Regulatory Filings • Jul 30, 2018
Preview not available for this file type.
Download Source FileN-Q 1 d598995dnq.htm NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND Nuveen Arizona Quality Municipal Income Fund
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)
Registrants telephone number, including area code: 312-917-7700
Date of fiscal year end: February 28
Date of reporting period: May 31, 2018
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
NAZ
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments as of May 31, 2018
(Unaudited)
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | LONG-TERM
INVESTMENTS – 158.5% (100.0% of Total Investments) | | | |
| | MUNICIPAL
BONDS – 158.5% (100.0% of Total Investments) | | | |
| | Education
and Civic Organizations – 30.2% (19.0% of Total Investments) | | | |
| $ 2,175 | Arizona
Board of Regents, Arizona State University System Revenue Bonds, Green Series 2016B, 5.000%, 7/01/47 | 7/26
at 100.00 | AA | $ 2,479,826 |
| 1,500 | Arizona
Board of Regents, Arizona State University System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 7/01/41 | 7/25
at 100.00 | AA | 1,703,235 |
| 1,620 | Arizona
Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 2017B, 5.000%, 7/01/42 | 7/27
at 100.00 | AA | 1,877,094 |
| 1,500 | Arizona
Board of Regents, Arizona State University System Revenue Bonds, Series 2015D, 5.000%, 7/01/41 | 7/25
at 100.00 | AA | 1,703,235 |
| 2,515 | Arizona
Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for Economic and Educational Development, Series 2014, 5.000%, 8/01/44 | 8/24
at 100.00 | Aa3 | 2,786,871 |
| 2,240 | Arizona
Board of Regents, University of Arizona, System Revenue Bonds, Tender Option Bond Trust 2015-XF0053, 14.410%, 6/01/42, 144A (IF) | 6/22
at 100.00 | Aa2 | 3,010,896 |
| 240 | Arizona
Industrial Development Authority Education Facility Revenue Bonds, Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A | 11/27
at 100.00 | N/R | 235,409 |
| 515 | Arizona
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A, 5.125%, 7/01/37, 144A | 7/26
at 100.00 | BB | 538,700 |
| 525 | Arizona
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C, 5.000%, 7/01/47 | 7/27
at 100.00 | AA- | 585,333 |
| 150 | Arizona
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A | 7/27
at 100.00 | BB | 155,081 |
| | Arizona
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F: | | | |
| 700 | 5.000%,
7/01/37 | 7/27
at 100.00 | AA- | 790,307 |
| 1,645 | 5.000%,
7/01/47 | 7/27
at 100.00 | AA- | 1,842,186 |
| 315 | Arizona
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G, 5.000%, 7/01/47, 144A | 7/27
at 100.00 | BB | 325,669 |
| 375 | Arizona
Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2017B, 5.000%, 3/01/48, 144A | 9/27
at 100.00 | BB+ | 376,901 |
| 710 | Arizona
Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017A, 5.000%, 7/01/42 | 7/27
at 100.00 | AA- | 793,929 |
| 380 | Arizona
Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017B, 4.250%, 7/01/27, 144A | No
Opt. Call | BB | 374,642 |
| 615 | Arizona
Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2018A, 5.000%, 7/01/38 | 1/28
at 100.00 | AA- | 696,444 |
| 165 | Arizona
Industrial Development Authority, Education Revenue Bonds, Legacy Traditional School Southwest Las Vegas Nevada Campus, Series 2018, 5.250%, 7/01/22, 144A | 7/19
at 101.00 | N/R | 163,748 |
| 2,000 | Glendale
Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31 | 5/22
at 100.00 | A | 2,174,240 |
1
| NAZ |
|---|
| Portfolio of |
| Investments as of May 31, 2018 |
| (Unaudited) |
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Education
and Civic Organizations (continued) | | | |
| $ 3,775 | Glendale
Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.125%, 5/15/40 | 5/20
at 100.00 | A+ | $ 3,970,243 |
| 355 | Maricopa
County Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Projects, Series 2017A, 5.000%, 7/01/37 | 7/27
at 100.00 | AA- | 403,777 |
| 490 | Maricopa
County Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Projects, Series 2017C, 5.000%, 7/01/48 | 7/27
