|
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|
|
|
|
|
|
|
|
Portfolio of Investments (Unaudited)
|
|
|
|
|
|
|
|
|
Nuveen Michigan Dividend Advantage Municipal Fund (NZW)
|
|
|
|
|
|
|
|
|
May 31, 2009
|
|
|
|
|
|
|
Principal
|
|
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
|
Description (1)
|
|
Provisions (2)
|
|
Ratings (3)
|
|
Value
|
|
|
|
Consumer Staples – 1.2% (0.8% of Total Investments)
|
|
|
|
|
|
|
$ 400
|
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
|
|
6/18 at 100.00
|
|
Baa3
|
$
|
326,208
|
|
|
Series 2008A, 6.875%, 6/01/42
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations – 6.5% (4.3% of Total Investments)
|
|
|
|
|
|
|
230
|
|
Chandler Park Academy, Michigan, Public School Academy Charter School Revenue Bonds, Series
|
|
11/15 at 100.00
|
|
BBB
|
|
149,728
|
|
|
2005, 5.125%, 11/01/35
|
|
|
|
|
|
|
500
|
|
Concord Academy, Boyne City, Michigan, Certificates of Participation, Series 2007,
|
|
11/17 at 100.00
|
|
N/R
|
|
375,160
|
|
|
5.450%, 11/01/22
|
|
|
|
|
|
|
1,150
|
|
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds,
|
|
9/11 at 100.00
|
|
N/R
|
|
1,113,729
|
|
|
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
|
|
181,033
|
|
|
Montessori Academy, Series 2007, 6.500%, 12/01/37
|
|
|
|
|
|
|
|
2,130
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
1,819,650
|
|
|
|
Health Care – 16.6% (11.0% of Total Investments)
|
|
|
|
|
|
|
500
|
|
Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital
|
|
8/17 at 100.00
|
|
N/R
|
|
301,990
|
|
|
Obligated Group, Series 2007A, 5.000%, 8/15/38
|
|
|
|
|
|
|
600
|
|
Michigan Hospital Financing Authority, Revenue Bonds, Oakwood Obligated Group, Series 2007A,
|
|
7/17 at 100.00
|
|
A
|
|
464,112
|
|
|
5.000%, 7/15/37
|
|
|
|
|
|
|
150
|
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group,
|
|
4/13 at 100.00
|
|
A
|
|
128,159
|
|
|
Series 2002A, 5.750%, 4/01/32
|
|
|
|
|
|
|
610
|
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sinai Hospital,
|
|
7/09 at 100.00
|
|
BB
|
|
551,818
|
|
|
Series 1995, 6.625%, 1/01/16
|
|
|
|
|
|
|
|
|
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital,
|
|
|
|
|
|
|
|
|
Series 2005:
|
|
|
|
|
|
|
425
|
|
5.000%, 5/15/30
|
|
5/15 at 100.00
|
|
BBB
|
|
481,109
|
335
|
|
5.000%, 5/15/37
|
|
5/15 at 100.00
|
|
AAA
|
|
379,227
|
|
|
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital,
|
|
|
|
|
|
|
|
|
Series 2005A:
|
|
|
|
|
|
|
50
|
|
5.000%, 5/15/13
|
|
No Opt. Call
|
|
Baa3
|
|
47,625
|
400
|
|
5.000%, 5/15/26
|
|
5/15 at 100.00
|
|
Baa3
|
|
306,008
|
400
|
|
5.000%, 5/15/34
|
|
5/15 at 100.00
|
|
Baa3
|
|
273,568
|
100
|
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
|
9/18 at 100.00
|
|
A1
|
|
112,979
|
|
|
Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
|
|
|
|
|
|
1,800
|
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
|
11/11 at 100.00
|
|
AA–
|
|
1,586,213
|
|
|
Hospital, Series 2001M, 5.250%, 11/15/31 – MBIA Insured
|
|
|
|
|
|
|
|
5,370
|
|
Total Health Care
|
|
|
|
|
|
4,632,808
|
|
|
|
Housing/Multifamily – 6.8% (4.5% of Total Investments)
|
|
|
|
|
|
|
1,700
|
|
Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily
|
|
8/12 at 102.00
|
|
Aaa
|
|
1,693,386
|
|
|
Housing Revenue Bonds, Cranbrook Apartments, Series 2001A, 5.400%, 2/20/31 (Alternative
