UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21157
Nuveen Arizona Dividend Advantage Municipal Fund 3
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: February 28
Date of reporting period: August 31, 2012
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Table of Contents
|
Chairman’s Letter to Shareholders
|
4
|
|
Portfolio Managers’ Comments
|
5
|
|
Fund Leverage and Other Information
|
10
|
|
Common Share Dividend and Price Information
|
12
|
|
Performance Overviews
|
14
|
|
Shareholder Meeting Report
|
19
|
|
Portfolios of Investments
|
20
|
|
Statement of Assets and Liabilities
|
42
|
|
Statement of Operations
|
43
|
|
Statement of Changes in Net Assets
|
44
|
|
Statement of Cash Flows
|
46
|
|
Financial Highlights
|
48
|
|
Notes to Financial Statements
|
57
|
|
Annual Investment Management Agreement Approval Process
|
70
|
|
Reinvest Automatically, Easily and Conveniently
|
80
|
|
Glossary of Terms Used in this Report
|
82
|
|
Additional Fund Information
|
87
|
Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.
In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates and announced on September 13, 2012 (after the close of this reporting period) another program of quantitative easing (QE3) to continue until mid-2015. Pre-election maneuvering has added to the already highly partisan atmosphere in Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.
During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Robert P. Bremner
Chairman of the Board
October 22, 2012
|
4
|
Nuveen Investments
|
Portfolio Managers’ Comments
Nuveen Arizona Premium Income Municipal Fund, Inc. (NAZ)
Nuveen Arizona Dividend Advantage Municipal Fund (NFZ)
Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR)
Nuveen Arizona Dividend Advantage Municipal Fund 3 (NXE)
Nuveen Texas Quality Income Municipal Fund (NTX)
Portfolio managers Michael Hamilton and Daniel Close discuss key investment strategies and the six-month performance of the Nuveen Arizona and Texas Funds. Michael assumed portfolio management responsibility for the Arizona Funds in January 2011 and Dan has managed NTX since 2007.
What key strategies were used to manage the Arizona and Texas Funds during the six-month reporting period ended August 31, 2012?
During this reporting period, municipal bond prices generally rallied, as strong demand and tight supply combined to create favorable market conditions for municipal bonds. Although the availability of tax-exempt supply improved over that of the same six-month period a year earlier, the pattern of new issuance remained light compared with long-term historical trends. This supply/demand dynamic served as a key driver of performance. Concurrent with rising prices, yields continued to decline across most maturities, especially at the longer end of the municipal yield curve, and the yield curve flattened. During this period, we saw an increasing number of borrowers come to market seeking to take advantage of the low rate environment, with approximately 60% of new municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates.
In this environment, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped us keep the Funds fully invested. During this period, NTX found value in several areas of the market, including health care, local general obligation (GO) bonds, airports, toll roads, public power and dedicated tax credits. In the Arizona Funds, we focused on managing cashflows from bond calls and maturing bonds and minimizing their impact by anticipating current and future inflows and closely monitoring opportunities for reinvestment. Our buying activity during this period included finding purchase opportunities in the secondary market, adding to the Funds’ holdings of existing bonds, and purchasing territorial paper issued by Puerto Rico and the Virgin Islands. These territorial bonds benefited the Funds through higher yields, added diversification, and triple exemption (i.e., exemption from federal, state, and local taxes).
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
Nuveen Investments
|
5
|
In general during this period, we focused on bonds with longer maturities. This enabled us to take advantage of attractive yields at the longer end of the municipal yield curve and also provided some protection for the Funds’ duration and yield curve positioning. We also purchased lower rated bonds when we found attractive opportunities, as we believed these bonds continued to offer relative value.
Cash for new purchases during this period was generated primarily by the proceeds from a meaningful number of bond calls resulting from the increase in refinancings. During this period, we worked to redeploy these proceeds to keep the Funds as fully invested as possible. Overall, selling was minimal because the bonds in our portfolios generally offered higher yields than those available in the current marketplace. The Arizona Funds sold a few pre-refunded bonds and credits with short call dates as part of our cashflow management program, while NTX had no sales activity during this period.
As of August 31, 2012, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform?
Individual results for these Nuveen Arizona and Texas Funds, as well as relevant index and peer group information, are presented in the accompanying table.
|
Average Annual Total Returns on Common Share Net Asset Value*
|
|||||||||||||
|
For periods ended 8/31/12
|
|||||||||||||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||
|
Arizona Funds
|
|||||||||||||
|
NAZ
|
5.29
|
%
|
14.80
|
%
|
7.40
|
%
|
6.03
|
%
|
|||||
|
NFZ
|
5.14
|
%
|
14.72
|
%
|
7.14
|
%
|
5.95
|
%
|
|||||
|
NKR
|
4.82
|
%
|
13.89
|
%
|
7.26
|
%
|
6.15
|
%
|
|||||
|
NXE
|
4.32
|
%
|
13.02
|
%
|
7.27
|
%
|
N/A
|
||||||
|
S&P Arizona Municipal Bond Index**
|
3.39
|
%
|
9.41
|
%
|
6.12
|
%
|
5.29
|
%
|
|||||
|
S&P Municipal Bond Index**
|
3.24
|
%
|
9.35
|
%
|
6.00
|
%
|
5.28
|
%
|
|||||
|
Lipper Other States Municipal Debt Funds Classification Average**
|
4.63
|
%
|
14.84
|
%
|
7.25
|
%
|
6.24
|
%
|
|||||
|
Texas Fund
|
|||||||||||||
|
NTX
|
4.90
|
%
|
12.85
|
%
|
7.38
|
%
|
6.28
|
%
|
|||||
|
S&P Texas Municipal Bond Index**
|
3.49
|
%
|
9.06
|
%
|
6.26
|
%
|
5.54
|
%
|
|||||
|
S&P Municipal Bond Index**
|
3.24
|
%
|
9.35
|
%
|
6.00
|
%
|
5.28
|
%
|
|||||
|
Lipper Other States Municipal Debt Funds Classification Average**
|
4.63
|
%
|
14.84
|
%
|
7.25
|
%
|
6.24
|
%
|
|||||
|
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
|
|
|
For additional information, see the Performance Overview for your Fund in this report.
|
|
|
*
|
Six-month returns are cumulative; all other returns are annualized.
|
|
**
|
Refer to Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
|
6
|
Nuveen Investments
|
For the six months ended August 31, 2012, the cumulative returns on common share net asset value (NAV) for all four Arizona Funds exceeded the return for the S&P Arizona Municipal Bond Index and NTX outperformed the S&P Texas Municipal Bond Index. All five of the Funds also outperformed the S&P Municipal Bond Index. For this same period, NAZ, NFZ, NKR and NTX exceeded the average return for the Lipper Other States Municipal Debt Funds Classification Average, while NXE trailed the Lipper average.
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage also was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.
In an environment of declining rates and flattening yield curve, municipal bonds with longer maturities generally outperformed those with shorter maturities during this period. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. For the period, duration and yield curve positioning was a positive contributor to the performance of all of these Funds, which had heavier exposures to the outperforming longer segments of the yield curve and correspondingly smaller weightings in the shorter parts of the curve that produced weaker returns. The performance of NXE, which had the shortest duration among the Arizona Funds, was marginally impacted by its shorter positioning. In addition, NTX benefited from its holdings of zero coupon bonds, which generally outperformed the market during this period due to their longer durations.
Credit exposure was another important factor in the Funds’ performance during these six months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower-rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, the Funds benefited from their heavier exposure to lower rated credits and their underweightings in bonds rated AAA and AA.
