Nuveen Arizona Fund Sets Virtual Shareholder Meeting for Board Elections

TL;DR

**NAZ's virtual annual meeting is a routine board election, but pay attention to the independent board members overseeing your municipal bond investments.**

AI Summary

Nuveen Arizona Quality Municipal Income Fund (NAZ) filed a DEF 14A on November 6, 2025, announcing its Annual Meeting of Shareholders to be held virtually on December 18, 2025, at 2:00 p.m. Central time. The primary purpose of the meeting is the election of Board Members across five Nuveen funds, including NAZ. For NAZ, shareholders will elect five Board Members: three Class I Board Members by holders of Common Shares and Preferred Shares voting together, and two Board Members by holders of Preferred Shares only. As of October 22, 2025, NAZ had 12,276,463 Common Shares and 883 AMTP Series 2028 Preferred Shares outstanding. The filing details the virtual meeting logistics, quorum requirements, and voting procedures, including the application of NYSE Rule 452 for proportionate voting on certain Preferred Shares, though it explicitly states this rule does not apply to NAZ's AMTP Series 2028 shares. The Board unanimously recommends voting FOR the election of all Board Member nominees, including Class I nominees Forrester, Kenny, and Young, and Preferred Share nominees Moschner and Wolff.

Why It Matters

This DEF 14A outlines the governance structure and upcoming board elections for Nuveen Arizona Quality Municipal Income Fund (NAZ) and several other Nuveen municipal bond funds. For investors, the election of Board Members is crucial as these individuals oversee the fund's operations, investment strategies, and risk management, directly impacting fund performance and shareholder value. The shift to a virtual meeting format reflects broader market trends in corporate governance, offering convenience but potentially limiting direct engagement for some shareholders. In the competitive municipal bond fund market, strong, independent board oversight is a key differentiator, ensuring the fund remains aligned with investor interests and regulatory compliance.

Risk Assessment

Risk Level: low — The filing primarily concerns a routine annual meeting for the election of Board Members, which is a standard corporate governance event. There are no indications of significant financial distress, strategic shifts, or regulatory challenges. The risk is low as the proposals are standard and the Board unanimously recommends the nominees.

Analyst Insight

Investors should review the qualifications of the Board Member nominees to ensure they are comfortable with the fund's governance. While the Board recommends voting FOR all nominees, shareholders should exercise their right to vote, especially given the virtual meeting format, to ensure their voice is heard in the fund's oversight.

Key Numbers

• 12,276,463 — Common Shares outstanding for NAZ (As of October 22, 2025, for voting purposes)
• 883 — AMTP Series 2028 Preferred Shares outstanding for NAZ (As of October 22, 2025, for voting purposes)
• 5 — Total Board Members to be elected for NAZ (Comprising three Class I and two Preferred Share Board Members)
• 2:00 p.m. — Central time for the Annual Meeting (Scheduled start time for the virtual shareholder meeting)
• 3 — Class I Board Members to be elected by all shareholders for NAZ (Nominees are Forrester, Kenny, and Young)
• 2 — Board Members to be elected by Preferred Shares only for NAZ (Nominees are Moschner and Wolff)
• 2028 — Year Class I Board Members' term expires (For Forrester, Kenny, and Young, if elected)
• 2026 — Year Class II Board Members' term expires (For Boateng, Lancellotta, Nelson, and Toth)
• 2027 — Year Class III Board Members' term expires (For Medero, Starr, and Thornton)
• 219 — Number of portfolios in Fund Complex overseen by Joseph A. Boateng (Indicates the breadth of his oversight responsibilities)

Key Players & Entities

• Nuveen Arizona Quality Municipal Income Fund (company) — Registrant
• NAZ (company) — Ticker symbol for Nuveen Arizona Quality Municipal Income Fund
• December 18, 2025 (date) — Date of the Annual Meeting of Shareholders
• October 22, 2025 (date) — Record date for shareholders entitled to vote
• Mark L. Winget (person) — Vice President and Secretary of the Funds
• Joseph A. Boateng (person) — Nominee for Class II Board Member
• Michael A. Forrester (person) — Nominee for Class I Board Member
• Nuveen Fund Advisors, LLC (company) — Adviser to the Funds
• Teachers Insurance and Annuity Association of America (company) — Parent company of Nuveen, LLC
• Nuveen, LLC (company) — Adviser's parent company

FAQ

Industry Context

Nuveen Arizona Quality Municipal Income Fund operates within the closed-end municipal bond fund sector. This sector is influenced by interest rate environments, municipal credit quality, and tax policy changes. Funds like NAZ aim to provide tax-advantaged income to investors, often focusing on specific state or national municipal debt. The competitive landscape includes other closed-end funds, open-end funds, and direct investments in municipal bonds.

