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Portfolio of Investments (Unaudited)
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Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR)
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May 31, 2012
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Principal
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Optional Call
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Amount (000)
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Description (1)
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Provisions (2)
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Ratings (3)
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Value
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Education and Civic Organizations – 13.2% (9.1% of Total Investments)
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$ 1,130
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Arizona Higher Education Loan Authority, Student Loan Revenue Bonds, Series 2007B, Auction
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9/12 at 100.00
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A
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$ 829,162
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Rate Securities, 0.665%, 11/01/41 (Alternative Minimum Tax) (4)
|
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450
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Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,
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5/22 at 100.00
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A–
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490,316
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Refunding Series 2007, 5.000%, 5/15/31
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775
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Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,
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5/20 at 100.00
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A+
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815,812
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Refunding Series 2010, 5.125%, 5/15/40
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360
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Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41
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6/21 at 100.00
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A+
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389,390
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170
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Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Brighter
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7/22 at 100.00
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BB+
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174,085
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Choice Foundation Charter Middle Schools Project, Series 2012, 7.500%, 7/01/42
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130
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Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts
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7/21 at 100.00
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BBB
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136,743
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Academies – Veritas Project, Series 2012, 6.300%, 7/01/42
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165
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Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Painted Rock
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7/20 at 100.00
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N/R
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168,383
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Academy Charter School Project, Series 2012A, 7.500%, 7/01/42
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485
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Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Noah
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12/14 at 100.00
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BBB–
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492,033
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Webster Basic Schools Inc., Series 2004, 6.000%, 12/15/24
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165
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Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden
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1/22 at 100.00
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BBB–
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174,331
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Traditional Schools Project, Series 2012, 7.500%, 1/01/42
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210
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Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise
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6/19 at 100.00
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BBB–
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211,191
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Education Center Project, Series 2010, 6.000%, 6/01/40
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175
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Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise
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6/16 at 100.00
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BBB–
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175,308
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Education Center Charter School, Series 2006, 6.000%, 6/01/36
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365
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Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley
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7/18 at 100.00
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Baa3
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374,165
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Academy Charter School Project, Series 2008, 6.500%, 7/01/38
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480
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Tucson Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona
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9/14 at 100.00
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BB+
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460,008
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Agribusiness and Equine Center Charter School, Series 2004A, 6.125%, 9/01/34
