Fidelity Arizona Municipal Income Fund

This fund primarily directs its capital towards investment-grade municipal securities, with a minimum of 80% of its assets typically invested in such holdings. The income generated from these bonds is generally exempt from both federal and Arizona personal income taxes. While the fund endeavors to diversify its portfolio across various market segments and bond maturity dates, it maintains the discretion to commit more than 25% of its total assets to municipal debt instruments that finance comparable types of projects. As a result, it operates as a non-diversified investment vehicle.