at 100.00 | AA- | 554,445 |
| 870 | Maricopa
County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 5.000%, 7/01/36, 144A | 7/26
at 100.00 | BB+ | 914,179 |
| 2,095 | McAllister
Academic Village LLC, Arizona, Revenue Bonds, Arizona State University Hassayampa Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37 | 7/26
at 100.00 | AA- | 2,401,540 |
| 1,875 | Northern
Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40 | 6/24
at 100.00 | A+ | 2,084,681 |
| 910 | Northern
Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41 | 6/21
at 100.00 | A+ | 972,199 |
| 70 | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/46, 144A | 7/25
at 100.00 | BB | 71,970 |
| 900 | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42 | 9/22
at 100.00 | BB+ | 940,050 |
| 800 | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies Project, Series 2016A, 5.000%, 7/01/41 | 7/25
at 100.00 | BBB- | 849,352 |
| 250 | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A, 4.000%, 7/01/22, 144A | 7/19
at 101.00 | N/R | 244,930 |
| 165 | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Phoenix/East Mesa and Cadence, Nevada Campuses, Series 2017B, 4.000%, 7/01/22, 144A | 7/19
at 101.00 | N/R | 161,654 |
| 500 | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Project, Series 2014A, 6.750%, 7/01/44, 144A | 7/24
at 100.00 | Ba1 | 558,070 |
| | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2015: | | | |
| 315 | 5.000%,
7/01/35, 144A | 7/25
at 100.00 | Ba1 | 326,567 |
| 300 | 5.000%,
7/01/45, 144A | 7/25
at 100.00 | Ba1 | 308,442 |
| 650 | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A | 7/26
at 100.00 | Ba1 | 674,681 |
| 400 | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series 2015, 3.250%, 7/01/25 | No
Opt. Call | BBB- | 401,504 |
| 1,995 | Phoenix
Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky University Project, Series 2016, 5.000%, 10/01/36 | 10/26
at 100.00 | A2 | 2,204,854 |
| 3,675 | Phoenix
Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Series 2012, 5.000%, 6/01/42 (UB) (4) | 6/22
at 100.00 | A | 3,956,725 |
| 200 | Pima
County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert Heights Charter School, Series 2014, 7.250%, 5/01/44 | 5/24
at 100.00 | N/R | 216,706 |
| | Pima
County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Champion Schools Project, Series 2017: | | | |
| 120 | 6.000%,
6/15/37, 144A | 6/26
at 100.00 | N/R | 123,302 |
| 680 | 6.125%,
6/15/47, 144A | 6/26
at 100.00 | N/R | 699,278 |
2
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Education
and Civic Organizations (continued) | | | |
| $ 200 | Pima
County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016, 5.250%, 7/01/36 | 7/26
at 100.00 | BB- | $ 177,970 |
| 35 | Pima
County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A | 2/24
at 100.00 | N/R | 33,621 |
| 115 | Pima
County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A | 2/28
at 100.00 | N/R | 113,652 |
| 745 | Pima
County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42 | 1/22
at 100.00 | B | 684,394 |
| 500 | Pima
County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools, Mesa Project, Series 2015A, 5.000%, 12/15/34, 144A | 6/25
at 100.00 | BB | 501,790 |
| 730 | Pinal
County Community College District, Arizona, Revenue Bonds, Central Arizona College, Series 2017, 5.000%, 7/01/35 – BAM Insured | 7/26
at 100.00 | AA | 828,952 |
| 780 | Student
and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University Project, Series 2014, 5.000%, 6/01/39 – BAM Insured | 6/24
at 100.00 | AA | 855,551 |
| 250 | Sun
Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/22 | No
Opt. Call | AA- | 277,343 |
| | 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 | 550,779 |
| 300 | 5.000%,
7/01/47 | 7/26
at 100.00 | Baa3 | 314,181 |
| 45,450 | Total
Education and Civic Organizations | | | 49,991,128 |
| | Health
Care – 17.5% (11.1% of Total Investments) | | | |
| 1,200 | Arizona
Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2014A, 5.000%, 1/01/44 | 1/24
at 100.00 | AA- | 1,326,228 |
| 5,100 | Arizona
Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital, Refunding Series 2012A, 5.000%, 2/01/42 | 2/22
at 100.00 | A- | 5,398,044 |
| | 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 | 3,349,613 |
| 2,860 | 5.000%,
12/01/42 | 12/24
at 100.00 | A2 | 3,180,863 |
| | 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- | 1,445,950 |
| 1,000 | 5.000%,
1/01/35 | 1/27
at 100.00 | AA- | 1,145,330 |
| 2,000 | 5.000%,
1/01/38 | 1/27
at 100.00 | AA- | 2,280,940 |
| 1,120 | Scottsdale
Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured | 9/20
at 100.00 | AA | 1,186,416 |
| | The
Industrial Development Authority of the County of Maricopa, Arizona, Revenue Bonds, Banner Health, Series 2017A: | | | |
| 2,700 | 4.000%,
1/01/41 | 1/28
at 100.00 | AA- | 2,804,517 |
| 2,000 | 5.000%,
1/01/41 | 1/28
at 100.00 | AA- | 2,293,060 |
| 1,025 | Yavapai
County Industrial Development Authority, Arizona, Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical Center, Series 2016, 5.000%, 8/01/36 | 8/26
at 100.00 | A | 1,118,808 |
3
| NAZ |
|---|
| Portfolio of |
| Investments as of May 31, 2018 |
| (Unaudited) |
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Health
Care (continued) | | | |
| | Yavapai
County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A: | | | |
| $ 210 | 5.000%,
8/01/19 | No
Opt. Call | A | $ 216,878 |
| 1,000 | 5.250%,
8/01/33 | 8/23
at 100.00 | A | 1,105,240 |
| | 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- | 1,101,870 |
| 1,000 | 5.250%,
8/01/32 | 8/24
at 100.00 | A- | 1,144,360 |
| 26,470 | Total
Health Care | | | 29,098,117 |
| | Long-Term
Care – 1.9% (1.2% of Total Investments) | | | |
| 285 | Arizona
Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater Avondale Project, Series 2017, 5.375%, 1/01/38 | 7/25
at 101.00 | N/R | 283,110 |
| 1,885 | Phoenix
Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds, 3rd and Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36 | 10/25
at 101.00 | N/R | 1,908,789 |
| 780 | Tempe
Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32 | 12/21
at 100.00 | N/R | 831,675 |
| 80 | Tempe
Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A, 6.125%, 10/01/47, 144A | 10/27
at 100.00 | N/R | 83,721 |
| 3,030 | Total
Long-Term Care | | | 3,107,295 |
| | Tax
Obligation/General – 18.7% (11.8% of Total Investments) | | | |
| 575 | Buckeye
Union High School District 201, Maricopa County, Arizona, General Obligation Bonds, School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 – BAM Insured | 7/27
at 100.00 | AA | 659,853 |
| | Casa
Grande, Arizona, General Obligation Bonds, Refunding Series 2016B: | | | |
| 1,605 | 4.000%,
8/01/33 | 8/26
at 100.00 | AAA | 1,708,362 |
| 835 | 4.000%,
8/01/34 | 8/26
at 100.00 | AAA | 885,684 |
| 2,500 | Chandler,
Arizona, General Obligation Bonds, Refunding Series 2014, 5.000%, 7/01/24 | No
Opt. Call | AAA | 2,903,700 |
| | 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 | AAA | 1,139,470 |
| 525 | 5.000%,
7/01/27 | 7/24
at 100.00 | AAA | 595,376 |
| 2,140 | El
Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%, 7/01/42 – AGM Insured | 7/22
at 100.00 | AA | 2,321,793 |
| 1,000 | Maricopa
County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds, School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured | 7/21
at 100.00 | AA | 1,088,280 |
| 630 | Maricopa
County School District 214 Tolleson Union High, Arizona, General Obligation Bonds, School Improvement Project 2017, Series 2018A, 5.000%, 7/01/37 | 7/27
at 100.00 | Aa1 | 735,431 |
| 775 | Maricopa
County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds, Series 2011, 5.000%, 7/01/23 | 7/21
at 100.00 | Aa2 | 844,238 |
| 300 | Maricopa
County Unified School District 60 Higley, Arizona, General Obligation Bonds, School Improvement Project of 2013, Series 2016C, 4.000%, 7/01/33 – AGM Insured | 7/26
at 100.00 | AA | 318,051 |
4
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Tax
Obligation/General (continued) | | | |
| $ 1,350 | Maricopa
County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, School Improvement Series 2018, 5.000%, 7/01/36 | 7/25
