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Portfolio of Investments (Unaudited)
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Nuveen Arizona Dividend Advantage Municipal Fund (NFZ)
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May 31, 2012
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Principal
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Optional Call
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Amount (000)
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Description (1)
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Provisions (2)
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Ratings (3)
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Value
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Education and Civic Organizations – 10.7% (7.5% of Total Investments)
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$ 280
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Arizona Higher Education Loan Authority, Student Loan Revenue Bonds, Series 2007B, Auction
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9/12 at 100.00
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A
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$ 205,456
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Rate Securities, 0.665%, 11/01/41 (Alternative Minimum Tax) (4)
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275
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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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299,637
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Refunding Series 2007, 5.000%, 5/15/31
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500
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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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526,330
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Refunding Series 2010, 5.125%, 5/15/40
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105
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Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Brighter
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7/22 at 100.00
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BB+
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107,523
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Choice Foundation Charter Middle Schools Project, Series 2012, 7.500%, 7/01/42
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80
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Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts
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7/21 at 100.00
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BBB
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84,150
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Academies – Veritas Project, Series 2012, 6.300%, 7/01/42
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100
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Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Painted Rock
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7/20 at 100.00
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N/R
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102,050
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Academy Charter School Project, Series 2012A, 7.500%, 7/01/42
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100
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Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden
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1/22 at 100.00
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BBB–
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105,655
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Traditional Schools Project, Series 2012, 7.500%, 1/01/42
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130
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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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130,737
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Education Center Project, Series 2010, 6.000%, 6/01/40
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165
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Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise
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6/16 at 100.00
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BBB–
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165,290
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Education Center Charter School, Series 2006, 6.000%, 6/01/36
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220
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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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225,524
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Academy Charter School Project, Series 2008, 6.500%, 7/01/38
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300
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Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities
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9/12 at 100.00
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BBB
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300,408
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Financing Authority, Higher Education Revenue Bonds, University of the Sacred Heart, Series
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2001, 5.250%, 9/01/21
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305
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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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292,297
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Agribusiness and Equine Center Charter School, Series 2004A, 6.125%, 9/01/34
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2,560
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Total Education and Civic Organizations
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2,545,057
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Health Care – 21.4% (15.0% of Total Investments)
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565
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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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629,348
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2007A, 5.000%, 1/01/25
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325
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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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236,642
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2007B, 1.124%, 1/02/37
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720
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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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780,466
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2008D, 5.500%, 1/01/38
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10
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California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist
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3/13 at 100.00
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A
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10,077
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Health System/West, Series 2003A, 5.000%, 3/01/28
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250
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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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251,473
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Network, Series 2005B, 5.000%, 12/01/37
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415
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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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419,071
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Network, Series 2007, 5.000%, 12/01/42
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750
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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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792,315
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Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23
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1,025
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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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1,102,644
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Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
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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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200
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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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202,102
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150
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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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150,645
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450
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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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505,386
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6.000%, 7/01/39
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4,860
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Total Health Care
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5,080,169
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Housing/Multifamily – 3.8% (2.7% of Total Investments)
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1,000
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Maricopa County Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds,
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7/12 at 100.00
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Baa2
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902,340
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Whispering Palms Apartments, Series 1999A, 5.900%, 7/01/29 – NPFG Insured
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Long-Term Care – 0.5% (0.3% of Total Investments)
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105
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Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe
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12/21 at 100.00
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N/R
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109,635
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Project, Refunding Series 2012A, 6.000%, 12/01/32
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Tax Obligation/General – 18.6% (13.0% of Total Investments)
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1,000
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Maricopa County Unified School District 11, Peoria, Arizona, General Obligation Bonds, Second
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7/15 at 100.00
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Aa2
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1,123,260
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Series 2005, 5.000%, 7/01/20 – FGIC Insured
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180
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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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222,250
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Series 2011A, 2.000%, 7/01/30 – AGM Insured
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1,310
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Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999, 5.000%, 7/01/32
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7/21 at 100.00
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AAA
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1,547,188
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1,340
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Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Series
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7/16 at 100.00
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Aa2
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1,510,434
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2006, 5.000%, 7/01/21 – NPFG Insured
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3,830
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Total Tax Obligation/General
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4,403,132
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Tax Obligation/Limited – 42.5% (29.7% of Total Investments)
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660
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Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium
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7/22 at 100.00
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A1
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718,588
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Facility Project, Series 2012A, 5.000%, 7/01/36 (WI/DD, Settling 6/05/12)
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82
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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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75,342
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2005, 5.500%, 7/15/29
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204
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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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196,599
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Montecito Assessment District, Series 2007, 5.700%, 7/01/27
