Annual Report - Fidelity Investments · Fund Talk: The Managers ... Arizona College Savings Plan...

Annual ReportMarch 31, 2018

2Annual Report

Executive Director’s Message to Participants 5Performance: The Bottom Line 6Market Recap 24Fund Talk: The Managers’ Overview 25Fidelity Arizona College Portfolio (Fidelity Funds) 28 Investment Summary

29 Schedule of Investments30 Financial Statements

Fidelity Arizona Portfolio 2018 (Fidelity Funds) 32 Investment Summary33 Schedule of Investments34 Financial Statements







Fidelity Arizona Conservative Portfolio (Fidelity Funds)

60 Investment Summary61 Schedule of Investments62 Financial Statements

Fidelity Arizona Moderate Growth Portfolio (Fidelity Funds)


Fidelity Arizona Aggressive Growth Portfolio (Fidelity Funds)


Fidelity Arizona Money Market Portfolio 72 Financial StatementsFidelity Arizona College Portfolio (Fidelity Index) 74 Investment Summary


Fidelity Arizona Portfolio 2018 (Fidelity Index) 78 Investment Summary79 Schedule of Investments80 Financial Statements

Contents

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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

118 Financial Statements

Fidelity Arizona International Index Portfolio 120 Financial StatementsFidelity Arizona Fidelity® 500 Index Portfolio 122 Financial StatementsFidelity Arizona Total Market Index Portfolio 124 Financial StatementsFidelity Arizona Bank Deposit Portfolio 126 Financial StatementsFidelity Arizona College Portfolio (Multi-Firm) 128 Investment Summary


Fidelity Arizona Portfolio 2018 (Multi-Firm) 132 Investment Summary133 Schedule of Investments134 Financial Statements


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Notes to Financial Statements 160Report of Independent Auditors 162

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 affili-ated company. © 2018 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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Executive Director’s Message to Participants

Dear Participant:

On behalf of the State of Arizona and the Arizona Commission for Postsecondary Education, I am pleased to provide you with your Fidelity Arizona College Savings Plan (the “Arizona Plan”) Annual Report as of March 31, 2018. 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 Managers’ Overview, a discussion with Co-Portfolio Managers Andrew Dierdorf and Brett Sumsion, provides Participants with insight into the Portfolios’ results, the markets over the past year and an outlook for the months ahead. We are pleased to be offering our Arizona Plan Participants a diverse selection of investments to help achieve their college savings goals. The Arizona Plan includes age-based and risk based, or “static,” Portfolios that are invested in Fidelity mutual funds, as well as age-based Multi-Firm Portfolios that invest in mutual funds from a broad universe of investment companies. In addition, the Arizona Plan offers Index Portfolios that are invested in Fidelity index funds. As the mutual fund market continues to evolve, less-expensive share classes have become more broadly available across fund companies. As a reminder, the Arizona Plan made some contractual changes in 2016 affecting Multi-Firm Portfolios, originally launched in 2011 to pro-vide Plan Participants with options that included fund families beyond Fidelity. The changes allow Strategic Advisers, Inc. (SAI), Fidelity’s registered investment adviser that works closely with the co-managers to make fund selection decisions affecting Multi-Firm Portfolios’ underlying investments, to leverage a broader array of mutual funds, including those that have lower expense ratios. The changes have resulted in reduced expenses paid by Plan participants, building on the substantial reduction in total asset-based fees for Fidelity Index Portfolios announced previously. The Arizona Plan remains one of the most comprehensive and competitively priced college savings programs in the nation. As you con-sider 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 college 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,

Dr. April L. Osborn

Executive Director

Arizona Commission for Postsecondary Education

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Understanding PerformanceHow 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.

Fidelity Arizona College Portfolio (Fidelity Funds)

Performance: The Bottom Line

Average annual total returns take the Portfolio’s cumulative return, located on the Fidelity.com web site, and show you what would have happened if the Portfolio had performed at a constant rate each year.

Average Annual Total ReturnsPeriods ended March 31, 2018 Past 1

yearPast 5 years

Past 10 years

Fidelity Arizona College Portfolio (Fidelity Funds) 4.29% 3.21% 3.52%

Fidelity Arizona College Portfolio Composite Index 3.82% 3.06% 3.19%

$10,000 Over 10 Years

Period Ending Values $14,132 Fidelity Arizona College Portfolio (Fidelity Funds) $13,691 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, 2008 (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.

Fidelity Arizona Portfolio 2018 (Fidelity Funds)




yearPast 5 years

Past 10 years

Fidelity Arizona Portfolio 2018 (Fidelity Funds) 4.97% 4.74% 4.26%

Fidelity Arizona Portfolio 2018 Composite Index 4.38% 4.47% 4.35%


Period Ending Values $15,175 Fidelity Arizona Portfolio 2018 (Fidelity Funds) $15,312 Fidelity Arizona Portfolio 2018 Composite Index

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Portfolio 2018 (Fidelity Funds) on March 31, 2008 (past ten year period).

The chart shows how the value of that investment would have changed, and also shows how the Fidelity Arizona Portfolio 2018 Composite Index performed over the same period.

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Average annual total returns take the Portfolio’s cumulative return, located on the Fidelity.com web site, and show you what would have happened if the Portfolio had performed at a constant rate each year.Periods ended March 31, 2018 Past 1

yearPast 5 years

Past 10 years











yearPast 5 years

Past 10 years







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yearPast 5 years

Past 10 years











yearPast 5 years Life of Portfolio



$10,000 Over Life of Portfolio


Life of Portfolio: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Portfolio 2030 (Fidelity Funds) on December 28, 2010, when the Portfolio started.


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year Life of Portfolio

Fidelity Arizona Portfolio 2033 (Fidelity Funds) 14.93% 8.74%

Fidelity Arizona Portfolio 2033 Composite Index 12.83% 8.52%










Fidelity Arizona Portfolio 2036 (Fidelity Funds) 16.28% 18.32%

Fidelity Arizona Portfolio 2036 Composite Index 14.02% 15.42%


Period Ending Values $12,430 Fidelity Arizona Portfolio 2036 (Fidelity Funds) $12.043 Fidelity Arizona Portfolio 2036 Composite Index



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yearPast 5 years

Past 10 years

Fidelity Arizona Conservative Portfolio (Fidelity Funds) 0.89% 1.03% 2.16%

Fidelity Arizona Conservative Portfolio Composite Index 1.17% 1.01% 1.66%


Period Ending Values $12,384 Fidelity Arizona Conservative Portfolio (Fidelity Funds) $11,785 Fidelity Arizona Conservative Portfolio Composite Index

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Conservative Portfolio (Fidelity Funds) on March 31, 2008 (past ten year period).

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


Performance: The Bottom LineAverage annual total returns take the Portfolio’s cumulative return, located on the Fidelity.com web site, and show you what would have happened if the Portfolio had performed at a constant rate each year.


yearPast 5 years

Past 10 years

Fidelity Arizona Moderate Growth Portfolio (Fidelity Funds) 11.59% 8.51% 6.58%

Fidelity Moderate Growth Portfolio Composite Index 10.58% 8.28% 6.92%


Period Ending Values $18,905 Fidelity Arizona Moderate Growth Portfolio (Fidelity Funds) $19,516 Fidelity Moderate Growth Portfolio Composite Index

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Moderate Growth Portfolio (Fidelity Funds) on March 31, 2008 (past ten year period).

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

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yearPast 5 years

Past 10 years

Fidelity Arizona Aggressive Growth Portfolio (Fidelity Funds) 16.05% 11.09% 7.00%

Fidelity Aggressive Growth Portfolio Composite Index 14.71% 10.79% 7.61%


Period Ending Values $19,670 Fidelity Arizona Aggressive Growth Portfolio (Fidelity Funds) $20,817 Fidelity Aggressive Growth Portfolio Composite Index

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Aggressive Growth Portfolio (Fidelity Funds) on March 31, 2008 (past ten year period).

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

Fidelity Arizona Money Market Portfolio




yearPast 5 years

Past 10 years

Fidelity Arizona Money Market Portfolio A 0.55% 0.13% 0.27%

Bloomberg Barclays U.S. 3 Month Treasury Bellwether Index 1.13% 0.35% 0.37%

A A portion of the Portfolio’s expenses were reimbursed by Fidelity. Absent re-imbursement, returns would have been lower.

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Fidelity Arizona College Portfolio (Fidelity Index)




yearPast 5 years

Past 10 years

Fidelity Arizona College Portfolio (Fidelity Index) 3.38% 2.64% 3.15%

Fidelity Arizona College Portfolio (Fidelity Index) Composite Index 3.61% 2.85% 3.34%


Period Ending Values $13,634 Fidelity Arizona College Portfolio (Fidelity Index) $13,889 Fidelity Arizona College Portfolio (Fidelity Index) Composite Index

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona College Portfolio (Fidelity Index) on March 31, 2008 (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 (Fidelity Index) Composite Index performed over the same period.

Fidelity Arizona Portfolio 2018 (Fidelity Index)




yearPast 5 years

Past 10 years

Fidelity Arizona Portfolio 2018 (Fidelity Index) 3.93% 4.02% 4.12%

Fidelity Arizona Portfolio 2018 (Fidelity Index) Composite Index 4.16% 4.24% 4.38%


Period Ending Values $14,981 Fidelity Arizona Portfolio 2018 (Fidelity Index) $15,345 Fidelity Arizona Portfolio 2018 (Fidelity Index) Composite Index

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Portfolio 2018 (Fidelity Index) on March 31, 2008 (past ten year period).

The chart shows how the value of that investment would have changed, and also shows how the Fidelity Arizona Portfolio 2018 (Fidelity Index) Composite Index performed over the same period.

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yearPast 5 years

Past 10 years











yearPast 5 years

Past 10 years







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yearPast 5 years

Past 10 years
















Life of Portfolio: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Portfolio 2030 (Fidelity Index) on December 28, 2010, when the Portfolio started.


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Fidelity Arizona Portfolio 2033 (Fidelity Index) 12.20% 7.81%Fidelity Arizona Portfolio 2033 (Fidelity Index)

Composite Index 12.22% 8.02%










Fidelity Arizona Portfolio 2036 (Fidelity Index) 13.33% 15.07%Fidelity Arizona Portfolio 2036 (Fidelity Index)

Composite Index 13.35% 14.70%





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yearPast 5 years

Past 10 years

Fidelity Arizona Conservative Portfolio (Fidelity Index) 0.91% 0.85% 1.79%

Fidelity Arizona Conservative Portfolio (Fidelity Index) Composite Index 1.17% 1.02% 1.95%


Period Ending Values $11,943 Fidelity Arizona Conservative Portfolio (Fidelity Index) $12,126 Fidelity Arizona Conservative Portfolio (Fidelity Index) Composite Index

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Conservative Portfolio (Fidelity Index) on March 31, 2008 (past ten year period).

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




yearPast 5 years

Past 10 years

Fidelity Arizona Moderate Growth Portfolio (Fidelity Index) 9.95% 7.80% 6.55%

Fidelity Arizona Moderate Growth Portfolio (Fidelity Index) Composite Index 10.07% 8.00% 6.81%


Period Ending Values $18,868 Fidelity Arizona Moderate Growth Portfolio (Fidelity Index) $19,322 Fidelity Arizona Moderate Growth Portfolio (Fidelity Index) Composite Index

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Moderate Growth Portfolio (Fidelity Index) on March 31, 2008 (past ten year period).

