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Portfolio of Investments (Unaudited)
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Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR)
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November 30, 2011
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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 – 10.8% (7.3% 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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3/12 at 100.00
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A
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$ 786,446
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Rate Securities, 0.508%, 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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458,991
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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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777,093
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Refunding Series 2010, 5.125%, 5/15/40
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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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473,011
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Webster Basic Schools Inc., Series 2004, 6.000%, 12/15/24
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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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181,919
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Education Center Project, Series 2010, 6.000%, 6/01/40
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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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341,009
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Academy Charter School Project, Series 2008, 6.500%, 7/01/38
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290
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Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities
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2/12 at 100.00
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BBB–
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290,099
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Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System,
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Series 1999, 5.375%, 2/01/19
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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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412,594
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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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6/12 at 100.00
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AA–
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66,347
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40
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5.125%, 6/01/22 – AMBAC Insured
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6/12 at 100.00
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AA–
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40,650
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4,290
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Total Education and Civic Organizations
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3,828,159
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Health Care – 30.2% (20.4% 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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883,152
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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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340,278
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2007B, 1.059%, 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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1,194,149
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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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618,156
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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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344,616
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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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552,434
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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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1,442,512
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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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1,656,649
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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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1,109,920
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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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299,729
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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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238,337
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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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1,063,293
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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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Baa2
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1,003,280
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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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10,746,505
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Tax Obligation/General – 30.3% (20.5% 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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1,061,480
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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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1,173,290
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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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906,797
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Series 2011, 5.000%, 7/01/23
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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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1,284,937
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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
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No Opt. Call
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AA
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1,610,536
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Phoenix, Arizona, Various Purpose General Obligation Bonds, Series 2002B:
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985
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5.000%, 7/01/22
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7/12 at 100.00
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AAA
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1,006,640
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290
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5.000%, 7/01/27
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7/12 at 100.00
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AAA
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296,716
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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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340,969
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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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531,940
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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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1,058,110
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Improvement Project 2010 Series 2011A, 5.000%, 7/01/25
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1,360
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Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999, 5.000%, 7/01/33
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7/21 at 100.00
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AAA
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1,492,912
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9,790
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Total Tax Obligation/General
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10,764,327
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Tax Obligation/Limited – 47.4% (32.0% 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
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5/12 at 100.00
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A+
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756,293
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1,000
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5.000%, 11/01/18 – NPFG Insured
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5/12 at 100.00
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A+
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1,007,940
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120
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Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series
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7/15 at 100.00
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N/R
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100,220
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2005, 5.500%, 7/15/29
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337
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Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds,
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1/17 at 100.00
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N/R
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286,406
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Montecito Assessment District, Series 2007, 5.800%, 7/01/32
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197
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Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment
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7/12 at 100.00
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N/R
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198,609
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Lien Bonds, Series 2001A, 7.875%, 7/01/25
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990
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Marana Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds, Series
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7/12 at 100.00
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AA
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990,673
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2008B, 5.125%, 7/01/28
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789