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University of Arizona, Certificates of Participation, Series 2002A:
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65
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5.500%, 6/01/18 – AMBAC Insured
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12/12 at 100.00
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AA–
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65,242
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40
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5.125%, 6/01/22 – AMBAC Insured
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12/12 at 100.00
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AA–
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40,122
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5,165
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Total Education and Civic Organizations
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4,996,291
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Health Care – 30.4% (20.8% of Total Investments)
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845
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Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series
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1/17 at 100.00
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AA–
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941,237
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2007A, 5.000%, 1/01/25
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520
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Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series
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1/17 at 100.00
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AA–
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378,628
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2007B, 1.124%, 1/02/37
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1,150
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Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series
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1/18 at 100.00
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AA–
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1,246,577
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2008D, 5.500%, 1/01/38
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600
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Arizona Health Facilities Authority, Revenue Bonds, Blood Systems Inc., Series 2004,
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4/14 at 100.00
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A
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629,010
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5.000%, 4/01/20
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400
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Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health
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12/15 at 100.00
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BBB+
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402,356
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Network, Series 2005B, 5.000%, 12/01/37
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655
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Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health
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12/17 at 100.00
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BBB+
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661,426
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Network, Series 2007, 5.000%, 12/01/42
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1,375
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Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds,
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7/14 at 100.00
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A+
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1,452,577
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Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23
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1,650
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Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds,
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7/17 at 100.00
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A+
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1,774,987
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Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
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1,120
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Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale
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9/20 at 100.00
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AA–
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1,221,394
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Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured
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Show Low Industrial Development Authority, Arizona, Hospital Revenue Bonds, Navapache Regional
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Medical Center, Series 2005:
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315
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5.000%, 12/01/25 – RAAI Insured
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12/15 at 100.00
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BBB+
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318,311
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260
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5.000%, 12/01/30 – RAAI Insured
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12/15 at 100.00
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BBB+
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261,118
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1,050
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University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011,
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7/21 at 100.00
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BBB+
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1,179,234
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6.000%, 7/01/39
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1,000
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Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai
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8/13 at 100.00
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BBB+