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

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yearPast 5 years

Past 10 years

Fidelity Arizona Aggressive Growth Portfolio (Fidelity Index) 13.98% 10.45% 7.36%

Fidelity Arizona Aggressive Growth Portfolio (Fidelity Index) Composite Index 14.02% 10.63% 7.59%


Period Ending Values $20,341 Fidelity Arizona Aggressive Growth Portfolio (Fidelity Index) $20,790 Fidelity Arizona Aggressive Growth Portfolio (Fidelity Index) Composite In-

dex

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Aggressive Growth Portfolio (Fidelity Index) on March 31, 2008 (past ten year period).

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





yearPast 5 years

Past 10 years

Fidelity Arizona Intermediate Treasury Index Portfolio -0.43% 0.73% 3.09%

Bloomberg Barclays U.S. 5-10 Year Treasury Bond Index -0.25% 0.99% 3.46%


Period Ending Values $13,559 Fidelity Arizona Intermediate Treasury Index Portfolio $14,053 Bloomberg Barclays U.S. 5-10 Year Treasury Bond Index

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Intermediate Treasury Index Portfolio on March 31, 2008 (past ten year period).

The chart shows how the value of that investment would have changed, and also shows how the Bloomberg Barclays U.S. 5-10 Year Treasury Bond Index performed over the same period.

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Fidelity Arizona International Index Portfolio




yearPast 5 years

Past 10 years

Fidelity Arizona International Index Portfolio 14.96% 6.44% 2.69%

Fidelity Arizona International Index Portfolio Composite Index 14.86% 6.64% 2.88%


Period Ending Values $13,043 Fidelity Arizona International Index Portfolio $13,289 Fidelity Arizona International Index Portfolio Composite Index

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona International Index Portfolio on March 31, 2008 (past ten year period).

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

Fidelity Arizona Fidelity® 500 Index Portfolio




yearPast 5 years

Past 10 years

Fidelity Arizona Fidelity® 500 Index Portfolio 13.86% 13.12% 9.27%

S&P 500® Index 13.99% 13.31% 9.49%


Period Ending Values $24,257 Fidelity Arizona Fidelity® 500 Index Portfolio $24,771 S&P 500® Index

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Fidelity® 500 Index Portfolio on March 31, 2008 (past ten year period).

The chart shows how the value of that investment would have changed, and also shows how the S&P 500® Index performed over the same period.

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Fidelity Arizona Total Market Index Portfolio




yearPast 5 years

Past 10 years

Fidelity Arizona Total Market Index Portfolio 13.79% 12.85% 9.47%

Dow Jones U.S. Total Stock Market IndexSM 13.84% 12.98% 9.69%


Period Ending Values $24,717 Fidelity Arizona Total Market Index Portfolio $25,209 Dow Jones U.S. Total Stock Market IndexSM

Past 10 Years: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Total Market Index Portfolio on March 31, 2008 (past ten year period).

The chart shows how the value of that investment would have changed, and also shows how the Dow Jones U.S. Total Stock Market IndexSM performed over the same period.

Fidelity Arizona Bank Deposit Portfolio





Fidelity Arizona Bank Deposit Portfolio 0.69% 0.28% 0.24%

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Fidelity Arizona College Portfolio (Multi-Firm)





Fidelity Arizona College Portfolio (Multi-Firm) 4.59% 3.12% 4.10%

Fidelity Arizona College Portfolio Composite Index 3.82% 3.06% 3.69%


Period Ending Values $12,990 Fidelity Arizona College Portfolio (Multi-Firm) $12,665 Fidelity Arizona College Portfolio Composite Index

Life of Portfolio: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona College Portfolio (Multi-Firm) on September 28, 2011, when the Portfolio started.

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.

Fidelity Arizona Portfolio 2018 (Multi-Firm)





Fidelity Arizona Portfolio 2018 (Multi-Firm) 5.28% 4.49% 6.38%



Period Ending Values $14,960 Fidelity Arizona Portfolio 2018 (Multi-Firm) $14,849 Fidelity Arizona Portfolio 2018 Composite Index

Life of Portfolio: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Portfolio 2018 (Multi-Firm) on September 28, 2011, when the Portfolio started.


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Fidelity Arizona Portfolio 2033 (Multi-Firm) 14.51% 8.11%Fidelity Arizona Portfolio 2033 Composite

Index 12.83% 8.52%



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







Fidelity Arizona Portfolio 2036 (Multi-Firm) 15.82% 17.36%Fidelity Arizona Portfolio 2036 Composite

Index 14.02% 15.42%



Life of Portfolio: Let’s say hypothetically that $10,000 was invested in Fidelity Arizona Portfolio 2036 (Multi-Firm) on December 14, 2016, when the Portfolio started.


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Market Recap

Building on momentum for much of 2017, stocks entered 2018 reinforced by accelerating corporate earnings, synchronous global economic growth and optimism around U.S. tax reform. Volatility spiked in February, though, amid fear that interest rates could rise faster than expected. The ensuing market reversal, which continued through March, was in stark contrast to the low volatility and positive consumer sentiment expe-rienced throughout 2017. Nevertheless, the U.S.-centric S&P 500® index gained 13.99% for the 12 months ending March 31, 2018. Growth stocks handily topped value, and large-caps bested small-caps. Among S&P 500® sectors, information technology (+28%) fared best, rising amid strong earnings growth from several major index constituents. Consumer discretionary (+17%) also stood out, driven by retailers. Financials added 18%, riding an uptick in bond yields. Industrials (+14%) was boosted by higher demand, especially from China. Conversely, rising rates held back telecommunication services (-5%), consumer staples (-1%), real estate (+2%) and utilities (+2%).

Looking abroad, the MSCI World ex USA Index gained 14.15% for the 12 months, aided partly by a generally weak U.S. dollar. Certain election results in continental Europe (+17%) suggested ebbing political risk there, whereas bumpy Brexit negotiations and sterling strength hindered the U.K. (+13%). Central-bank accommodation helped Japan (+20%) overcome recent yen strength and outperform the rest of the Asia-Pacific group (+8%), where, similar to Canada (+6%), commodity-price volatility weighed on results. Meanwhile, the MSCI Emerging Markets Index roared ahead, up 25.37%.

In fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index returned 1.20% the past 12 months. Longer-term bond yields generally declined through September, as it became clear that changes to tax, health care and fiscal policies would take time to implement. Yields then rose through January, driven by three policy-rate hikes, plans by the Federal Reserve to gradually reduce its balance sheet, and recent tax-reform legislation. Indications of robust employment and improved consumer sentiment reinforced the rate-tightening cycle. Within the Bloomberg Barclays index, corporate debt – led by industrial and utility issues – outpaced other major segments. Safe-haven U.S. Treasuries stayed just above breakeven. Outside the index, inflation expectations buoyed U.S. inflation-protected debt to a Treasury-like return while other non-core fixed-income segments – including emerging-markets and U.S. high-yield debt – delivered solid gains.

Effective August 24, 2016, all Barclays benchmark indices were co-branded as the Bloomberg Barclays Indices for a period of five years.

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Fund Talk: The Managers’ Overview

Andrew Dierdorf (left) and Brett Sumsion, Co-Portfolio Managers of Fidelity® Arizona College Savings Plan

Q. Brett, what happened in equity markets for the year ending March 31, 2018?A. The Dow Jones U.S. Total Stock Market IndexSM, which incor-porates both large- and small-cap stocks, gained 13.84% this period moving steadily higher in 2017. Investors remained decidedly upbeat as the calendar turned, and the index rose about 5% in January 2018. February was a decidedly different story. Volatility spiked amid fear that rising inflation – plus the potential for the economy to overheat – might prompt the Federal Reserve to pick up the pace of interest rate hikes. The Dow Jones index declined about 4% in February – its first negative month since October 2016 – and lost further ground in March on fear of a global trade war after the White House announced plans to impose tariffs on imports from China and certain other countries. Broad non-U.S. market indexes generally outperformed U.S. counterparts, with emerging-markets (EM) results particularly strong, up about 25% overall the past 12 months.

Q. And how about bond markets?A. U.S. taxable investment-grade bonds gained slightly this past year, a period in which market interest rates rose overall and the U.S. economy exhibited broad strength. The Bloomberg Barclays U.S. Aggregate Bond Index returned 1.20% for the year. Longer-term bond yields generally declined through September, as it became clear that changes to tax, health care and fiscal policies proposed by the Trump administration would take time to develop and implement. Yields reversed direction late in the period amid rate hikes, plans by the Fed to gradually reduce its balance sheet and tax reform passed by 2017 year-end. Indications of robust employment and improved consumer sentiment reinforced the rate-tightening cycle. After nar-rowing for much of the period, yield spreads over Treasuries widened early in 2018 amid concern about valuations for risk assets. Within the Bloomberg Barclays index, corporate credit, up about 3%, led all major market segments, paced primarily by industrial and utility issues. Conversely, safe-haven U.S. Treasury securities finished just above breakeven.

Q. Andrew, how did the age-based Portfolios perform for the 12 months?A. For the year, each of the actively managed age-based Fidelity Funds and Multi-Firm Portfolios posted a gain, ranging from about 4% to 5% for each platform’s College Portfolio up to about 16% for

Portfolio 2036. Also, each Portfolio led its respective Composite benchmark by about 0.5 to 2 percentage points, depending on vintage. Meanwhile, corresponding Fidelity Index Portfolio results ranged from about 3% to 13%. (For specific results for Fidelity Funds Portfolios, Fidelity Index Portfolios and Multi-Firm Portfolios, please refer to the performance section of this report.)

Q. What influenced age-based Fidelity Funds Portfolios results?A. Versus Composites, top-down asset allocation decisions contrib-uted to Portfolio outperformance, most notably choices regarding the EM equity and investment-grade debt asset classes. Given that non-U.S. equities – particularly in emerging markets – outperformed U.S. stocks, our overall equity strategy of overweighting foreign developed-markets (DM) stocks – and, more so, EM equity – deliv-ered relative value. Conversely, given volatility in the energy sector, Portfolio exposure to the commodities asset class (+4%) detracted for the year, despite a positive result.

Underweighting core investment-grade debt to fund allocations to out-of-Composite fixed-income asset classes also helped overall. With the exception of inflation-protected debt, all of the Portfolios’ fixed-income diversifiers outperformed the 1.20% result of the Bloomberg Barclays U.S. Aggregate Bond Index. In many cases, allocations were small – and thus exerted modest influence individually – but collectively these exposures provided diversification from an asset allocation perspective.

Results among underlying investments contributed even more to the Portfolios’ relative results. In aggregate, our U.S. equity investments outperformed the asset class. Highlights include Fidelity® Growth Company Fund (+31%) – one of our largest U.S. equity investments – which led its specific benchmark by about 9 percentage points. Conversely, certain value-oriented and smaller-cap investments detracted modestly. That said, Fidelity® Mega Cap Stock Fund (+10%) lagged its specific benchmark by 5 percentage points and ranked among our largest detractors.

The contribution from non-U.S. equity investments was notable as well. In DM equity, Fidelity Overseas Fund (+18%) finished about 3 percentage points ahead of its specific benchmark; Fidelity Emerging Markets Fund (+31%) outperformed by about 6 percentage points.

On the debt side, both Fidelity Investment Grade Bond Fund (+1.3%) and Fidelity Total Bond Fund (+1.6%) outperformed the core fixed-income asset class. Both portfolio management teams seek to add value via sector positioning and security selection while managing risk by keeping duration roughly in line with that of their respective benchmarks.