|
|
|
|
|
|
|
|
|
Minimum Tax)
|
|
|
|
|
|
|
200
|
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%,
|
|
7/15 at 100.00
|
|
AAA
|
|
198,558
|
|
|
4/01/31 – FSA Insured (Alternative Minimum Tax)
|
|
|
|
|
|
|
|
1,900
|
|
Total Housing/Multifamily
|
|
|
|
|
|
1,891,944
|
|
|
|
Industrials – 1.7% (1.1% of Total Investments)
|
|
|
|
|
|
|
500
|
|
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Republic Services Inc., Series
|
|
No Opt. Call
|
|
BBB
|
|
460,230
|
|
|
2001, 4.250%, 8/01/31 (Mandatory put 4/01/14) (Alternative Minimum Tax)
|
|
|
|
|
|
|
|
|
|
Long-Term Care – 0.9% (0.6% of Total Investments)
|
|
|
|
|
|
|
335
|
|
Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian Villages of Michigan
|
|
5/15 at 100.00
|
|
N/R
|
|
242,376
|
|
|
Obligated Group, Series 2005, 5.250%, 11/15/25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General – 51.0% (33.6% of Total Investments)
|
|
|
|
|
|
|
200
|
|
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement
|
|
5/18 at 100.00
|
|
AA+
|
|
203,304
|
|
|
Series 2008, 5.000%, 5/01/38
|
|
|
|
|
|
|
437
|
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation
|
|
5/17 at 100.00
|
|
AA–
|
|
405,846
|
|
|
Bonds, Tender Option Bond Trust 2008-1096, 7.772%, 5/01/32 – MBIA Insured (IF)
|
|
|
|
|
|
|
50
|
|
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building
|
|
6/09 at 100.00
|
|
AA–
|
|
50,000
|
|
|
Authority Stadium Bonds, Series 1997, 5.500%, 2/01/17 – FGIC Insured
|
|
|
|
|
|
|
300
|
|
Grand Rapids, Michigan, General Obligation Bonds, Series 2007, 5.000%, 9/01/27 – MBIA Insured
|
|
9/17 at 100.00
|
|
AA
|
|
312,960
|
940
|
|
Huron Valley School District, Oakland and Livingston Counties, Michigan, General Obligation
|
|
11/11 at 100.00
|
|
AA–
|
|
948,065
|
|
|
Bonds, Series 2001, 5.000%, 5/01/27
|
|
|
|
|
|
|
500
|
|
Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site
|
|
5/14 at 100.00
|
|
AAA
|
|
518,730
|
|
|
Bonds, Series 2004, 5.000%, 5/01/22 – FSA Insured
|
|
|
|
|
|
|
430
|
|
Lowell Area Schools, Counties of Ionia and Kent, Michigan, General Obligation Bonds, Series
|
|
5/17 at 100.00
|
|
AAA
|
|
426,784
|
|
|
2007, 5.000%, 5/01/37 – FSA Insured
|
|
|
|
|
|
|
400
|
|
Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District,
|
|
6/15 at 100.00
|
|
AAA
|
|
430,224
|
|
|
Series 2005, 5.000%, 6/01/18 – FSA Insured
|
|
|
|
|
|
|
230
|
|
Michigan Municipal Bond Authority, State Aid Anticipation Revenue Notes, Series 2009B,
|
|
No Opt. Call
|
|
N/R
|
|
231,888
|
|
|
6.000%, 1/20/10
|
|
|
|
|
|
|
100
|
|
Michigan, General Obligation Bonds, Environmental Protection Program, Series 2009A,
|
|
5/19 at 100.00
|
|
AA–
|
|
105,148
|
|
|
5.500%, 11/01/25
|
|
|
|
|
|
|
1,150
|
|
Muskegon County, Michigan, Limited Tax General Obligation Wastewater Management System 2
|
|
7/11 at 100.00
|
|
AA–
|
|
1,160,155
|
|
|
Revenue Bonds, Series 2002, 5.000%, 7/01/26 – FGIC Insured
|
|
|
|
|
|
|
1,410
|
|
New Haven Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2006,
|
|
5/16 at 100.00
|
|
AAA
|
|
1,463,114
|
|
|
5.000%, 5/01/25 – FSA Insured
|
|
|
|
|
|
|
400
|
|
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds,
|
|
5/17 at 100.00
|
|
AAA
|
|
402,844
|
|
|
Series 2007, 5.000%, 5/01/36 – FSA Insured
|
|
|
