- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-10553

 

Nuveen Arizona Dividend Advantage Municipal Fund 2

(Exact name of registrant as specified in charter)

 

Nuveen Investments

        333 West Wacker Drive, Chicago, Illinois 60606         

(Address of principal executive offices) (Zip code)

 

Kevin J. McCarthy

Vice President and Secretary

        333 West Wacker Drive, Chicago, Illinois 60606         

(Name and address of agent for service)

 

Registrant's telephone number, including area code:         312-917-7700        

 

Date of fiscal year end:             2/28          

 

Date of reporting period:          5/31/12         

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

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Item 1. Schedule of Investments

 

 

		Portfolio of Investments (Unaudited)
		Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR)
		May 31, 2012
Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Education and Civic Organizations – 13.2% (9.1% of Total Investments)
$ 1,130		Arizona Higher Education Loan Authority, Student Loan Revenue Bonds, Series 2007B, Auction	9/12 at 100.00	A	$ 829,162
		Rate Securities, 0.665%, 11/01/41 (Alternative Minimum Tax) (4)
450		Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,	5/22 at 100.00	A–	490,316
		Refunding Series 2007, 5.000%, 5/15/31
775		Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University,	5/20 at 100.00	A+	815,812
		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+	389,390
170		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Brighter	7/22 at 100.00	BB+	174,085
		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	136,743
		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	168,383
		Academy Charter School Project, Series 2012A, 7.500%, 7/01/42
485		Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Noah	12/14 at 100.00	BBB–	492,033
		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–	174,331
		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–	211,191
		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–	175,308
		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	374,165
		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+	460,008
		Agribusiness and Equine Center Charter School, Series 2004A, 6.125%, 9/01/34
		University of Arizona, Certificates of Participation, Series 2002A:
65		5.500%, 6/01/18 – AMBAC Insured	12/12 at 100.00	AA–	65,242
40		5.125%, 6/01/22 – AMBAC Insured	12/12 at 100.00	AA–	40,122
5,165		Total Education and Civic Organizations			4,996,291
		Health Care – 30.4% (20.8% of Total Investments)
845		Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series	1/17 at 100.00	AA–	941,237
		2007A, 5.000%, 1/01/25
520		Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series	1/17 at 100.00	AA–	378,628
		2007B, 1.124%, 1/02/37
1,150		Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series	1/18 at 100.00	AA–	1,246,577
		2008D, 5.500%, 1/01/38
600		Arizona Health Facilities Authority, Revenue Bonds, Blood Systems Inc., Series 2004,	4/14 at 100.00	A	629,010
		5.000%, 4/01/20
400		Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health	12/15 at 100.00	BBB+	402,356
		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+	661,426
		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+	1,452,577
		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+	1,774,987
		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–	1,221,394
		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+	318,311
260		5.000%, 12/01/30 – RAAI Insured	12/15 at 100.00	BBB+	261,118
1,050		University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011,	7/21 at 100.00	BBB+	1,179,234
		6.000%, 7/01/39
1,000		Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai	8/13 at 100.00	BBB+	1,015,590
		Regional Medical Center, Series 2003A, 6.000%, 8/01/33
10,940		Total Health Care			11,482,445
		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	182,725
		Project, Refunding Series 2012A, 6.000%, 12/01/32
		Tax Obligation/General – 28.5% (19.5% of Total Investments)
1,000		Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds,	7/21 at 100.00	AA–	1,128,600
		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	1,180,990
		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	939,618
		Series 2011, 5.000%, 7/01/23
1,165		Maricopa County Unified School District 69, Paradise Valley, Arizona, General Obligation	No Opt. Call	Aa2	1,278,133
		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	1,601,530
985		Phoenix, Arizona, Various Purpose General Obligation Bonds, Series 2002B, 5.000%, 7/01/22	7/12 at 100.00	AAA	988,605
310		Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds,	7/21 at 100.00	AA–	382,763
		Series 2011A, 2.000%, 7/01/30 – AGM Insured
500		Pima County Unified School District 08 Flowing Wells, Arizona, General Obligation Bonds,	7/21 at 100.00	A+	563,065
		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+	1,125,770
		Improvement Project 2010 Series 2011A, 5.000%, 7/01/25
1,360		Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999,	7/21 at 100.00	AAA	1,600,257
		5.000%, 7/01/33
9,500		Total Tax Obligation/General			10,789,331
		Tax Obligation/Limited – 49.1% (33.6% of Total Investments)