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1,015,590
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Regional Medical Center, Series 2003A, 6.000%, 8/01/33
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10,940
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Total Health Care
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11,482,445
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Long-Term Care – 0.5% (0.3% of Total Investments)
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175
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Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe
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12/21 at 100.00
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N/R
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182,725
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Project, Refunding Series 2012A, 6.000%, 12/01/32
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Tax Obligation/General – 28.5% (19.5% of Total Investments)
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1,000
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Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds,
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7/21 at 100.00
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AA–
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1,128,600
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School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured
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1,000
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Maricopa County School District 6, Arizona, General Obligation Refunding Bonds, Washington
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No Opt. Call
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Aa2
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1,180,990
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Elementary School, Series 2002A, 5.375%, 7/01/16 – AGM Insured
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775
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|
Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds,
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7/21 at 100.00
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Aa2
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939,618
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Series 2011, 5.000%, 7/01/23
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|
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1,165
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Maricopa County Unified School District 69, Paradise Valley, Arizona, General Obligation
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No Opt. Call
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Aa2
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1,278,133
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Refunding Bonds, Series 2002A, 5.250%, 7/01/14 – FGIC Insured
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1,405
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Mesa, Arizona, General Obligation Bonds, Series 2002, 5.375%, 7/01/15 – FGIC Insured
|
No Opt. Call
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AA
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1,601,530
|
985
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Phoenix, Arizona, Various Purpose General Obligation Bonds, Series 2002B, 5.000%, 7/01/22
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7/12 at 100.00
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AAA
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988,605
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310
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Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds,
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7/21 at 100.00
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AA–
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382,763
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Series 2011A, 2.000%, 7/01/30 – AGM Insured
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500
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Pima County Unified School District 08 Flowing Wells, Arizona, General Obligation Bonds,
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7/21 at 100.00
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A+
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563,065
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Series 2011B, 5.375%, 7/01/29
|
|
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1,000
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Pima County Unified School District 6, Marana, Arizona, General Obligation Bonds, School
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7/21 at 100.00
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A+
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1,125,770
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Improvement Project 2010 Series 2011A, 5.000%, 7/01/25
|
|
|
|
1,360
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|
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999,
|
7/21 at 100.00
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AAA
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1,600,257
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5.000%, 7/01/33
|
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9,500
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|
Total Tax Obligation/General
|
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10,789,331
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Tax Obligation/Limited – 49.1% (33.6% of Total Investments)
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Arizona State, Certificates of Participation, Series 2002A:
|
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750
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5.000%, 11/01/17 – NPFG Insured
|
11/12 at 100.00
|
A+
|
752,805
|
1,000
|
|
5.000%, 11/01/18 – NPFG Insured
|
11/12 at 100.00
|
A+
|
1,003,700
|
116
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|
Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series
|
7/15 at 100.00
|
N/R
|
106,581
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|
|
2005, 5.500%, 7/15/29
|
|
|
|
334
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|
Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds,
|
1/17 at 100.00
|
N/R
|
314,374
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|
|
Montecito Assessment District, Series 2007, 5.800%, 7/01/32
|
|
|
|
184
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|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment
|
7/12 at 100.00
|
N/R
|
184,316
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|
