Company: NAZ
Filing Date: 2025-04-15
Form Type: N-2/A
Source: 0001999371-25-004231
Chunk: 32

Company: NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND
Filing Date: 2025-04-15
Form: N-2/A
Chunk 32
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 the time, expense, distraction, and other harm that can be caused to the Fund or its shareholders as a result of spurious shareholder demands and derivative actions. Among other things, these procedures:

| ● |     | provide that before bringing a derivative action, a shareholder must make a written demand to the Fund; |

| ● |     | establish a 90-day review period, subject to extension in certain circumstances, for the Board of Trustees to evaluate the shareholder’s demand; |

| ● |     | establish a mechanism for the Board of Trustees to submit the question of whether to maintain a derivative action to a vote of shareholders; |

| ● |     | provide that if the Fund does not notify the requesting shareholder of the rejection of the demand within the applicable review period, the shareholder may commence a derivative action; |

| ● |     | establish bases upon which a trustee will not be considered to be not independent for purposes of evaluating a derivative demand; and |

| ● |     | provide that if the trustees who are independent for purposes of considering a shareholder demand determine in good faith within the applicable review period that the maintenance of a derivative action is not in the                                 
 best interest of the Fund, the shareholder shall not be permitted to maintain a derivative action unless the shareholder first sustains the burden of proof to the court that the decision of the trustees not to pursue the requested action was not a 
 good faith exercise of their business judgment on behalf of the Fund.                                                                                                                                                                                   |

These procedures may be more restrictive than procedures for bringing derivative suits applicable to other investment companies. The By-laws also require that actions by shareholders against the Fund, except for actions under the U.S. federal securities laws, be brought only in a certain federal court in Massachusetts, or if not permitted to be brought in federal court, then in the Business Litigation Session of the Massachusetts Superior Court in Suffolk County (the “Exclusive Jurisdictions”), and that the right to jury trial be waived to the fullest extent permitted by law. Other investment companies may not be subject to similar restrictions. The designation of Exclusive Jurisdictions may make it more expensive for a shareholder to bring a suit than if the shareholder were permitted to select another jurisdiction. In the event a shareholder selects another jurisdiction to bring its suit and the venue for such suit is subsequently changed back to an Exclusive Jurisdiction through the legal process, then such shareholder shall be required to reimburse all expenses incurred by the Fund or any other person in effecting such change of venue back to the Exclusive Jurisdiction. Also, the