PDF Annual Report - Fidelity Investments

[Pages:164]Annual Report

March 31, 2021

Contents

Treasurer's Message to Participants Performance: The Bottom Line Management's Discussion of Fund Performance Fidelity Arizona College Portfolio (Fidelity Funds)

Fidelity Arizona Portfolio 2021 (Fidelity Funds)

Fidelity Arizona Portfolio 2024 (Fidelity Funds)

Fidelity Arizona Portfolio 2027 (Fidelity Funds)

Fidelity Arizona Portfolio 2030 (Fidelity Funds)

Fidelity Arizona Portfolio 2033 (Fidelity Funds)

Fidelity Arizona Portfolio 2036 (Fidelity Funds)

Fidelity Arizona Portfolio 2039 (Fidelity Funds)

Fidelity Arizona Conservative Portfolio (Fidelity Funds) Fidelity Arizona Moderate Growth Portfolio (Fidelity Funds) Fidelity Arizona Aggressive Growth Portfolio (Fidelity Funds) Fidelity Arizona Money Market Portfolio Fidelity Arizona College Portfolio (Fidelity Index)

Fidelity Arizona Portfolio 2021 (Fidelity Index)

5 6 24 25 Investment Summary 26 Schedule of Investments 27 Financial Statements 29 Investment Summary 30 Schedule of Investments 31 Financial Statements 33 Investment Summary 34 Schedule of Investments 35 Financial Statements 37 Investment Summary 38 Schedule of Investments 39 Financial Statements 41 Investment Summary 42 Schedule of Investments 43 Financial Statements 45 Investment Summary 46 Schedule of Investments 47 Financial Statements 49 Investment Summary 50 Schedule of Investments 51 Financial Statements 53 Investment Summary 54 Schedule of Investments 55 Financial Statements 57 Investment Summary 58 Schedule of Investments 59 Financial Statements 61 Investment Summary 62 Schedule of Investments 63 Financial Statements 65 Investment Summary 66 Schedule of Investments 67 Financial Statements 69 Financial Statements 71 Investment Summary 72 Schedule of Investments 73 Financial Statements 75 Investment Summary 76 Schedule of Investments 77 Financial Statements

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Fidelity Arizona Portfolio 2024 (Fidelity Index)

Fidelity Arizona Portfolio 2027 (Fidelity Index)

Fidelity Arizona Portfolio 2030 (Fidelity Index)

Fidelity Arizona Portfolio 2033 (Fidelity Index)

Fidelity Arizona Portfolio 2036 (Fidelity Index)

Fidelity Arizona Portfolio 2039 (Fidelity Index)

Fidelity Arizona Conservative Portfolio (Fidelity Index)

Fidelity Arizona Moderate Growth Portfolio (Fidelity Index)

Fidelity Arizona Aggressive Growth Portfolio (Fidelity Index)

Fidelity Arizona Intermediate Treasury Index Portfolio Fidelity Arizona International Index Portfolio Fidelity Arizona Fidelity? 500 Index Portfolio Fidelity Arizona Total Market Index Portfolio Fidelity Arizona Bank Deposit Portfolio Fidelity Arizona College Portfolio (Fidelity Blend)

Fidelity Arizona Portfolio 2021 (Fidelity Blend)

Fidelity Arizona Portfolio 2024 (Fidelity Blend)

79 Investment Summary 80 Schedule of Investments 81 Financial Statements 83 Investment Summary 84 Schedule of Investments 85 Financial Statements 87 Investment Summary 88 Schedule of Investments 89 Financial Statements 91 Investment Summary 92 Schedule of Investments 93 Financial Statements 95 Investment Summary 96 Schedule of Investments 97 Financial Statements 99 Investment Summary 100 Schedule of Investments 101 Financial Statements 103 Investment Summary 104 Schedule of Investments 105 Financial Statements 107 Investment Summary 108 Schedule of Investments 109 Financial Statements 111 Investment Summary 112 Schedule of Investments 113 Financial Statements 115 Financial Statements