		Arizona State, Certificates of Participation, Series 2002A:
750		5.000%, 11/01/17 – NPFG Insured	11/12 at 100.00	A+	752,805
1,000		5.000%, 11/01/18 – NPFG Insured	11/12 at 100.00	A+	1,003,700
116		Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series	7/15 at 100.00	N/R	106,581
		2005, 5.500%, 7/15/29
334		Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds,	1/17 at 100.00	N/R	314,374
		Montecito Assessment District, Series 2007, 5.800%, 7/01/32
184		Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment	7/12 at 100.00	N/R	184,316
		Lien Bonds, Series 2001A, 7.875%, 7/01/25
980		Marana Municipal Property Corporation, Arizona, Municipal Facilities Revenue Bonds, Series	7/12 at 100.00	AA	981,313
		2008B, 5.125%, 7/01/28
784		Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006,	7/16 at 100.00	A2	808,602
		4.600%, 1/01/26
		Maricopa County Stadium District, Arizona, Revenue Refunding Bonds, Series 2002:
840		5.375%, 6/01/18 – AMBAC Insured	12/12 at 100.00	BBB–	818,731
2,645		5.375%, 6/01/19 – AMBAC Insured	12/12 at 100.00	BBB–	2,605,959
240		Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General	7/17 at 100.00	N/R	234,012
		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	449,125
		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	472,606
		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	329,406
		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	125,612
		Series 2006, 5.350%, 7/15/31
1,000		Phoenix Industrial Development Authority, Arizona, Government Bonds, Capitol Mall LLC II,	9/12 at 100.00	A1	1,003,270
		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+	143,846
		Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax)
1,070		Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract	10/12 at 100.00	BBB–	1,073,756
		Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured
270		Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding	7/12 at 100.00	Baa1	270,165
		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+	975,431
250		5.375%, 8/01/39	2/20 at 100.00	A+	267,800
960		San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue	7/15 at 100.00	A+	1,012,925
		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	1,269,490
		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	1,124,630
		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	528,615
		Bonds, Series 2007, 5.900%, 7/15/32
750		Vistancia Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series	7/15 at 100.00	A1	799,125
		2005, 5.750%, 7/15/24
636		Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series	7/16 at 100.00	N/R	590,316
		2005, 6.000%, 7/01/30
350		Westpark Community Facilities District, Buckeye, Arizona, General Obligation Tax Increment	7/16 at 100.00	N/R	310,167
		Bonds Series 2006, 5.250%, 7/15/31
20,344		Total Tax Obligation/Limited			18,556,678
		Transportation – 2.6% (1.8% of Total Investments)
1,000		Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series	7/12 at 100.00	AA–	1,001,310
		2002B, 5.250%, 7/01/27 – FGIC Insured (Alternative Minimum Tax)
		U.S. Guaranteed – 1.5% (1.0% of Total Investments) (5)
100		Maricopa County Unified School District 89, Dysart, Arizona, General Obligation Bonds, Series	7/14 at 100.00	AA– (5)	110,217
		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)	440,378
		Series 2006C, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – NPFG Insured
475		Total U.S. Guaranteed			550,595
		Utilities – 10.7% (7.3% of Total Investments)
400		Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds,	3/22 at 100.00	BBB–	409,048
		Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
900		Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding	6/20 at 100.00	A1	989,208
		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–	707,347
		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	273,695
		2011, 5.250%, 7/01/36
450		Salt River Project Agricultural Improvement and Power District, Arizona, Electric System	1/18 at 100.00	Aa1	637,164
		Revenue Bonds, Tender Option Bond Trust 09-9W, 17.850%, 1/01/38 (IF) (6)
1,000		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc	No Opt. Call	A–	1,023,310
		Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
3,665		Total Utilities			4,039,772
		Water and Sewer – 9.6% (6.6% of Total Investments)
500		City of Goodyear, Arizona Subordinate Lien Water and Sewer Revenue Obligations, Series 2011,	7/21 at 100.00	AA–	564,145
		5.500%, 7/01/41
490		Maricopa County Industrial Development Authority, Arizona, Water System Improvement Revenue	12/12 at 100.00	N/R	490,529
		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	1,303,800
		Bonds, Series 2001, 5.500%, 7/01/22 – FGIC Insured
		Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
350		4.700%, 4/01/22	4/14 at 100.00	A–	356,150
410		4.900%, 4/01/32	4/17 at 100.00	A–	416,724
525		Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water &	12/17 at 100.00	N/R	517,456
		Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
3,275		Total Water and Sewer			3,648,804
$ 54,539		Total Investments (cost $51,854,680) – 146.1%			55,247,951
		MuniFund Term Preferred Shares, at Liquidation Value – (49.5)% (7)			(18,725,000)
		Other Assets Less Liabilities – 3.4%			1,298,467
		Net Assets Applicable to Common Shares – 100%			$ 37,821,418

