|
39,529
|
|
|
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
|
114,120
|
|
|
5/01/34 – AGM Insured
|
|
|
|
225
|
|
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building
|
5/18 at 100.00
|
Aa2
|
254,009
|
|
|
and Site, Series 2008, 5.000%, 5/01/38 – AGM Insured
|
|
|
|
65
|
|
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A,
|
12/19 at 100.00
|
BBB+
|
76,627
|
|
|
6.750%, 11/01/39
|
|
|
|
1,690
|
|
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds,
|
12/12 at 100.00
|
BBB+
|
1,690,828
|
|
|
Detroit 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
|
541,590
|
|
|
5/01/17 – AGM Insured
|
|
|
|
11,147
|
|
Total Tax Obligation/General
|
|
|
12,618,151
|
|
|
Tax Obligation/Limited – 20.3% (13.6% of Total Investments)
|
|
|
|
265
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
|
1/22 at 100.00
|
A
|
303,028
|
|
|
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
|
653,682
|
500
|
|
5.000%, 10/01/30
|
10/21 at 100.00
|
AA
|
580,255
|
500
|
|
5.000%, 10/01/31
|
10/21 at 100.00
|
AA
|
578,985
|
330
|
|
Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007,
|
No Opt. Call
|
A–
|
338,369
|
|
|
5.125%, 5/01/14
|
|
|
|
420
|
|
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B,
|
7/16 at 100.00
|
AAA
|
479,942
|
|
|
5.000%, 7/01/22
|
|
|
|
|
|
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
|
|
|
|
1,520
|
|
0.000%, 10/15/28 – AGM Insured
|
10/16 at 55.35
|
AA
|
748,083
|
720
|
|
5.000%, 10/15/36 – FGIC Insured
|
10/16 at 100.00
|
Aa3
|
803,304
|
|
|
Michigan State Trunk Line Fund Refunding Bonds, Series 2009:
|
|
|
|
1,160
|
|
4.000%, 11/15/32
|
11/21 at 100.00
|
AA+
|
1,276,847
|
150
|
|
5.000%, 11/15/36
|
11/21 at 100.00
|
AA+
|
178,538
|
700
|
|
Virgin Islands Public Finance Authority, Revenue Bonds, Senior Lien Matching Fund Loan
|
10/19 at 100.00
|
BBB+
|
748,160
|
|
|
Notes, Series 2009A-1, 5.000%, 10/01/39
|
|
|
|
6,825
|
|
Total Tax Obligation/Limited
|
|
|
6,689,193
|
|
|
Transportation – 2.6% (1.7% of Total Investments)
|
|
|
|
250
|
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,
|
No Opt. Call
|
A2
|
250,033
|
|
|
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
|
600,970
|
|
|
Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)
|
|
|
|
750
|
|
Total Transportation
|
|
|
851,003
|
|
|
U.S. Guaranteed – 12.6% (8.4% of Total Investments) (4)
|
|
|
|
720
|
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,
|
7/13 at 100.00
|
AA– (4)
|
739,994
|
|
|
7/01/17 (Pre-refunded 7/01/13) – AGM Insured
|
|
|
|
525
|
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group,
|
4/13 at 100.00
|
AA+ (4)
|
534,555
|
|
|
Series 2002A, 5.750%, 4/01/32 (Pre-refunded 4/01/13)
|
|
|
|
|
|
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)
|
471,890
|
335
|
|
5.000%, 5/15/37 (Pre-refunded 5/15/15)
|
5/15 at 100.00
|
AA+ (4)
|
371,961
|
|
|
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital,
|
|
|
|
|
|
Series 2005A:
|
|
|
|
500
|
|
5.000%, 5/15/26 (Pre-refunded 5/15/15)
|
5/15 at 100.00
|
Baa3 (4)
|
554,385
|
400
|
|
5.000%, 5/15/34 (Pre-refunded 5/15/15)
|
5/15 at 100.00
|
Baa3 (4)
|
443,508
|
|
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E:
|
|
|
|
85
|
|
6.000%, 8/01/26 (ETM)
|
No Opt. Call
|
BBB– (4)
|
125,691
|
615
|
|
6.000%, 8/01/26 (ETM)
|
No Opt. Call
|
AA+ (4)
|
909,413
|
3,605
|
|
Total U.S. Guaranteed
|
|
|
4,151,397
|
|
|
Utilities – 11.7% (7.8% 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–
|
1,144,726
|
|
|
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–
|
56,465
|
750
|
|
5.000%, 7/01/32
|
7/18 at 100.00
|
AA–
|
846,713
|
|
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond
|
|
|
|
|
|
Trust 4700:
|
|
|
|
100
|
|
17.800%, 7/01/37 (IF) (5)
|
7/21 at 100.00
|
AA–
|
168,904
|
250
|
|
17.954%, 7/01/37 (IF) (5)
|
7/21 at 100.00
|
AA–
|
422,260
|
250
|
|
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%,
|
1/22 at 100.00
|
A2
|
274,373
|
|
|
1/01/43 – AGM Insured
|
|
|
|
|
|
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–
|
587,195
|
290
|
|
5.000%, 1/01/27 – AGM Insured
|
1/21 at 100.00
|
AA–
|
338,271
|
3,305
|
|
Total Utilities
|
|
|
3,838,907
|
|
|
Water and Sewer – 20.5% (13.7% of Total Investments)
|
|
|
|
250
|
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
AA–
|
275,703
|
|
|
Refunding Senior Lien Series 2012A, 5.000%, 7/01/39 – AGM Insured
|
|
|
|
1,000
|
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Senior Lien Bonds, Series
|
7/16 at 100.00
|
AA–
|
1,060,670
|
|
|
2006A, 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
|
1,219,930
|
|
|
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
|
285,130
|
|
|
7/01/17 – AGM Insured
|
|
|
|
490
|
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
|
7/21 at 100.00
|
A+
|
533,193
|
125
|
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38
|
1/18 at 100.00
|
AA+
|
143,732
|
150
|
|
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%,
|
1/19 at 100.00
|
AA
|
175,441
|
|
|
1/01/39 – AGC Insured
|
|
|
|
140
|
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012,
|
10/22 at 100.00
|
AAA
|
173,309
|
|
|
5.000%, 10/01/32
|
|
|
|
1,000
|
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005,
|
10/15 at 100.00
|
AAA
|
1,125,559
|
|
|
5.000%, 10/01/19
|
|
|
|
500
|
|
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007,
|
10/17 at 100.00
|
AAA
|
591,329
|
|
|
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
|
571,089
|
500
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
|
7/18 at 100.00
|
Baa2
|
529,699
|
|
|
6.000%, 7/01/44
|
|
|
|
50
|
|
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%,
|
7/18 at 100.00
|
A
|
56,513
|
|
|
7/01/22 – NPFG Insured
|
|
|
|
5,985
|
|
Total Water and Sewer
|
|
|
6,741,297
|
$ 44,927
|
|
Total Investments (cost $44,170,028) – 150.0%
|
|
|
49,316,697
|
|
|
Floating Rate Obligations – (2.0)%
|
|
|
(665,000)
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (49.6)% (6)
|
|
|
(16,313,000)
|
|
|
Other Assets Less Liabilities – 1.6%
|
|
|
546,785
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 32,885,482
|