UPDATE: Stifel Nicolaus Initiates Sell on Nuveen Arizona Dividend Advantage

Stifel Nicolaus initiates coverage of Nuveen Arizona Dividend Advantage Municipal Fund 3

with a Sell rating on the shares as part of portfolio is callable in 2012. Stifel says, “As of December 9, 2011, shares of NXE traded at a 7.37% discount to net asset value. This compares to one-year and three-year average discounts of 9.04% and 8.99%, respectively. As of October 31, 2011, NXE had a total leverage amount of 34.67%. The Fund leveraged 32.32% with structural leverage and approximately 2.35% with effective leverage. As of October 31, 2011, approximately 16.9% of the fund's portfolio is callable in 2012.” NXE closed at $13.33 per share on Friday.