Q. How about Multi-Firm Portfolios?A. We observed similar comparisons among Multi-Firm Portfolios: allocation added value while underlying investments, selected by a team of specialists within Strategic Advisers, Inc. (SAI) contributed even more. We work closely with SAI portfolio managers Wilfred Chilangwa, Gregory Pappas, Lawrence Rakers and John Stone in the selection process for mutual funds to be used within Multi-Firm Portfolios.

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Fund Talk: The Managers’ Overview – continued

In the U.S. equity sleeve, Fidelity Growth Company Fund again stood out, as did Loomis Sayles Growth Fund (+23%), which aims for a “long-term private equity-oriented approach” by “partnering” with company management teams that “think and act like owners.” AB Select US Equity Portfolio also outperformed its specific benchmark. Here and certain other instances, highlighting full-year results is complicated because we made a number of changes to Multi-Firm Portfolios’ underlying investments at the share-class level during the year, as I will describe later.

In non-U.S. equity, T. Rowe Price Emerging Markets Stock Fund (+31%) led its EM benchmark by about 6 percentage points. In the foreign DM equity category, MFS International Value Fund (+18%), which “seeks an advantage by evaluating the long-term quality, sustainability, improvement potential and intrinsic value of busi-nesses,” helped most, followed by William Blair International Growth Fund (+21%). Elsewhere, I’ll note that PIMCO CommoditiesPLUS® Strategy Fund (+18%) – an enhanced-index approach employing tactical strategies based on relative value and structural opportuni-ties across the commodities complex – outperformed the commodity asset class’s result by a wide margin.

In fixed income, most underlying investments were contributors, Prudential Total Return Bond Fund (+3.3%) and Western Asset Core Bond Fund (+2.2%) chief among them. Here again, most fixed-income portfolio diversifiers outperformed their specific benchmarks as well as the overall investment-grade asset class.

Q. And the Fidelity Index Portfolios?A. Returns were roughly in line with respective Composites, as we would expect for Portfolios designed to track indexes corresponding to each of five underlying components: U.S. and non-U.S. equity, com-modities, and investment-grade and short-term debt.

Q. What is your outlook as of March 31?A. Our philosophy is that, over the long term, financial markets are largely efficient, and fundamentals drive markets and security prices. We also believe that prices of financial assets can diverge from under-lying fair value in the short term due to such factors as overreaction, liquidity preference, and changes in market environments and busi-ness cycles, among others.

As of March 31, our view on the global macroeconomic environment remains constructive, moderated by the risks of near-peak profit margins in the U.S. and the potential consequences of evolving global monetary policies. Although we reduced our EM equity overweighting within actively managed Portfolios, equity positioning still empha-sizes emerging markets, based on improving fundamentals and stronger growth prospects than developed-market economies. Also, we think many non-U.S. markets remain favorably valued and less exposed to late-cycle risks relative to the United States. Accordingly, we widened our underweighting in U.S. equities and shifted from a roughly neutral stance to a modest overweighting in foreign DM equity.

Although still substantial, during the year we reduced the active Portfolios’ underweighting in the core bond asset class – partly, in some cases, by establishing a position in long-term Treasuries. Long-bond exposure also helped shift active Portfolios closer to a neutral

duration stance. Despite recent market shifts, yields on sovereign bonds remain at historic lows, and we think the distribution of poten-tial outcomes supports an underweighting versus Composites. Lastly, in our view, inflation-sensitive assets appear attractively valued fol-lowing a long period of low inflation.

Portfolio Facts

Goals: Age-based Portfolios (Fidelity Funds, Fidelity Index, Multi-Firm) seek capital appreciation with reasonable safety of principal, consistent with the ages of the benefi-ciaries for whom each is designed. Each static Portfolio (Fidelity Funds, Fidelity Index) has its own investment objective; target allocations do not change over time: Conservative Portfolios seek preservation of capital by allocating assets among bond and money market funds, with income a secondary objective; Moderate Growth Portfolios seek to maximize total return over the longer term by allocating assets among stock and bond mutual funds; Aggressive Growth Portfolios seek long-term growth of capital. Bank Deposit Portfolio seeks preservation of principal. Each individual-fund Portfolio has the same investment objective as the underlying mutual fund in which it invests.

Start dates: Fidelity Funds Portfolios (age-based, static, individual) started on June 14, 2005, except Portfolio 2027 (December 14, 2007); Portfolio 2030 (December 28, 2010); Portfolio 2033 (December 18, 2013); and Portfolio 2036 (December 14, 2016). Fidelity Index Portfolios (age-based, static, individual), started on October 23, 2006, except Portfolio 2027 (December 14, 2007); Portfolio 2030 (December 28, 2010); Portfolio 2033 (December 18, 2013); and Portfolio 2036 (December 14, 2016). Bank Deposit Portfolio started September 16, 2010. Multi-Firm Portfolios started on September 28, 2011, except Portfolio 2033 (December 18, 2013) and Portfolio 2036 (December 14, 2016).

Co-Managers: Andrew Dierdorf, since 2007; joined Fidelity in 2004; Brett Sumsion, since 2014; joined Fidelity in January 2014.

27 Annual Report

Fund Talk: The Managers’ Overview – continued

Andrew Dierdorf on changes to actively man-aged Portfolios:“With regard to the selection process for mutual funds used within Multi-Firm Portfolios, we work closely with SAI portfolio managers – Wilfred Chilangwa, Gregory Pappas, Lawrence Rakers and John Stone – and made several changes among Multi-Firm Portfolios’ underlying investments. In March 2017, just prior to the start of reporting period, a posi-tion was established in T. Rowe Price Overseas Stock Fund. Its manager seeks to own a range of ‘world class’ companies with what the manager considers strong prospects to compound returns over many years, relying on T. Rowe’s independent global research platform to uncover compelling opportunities. In January 2018, the Portfolios exited Fidelity Large Cap Value Enhanced Index Fund, sending proceeds to LSV Value Equity Fund – which employs a diversified, quantitative strategy with a deep-value orientation – and, to a lesser extent, PIMCO StocksPLUS® Absolute Return Fund – which invests in equity-linked instruments, such as futures, providing passive exposure to the S&P 500 plus an additional source of potential return. At the same time, a position was established in BrandywineGLOBAL – Diversified US Large Cap Value Fund, run by Legg Mason Global Asset Management. This fund targets securities its managers believe are undervalued or out of favor and that meet their value criteria based on quantitative and fundamental analysis. “Additionally, the Arizona Plan made top-level contractual changes to permit all Portfolios to make use of a broader array of underlying investments. For example, holdings were shifted to lower-fee share classes where possible, which in turn lowered net fees for participants. The mutual fund market has changed over the past few years, and less-expensive share classes have become more broadly available across fund complexes, which made this move attractive. “The Arizona Plan delivers structured and disciplined Portfolios diversified across the major categories in global capital markets. We believe this diversified investment strategy can help mitigate short-term segment swings and smooth returns over time, and that it can offer an effective approach to college saving.”

28Annual Report


Investment Summary (Unaudited)

Top Holdings as of March 31, 2018% of Portfolio’s

net assetsFidelity Investment Grade Bond Fund 33.5Fidelity Investments Money Market Government Portfolio Institutional Class 19.6Fidelity Short-Term Bond Fund 9.2Fidelity Government Income Fund 5.6Fidelity Inflation-Protected Bond Fund 3.8Fidelity Emerging Markets Fund 2.9Fidelity Overseas Fund 2.5Fidelity Diversified International Fund 2.4Fidelity Long Term Treasury Bond Index Fund Institu-tional Premium 2.3Fidelity Commodity Strategy Fund 2.1

83.9

Asset Allocation (% of Portfolio’s net assets)

U.S. Equity Funds 12.8%

Non – U.S. Equity Funds 8.0%

Bond Funds 50.4%

Short-Term Funds 28.8%

29 Annual Report

See accompanying notes which are an integral part of the financial statements.

U.S. Equity Funds – 12.8%Shares Value

Fidelity Blue Chip Growth Fund 1,862 $ 168,300Fidelity Commodity Strategy Fund 36,084 379,607Fidelity Contrafund 897 111,505Fidelity Growth Company Fund 1,305 245,414Fidelity Large Cap Stock Fund 5,340 173,872Fidelity Low-Priced Stock Fund 1,741 93,894Fidelity Mega Cap Stock Fund 7,562 127,876Fidelity Real Estate Income Fund 7,381 85,770Fidelity Real Estate Investment Portfolio 751 29,166Fidelity Stock Selector All Cap Fund 7,637 339,014Fidelity Stock Selector Large Cap Value

Fund 12,096 241,071Fidelity Stock Selector Small Cap Fund 3,619 97,136Fidelity Value Discovery Fund 8,586 240,567

TOTAL U.S. EQUITY FUNDS(Cost $2,090,999) 2,333,192

Non – U.S. Equity Funds – 8.0%

Fidelity Canada Fund 764 39,065Fidelity Diversified International Fund 11,352 446,466Fidelity Emerging Markets Fund 15,799 520,877Fidelity Overseas Fund 8,995 450,045

TOTAL NON – U.S. EQUITY FUNDS(Cost $1,161,615) 1,456,453

Bond Funds – 50.4%

Fidelity Corporate Bond Fund 23,038 261,251Fidelity Floating Rate High Income Fund 4,880 47,042Fidelity Government Income Fund 102,143 1,024,491Fidelity High Income Fund 31,797 280,132Fidelity Inflation-Protected Bond Fund 58,202 687,943Fidelity Investment Grade Bond Fund 784,673 6,089,058Fidelity Long Term Treasury Bond Index

Fund Institutional Premium 31,882 406,171Fidelity Mortgage Securities Fund 21,357 234,283Fidelity New Markets Income Fund 8,072 128,015

TOTAL BOND FUNDS(Cost $9,222,843) 9,158,386


Schedule of Investments March 31, 2018Showing Percentage of Net Assets

Short-Term Funds – 28.8%Shares Value

Fidelity Investments Money Market Government Portfolio Institutional Class 1.53% (a) 3,569,094 $ 3,569,094

Fidelity Short-Term Bond Fund 196,605 1,673,105

TOTAL SHORT-TERM FUNDS(Cost $5,259,207) 5,242,199

TOTAL INVESTMENT IN SECURITIES – 100.0%(Cost $17,734,664) 18,190,230

NET OTHER ASSETS (LIABILITIES) – 0.0% (3,099)

NET ASSETS – 100% $18,187,131

Legend(a) The rate quoted is the annualized seven-day yield of the fund at

period end.