117 Financial Statements 119 Financial Statements 121 Financial Statements 123 Financial Statements 125 Investment Summary 126 Schedule of Investments 127 Financial Statements 129 Investment Summary 130 Schedule of Investments 131 Financial Statements 133 Investment Summary 134 Schedule of Investments 135 Financial Statements

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Annual Report

Fidelity Arizona Portfolio 2027 (Fidelity Blend) Fidelity Arizona Portfolio 2030 (Fidelity Blend) Fidelity Arizona Portfolio 2033 (Fidelity Blend) Fidelity Arizona Portfolio 2036 (Fidelity Blend) Fidelity Arizona Portfolio 2039 (Fidelity Blend) Notes to Financial Statements Report of Independent Auditors

137 Investment Summary 138 Schedule of Investments 139 Financial Statements 141 Investment Summary 142 Schedule of Investments 143 Financial Statements 145 Investment Summary 146 Schedule of Investments 147 Financial Statements 149 Investment Summary 150 Schedule of Investments 151 Financial Statements 153 Investment Summary 154 Schedule of Investments 155 Financial Statements 157 160

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of the State of Arizona or of FMR LLC or an affiliated company. ? 2021 FMR LLC. All rights reserved.

This report and the financial statements contained herein are submitted for the general information of the holders of units of the Portfolios. This report is not authorized for distribution to prospective participants in the Portfolios unless preceded or accompanied by a current Fact Kit.

Portfolio units are not deposits or obligations of, or guaranteed by, any depository institution. Units are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

The Fidelity Arizona College Savings Plan is not insured by the State of Arizona or Fidelity Investments and neither the principal deposited nor the investment return is guaranteed by the State of Arizona or Fidelity Investments.

Although the underlying deposits are eligible for FDIC insurance, subject to applicable federal deposit insurance limits, the Units of the Bank Deposit Portfolio are not insured or guaranteed by the FDIC or any other government agency. You are responsible for monitoring the total amount of your assets on deposit at the depository bank, including amounts held directly at the depository bank. All such deposits held in the same ownership capacity at the depository bank are subject to aggregation and to the current FDIC insurance coverage limitation of $250,000. Please see a 529 Fact Kit for more details.

Neither the Portfolios, the mutual funds in which they invest, nor Fidelity Distributors Corporation is a bank.

For more information on any fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. For more information on the Fidelity Arizona College Savings Plan, call 1-800-544-1262 for a free Fact Kit. Read it carefully before you invest or send money.

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Treasurer's Message to Participants

Dear Participant: On behalf of the State of Arizona, the Office of the Arizona State Treasurer and the Arizona State Board of Investment (BOI), I am pleased to provide you with your Fidelity Arizona College Savings Plan (the "Arizona Plan") Annual Report as of March 31, 2021. The Annual Report is designed to provide you with an opportunity to review the Arizona Plan in depth, including the performance of the Portfolios along with information regarding expenses, holdings, asset allocation and investment strategy. Additionally, the Management's Discussion of Fund Performance, a discussion with Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion, provides participants with insight into the Portfolios' results, the financial markets over the past year, and an outlook for the year ahead. We are pleased to be offering our Arizona Plan Participants a diverse selection of investments to help achieve their college and education savings goals. The Arizona Plan includes age-based, risk-based, and Fidelity Blend Portfolios, all of which are invested in Fidelity mutual funds. In addition, the Arizona Plan offers Index Portfolios that are invested in Fidelity index funds. The Arizona Plan remains one of the most comprehensive and competitively priced college savings programs in the nation. As you consider your investment options, keep in mind that any earnings on your Arizona Plan investments will grow tax deferred and withdrawals for qualified educational expenses will be free from federal income tax and Arizona state income tax, for Arizona residents. An additional benefit for Arizona residents is the ability to deduct up to $2,000 (filing single) or $4,000 (filing married/joint) from their annual taxable income for Arizona state income tax purposes when making a contribution to their 529 savings plan account. We encourage you to call Fidelity's dedicated college planning representatives at 1-800-544-1262 for a personalized review of your specific college savings goals or with any questions about the Arizona Plan. Thank you for choosing the Fidelity Arizona College Savings Plan. We look forward to serving your needs for years to come.

