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Portfolio of Investments (Unaudited)
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Nuveen Arizona Premium Income Municipal Fund, Inc. (NAZ)
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October 31, 2009
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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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Consumer Staples 1.2% (0.9% of Total Investments)
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$ 785
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Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
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5/12 at 100.00
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BBB
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$ 749,204
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Series 2002, 5.375%, 5/15/33
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Education and Civic Organizations 11.2% (7.9% of Total Investments)
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2,500
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Arizona Higher Education Loan Authority, Student Loan Revenue Bonds, Series 2007B, Auction
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3/10 at 100.00
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AAA
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2,126,075
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Rate, 0.720%, 11/01/41 (4)
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1,000
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Arizona State University, System Revenue Bonds, Series 2002, 5.000%, 7/01/25 FGIC Insured
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7/12 at 100.00
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AA
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1,032,600
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Arizona State University, System Revenue Bonds, Series 2005:
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1,455
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5.000%, 7/01/20 AMBAC Insured
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7/15 at 100.00
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N/R
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1,518,322
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750
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5.000%, 7/01/21 AMBAC Insured
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7/15 at 100.00
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N/R
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777,270
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1,500
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Tempe Industrial Development Authority, Arizona, Lease Revenue Bonds, Arizona State University
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7/13 at 100.00
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N/R
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1,374,690
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Foundation Project, Series 2003, 5.000%, 7/01/34 AMBAC Insured
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7,205
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Total Education and Civic Organizations
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6,828,957
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Health Care 22.2% (15.5% of Total Investments)
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1,430
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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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A+
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1,434,176
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2007A, 5.000%, 1/01/25
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885
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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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A+
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589,631
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2007B, 1.004%, 1/02/37
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3,470
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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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A+
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3,515,249
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2008D, 5.500%, 1/01/38
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675
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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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607,433
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Network, Series 2005B, 5.000%, 12/01/37
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1,110
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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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971,139
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Network, Series 2007, 5.000%, 12/01/42
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2,150
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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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2,192,914
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Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23
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2,800
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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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2,763,264
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Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
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515
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Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing
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11/10 at 101.00
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Aa1
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543,737
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Authority, Hospital Revenue Bonds, Hospital de la Concepcion, Series 2000A, 6.375%, 11/15/15
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1,005
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Winslow Industrial Development Authority, Arizona, Hospital Revenue Bonds, Winslow Memorial
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12/09 at 100.00
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N/R
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872,571
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Hospital, Series 1998, 5.500%, 6/01/22
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14,040
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Total Health Care
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13,490,114
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Housing/Single Family 4.7% (3.2% of Total Investments)
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665
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Phoenix and Pima County Industrial Development Authority, Arizona, Single Family Mortgage
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7/17 at 103.00
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Aaa
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688,993
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Revenue Bonds, Series 2007-4, 5.800%, 12/01/39 (Alternative Minimum Tax)
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2,115
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Tucson and Pima County Industrial Development Authority, Arizona, Joint Single Family Mortgage
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6/17 at 101.00
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Aaa
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2,135,325
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Revenue Bonds, Series 2007B, 5.350%, 6/01/47 (Alternative Minimum Tax)
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2,780
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Total Housing/Single Family
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2,824,318
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Tax Obligation/General 10.8% (7.5% of Total Investments)
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1,265
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Gila County Unified School District 10 Payson, Arizona, School Improvement Bonds, Project
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7/18 at 100.00
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A2
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1,312,450
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2006, Series 2008B, 3.000%, 7/01/28
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1,200
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Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds,
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7/18 at 100.00
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Aa3
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1,229,616
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Series 2008, 5.000%, 7/01/27 FSA Insured
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3,530
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Pinal County Unified School District 1, Florence, Arizona, General Obligation Bonds, Series
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7/18 at 100.00
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A
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3,694,851
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2008C, 5.250%, 7/01/28
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330
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Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A, 5.375%, 7/01/28
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7/11 at 100.00
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BBB
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326,334
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6,325
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Total Tax Obligation/General
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6,563,251
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Tax Obligation/Limited 32.3% (22.5% of Total Investments)
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384
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Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment
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7/10 at 102.00
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N/R
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387,206
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Lien Bonds, Series 2001A, 7.875%, 7/01/25
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3,000
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Glendale Western Loop 101 Public Facilities Corporation, Arizona, Third Lien Excise Tax
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1/14 at 100.00
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AA
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3,149,670
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Revenue Bonds, Series 2008B, 6.250%, 7/01/38
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1,280
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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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A+
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1,308,224
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8/01/22 NPFG Insured
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740
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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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AA
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768,712
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8/01/23 NPFG Insured
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575
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Marana Municipal Property Corporation, Arizona, Revenue Bonds, Series 2003, 5.000%, 7/01/28
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7/13 at 100.00
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AA
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589,870
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AMBAC Insured
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1,574
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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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Baa1
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1,397,130
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4.600%, 1/01/26
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3,400
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Maricopa County Stadium District, Arizona, Revenue Refunding Bonds, Series 2002, 5.375%,
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6/12 at 100.00
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N/R
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3,564,866
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6/01/18 AMBAC Insured
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3,400
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Mesa, Arizona, Street and Highway User Tax Revenue Bonds, Series 2005, 5.000%, 7/01/24
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7/15 at 100.00
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AAA
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3,579,588
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FSA Insured
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1,140
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Pinetop Fire District of Navajo County, Arizona, Certificates of Participation, Series 2008,
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6/16 at 102.00
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Baa2
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1,128,520
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7.750%, 6/15/29
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1,200
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Prescott Valley Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds,
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1/13 at 100.00
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AA
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1,219,944
