Company: NAZ
Filing Date: 2025-05-07
Form Type: N-CSRS
Source: 0001193125-25-114739
Chunk: 28

Company: NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND
Filing Date: 2025-05-07
Form: N-CSRS
Chunk 28
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 rate that would have been paid had the Floaters been successfully remarketed. As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility. Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows (sometimes referred to as “shortfall payments”). Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities. As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

| Fund |     | Maximum Exposure                   
 to Recourse Trusts: Self-Deposited 
 Inverse Floaters                   |             |     | Maximum Exposure                                          
 to Recourse Trusts: Externally-Deposited Inverse Floaters |   |     | Total |             |
|:-----|:----|:-----------------------------------|------------:|:----|:----------------------------------------------------------|:--|:----|:------|------------:|
| NAZ  |     | $                                  |           — |     | $                                                         | — |     | $     |           — |
| NKX  |     |                                    |  33,485,000 |     |                                                           | — |     |       |  33,485,000 |
|