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Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006,
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7/16 at 100.00
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A2
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791,785
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4.600%, 1/01/26
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Maricopa County Stadium District, Arizona, Revenue Refunding Bonds, Series 2002:
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840
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5.375%, 6/01/18 – AMBAC Insured
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6/12 at 100.00
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N/R
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786,635
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2,645
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5.375%, 6/01/19 – AMBAC Insured
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6/12 at 100.00
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N/R
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2,493,995
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240
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Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General
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7/17 at 100.00
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N/R
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211,601
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Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32
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415
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Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds,
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7/18 at 100.00
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N/R
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417,876
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Series 2008A, 7.400%, 7/15/33
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530
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Palm Valley Community Facility District 3, Goodyear, Arizona, General Obligation Bonds, Series
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7/16 at 100.00
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N/R
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426,889
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2006, 5.300%, 7/15/31
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350
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Palm Valley Community Facility District 3, Goodyear, Arizona, Limited Tax General Obligation
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7/17 at 100.00
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N/R
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297,402
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Bonds, Series 2007, 5.800%, 7/15/32
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140
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Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds,
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7/16 at 100.00
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N/R
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113,495
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Series 2006, 5.350%, 7/15/31
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1,000
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Phoenix Industrial Development Authority, Arizona, Government Bonds, Capitol Mall LLC II,
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3/12 at 100.00
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A1
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1,010,920
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Series 2001, 5.250%, 9/15/16 – AMBAC Insured
|
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|
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1,070
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Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract
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No Opt. Call
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BBB–
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1,071,659
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Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured
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|
270
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Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding
|
7/12 at 100.00
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Baa1
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270,227
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Bonds, Series 2002D, 5.125%, 7/01/24
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250
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Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
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2/20 at 100.00
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A+
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257,813
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2010A, 5.375%, 8/01/39
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|
960
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San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue
|
7/15 at 100.00
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A+
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993,206
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Bonds, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured
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1,000
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Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series
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No Opt. Call
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AAA
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1,218,330
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2006, 5.000%, 7/01/24
|
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|
1,000
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Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer
|
No Opt. Call
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AAA
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1,063,430
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Improvements Project, Series 2010, 5.000%, 7/01/36
|
|
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|
555
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Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation
|
7/17 at 100.00
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N/R
|
477,505
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Bonds, Series 2007, 5.900%, 7/15/32
|
|
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|
750
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Vistancia Community Facilities District, Arizona, Restricted General Obligation Bonds, Series
|
7/15 at 100.00
|
A1
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787,515
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2005, 5.750%, 7/15/24
|
|
|
|
637
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Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series
|
7/16 at 100.00
|
N/R
|
538,042
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|
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2005, 6.000%, 7/01/30
|
|
|
|
350
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|
Westpark Community Facilities District, Buckeye, Arizona, General Obligation Tax Increment
|
7/16 at 100.00
|
N/R
|
280,081
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|
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Bonds Series 2006, 5.250%, 7/15/31
|
|
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|
17,185
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|
Total Tax Obligation/Limited
|
|
|
16,848,547
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Transportation – 2.8% (1.9% of Total Investments)
|
|
|
|
1,000
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|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series
|
7/12 at 100.00
|
AA–
|
1,004,160
|
|
|
2002B, 5.250%, 7/01/27 – FGIC Insured (Alternative Minimum Tax)
|
|
|
|
|
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U.S. Guaranteed – 3.7% (2.5% of Total Investments) (5)
|
|
|
|
100
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|
Maricopa County Unified School District 89, Dysart, Arizona, General Obligation Bonds, Series
|
7/14 at 100.00
|
AA– (5)
|
111,818
|
|
|
2004B, 5.250%, 7/01/20 (Pre-refunded 7/01/14) – AGM Insured
|
|
|
|
375
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|
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds,
|
7/16 at 100.00
|
AA (5)
|
438,124
|
|
|
Series 2006C, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – NPFG Insured
|
|
|
|
730
|
|
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding
|
7/12 at 100.00
|
Baa1 (5)
|
750,674
|
|
|
Bonds, Series 2002D, 5.125%, 7/01/24 (Pre-refunded 7/01/12)
|
|
|
|
1,205
|
|
Total U.S. Guaranteed
|
|
|
1,300,616
|
|
|
Utilities – 9.4% (6.3% of Total Investments)
|
|
|
|
900
|
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding
|
6/20 at 100.00
|
A1
|
942,183
|
|
|
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–
|
678,267
|
|
|
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
|
255,755
|
|
|
2011, 5.250%, 7/01/36
|
|
|
|
450
|
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System
|
1/18 at 100.00
|
Aa1
|
531,972
|
|
|
Revenue Bonds, Tender Option Bond Trust 09-9W, 18.060%, 1/01/38 (IF) (6)
|
|
|
|
1,000
|
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc
|
No Opt. Call
|
A
|
919,840
|
|
|
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
|
|
|
3,265
|
|
Total Utilities
|
|
|
3,328,017
|
|
|
Water and Sewer – 13.4% (9.1% of Total Investments)
|
|
|
|
500
|
|
City of Goodyear, Arizona, Subordinate Lien Water and Sewer Revenue Obligations, Series 2011,
|
7/21 at 100.00
|
AA–
|
529,575
|
|
|
5.500%, 7/01/41
|
|
|
|
490
|
|
Maricopa County Industrial Development Authority, Arizona, Water System Improvement Revenue
|
6/12 at 100.00
|
N/R
|
490,137
|
|
|
Bonds, Chaparral City Water Company, Series 1997A, 5.400%, 12/01/22 – AMBAC Insured
|
|
|
|
|
|
(Alternative Minimum Tax)
|
|
|
|
210
|
|
Oro Valley Municipal Property Corporation, Arizona, Senior Lien Water Revenue Bonds, Series
|
7/13 at 100.00
|
AA–
|
215,418
|
|
|
2003, 5.000%, 7/01/23 – NPFG Insured
|
|
|
|
1,000
|
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Refunding
|
No Opt. Call
|
AAA
|
1,266,840
|
|
|
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
|
N/R
|
352,163
|
410
|
|
4.900%, 4/01/32
|
4/17 at 100.00
|
N/R
|
388,389
|
1,000
|
|
Tucson, Arizona, Water System Revenue Refunding Bonds, Series 2002, 5.500%, 7/01/18 –
|
7/12 at 102.00
|
Aa2
|
1,045,470
|
|
|
FGIC Insured
|
|
|
|
525
|
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water &
|
12/17 at 100.00
|
N/R
|
476,049
|
|
|
Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
|
|
|
|
4,485
|
|
Total Water and Sewer
|
|
|
4,764,041
|
$ 52,160
|
|
Total Investments (cost $51,540,488) – 148.0%
|
|
|
52,584,372
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (52.7)% (7)
|
|
|
(18,725,000)
|
|
|
Other Assets Less Liabilities – 4.7%
|
|
|
1,678,920
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 35,538,292
|