During this period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ returns included health care (together with hospitals), education, housing and transportation credits. All of the Arizona Funds benefited from good weightings in the health care sector. This was especially true in NAZ, where the Fund’s health care holdings had a
|
Nuveen Investments
|
7
|
better call structure than those of the other Arizona Funds and thus a longer duration, which contributed to performance during this period.
In contrast, pre-refunded bonds, which are typically backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. Among these five Funds, NKR had the smallest allocation of pre-refunded bonds, while an overweighting in these bonds detracted from the performance of NTX. Although holdings of previously pre-refunded bonds were generally detrimental to performance during this period, NFZ benefited from having bonds pre-refunded during this period, as bonds that had been trading at a discount were called at par. General obligation (GO) bonds and utilities credits also lagged the performance of the general municipal market for this period. While all of the Arizona Funds were overweight in GO and other tax supported bonds, NAZ had the smallest allocation of these bonds, which lessened the impact of these holdings.
APPROVED FUND REORGANIZATIONS
On April 18, 2012, the Funds’ Board of Directors/Trustees approved a series of reorganizations for all the Arizona Funds included in this report. The reorganizations are intended to create a single larger state Fund, which would potentially offer shareholders the following benefits:
|
•
|
Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
|
|
|
•
|
Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell Fund shares;
|
|
|
•
|
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
|
|
|
•
|
Increased Fund flexibility in managing the structure and cost of leverage over time.
|
|
8
|
Nuveen Investments
|
The approved reorganizations are as follows:
|
Acquired Funds
|
Symbol
|
Acquiring Fund
|
Symbol
|
||||
|
•
|
Nuveen Arizona Dividend
|
NFZ
|
|||||
|
Advantage Municipal Fund
|
|||||||
|
•
|
Nuveen Arizona Dividend
|
NKR
|
Nuveen Arizona Premium
|
NAZ
|
|||
|
Advantage Municipal Fund 2
|
Income Municipal Fund, Inc.
|
||||||
|
•
|
Nuveen Arizona Dividend
|
NXE
|
|||||
|
Advantage Municipal Fund 3
|
|||||||
If shareholders approve the reorganizations, and upon the closing of the reorganizations, the Acquired Funds will transfer their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund, and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds will then be liquidated, dissolved and terminated in accordance with their Declaration of Trust.
In addition, shareholders of the Acquired Funds will become shareholders of the Acquiring Fund. Holders of common shares will receive newly issued common shares of the Acquiring Fund, the aggregate net asset value of which will be equal to the aggregate net asset value of the common shares of the Acquired Funds held immediately prior to the reorganizations (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Fractional shares will be sold on the open market and shareholders will receive cash in lieu of such fractional shares. Holders of preferred shares of each Acquired Fund will receive on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for preferred shares of the Acquired Funds held immediately prior to the reorganization.
|
Nuveen Investments
|
9
|
Fund Leverage and
Other Information
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the return of the Funds relative to their benchmarks was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage had a positive impact on the performance of the Funds over this reporting period.
THE FUNDS’ REGULATORY LEVERAGE
As of August 31, 2012, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares and Variable Rate MuniFund Term Preferred (VMTP) Shares as shown in the accompanying tables.
MTP Shares
| MTP Shares Issued |
Annual
|
NYSE
|
|||||||||||
|
Fund
|
Series
|
at Liquidation Value |
Interest Rate
|
Ticker
|
|||||||||
|
NFZ
|
2015
|
$
|
11,100,000
|
2.05%
|
NFZ PrC
|
||||||||
|
NKR
|
2015
|
$
|
18,725,000
|
2.05%
|
NKR PrC
|
||||||||
|
NXE
|
2016
|
$
|
20,846,000
|
2.90%
|
NXE PrC
|
||||||||
|
NTX
|
2015
|
$
|
70,920,000
|
2.30%
|
NTX PrC
|
||||||||
VMTP Shares
| VMTP Shares Issued | |||||||
|
Fund
|
Series
|
at Liquidation Value | |||||
|
NAZ
|
2014
|
$
|
28,000,000
|
||||
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on MTP and VMTP Shares.)
|
10
|
Nuveen Investments
|
RISK CONSIDERATIONS
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
Inverse Floater Risk. The Funds invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
|
Nuveen Investments
|
11
|
Common Share Dividend
and Price Information
DIVIDEND INFORMATION
During the six-month reporting period ended August 31, 2012, NFZ, NXE and NTX each had one monthly dividend decrease, while the dividends of NAZ and NKR remained stable throughout the reporting period.
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of August 31, 2012, all five of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes. NAZ, NKR and NTX had positive UNII balances, while NFZ and NXE had negative UNII balances for financial reporting purposes.
COMMON SHARE REPURCHASES AND PRICE INFORMATION
As of August 31, 2012, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NAZ and NTX have not repurchased any of their outstanding common shares.
|
Common Shares
|
% of Outstanding
|
||||||
|
Fund
|
Repurchased and Retired
|
Common Shares
|
|||||
|
NFZ
|
2,500
|
0.2%
|
|||||
|
NKR
|
800
|
0.0%
|
*
|
||||
|
NXE
|
1,600
|
0.1%
|
|||||
|
*
|
Rounds to less than 0.1%.
|
During the six-month reporting period, the Funds did not repurchase any of their outstanding common shares.
|
12
|
Nuveen Investments
|
As of August 31, 2012, and during the current reporting period, the Funds’ common share prices were trading at (+) premiums and/or (-) discounts to their common share NAVs as shown in the accompanying table.
|
8/31/12
|
Six-Month Average
|
||||||
|
Fund
|
(+)Premium/(-)Discount
|
(+)Premium/(-)Discount
|
|||||
|
NAZ
|
(+)4.14%
|
(+)0.71
|
%
|
||||
|
NFZ
|
(-)2.07%
|
(-)3.98
|
%
|
||||
|
NKR
|
(+)0.38%
|
(-)2.42
|
%
|
||||
|
NXE
|
(-)2.17%
|
(-)4.33
|
%
|
||||
|
NTX
|
(+)7.97%
|
(+)6.68
|
%
|
||||
|
Nuveen Investments
|
13
|
|
NAZ
|
Nuveen Arizona
|
|
|
Performance
|
Premium Income
|
|
|
OVERVIEW
|
Municipal Fund, Inc.
|
|
|
as of August 31, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
15.84
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
15.21
|
||
|
Premium/(Discount) to NAV
|
4.14
|
%
|
||
|
Market Yield
|
4.85
|
%
|
||
|
Taxable-Equivalent Yield1
|
7.06
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
68,016
|
|
Leverage
|
||||
|
Regulatory Leverage
|
29.16
|
%
|
||
|
Effective Leverage
|
30.71
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 11/19/92)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
11.22
|
%
|
5.29
|
%
|
|||
|
1-Year
|
28.63
|
%
|
14.80
|
%
|
|||
|
5-Year
|
10.01
|
%
|
7.40
|
%
|
|||
|
10-Year
|
4.73
|
%
|
6.03
|
%
|
|||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
25.2
|
%
|
||
|
Utilities
|
18.7
|
%
|
||
|
Health Care
|
18.1
|
%
|
||
|
Education and Civic Organizations
|
13.0
|
%
|
||
|
Tax Obligation/General
|
8.3
|
%
|
||
|
Water and Sewer
|
7.9
|
%
|
||
|
U.S. Guaranteed
|
7.7
|
%
|
||
|
Other
|
1.1
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.3%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings.Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
|
3
|
Holdings are subject to change.