30Annual Report



Financial Statements

Statement of Assets and Liabilities

March 31, 2018

AssetsInvestments in securities at value (cost

$17,734,664) $ 18,190,230Receivable for investments sold 23,871Receivable for units sold 1,407Distributions receivable 24,302

Total assets 18,239,810

LiabilitiesPayable for investments purchased $ 24,299Accrued management and administration fees 3,102Payable for units redeemed 25,278

Total liabilities 52,679Net Assets $ 18,187,131

Net Asset Value, offering price and re-demption price per unit ($18,187,131 / 1,150,723 units) $ 15.80

Statement of Operations

Year ended March 31,

2018

Investment IncomeIncome distributions from underlying funds $ 323,823ExpensesManagement and administration fees $ 40,756

Total expenses 40,756

Net investment income (loss) 283,067Realized and Unrealized Gain (Loss) on Invest-

mentsNet realized gain (loss) on sale of underlying

funds’ shares 391,724Capital gain distributions from underlying

funds 134,369 526,093Change in net unrealized appreciation (depre-

ciation) on underlying funds’ shares 108,415Net gain (loss) 634,508Net increase (decrease) in net assets resulting

from operations $ 917,575

31 Annual Report


Fidelity Arizona College Portfolio (Fidelity Funds)Financial Statements – continued

Statement of Changes in Net Assets


2018


2017Increase (Decrease) in Net Assets:

OperationsNet investment income (loss) $ 283,067 $ 159,061Net realized gain (loss) 526,093 124,357Change in net unrealized appreciation (depreciation) 108,415 419,586Net increase (decrease) in net assets resulting from operations 917,575 703,004

Unit transactionsProceeds from sales of units 2,587,321 18,255,045Cost of units redeemed (7,265,481) (4,239,945)Net increase (decrease) in net assets resulting from unit transactions (4,678,160) 14,015,100Total increase (decrease) in net assets (3,760,585) 14,718,104

Net AssetsBeginning of period 21,947,716 7,229,612End of period $ 18,187,131 $ 21,947,716

Other InformationUnit transactions

Sold 165,019 1,232,130Redeemed (462,941) (284,946)Net increase (decrease) (297,922) 947,184

Financial Highlights Fidelity Arizona College Portfolio (Fidelity Funds)

Periods ended March 31, 2018 2017 2016 2015 2014Selected Per Unit Data Net asset value, beginning of period $ 15.15 $ 14.42 $ 14.50 $ 13.99 $ 13.49Income from Investment Operations

Net investment income (loss) A .22 .20 .23 .19 .15Net realized and unrealized gain (loss) .43 .53 (.31) .32 .35

Total increase (decrease) from investment operations .65 .73 (.08) .51 .50Net asset value, end of period $ 15.80 $ 15.15 $ 14.42 $ 14.50 $ 13.99

Total Return 4.29% 5.06% (.55)% 3.65% 3.71%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 18,187 $ 21,948 $ 7,230 $ 8,642 $ 9,718Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.39% 1.37% 1.59% 1.34% 1.11%Portfolio Turnover Rate 22% 34% 39% 35% 59%

A Calculated based on average units outstanding during the period.B Amounts do not include the activity of any underlying fund.

32Annual Report




net assetsFidelity Investment Grade Bond Fund 23.1Fidelity Investments Money Market Government Portfolio Institutional Class 19.5Fidelity Government Income Fund 7.9Fidelity Short-Term Bond Fund 7.5Fidelity Total Bond Fund 6.9Fidelity Inflation-Protected Bond Fund 3.8Fidelity Emerging Markets Fund 3.0Fidelity Overseas Fund 2.7Fidelity Diversified International Fund 2.6Fidelity Corporate Bond Fund 2.3

79.3




Bond Funds 50.5%


33 Annual Report



Fidelity Blue Chip Growth Fund 3,449 $ 311,831Fidelity Commodity Strategy Fund 59,484 625,775Fidelity Contrafund 1,663 206,604Fidelity Growth Company Fund 2,419 454,729Fidelity Large Cap Stock Fund 9,900 322,352Fidelity Low-Priced Stock Fund 3,228 174,097Fidelity Mega Cap Stock Fund 14,021 237,094Fidelity Real Estate Income Fund 11,813 137,268Fidelity Real Estate Investment Portfolio 1,393 54,096Fidelity Stock Selector All Cap Fund 14,154 628,308Fidelity Stock Selector Large Cap Value




Fidelity Canada Fund 1,361 69,607Fidelity Diversified International Fund 20,224 795,401Fidelity Emerging Markets Fund 27,294 899,883Fidelity Overseas Fund 16,026 801,781



Fidelity Corporate Bond Fund 60,001 680,416Fidelity Floating Rate High Income Fund 7,871 75,879Fidelity Government Income Fund 238,174 2,388,881Fidelity High Income Fund 51,367 452,547Fidelity Inflation-Protected Bond Fund 96,880 1,145,125Fidelity Investment Grade Bond Fund 896,862 6,959,650Fidelity Long Term Treasury Bond Index

Fund Institutional Premium 52,012 662,635Fidelity Mortgage Securities Fund 50,887 558,227Fidelity New Markets Income Fund 12,390 196,503Fidelity Total Bond Fund 198,831 2,077,780










NET ASSETS – 100% $30,129,394


period end.

34Annual Report





March 31, 2018




LiabilitiesPayable for investments purchased $ 39,966Accrued management and administration fees 5,115Payable for units redeemed 7,502





2018






funds 235,017 1,123,147Change in net unrealized appreciation (de-

preciation) on underlying funds’ shares (120,767)Net gain (loss) 1,002,380Net increase (decrease) in net assets resulting

from operations $ 1,425,104

35 Annual Report


Fidelity Arizona Portfolio 2018 (Fidelity Funds)Financial Statements – continued



2018



OperationsNet investment income (loss) $ 422,724 $ 388,682Net realized gain (loss) 1,123,147 526,596Change in net unrealized appreciation (depreciation) (120,767) 733,151Net increase (decrease) in net assets resulting from operations 1,425,104 1,648,429

Unit transactionsProceeds from sales of units 3,965,907 3,420,444Cost of units redeemed (3,816,821) (1,588,970)Net increase (decrease) in net assets resulting from unit transactions 149,086 1,831,474Total increase (decrease) in net assets 1,574,190 3,479,903



Sold 220,286 202,920Redeemed (212,148) (94,410)Net increase (decrease) 8,138 108,510

Financial Highlights Fidelity Arizona Portfolio 2018 (Fidelity Funds)


Net investment income (loss) A .26 .24 .27 .25 .19Net realized and unrealized gain (loss) .60 .80 (.44) .57 1.02

Total increase (decrease) from investment operations .86 1.04 (.17) .82 1.21Net asset value, end of period $ 18.18 $ 17.32 $ 16.28 $ 16.45 $ 15.63

Total Return 4.97% 6.39% (1.03)% 5.25% 8.39%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 30,129 $ 28,555 $ 25,075 $ 23,078 $ 19,737Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.43% 1.45% 1.68% 1.53% 1.27%Portfolio Turnover Rate 25% 15% 29% 25% 30%


36Annual Report




net assetsFidelity Investment Grade Bond Fund 23.3Fidelity Investments Money Market Government Portfolio Institutional Class 12.2Fidelity Total Bond Fund 7.8Fidelity Government Income Fund 5.8Fidelity Short-Term Bond Fund 4.5Fidelity Emerging Markets Fund 4.3Fidelity Overseas Fund 4.0Fidelity Diversified International Fund 4.0Fidelity Stock Selector All Cap Fund 3.7Fidelity Inflation-Protected Bond Fund 3.2

72.8




Bond Funds 47.7%


37 Annual Report



Fidelity Blue Chip Growth Fund 8,409 $ 760,240Fidelity Commodity Strategy Fund 80,981 851,918Fidelity Contrafund 4,053 503,674Fidelity Growth Company Fund 5,896 1,108,308Fidelity Large Cap Stock Fund 24,133 785,771Fidelity Low-Priced Stock Fund 7,865 424,213Fidelity Mega Cap Stock Fund 34,178 577,942Fidelity Real Estate Income Fund 15,580 181,043Fidelity Real Estate Investment Portfolio 3,392 131,758Fidelity Stock Selector All Cap Fund 34,502 1,531,533Fidelity Stock Selector Large Cap Value

Fund 54,662 1,089,421Fidelity Stock Selector Small Cap Fund 16,340 438,575Fidelity Value Discovery Fund 38,796 1,087,063



Fidelity Canada Fund 2,810 143,712Fidelity Diversified International Fund 41,746 1,641,884Fidelity Emerging Markets Fund 53,295 1,757,152Fidelity Overseas Fund 33,079 1,654,961



Fidelity Corporate Bond Fund 61,260 694,688Fidelity Floating Rate High Income Fund 10,448 100,715Fidelity Government Income Fund 240,880 2,416,028Fidelity High Income Fund 68,602 604,384Fidelity Inflation-Protected Bond Fund 111,013 1,312,170Fidelity Investment Grade Bond Fund 1,240,931 9,629,625Fidelity Long Term Treasury Bond Index











NET ASSETS – 100% $41,272,156


period end.

38Annual Report





March 31, 2018


$38,821,327) $ 41,279,155Receivable for units sold 2,973Distributions receivable 47,669


LiabilitiesPayable for investments purchased $ 50,636Accrued management and administration fees 7,005





2018



Net investment income (loss) 532,293Realized and Unrealized Gain (Loss) on

InvestmentsNet realized gain (loss) on sale of underly-

ing funds’ shares 1,289,620Capital gain distributions from underlying

funds 479,506 1,769,126Change in net unrealized appreciation

(depreciation) on underlying funds’ shares 256,917Net gain (loss) 2,026,043Net increase (decrease) in net assets result-

ing from operations $ 2,558,336

39 Annual Report





2018



OperationsNet investment income (loss) $ 532,293 $ 464,628Net realized gain (loss) 1,769,126 757,802Change in net unrealized appreciation (depreciation) 256,917 1,382,547Net increase (decrease) in net assets resulting from operations 2,558,336 2,604,977

Unit transactionsProceeds from sales of units 5,242,784 4,038,032Cost of units redeemed (1,905,601) (1,225,250)Net increase (decrease) in net assets resulting from unit transactions 3,337,183 2,812,782Total increase (decrease) in net assets 5,895,519 5,417,759






Net investment income (loss) A .26 .25 .28 .26 .19Net realized and unrealized gain (loss) 1.03 1.16 (.56) .75 1.45

Total increase (decrease) from investment operations 1.29 1.41 (.28) 1.01 1.64Net asset value, end of period $ 19.55 $ 18.26 $ 16.85 $ 17.13 $ 16.12



40Annual Report




net assetsFidelity Investment Grade Bond Fund 20.8Fidelity Investments Money Market Government Portfolio Institutional Class 8.4Fidelity Total Bond Fund 5.8Fidelity Emerging Markets Fund 5.4Fidelity Overseas Fund 5.3Fidelity Stock Selector All Cap Fund 5.3Fidelity Diversified International Fund 5.3Fidelity Government Income Fund 4.7Fidelity Growth Company Fund 3.8Fidelity Stock Selector Large Cap Value Fund 3.8

68.6




Bond Funds 40.5%


41 Annual Report



Fidelity Blue Chip Growth Fund 16,794 $ 1,518,313Fidelity Commodity Strategy Fund 112,200 1,180,341Fidelity Contrafund 8,094 1,005,880Fidelity Growth Company Fund 11,771 2,212,922Fidelity Large Cap Stock Fund 48,197 1,569,279Fidelity Low-Priced Stock Fund 15,702 846,990Fidelity Mega Cap Stock Fund 68,257 1,154,233Fidelity Real Estate Income Fund 20,980 243,788Fidelity Real Estate Investment Portfolio 6,770 262,943Fidelity Stock Selector All Cap Fund 68,895 3,058,255Fidelity Stock Selector Large Cap Value







Fidelity Corporate Bond Fund 68,877 781,066Fidelity Floating Rate High Income Fund 14,128 136,193Fidelity Government Income Fund 271,385 2,721,995Fidelity High Income Fund 93,679 825,315Fidelity Inflation-Protected Bond Fund 107,763 1,273,763Fidelity Investment Grade Bond Fund 1,539,841 11,949,165Fidelity Long Term Treasury Bond Index

Fund Institutional Premium 100,753 1,283,598Fidelity Mortgage Securities Fund 57,746 633,477Fidelity New Markets Income Fund 21,992 348,796Fidelity Total Bond Fund 320,391 3,348,086










NET ASSETS – 100% $57,503,583


period end.

