UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-07278
 
Nuveen Arizona Quality Municipal Income Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Gifford R. Zimmerman
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            2/28          
 
Date of reporting period:         5/31/17         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 
Item 1. Schedule of Investments
 
           
 
 
Portfolio of Investments 
 
 
 
           
 
 
Nuveen Arizona Quality Municipal Income Fund (NAZ) 
 
 
 
 
 
May 31, 2017 (Unaudited) 
 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 152.4% (100.0% of Total Investments) 
 
 
 
           
 
 
MUNICIPAL BONDS – 152.4% (100.0% of Total Investments) 
 
 
 
           
 
 
Education and Civic Organizations – 28.1% (18.4% of Total Investments) 
 
 
 
$ 1,330 
 
Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 2016B, 
7/26 at 100.00 
AA 
$ 1,544,103 
 
 
5.000%, 7/01/47 
 
 
 
1,500 
 
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Green 
7/25 at 100.00 
AA 
1,725,495 
 
 
Series 2015A, 5.000%, 7/01/41 
 
 
 
3,480 
 
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 
7/22 at 100.00 
AA 
3,955,124 
 
 
2013A, 5.000%, 7/01/43 
 
 
 
1,500 
 
Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2015D, 
7/25 at 100.00 
AA 
1,727,835 
 
 
5.000%, 7/01/41 
 
 
 
2,515 
 
Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for 
8/24 at 100.00 
Aa3 
2,845,773 
 
 
Economic and Educational Development, Series 2014, 5.000%, 8/01/44 
 
 
 
2,240 
 
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option Bond 
6/22 at 100.00 
AA– 
3,402,986 
 
 
Trust 2015-XF0053, 15.699%, 6/01/42 (IF) 
 
 
 
1,400 
 
Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for 
No Opt. Call 
Aa3 
1,611,134 
 
 
Economic and Educational Development, Series 2013, 5.000%, 8/01/21 
 
 
 
515 
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
7/26 at 100.00 
BB 
534,591 
 
 
Schools, Inc. Projects, Series 2017A, 5.125%, 7/01/37 
 
 
 
2,000 
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, 
5/22 at 100.00 
A 
2,217,880 
 
 
Refunding Series 2007, 5.000%, 5/15/31 
 
 
 
3,775 
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, 
5/20 at 100.00 
A+ 
4,119,356 
 
 
Refunding Series 2010, 5.125%, 5/15/40 
 
 
 
870 
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise 
7/26 at 100.00 
BB+ 
896,874 
 
 
Schools Projects, Series 2016, 5.000%, 7/01/36 
 
 
 
2,095 
 
McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University Hassayampa 
7/26 at 100.00 
AA– 
2,383,083 
 
 
Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37 
 
 
 
1,875 
 
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40 
6/24 at 100.00 
A+ 
2,107,669 
910 
 
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41 
6/21 at 100.00 
A+ 
1,007,889 
70 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
7/25 at 100.00 
BB 
71,423 
 
 
Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/46 
 
 
 
900 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice 
9/22 at 100.00 
BB+ 
952,407 
 
 
Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42 
 
 
 
750 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, fbo 
7/22 at 100.00 
N/R 
262,508 
 
 
Brighter Choice Foundation Charter Middle Schools Project, Albany, New York, Series 2012, 
 
 
 
 
 
7.500%, 7/01/42 (4) 
 
 
 
585 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great 
7/21 at 100.00 
BB+ 
635,708 
 
 
Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42 
 
 
 
800 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great 
7/25 at 100.00 
BBB– 
860,240 
 
 
Hearts Academies Project, Series 2016A, 5.000%, 7/01/41 
 
 
 
500 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy 
7/24 at 100.00 
Ba1 
572,315 
 
 
Traditional Schools Project, Series 2014A, 6.750%, 7/01/44 
 
 
 
 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy 
 
 
 
 
 
Traditional Schools Projects, Series 2015: 
 
 
 
315 
 
5.000%, 7/01/35 
7/25 at 100.00 
Ba1 
324,702 
300 
 
5.000%, 7/01/45 
7/25 at 100.00 
Ba1 
305,580 
650 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy 
7/26 at 100.00 
Ba1 
665,223 
 
