Fidelity Arizona Municipal Income Fund
FSAZX
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- Fidelity Arizona Municipal Income Fund (FSAZX) is a mutual fund managed by Fidelity Investments that seeks a high level of current income exempt from federal income tax and Arizona personal income tax. The fund normally invests at least 80% of assets in investment-grade municipal securities issued by or on behalf of the State of Arizona or its authorities, counties, municipalities, agencies, authorities, or instrumentalities; such securities include general obligation bonds, revenue bonds, notes, certificates of participation, and other debt obligations. It may also invest in floating-rate securities, zero-coupon securities, and up to 20% in non-Arizona municipal securities or taxable obligations, with a focus on medium to moderate credit quality and interest rate sensitivity in the Muni Single State Long category. The fund targets Arizona residents seeking tax-exempt income, institutional investors, and retail investors through brokerage platforms, with a minimum initial investment of zero and no front-end or back-end loads. Geographically, it operates primarily within Arizona issuers while distributed nationwide by Fidelity Investments, headquartered in Smithfield, Rhode Island. Fidelity Arizona Municipal Income Fund was incepted on October 11, 1994, with current portfolio net assets of approximately $122 million and a gross expense ratio of 0.55%. Recent developments include ongoing management by co-portfolio manager Michael Maka since March 2020, with stable oversight amid Fidelity's broader fixed income strategies; the fund maintains a Morningstar Neutral rating with strong People and Process pillars as of late 2024. No major mergers, acquisitions, partnerships, funding rounds, or strategic shifts have been reported in the last 1-2 years, reflecting continuity in its single-state municipal bond focus. Top holdings as of recent data include Arizona State University revenues, Chandler Industrial Development Authority bonds, and Maricopa County Industrial Development Authority revenues, comprising over 25% of the portfolio.