|
|
14
|
Nuveen Investments
|
|
NFZ
|
Nuveen Arizona
|
|
|
Performance
|
Dividend Advantage
|
|
|
OVERVIEW
|
Municipal Fund
|
|
|
as of August 31, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
15.15
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
15.47
|
||
|
Premium/(Discount) to NAV
|
-2.07
|
%
|
||
|
Market Yield
|
4.83
|
%
|
||
|
Taxable-Equivalent Yield1
|
7.03
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
23,947
|
|
Leverage
|
||||
|
Regulatory Leverage
|
31.67
|
%
|
||
|
Effective Leverage
|
34.80
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 1/30/01)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
8.00
|
%
|
5.14
|
%
|
|||
|
1-Year
|
22.86
|
%
|
14.72
|
%
|
|||
|
5-Year
|
8.45
|
%
|
7.14
|
%
|
|||
|
10-Year
|
5.70
|
%
|
5.95
|
%
|
|||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
30.6
|
%
|
||
|
Health Care
|
17.4
|
%
|
||
|
Utilities
|
17.2
|
%
|
||
|
Tax Obligation/General
|
12.3
|
%
|
||
|
U.S. Guaranteed
|
9.3
|
%
|
||
|
Education and Civic Organizations
|
9.1
|
%
|
||
|
Other
|
4.1
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.3%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
|
3
|
Holdings are subject to change.
|
|
Nuveen Investments
|
15
|
|
NKR
|
Nuveen Arizona
|
|
|
Performance
|
Dividend Advantage
|
|
|
OVERVIEW
|
Municipal Fund 2
|
|
|
as of August 31, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
15.78
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
15.72
|
||
|
Premium/(Discount) to NAV
|
0.38
|
%
|
||
|
Market Yield
|
5.10
|
%
|
||
|
Taxable-Equivalent Yield1
|
7.42
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
38,359
|
|
Leverage
|
||||
|
Regulatory Leverage
|
32.80
|
%
|
||
|
Effective Leverage
|
34.35
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 3/25/02)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
9.61
|
%
|
4.82
|
%
|
|||
|
1-Year
|
24.87
|
%
|
13.89
|
%
|
|||
|
5-Year
|
6.78
|
%
|
7.26
|
%
|
|||
|
10-Year
|
6.36
|
%
|
6.15
|
%
|
|||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
31.4
|
%
|
||
|
Health Care
|
22.7
|
%
|
||
|
Tax Obligation/General
|
18.0
|
%
|
||
|
Education and Civic Organizations
|
10.7
|
%
|
||
|
Utilities
|
7.5
|
%
|
||
|
Water and Sewer
|
6.6
|
%
|
||
|
Other
|
3.1
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.3%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
|
3
|
Holdings are subject to change.
|
|
16
|
Nuveen Investments
|
|
NXE
|
Nuveen Arizona
|
|
|
Performance
|
Dividend Advantage
|
|
|
OVERVIEW
|
Municipal Fund 3
|
|
|
as of August 31, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
14.91
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
15.24
|
||
|
Premium/(Discount) to NAV
|
-2.17
|
%
|
||
|
Market Yield
|
4.83
|
%
|
||
|
Taxable-Equivalent Yield1
|
7.03
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
46,718
|
|
Leverage
|
||||
|
Regulatory Leverage
|
30.85
|
%
|
||
|
Effective Leverage
|
33.15
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 9/25/02)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
7.10
|
%
|
4.32
|
%
|
|||
|
1-Year
|
21.84
|
%
|
13.02
|
%
|
|||
|
5-Year
|
8.18
|
%
|
7.27
|
%
|
|||
|
Since Inception
|
5.53
|
%
|
5.97
|
%
|
|||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
31.7
|
%
|
||
|
Health Care
|
19.9
|
%
|
||
|
Utilities
|
13.0
|
%
|
||
|
Education and Civic Organizations
|
11.9
|
%
|
||
|
Tax Obligation/General
|
9.0
|
%
|
||
|
Water and Sewer
|
5.9
|
%
|
||
|
Other
|
8.6
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.3%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
|
3
|
Holdings are subject to change.
|
|
Nuveen Investments
|
17
|
|
NTX
|
Nuveen Texas
|
|
|
Performance
|
Quality Income
|
|
|
OVERVIEW
|
Municipal Fund
|
|
|
as of August 31, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
17.07
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
15.81
|
||
|
Premium/(Discount) to NAV
|
7.97
|
%
|
||
|
Market Yield
|
4.50
|
%
|
||
|
Taxable-Equivalent Yield1
|
6.25
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
151,861
|
|
Leverage
|
||||
|
Regulatory Leverage
|
31.83
|
%
|
||
|
Effective Leverage
|
33.02
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 10/17/91)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
7.28
|
%
|
4.90
|
%
|
|||
|
1-Year
|
12.89
|
%
|
12.85
|
%
|
|||
|
5-Year
|
10.44
|
%
|
7.38
|
%
|
|||
|
10-Year
|
7.28
|
%
|
6.28
|
%
|
|||
|
Portfolio Composition4
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/General
|
23.1
|
%
|
||
|
U.S. Guaranteed
|
11.8
|
%
|
||
|
Tax Obligation/Limited
|
11.6
|
%
|
||
|
Utilities
|
10.8
|
%
|
||
|
Transportation
|
10.3
|
%
|
||
|
Water and Sewer
|
9.6
|
%
|
||
|
Health Care
|
9.1
|
%
|
||
|
Education and Civic Organizations
|
7.7
|
%
|
||
|
Other
|
6.0
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
|
3
|
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0259 per share.
|
| 4 | Holdings are subject to change. |
|
18
|
Nuveen Investments
|
| NFZ |
Shareholder Meeting Report
|
|
| NKR | ||
| NXE |
The annual meeting of shareholders for NFZ, NKR and NXE was held in the offices of Nuveen Investments on November 15, 2011; at this meeting the shareholders were asked to vote on the election of Board Members, the elimination of Fundamental Investment Policies and the approval of new Fundamental Investment Policies. The meeting was subsequently adjourned to December 16, 2011. The meeting was additionally adjourned to January 31, 2012 and March 5, 2012. The meeting for NKR was subsequently adjourned to March 14, 2012.
|
|
NFZ
|
NKR
|
NXE
|
|||||||||||||||||
|
Common and
|
|
Common and
|
Common and | ||||||||||||||||
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
||||||||||||||
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
||||||||||||||
|
together
|
together
|
together
|
together
|
together
|
together
|
||||||||||||||
|
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
||||||||||||||
|
To approve the elimination of the fundamental policies relating to the Fund’s ability to make loans.
|
|||||||||||||||||||
|
For
|
1,186,605
|
417,800
|
2,006,923
|
737,175
|
2,407,059
|
736,200
|
|||||||||||||
|
Against
|
191,784
|
134,900
|
233,141
|
111,478
|
239,195
|
91,800
|
|||||||||||||
|
Abstain
|
46,123
|
1,000
|
77,985
|
27,000
|
100,908
|
20,000
|
|||||||||||||
|
Broker Non-Votes
|
212,705
|
20,199
|
348,065
|
79,611
|
489,254
|
197,749
|
|||||||||||||
|
Total
|
1,637,217
|
573,899
|
2,666,114
|
955,264
|
3,236,416
|
1,045,749
|
|||||||||||||
|
To approve the new fundamental policy relating to the Fund’s ability to make loans.
