|
|
|
|
|
|
|
|
Portfolio of Investments (Unaudited)
|
|
|
|
|
|
Nuveen Arizona Dividend Advantage Municipal Fund (NFZ)
|
|
|
|
|
|
November 30, 2011
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations – 12.6% (8.6% of Total Investments)
|
|
|
|
$ 280
|
|
Arizona Higher Education Loan Authority, Student Loan Revenue Bonds, Series 2007B, Auction
|
3/12 at 100.00
|
A
|
$ 194,872
|
|
|
Rate Securities, 0.508%, 11/01/41 (Alternative Minimum Tax) (4)
|
|
|
|
275
|
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,
|
5/22 at 100.00
|
A–
|
280,495
|
|
|
Refunding Series 2007, 5.000%, 5/15/31
|
|
|
|
500
|
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,
|
5/20 at 100.00
|
A–
|
501,350
|
|
|
Refunding Series 2010, 5.125%, 5/15/40
|
|
|
|
130
|
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise
|
6/19 at 100.00
|
BBB–
|
112,616
|
|
|
Education Center Project, Series 2010, 6.000%, 6/01/40
|
|
|
|
220
|
|
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley
|
7/18 at 100.00
|
Baa3
|
205,539
|
|
|
Academy Charter School Project, Series 2008, 6.500%, 7/01/38
|
|
|
|
1,000
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities
|
2/12 at 100.00
|
BBB–
|
936,550
|
|
|
Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System,
|
|
|
|
|
|
Series 1999, 5.375%, 2/01/29
|
|
|
|
300
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities
|
3/12 at 100.00
|
BBB
|
300,180
|
|
|
Financing Authority, Higher Education Revenue Bonds, University of the Sacred Heart,
|
|
|
|
|
|
Series 2001, 5.250%, 9/01/21
|
|
|
|
305
|
|
Tucson Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona
|
9/14 at 100.00
|
BB+
|
262,169
|
|
|
Agribusiness and Equine Center Charter School, Series 2004A, 6.125%, 9/01/34
|
|
|
|
3,010
|
|
Total Education and Civic Organizations
|
|
|
2,793,771
|
|
|
Health Care – 20.9% (14.2% of Total Investments)
|
|
|
|
565
|
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series
|
1/17 at 100.00
|
AA–
|
590,510
|
|
|
2007A, 5.000%, 1/01/25
|
|
|
|
325
|
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series
|
1/17 at 100.00
|
AA–
|
212,674
|
|
|
2007B, 1.059%, 1/02/37
|
|
|
|
720
|
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series
|
1/18 at 100.00
|
AA–
|
747,641
|
|
|
2008D, 5.500%, 1/01/38
|
|
|
|
10
|
|
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist
|
3/13 at 100.00
|
A
|
10,005
|
|
|
Health System/West, Series 2003A, 5.000%, 3/01/28
|
|
|
|
250
|
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health
|
12/15 at 100.00
|
BBB
|
215,385
|
|
|
Network, Series 2005B, 5.000%, 12/01/37
|
|
|
|
415
|
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health
|
12/17 at 100.00
|
BBB
|
350,015
|
|
|
Network, Series 2007, 5.000%, 12/01/42
|
|
|
|
750
|
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds,
|
7/14 at 100.00
|
A
|
786,825
|
|
|
Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23
|
|
|
|
1,025
|
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds,
|
7/17 at 100.00
|
A
|
1,029,131
|
|
|
Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
|
|
|
|
|
|
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+
|
190,304
|
150
|
|
5.000%, 12/01/30 – RAAI Insured
|
12/15 at 100.00
|
BBB+
|
137,502
|
350
|
|
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011,
|
7/21 at 100.00
|
BBB+
|
354,431
|
|
|
6.000%, 7/01/39
|
|
|
|
4,760
|
|
Total Health Care
|
|
|
4,624,423
|
|
|
Housing/Multifamily – 3.6% (2.6% of Total Investments)
|
|
|
|
1,000
|
|