42Annual Report





March 31, 2018









2018









43 Annual Report





2018



OperationsNet investment income (loss) $ 674,953 $ 614,504Net realized gain (loss) 2,927,224 1,188,849Change in net unrealized appreciation (depreciation) 826,474 2,480,047Net increase (decrease) in net assets resulting from operations 4,428,651 4,283,400











44Annual Report




net assetsFidelity Investment Grade Bond Fund 18.2Fidelity Stock Selector All Cap Fund 6.9Fidelity Overseas Fund 6.6Fidelity Diversified International Fund 6.6Fidelity Emerging Markets Fund 6.4Fidelity Investments Money Market Government Portfolio Institutional Class 5.0Fidelity Growth Company Fund 5.0Fidelity Stock Selector Large Cap Value Fund 4.9Fidelity Value Discovery Fund 4.9Fidelity Total Bond Fund 4.4

68.9




Bond Funds 32.8%


45 Annual Report



Fidelity Blue Chip Growth Fund 15,647 $ 1,414,674Fidelity Commodity Strategy Fund 80,022 841,835Fidelity Contrafund 7,541 937,167Fidelity Growth Company Fund 10,967 2,061,771Fidelity Large Cap Stock Fund 44,898 1,461,871Fidelity Low-Priced Stock Fund 14,626 788,951Fidelity Mega Cap Stock Fund 63,584 1,075,202Fidelity Real Estate Income Fund 14,542 168,979Fidelity Real Estate Investment Portfolio 6,305 244,891Fidelity Stock Selector All Cap Fund 64,188 2,849,323Fidelity Stock Selector Large Cap Value







Fidelity Corporate Bond Fund 31,609 358,450Fidelity Floating Rate High Income Fund 9,843 94,887Fidelity Government Income Fund 126,518 1,268,971Fidelity High Income Fund 65,923 580,785Fidelity Inflation-Protected Bond Fund 35,280 417,011Fidelity Investment Grade Bond Fund 966,103 7,496,955Fidelity Long Term Treasury Bond Index







Fidelity Short-Term Bond Fund 70,748 602,062




NET ASSETS – 100% $41,235,630


period end.

46Annual Report





March 31, 2018









2018







(depreciation) on underlying funds’ shares 1,061,382Net gain (loss) 3,343,064Net increase (decrease) in net assets result-


47 Annual Report





2018



OperationsNet investment income (loss) $ 440,476 $ 408,558Net realized gain (loss) 2,281,682 833,732Change in net unrealized appreciation (depreciation) 1,061,382 2,222,715Net increase (decrease) in net assets resulting from operations 3,783,540 3,465,005








Total increase (decrease) from investment operations 1.62 1.60 (.37) .93 1.83Net asset value, end of period $ 16.43 $ 14.81 $ 13.21 $ 13.58 $ 12.65



48Annual Report




net assetsFidelity Investment Grade Bond Fund 17.7Fidelity Stock Selector All Cap Fund 8.6Fidelity Overseas Fund 8.0Fidelity Diversified International Fund 7.9Fidelity Emerging Markets Fund 7.4Fidelity Growth Company Fund 6.2Fidelity Stock Selector Large Cap Value Fund 6.1Fidelity Value Discovery Fund 6.1Fidelity Large Cap Stock Fund 4.4Fidelity Blue Chip Growth Fund 4.2

76.6




Bond Funds 24.8%


49 Annual Report



Fidelity Blue Chip Growth Fund 10,958 $ 990,731Fidelity Commodity Strategy Fund 45,022 473,631Fidelity Contrafund 5,283 656,492Fidelity Growth Company Fund 7,676 1,442,952Fidelity Large Cap Stock Fund 31,429 1,023,344Fidelity Low-Priced Stock Fund 10,247 552,703Fidelity Mega Cap Stock Fund 44,512 752,699Fidelity Real Estate Income Fund 8,059 93,645Fidelity Real Estate Investment Portfolio 4,412 171,359Fidelity Stock Selector All Cap Fund 44,941 1,994,938Fidelity Stock Selector Large Cap Value







Fidelity Corporate Bond Fund 6,590 74,729Fidelity Floating Rate High Income Fund 5,457 52,610Fidelity Government Income Fund 27,162 272,434Fidelity High Income Fund 36,587 322,331Fidelity Inflation-Protected Bond Fund 16,044 189,639Fidelity Investment Grade Bond Fund 533,507 4,140,013Fidelity Long Term Treasury Bond Index






Fidelity Investments Money Market Government Portfolio Institutional Class 1.53% (a) 312,259 $ 312,259


TOTAL SHORT-TERM FUNDS(Cost $392,665) 391,760



NET ASSETS – 100% $23,332,449


period end.

50Annual Report





March 31, 2018









2018







preciation) on underlying funds’ shares 1,028,655Net gain (loss) 2,137,916Net increase (decrease) in net assets resulting


51 Annual Report





2018




Unit transactionsProceeds from sales of units 4,192,684 3,438,064Cost of units redeemed (644,509) (508,905)Net increase (decrease) in net assets resulting from unit transactions 3,548,175 2,929,159Total increase (decrease) in net assets 5,898,622 4,868,320










52Annual Report




net assetsFidelity Stock Selector All Cap Fund 10.2Fidelity Overseas Fund 9.3Fidelity Diversified International Fund 9.3Fidelity Emerging Markets Fund 8.5Fidelity Growth Company Fund 7.4Fidelity Stock Selector Large Cap Value Fund 7.2Fidelity Value Discovery Fund 7.2Fidelity Investment Grade Bond Fund 6.9Fidelity Large Cap Stock Fund 5.2Fidelity Blue Chip Growth Fund 5.1

76.3




Bond Funds 11.9%


53 Annual Report



Fidelity Blue Chip Growth Fund 5,961 $ 538,958Fidelity Commodity Strategy Fund 20,393 214,531Fidelity Contrafund 2,878 357,626Fidelity Growth Company Fund 4,163 782,646Fidelity Large Cap Stock Fund 17,056 555,338Fidelity Low-Priced Stock Fund 5,585 301,268Fidelity Mega Cap Stock Fund 24,156 408,472Fidelity Real Estate Income Fund 4,137 48,071Fidelity Real Estate Investment Portfolio 2,393 92,934Fidelity Stock Selector All Cap Fund 24,376 1,082,054Fidelity Stock Selector Large Cap Value







Fidelity Floating Rate High Income Fund 2,176 20,977Fidelity High Income Fund 16,380 144,308Fidelity Inflation-Protected Bond Fund 7,321 86,531Fidelity Investment Grade Bond Fund 94,116 730,341Fidelity Long Term Treasury Bond Index

Fund Institutional Premium 17,881 227,801Fidelity New Markets Income Fund 3,261 51,727





Fidelity Investments Money Market Government Portfolio Institutional Class 1.53% (a) 137,944 $ 137,944





NET ASSETS – 100% $10,628,420


period end.

54Annual Report





March 31, 2018




LiabilitiesPayable for investments purchased $ 21,363Accrued management and administration fees 1,806Payable for units redeemed 902


Net Asset Value, offering price and re-demption price per unit ($10,628,420 / 742,344 units) $ 14.32



2018






funds 241,779 437,247Change in net unrealized appreciation (de-

preciation) on underlying funds’ shares 501,108Net gain (loss) 938,355Net increase (decrease) in net assets resulting


55 Annual Report





2018



OperationsNet investment income (loss) $ 72,064 $ 53,252Net realized gain (loss) 437,247 115,708Change in net unrealized appreciation (depreciation) 501,108 523,295Net increase (decrease) in net assets resulting from operations 1,010,419 692,255






Periods ended March 31, 2018 2017 2016 2015 2014 A

Selected Per Unit Data Net asset value, beginning of period $ 12.46 $ 10.79 $ 11.22 $ 10.40 $ 10.00Income from Investment Operations

Net investment income (loss) B .12 .13 .12 .11 .01Net realized and unrealized gain (loss) 1.74 1.54 (.55) .71 .39

Total increase (decrease) from investment operations 1.86 1.67 (.43) .82 .40Net asset value, end of period $ 14.32 $ 12.46 $ 10.79 $ 11.22 $ 10.40

Total Return C 14.93% 15.48% (3.83)% 7.88% 4.00%Ratios and Supplemental Data D Net assets, end of period (in $ thousands) $ 10,628 $ 5,951 $ 3,473 $ 872 $ 51Ratio of expenses to average net assets .20% .20% .20% .20% .20%E

Ratio of net investment income (loss) to average net assets .87% 1.14% 1.11% 1.00% .36%E

Portfolio Turnover Rate 27% 26% 7% 35% 17%

A For the period December 18, 2013 (commencement of operations) to March 31, 2014.B Calculated based on average units outstanding during the period.C Total returns for periods of less than one year are not annualized.D Amounts do not include the activity of any underlying fund.E Annualized

56Annual Report




net assetsFidelity Stock Selector All Cap Fund 11.7Fidelity Overseas Fund 10.4Fidelity Diversified International Fund 10.3Fidelity Emerging Markets Fund 8.6Fidelity Growth Company Fund 8.5Fidelity Stock Selector Large Cap Value Fund 8.4Fidelity Value Discovery Fund 8.3Fidelity Large Cap Stock Fund 6.0Fidelity Blue Chip Growth Fund 5.8Fidelity Mega Cap Stock Fund 4.5

82.5




Bond Funds 3.1%


57 Annual Report



Fidelity Blue Chip Growth Fund 817 $ 73,828Fidelity Commodity Strategy Fund 1,128 11,866Fidelity Contrafund 397 49,353Fidelity Growth Company Fund 571 107,383Fidelity Large Cap Stock Fund 2,345 76,338Fidelity Low-Priced Stock Fund 763 41,179Fidelity Mega Cap Stock Fund 3,326 56,251Fidelity Real Estate Income Fund 247 2,869Fidelity Real Estate Investment Portfolio 326 12,650Fidelity Stock Selector All Cap Fund 3,346 148,534Fidelity Stock Selector Large Cap Value


TOTAL U.S. EQUITY FUNDS(Cost $830,929) 834,017


Fidelity Canada Fund 224 11,436Fidelity Diversified International Fund 3,319 130,520Fidelity Emerging Markets Fund 3,321 109,494Fidelity Overseas Fund 2,628 131,475

TOTAL NON – U.S. EQUITY FUNDS(Cost $379,139) 382,925

Bond Funds – 3.1%

Fidelity Floating Rate High Income Fund 162 1,559Fidelity High Income Fund 875 7,707Fidelity Inflation-Protected Bond Fund 407 4,808Fidelity Long Term Treasury Bond Index

Fund Institutional Premium 1,726 21,994Fidelity New Markets Income Fund 227 3,596

TOTAL BOND FUNDS(Cost $39,283) 39,664

Short-Term Funds – 0.8%

Fidelity Investments Money Market Government Portfolio Institutional Class 1.53% (a) 7,695 7,695

Fidelity Short-Term Bond Fund 225 1,915



NET OTHER ASSETS (LIABILITIES) – 0.0% (207)

NET ASSETS – 100% $ 1,266,009




period end.

