|
|
|
|
|
|
|
|
Portfolio of Investments (Unaudited)
|
|
|
|
|
|
Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR)
|
|
|
|
|
|
November 30, 2012
|
|
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations – 16.7% (11.5% of Total Investments)
|
|
|
|
$ 1,130
|
|
Arizona Higher Education Loan Authority, Student Loan Revenue Bonds, Series 2007B, Auction
|
5/13 at 100.00
|
A
|
$ 964,216
|
|
|
Rate Securities, 0.660%, 11/01/41 (Alternative Minimum Tax) (4)
|
|
|
|
450
|
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,
|
5/22 at 100.00
|
A–
|
509,175
|
|
|
Refunding Series 2007, 5.000%, 5/15/31
|
|
|
|
775
|
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,
|
5/20 at 100.00
|
A+
|
844,549
|
|
|
Refunding Series 2010, 5.125%, 5/15/40
|
|
|
|
360
|
|
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41
|
6/21 at 100.00
|
A+
|
408,622
|
500
|
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice
|
9/22 at 100.00
|
BB+
|
514,125
|
|
|
Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42
|
|
|
|
170
|
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Brighter
|
7/22 at 100.00
|
BB+
|
185,266
|
|
|
Choice Foundation Charter Middle Schools Project, Series 2012, 7.500%, 7/01/42
|
|
|
|
130
|
|
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts
|
7/21 at 100.00
|
BBB
|
142,682
|
|
|
Academies – Veritas Project, Series 2012, 6.300%, 7/01/42
|
|
|
|
165
|
|
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Painted Rock
|
7/20 at 100.00
|
N/R
|
175,862
|
|
|
Academy Charter School Project, Series 2012A, 7.500%, 7/01/42
|
|
|
|
810
|
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University
|
6/22 at 100.00
|
A+
|
903,685
|
|
|
Project, Series 2012, 5.000%, 6/01/42 – AGM Insured
|
|
|
|
485
|
|
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Noah
|
12/14 at 100.00
|
BBB–
|
497,314
|
|
|
Webster Basic Schools Inc., Series 2004, 6.000%, 12/15/24
|
|
|
|
165
|
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden
|
1/22 at 100.00
|
BBB–
|
183,843
|
|
|
Traditional Schools Project, Series 2012, 7.500%, 1/01/42
|
|
|
|
210
|
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise
|
6/19 at 100.00
|
BBB–
|
219,994
|
|
|
Education Center Project, Series 2010, 6.000%, 6/01/40
|
|
|
|
175
|
|
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise
|
6/16 at 100.00
|
BBB–
|
179,655
|
|
|
Education Center Charter School, Series 2006, 6.000%, 6/01/36
|
|
|
|
365
|
|
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley
|
7/18 at 100.00
|
Baa3
|
392,667
|
|
|
Academy Charter School Project, Series 2008, 6.500%, 7/01/38
|
|
|
|
480
|
|
Tucson Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona
|
9/14 at 100.00
|
BB+
|
486,739
|
|
|
Agribusiness and Equine Center Charter School, Series 2004A, 6.125%, 9/01/34
|
|
|
|
6,370
|
|
Total Education and Civic Organizations
|
|
|
6,608,394
|
|
|
Health Care – 32.1% (22.2% of Total Investments)
|
|
|
|
845
|
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series
|
1/17 at 100.00
|
AA–
|
968,108
|
|
|
2007A, 5.000%, 1/01/25
|
|
|
|
1,150
|
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series
|
1/18 at 100.00
|
AA–
|
1,297,085
|
|
|
2008D, 5.500%, 1/01/38
|
|
|
|
1,150
|
|
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s
|
2/22 at 100.00
|
BBB+
|
1,277,110
|
|
|
Hospital, Refunding Series 2012A, 5.000%, 2/01/42
|
|
|
|
600
|
|
Arizona Health Facilities Authority, Revenue Bonds, Blood Systems Inc., Series 2004,
|
4/14 at 100.00
|
A
|
626,178
|
|
|
5.000%, 4/01/20
