NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND

# NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND

This closed-end fixed income mutual fund, launched by Nuveen Investments, Inc. and managed by Nuveen Asset Management, LLC, focuses exclusively on Arizona municipal securities. The fund invests in municipal bonds and related instruments rated Baa or BBB and above, with an average portfolio maturity of approximately 18.66 years. Investment income is exempt from regular federal and Arizona state income taxes, positioning it for investors seeking tax-advantaged municipal bond exposure within a single state.

The fund employs a fundamental bottom-up stock picking approach to construct its portfolio. Performance is benchmarked against two indices: the S&P Arizona Municipal Bond Index and the S&P National Municipal Bond Index. Since its inception in November 1992, the fund has maintained a geographically concentrated strategy on Arizona municipal debt, differentiating it from broader national municipal bond funds.

As a closed-end fund vehicle, NAZ operates on a fixed capitalization structure rather than the daily-creation-redemption model of open-end funds. The fund is incorporated in Massachusetts and headquartered in Chicago, Illinois, reflecting Nuveen's broader asset management operations. The vehicle's relatively modest market capitalization reflects its specialized, state-specific investment mandate within the broader municipal bond market.