Maricopa County Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds,
|
1/12 at 100.00
|
Baa1
|
805,900
|
|
|
Whispering Palms Apartments, Series 1999A, 5.900%, 7/01/29 – NPFG Insured
|
|
|
|
|
|
Tax Obligation/General – 19.0% (12.9% of Total Investments)
|
|
|
|
1,000
|
|
Maricopa County Unified School District 11, Peoria, Arizona, General Obligation Bonds, Second
|
7/15 at 100.00
|
Aa2
|
1,103,300
|
|
|
Series 2005, 5.000%, 7/01/20 – FGIC Insured
|
|
|
|
180
|
|
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds,
|
7/21 at 100.00
|
AA–
|
197,982
|
|
|
Series 2011A, 2.000%, 7/01/30 – AGM Insured
|
|
|
|
1,310
|
|
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999, 5.000%, 7/01/32
|
7/21 at 100.00
|
AAA
|
1,444,681
|
1,340
|
|
Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Series
|
7/16 at 100.00
|
Aa2
|
1,453,699
|
|
|
2006, 5.000%, 7/01/21 – NPFG Insured
|
|
|
|
3,830
|
|
Total Tax Obligation/General
|
|
|
4,199,662
|
|
|
Tax Obligation/Limited – 46.6% (31.7% of Total Investments)
|
|
|
|
1,220
|
|
Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility
|
7/13 at 100.00
|
A1
|
1,209,423
|
|
|
Project, Series 2003A, 5.000%, 7/01/31 – NPFG Insured
|
|
|
|
85
|
|
Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series
|
7/15 at 100.00
|
N/R
|
70,989
|
|
|
2005, 5.500%, 7/15/29
|
|
|
|
205
|
|
Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds,
|
1/17 at 100.00
|
N/R
|
181,718
|
|
|
Montecito Assessment District, Series 2007, 5.700%, 7/01/27
|
|
|
|
125
|
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment
|
7/12 at 100.00
|
N/R
|
126,021
|
|
|
Lien Bonds, Series 2001A, 7.875%, 7/01/25
|
|
|
|
1,000
|
|
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 5.000%,
|
8/16 at 100.00
|
AA–
|
1,059,100
|
|
|
8/01/22 – NPFG Insured
|
|
|
|
275
|
|
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%,
|
8/16 at 100.00
|
AA–
|
289,561
|
|
|
8/01/23 – NPFG Insured
|
|
|
|
1,180
|
|
Marana Municipal Property Corporation, Arizona, Revenue Bonds, Series 2003, 5.000%, 7/01/23 –
|
7/13 at 100.00
|
AA
|
1,240,569
|
|
|
AMBAC Insured
|
|
|
|
471
|
|
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006,
|
7/16 at 100.00
|
A2
|
472,663
|
|
|
4.600%, 1/01/26
|
|
|
|
150
|
|
Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General
|
7/17 at 100.00
|
N/R
|
132,251
|
|
|
Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32
|
|
|
|
255
|
|
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds,
|
7/18 at 100.00
|
N/R
|
256,767
|
|
|
Series 2008A, 7.400%, 7/15/33
|
|
|
|
330
|
|
Palm Valley Community Facility District 3, Goodyear, Arizona, General Obligation Bonds, Series
|
7/16 at 100.00
|
N/R
|
265,799
|
|
|
2006, 5.300%, 7/15/31
|
|
|
|
225
|
|
Palm Valley Community Facility District 3, Goodyear, Arizona, Limited Tax General Obligation
|
7/17 at 100.00
|
N/R
|
191,187
|
|
|
Bonds, Series 2007, 5.800%, 7/15/32
|
|
|
|
100
|
|
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds,
|
7/16 at 100.00
|
N/R
|
81,068
|
|
|
Series 2006, 5.350%, 7/15/31
|
|
|
|
900
|
|
Phoenix Industrial Development Authority, Arizona, Government Bonds, Capitol Mall LLC II,
|
3/12 at 100.00
|
A1
|
909,828
|
|
|
Series 2001, 5.250%, 9/15/16 – AMBAC Insured
|
|
|
|
680
|
|
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract
|
No Opt. Call
|
BBB–
|
681,054
|
|
|
Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured
|
|
|
|
600
|
|
San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue
|
7/15 at 100.00
|
A+
|
620,754
|
|
|