Regulatory Implications

As a registered investment company, NAZ is subject to SEC regulations, including proxy solicitation rules (Schedule 14A) and governance requirements. The election of Board Members is a key governance process mandated by these regulations. The clarification on NYSE Rule 452 highlights the importance of shareholder engagement and the specific voting rights associated with different share classes.

What Investors Should Do

1. Review the proxy statement and Board nominees.
2. Vote your shares promptly.
3. Understand voting rights for your share class.
4. Register in advance if holding shares through an intermediary.

Key Dates

• 2025-11-06: Nuveen Arizona Quality Municipal Income Fund filed DEF 14A — Announced the Annual Meeting of Shareholders and provided details on the agenda, including the election of Board Members.
• 2025-10-22: Record date for shareholders entitled to vote at the Annual Meeting — Determined the shareholders eligible to participate in the voting for Board Members and other business at the Annual Meeting.
• 2025-12-18: Annual Meeting of Shareholders — Shareholders will vote on the election of Board Members and other business.

Glossary

DEF 14A

A filing with the SEC that provides detailed information about a company's annual meeting, including matters to be voted on by shareholders, such as the election of directors. (This document is the primary source of information regarding the Nuveen Arizona Quality Municipal Income Fund's annual meeting and the proposals to be voted on.)

Class I Board Members

A category of Board Members to be elected by holders of both Common Shares and Preferred Shares, voting together. (Specifies the voting rights for a portion of the Board Member elections for NAZ.)

Preferred Shares

A class of shares that typically has priority over common shares in dividend payments and asset distribution, and may have different voting rights. (Holders of Preferred Shares have exclusive voting rights for two Board Member positions at NAZ.)

Common Shares

The basic ownership units of a corporation or fund, typically carrying voting rights. (Common Shareholders, along with Preferred Shareholders, will vote on the election of Class I Board Members for NAZ.)

Virtual Meeting

A shareholder meeting conducted online via live webcast, allowing remote participation and voting. (The Annual Meeting for NAZ will be held virtually, requiring specific instructions for shareholder participation and voting.)

Quorum

The minimum number of shareholders or shares required to be present (in person or by proxy) for a meeting to be validly held and for business to be transacted. (Details the specific quorum requirements for the Annual Meeting, including a different threshold for Preferred Share elections.)

Broker Non-Vote

Shares held by a broker or nominee for which instructions have not been received from the beneficial owner and the broker does not have discretionary voting power. (These shares are counted for quorum purposes but will not be voted on non-routine matters if no instructions are given.)

NYSE Rule 452

A New York Stock Exchange rule that governs the ability of brokers to vote shares in 'street name' on behalf of their clients when no instructions are received. (The filing clarifies that this rule does not apply to NAZ's AMTP Series 2028 Preferred Shares, meaning brokers cannot vote these shares without specific instructions.)

Year-Over-Year Comparison

This filing is a DEF 14A for the annual meeting, focusing on the election of Board Members. Specific financial performance metrics or comparisons to prior filings are not detailed within this proxy statement, as its primary purpose is to solicit proxies for the upcoming shareholder meeting. The key information pertains to the meeting logistics, voting procedures, and Board nominations rather than a comprehensive financial review.