at 102.00 | Aa3 | $ 1,554,039 |
| 1,275 | Maricopa
County Union High School District 210 Phoenix, Arizona, General Obligation Bonds, School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33 | 7/27
at 100.00 | AAA | 1,506,234 |
| | 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 | 1,145,010 |
| 1,000 | 5.000%,
7/01/36 | 7/27
at 100.00 | Aa3 | 1,137,400 |
| 690 | Northwest
Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/01/36 | 7/27
at 100.00 | AA- | 805,472 |
| 1,370 | Pima
County Continental Elementary School District 39, Arizona, General Obligation Bonds, Series 2011A, 6.000%, 7/01/30 – AGM Insured | 7/21
at 100.00 | AA | 1,518,344 |
| 2,895 | Pima
County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds, School Improvement Project 2011, Series 2014D, 5.000%, 7/01/34 – AGM Insured | 7/24
at 100.00 | AA | 3,226,217 |
| 1,750 | Pima
County Unified School District 6 Marana, Arizona, General Obligation Bonds, School Improvement Project 2010 Series 2011A, 5.000%, 7/01/25 | 7/21
at 100.00 | A | 1,885,152 |
| 1,500 | Pima
County Unified School District 6 Marana, Arizona, General Obligation Bonds, School Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36 – BAM Insured | 7/27
at 100.00 | AA | 1,721,355 |
| | 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 | 709,906 |
| 1,000 | 5.000%,
7/01/35 – BAM Insured | 7/27
at 100.00 | AA | 1,141,620 |
| | 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- | 778,285 |
| 665 | 4.500%,
7/01/34 | 7/24
at 100.00 | AA- | 721,931 |
| 27,715 | Total
Tax Obligation/General | | | 31,051,203 |
| | Tax
Obligation/Limited – 31.1% (19.6% of Total Investments) | | | |
| 2,310 | Arizona
Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/36 | 7/22
at 100.00 | A1 | 2,436,865 |
| 1,250 | Arizona
State Transportation Board, Highway Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/35 | 7/26
at 100.00 | AAA | 1,451,413 |
| 275 | Buckeye,
Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36 | 7/26
at 100.00 | AA | 287,947 |
| 1,000 | Buckeye,
Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37 | 7/25
at 100.00 | AA | 1,123,230 |
| 135 | Cahava
Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41, 144A | 7/27
at 100.00 | N/R | 138,263 |
| 1,210 | Eastmark
Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 5.000%, 7/15/39, 144A | 7/25
at 100.00 | N/R | 1,249,398 |
| 488 | Eastmark
Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 1, Series 2013, 5.250%, 7/01/38 | 7/23
at 100.00 | N/R | 499,756 |
| 1,810 | Eastmark
Community Facilities District No. 1, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/42 – AGM Insured | 7/27
at 100.00 | AA | 2,038,295 |
5
| NAZ |
|---|
| Portfolio of |
| Investments as of May 31, 2018 |
| (Unaudited) |
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Tax
Obligation/Limited (continued) | | | |
| $ 655 | Estrella
Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Refunding Series 2017, 5.000%, 7/15/32 – AGM Insured | 7/27
at 100.00 | AA | $ 739,259 |
| | 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 | 374,149 |
| 1,085 | 5.000%,
7/15/31 – BAM Insured | 7/22
at 100.00 | AA | 1,171,420 |
| 500 | Festival
Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2016, 4.000%, 7/15/36 – BAM Insured | 7/26
at 100.00 | AA | 522,185 |
| 1,000 | Festival
Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/37 – BAM Insured | 7/27
at 100.00 | AA | 1,126,130 |
| 415 | Festival
Ranch Community Facilities District, Buckeye, Arizona, Special Assessment Revenue Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37 | 7/27
at 100.00 | N/R | 425,852 |
| 600 | Goodyear
Community Facilities Utilities District 1, Arizona, General Obligation Bonds, Refunding Series 2016, 4.000%, 7/15/32 | 7/26
at 100.00 | A1 | 636,252 |
| 1,500 | Goodyear,
Arizona, Community Facilities General District 1, Arizona, General Obligation Refunding Bonds, Series 2013, 5.000%, 7/15/23 | No
Opt. Call | A- | 1,638,450 |
| 1,500 | Government
of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 | 11/25