 
Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41 
 
 
 
440 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa 
No Opt. Call 
BBB– 
435,899 
 
 
Montessori, Inc. Projects, Series 2015, 3.250%, 7/01/25 
 
 
 
1,995 
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky 
10/26 at 100.00 
A2 
2,272,325 
 
 
University Project, Series 2016, 5.000%, 10/01/36 
 
 
 
3,675 
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University 
6/22 at 100.00 
A 
3,999,687 
 
 
Project, Series 2012, 5.000%, 6/01/42 (UB) (5) 
 
 
 
200 
 
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert 
5/24 at 100.00 
N/R 
219,890 
 
 
Heights Charter School, Series 2014, 7.250%, 5/01/44 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Champion Schools Project, Series 2017: 
 
 
 
120 
 
6.000%, 6/15/37 
6/26 at 100.00 
N/R 
121,582 
680 
 
6.125%, 6/15/47 
6/26 at 100.00 
N/R 
689,785 
200 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey 
7/26 at 100.00 
BB 
178,696 
 
 
Charter Schools Project, Series 2016, 5.250%, 7/01/36 
 
 
 
35 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San 
2/24 at 100.00 
N/R 
35,811 
 
 
Tan Montessori School Project, Series 2016, 6.500%, 2/01/48 
 
 
 
745 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden 
1/22 at 100.00 
B 
687,210 
 
 
Traditional Schools Project, Series 2012, 7.500%, 1/01/42 
 
 
 
500 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster 
6/25 at 100.00 
BB 
490,265 
 
 
Schools ? Mesa Project, Series 2015A, 5.000%, 12/15/34 
 
 
 
730 
 
Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona College, 
7/26 at 100.00 
AA 
854,173 
 
 
Series 2017, 5.000%, 7/01/35 – BAM Insured 
 
 
 
780 
 
Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University 
6/24 at 100.00 
AA 
880,987 
 
 
Project, Series 2014, 5.000%, 6/01/39 – BAM Insured 
 
 
 
250 
 
Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, 
No Opt. Call 
AA– 
288,828 
 
 
Series 2008, 5.000%, 7/01/22 
 
 
 
 
 
The Industrial Development Authority of the County of Maricopa, Arizona, Education Revenue 
 
 
 
 
 
Bonds, Reid Traditional School Projects, Series 2016: 
 
 
 
520 
 
5.000%, 7/01/36 
7/26 at 100.00 
Baa3 
545,631 
300 
 
5.000%, 7/01/47 
7/26 at 100.00 
Baa3 
311,361 
825 
 
Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona 
3/21 at 100.00 
BB+ 
932,539 
 
 
Agribusiness and Equine Center, Inc. Project, Series 2011, 7.875%, 3/01/42 
 
 
 
42,870 
 
Total Education and Civic Organizations 
 
 
47,674,567 
 
 
Health Care – 14.4% (9.4% of Total Investments) 
 
 
 
1,200 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 
1/24 at 100.00 
AA– 
1,342,380 
 
 
2014A, 5.000%, 1/01/44 
 
 
 
5,100 
 
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's 
2/22 at 100.00 
BBB+ 
5,478,776 
 
 
Hospital, Refunding Series 2012A, 5.000%, 2/01/42 
 
 
 
 
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, 
 
 
 
 
 
Refunding Series 2014A: 
 
 
 
3,005 
 
5.000%, 12/01/39 
12/24 at 100.00 
A2 
3,380,204 
2,860 
 
5.000%, 12/01/42 
12/24 at 100.00 
A2 
3,210,979 
 
 
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
 
 
 
 
 
Refunding Series 2016A: 
 
 
 
1,250 
 
5.000%, 1/01/32 
1/27 at 100.00 
AA– 
1,478,563 
1,000 
 
5.000%, 1/01/35 
1/27 at 100.00 
AA– 
1,168,200 
2,000 
 
5.000%, 1/01/38 
1/27 at 100.00 
AA– 
2,316,520 
1,120 
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale 
9/20 at 100.00 
AA 
1,211,941 
 
 
Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured 
 
 
 