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Series 2003, 5.000%, 1/01/27 FGIC Insured
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265
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Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding
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7/12 at 100.00
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BBB
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258,184
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Bonds, Series 2002D, 5.125%, 7/01/24
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1,610
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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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1,628,096
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Bonds, Series 2005, 5.000%, 7/01/25 SYNCORA GTY Insured
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645
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Vistancia Community Facilities District, Arizona, Restricted General Obligation Bonds, Series
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7/15 at 100.00
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Baa1
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629,939
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2005, 5.750%, 7/15/24
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19,213
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Total Tax Obligation/Limited
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19,609,949
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U.S. Guaranteed 22.1% (15.4% of Total Investments) (5)
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800
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Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series
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7/10 at 101.00
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N/R (5)
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837,880
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1999A, 6.625%, 7/01/20 (Pre-refunded 7/01/10)
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1,000
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Arizona Health Facilities Authority, Hospital System Revenue Bonds, John C. Lincoln Health
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12/10 at 102.00
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BBB (5)
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1,084,630
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Network, Series 2000, 7.000%, 12/01/25 (Pre-refunded 12/01/10)
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1,250
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Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,
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5/11 at 101.00
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AAA
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1,361,500
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Series 2001A, 5.875%, 5/15/31 (Pre-refunded 5/15/11)
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1,250
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Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Refunding Bonds,
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No Opt. Call
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A (5)
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1,536,425
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Samaritan Health Services, Series 1990A, 7.000%, 12/01/16 NPFG Insured (ETM)
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385
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Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%,
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4/15 at 100.00
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N/R (5)
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435,681
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4/01/16 (Pre-refunded 4/01/15)
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2,500
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Mesa Industrial Development Authority, Arizona, Revenue Bonds, Discovery Health System, Series
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1/10 at 101.00
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A (5)
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2,547,750
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1999A, 5.750%, 1/01/25 (Pre-refunded 1/01/10) NPFG Insured
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2,000
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Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds,
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7/10 at 101.00
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AA+ (5)
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2,095,920
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Series 2000, 6.000%, 7/01/24 (Pre-refunded 7/01/10) FGIC Insured
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1,000
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Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 6.500%,
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7/10 at 101.00
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BBB (5)
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1,050,180
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7/01/27 (Pre-refunded 7/01/10)
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735
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Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding
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7/12 at 100.00
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Baa3 (5)
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806,986
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Bonds, Series 2002D, 5.125%, 7/01/24 (Pre-refunded 7/01/12)
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1,500
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Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale
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12/11 at 101.00
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N/R (5)
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1,663,320
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Healthcare, Series 2001, 5.800%, 12/01/31 (Pre-refunded 12/01/11)
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12,420
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Total U.S. Guaranteed
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13,420,272
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Utilities 21.9% (15.3% of Total Investments)
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1,000
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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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1,145,390
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Hoover Project, Series 2001, 5.250%, 10/01/15
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215
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Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding
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1/10 at 100.00
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Aa3
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216,198
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Bonds, Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 FSA Insured
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2,170
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Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/27
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7/15 at 100.00
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A3
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2,149,754
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SYNCORA GTY Insured
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530
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Salt River Project Agricultural Improvement and Power District, Arizona, Electric System
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1/13 at 100.00
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Aa1
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565,939
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Revenue Bonds, Series 2002B, 5.000%, 1/01/22
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715
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Salt River Project Agricultural Improvement and Power District, Arizona, Electric System
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1/18 at 100.00
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AA
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800,829
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Revenue Bonds, Tender Option Bond Trust 09-9W, 17.095%, 1/01/38 (IF)
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1,000
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Salt River Project Agricultural Improvement and Power District, Arizona, Electric System
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1/12 at 101.00
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Aa1
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1,031,790
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Revenue Refunding Bonds, Series 2002A, 5.125%, 1/01/27
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Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007:
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4,500
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5.500%, 12/01/29
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No Opt. Call
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A
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4,425,658
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3,500
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5.000%, 12/01/37
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No Opt. Call
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A
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2,993,725
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13,630
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Total Utilities
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13,329,283
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Water and Sewer 16.9% (11.8% of Total Investments)
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1,005
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Cottonwood, Arizona, Senior Lien Water System Revenue Bonds, Municipal Property Corporation,
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7/14 at 100.00
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BBB
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957,695
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Series 2004, 5.000%, 7/01/24 SYNCORA GTY Insured
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3,500
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Glendale, Arizona, Water and Sewer Revenue Bonds, Subordinate Lien, Series 2003, 5.000%,
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7/13 at 100.00
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AA
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3,580,360
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7/01/28 AMBAC Insured
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600
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Oro Valley Municipal Property Corporation, Arizona, Senior Lien Water Revenue Bonds, Series
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7/13 at 100.00
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AA
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615,516
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2003, 5.000%, 7/01/23 NPFG Insured
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1,000
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Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds,
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7/14 at 100.00
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AA+
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1,033,970
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Series 2004, 5.000%, 7/01/24 NPFG Insured
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1,500
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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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1,521,585
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2002, 5.000%, 7/01/26 FGIC Insured
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1,250
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Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Refunding
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No Opt. Call
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AAA
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1,475,263
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Bonds, Series 2001, 5.500%, 7/01/21 FGIC Insured
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Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
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600
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4.700%, 4/01/22
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4/14 at 100.00
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N/R
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521,868
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695
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4.900%, 4/01/32
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4/17 at 100.00
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N/R
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562,839
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10,150
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Total Water and Sewer
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10,269,096
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$ 86,548
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Total Investments (cost $83,832,870) 143.3%
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87,084,444
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Other Assets Less Liabilities 2.6%
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1,572,214
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Preferred Shares, at Liquidation Value (45.9)% (6)
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(27,875,000)
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Net Assets Applicable to Common Shares 100%
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$ 60,781,658
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