at 100.00 | A | 1,581,915 |
| | Government
of Guam, Business Privilege Tax Bonds, Series 2011A: | | | |
| 510 | 5.000%,
1/01/31 | 1/22
at 100.00 | A | 532,343 |
| 200 | 5.125%,
1/01/42 | 1/22
at 100.00 | A | 207,622 |
| 1,500 | Government
of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37 | 1/22
at 100.00 | A | 1,548,450 |
| 1,250 | Guam
Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/46 | 12/26
at 100.00 | BBB+ | 1,326,300 |
| 1,425 | Marana,
Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33 | 7/23
at 100.00 | AA | 1,563,125 |
| 115 | Merrill
Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, Series 2008A, 7.400%, 7/15/33 | 7/18
at 100.00 | BBB- | 115,545 |
| 200 | Merrill
Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2016, 5.000%, 7/15/31 | 7/26
at 100.00 | BBB | 224,932 |
| 385 | Merrill
Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/42 – BAM Insured | 7/27
at 100.00 | AA | 429,398 |
| 300 | Page,
Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26 | 7/21
at 100.00 | AA- | 325,026 |
| 400 | Parkway
Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006, 5.350%, 7/15/31 | 8/18
at 100.00 | N/R | 353,652 |
| 2,500 | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36 | 12/22
at 100.00 | A | 2,698,825 |
| 580 | Phoenix
Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax) | 7/22
at 100.00 | AA+ | 620,948 |
| 565 | Pinal
County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured | 8/18
at 100.00 | BBB- | 565,384 |
| 1,000 | Pinal
County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33 | 8/24
at 100.00 | AA | 1,129,650 |
6
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Tax
Obligation/Limited (continued) | | | |
| | 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 | $ 572,778 |
| 545 | 4.000%,
8/01/36 | 8/26
at 100.00 | AA | 574,866 |
| 1,740 | Queen
Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, 5.000%, 8/01/42 | 8/28
at 100.00 | AA | 2,034,408 |
| 1,000 | Regional
Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/22 | No
Opt. Call | AA+ | 1,126,980 |
| | 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 | 1,561,826 |
| 2,100 | 5.000%,
7/01/38 – BAM Insured | 7/24
at 100.00 | AA | 2,332,848 |
| 3,000 | Scottsdale
Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/24 | No
Opt. Call | AAA | 3,484,440 |
| 1,320 | Scottsdale
Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/36 | 7/27
at 100.00 | AAA | 1,553,587 |
| 1,775 | Tartesso
West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation Bonds, Series 2007, 5.900%, 7/15/32 | 8/18
at 100.00 | N/R | 1,763,179 |
| | Tempe,
Arizona, Excise Tax Revenue Bonds, Refunding Series 2016: | | | |
| 310 | 5.000%,
7/01/28 | 7/26
at 100.00 | AAA | 364,117 |
| 500 | 5.000%,
7/01/29 | 7/26
at 100.00 | AAA | 584,905 |
| 2,505 | Tempe,
Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37 | 7/22
at 100.00 | AAA | 2,758,406 |
| 1,750 | Virgin
Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22 – AGM Insured | No
Opt. Call | AA | 1,782,708 |
| 750 | Vistancia
West Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2016, 3.250%, 7/15/25, 144A | 7/21
at 100.00 | N/R | 704,160 |
| 1,300 | Watson
Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 | 8/18
at 100.00 | N/R | 1,260,142 |
| 47,543 | Total
Tax Obligation/Limited | | | 51,541,329 |
| | Transportation – 6.1%
(3.9% of Total Investments) | | | |
| | Phoenix
Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2015A: | | | |
| 910 | 5.000%,
7/01/40 | 7/25
at 100.00 | A+ | 1,016,616 |
| 2,185 | 5.000%,
7/01/45 | 7/25
at 100.00 | A+ | 2,433,653 |
| | 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- | 1,973,103 |
| 2,215 | 5.000%,
7/01/32 (Alternative Minimum Tax) | 7/23
at 100.00 | AA- | 2,441,794 |
| 2,000 | Phoenix
Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42 (Alternative Minimum Tax) | 7/27
at 100.00 | AA- | 2,274,800 |
| 9,095 | Total
Transportation | | | 10,139,966 |
7
| NAZ |
|---|
| Portfolio of |
| Investments as of May 31, 2018 |
| (Unaudited) |
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | U.S.