|
|
|
|
400
|
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health
|
12/15 at 100.00
|
BBB+
|
415,400
|
|
|
Network, Series 2005B, 5.000%, 12/01/37
|
|
|
|
655
|
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health
|
12/17 at 100.00
|
BBB+
|
686,702
|
|
|
Network, Series 2007, 5.000%, 12/01/42
|
|
|
|
1,375
|
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds,
|
7/14 at 100.00
|
A
|
1,459,299
|
|
|
Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23
|
|
|
|
1,650
|
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds,
|
7/17 at 100.00
|
A
|
1,808,283
|
|
|
Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
|
|
|
|
1,120
|
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale
|
9/20 at 100.00
|
AA–
|
1,271,794
|
|
|
Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured
|
|
|
|
|
|
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+
|
328,139
|
260
|
|
5.000%, 12/01/30 – RAAI Insured
|
12/15 at 100.00
|
BBB+
|
269,110
|
1,050
|
|
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011,
|
7/21 at 100.00
|
BBB+
|
1,244,471
|
|
|
6.000%, 7/01/39
|
|
|
|
1,000
|
|
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai
|
8/13 at 100.00
|
BBB+
|
1,032,640
|
|
|
Regional Medical Center, Series 2003A, 6.000%, 8/01/33
|
|
|
|
11,570
|
|
Total Health Care
|
|
|
12,684,319
|
|
|
Long-Term Care – 0.5% (0.3% of Total Investments)
|
|
|
|
175
|
|
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe
|
12/21 at 100.00
|
N/R
|
192,218
|
|
|
Project, Refunding Series 2012A, 6.000%, 12/01/32
|
|
|
|
|
|
Tax Obligation/General – 25.2% (17.4% of Total Investments)
|
|
|
|
1,000
|
|
Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds,
|
7/21 at 100.00
|
AA–
|
1,181,480
|
|
|
School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured
|
|
|
|
1,000
|
|
Maricopa County School District 6, Arizona, General Obligation Refunding Bonds, Washington
|
No Opt. Call
|
Aa2
|
1,164,300
|
|
|
Elementary School, Series 2002A, 5.375%, 7/01/16 – AGM Insured
|
|
|
|
775
|
|
Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds,
|
7/21 at 100.00
|
Aa2
|
964,495
|
|
|
Series 2011, 5.000%, 7/01/23
|
|
|
|
1,165
|
|
Maricopa County Unified School District 69, Paradise Valley, Arizona, General Obligation
|
No Opt. Call
|
Aa2
|
1,252,212
|
|
|
Refunding Bonds, Series 2002A, 5.250%, 7/01/14 – FGIC Insured
|
|
|
|
1,405
|
|
Mesa, Arizona, General Obligation Bonds, Series 2002, 5.375%, 7/01/15 – FGIC Insured
|
No Opt. Call
|
AA
|
1,573,233
|
310
|
|
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds,
|
7/21 at 100.00
|
AA–
|
400,157
|
|
|
Series 2011A, 6.000%, 7/01/30 – AGM Insured
|
|
|
|
500
|
|
Pima County Unified School District 08 Flowing Wells, Arizona, General Obligation Bonds,
|
7/21 at 100.00
|
A+
|
588,665
|
|
|
Series 2011B, 5.375%, 7/01/29
|
|
|
|
1,000
|
|
Pima County Unified School District 6, Marana, Arizona, General Obligation Bonds, School
|
7/21 at 100.00
|
A+
|
1,174,350
|
|
|
Improvement Project 2010 Series 2011A, 5.000%, 7/01/25
|
|
|
|
1,360
|
|
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999, 5.000%, 7/01/33
|
7/21 at 100.00
|
AAA
|
1,655,839
|
8,515
|
|
Total Tax Obligation/General
|
|
|
9,954,731
|
|
|
Tax Obligation/Limited – 44.2% (30.5% of Total Investments)
|
|
|
|
|
|
Arizona State, Certificates of Participation, Series 2002A:
|
|
|
|
750
|
|
5.000%, 11/01/17 – NPFG Insured
|
5/13 at 100.00
|
A+
|
752,933
|
1,000
|
|
5.000%, 11/01/18 – NPFG Insured
|
5/13 at 100.00
|
A+
|
1,003,870
|
370
|
|