|
|||||||||||||||||||
|
For
|
1,189,255
|
417,800
|
2,001,261
|
737,175
|
2,387,809
|
731,200
|
|||||||||||||
|
Against
|
193,534
|
134,900
|
237,113
|
111,478
|
255,195
|
96,800
|
|||||||||||||
|
Abstain
|
41,723
|
1,000
|
79,675
|
27,000
|
104,158
|
20,000
|
|||||||||||||
|
Broker Non-Votes
|
212,705
|
20,199
|
348,065
|
79,611
|
489,254
|
197,749
|
|||||||||||||
|
Total
|
1,637,217
|
573,899
|
2,666,114
|
955,264
|
3,236,416
|
1,045,749
|
|||||||||||||
|
Nuveen Investments
|
19
|
|
Nuveen Arizona Premium Income Municipal Fund, Inc.
|
||
|
NAZ
|
Portfolio of Investments
|
|
|
August 31, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Consumer Staples – 1.1% (0.8% of Total Investments)
|
||||||||
|
$
|
730
|
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
|
11/12 at 100.00
|
BBB+
|
$
|
729,985
|
||
|
Education and Civic Organizations – 18.2% (13.0% of Total Investments)
|
||||||||
|
2,500
|
Arizona Higher Education Loan Authority, Student Loan Revenue Bonds, Series 2007B, Auction Rate Securities, 0.525%, 11/01/41 (Alternative Minimum Tax) (4)
|
10/12 at 100.00
|
A
|
1,951,904
|
||||
|
Arizona State University, System Revenue Bonds, Series 2005:
|
||||||||
|
1,455
|
5.000%, 7/01/20 – AMBAC Insured
|
7/15 at 100.00
|
Aa3
|
1,613,930
|
||||
|
750
|
5.000%, 7/01/21 – AMBAC Insured
|
7/15 at 100.00
|
Aa3
|
831,923
|
||||
|
755
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31
|
5/22 at 100.00
|
A–
|
833,407
|
||||
|
1,600
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.125%, 5/15/40
|
5/20 at 100.00
|
A+
|
1,705,696
|
||||
|
280
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Brighter Choice Foundation Charter Middle Schools Project, Series 2012, 7.500%, 7/01/42
|
7/22 at 100.00
|
BB+
|
291,813
|
||||
|
220
|
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42
|
7/21 at 100.00
|
BBB
|
235,275
|
||||
|
280
|
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Painted Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42
|
7/20 at 100.00
|
N/R
|
293,443
|
||||
|
1,400
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Series 2012, 5.000%, 6/01/42 – AGM Insured
|
6/22 at 100.00
|
A+
|
1,510,264
|
||||
|
280
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42
|
1/22 at 100.00
|
BBB–
|
300,748
|
||||
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010:
|
||||||||
|
170
|
6.000%, 6/01/40
|
6/19 at 100.00
|
BBB–
|
173,378
|
||||
|
200
|
6.100%, 6/01/45
|
6/19 at 100.00
|
BBB–
|
204,298
|
||||
|
1,500
|
Tempe Industrial Development Authority, Arizona, Lease Revenue Bonds, Arizona State University Foundation Project, Series 2003, 5.000%, 7/01/34 – AMBAC Insured
|
7/13 at 100.00
|
N/R
|
1,510,185
|
||||
|
825
|
Yavapai County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2011, 7.875%, 3/01/42
|
3/21 at 100.00
|
BB+
|
931,112
|
||||
|
12,215
|
Total Education and Civic Organizations
|
12,387,376
|
||||||
|
Health Care – 25.3% (18.1% of Total Investments)
|
||||||||
|
1,430
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007A, 5.000%, 1/01/25
|
1/17 at 100.00
|
AA–
|
1,629,843
|
||||
|
885
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007B, 1.120%, 1/02/37
|
1/17 at 100.00
|
AA–
|
669,237
|
||||
|
3,470
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2008D, 5.500%, 1/01/38
|
1/18 at 100.00
|
AA–
|
3,859,194
|
||||
|
2,300
|
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012, 5.000%, 2/01/42 (WI/DD, Settling 9/06/12)
|
2/22 at 100.00
|
BBB+
|
2,420,773
|
||||
|
675
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B, 5.000%, 12/01/37
|
12/15 at 100.00
|
BBB+
|
689,661
|
||||
|
1,110
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2007, 5.000%, 12/01/42
|
12/17 at 100.00
|
BBB+
|
1,143,733
|
||||
|
2,150
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23
|
7/14 at 100.00
|
A+
|
2,261,800
|
||||
|
2,900
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
|
7/17 at 100.00
|
A+
|
3,141,831
|
|
20
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Health Care (continued)
|
||||||||
|
$
|
425
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Hospital de la Concepcion, Series 2000A, 6.375%, 11/15/15
|
11/12 at 100.00
|
AA+
|
$
|
427,057
|
||
|
Show Low Industrial Development Authority, Arizona, Hospital Revenue Bonds, Navapache Regional Medical Center, Series 2005:
|
||||||||
|
525
|
5.000%, 12/01/25 – RAAI Insured
|
12/15 at 100.00
|
BBB+
|
541,448
|
||||
|
435
|
5.000%, 12/01/30 – RAAI Insured
|
12/15 at 100.00
|
BBB+
|
445,375
|
||||
|
16,305
|
Total Health Care
|
17,229,952
|
||||||
|
Long-Term Care – 0.5% (0.3% of Total Investments)
|
||||||||
|
295
|
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32
|
12/21 at 100.00
|
N/R
|
317,287
|
||||
|
Tax Obligation/General – 11.6% (8.3% of Total Investments)
|
||||||||
|
420
|
El Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%, 7/01/42 – AGM Insured
|
7/22 at 100.00
|
AA–
|
467,023
|
||||
|
1,265
|
Gila County Unified School District 10 Payson, Arizona, School Improvement Bonds, Project 2006, Series 2008B, 5.750%, 7/01/28
|
7/18 at 100.00
|
Aa3
|
1,473,004
|
||||
|
1,200
|
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, Series 2008, 5.000%, 7/01/27 – AGM Insured
|
7/18 at 100.00
|
Aa3
|
1,332,600
|
||||
|
515
|
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, Series 2011A, 6.000%, 7/01/30 – AGM Insured
|
7/21 at 100.00
|
AA–
|
646,675
|
||||
|
3,530
|
Pinal County Unified School District 1, Florence, Arizona, General Obligation Bonds, Series 2008C, 5.250%, 7/01/28
|
7/18 at 100.00
|
A
|
3,957,023
|
||||
|
6,930
|
Total Tax Obligation/General
|
7,876,325
|
||||||
|
Tax Obligation/Limited – 35.1% (25.2% of Total Investments)
|
||||||||
|
990
|
Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium Facility Project, Series 2012A, 5.000%, 7/01/36
|
7/22 at 100.00
|
A1
|
1,093,089
|
||||
|
275
|
Buckeye, Arizona, Festival Ranch Community Facilities District District General Obligation Bonds, Series 2012, 5.000%, 7/15/31
|
7/22 at 100.00
|
BBB
|
285,959
|
||||
|
300
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25
|
1/13 at 100.00
|
N/R
|
300,570
|
||||
|
3,000
|
Glendale Western Loop 101 Public Facilities Corporation, Arizona, Third Lien Excise Tax Revenue Bonds, Series 2008B, 6.250%, 7/01/38
|
1/14 at 100.00
|
AA
|
3,186,720
|
||||
|
1,280
|
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 5.000%, 8/01/22 – NPFG Insured
|
8/16 at 100.00
|
AA–
|
1,455,744
|
||||
|
740
|