1,025 
 
Yavapai County Industrial Development Authority, Arizona, Hospital Facility Revenue Refunding 
8/26 at 100.00 
Baa1 
1,133,619 
 
 
Bonds, Yavapai Regional Medical Center, Series 2016, 5.000%, 8/01/36 
 
 
 
 
 
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai 
 
 
 
 
 
Regional Medical Center, Series 2013A: 
 
 
 
210 
 
5.000%, 8/01/19 
No Opt. Call 
Baa1 
225,763 
1,000 
 
5.250%, 8/01/33 
8/23 at 100.00 
Baa1 
1,119,200 
 
 
Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical 
 
 
 
 
 
Center, Series 2014A: 
 
 
 
1,000 
 
5.000%, 8/01/22 
No Opt. Call 
A– 
1,155,580 
1,000 
 
5.250%, 8/01/32 
8/24 at 100.00 
A– 
1,140,620 
21,770 
 
Total Health Care 
 
 
24,362,345 
 
 
Long-Term Care – 1.8% (1.2% of Total Investments) 
 
 
 
435 
 
Arizona Health Facilities Authority, Health Care Facilities Revenue Bonds, The Beatitudes 
8/17 at 100.00 
N/R 
435,609 
 
 
Campus Project, Series 2006, 5.100%, 10/01/22 
 
 
 
1,885 
 
Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds, 3rd and 
10/25 at 101.00 
N/R 
1,818,252 
 
 
Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36 
 
 
 
780 
 
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe 
12/21 at 100.00 
N/R 
832,088 
 
 
Project, Refunding Series 2012A, 6.000%, 12/01/32 
 
 
 
3,100 
 
Total Long-Term Care 
 
 
3,085,949 
 
 
Tax Obligation/General – 16.4% (10.8% of Total Investments) 
 
 
 
575 
 
Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation Bonds, 
7/27 at 100.00 
AA 
676,982 
 
 
School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 (WI/DD, Settling 6/08/17) – 
 
 
 
 
 
BAM Insured 
 
 
 
 
 
Casa Grande, Arizona, General Obligation Bonds, Refunding Series 2016B: 
 
 
 
1,605 
 
4.000%, 8/01/33 
8/26 at 100.00 
AA– 
1,742,131 
835 
 
4.000%, 8/01/34 
8/26 at 100.00 
AA– 
902,151 
735 
 
Casa Grande, Arizona, General Obligation Bonds, Series 2016A, 3.000%, 8/01/36 
8/26 at 100.00 
AA– 
708,305 
2,500 
 
Chandler, Arizona, General Obligation Bonds, Refunding Series 2014, 5.000%, 7/01/24 
No Opt. Call 
AAA 
3,085,925 
 
 
Dysart Unified School District Number 89, Maricopa County, Arizona, General Obligation Bonds, 
 
 
 
 
 
Refunding Series 2014: 
 
 
 
1,000 
 
5.000%, 7/01/26 
7/24 at 100.00 
AA 
1,184,170 
525 
 
5.000%, 7/01/27 
7/24 at 100.00 
AA 
617,542 
2,140 
 
El Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%, 7/01/42 – AGM Insured 
7/22 at 100.00 
AA 
2,379,808 
1,000 
 
Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds, 
7/21 at 100.00 
AA 
1,130,650 
 
 
School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured 
 
 
 
775 
 
Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds, 
7/21 at 100.00 
Aa2 
886,011 
 
 
Series 2011, 5.000%, 7/01/23 
 
 
 
300 
 
Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School 
7/26 at 100.00 
AA 
324,435 
 
 
Improvement Project of 2013, Series 2016C, 4.000%, 7/01/33 – AGM Insured 
 
 
 
1,275 
 
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds, 
7/27 at 100.00 
Aa2 
1,539,830 
 
 
School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33 
 
 
 
 
 
Mohave County Union High School District 2 Colorado River, Arizona, General Obligation Bonds, 
 
 
 
 
 
School Improvement Series 2017: 
 
 
 
1,000 
 
5.000%, 7/01/34 
7/27 at 100.00 
Aa3 
1,174,790 
1,000 
 
5.000%, 7/01/36 
7/27 at 100.00 
Aa3 
1,165,310 
1,370 
 
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, 
7/21 at 100.00 
AA 
1,587,625 
 