Guaranteed – 17.5% (11.0% of Total Investments) (5) | | | |
| $ 3,480 | Arizona
Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22) | 7/22
at 100.00 | AA | $ 3,885,107 |
| 1,025 | Arizona
State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series 2011A, 5.000%, 7/01/36 (Pre-refunded 7/01/21) | 7/21
at 100.00 | AA+ | 1,117,855 |
| 960 | Merrill
Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, Series 2008A, 7.400%, 7/15/33 (Pre-refunded 7/15/18) | 7/18
at 100.00 | N/R | 966,278 |
| 180 | Phoenix
Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) | 7/20
at 100.00 | A+ | 191,677 |
| 585 | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies - Veritas Project, Series 2012, 6.300%, 7/01/42 (Pre-refunded 7/01/21) | 7/21
at 100.00 | N/R | 659,646 |
| 1,045 | Phoenix
Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Painted Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42 (Pre-refunded 7/01/20) | 7/20
at 100.00 | N/R | 1,161,225 |
| | 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+ | 775,918 |
| 550 | 6.100%,
6/01/45 (Pre-refunded 6/01/19) | 6/19
at 100.00 | BB+ | 573,364 |
| 1,000 | Pima
County Unified School District 8 Flowing Wells, Arizona, General Obligation Bonds, School Improvement Project 2008 Series 2011B, 5.375%, 7/01/29 (Pre-refunded 7/01/20) | 7/20
at 100.00 | A+ | 1,071,420 |
| 1,800 | Pinal
County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/36 (Pre-refunded 7/01/21) | 7/21
at 100.00 | A | 1,976,418 |
| 5,000 | Scottsdale
Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer Improvements Project, Series 2010, 5.000%, 7/01/36 (Pre-refunded 7/01/20) | 7/20
at 100.00 | AAA | 5,324,350 |
| | 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 | 1,428,673 |
| 1,360 | 5.000%,
7/01/33 (Pre-refunded 7/01/21) | 7/21
at 100.00 | AAA | 1,483,202 |
| 1,705 | 5.000%,
7/01/34 (Pre-refunded 7/01/21) | 7/21
at 100.00 | AAA | 1,859,456 |
| 1,495 | Tempe,
Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37 (Pre-refunded 7/01/22) | 7/22
at 100.00 | N/R | 1,665,923 |
| 2,585 | University
Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39 (Pre-refunded 7/01/21) | 7/21
at 100.00 | N/R | 2,887,729 |
| | University
Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2013: | | | |
| 200 | 5.000%,
7/01/19 (ETM) | No
Opt. Call | N/R | 206,716 |
| 800 | 5.000%,
7/01/20 (ETM) | No
Opt. Call | N/R | 849,368 |
| 825 | Yavapai
County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2011, 7.875%, 3/01/42 (Pre-refunded 3/01/21) | 3/21
at 100.00 | BB+ | 952,685 |
| 26,650 | Total
U.S. Guaranteed | | | 29,037,010 |
| | Utilities – 22.6%
(14.3% of Total Investments) | | | |
| 1,495 | Apache
County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 2012A, 4.500%, 3/01/30 | 3/22
at 100.00 | A- | 1,603,881 |
8
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Utilities (continued) | | | |
| $ 1,100 | Guam
Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39 | 10/24
at 100.00 | AA | $ 1,201,057 |
| 4,310 | Maricopa
County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35 | 6/20
at 100.00 | Aa3 | 4,529,250 |
| 8,750 | Mesa,
Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB), (WI/DD, Settling 6/07/18) | 7/28
at 100.00 | Aa2 | 10,278,012 |
| 695 | Pinal
County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/35 | 7/26
at 100.00 | A | 791,869 |
| 1,500 | Salt
River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36 | 6/25
at 100.00 | Aa1 | 1,713,345 |
| | Salt
River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2017A: | | | |
| 2,000 | 5.000%,
1/01/38 | 1/28
at 100.00 | Aa1 | 2,358,060 |
| 500 | 5.000%,
1/01/39 | 1/28
at 100.00 | Aa1 | 588,600 |
| | 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+ | 5,440,455 |
| 5,665 | 5.000%,
12/01/37 | No
Opt. Call | BBB+ | 6,786,783 |
| 2,370 | Yuma
County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax) | 8/18
at 100.00 | N/R | 2,250,481 |
| 32,885 | Total
Utilities | | | 37,541,793 |
| | Water
and Sewer – 12.9% (8.1% of Total Investments) | | | |
| 1,000 | Central
Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, Series 2016, 5.000%, 1/01/36 | 1/26
at 100.00 | AA+ | 1,147,000 |