58Annual Report





March 31, 2018


$1,258,977) $ 1,266,216Receivable for units sold 4,110Distributions receivable 111


LiabilitiesPayable for investments purchased $ 4,221Accrued management and administration fees 207


Net Asset Value, offering price and redemption price per unit ($1,266,009 / 101,884 units) $ 12.43



2018





funds’ shares 6,891Capital gain distributions from underlying funds 17,082 23,973Change in net unrealized appreciation (depre-



59 Annual Report





2018

For the period December 14, 2016

(commencement of operations) to March 31,


OperationsNet investment income (loss) $ 3,739 $ (8)Net realized gain (loss) 23,973 62Change in net unrealized appreciation (depreciation) 5,697 1,542Net increase (decrease) in net assets resulting from operations 33,409 1,596

Unit transactionsProceeds from sales of units 1,295,338 67,867Cost of units redeemed (132,091) (110)Net increase (decrease) in net assets resulting from unit transactions 1,163,247 67,757Total increase (decrease) in net assets 1,196,656 69,353

Net AssetsBeginning of period 69,353 –End of period $ 1,266,009 $ 69,353


Sold 106,614 6,496Redeemed (11,216) (10)Net increase (decrease) 95,398 6,486


Periods ended March 31, 2018 2017 A

Selected Per Unit Data Net asset value, beginning of period $ 10.69 $ 10.00Income from Investment Operations

Net investment income (loss) B .09 –C

Net realized and unrealized gain (loss) 1.65 .69Total increase (decrease) from investment operations 1.74 .69Net asset value, end of period $ 12.43 $ 10.69

Total Return D 16.28% 6.90%Ratios and Supplemental Data E Net assets, end of period (in $ thousands) $ 1,266 $ 69Ratio of expenses to average net assets .20% .20%F

Ratio of net investment income (loss) to average net assets .71% (.11)%F

Portfolio Turnover Rate 43% 0%

A For the period December 14, 2016 (commencement of operations) to March 31, 2017.B Calculated based on average units outstanding during the period.C Amount represents less than $.0100 per unit.D Total returns for periods of less than one year are not annualized.E Amounts do not include the activity of any underlying fund.F Annualized

60Annual Report




net assetsFidelity Investments Money Market Government Portfolio Institutional Class 1.53% 43.2Fidelity Investment Grade Bond Fund 28.2Fidelity Short-Term Bond Fund 11.9Fidelity Government Income Fund 7.5Fidelity Corporate Bond Fund 2.1Fidelity Inflation-Protected Bond Fund 1.9Fidelity Mortgage Securities Fund 1.7Fidelity Long Term Treasury Bond Index Fund Institu-tional Premium 1.0Fidelity High Income Fund 1.0Fidelity Floating Rate High Income Fund 0.5

99.0



Bond Funds 44.4%


61 Annual Report



Fidelity Real Estate Income Fund(Cost $16,260) 1,427 $ 16,582


Fidelity Corporate Bond Fund 6,252 70,898Fidelity Floating Rate High Income Fund 1,796 17,311Fidelity Government Income Fund 25,336 254,118Fidelity High Income Fund 3,881 34,196Fidelity Inflation-Protected Bond Fund 5,426 64,140Fidelity Investment Grade Bond Fund 123,664 959,636Fidelity Long Term Treasury Bond Index




Fidelity Investments Money Market Government Portfolio Institutional Class 1.53% (a) 1,470,762 1,470,762





NET ASSETS – 100% $ 3,401,817


period end.



62Annual Report





March 31, 2018









2018





funds’ shares (249)Capital gain distributions from underlying funds 2,188 1,939Change in net unrealized appreciation (deprecia-

tion) on underlying funds’ shares (21,323)Net gain (loss) (19,384)Net increase (decrease) in net assets resulting


63 Annual Report


Fidelity Arizona Conservative Portfolio (Fidelity Funds)Financial Statements – continued



2018



OperationsNet investment income (loss) $ 49,029 $ 39,409Net realized gain (loss) 1,939 4,164Change in net unrealized appreciation (depreciation) (21,323) 4,992Net increase (decrease) in net assets resulting from operations 29,645 48,565

Unit transactionsProceeds from sales of units 739,009 554,198Cost of units redeemed (546,538) (422,926)Net increase (decrease) in net assets resulting from unit transactions 192,471 131,272Total increase (decrease) in net assets 222,116 179,837




Financial Highlights Fidelity Arizona Conservative Portfolio (Fidelity Funds)


Net investment income (loss) A .20 .17 .17 .16 .14Net realized and unrealized gain (loss) (.08) .04 (.12) .14 (.14)

Total increase (decrease) from investment operations .12 .21 .05 .30 –Net asset value, end of period $ 13.61 $ 13.49 $ 13.28 $ 13.23 $ 12.93

Total Return .89% 1.58% .38% 2.32% —%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 3,402 $ 3,180 $ 3,000 $ 2,647 $ 2,526Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets 1.48% 1.28% 1.32% 1.19% 1.06%Portfolio Turnover Rate 26% 13% 60% 23% 22%


64Annual Report




net assetsFidelity Investment Grade Bond Fund 20.6Fidelity Stock Selector All Cap Fund 8.3Fidelity Overseas Fund 7.5Fidelity Diversified International Fund 7.4Fidelity Emerging Markets Fund 6.5Fidelity Growth Company Fund 6.0Fidelity Stock Selector Large Cap Value Fund 5.9Fidelity Value Discovery Fund 5.9Fidelity Large Cap Stock Fund 4.2Fidelity Blue Chip Growth Fund 4.1

76.4




Bond Funds 30.6%

65 Annual Report



Fidelity Blue Chip Growth Fund 5,656 $ 511,381Fidelity Commodity Strategy Fund 11,863 124,799Fidelity Contrafund 2,728 338,993Fidelity Growth Company Fund 3,963 744,953Fidelity Large Cap Stock Fund 16,199 527,452Fidelity Low-Priced Stock Fund 5,277 284,639Fidelity Mega Cap Stock Fund 22,983 388,640Fidelity Real Estate Income Fund 7,686 89,309Fidelity Real Estate Investment Portfolio 2,274 88,328Fidelity Stock Selector All Cap Fund 23,183 1,029,085Fidelity Stock Selector Large Cap Value







Fidelity Corporate Bond Fund 10,430 118,271Fidelity Floating Rate High Income Fund 6,479 62,462Fidelity Government Income Fund 42,570 426,979Fidelity High Income Fund 14,195 125,060Fidelity Inflation-Protected Bond Fund 8,013 94,710Fidelity Investment Grade Bond Fund 329,744 2,558,811Fidelity Long Term Treasury Bond Index





NET ASSETS – 100% $12,440,385



66Annual Report





March 31, 2018









2018







preciation) on underlying funds’ shares 314,734Net gain (loss) 1,046,175Net increase (decrease) in net assets resulting


67 Annual Report


Fidelity Arizona Moderate Growth Portfolio (Fidelity Funds)Financial Statements – continued



2018



OperationsNet investment income (loss) $ 134,288 $ 135,686Net realized gain (loss) 731,441 248,066Change in net unrealized appreciation (depreciation) 314,734 718,228Net increase (decrease) in net assets resulting from operations 1,180,463 1,101,980

Unit transactionsProceeds from sales of units 3,430,138 1,549,188Cost of units redeemed (2,274,808) (1,105,681)Net increase (decrease) in net assets resulting from unit transactions 1,155,330 443,507Total increase (decrease) in net assets 2,335,793 1,545,487




Financial Highlights Fidelity Arizona Moderate Growth Portfolio (Fidelity Funds)






68Annual Report




net assetsFidelity Stock Selector All Cap Fund 12.3Fidelity Overseas Fund 10.8Fidelity Diversified International Fund 10.7Fidelity Growth Company Fund 8.9Fidelity Emerging Markets Fund 8.8Fidelity Stock Selector Large Cap Value Fund 8.8Fidelity Value Discovery Fund 8.7Fidelity Large Cap Stock Fund 6.3Fidelity Blue Chip Growth Fund 6.1Fidelity Mega Cap Stock Fund 4.6

86.0




69 Annual Report



Fidelity Blue Chip Growth Fund 14,918 $ 1,348,703Fidelity Commodity Strategy Fund 20,809 218,907Fidelity Contrafund 7,189 893,424Fidelity Growth Company Fund 10,453 1,965,041Fidelity Large Cap Stock Fund 42,795 1,393,395Fidelity Low-Priced Stock Fund 13,935 751,645Fidelity Mega Cap Stock Fund 60,604 1,024,806Fidelity Real Estate Investment Portfolio 6,003 233,166Fidelity Stock Selector All Cap Fund 61,180 2,715,785Fidelity Stock Selector Large Cap Value








NET ASSETS – 100% $22,065,219



70Annual Report





March 31, 2018


$17,938,965) $ 22,069,006Receivable for units sold 10,362







2018









71 Annual Report


Fidelity Arizona Aggressive Growth Portfolio (Fidelity Funds)Financial Statements – continued



2018




Unit transactionsProceeds from sales of units 3,724,215 2,647,762Cost of units redeemed (2,534,025) (2,423,240)Net increase (decrease) in net assets resulting from unit transactions 1,190,190 224,522Total increase (decrease) in net assets 4,076,685 2,700,330




Financial Highlights Fidelity Arizona Aggressive Growth Portfolio (Fidelity Funds)


Net investment income (loss) A .15 .18 .17 .16 .11Net realized and unrealized gain (loss) 3.15 2.68 (.90) 1.27 2.79


Total Return 16.05% 16.16% (3.96)% 8.41% 20.57%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 22,065 $ 17,989 $ 15,288 $ 14,169 $ 12,349Ratio of expenses to average net assets .20% .20% .20% .20% .20%Ratio of net investment income (loss) to average net assets .67% .97% .95% .93% .74%Portfolio Turnover Rate 29% 17% 14% 13% 20%


72Annual Report


Fidelity Arizona Money Market Portfolio



March 31, 2018

AssetsInvestments in securities, at value (6,800,839

shares of Fidelity Government Cash Reserves Fund; cost $6,800,839) $ 6,800,839

Receivable for units sold 6,120Distributions receivable 6,816




Net Asset Value, offering price and redemp-tion price per unit ($6,799,693 / 620,613 units) $ 10.96



2018




ments –Net increase (decrease) in net assets resulting


73 Annual Report


Fidelity Arizona Money Market PortfolioFinancial Statements – continued



2018



OperationsNet investment income (loss) $ 35,763 $ 1,982Net increase (decrease) in net assets resulting from operations 35,763 1,982





Financial Highlights Fidelity Arizona Money Market Portfolio


Net investment income (loss) A .06 .01 –B –B –B

Net realized and unrealized gain (loss) – – – – –Total increase (decrease) from investment operations .06 .01 –B –B –B

Net asset value, end of period $ 10.96 $ 10.90 $ 10.89 $ 10.89 $ 10.89

Total Return C .55% .09% –%D –%D –%D

Ratios and Supplemental Data E Net assets, end of period (in $ thousands) $ 6,800 $ 5,649 $ 3,705 $ 3,127 $ 3,567Ratio of expenses to average net assets before reductions .20% .20% .20% .20% .20%Ratio of expenses to average net assets after reductions .20% .12% –% –% –%Ratio of net investment income (loss) to average net assets .57% .05% .01% .01% .01%

A Calculated based on average units outstanding during the period.B Amount represents less than $.01 per unit.C Total returns would have been lower had certain expenses not been reduced during the applicable periods shown.D Amount represents less than .01%.E Amounts do not include the activity of any underlying fund.

74Annual Report




net assetsFidelity U.S. Bond Index Fund Institutional Premium Class 50.0Fidelity Investments Money Market Government Portfolio Institutional Class 30.0Fidelity Total Market Index Fund Institutional Premium Class 12.9Fidelity Global ex U.S. Index Fund Institutional Premium Class 6.0Fidelity Commodity Strategy Fund 1.1

100.0



Commodity Funds 1.1%


Bond Funds 50.0%


75 Annual Report



Fidelity Total Market Index Fund Institutional Premium Class(Cost $1,192,833) 18,644 $ 1,414,862

Commodity Funds – 1.1%

Fidelity Commodity Strategy Fund(Cost $112,516) 11,232 118,158


Fidelity Global ex U.S. Index Fund Institutional Premium Class(Cost $665,437) 48,347 651,231


Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $5,549,365) 481,298 5,457,925


Fidelity Investments Money Market Government Portfolio Institutional Class 1.53% (a)(Cost $3,271,483) 3,271,483 3,271,483



NET ASSETS – 100% $10,913,262


period end.