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117
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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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117,201
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Lien Bonds, Series 2001A, 7.875%, 7/01/25
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1,000
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Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 5.000%,
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8/16 at 100.00
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AA–
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1,142,320
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8/01/22 – NPFG Insured
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275
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Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%,
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8/16 at 100.00
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A1
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307,395
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8/01/23 – NPFG Insured
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1,180
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Marana Municipal Property Corporation, Arizona, Revenue Bonds, Series 2003, 5.000%, 7/01/23 –
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7/13 at 100.00
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AA
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1,226,480
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AMBAC Insured
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468
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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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482,686
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4.600%, 1/01/26
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150
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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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146,258
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Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32
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255
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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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275,969
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Series 2008A, 7.400%, 7/15/33
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330
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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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294,264
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2006, 5.300%, 7/15/31
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225
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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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211,761
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Bonds, Series 2007, 5.800%, 7/15/32
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100
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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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89,723
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Series 2006, 5.350%, 7/15/31
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725
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Phoenix Industrial Development Authority, Arizona, Government Bonds, Capitol Mall LLC II,
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8/12 at 100.00
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A1
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727,371
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Series 2001, 5.250%, 9/15/16 – AMBAC Insured
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100
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Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project,
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7/22 at 100.00
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AA+
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102,747
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Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax)
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680
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Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract
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10/12 at 100.00
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BBB–
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682,387
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Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured
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600
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San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue
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7/15 at 100.00
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A+
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633,078
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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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1,269,489
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2006, 5.000%, 7/01/24
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350
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Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation
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7/17 at 100.00
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N/R
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333,361
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Bonds, Series 2007, 5.900%, 7/15/32
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500
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Vistancia Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series
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7/15 at 100.00
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A1
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532,750
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2005, 5.750%, 7/15/24
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339
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Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series
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7/16 at 100.00
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N/R
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314,650
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2005, 6.000%, 7/01/30
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225
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Westpark Community Facilities District, Buckeye, Arizona, General Obligation Tax Increment
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7/16 at 100.00
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N/R
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199,393
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Bonds Series 2006, 5.250%, 7/15/31
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9,565
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Total Tax Obligation/Limited
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10,079,812
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U.S. Guaranteed – 14.9% (10.4% of Total Investments) (5)
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1,220
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Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility
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7/13 at 100.00
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A1 (5)
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1,281,768
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Project, Series 2003A, 5.000%, 7/01/31 (Pre-refunded 7/01/13) – NPFG Insured
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240
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Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds,
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7/16 at 100.00
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AA (5)
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281,842
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Series 2006C, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – NPFG Insured
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630
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Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 –
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No Opt. Call
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Aa2 (5)
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768,493
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FGIC Insured (ETM)
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1,200
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Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series
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7/12 at 100.00
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AAA
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1,204,764
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2002, 5.000%, 7/01/26 (Pre-refunded 7/01/12) – FGIC Insured
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3,290
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Total U.S. Guaranteed
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3,536,867
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Utilities – 24.9% (17.5% of Total Investments)
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1,500
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Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds,
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No Opt. Call
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AA
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1,823,129
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Hoover Project, Series 2001, 5.250%, 10/01/17
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600
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Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding
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6/20 at 100.00
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A1
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659,472
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Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35
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370
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Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 –
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No Opt. Call
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Aa2
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443,175
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FGIC Insured
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|
665
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Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power
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1/15 at 100.00
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BBB–
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707,347
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Company, Refunding Series 2008, 5.750%, 9/01/29
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400
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Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series
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7/21 at 100.00
|
A
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437,912
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2011, 5.250%, 7/01/36
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|
1,000
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Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/26 –
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7/15 at 100.00
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BBB+
|
1,054,680
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SYNCORA GTY Insured
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|
|
|
560
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Salt River Project Agricultural Improvement and Power District, Arizona, Electric System
|
1/18 at 100.00
|
Aa1
|
792,915
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Revenue Bonds, Tender Option Bond Trust 09-9W, 17.850%, 1/01/38 (IF) (6)
|
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5,095
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Total Utilities
|
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5,918,630
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Water and Sewer – 5.6% (3.9% of Total Investments)
|
|
|
|
475
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Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39
|
7/20 at 100.00
|
A+
|
518,757
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Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
|
|
|
|
225
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|
4.700%, 4/01/22
|
4/14 at 100.00
|
A–
|
228,953
|
260
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|
4.900%, 4/01/32
|
4/17 at 100.00
|
A–
|
264,264
|
325
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Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water &
|
12/17 at 100.00
|
N/R
|
320,330
|
|
|
Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
|
|
|
|
1,285
|
|
Total Water and Sewer
|
|
|
1,332,304
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$ 31,590
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|
Total Investments (cost $31,515,238) – 142.9%
|
|
|
33,907,946
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|
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MuniFund Term Preferred Shares, at Liquidation Value – (46.8)% (7)
|
|
|
(11,100,000)
|
|
|
Other Assets Less Liabilities – 3.9%
|
|
|
913,893
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 23,721,839
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