In plain terms — Nuveen Arizona Quality Municipal Income Fund
Shares currently cost about 1.7% more than the value of the assets behind them (a premium).
Over the past year it has averaged a 5.9% premium, so today's level is not wide for this fund (Z-score -0.8). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 7.1% a year of the share price (7.2% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade above the value of their assets, each dollar of reinvested distributions buys about $0.98 of assets — a ReinvestCapture™ rate of 6.9%, less than the payout rate itself. That is buying power, not a return.
The assets themselves fell 5.6% over the past year including distributions (NAV total return).
Annual costs are 3.21% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +7.70% | 2.14% | -2.11 | 62 |
| 6 months | +8.47% | 2.26% | -2.33 | 118 |
| 1 year | +5.94% | 3.49% | -0.79 | 224 |
| 3 years | -1.81% | — | — | — |
| 5 years | -2.89% | — | — | — |
Current contemporaneous premium/discount +3.18% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range +0.42% to +14.05%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -9.97% | -15.74% | -10.35% | -11.25% | +3.55% | -7.88% |
| Market price total return | -9.50% | -14.46% | -6.11% | -5.51% | +10.13% | -2.90% |
| NAV return | -4.25% | -11.06% | -11.14% | -11.67% | -3.58% | -7.28% |
| NAV total return | -3.69% | -9.58% | -6.58% | -5.57% | +2.53% | -2.34% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Nuveen Arizona Quality Municipal Income Fund operates as a closed-end mutual fund, specializing in fixed-income investments, initially established by Nuveen Investments, Inc. Management oversight for the fund is provided by Nuveen Asset Management, LLC. Its primary objective is to allocate capital within Arizona's fixed-income markets. The portfolio is strategically constructed from municipal securities and other comparable instruments, specifically those offering income exempt from both regular federal and Arizona state income taxes. These investments must also maintain a minimum credit rating of Baa or BBB and target an approximate average maturity of 18.66 years. To curate its holdings, the fund employs a blend of fundamental analysis and a bottom-up selection process. Performance is measured against industry benchmarks, including the Standard & Poor's (S&P) Arizona Municipal Bond Index and the S&P National Municipal Bond Index. Previously, it operated under the name Nuveen Arizona Premium Income Municipal Fund. This U.S.-domiciled fund was officially formed on November 19, 1992.
CEF Explorer research page for Nuveen Arizona Quality Municipal Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.