|
|
|
|
1,000
|
|
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007,
|
|
8/17 at 100.00
|
|
Aa1
|
|
1,022,820
|
|
|
5.000%, 8/01/30 – MBIA Insured (UB)
|
|
|
|
|
|
|
235
|
|
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option
|
|
5/17 at 100.00
|
|
AAA
|
|
204,826
|
|
|
Bond Trust 2836, 10.445%, 5/01/36 – FSA Insured (IF)
|
|
|
|
|
|
|
750
|
|
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School
|
|
5/18 at 100.00
|
|
AAA
|
|
769,515
|
|
|
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
|
|
AAA
|
|
100,067
|
|
|
5/01/33 – FSA Insured
|
|
|
|
|
|
|
330
|
|
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series
|
|
5/17 at 100.00
|
|
AA–
|
|
331,271
|
|
|
2007, 5.000%, 5/01/32 – MBIA Insured
|
|
|
|
|
|
|
100
|
|
Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%,
|
|
5/18 at 100.00
|
|
AAA
|
|
99,854
|
|
|
5/01/34 – FSA Insured
|
|
|
|
|
|
|
225
|
|
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building
|
|
5/18 at 100.00
|
|
AAA
|
|
222,615
|
|
|
and Site, Series 2008, 5.000%, 5/01/38 – FSA Insured
|
|
|
|
|
|
|
|
|
Washtenaw County, Michigan, Limited Tax General Obligation Bonds, Sylvan Township Water and
|
|
|
|
|
|
|
|
|
Wastewater System, Series 2001:
|
|
|
|
|
|
|
500
|
|
5.000%, 5/01/19 – MBIA Insured
|
|
11/09 at 100.50
|
|
AA+
|
|
508,365
|
800
|
|
5.000%, 5/01/20 – MBIA Insured
|
|
11/09 at 100.50
|
|
AA+
|
|
813,384
|
1,690
|
|
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit
|
|
12/11 at 101.00
|
|
AA–
|
|
1,594,362
|
|
|
Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – MBIA Insured
|
|
|
|
|
|
|
500
|
|
Wayne Westland Community Schools, Michigan, General Obligation Bonds, Series 2004, 5.000%,
|
|
11/14 at 100.00
|
|
AAA
|
|
554,840
|
|
|
5/01/17 – FSA Insured
|
|
|
|
|
|
|
1,300
|
|
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, Series
|
|
5/11 at 100.00
|
|
AA–
|
|
1,339,572
|
|
|
2001, 5.000%, 5/01/21
|
|
|
|
|
|
|
|
14,077
|
|
Total Tax Obligation/General
|
|
|
|
|
|
14,220,553
|
|
|
|
Tax Obligation/Limited – 15.0% (9.9% of Total Investments)
|
|
|
|
|
|
|
1,100
|
|
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds,
|
|
10/11 at 100.00
|
|
AA
|
|
1,124,596
|
|
|
Series 2001, 5.125%, 10/01/26 – MBIA Insured
|
|
|
|
|
|
|
770
|
|
Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007,
|
|
No Opt. Call
|
|
N/R
|
|
730,307
|
|
|
5.125%, 5/01/14
|
|
|
|
|
|
|
|
|
Michigan Building Authority, Revenue Bonds, Series 2006IA:
|
|
|
|
|
|
|
1,520
|
|
0.000%, 10/15/28 – FGIC Insured
|
|
10/16 at 55.35
|
|
AAA
|
|
454,860
|
720
|
|
5.000%, 10/15/36 – FGIC Insured
|
|
10/16 at 100.00
|
|
AA–
|
|
667,404
|
|
|
|
|
|
|
|
|
|
1,205
|
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I,
|
|
10/11 at 100.00
|
|
A+
|
|
1,212,435
|
|
|
5.000%, 10/15/24
|
|
|
|
|
|
|
|
5,315
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
4,189,602
|
|
|
|
U.S. Guaranteed – 18.7% (12.3% of Total Investments) (4)
|
|
|
|
|
|
|
1,000
|
|
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site
|
|
5/12 at 100.00
|
|
AAA
|
|
1,115,000
|
|
|
Improvement Bonds, Series 2001A, 5.500%, 5/01/21 (Pre-refunded 5/01/12) – FSA Insured
|
|
|
|
|
|
|
720
|
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,
|
|
7/13 at 100.00
|
|
AAA
|
|
817,582
|
|
|