|
Lien Bonds, Series 2001A, 7.875%, 7/01/25
|
|
|
|
980
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|
Marana Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds, Series
|
7/12 at 100.00
|
AA
|
981,313
|
|
|
2008B, 5.125%, 7/01/28
|
|
|
|
784
|
|
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006,
|
7/16 at 100.00
|
A2
|
808,602
|
|
|
4.600%, 1/01/26
|
|
|
|
|
|
Maricopa County Stadium District, Arizona, Revenue Refunding Bonds, Series 2002:
|
|
|
|
840
|
|
5.375%, 6/01/18 – AMBAC Insured
|
12/12 at 100.00
|
BBB–
|
818,731
|
2,645
|
|
5.375%, 6/01/19 – AMBAC Insured
|
12/12 at 100.00
|
BBB–
|
2,605,959
|
240
|
|
Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General
|
7/17 at 100.00
|
N/R
|
234,012
|
|
|
Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32
|
|
|
|
415
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|
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds,
|
7/18 at 100.00
|
N/R
|
449,125
|
|
|
Series 2008A, 7.400%, 7/15/33
|
|
|
|
530
|
|
Palm Valley Community Facility District 3, Goodyear, Arizona, General Obligation Bonds, Series
|
7/16 at 100.00
|
N/R
|
472,606
|
|
|
2006, 5.300%, 7/15/31
|
|
|
|
350
|
|
Palm Valley Community Facility District 3, Goodyear, Arizona, Limited Tax General Obligation
|
7/17 at 100.00
|
N/R
|
329,406
|
|
|
Bonds, Series 2007, 5.800%, 7/15/32
|
|
|
|
140
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|
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds,
|
7/16 at 100.00
|
N/R
|
125,612
|
|
|
Series 2006, 5.350%, 7/15/31
|
|
|
|
1,000
|
|
Phoenix Industrial Development Authority, Arizona, Government Bonds, Capitol Mall LLC II,
|
9/12 at 100.00
|
A1
|
1,003,270
|
|
|
Series 2001, 5.250%, 9/15/16 – AMBAC Insured
|
|
|
|
140
|
|
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project,
|
7/22 at 100.00
|
AA+
|
143,846
|
|
|
Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax)
|
|
|
|
1,070
|
|
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract
|
10/12 at 100.00
|
BBB–
|
1,073,756
|
|
|
Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured
|
|
|
|
270
|
|
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding
|
7/12 at 100.00
|
Baa1
|
270,165
|
|
|
Bonds, Series 2002D, 5.125%, 7/01/24
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate
|
|
|
|
|
|
Series 2010A:
|
|
|
|
3,055
|
|
0.000%, 8/01/33
|
No Opt. Call
|
A+
|
975,431
|
250
|
|
5.375%, 8/01/39
|
2/20 at 100.00
|
A+
|
267,800
|
960
|
|
San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue
|
7/15 at 100.00
|
A+
|
1,012,925
|
|
|
Bonds, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured
|
|
|
|
1,000
|
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series
|
No Opt. Call
|
AAA
|
1,269,490
|
|
|
2006, 5.000%, 7/01/24
|
|
|
|
1,000
|
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer
|
7/20 at 100.00
|
AAA
|
1,124,630
|
|
|
Improvements Project, Series 2010, 5.000%, 7/01/36
|
|
|
|
555
|
|
Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation
|
7/17 at 100.00
|
N/R
|
528,615
|
|
|
Bonds, Series 2007, 5.900%, 7/15/32
|
|
|
|
750
|
|
Vistancia Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series
|
7/15 at 100.00
|
A1
|
799,125
|
|
|
2005, 5.750%, 7/15/24
|
|
|
|
636
|
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series
|
7/16 at 100.00
|
N/R
|
590,316
|
|
|
2005, 6.000%, 7/01/30
|
|
|
|
350
|
|
Westpark Community Facilities District, Buckeye, Arizona, General Obligation Tax Increment
|
7/16 at 100.00
|
N/R
|
310,167
|
|
|
Bonds Series 2006, 5.250%, 7/15/31
|
|
|
|
20,344
|
|
Total Tax Obligation/Limited
|
|
|
18,556,678
|
|
|
Transportation – 2.6% (1.8% of Total Investments)
|
|
|
|
1,000
|
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series
|
7/12 at 100.00
|
AA–
|
1,001,310
|
|
|
2002B, 5.250%, 7/01/27 – FGIC Insured (Alternative Minimum Tax)
|
|
|
|
|
|
U.S. Guaranteed – 1.5% (1.0% of Total Investments) (5)
|
|
|
|
100
|
|
Maricopa County Unified School District 89, Dysart, Arizona, General Obligation Bonds, Series
|
7/14 at 100.00
|
AA– (5)
|
110,217
|
|
|
2004B, 5.250%, 7/01/20 (Pre-refunded 7/01/14) – AGM Insured
|
|
|
|
375
|
|
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds,
|
7/16 at 100.00
|
AA (5)
|
440,378
|
|
|
Series 2006C, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – NPFG Insured
|
|
|
|
475
|
|
Total U.S. Guaranteed
|
|
|
550,595
|
|
|
Utilities – 10.7% (7.3% of Total Investments)
|
|
|
|
400
|
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds,
|
3/22 at 100.00
|
BBB–
|
409,048
|
|
|
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
|
|
|
900
|
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding
|
6/20 at 100.00
|
A1
|
989,208
|
|
|
Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35
|
|
|
|
665
|
|
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power
|
1/15 at 100.00
|
BBB–
|
707,347
|
|
|
Company, Refunding Series 2008, 5.750%, 9/01/29
|
|
|
|
250
|
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series
|
7/21 at 100.00
|
A
|
273,695
|
|
|
2011, 5.250%, 7/01/36
|
|
|
|
450
|
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System
|
1/18 at 100.00
|
Aa1
|
637,164
|
|
|
Revenue Bonds, Tender Option Bond Trust 09-9W, 17.850%, 1/01/38 (IF) (6)
|
|
|
|
1,000
|
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc
|
No Opt. Call
|
A–
|
1,023,310
|
|
|
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
|
|
|
3,665
|
|
Total Utilities
|
|
|
4,039,772
|
|
|
Water and Sewer – 9.6% (6.6% of Total Investments)
|
|
|
|
500
|
|
City of Goodyear, Arizona Subordinate Lien Water and Sewer Revenue Obligations, Series 2011,
|
7/21 at 100.00
|
AA–
|
564,145
|
|
|
5.500%, 7/01/41
|
|
|
|
490
|
|
Maricopa County Industrial Development Authority, Arizona, Water System Improvement Revenue
|
12/12 at 100.00
|
N/R
|
490,529
|
|
|
Bonds, Chaparral City Water Company, Series 1997A, 5.400%, 12/01/22 – AMBAC Insured
|
|
|
|
|
|
(Alternative Minimum Tax)
|
|
|
|
1,000
|
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Refunding
|
No Opt. Call
|
AAA
|
1,303,800
|
|
|
Bonds, Series 2001, 5.500%, 7/01/22 – FGIC Insured
|
|
|
|
|
|
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
|
|
|
|
350
|
|
4.700%, 4/01/22
|
4/14 at 100.00
|
A–
|
356,150
|
410
|
|
4.900%, 4/01/32
|
4/17 at 100.00
|
A–
|
416,724
|
525
|
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water &
|
12/17 at 100.00
|
N/R
|
517,456
|
|
|
Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
|
|
|
|
3,275
|
|
Total Water and Sewer
|
|
|
3,648,804
|
$ 54,539
|
|
Total Investments (cost $51,854,680) – 146.1%
|
|
|
55,247,951
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (49.5)% (7)
|
|
|
(18,725,000)
|
|
|
Other Assets Less Liabilities – 3.4%
|
|
|
1,298,467
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 37,821,418
|