 
Series 2011A, 6.000%, 7/01/30 – AGM Insured 
 
 
 
2,895 
 
Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds, School 
7/24 at 100.00 
AA 
3,301,574 
 
 
Improvement Project 2011, Series 2014D, 5.000%, 7/01/34 – AGM Insured 
 
 
 
1,750 
 
Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School 
7/21 at 100.00 
A+ 
1,962,888 
 
 
Improvement Project 2010 Series 2011A, 5.000%, 7/01/25 
 
 
 
 
 
Pinal County School District 4 Casa Grande Elementary, Arizona, General Obligation Bonds, 
 
 
 
 
 
School improvement Project 2016, Series 2017A: 
 
 
 
620 
 
5.000%, 7/01/34 – BAM Insured 
7/27 at 100.00 
AA 
724,253 
1,000 
 
5.000%, 7/01/35 – BAM Insured 
7/27 at 100.00 
AA 
1,163,430 
 
 
Western Maricopa Education Center District 402, Maricopa County, Arizona, General Obligation 
 
 
 
 
 
Bonds, School Improvement Project 2012, Series2014B: 
 
 
 
715 
 
4.500%, 7/01/33 
7/24 at 100.00 
AA– 
798,433 
665 
 
4.500%, 7/01/34 
7/24 at 100.00 
AA– 
740,331 
24,280 
 
Total Tax Obligation/General 
 
 
27,796,574 
 
 
Tax Obligation/Limited – 32.0% (21.0% of Total Investments) 
 
 
 
2,310 
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
7/22 at 100.00 
A1 
2,501,337 
 
 
Project, Refunding Senior Series 2012A, 5.000%, 7/01/36 
 
 
 
1,250 
 
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016, 
7/26 at 100.00 
AAA 
1,498,013 
 
 
5.000%, 7/01/35 
 
 
 
275 
 
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36 
7/26 at 100.00 
AA– 
291,550 
1,000 
 
Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37 
7/25 at 100.00 
AA 
1,134,910 
135 
 
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 
7/27 at 100.00 
N/R 
139,473 
 
 
2017A, 7.000%, 7/01/41 
 
 
 
1,210 
 
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 
7/25 at 100.00 
N/R 
1,216,643 
 
 
2015, 5.000%, 7/15/39 
 
 
 
492 
 
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, 
7/23 at 100.00 
N/R 
509,973 
 
 
Assessment District 1, Series 2013, 5.250%, 7/01/38 
 
 
 
 
 
Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds, 
 
 
 
 
 
Montecito Assessment District, Series 2007: 
 
 
 
420 
 
5.700%, 7/01/27 
7/17 at 100.00 
N/R 
420,458 
450 
 
5.800%, 7/01/32 
7/17 at 100.00 
N/R 
450,351 
655 
 
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation 
7/27 at 100.00 
AA 
759,918 
 
 
Bonds, Refunding Series 2017, 5.000%, 7/15/32 – AGM Insured 
 
 
 
508 
 
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment 
8/17 at 100.00 
N/R 
509,742 
 
 
Lien Bonds, Series 2001A, 7.875%, 7/01/25 
 
 
 
 
 
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
345 
 
5.000%, 7/15/27 – BAM Insured 
7/22 at 100.00 
AA 
376,633 
1,085 
 
5.000%, 7/15/31 – BAM Insured 
7/22 at 100.00 
AA 
1,162,773 
500 
 
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, 
7/26 at 100.00 
AA 
526,555 
 
 
Series 2016, 4.000%, 7/15/36 – BAM Insured 
 
 
 
425 
 
Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment Revenue 
7/27 at 100.00 
N/R 
442,587 
 
 
Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37 
 
 
 
600 
 
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds, 
7/26 at 100.00 
A1 
640,638 
 
 
Refunding Series 2016, 4.000%, 7/15/32 
 
 
 
1,500 
 
Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation 
No Opt. Call 
A– 
1,712,985 
 
 
Refunding Bonds, Series 2013, 5.000%, 7/15/23 
 
 
 
1,500 
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 
11/25 at 100.00 
A 
1,613,370 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
510 
 
