UPDATE: Stifel Nicolaus Initiates Hold on Nuveen Arizona Premium Income Municipal Fund

Stifel Nicolaus initiates a Hold rating on shares of Nuveen Arizona Premium Income Municipal Fund NAZ as 11.9 percent of the fund's portfolio is callable in 2012. Stifel says, “As of November 9, 2011, shares of NAZ traded at a 1.97% discount to net asset value. This compares to one-year and three-year average discounts of 5.53% and 5.27%, respectively. As of October 31, 2011, NAZ had a total leverage amount of 32.45%. The Fund leveraged 30.85% with structural leverage and approximately 1.60% with effective leverage.” NAZ closed at $13.91 per share on Friday.