Nuveen Arizona Quality Municipal Income Fund (NAZ) is a closed-end management investment company that seeks current income exempt from both regular federal income taxes and Arizona individual income taxes through a diversified portfolio of municipal securities; its secondary objective is the enhancement of portfolio value relative to the Arizona municipal bond market. The Fund invests at least 80% of its managed assets in investment-grade municipal obligations issued by or on behalf of the State of Arizona or its authorities, instrumentalities, or political subdivisions, including general obligation bonds, revenue bonds, and essential-purpose securities backed by state and local governments and quasi-governmental agencies; it may allocate up to 20% of managed assets to below-investment-grade municipal securities (of which up to 10% may be rated below B-/B3 or equivalent), and employs leverage to enhance returns. Nuveen Asset Management, LLC serves as the investment adviser, applying fundamental credit analysis and bottom-up selection to identify underrated, undervalued, or sector-specific opportunities within the Arizona fixed-income markets.
Founded on November 19, 1992, and headquartered at 333 West Wacker Drive in Chicago, Illinois, the Fund previously operated as Nuveen Arizona Premium Income Municipal Fund before adopting its current name; it benchmarks performance against the S&P Arizona Municipal Bond Index and S&P National Municipal Bond Index, targeting Arizona-resident investors seeking tax-advantaged income from an average portfolio maturity of approximately 18.66 years.
In August 2024, the Fund's Board of Trustees approved a fiscal year-end change to align with certain peer funds, marking a significant operational adjustment; the Fund continues regular monthly distributions, with the latest announced payable December 1, 2025, and held a virtual annual shareholder meeting in December 2025 for trustee elections, amid ongoing proxy solicitations with no reported mergers, acquisitions, or major strategic shifts involving NAZ itself.