5.000%, 1/01/31 
1/22 at 100.00 
A 
542,788 
200 
 
5.125%, 1/01/42 
1/22 at 100.00 
A 
210,830 
1,500 
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37 
1/22 at 100.00 
A 
1,577,595 
1,250 
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/46 
12/26 at 100.00 
BBB+ 
1,368,675 
1,425 
 
Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33 
7/23 at 100.00 
AA 
1,630,043 
2,401 
 
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006, 
7/17 at 100.00 
AA– 
2,408,635 
 
 
4.600%, 1/01/26 
 
 
 
115 
 
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, 
7/18 at 100.00 
BBB– 
118,726 
 
 
Series 2008A, 7.400%, 7/15/33 
 
 
 
200 
 
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, 
7/26 at 100.00 
BBB– 
216,104 
 
 
Series 2016, 5.000%, 7/15/31 
 
 
 
300 
 
Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26 
7/21 at 100.00 
AA– 
335,745 
400 
 
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, 
8/17 at 100.00 
N/R 
379,748 
 
 
Series 2006, 5.350%, 7/15/31 
 
 
 
1,010 
 
Phoenix Civic Improvement Corporation, Arizona, Transit Excise Tax Revenue Refunding Bonds, 
No Opt. Call 
AA 
1,131,705 
 
 
Light Rail Project, Series 2013, 5.000%, 7/01/20 
 
 
 
2,500 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
12/22 at 100.00 
A 
2,733,200 
 
 
JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36 
 
 
 
580 
 
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, 
7/22 at 100.00 
AA+ 
630,878 
 
 
Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax) 
 
 
 
1,100 
 
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract 
8/17 at 100.00 
BBB– 
1,101,771 
 
 
Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured 
 
 
 
1,000 
 
Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33 
8/24 at 100.00 
AA 
1,147,520 
 
 
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Refunding 
 
 
 
 
 
Series 2016: 
 
 
 
540 
 
4.000%, 8/01/34 
8/26 at 100.00 
AA 
579,841 
545 
 
4.000%, 8/01/36 
8/26 at 100.00 
AA 
579,831 
1,000 
 
Regional Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, 
No Opt. Call 
AA+ 
1,194,520 
 
 
Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/22 
 
 
 
 
 
San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series2014A: 
 
 
 
1,400 
 
5.000%, 7/01/34 – BAM Insured 
7/24 at 100.00 
AA 
1,596,616 
2,100 
 
5.000%, 7/01/38 – BAM Insured 
7/24 at 100.00 
AA 
2,376,192 
3,000 
 
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 
No Opt. Call 
AAA 
3,690,660 
 
 
2006, 5.000%, 7/01/24 
 
 
 
1,320 
 
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 
7/27 at 100.00 
AAA 
1,595,471 
 
 
2017, 5.000%, 7/01/36 
 
 
 
1,570 
 
Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation 
7/17 at 100.00 
N/R 
1,571,162 
 
 
Bonds, Series 2007, 5.900%, 7/15/32 
 
 
 
 
 
Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series 2016: 
 
 
 
310 
 
5.000%, 7/01/28 
7/26 at 100.00 
AAA 
379,821 
600 
 
5.000%, 7/01/31 
7/26 at 100.00 
AAA 
721,740 
4,000 
 
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 
7/22 at 100.00 
AAA 
4,577,200 
 
 
5.000%, 7/01/37 
 
 
 
1,750 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 
No Opt. Call 
AA 
1,826,353 
 
 
2012A, 4.000%, 10/01/22 – AGM Insured 
 
 
 
750 
 
Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds, 
7/21 at 100.00 
N/R 
727,365 
 
 
Series 2016, 3.250%, 7/15/25 
 
 
 
1,368 
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 
8/17 at 100.00 
N/R 
1,325,195 
 
 
2005, 6.000%, 7/01/30 
 
 
 
49,404 
 
Total Tax Obligation/Limited 
 
 
54,183,839 
 
 
Transportation – 5.1% (3.3% of Total Investments) 
 
 
 
180 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 
7/20 at 100.00 
A+ 
196,294 
 