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 8/01/23 – NPFG Insured
|
8/16 at 100.00
|
A1
|
824,523
|
||||
|
1,095
|
Marana Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds, Series 2008B, 5.125%, 7/01/28
|
1/13 at 100.00
|
AA
|
1,109,060
|
||||
|
575
|
Marana Municipal Property Corporation, Arizona, Revenue Bonds, Series 2003, 5.000%, 7/01/28 – AMBAC Insured
|
7/13 at 100.00
|
AA
|
585,396
|
||||
|
1,342
|
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006, 4.600%, 1/01/26
|
7/16 at 100.00
|
A2
|
1,389,936
|
||||
|
3,400
|
Mesa, Arizona, Street and Highway User Tax Revenue Bonds, Series 2005, 5.000%, 7/01/24 – AGM Insured
|
7/15 at 100.00
|
AA
|
3,632,934
|
||||
|
170
|
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax)
|
7/22 at 100.00
|
AA+
|
178,825
|
||||
|
1,140
|
Pinetop Fire District of Navajo County, Arizona, Certificates of Participation, Series 2008, 7.750%, 6/15/29
|
6/16 at 102.00
|
A3
|
1,223,300
|
||||
|
135
|
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D, 5.125%, 7/01/24
|
1/13 at 100.00
|
Baa1
|
135,211
|
|
Nuveen Investments
|
21
|
|
Nuveen Arizona Premium Income Municipal Fund, Inc. (continued)
|
||
|
NAZ
|
Portfolio of Investments
|
|
| August 31, 2012 (Unaudited) |
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Tax Obligation/Limited (continued)
|
||||||||
|
$
|
1,525
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
|
No Opt. Call
|
A+
|
$
|
492,529
|
||
|
1,700
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 0.000%, 8/01/38
|
No Opt. Call
|
A+
|
391,680
|
||||
|
1,610
|
San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue Bonds, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured
|
7/15 at 100.00
|
A+
|
1,701,496
|
||||
|
1,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/24
|
No Opt. Call
|
AAA
|
1,284,870
|
||||
|
2,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer Improvements Project, Series 2010, 5.000%, 7/01/36
|
7/20 at 100.00
|
AAA
|
2,272,080
|
||||
|
500
|
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37 (WI/DD, Settling 9/12/12)
|
7/22 at 100.00
|
AAA
|
573,805
|
||||
|
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29
|
10/20 at 100.00
|
BBB+
|
1,092,640
|
||||
|
645
|
Vistancia Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2005, 5.750%, 7/15/24
|
7/15 at 100.00
|
A1
|
687,119
|
||||
|
24,422
|
Total Tax Obligation/Limited
|
23,897,486
|
||||||
|
U.S. Guaranteed – 10.7% (7.7% of Total Investments) (5)
|
||||||||
|
3,500
|
Glendale, Arizona, Water and Sewer Revenue Bonds, Subordinate Lien, Series 2003, 5.000%, 7/01/28 (Pre-refunded 7/01/13) – AMBAC Insured
|
7/13 at 100.00
|
AA (5)
|
3,638,739
|
||||
|
1,250
|
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Refunding Bonds, Samaritan Health Services, Series 1990A, 7.000%,
|
No Opt. Call
|
N/R (5)
|
1,461,750
|
||||
| 12/01/16 – NPFG Insured (ETM) | ||||||||
|
385
|
Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 4/01/16 (Pre-refunded 4/01/15)
|
4/15 at 100.00
|
N/R (5)
|
430,680
|
||||
|
500
|
Oro Valley Municipal Property Corporation, Arizona, Senior Lien Water Revenue Bonds, Series 2003, 5.000%, 7/01/23 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
AA (5)
|
519,820
|
||||
|
1,200
|
Prescott Valley Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds, Series 2003, 5.000%, 1/01/27 (Pre-refunded 1/01/13) – FGIC Insured
|
1/13 at 100.00
|
AA– (5)
|
1,219,164
|
||||
|
6,835
|
Total U.S. Guaranteed
|
7,270,153
|
||||||
|
Utilities – 26.1% (18.7% of Total Investments)
|
||||||||
|
470
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
3/22 at 100.00
|
BBB–
|
488,838
|
||||
|
1,000
|
Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds, Hoover Project, Series 2001, 5.250%, 10/01/15
|
No Opt. Call
|
AA
|
1,141,020
|
||||
|
1,600
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35
|
6/20 at 100.00
|
A1
|
1,775,920
|
||||
|
1,340
|
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Refunding Series 2008, 5.750%, 9/01/29
|
1/15 at 100.00
|
BBB–
|
1,431,509
|
||||
|
650
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/36
|
7/21 at 100.00
|
A
|
730,243
|
||||
|
2,170
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/27 – SYNCORA GTY Insured
|
7/15 at 100.00
|
BBB+
|
2,324,504
|
||||
|
715
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 09-9W, 17.940%, 1/01/38 (IF) (6)
|
1/18 at 100.00
|
Aa1
|
1,025,339
|
||||
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
|
||||||||
|
4,500
|
5.500%, 12/01/29
|
No Opt. Call
|
A–
|
5,071,228
|
||||
|
3,500
|
5.000%, 12/01/37
|
No Opt. Call
|
A–
|
3,739,994
|
||||
|
15,945
|
Total Utilities
|
17,728,595
|
|
22
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Water and Sewer – 11.0% (7.9% of Total Investments)
|
||||||||
|
$
|
1,005
|
Cottonwood, Arizona, Senior Lien Water System Revenue Bonds, Municipal Property Corporation, Series 2004, 5.000%, 7/01/24 – SYNCORA GTY Insured
|
7/14 at 100.00
|
A
|
$
|
1,030,869
|
||
|
1,425
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39
|
7/20 at 100.00
|
A+
|
1,583,873
|
||||
|
1,000
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, Series 2004, 5.000%, 7/01/24 – NPFG Insured
|
7/14 at 100.00
|
AA+
|
1,072,190
|
||||
|
1,250
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Refunding Bonds, Series 2001, 5.500%, 7/01/21 – FGIC Insured
|
No Opt. Call
|
AAA
|
1,610,788
|
||||
|
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
|
||||||||
|
600
|
4.700%, 4/01/22
|
4/14 at 100.00
|
A–
|
610,476
|
||||
|
810
|
4.900%, 4/01/32
|
4/17 at 100.00
|
A–
|
830,777
|
||||
|
905
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
|
12/17 at 100.00
|
N/R
|
778,210
|
||||
|
6,995
|
Total Water and Sewer
|
7,517,183
|
||||||
|
$
|
90,672
|
Total Investments (cost $85,508,780) – 139.6%
|
94,954,342
|
|||||
|
Variable MuniFund Term Preferred Shares, at Liquidation Value – (41.2)% (7)
|
(28,000,000
|
) | ||||||
|
Other Assets Less Liabilities – 1.6%
|
1,061,995
|
|||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
68,016,337
|
|
(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)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
|
|
|
(5)
|
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.
|
|
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
|
(7)
|
Variable MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.5%.
|
|
|
N/R
|
Not rated.
|
|
|
WI/DD
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
|
(ETM)
|
Escrowed to maturity.