 

 

 

 

 

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Fair Value Measurements

 

Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

 

Level 1 – Quoted prices in active markets for identical securities.

 

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of May 31, 2012:

 

		Level 1				Level 2				Level 3				Total
Long-Term Investments:
Municipal Bonds		$	—			$	54,418,789			$	829,162			$	55,247,951

 

 

The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:

 

		Level 3
		Municipal Bonds
Balance at the beginning of period		$	885,742
Gains (losses):
Net realized gains (losses)			—
Change in net unrealized appreciation (depreciation)			(56,580	)
Purchases at cost			—
Sales at proceeds			—
Net discounts (premiums)			—
Transfers in to			—
Transfers out of			—
Balance at the end of period		$	829,162

 

 

During the period ended May 31, 2012, the Fund recognized no transfers to or from Level 1, Level 2 or Level 3.

 

Income Tax Information

 

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

 

At May 31, 2012, the cost of investments was $51,809,473.

 

Gross unrealized appreciation and gross unrealized depreciation of investments at May 31, 2012, were as follows:

Gross unrealized:
Appreciation		$	4,065,562
Depreciation			(627,084	)
Net unrealized appreciation (depreciation) of investments		$	3,438,478

 

 

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common
		shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
		There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
		may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
		Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s
		or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated
		by any of these national rating agencies.
(4)		Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
		Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3.
(5)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
		which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
		agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for

		investments in inverse floating rate transactions.
(7)		MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.9%.
N/R		Not rated.
(IF)		Inverse floating rate investment.

 

 

 

 

 

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Item 2. Controls and Procedures.

a.

The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

 

b.

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)   Nuveen Arizona Dividend Advantage Municipal Fund 2 

 

By (Signature and Title)     /s/ Kevin J. McCarthy                    

                                                   Kevin J. McCarthy

                                                   Vice President and Secretary

 

Date:          July 30, 2012        

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)     /s/ Gifford R. Zimmerman                    

                                                    Gifford R. Zimmerman

                                                  Chief Administrative Officer (principal executive officer) 

 

Date:          July 30, 2012        

 

By (Signature and Title)     /s/ Stephen D. Foy                              

                                                   Stephen D. Foy

                                                  Vice President and Controller (principal financial officer) 

 

Date:          July 30, 2012