Buckeye, Arizona, Festival Ranch Community Facilities District General Obligation Bonds,
|
7/22 at 100.00
|
BBB
|
397,313
|
|
|
Series 2012, 5.000%, 7/15/31
|
|
|
|
116
|
|
Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series
|
7/15 at 100.00
|
N/R
|
112,431
|
|
|
2005, 5.500%, 7/15/29
|
|
|
|
332
|
|
Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds,
|
1/17 at 100.00
|
N/R
|
330,443
|
|
|
Montecito Assessment District, Series 2007, 5.800%, 7/01/32
|
|
|
|
184
|
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment
|
1/13 at 100.00
|
N/R
|
184,392
|
|
|
Lien Bonds, Series 2001A, 7.875%, 7/01/25
|
|
|
|
970
|
|
Marana Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds, Series
|
1/13 at 100.00
|
AA
|
973,376
|
|
|
2008B, 5.125%, 7/01/28
|
|
|
|
739
|
|
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006,
|
7/16 at 100.00
|
A2
|
772,676
|
|
|
4.600%, 1/01/26
|
|
|
|
240
|
|
Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General
|
7/17 at 100.00
|
N/R
|
242,477
|
|
|
Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32
|
|
|
|
415
|
|
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds,
|
7/18 at 100.00
|
N/R
|
456,795
|
|
|
Series 2008A, 7.400%, 7/15/33
|
|
|
|
530
|
|
Palm Valley Community Facility District 3, Goodyear, Arizona, General Obligation Bonds, Series
|
7/16 at 100.00
|
N/R
|
500,023
|
|
|
2006, 5.300%, 7/15/31
|
|
|
|
350
|
|
Palm Valley Community Facility District 3, Goodyear, Arizona, Limited Tax General Obligation
|
7/17 at 100.00
|
N/R
|
348,352
|
|
|
Bonds, Series 2007, 5.800%, 7/15/32
|
|
|
|
140
|
|
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds,
|
7/16 at 100.00
|
N/R
|
132,873
|
|
|
Series 2006, 5.350%, 7/15/31
|
|
|
|
1,000
|
|
Phoenix Industrial Development Authority, Arizona, Government Bonds, Capitol Mall LLC II,
|
3/13 at 100.00
|
A1
|
1,003,530
|
|
|
Series 2001, 5.250%, 9/15/16 – AMBAC Insured
|
|
|
|
140
|
|
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project,
|
7/22 at 100.00
|
AA+
|
152,390
|
|
|
Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax)
|
|
|
|
1,070
|
|
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue
|
4/13 at 100.00
|
BBB–
|
1,071,434
|
|
|
Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured
|
|
|
|
140
|
|
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding
|
1/13 at 100.00
|
Baa1
|
140,220
|
|
|
Bonds, Series 2002D, 5.125%, 7/01/24
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate
|
|
|
|
|
|
Series 2010A:
|
|
|
|
3,055
|
|
0.000%, 8/01/33
|
No Opt. Call
|
A+
|
1,041,022
|
250
|
|
5.375%, 8/01/39
|
2/20 at 100.00
|
A+
|
271,473
|
960
|
|
San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue Bonds,
|
7/15 at 100.00
|
A+
|
1,022,458
|
|
|
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
|
1,321,010
|
|
|
2006, 5.000%, 7/01/24
|
|
|
|
1,000
|
|
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer
|
7/20 at 100.00
|
AAA
|
1,166,120
|
|
|
Improvements Project, Series 2010, 5.000%, 7/01/36
|
|
|
|
555
|
|
Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation
|
7/17 at 100.00
|
N/R
|
552,403
|
|
|
Bonds, Series 2007, 5.900%, 7/15/32
|
|
|
|
1,500
|
|
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012,
|
7/22 at 100.00
|
AAA
|
1,779,193
|
|
|
5.000%, 7/01/37
|
|
|
|
750
|
|
Vistancia Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2005,
|
7/15 at 100.00
|
A1
|
800,978
|
|
|
5.750%, 7/15/24
|
|
|
|
633
|
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series
|
7/16 at 100.00
|
N/R
|
620,182