|
|
|
(IF)
|
Inverse floating rate investment.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
23
|
|
Nuveen Arizona Dividend Advantage Municipal Fund
|
||
|
NFZ
|
Portfolio of Investments
|
|
|
August 31, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Education and Civic Organizations – 13.1% (9.1% of Total Investments)
|
||||||||
|
$
|
280
|
Arizona Higher Education Loan Authority, Student Loan Revenue Bonds, Series 2007B, Auction Rate Securities, 0.525%, 11/01/41 (Alternative Minimum Tax) (4)
|
10/12 at 100.00
|
A
|
$
|
218,613
|
||
|
275
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31
|
5/22 at 100.00
|
A–
|
303,559
|
||||
|
500
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.125%, 5/15/40
|
5/20 at 100.00
|
A+
|
533,030
|
||||
|
105
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Brighter Choice Foundation Charter Middle Schools Project, Series 2012, 7.500%, 7/01/42
|
7/22 at 100.00
|
BB+
|
109,430
|
||||
|
80
|
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42
|
7/21 at 100.00
|
BBB
|
85,554
|
||||
|
100
|
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Painted Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42
|
7/20 at 100.00
|
N/R
|
104,801
|
||||
|
500
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Series 2012, 5.000%, 6/01/42 – AGM Insured
|
6/22 at 100.00
|
A+
|
539,380
|
||||
|
100
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42
|
1/22 at 100.00
|
BBB–
|
107,410
|
||||
|
130
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 6.000%, 6/01/40
|
6/19 at 100.00
|
BBB–
|
132,583
|
||||
|
165
|
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise Education Center Charter School, Series 2006, 6.000%, 6/01/36
|
6/16 at 100.00
|
BBB–
|
166,688
|
||||
|
220
|
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley Academy Charter School Project, Series 2008, 6.500%, 7/01/38
|
7/18 at 100.00
|
Baa3
|
233,759
|
||||
|
300
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, University of the Sacred Heart, Series 2001, 5.250%, 9/01/21
|
3/13 at 100.00
|
BBB
|
300,438
|
||||
|
305
|
Tucson Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2004A, 6.125%, 9/01/34
|
9/14 at 100.00
|
BB+
|
301,194
|
||||
|
3,060
|
Total Education and Civic Organizations
|
3,136,439
|
||||||
|
Health Care – 25.1% (17.4% of Total Investments)
|
||||||||
|
565
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007A, 5.000%, 1/01/25
|
1/17 at 100.00
|
AA–
|
643,959
|
||||
|
325
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007B, 1.120%, 1/02/37
|
1/17 at 100.00
|
AA–
|
245,765
|
||||
|
720
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2008D, 5.500%, 1/01/38
|
1/18 at 100.00
|
AA–
|
800,755
|
||||
|
800
|
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012, 5.000%, 2/01/42 (WI/DD, Settling 9/06/12)
|
2/22 at 100.00
|
BBB+
|
842,008
|
||||
|
10
|
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/28
|
3/13 at 100.00
|
A
|
10,062
|
||||
|
250
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B, 5.000%, 12/01/37
|
12/15 at 100.00
|
BBB+
|
255,430
|
||||
|
415
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2007, 5.000%, 12/01/42
|
12/17 at 100.00
|
BBB+
|
427,612
|
||||
|
750
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23
|
7/14 at 100.00
|
A+
|
789,000
|
||||
|
1,025
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
|
7/17 at 100.00
|
A+
|
1,110,475
|
|
24
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Health Care (continued)
|
||||||||
|
Show Low Industrial Development Authority, Arizona, Hospital Revenue Bonds, Navapache Regional Medical Center, Series 2005:
|
||||||||
|
$
|
200
|
5.000%, 12/01/25 – RAAI Insured
|
12/15 at 100.00
|
BBB+
|
$
|
206,266
|
||
|
150
|
5.000%, 12/01/30 – RAAI Insured
|
12/15 at 100.00
|
BBB+
|
153,578
|
||||
|
450
|
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39
|
7/21 at 100.00
|
BBB+
|
520,196
|
||||
|
5,660
|
Total Health Care
|
6,005,106
|
||||||
|
Long-Term Care – 0.5% (0.3% of Total Investments)
|
||||||||
|
105
|
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32
|
12/21 at 100.00
|
N/R
|
112,933
|
||||
|
Tax Obligation/General – 17.8% (12.3% of Total Investments)
|
||||||||
|
860
|
El Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%, 7/01/42 – AGM Insured
|
7/22 at 100.00
|
AA–
|
956,286
|
||||
|
180
|
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, Series 2011A, 6.000%, 7/01/30 – AGM Insured
|
7/21 at 100.00
|
AA–
|
226,022
|
||||
|
1,310
|
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999, 5.000%, 7/01/32
|
7/21 at 100.00
|
AAA
|
1,564,087
|
||||
|
1,340
|
Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Series 2006, 5.000%, 7/01/21 – NPFG Insured
|
7/16 at 100.00
|
Aa2
|
1,504,564
|
||||
|
3,690
|
Total Tax Obligation/General
|
4,250,959
|
||||||
|
Tax Obligation/Limited – 44.2% (30.6% of Total Investments)
|
||||||||
|
660
|
Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium Facility Project, Series 2012A, 5.000%, 7/01/36
|
7/22 at 100.00
|
A1
|
728,726
|
||||
|
440
|
Buckeye, Arizona, Festival Ranch Community Facilities District District General Obligation Bonds, Series 2012, 5.000%, 7/15/31
|
7/22 at 100.00
|
BBB
|
457,534
|
||||
|
82
|
Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series 2005, 5.500%, 7/15/29
|
7/15 at 100.00
|
N/R
|
77,101
|
||||
|
203
|
Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds, Montecito Assessment District, Series 2007, 5.700%, 7/01/27
|
1/17 at 100.00
|
N/R
|
199,793
|
||||
|
117
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25
|
1/13 at 100.00
|
N/R
|
117,222
|
||||
|
1,000
|
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 5.000%, 8/01/22 – NPFG Insured
|
8/16 at 100.00
|
AA–
|
1,137,300
|
||||
|
275
|
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 8/01/23 – NPFG Insured
|
8/16 at 100.00
|
A1
|
306,411
|
||||
|
1,180
|
Marana Municipal Property Corporation, Arizona, Revenue Bonds, Series 2003, 5.000%, 7/01/23 – AMBAC Insured
|
7/13 at 100.00
|
AA
|
1,220,261
|
||||
|
468
|
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006, 4.600%, 1/01/26
|
7/16 at 100.00
|
A2
|
484,717
|
||||
|
150
|
Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32
|
7/17 at 100.00
|
N/R
|
149,816
|
||||
|
255
|
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, Series 2008A, 7.400%, 7/15/33
|
7/18 at 100.00
|
N/R
|
278,024
|
||||
|
330
|
Palm Valley Community Facility District 3, Goodyear, Arizona, General Obligation Bonds, Series 2006, 5.300%, 7/15/31
|
7/16 at 100.00
|
N/R
|
301,656
|
||||
|
225
|
Palm Valley Community Facility District 3, Goodyear, Arizona, Limited Tax General Obligation Bonds, Series 2007, 5.800%, 7/15/32
|
7/17 at 100.00
|
N/R
|
217,017
|
||||
|
100
|
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006, 5.350%, 7/15/31
|
7/16 at 100.00
|
N/R
|
91,968
|
|
Nuveen Investments
|
25
|
|
Nuveen Arizona Dividend Advantage Municipal Fund (continued)
|
||
|
NFZ
|
Portfolio of Investments
|
August 31, 2012 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Tax Obligation/Limited (continued)