Bonds, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured
|
|
|
|
1,000
|
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series
|
No Opt. Call
|
AAA
|
1,218,330
|
|
|
2006, 5.000%, 7/01/24
|
|
|
|
350
|
|
Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation
|
7/17 at 100.00
|
N/R
|
301,130
|
|
|
Bonds, Series 2007, 5.900%, 7/15/32
|
|
|
|
500
|
|
Vistancia Community Facilities District, Arizona, Restricted General Obligation Bonds, Series
|
7/15 at 100.00
|
A1
|
525,010
|
|
|
2005, 5.750%, 7/15/24
|
|
|
|
340
|
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series
|
7/16 at 100.00
|
N/R
|
287,181
|
|
|
2005, 6.000%, 7/01/30
|
|
|
|
225
|
|
Westpark Community Facilities District, Buckeye, Arizona, General Obligation Tax Increment
|
7/16 at 100.00
|
N/R
|
180,052
|
|
|
Bonds Series 2006, 5.250%, 7/15/31
|
|
|
|
10,216
|
|
Total Tax Obligation/Limited
|
|
|
10,300,455
|
|
|
U.S. Guaranteed – 9.5% (6.5% of Total Investments) (5)
|
|
|
|
240
|
|
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds,
|
7/16 at 100.00
|
AA (5)
|
280,399
|
|
|
Series 2006C, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – NPFG Insured
|
|
|
|
1,500
|
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series
|
7/12 at 100.00
|
AAA
|
1,540,755
|
|
|
2002, 5.000%, 7/01/26 (Pre-refunded 7/01/12) – FGIC Insured
|
|
|
|
285
|
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System
|
1/12 at 101.00
|
Aa1 (5)
|
289,093
|
|
|
Revenue Refunding Bonds, Series 2002A, 5.250%, 1/01/18 (Pre-refunded 1/01/12)
|
|
|
|
2,025
|
|
Total U.S. Guaranteed
|
|
|
2,110,247
|
|
|
Utilities – 28.8% (19.6% of Total Investments)
|
|
|
|
1,500
|
|
Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds,
|
No Opt. Call
|
AA
|
1,790,022
|
|
|
Hoover Project, Series 2001, 5.250%, 10/01/17
|
|
|
|
600
|
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding
|
6/20 at 100.00
|
A1
|
628,122
|
|
|
Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35
|
|
|
|
1,000
|
|
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 –
|
No Opt. Call
|
Aa2
|
1,179,060
|
|
|
FGIC Insured
|
|
|
|
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
|
|
|
|
400
|
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series
|
7/21 at 100.00
|
A
|
409,208
|
|
|
2011, 5.250%, 7/01/36
|
|
|
|
1,000
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/26 –
|
7/15 at 100.00
|
A3
|
1,016,180
|
|
|
SYNCORA GTY Insured
|
|
|
|
560
|
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System
|
1/18 at 100.00
|
Aa1
|
662,010
|
|
|
Revenue Bonds, Tender Option Bond Trust 09-9W, 18.060%, 1/01/38 (IF) (6)
|
|
|
|
5,725
|
|
Total Utilities
|
|
|
6,362,869
|
|
|
Water and Sewer – 5.7% (3.9% of Total Investments)
|
|
|
|
475
|
|
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39
|
7/20 at 100.00
|
A+
|
488,979
|
|
|
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
|
|
|
|
225
|
|
4.700%, 4/01/22
|
4/14 at 100.00
|
N/R
|
226,391
|
260
|
|
4.900%, 4/01/32
|
4/17 at 100.00
|
N/R
|
246,295
|
325
|
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water &
|
12/17 at 100.00
|
N/R
|
294,697
|
|
|
Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
|
|
|
|
1,285
|
|
Total Water and Sewer
|
|
|
1,256,362
|
$ 31,851
|
|
Total Investments (cost $31,714,850) – 146.7%
|
|
|
32,453,689
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (50.2)% (7)
|
|
|
(11,100,000)
|
|
|
Other Assets Less Liabilities – 3.5%
|
|
|
768,001
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 22,121,690
|