|
|
|
2005, 6.000%, 7/01/30
|
|
|
|
350
|
|
Westpark Community Facilities District, Buckeye, Arizona, General Obligation Tax Increment
|
7/16 at 100.00
|
N/R
|
328,230
|
|
|
Bonds Series 2006, 5.250%, 7/15/31
|
|
|
|
18,539
|
|
Total Tax Obligation/Limited
|
|
|
17,478,597
|
|
|
Transportation – 2.5% (1.8% of Total Investments)
|
|
|
|
1,000
|
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series
|
1/13 at 100.00
|
AA–
|
1,001,940
|
|
|
2002B, 5.250%, 7/01/27 – FGIC Insured (Alternative Minimum Tax)
|
|
|
|
|
|
U.S. Guaranteed – 1.4% (0.9% of Total Investments) (5)
|
|
|
|
100
|
|
Maricopa County Unified School District 89, Dysart, Arizona, General Obligation Bonds, Series
|
7/14 at 100.00
|
AA– (5)
|
107,768
|
|
|
2004B, 5.250%, 7/01/20 (Pre-refunded 7/01/14) – AGM Insured
|
|
|
|
375
|
|
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds,
|
7/16 at 100.00
|
AA (5)
|
435,120
|
|
|
Series 2006C, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – NPFG Insured
|
|
|
|
475
|
|
Total U.S. Guaranteed
|
|
|
542,888
|
|
|
Utilities – 11.6% (8.0% of Total Investments)
|
|
|
|
400
|
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds,
|
3/22 at 100.00
|
BBB
|
424,860
|
|
|
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
|
|
|
175
|
|
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured
|
10/22 at 100.00
|
AA–
|
201,954
|
900
|
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding
|
6/20 at 100.00
|
A1
|
1,023,687
|
|
|
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–
|
708,910
|
|
|
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
|
288,508
|
|
|
2011, 5.250%, 7/01/36
|
|
|
|
450
|
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue
|
1/18 at 100.00
|
Aa1
|
732,042
|
|
|
Bonds, Tender Option Bond Trust 09-9W, 18.072%, 1/01/38 (IF) (6)
|
|
|
|
1,000
|
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc
|
No Opt. Call
|
A–
|
1,206,840
|
|
|
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
|
|
|
3,840
|
|
Total Utilities
|
|
|
4,586,801
|
|
|
Water and Sewer – 10.7% (7.4% of Total Investments)
|
|
|
|
500
|
|
City of Goodyear, Arizona Subordinate Lien Water and Sewer Revenue Obligations, Series 2011,
|
7/21 at 100.00
|
AA–
|
591,285
|
|
|
5.500%, 7/01/41
|
|
|
|
455
|
|
Maricopa County Industrial Development Authority, Arizona, Water System Improvement Revenue
|
6/13 at 100.00
|
N/R
|
455,705
|
|
|
Bonds, Chaparral City Water Company, Series 1997A, 5.400%, 12/01/22 – AMBAC Insured
|
|
|
|
|
|
(Alternative Minimum Tax)
|
|
|
|
1,000
|
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Refunding
|
No Opt. Call
|
AAA
|
1,333,250
|
|
|
Bonds, Series 2001, 5.500%, 7/01/22 – FGIC Insured
|
|
|
|
475
|
|
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/26 (WI/DD,
|
7/22 at 100.00
|
AA–
|
583,381
|
|
|
Settling 12/06/12)
|
|
|
|
|
|
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
|
|
|
|
350
|
|
4.700%, 4/01/22
|
4/14 at 100.00
|
A–
|
356,941
|
410
|
|
4.900%, 4/01/32
|
4/17 at 100.00
|
A–
|
425,744
|
525
|
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water &
|
12/17 at 100.00
|
N/R
|
462,861
|
|
|
Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
|
|
|
|
3,715
|
|
Total Water and Sewer
|
|
|
4,209,167
|
$ 54,199
|
|
Total Investments (cost $52,068,890) – 144.9%
|
|
|
57,259,055
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (47.4)% (7)
|
|
|
(18,725,000)
|
|
|
Other Assets Less Liabilities – 2.5%
|
|
|
972,175
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 39,506,230
|