Sincerely,

The Honorable Kimberly Yee

Arizona State Treasurer and BOI Chairwoman,

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Annual Report

Fidelity Arizona College Portfolio (Fidelity Funds)

Performance: The Bottom Line

Fidelity Arizona Portfolio 2021 (Fidelity Funds)

Performance: The Bottom Line

Average annual total returns take the Portfolio's cumulative return, located on the web site, and show you what would have happened if the Portfolio had performed at a constant rate each year. During periods of reimbursement by Fidelity, a Portfolio's total return will be greater than it would be had the reimbursement not occurred.

Average Annual Total Returns

Periods ended March 31, 2021

Past 1 year

Past 5 Past 10 years years

Fidelity Arizona College Portfolio (Fidelity

Funds)

10.97%

Fidelity Arizona College Portfolio Composite Index

8.04%

5.01% 4.72%

3.86% 3.88%

$10,000 Over 10 Years

Average annual total returns take the Portfolio's cumulative return, located on the web site, and show you what would have happened if the Portfolio had performed at a constant rate each year. During periods of reimbursement by Fidelity, a Portfolio's total return will be greater than it would be had the reimbursement not occurred.

Average Annual Total Returns

Periods ended March 31, 2021

Fidelity Arizona Portfolio 2021 (Fidelity Funds)

Fidelity Arizona Portfolio 2021 Composite Index

Past 1 year

Past 5 Past 10 years years

13.33% 6.54% 5.79% 10.19% 6.20% 5.97%

$10,000 Over 10 Years

Period Ending Values $14,600 Fidelity Arizona College Portfolio (Fidelity Funds) $14,634 Fidelity Arizona College Portfolio Composite Index

Past 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Arizona College Portfolio (Fidelity Funds) on March 31, 2011 (past ten year period).

The chart shows how the value of that investment would have changed, and also shows how the Fidelity Arizona College Portfolio Composite Index performed over the same period.

Period Ending Values $17,549 Fidelity Arizona Portfolio 2021 (Fidelity Funds) $17,851 Fidelity Arizona Portfolio 2021 Composite Index

Past 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Arizona Portfolio 2021 (Fidelity Funds) on March 31, 2011 (past ten year period).

The chart shows how the value of that investment would have changed, and also shows how the Fidelity Arizona Portfolio 2021 Composite Index performed over the same period.

Annual Report

Understanding Performance

How a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain.

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Fidelity Arizona Portfolio 2024 (Fidelity Funds)

Performance: The Bottom Line

Fidelity Arizona Portfolio 2027 (Fidelity Funds)

Performance: The Bottom Line

Average annual total returns take the Portfolio's cumulative return, located on the web site, and show you what would have happened if the Portfolio had performed at a constant rate each year. During periods of reimbursement by Fidelity, a Portfolio's total return will be greater than it would be had the reimbursement not occurred.

Average Annual Total Returns

Periods ended March 31, 2021

Fidelity Arizona Portfolio 2024 (Fidelity Funds)

Fidelity Arizona Portfolio 2024 Composite Index

Past 1 year

Past 5 Past 10 years years

21.55% 8.32% 6.97% 17.25% 7.87% 7.17%

$10,000 Over 10 Years

Average annual total returns take the Portfolio's cumulative return, located on the web site, and show you what would have happened if the Portfolio had performed at a constant rate each year. During periods of reimbursement by Fidelity, a Portfolio's total return will be greater than it would be had the reimbursement not occurred.