 
2010A, 5.000%, 7/01/40 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 
 
 
 
 
 
Series 2015A: 
 
 
 
910 
 
5.000%, 7/01/40 
7/25 at 100.00 
A+ 
1,041,158 
2,185 
 
5.000%, 7/01/45 
7/25 at 100.00 
A+ 
2,489,829 
 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior Lien 
 
 
 
 
 
Series 2013: 
 
 
 
1,785 
 
5.000%, 7/01/30 (Alternative Minimum Tax) 
7/23 at 100.00 
AA– 
2,028,885 
2,215 
 
5.000%, 7/01/32 (Alternative Minimum Tax) 
7/23 at 100.00 
AA– 
2,498,985 
395 
 
Virgin Islands Port Authority, Marine Revenue Bonds, Refunding Series 2014B, 5.000%, 9/01/44 
9/24 at 100.00 
BBB+ 
410,642 
7,670 
 
Total Transportation 
 
 
8,665,793 
 
 
U.S. Guaranteed – 26.4% (17.3% of Total Investments) (6) 
 
 
 
5,730 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 
1/18 at 100.00 
AA– (6) 
5,886,715 
 
 
2008D, 5.500%, 1/01/38 (Pre-refunded 1/01/18) 
 
 
 
1,025 
 
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series 2011A, 
7/21 at 100.00 
AA+ (6) 
1,182,850 
 
 
5.000%, 7/01/36 (Pre-refunded 7/01/21) 
 
 
 
1,265 
 
Gila County Unified School District 10 Payson, Arizona, School Improvement Bonds, Project 
7/18 at 100.00 
Aa3 (6) 
1,332,260 
 
 
2006, Series 2008B, 5.750%, 7/01/28 (Pre-refunded 7/01/18) 
 
 
 
2,965 
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health 
12/17 at 100.00 
N/R (6) 
3,026,672 
 
 
Network, Series 2007, 5.000%, 12/01/42 (Pre-refunded 12/01/17) 
 
 
 
150 
 
La Paz County, Arizona, Excise Tax Revenue Bonds, Judgement Series 2011A, 4.750%, 7/01/36 
7/17 at 100.00 
AA (6) 
150,495 
 
 
(Pre-refunded 7/01/17) 
 
 
 
1,200 
 
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, 
7/18 at 100.00 
Aa3 (6) 
1,253,580 
 
 
Series 2008, 5.000%, 7/01/27 (Pre-refunded 7/01/18) – AGM Insured 
 
 
 
680 
 
Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General 
7/17 at 100.00 
N/R (6) 
684,434 
 
 
Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32 (Pre-refunded 7/15/17) 
 
 
 
960 
 
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, 
7/18 at 100.00 
N/R (6) 
1,029,005 
 
 
Series 2008A, 7.400%, 7/15/33 (Pre-refunded 7/15/18) 
 
 
 
 
 
Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2002: 
 
 
 
630 
 
5.250%, 7/01/17 – FGIC Insured (ETM) 
No Opt. Call 
Aa2 (6) 
632,350 
150 
 
5.250%, 7/01/17 – FGIC Insured (ETM) 
No Opt. Call 
Aa2 (6) 
150,560 
1,045 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Painted 
7/20 at 100.00 
N/R (6) 
1,244,386 
 
 
Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42 (Pre-refunded 7/01/20) 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise 
 
 
 
 
 
Education Center Project, Series 2010: 
 
 
 
745 
 
6.000%, 6/01/40 (Pre-refunded 6/01/19) 
6/19 at 100.00 
BB+ (6) 
817,950 
550 
 
6.100%, 6/01/45 (Pre-refunded 6/01/19) 
6/19 at 100.00 
BB+ (6) 
604,945 
1,000 
 
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley 
7/18 at 100.00 
Baa3 (6) 
1,060,000 
 
 
Academy Charter School Project, Series 2008, 6.500%, 7/01/38 (Pre-refunded 7/01/18) 
 
 
 
1,000 
 
Pima County Unified School District 8 Flowing Wells, Arizona, General Obligation Bonds, School 
7/20 at 100.00 
A+ (6) 
1,131,850 
 
