Fidelity Arizona Municipal Income Fund is an actively managed mutual fund focused on generating a high level of current income that is exempt from both federal and Arizona state income taxes. The fund primarily invests at least 80% of its assets in investment-grade municipal securities issued by Arizona entities, including state and local governments, agencies, and authorities. With a portfolio characterized by medium credit quality and moderate interest rate sensitivity, the fund seeks to balance income generation with risk management. Notable holdings include bonds backing essential public infrastructure, such as educational institutions, utilities, and civic improvement projects. This specialized focus supports Arizona’s public financing needs while providing investors with tax-advantaged income streams. As a single-state municipal bond fund, it serves investors looking for targeted, tax-exempt income aligned with Arizona’s economic and public sector developments. The fund’s cost structure is competitive relative to peers, and it maintains broad diversification within the municipal fixed income space, making it an important vehicle for residents or those with tax liabilities in Arizona seeking municipal bond exposure.
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