76Annual Report





March 31, 2018




LiabilitiesPayable for investments purchased $ 167,005Accrued management and administration

fees 828Payable for units redeemed 2,119





2018







ciation) on underlying funds’ shares (38,133)Net gain (loss) 206,776Net increase (decrease) in net assets resulting


77 Annual Report


Fidelity Arizona College Portfolio (Fidelity Index)Financial Statements – continued



2018




Unit transactionsProceeds from sales of units 2,831,737 10,361,678Cost of units redeemed (5,035,927) (3,299,517)Net increase (decrease) in net assets resulting from unit transactions (2,204,190) 7,062,161Total increase (decrease) in net assets (1,777,961) 7,354,410



Sold 190,544 726,834Redeemed (338,166) (230,773)Net increase (decrease) (147,622) 496,061

Financial Highlights Fidelity Arizona College Portfolio (Fidelity Index)



Total increase (decrease) from investment operations .49 .45 .04 .42 .43Net asset value, end of period $ 14.97 $ 14.48 $ 14.03 $ 13.99 $ 13.57

Total Return 3.38% 3.21% .29% 3.10% 3.27%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 10,913 $ 12,691 $ 5,337 $ 6,559 $ 7,130Ratio of expenses to average net assets .09% .09% .09% .09% .11%Ratio of net investment income (loss) to average net assets 1.83% 1.94% 1.53% 1.30% 1.40%Portfolio Turnover Rate 22% 36% 41% 27% 40%


78Annual Report




net assetsFidelity U.S. Bond Index Fund Institutional Premium Class 50.0Fidelity Investments Money Market Government Portfolio Institutional Class 28.8Fidelity Total Market Index Fund Institutional Premium Class 13.8Fidelity Global ex U.S. Index Fund Institutional Premium Class 6.3Fidelity Commodity Strategy Fund 1.1

100.0





Bond Funds 50.0%


79 Annual Report







Fidelity Global ex U.S. Index Fund Institutional Premium Class(Cost $1,305,890) 94,818 1,277,201







NET ASSETS – 100% $20,201,607


period end.



80Annual Report





March 31, 2018









2018









81 Annual Report


Fidelity Arizona Portfolio 2018 (Fidelity Index)Financial Statements – continued



2018




Unit transactionsProceeds from sales of units 3,138,242 3,684,970Cost of units redeemed (2,291,600) (719,611)Net increase (decrease) in net assets resulting from unit transactions 846,642 2,965,359Total increase (decrease) in net assets 1,607,639 3,679,239




Financial Highlights Fidelity Arizona Portfolio 2018 (Fidelity Index)



Total increase (decrease) from investment operations .60 .64 (.01) .60 1.01Net asset value, end of period $ 15.88 $ 15.28 $ 14.64 $ 14.65 $ 14.05



82Annual Report




net assetsFidelity U.S. Bond Index Fund Institutional Premium Class 48.0Fidelity Total Market Index Fund Institutional Premium Class 22.9Fidelity Investments Money Market Government Portfolio Institutional Class 17.8Fidelity Global ex U.S. Index Fund Institutional Premium Class 10.2Fidelity Commodity Strategy Fund 1.1

100.0





Bond Funds 48.0%


83 Annual Report









Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $13,677,273) 1,172,871 13,300,353





NET ASSETS – 100% $27,735,595


period end.



84Annual Report





March 31, 2018





fees 2,119Total liabilities 120,810

Net Assets $ 27,735,595

Net Asset Value, offering price and redemp-tion price per unit ($27,735,595 / 1,647,573 units) $ 16.83



2018







preciation) on underlying funds’ shares (182,620)Net gain (loss) 843,950Net increase (decrease) in net assets resulting


85 Annual Report





2018



OperationsNet investment income (loss) $ 495,422 $ 390,037Net realized gain (loss) 1,026,570 387,933Change in net unrealized appreciation (depreciation) (182,620) 502,839Net increase (decrease) in net assets resulting from operations 1,339,372 1,280,809

Unit transactionsProceeds from sales of units 4,866,909 4,075,685Cost of units redeemed (1,410,131) (941,782)Net increase (decrease) in net assets resulting from unit transactions 3,456,778 3,133,903Total increase (decrease) in net assets 4,796,150 4,414,712







Total increase (decrease) from investment operations .90 .96 (.09) .74 1.37Net asset value, end of period $ 16.83 $ 15.93 $ 14.97 $ 15.06 $ 14.32



86Annual Report




net assetsFidelity U.S. Bond Index Fund Institutional Premium Class 41.5Fidelity Total Market Index Fund Institutional Premium Class 31.8Fidelity Global ex U.S. Index Fund Institutional Premium Class 14.1Fidelity Investments Money Market Government Portfolio Institutional Class 11.5Fidelity Commodity Strategy Fund 1.1

100.0





Bond Funds 41.5%


87 Annual Report














NET ASSETS – 100% $35,793,716


period end.



88Annual Report





March 31, 2018





fees 2,734Payable for units redeemed 20,115





2018







(depreciation) on underlying funds’ shares (96,064)Net gain (loss) 1,627,948Net increase (decrease) in net assets result-


89 Annual Report





2018



OperationsNet investment income (loss) $ 653,924 $ 533,571Net realized gain (loss) 1,724,012 569,265Change in net unrealized appreciation (depreciation) (96,064) 1,070,502Net increase (decrease) in net assets resulting from operations 2,281,872 2,173,338











90Annual Report




net assetsFidelity Total Market Index Fund Institutional Premium Class 40.3Fidelity U.S. Bond Index Fund Institutional Premium Class 35.3Fidelity Global ex U.S. Index Fund Institutional Premium Class 17.8Fidelity Investments Money Market Government Portfolio Institutional Class 5.4Fidelity Commodity Strategy Fund 1.2

100.0





Bond Funds 35.3%


91 Annual Report














NET ASSETS – 100% $35,626,350


period end.



92Annual Report





March 31, 2018





fees 2,731Payable for units redeemed 90,086





2018









93 Annual Report





2018




Unit transactionsProceeds from sales of units 5,458,496 4,765,533Cost of units redeemed (925,493) (1,581,834)Net increase (decrease) in net assets resulting from unit transactions 4,533,003 3,183,699Total increase (decrease) in net assets 7,151,178 5,689,044










94Annual Report




net assetsFidelity Total Market Index Fund Institutional Premium Class 48.8Fidelity U.S. Bond Index Fund Institutional Premium Class 28.4Fidelity Global ex U.S. Index Fund Institutional Premium Class 21.5Fidelity Commodity Strategy Fund 1.3

100.0





Bond Funds 28.4%

95 Annual Report












NET ASSETS – 100% $22,816,052



96Annual Report





March 31, 2018









2018







preciation) on underlying funds’ shares 460,457Net gain (loss) 1,500,029Net increase (decrease) in net assets resulting


97 Annual Report





2018














98Annual Report




net assetsFidelity Total Market Index Fund Institutional Premium Class 57.4Fidelity Global ex U.S. Index Fund Institutional Premium Class 25.1Fidelity U.S. Bond Index Fund Institutional Premium Class 16.2Fidelity Commodity Strategy Fund 1.3

100.0





Bond Funds 16.2%

99 Annual Report












NET ASSETS – 100% $12,439,596



100Annual Report





March 31, 2018




LiabilitiesPayable for investments purchased $ 24,837Accrued management and administration fees 954Payable for units redeemed 16,144





2018









101 Annual Report





2018













Total Return 12.20% 14.31% (2.98)% 6.63% 4.00%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 12,440 $ 7,504 $ 3,304 $ 994 $ 17Ratio of expenses to average net assets .09% .09% .09% .09% .09%D

Ratio of net investment income (loss) to average net assets 1.93% 2.17% 2.31% 2.24% .20%D


A For the period December 18, 2013 (commencement of operations) to March 31, 2014.B Calculated based on average units outstanding during the period.C Amounts do not include the activity of any underlying fund.D Annualized

102Annual Report




net assetsFidelity Total Market Index Fund Institutional Premium Class 65.1Fidelity Global ex U.S. Index Fund Institutional Premium Class 28.5Fidelity U.S. Bond Index Fund Institutional Premium Class 5.0Fidelity Commodity Strategy Fund 1.4

100.0





Bond Funds 5.0%

103 Annual Report







Fidelity Global ex U.S. Index Fund Institutional Premium Class(Cost $551,225) 40,084 539,929

Bond Funds – 5.0%

Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $96,200) 8,346 94,644



NET ASSETS – 100% $ 1,896,655



104Annual Report





March 31, 2018


$1,889,442) $ 1,896,789Receivable for investments sold 4,489Receivable for units sold 3,770Distributions receivable 215







2018

Investment IncomeIncome distributions from underlying funds $ 15,124ExpensesManagement and administration fees $ 708

Total expenses 708






105 Annual Report





2018




OperationsNet investment income (loss) $ 14,416 $ 20Net realized gain (loss) 21,625 10Change in net unrealized appreciation (depreciation) 6,473 874Net increase (decrease) in net assets resulting from operations 42,514 904

Unit transactionsProceeds from sales of units 1,846,362 51,154Cost of units redeemed (44,279) –Net increase (decrease) in net assets resulting from unit transactions 1,802,083 51,154Total increase (decrease) in net assets 1,844,597 52,058

Net AssetsBeginning of period 52,058 –End of period $ 1,896,655 $ 52,058


Sold 157,018 4,919Redeemed (3,756) –Net increase (decrease) 153,262 4,919




Net investment income (loss) B .22 .01Net realized and unrealized gain (loss) 1.19 .57

Total increase (decrease) from investment operations 1.41 .58Net asset value, end of period $ 11.99 $ 10.58

Total Return 13.33% 5.80%Ratios and Supplemental Data C Net assets, end of period (in $ thousands) $ 1,897 $ 52Ratio of expenses to average net assets .09% .09%D

Ratio of net investment income (loss) to average net assets 1.82% .34%D


A For the period December 14, 2016 (commencement of operations) to March 31, 2017.B Calculated based on average units outstanding during the period.C Amounts do not include the activity of any underlying fund.D Annualized

106Annual Report




net assetsFidelity Investments Money Market Government Portfolio Institutional Class 54.9Fidelity U.S. Bond Index Fund Institutional Premium Class 45.1

100.0


Bond Funds 45.1%


107 Annual Report


Bond Funds – 45.1%Shares Value

Fidelity U.S. Bond Index Fund Institutional Premium Class(Cost $1,732,090) 148,246 $ 1,681,114





NET ASSETS – 100% $ 3,726,232


period end.