|
||||||||
|
$
|
725
|
Phoenix Industrial Development Authority, Arizona, Government Bonds, Capitol Mall LLC II, Series 2001, 5.250%, 9/15/16 – AMBAC Insured
|
9/12 at 100.00
|
A1
|
$
|
727,414
|
||
|
100
|
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax)
|
7/22 at 100.00
|
AA+
|
105,191
|
||||
|
680
|
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured
|
10/12 at 100.00
|
BBB–
|
680,660
|
||||
|
600
|
San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue Bonds, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured
|
7/15 at 100.00
|
A+
|
634,098
|
||||
|
1,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/24
|
No Opt. Call
|
AAA
|
1,284,869
|
||||
|
350
|
Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation Bonds, Series 2007, 5.900%, 7/15/32
|
7/17 at 100.00
|
N/R
|
337,680
|
||||
|
500
|
Vistancia Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2005, 5.750%, 7/15/24
|
7/15 at 100.00
|
A1
|
532,650
|
||||
|
337
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
|
7/16 at 100.00
|
N/R
|
320,005
|
||||
|
225
|
Westpark Community Facilities District, Buckeye, Arizona, General Obligation Tax Increment Bonds Series 2006, 5.250%, 7/15/31
|
7/16 at 100.00
|
N/R
|
204,422
|
||||
|
10,002
|
Total Tax Obligation/Limited
|
10,594,535
|
||||||
|
U.S. Guaranteed – 13.4% (9.3% of Total Investments) (5)
|
||||||||
|
1,000
|
Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Series 2003A, 5.000%, 7/01/31 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
A1 (5)
|
1,039,640
|
||||
|
1,000
|
Maricopa County Unified School District 11, Peoria, Arizona, General Obligation Bonds, Second Series 2005, 5.000%, 7/01/20 (Pre-refunded 7/01/15) – FGIC Insured
|
7/15 at 100.00
|
Aa2 (5)
|
1,131,130
|
||||
|
240
|
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds Series 2006C, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – NPFG Insured,
|
7/16 at 100.00
|
AA (5)
|
281,705
|
||||
|
630
|
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – FGIC Insured (ETM)
|
No Opt. Call
|
Aa2 (5)
|
764,820
|
||||
|
2,870
|
Total U.S. Guaranteed
|
3,217,295
|
||||||
|
Utilities – 24.9% (17.2% of Total Investments)
|
||||||||
|
1,500
|
Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds, Hoover Project, Series 2001, 5.250%, 10/01/17
|
No Opt. Call
|
AA
|
1,820,744
|
||||
|
600
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35
|
6/20 at 100.00
|
A1
|
665,970
|
||||
|
370
|
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – FGIC Insured
|
No Opt. Call
|
Aa2
|
442,946
|
||||
|
665
|
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Refunding Series 2008, 5.750%, 9/01/29
|
1/15 at 100.00
|
BBB–
|
710,413
|
||||
|
400
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/36
|
7/21 at 100.00
|
A
|
449,380
|
||||
|
1,000
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/26 – SYNCORA GTY Insured
|
7/15 at 100.00
|
BBB+
|
1,071,200
|
||||
|
560
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 09-9W, 17.940%, 1/01/38 (IF) (6)
|
1/18 at 100.00
|
Aa1
|
803,062
|
||||
|
5,095
|
Total Utilities
|
5,963,715
|
|
26
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Water and Sewer – 5.4% (3.8% of Total Investments)
|
||||||||
|
$
|
475
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39
|
7/20 at 100.00
|
A+
|
$
|
527,958
|
||
|
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
|
||||||||
|
225
|
4.700%, 4/01/22
|
4/14 at 100.00
|
A–
|
228,929
|
||||
|
260
|
4.900%, 4/01/32
|
4/17 at 100.00
|
A–
|
266,669
|
||||
|
325
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
|
12/17 at 100.00
|
N/R
|
279,468
|
||||
|
1,285
|
Total Water and Sewer
|
1,303,024
|
||||||
|
$
|
31,767
|
Total Investments (cost $31,816,208) – 144.4%
|
34,584,006
|
|||||
|
MuniFund Term Preferred Shares, at Liquidation Value – (46.4)% (7)
|
(11,100,000
|
) | ||||||
|
Other Assets Less Liabilities – 2.0%
|
463,409
|
|||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
23,947,415
|
|
(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)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
|
|
|
(5)
|
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.
|
|
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
|
(7)
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.1%.
|
|
|
N/R
|
Not rated.
|
|
|
WI/DD
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
|
(ETM)
|
Escrowed to maturity.
|
|
|
(IF)
|
Inverse floating rate investment.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
27
|
|
Nuveen Arizona Dividend Advantage Municipal Fund 2
|
||
|
NKR
|
Portfolio of Investments
|
|
|
August 31, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Education and Civic Organizations – 15.3% (10.7% of Total Investments)
|
||||||||
|
$
|
1,130
|
Arizona Higher Education Loan Authority, Student Loan Revenue Bonds, Series 2007B, Auction Rate Securities, 0.525%, 11/01/41 (Alternative Minimum Tax) (4)
|
10/12 at 100.00
|
A
|
$
|
882,261
|
||
|
450
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31
|
5/22 at 100.00
|
A–
|
496,733
|
||||
|
775
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.125%, 5/15/40
|
5/20 at 100.00
|
A+
|
826,197
|
||||
|
360
|
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41
|
6/21 at 100.00
|
A+
|
396,814
|
||||
|
170
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Brighter Choice Foundation Charter Middle Schools Project, Series 2012, 7.500%, 7/01/42
|
7/22 at 100.00
|
BB+
|
177,172
|
||||
|
130
|
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42
|
7/21 at 100.00
|
BBB
|
139,026
|
||||
|
165
|
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Painted Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42
|
7/20 at 100.00
|
N/R
|
172,922
|
||||
|
810
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Series 2012, 5.000%, 6/01/42 – AGM Insured
|
6/22 at 100.00
|
A+
|
873,796
|
||||
|
485
|
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Noah Webster Basic Schools Inc., Series 2004, 6.000%, 12/15/24
|
12/14 at 100.00
|
BBB–
|
495,010
|
||||
|
165
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42
|
1/22 at 100.00
|
BBB–
|
177,227
|
||||
|
210
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 6.000%, 6/01/40
|
6/19 at 100.00
|
BBB–
|
214,173
|
||||
|
175
|
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise Education Center Charter School, Series 2006, 6.000%, 6/01/36
|
6/16 at 100.00
|
BBB–
|
176,790
|
||||
|
365
|
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley Academy Charter School Project, Series 2008, 6.500%, 7/01/38
|
7/18 at 100.00
|
Baa3
|
387,827
|
||||
|
480
|
Tucson Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2004A, 6.125%, 9/01/34
|
9/14 at 100.00
|
BB+
|
474,010
|
||||
|
5,870
|
Total Education and Civic Organizations
|
5,889,958
|
||||||
|
Health Care – 32.5% (22.7% of Total Investments)
|
||||||||
|
845
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007A, 5.000%, 1/01/25
|
1/17 at 100.00
|
AA–
|
963,089
|
||||
|
520