7/01/17 (Pre-refunded 7/01/13) – FSA Insured
|
|
|
|
|
|
|
1,000
|
|
Garden City School District, Wayne County, Michigan, General Obligation Refunding Bonds,
|
|
5/11 at 100.00
|
|
AA– (4)
|
|
1,076,260
|
|
|
Series 2001, 5.000%, 5/01/26 (Pre-refunded 5/01/11)
|
|
|
|
|
|
|
1,000
|
|
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health, Series 2001A,
|
|
7/11 at 101.00
|
|
AA (4)
|
|
1,094,570
|
|
|
5.250%, 1/15/21 (Pre-refunded 7/15/11)
|
|
|
|
|
|
|
|
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E:
|
|
|
|
|
|
|
85
|
|
6.000%, 8/01/26
|
|
No Opt. Call
|
|
BBB– (4)
|
|
103,874
|
615
|
|
6.000%, 8/01/26
|
|
No Opt. Call
|
|
AAA
|
|
751,561
|
250
|
|
Warren Building Authority, Michigan, Limited Tax General Obligation Bonds, Series 2001,
|
|
11/10 at 100.00
|
|
AA (4)
|
|
265,755
|
|
|
5.150%, 11/01/22 (Pre-refunded 11/01/10) – FGIC Insured
|
|
|
|
|
|
|
|
4,670
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
5,224,602
|
|
|
|
Utilities – 18.6% (12.2% of Total Investments)
|
|
|
|
|
|
|
1,115
|
|
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds,
|
|
7/13 at 100.00
|
|
AAA
|
|
1,159,410
|
|
|
Series 2003A, 5.000%, 7/01/21 – FSA 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–
|
|
51,246
|
750
|
|
5.000%, 7/01/32
|
|
7/18 at 100.00
|
|
AA–
|
|
753,233
|
1,235
|
|
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A,
|
|
1/12 at 100.00
|
|
A
|
|
1,238,199
|
|
|
5.250%, 1/01/24 – AMBAC Insured
|
|
|
|
|
|
|
2,215
|
|
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding
|
|
9/11 at 100.00
|
|
A–
|
|
1,972,434
|
|
|
Bonds, Fixed Rate Conversion, Detroit Edison Company, Series 1999C, 5.650%, 9/01/29 – SYNCORA
|
|
|
|
|
|
|
|
|
GTY Insured (Alternative Minimum Tax)
|
|
|
|
|
|
|
|
5,365
|
|
Total Utilities
|
|
|
|
|
|
5,174,522
|
|
|
|
Water and Sewer – 14.7% (9.7% of Total Investments)
|
|
|
|
|
|
|
1,000
|
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006A,
|
|
7/16 at 100.00
|
|
AAA
|
|
927,220
|
|
|
5.000%, 7/01/34 – FSA Insured
|
|
|
|
|
|
|
1,000
|
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%,
|
|
No Opt. Call
|
|
AA–
|
|
977,370
|
|
|
7/01/29 – FGIC Insured
|
|
|
|
|
|
|
280
|
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%,
|
|
7/13 at 100.00
|
|
AAA
|
|
291,634
|
|
|
7/01/17 – FSA Insured
|
|
|
|
|
|
|
125
|
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38
|
|
1/18 at 100.00
|
|
AA+
|
|
125,688
|
150
|
|
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 –
|
|
1/19 at 100.00
|
|
AAA
|
|
148,410
|
|
|
AGC Insured
|
|
|
|
|
|
|
1,000
|
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005,
|
|
10/15 at 100.00
|
|
AAA
|
|
1,093,780
|
|
|
5.000%, 10/01/19
|
|
|
|
|
|
|
500
|
|
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007,
|
|
10/17 at 100.00
|
|
AAA
|
|
542,810
|
|
|
5.000%, 10/01/23
|
|
|
|
|
|
|
|
4,055
|
|
Total Water and Sewer
|
|
|
|
|
|
4,106,912
|
|
$ 44,117
|
|
Total Investments (cost $43,061,958) – 151.7%
|
|
|
|
|
|
42,289,407
|
|
|
|
|
|
Floating Rate Obligations – (2.4)%
|
|
|
|
|
|
(665,000)
|
|
|
|
|
|
Other Assets Less Liabilities – 1.9%
|
|
|
|
|
|
535,248
|
|
|
|
|
|
Preferred Shares, at Liquidation Value – (51.2)% (5)
|
|
|
|
|
|
(14,275,000)
|
|
|
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
|
|
$
|
27,884,655
|
|
|
|