| 500 | Glendale,
Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28 | 7/22
at 100.00 | AA | 552,630 |
| 785 | Goodyear,
Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien Series 2016, 5.000%, 7/01/45 – AGM Insured | 7/26
at 100.00 | AA | 886,022 |
| 2,855 | Goodyear,
Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39 | 7/20
at 100.00 | Aa3 | 3,061,274 |
| 500 | Goodyear,
Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011, 5.500%, 7/01/41 | 7/21
at 100.00 | AA | 549,575 |
| | Guam
Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017: | | | |
| 665 | 5.000%,
7/01/36 | 7/27
at 100.00 | A- | 714,962 |
| 500 | 5.000%,
7/01/40 | 7/27
at 100.00 | A- | 535,755 |
| 545 | Guam
Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/33 | 7/23
at 100.00 | A- | 587,139 |
| 1,125 | Lake
Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 2015A, 5.000%, 7/01/36 – AGM Insured | 7/25
at 100.00 | AA | 1,265,918 |
| 1,135 | Phoenix
Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, Refunding Junior Lien Series 2014, 5.000%, 7/01/29 | 7/24
at 100.00 | AA+ | 1,297,418 |
| 2,000 | Phoenix
Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien Series 2014A, 5.000%, 7/01/39 | 7/24
at 100.00 | AAA | 2,248,940 |
9
| NAZ |
|---|
| Portfolio of |
| Investments as of May 31, 2018 |
| (Unaudited) |
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Water
and Sewer (continued) | | | |
| | 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 | $ 1,385,350 |
| 1,040 | 5.500%,
7/01/22 – FGIC Insured | No
Opt. Call | AAA | 1,183,936 |
| 1,500 | Pima
County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/26 | 7/22
at 100.00 | AA | 1,659,735 |
| 1,000 | Pima
County, Arizona, Sewer System Revenue Obligations, Series 2014, 5.000%, 7/01/22 | No
Opt. Call | AA | 1,115,580 |
| | Surprise
Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007: | | | |
| 605 | 4.700%,
4/01/22 | 10/18
at 100.00 | A+ | 612,774 |
| 1,970 | 4.900%,
4/01/32 | 10/18
at 100.00 | A+ | 1,982,923 |
| 500 | Tucson,
Arizona, Water System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/23 | No
Opt. Call | AA | 569,965 |
| 19,475 | Total
Water and Sewer | | | 21,356,896 |
| $ 238,313 | Total
Long-Term Investments (cost $250,427,558) | | | 262,864,737 |
| | Floating
Rate Obligations – (5.9)% | | | (9,755,000) |
| | Variable
Rate MuniFund Term Preferred Shares, net of deferred offering costs – (53.2)% (6) | | | (88,290,906) |
| | Other
Assets Less Liabilities – 0.6% | | | 990,896 |
| | Net
Asset Applicable to Common Shares – 100% | | | $ 165,809,727 |
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 | $ — | $262,864,737 | $ — | $262,864,737 |
10
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.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of May 31, 2018.
| Tax
cost of investments | $240,081,342 |
| --- | --- |
| Gross
unrealized: | |
| Appreciation | $ 13,662,854 |
| Depreciation | (634,471) |
| Net
unrealized appreciation (depreciation) of investments | $ 13,028,383 |
| (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) | Investment,
or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | 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. |
| (6) | Variable
Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 33.6%. |
| 144A | Investment
is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ETM | Escrowed
to maturity. |
| IF | Inverse
floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar
short-term rate, and is reduced by the expenses related to the TOB trust. |
| 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. |
11
Item 2. Controls and Procedures.
a. The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 registrants 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 registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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 30, 2018
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 30, 2018 | |
| By (Signature and Title) | /s/ Stephen D.
Foy |
| | Stephen D. Foy |
| | Vice President and Controller (principal financial officer) |
| Date: July 30, 2018 | |
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.