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007B, 1.120%, 1/02/37
|
1/17 at 100.00
|
AA–
|
393,224
|
||||
|
1,150
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2008D, 5.500%, 1/01/38
|
1/18 at 100.00
|
AA–
|
1,278,984
|
||||
|
750
|
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012, 5.000%, 2/01/42 (WI/DD, Settling 9/06/12)
|
2/22 at 100.00
|
BBB+
|
789,383
|
||||
|
600
|
Arizona Health Facilities Authority, Revenue Bonds, Blood Systems Inc., Series 2004, 5.000%, 4/01/20
|
4/14 at 100.00
|
A
|
625,752
|
||||
|
400
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B, 5.000%, 12/01/37
|
12/15 at 100.00
|
BBB+
|
408,688
|
||||
|
655
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2007, 5.000%, 12/01/42
|
12/17 at 100.00
|
BBB+
|
674,905
|
||||
|
1,375
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23
|
7/14 at 100.00
|
A+
|
1,446,499
|
||||
|
1,650
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
|
7/17 at 100.00
|
A+
|
1,787,591
|
||||
|
1,120
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured
|
9/20 at 100.00
|
AA–
|
1,239,224
|
|
28
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Health Care (continued)
|
||||||||
|
Show Low Industrial Development Authority, Arizona, Hospital Revenue Bonds, Navapache Regional Medical Center, Series 2005:
|
||||||||
|
$
|
315
|
5.000%, 12/01/25 – RAAI Insured
|
12/15 at 100.00
|
BBB+
|
$
|
324,869
|
||
|
260
|
5.000%, 12/01/30 – RAAI Insured
|
12/15 at 100.00
|
BBB+
|
266,201
|
||||
|
1,050
|
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39
|
7/21 at 100.00
|
BBB+
|
1,213,790
|
||||
|
1,000
|
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2003A, 6.000%, 8/01/33
|
8/13 at 100.00
|
BBB+
|
1,041,440
|
||||
|
11,690
|
Total Health Care
|
12,453,639
|
||||||
|
Long-Term Care – 0.5% (0.3% of Total Investments)
|
||||||||
|
175
|
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32
|
12/21 at 100.00
|
N/R
|
188,221
|
||||
|
Tax Obligation/General – 25.7% (18.0% of Total Investments)
|
||||||||
|
1,000
|
Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds, School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured
|
7/21 at 100.00
|
AA–
|
1,149,970
|
||||
|
1,000
|
Maricopa County School District 6, Arizona, General Obligation Refunding Bonds, Washington Elementary School, Series 2002A, 5.375%, 7/01/16 – AGM Insured
|
No Opt. Call
|
Aa2
|
1,174,230
|
||||
|
775
|
Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds, Series 2011, 5.000%, 7/01/23
|
7/21 at 100.00
|
Aa2
|
945,539
|
||||
|
1,165
|
Maricopa County Unified School District 69, Paradise Valley, Arizona, General Obligation Refunding Bonds, Series 2002A, 5.250%, 7/01/14 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,265,971
|
||||
|
1,405
|
Mesa, Arizona, General Obligation Bonds, Series 2002, 5.375%, 7/01/15 – FGIC Insured
|
No Opt. Call
|
AA
|
1,589,152
|
||||
|
310
|
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, Series 2011A, 6.000%, 7/01/30 – AGM Insured
|
7/21 at 100.00
|
AA–
|
389,261
|
||||
|
500
|
Pima County Unified School District 08 Flowing Wells, Arizona, General Obligation Bonds, Series 2011B, 5.375%, 7/01/29
|
7/21 at 100.00
|
A+
|
573,750
|
||||
|
1,000
|
Pima County Unified School District 6, Marana, Arizona, General Obligation Bonds, School Improvement Project 2010 Series 2011A, 5.000%, 7/01/25
|
7/21 at 100.00
|
A+
|
1,142,890
|
||||
|
1,360
|
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999, 5.000%, 7/01/33
|
7/21 at 100.00
|
AAA
|
1,615,489
|
||||
|
8,515
|
Total Tax Obligation/General
|
9,846,252
|
||||||
|
Tax Obligation/Limited – 44.9% (31.4% of Total Investments)
|
||||||||
|
Arizona State, Certificates of Participation, Series 2002A:
|
||||||||
|
750
|
5.000%, 11/01/17 – NPFG Insured
|
11/12 at 100.00
|
A+
|
752,835
|
||||
|
1,000
|
5.000%, 11/01/18 – NPFG Insured
|
11/12 at 100.00
|
A+
|
1,003,740
|
||||
|
370
|
Buckeye, Arizona, Festival Ranch Community Facilities District District General Obligation Bonds, Series 2012, 5.000%, 7/15/31
|
7/22 at 100.00
|
BBB
|
384,745
|
||||
|
116
|
Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series 2005, 5.500%, 7/15/29
|
7/15 at 100.00
|
N/R
|
109,070
|
||||
|
332
|
Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds, Montecito Assessment District, Series 2007, 5.800%, 7/01/32
|
1/17 at 100.00
|
N/R
|
320,231
|
||||
|
184
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25
|
1/13 at 100.00
|
N/R
|
184,350
|
||||
|
970
|
Marana Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds, Series 2008B, 5.125%, 7/01/28
|
1/13 at 100.00
|
AA
|
982,455
|
||||
|
784
|
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006, 4.600%, 1/01/26
|
7/16 at 100.00
|
A2
|
812,004
|
||||
|
240
|
Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32
|
7/17 at 100.00
|
N/R
|
239,705
|
||||
|
415
|
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, Series 2008A, 7.400%, 7/15/33
|
7/18 at 100.00
|
N/R
|
452,470
|
|
Nuveen Investments
|
29
|
|
Nuveen Arizona Dividend Advantage Municipal Fund 2 (continued)
|
||
|
NKR
|
Portfolio of Investments
|
August 31, 2012 (Unaudited)
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||
|
Tax Obligation/Limited (continued)
|
||||||||
|
$
|
530
|
Palm Valley Community Facility District 3, Goodyear, Arizona, General Obligation Bonds, Series 2006, 5.300%, 7/15/31
|
7/16 at 100.00
|
N/R
|
$
|
484,478
|
||
|
350
|
Palm Valley Community Facility District 3, Goodyear, Arizona, Limited Tax General Obligation Bonds, Series 2007, 5.800%, 7/15/32
|
7/17 at 100.00
|
N/R
|
337,582
|
||||
|
140
|
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006, 5.350%, 7/15/31
|
7/16 at 100.00
|
N/R
|
128,755
|
||||
|
1,000
|
Phoenix Industrial Development Authority, Arizona, Government Bonds, Capitol Mall LLC II, Series 2001, 5.250%, 9/15/16 – AMBAC Insured
|
9/12 at 100.00
|
A1
|
1,003,330
|
||||
|
140
|
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax)
|
7/22 at 100.00
|
AA+
|
147,267
|
||||
|
1,070
|
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured
|
10/12 at 100.00
|
BBB–
|
1,071,038
|
||||
|
140
|
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D, 5.125%, 7/01/24
|
1/13 at 100.00
|
Baa1
|
140,218
|
||||
|
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+
|
986,673
|
||||
|
250
|
5.375%, 8/01/39
|
2/20 at 100.00
|
A+
|
267,640
|
||||
|
960
|
San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue Bonds, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured
|
7/15 at 100.00
|
A+
|
1,014,557
|
||||
|
1,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/24
|
No Opt. Call
|
AAA
|
1,284,870
|
||||
|
1,000
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer Improvements Project, Series 2010, 5.000%, 7/01/36
|
7/20 at 100.00
|
AAA
|
1,136,040
|
||||
|
555
|
Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation Bonds, Series 2007, 5.900%, 7/15/32
|
7/17 at 100.00
|
N/R
|
535,464
|
||||
|
1,500
|
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37 (WI/DD, Settling 9/12/12)
|
7/22 at 100.00
|
AAA
|