 
Improvement Project 2008 Series 2011B, 5.375%, 7/01/29 (Pre-refunded 7/01/20) 
 
 
 
1,800 
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 
7/21 at 100.00 
A (6) 
2,097,450 
 
 
2011, 5.250%, 7/01/36 (Pre-refunded 7/01/21) 
 
 
 
4,530 
 
Pinal County Unified School District 1, Florence, Arizona, General Obligation Bonds, Series 
7/18 at 100.00 
A (6) 
4,745,945 
 
 
2008C, 5.250%, 7/01/28 (Pre-refunded 7/01/18) 
 
 
 
2,500 
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System 
1/18 at 100.00 
AA (6) 
2,745,100 
 
 
Revenue Bonds, Tender Option Bond Trust 2016-XL0016, 15.800%, 1/01/38 (Pre-refunded 
 
 
 
 
 
1/01/18) (IF) (5) 
 
 
 
5,000 
 
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer 
7/20 at 100.00 
AAA 
5,600,849 
 
 
Improvements Project, Series 2010, 5.000%, 7/01/36 (Pre-refunded 7/01/20) 
 
 
 
 
 
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999: 
 
 
 
1,310 
 
5.000%, 7/01/32 (Pre-refunded 7/01/21) 
7/21 at 100.00 
AAA 
1,512,303 
1,360 
 
5.000%, 7/01/33 (Pre-refunded 7/01/21) 
7/21 at 100.00 
AAA 
1,570,025 
1,705 
 
5.000%, 7/01/34 (Pre-refunded 7/01/21) 
7/21 at 100.00 
AAA 
1,968,303 
2,585 
 
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 
7/21 at 100.00 
N/R (6) 
3,083,672 
 
 
6.000%, 7/01/39 (Pre-refunded 7/01/21) 
 
 
 
 
 
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2013: 
 
 
 
200 
 
5.000%, 7/01/19 (ETM) 
No Opt. Call 
N/R (6) 
216,538 
800 
 
5.000%, 7/01/20 (ETM) 
No Opt. Call 
N/R (6) 
895,104 
40,885 
 
Total U.S. Guaranteed 
 
 
44,623,341 
 
 
Utilities – 15.6% (10.3% of Total Investments) 
 
 
 
1,495 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, 
3/22 at 100.00 
A– 
1,590,800 
 
 
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
1,500 
 
Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds, 
No Opt. Call 
AA 
1,522,305 
 
 
Hoover Project, Series 2001, 5.250%, 10/01/17 
 
 
 
1,000 
 
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39 
10/24 at 100.00 
AA 
1,123,740 
4,310 
 
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding 
6/20 at 100.00 
Aa3 
4,704,451 
 
 
Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35 
 
 
 
220 
 
Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2002, 5.250%, 7/01/17 – 
No Opt. Call 
Aa2 
220,825 
 
 
FGIC Insured 
 
 
 
695 
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 
7/26 at 100.00 
A 
802,989 
 
 
2016, 5.000%, 7/01/35 
 
 
 
1,500 
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System 
6/25 at 100.00 
Aa1 
1,760,880 
 
 
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36 
 
 
 
 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
 
 
 
 
 
Prepay Contract Obligations, Series 2007: 
 
 
 
4,500 
 
5.500%, 12/01/29 
No Opt. Call 
BBB+ 
5,585,714 
5,665 
 
5.000%, 12/01/37 
No Opt. Call 
BBB+ 
6,910,108 
2,370 
 
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & 
12/17 at 100.00 
N/R 
2,273,873 
 
 
Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax) 
 
 
 
23,255 
 
Total Utilities 
 
 
26,495,685 
 
 
Water and Sewer – 12.6% (8.3% of Total Investments) 
 
 
 
1,000 
 
Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, Series 
1/26 at 100.00 
AA+ 
1,168,460 
 
 
2016, 5.000%, 1/01/36 
 
 
 
500 
 
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28 
7/22 at 100.00 
AA 
587,615 
1,235 
 
Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien Series 
7/26 at 100.00 
AA 
1,419,497 
 
 
2016, 5.000%, 7/01/45 – AGM Insured 
 
 
 
2,855 
 
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39 
7/20 at 100.00 
A+ 
3,203,025 
500 
 
Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011, 
7/21 at 100.00 
AA 
567,340 
 
 
5.500%, 7/01/41 
 
 
 
500 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/23 at 100.00 
A– 
556,825 
 
 
Series 2013, 5.250%, 7/01/33 
 
 
 
1,125 
 
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 
7/25 at 100.00 
AA 
1,294,121 
 
 
2015A, 5.000%, 7/01/36 – AGM Insured 
 
 
 
1,135 
 
Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, Refunding 
7/24 at 100.00 
AA+ 
1,342,796 
 
 
Junior Lien Series 2014, 5.000%, 7/01/29 
 
 
 
2,000 
 
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien Series 
7/24 at 100.00 
AAA 
2,290,560 
 
 
2014A, 5.000%, 7/01/39 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Refunding Junior 
 
 
 
 
 
Lien Series 2001: 
 
 
 
1,250 
 
5.500%, 7/01/21 – FGIC Insured 
No Opt. Call 
AAA 
1,468,463 
1,040 
 
5.500%, 7/01/22 – FGIC Insured 
No Opt. Call 
AAA 
1,256,195 
1,500 
 
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/26 
7/22 at 100.00 
AA 
1,746,450 
1,000 
 
Pima County, Arizona, Sewer System Revenue Obligations, Series 2014, 5.000%, 7/01/22 
No Opt. Call 
AA 
1,183,330 
 
 
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007: 
 
 
 
740 
 
4.700%, 4/01/22 
10/17 at 100.00 
A+ 
748,858 
1,970 
 
4.900%, 4/01/32 
10/17 at 100.00 
A+ 
1,980,815 
500 
 
Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/23 
No Opt. Call 
AA 
599,940 
18,850 
 
Total Water and Sewer 
 
 
21,414,290 
$ 232,084 
 
Total Long-Term Investments (cost $240,418,007) 
 
 
258,302,383 
 
 
Floating Rate Obligations – (1.6)% 
 
 
(2,755,000) 
 
 
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (52.1)% (7) 
 
 
(88,281,832) 
 
 
Other Assets Less Liabilities – 1.3% 
 
 
2,243,787 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$ 169,509,338 
 


Fair Value Measurements
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of the end of the reporting period:
 
Level 1 
Level 2 
Level 3 
Total 
Long-Term Investments: 
 
 
 
 
Municipal Bonds 
$ — 
$258,302,383 
$ — 
$258,302,383 
 
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
As of May 31, 2017, the cost of investments was $239,143,751.
Gross unrealized appreciation and gross unrealized depreciation of investments as of May 31, 2017, were as follows:
   
Gross unrealized: 
 
Appreciation 
$19,434,019 
Depreciation 
(3,030,397) 
Net unrealized appreciation (depreciation) of investments 
$16,403,622 
 
     
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common 
 
 
shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
 
 
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities 
 
 
may be subject to periodic principal paydowns. 
(3) 
 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group 
 
 
("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This 
 
 
treatment of split-rated securities may differ from that used for other purposes, such as for Fund 
 
 
investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are 
 
 
considered to be below investment grade. Holdings designated N/R are not rated by any of these 
 
 
national rating agencies. 
(4) 
 
As of, or subsequent to, the end of the reporting period, this security is non-income producing. 
 
 
Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has 
 
 
(1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy 
 
 
Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest 
 
 
payment obligations and has ceased accruing additional income on the Fund's records. 
(5) 
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
 
 
investments in inverse floating rate transactions. 
(6) 
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, 
 
 
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or 
 
 
agency securities are regarded as having an implied rating equal to the rating of such securities. 
(7) 
 
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total 
 
 
Investments is 34.2%. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
(UB) 
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
(WI/DD) 
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
 
 

 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Arizona Quality Municipal Income Fund 
 
By (Signature and Title) /s/ Gifford R. Zimmerman            
       Gifford R. Zimmerman
     Vice President and Secretary
                                         
Date:         July 28, 2017        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title) /s/ Cedric H. Antosiewicz            
       Cedric H. Antosiewicz
     Chief Administrative Officer (principal executive officer)
                        
Date:         July 28, 2017        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         July 28, 2017