No, look on a map of Saginaw Bay and they are located 3-4 miles WNW of Caseville. I've always gone there from Au Gres which is a little farther away almost directly west of the islands. The main island is roughly located at 44-1-53 // 83-26-8.
Here is an interest link to a map of the bay:
http://www.fishweb.com/maps/saganawbay/index.html
Here is a portion of last week's MI-DNR fishing report:
Saginaw Bay: Walleye were 10 miles off Gambil's in 27 feet of water, northeast side of the Black Hole and off the Spark Plug near Buoys 1 and 2. Near Essexville, walleye were caught in 6 to 8 feet of water off Knight Road. Off Sebewaing, anglers were heading out to the Slot and the Coryeon Reef while trolling or drifting spoons and crawler harnesses. Freshwater drum, catfish and white bass were caught. Waters north of the Slot were also starting to improve however Caseville was still slow. Those fishing the Charity Islands have caught bigger walleye. Limits of smallmouth bass were caught in Wigwam Bay and around the Charity Islands.
http://www.michigan.gov/dnr/0,1607,7-153-10364-34956--,00.html