Company: NAZ
Filing Date: 2025-11-06
Form Type: N-CSR
Source: 0001193125-25-269465
Chunk: 83

Company: NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND
Filing Date: 2025-11-06
Form: N-CSR
Chunk 83
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, and be supported by a designated liquidity provider, or the Board may approve a subsequent special rate period. The fair value of Special Rate VRDP Shares is expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. During the current reporting period, the Adviser has determined that the fair value of the shares approximated their liquidation preference. Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares. Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

| Fund |     |   |                  Average 
 LiquidationPreference of 
                     VRDP 
                   Shares 
              Outstanding |     |    Annualized 
 Dividend Rate |   |
|:-----|:----|:--|-------------------------:|:----|--------------:|:--|
| NKX  |     | $ |              256,700,000 |     |          2.89 | % |

| 169 |

Notes to Financial Statements (continued)

| Fund |     |   |                  Average 
 LiquidationPreference of 
                     VRDP 
                   Shares 
              Outstanding |     |    Annualized 
 Dividend Rate |
|:-----|:----|:--|-------------------------:|:----|--------------:|
| NAC  |     | $ |              907,800,000 |     |         3.32% |
| NXJ  |     |   |              313,900,000 |     |