Average Annual Total Returns

Periods ended March 31, 2021

Fidelity Arizona Portfolio 2027 (Fidelity Funds)

Fidelity Arizona Portfolio 2027 Composite Index

Past 1 year

Past 5 Past 10 years years

29.20% 9.96% 8.02% 24.26% 9.43% 8.26%

$10,000 Over 10 Years

Period Ending Values $19,609 Fidelity Arizona Portfolio 2024 (Fidelity Funds) $19,984 Fidelity Arizona Portfolio 2024 Composite Index

Past 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Arizona Portfolio 2024 (Fidelity Funds) on March 31, 2011 (past ten year period).

The chart shows how the value of that investment would have changed, and also shows how the Fidelity Arizona Portfolio 2024 Composite Index performed over the same period.

Period Ending Values $21,629 Fidelity Arizona Portfolio 2027 (Fidelity Funds) $22,117 Fidelity Arizona Portfolio 2027 Composite Index

Past 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Arizona Portfolio 2027 (Fidelity Funds) on March 31, 2011 (past ten year period).

The chart shows how the value of that investment would have changed, and also shows how the Fidelity Arizona Portfolio 2027 Composite Index performed over the same period.

Understanding Performance

How a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain.

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Annual Report

Fidelity Arizona Portfolio 2030 (Fidelity Funds)

Performance: The Bottom Line

Fidelity Arizona Portfolio 2033 (Fidelity Funds)

Performance: The Bottom Line

Average annual total returns take the Portfolio's cumulative return, located on the web site, and show you what would have happened if the Portfolio had performed at a constant rate each year. During periods of reimbursement by Fidelity, a Portfolio's total return will be greater than it would be had the reimbursement not occurred.

Average Annual Total Returns

Periods ended March 31, 2021

Past 1 year

Past 5 years

Past 10 years

Fidelity Arizona Portfolio 2030 (Fidelity Funds)

Fidelity Arizona Portfolio 2030 Composite Index

37.51% 31.82%

11.59% 10.97%

8.97% 9.19%

$10,000 Over 10 Years

Average annual total returns take the Portfolio's cumulative return, located on the web site, and show you what would have happened if the Portfolio had performed at a constant rate each year. During periods of reimbursement by Fidelity, a Portfolio's total return will be greater than it would be had the reimbursement not occurred.

Average Annual Total Returns

Periods ended March 31, 2021

Fidelity Arizona Portfolio 2033 (Fidelity Funds)

Fidelity Arizona Portfolio 2033 Composite Index

Past 1 year

Past 5 years Life of Portfolio

46.04% 13.05% 39.52% 12.40%

9.92% 9.71%

$10,000 Over Life of Portfolio

Period Ending Values $23,607 Fidelity Arizona Portfolio 2030 (Fidelity Funds) $24,097 Fidelity Arizona Portfolio 2030 Composite Index

Past 10 Years: Let's say hypothetically that $10,000 was invested in Fidelity Arizona Portfolio 2030 (Fidelity Funds) on March 31, 2011 (past ten year period).

The chart shows how the value of that investment would have changed, and also shows how the Fidelity Arizona Portfolio 2030 Composite Index performed over the same period.

Period Ending Values $19,920 Fidelity Arizona Portfolio 2033 (Fidelity Funds) $19,649 Fidelity Arizona Portfolio 2033 Composite Index

Life of Portfolio: Let's say hypothetically that $10,000 was invested in Fidelity Arizona Portfolio 2033 (Fidelity Funds) on December 18, 2013, when the Portfolio started.

The chart shows how the value of that investment would have changed, and also shows how the Fidelity Arizona Portfolio 2033 Composite Index performed over the same period.

Annual Report

Understanding Performance

How a portfolio did yesterday is no guarantee of how it will do tomorrow. The stock market, for example, has a history of long-term growth and short-term volatility. In turn, the unit price and return of a portfolio that invests in stocks will vary. That means if you sell your units during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain.

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