Key Financial Figures

• $0.01 — Common shares of beneficial interest, $0.01 par value, of each Fund are collectivel

Filing Documents

• d33095ddef14a.htm (DEF 14A) — 427KB
• g33095g20a48.jpg (GRAPHIC) — 175KB
• g33095g20a49.jpg (GRAPHIC) — 186KB
• g33095g20a52.jpg (GRAPHIC) — 125KB
• g33095g20a53.jpg (GRAPHIC) — 175KB
• g33095g58b43.jpg (GRAPHIC) — 52KB
• 0001193125-25-269487.txt ( ) — 1410KB

From the Filing

DEF 14A 1 d33095ddef14a.htm NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND Nuveen Arizona Quality Municipal Income Fund UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Securities Exchange Act of 1934 (Amendment No. ) Filed by the RegistrantFiled by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement. Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)). Definitive Proxy Statement. Definitive Additional Materials. Soliciting Material under 240.14a-12 Nuveen Arizona Quality Municipal Income Fund (NAZ) (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 Notice of Annual Meeting of Shareholders to be held on December 18, 2025 333 West Wacker Drive Chicago, Illinois 60606 (800) 257-8787 November 6, 2025 Nuveen Arizona Quality Municipal Income Fund (NAZ) Nuveen California AMT-Free Quality Municipal Income Fund (NKX) Nuveen California Municipal Value Fund (NCA) Nuveen California Quality Municipal Income Fund (NAC) Nuveen Massachusetts Quality Municipal Income Fund (NMT) To the Shareholders of the Above Funds: Notice is hereby given that the Annual Meeting of Shareholders of each of Nuveen Arizona Quality Municipal Income Fund ("Arizona Quality"), Nuveen California AMT-Free Quality Municipal Income Fund ("California AMT-Free"), Nuveen California Municipal Value Fund ("California Value"), Nuveen California Quality Municipal Income Fund ("California Quality") and Nuveen Massachusetts Quality Municipal Income Fund ("Massachusetts Quality"), each a Massachusetts business trust (each, a "Fund" and collectively, the "Funds"), will be held on Thursday, December 18, 2025, at 2:00 p.m., Central time (for each Fund, an "Annual Meeting" and collectively, the "Annual Meetings"), for the following purposes and to transact such other business, if any, as may properly come before the Annual Meeting. We will be hosting this year's Annual Meeting as a completely virtual meeting of shareholders, which will be conducted online via live webcast. You will be able to attend and participate in the Annual Meeting online, vote your shares electronically and submit your questions prior to and during the meeting by visiting: www.meetnow.global/MDDDMSP at the meeting date and time described in the accompanying Joint Proxy Statement. If your shares are registered in your name, to participate in the Annual Meeting, you will need to log on using the control number from your proxy card or meeting notice. The control number can be found in the shaded box. If your shares are held through an intermediary, you will need to register for the Annual Meeting at least three (3) business days prior to the Annual Meeting. Instructions for registering are set forth in the enclosed Joint Proxy Statement. There is no physical location for the Annual Meeting. Matters to Be Voted on by Shareholders: 1. To elect Members to the Board of Trustees (each a "Board" and each Trustee a "Board Member") of each Fund as outlined below: a. For Arizona Quality, California AMT-Free, California Quality and Massachusetts Quality, to elect five (5) Board Members. i) three (3) Class I Board Members to be elected by the holders of Common Shares and Preferred Shares, voting together as a single class; and ii) two (2) Board Members to be elected by the holders of Preferred Shares only, voting separately as a single class. b. For California Value, to elect four (4) Class I Board Members. 2. To transact such other business as may properly come before the Annual Meeting. Shareholders of record at the close of business on October 22, 2025 are entitled to notice of and to vote at the Annual Meeting. While all shareholders are cordially invited to attend the virtual Annual Meeting, we encourage you to vote your shares promptly, whether or not you plan to attend the virtual Annual Meeting in order to avoid delay and additional expense and to assure that your shares are represented. You may vote by mail, telephone or over the Internet. To vote by mail, please mark, sign, date and mail the enclosed proxy card. No postage is required if mailed in the United States. To vote by telephone, please call the toll-free number located on your proxy card and follow the recorded instructions, using your proxy card as a guide. To vote over the Internet, go to the Internet address provided on your proxy card and follow the instructions, using your proxy card as a guide. Mark L. Winget Vice President and Secretary Joint Proxy Statement 333 West Wacker Drive Chicago, Illinois 60606 (800) 257-8787 November 6, 2025 This Joint

View Full Filing

View this DEF 14A filing on SEC EDGAR