108Annual Report





March 31, 2018


$3,777,360) $ 3,726,384Receivable for investments sold 19Receivable for units sold 466Distributions receivable 6,307


LiabilitiesPayable for investments purchased $ 6,178Accrued management and administration fees 283Payable for units redeemed 483





2018





funds’ shares (1,915)Capital gain distributions from underlying funds 875 (1,040)Change in net unrealized appreciation (depre-

ciation) on underlying funds’ shares (24,472)Net gain (loss) (25,512)Net increase (decrease) in net assets resulting


109 Annual Report


Fidelity Arizona Conservative Portfolio (Fidelity Index)Financial Statements – continued



2018



OperationsNet investment income (loss) $ 53,431 $ 33,031Net realized gain (loss) (1,040) (3,341)Change in net unrealized appreciation (depreciation) (24,472) (29,429)Net increase (decrease) in net assets resulting from operations 27,919 261

Unit transactionsProceeds from sales of units 1,244,102 1,648,041Cost of units redeemed (614,668) (997,879)Net increase (decrease) in net assets resulting from unit transactions 629,434 650,162Total increase (decrease) in net assets 657,353 650,423




Financial Highlights Fidelity Arizona Conservative Portfolio (Fidelity Index)


Net investment income (loss) A .21 .16 .14 .13 .12Net realized and unrealized gain (loss) (.09) (.12) (.03) .18 (.15)

Total increase (decrease) from investment operations .12 .04 .11 .31 (.03)Net asset value, end of period $ 13.34 $ 13.22 $ 13.18 $ 13.07 $ 12.76

Total Return .91% .30% .84% 2.43% (.23)%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 3,726 $ 3,069 $ 2,418 $ 2,730 $ 2,276Ratio of expenses to average net assets .09% .09% .09% .09% .11%Ratio of net investment income (loss) to average net assets 1.60% 1.20% 1.09% 1.04% .96%Portfolio Turnover Rate 12% 26% 75% 19% 19%


110Annual Report




net assetsFidelity Total Market Index Fund Institutional Premium Class 47.8Fidelity U.S. Bond Index Fund Institutional Premium Class 29.9Fidelity Global ex U.S. Index Fund Institutional Premium Class 21.0Fidelity Commodity Strategy Fund 1.3

100.0





Bond Funds 29.9%

111 Annual Report












NET ASSETS – 100% $12,995,167



112Annual Report





March 31, 2018





fees 989Total liabilities 145,552

Net Assets $ 12,995,167




2018









113 Annual Report


Fidelity Arizona Moderate Growth Portfolio (Fidelity Index)Financial Statements – continued



2018




Unit transactionsProceeds from sales of units 3,549,474 1,732,309Cost of units redeemed (1,372,586) (910,074)Net increase (decrease) in net assets resulting from unit transactions 2,176,888 822,235Total increase (decrease) in net assets 3,201,970 1,764,830




Financial Highlights Fidelity Arizona Moderate Growth Portfolio (Fidelity Index)






114Annual Report




net assetsFidelity Total Market Index Fund Institutional Premium Class 68.6Fidelity Global ex U.S. Index Fund Institutional Premium Class 30.0Fidelity Commodity Strategy Fund 1.4

100.0





115 Annual Report










NET ASSETS – 100% $18,766,609



116Annual Report





March 31, 2018


$15,440,699) $ 18,768,057Receivable for investments sold 6,589Receivable for units sold 68,379







2018









117 Annual Report


Fidelity Arizona Aggressive Growth Portfolio (Fidelity Index)Financial Statements – continued



2018








Financial Highlights Fidelity Arizona Aggressive Growth Portfolio (Fidelity Index)






118Annual Report





March 31, 2018

AssetsInvestments in securities at value (343,400

shares of Fidelity Intermediate Treasury Bond Index Fund — Institutional Premium Class; cost $3,748,625) $ 3,588,533

Cash 6,402Receivable for units sold 239







2018





funds’ shares (16,702)Change in net unrealized appreciation (deprecia-

tion) on underlying funds’ shares (57,859)Net gain (loss) (74,561)Net increase (decrease) in net assets resulting

from operations $ (11,970)

119 Annual Report


Fidelity Arizona Intermediate Treasury Index PortfolioFinancial Statements – continued



2018



OperationsNet investment income (loss) $ 62,591 $ 60,625Net realized gain (loss) (16,702) 16,666Change in net unrealized appreciation (depreciation) (57,859) (162,913)Net increase (decrease) in net assets resulting from operations (11,970) (85,622)

Unit transactionsProceeds from sales of units 1,430,552 1,273,656Cost of units redeemed (961,585) (1,348,287)Net increase (decrease) in net assets resulting from unit transactions 468,967 (74,631)Total increase (decrease) in net assets 456,997 (160,253)



Sold 88,468 77,540Redeemed (59,162) (83,197)Net increase (decrease) 29,306 (5,657)

Financial Highlights Fidelity Arizona Intermediate Treasury Index Portfolio


Net investment income (loss) A .30 .28 .28 .29 .26Net realized and unrealized gain (loss) (.37) (.62) .24 .70 (.79)

Total increase (decrease) from investment operations (.07) (.34) .52 .99 (.53)Net asset value, end of period $ 16.04 $ 16.11 $ 16.45 $ 15.93 $ 14.94

Total Return (.43)% (2.07)% 3.26% 6.63% (3.43)%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 3,588 $ 3,131 $ 3,292 $ 2,520 $ 2,407Ratio of expenses to average net assets .09% .09% .09% .09% .11%Ratio of net investment income (loss) to average net assets 1.86% 1.73% 1.78% 1.85% 1.75%


120Annual Report


Fidelity Arizona International Index Portfolio



March 31, 2018

AssetsInvestments in securities, at value (760,205

shares of Fidelity International Index Fund – Institutional Premium Class; cost $10,472,955) $ 10,239,961

Receivable for units sold 3,605Total assets 10,243,566






2018







(depreciation) on underlying funds’ shares (508,582)Net gain (loss) 930,333Net increase (decrease) in net assets result-


121 Annual Report


Fidelity Arizona International Index PortfolioFinancial Statements – continued



2018



OperationsNet investment income (loss) $ 212,291 $ 186,427Net realized gain (loss) 1,438,915 (734)Change in net unrealized appreciation (depreciation) (508,582) 596,596Net increase (decrease) in net assets resulting from operations 1,142,624 782,289

Unit transactionsProceeds from sales of units 2,662,722 1,423,583Cost of units redeemed (949,891) (1,146,072)Net increase (decrease) in net assets resulting from unit transactions 1,712,831 277,511Total increase (decrease) in net assets 2,855,455 1,059,800




Financial Highlights Fidelity Arizona International Index Portfolio


Net investment income (loss) A .32 .32 .28 .36 .27Net realized and unrealized gain (loss) 1.51 1.00 (1.30) (.51) 1.52

Total increase (decrease) from investment operations 1.83 1.32 (1.02) (.15) 1.79Net asset value, end of period $ 14.06 $ 12.23 $ 10.91 $ 11.93 $ 12.08

Total Return 14.96% 12.10% (8.55)% (1.24)% 17.40%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 10,239 $ 7,384 $ 6,324 $ 6,230 $ 5,691Ratio of expenses to average net assets .09% .09% .09% .09% .11%Ratio of net investment income (loss) to average net assets 2.35% 2.79% 2.43% 3.03% 2.39%


122Annual Report


Fidelity Arizona Fidelity® 500 Index Portfolio



March 31, 2018


shares of Fidelity 500 Index Fund – Institu-tional Premium Class; cost $30,288,306) $ 40,375,738







2018









123 Annual Report


Fidelity Arizona Fidelity® 500 Index PortfolioFinancial Statements – continued



2018



OperationsNet investment income (loss) $ 635,408 $ 476,735Net realized gain (loss) 504,602 458,598Change in net unrealized appreciation (depreciation) 3,343,204 3,166,898Net increase (decrease) in net assets resulting from operations 4,483,214 4,102,231





Financial Highlights Fidelity Arizona Fidelity 500 Index Portfolio



Total increase (decrease) from investment operations 2.92 3.07 .28 1.97 2.80Net asset value, end of period $ 23.99 $ 21.07 $ 18.00 $ 17.72 $ 15.75

Total Return 13.86% 17.06% 1.58% 12.51% 21.62%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 40,373 $ 30,728 $ 21,111 $ 16,519 $ 11,818Ratio of expenses to average net assets .09% .09% .09% .09% .11%Ratio of net investment income (loss) to average net assets 1.75% 1.87% 1.94% 1.70% 1.72%


124Annual Report


Fidelity Arizona Total Market Index Portfolio



March 31, 2018


shares of Fidelity Total Market Index Fund – Institutional Premium Class; cost $20,593,602) $ 27,975,771







2018









125 Annual Report


Fidelity Arizona Total Market Index PortfolioFinancial Statements – continued



2018



OperationsNet investment income (loss) $ 404,314 $ 319,877Net realized gain (loss) 423,282 306,668Change in net unrealized appreciation (depreciation) 2,218,984 2,483,783Net increase (decrease) in net assets resulting from operations 3,046,580 3,110,328





Financial Highlights Fidelity Arizona Total Market Index Portfolio




Total Return 13.79% 17.98% (.55)% 12.07% 22.34%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 27,974 $ 21,474 $ 14,887 $ 12,112 $ 8,687Ratio of expenses to average net assets .09% .09% .09% .09% .11%Ratio of net investment income (loss) to average net assets 1.63% 1.76% 1.80% 1.55% 1.50%


126Annual Report


Fidelity Arizona Bank Deposit Portfolio



March 31, 2018

AssetsInvestments in bank deposit (cost $6,999,496) $ 6,999,496Receivable for units sold 116Interest receivable 8,835







2018

Investment IncomeInterest $ 80,516ExpensesManagement and administration fees $ 33,728



ments –Net increase (decrease) in net assets resulting


127 Annual Report


Fidelity Arizona Bank Deposit PortfolioFinancial Statements – continued



2018



OperationsNet investment income (loss) $ 46,788 $ 20,367Net increase (decrease) in net assets resulting from operations 46,788 20,367

Unit transactionsProceeds from sales of units 3,525,040 3,111,340Cost of units redeemed (2,632,159) (2,592,635)Net increase (decrease) in net assets resulting from unit transactions 892,881 518,705Total increase (decrease) in net assets 939,669 539,072




Financial Highlights Fidelity Arizona Bank Deposit Portfolio


Net investment income (loss) A .07 .03 .02 .01 .01Net realized and unrealized gain (loss) – .01 (.01) – –

Total increase (decrease) from investment operations .07 .04 .01 .01 .01Net asset value, end of period $ 10.18 $ 10.11 $ 10.07 $ 10.06 $ 10.05

Total Return .69% .40% .10% .10% .10%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 6,996 $ 6,057 $ 5,518 $ 3,569 $ 3,522Ratio of expenses to average net assets .50% .13% .05% .05% .05%Ratio of net investment income (loss) to average net assets .69% .34% .16% .09% .09%


128Annual Report




net assetsFidelity Conservative Income Bond Fund Institutional Class 14.4Fidelity Investments Money Market Government Portfolio Institutional Class 8.7Western Asset Core Bond Fund Class I 8.4Metropolitan West Total Return Bond Fund Class I 8.4PIMCO Total Return Fund Institutional Class 8.4Prudential Total Return Bond Fund Class Z 6.3Fidelity Total Bond Fund 6.3PIMCO Short-Term Fund Institutional Class 5.8Fidelity Investment Grade Bond Fund 4.2PIMCO Real Return Fund Institutional Class 3.9

74.8




Bond Funds 50.2%


129 Annual Report



AB Select US Equity Portfolio Class I 802 $ 13,309BBH Core Select Fund Class N 519 10,416BrandywineGLOBAL Diversified US

Large Cap Value Fund Class IS 845 17,217Credit Suisse Commodity Return

Strategy Fund 4,759 23,748Fidelity Growth Company Fund 90 16,900Fidelity Real Estate Income Fund 650 7,552JPMorgan Small Cap Equity Fund

Class R6 385 22,149JPMorgan U.S. Equity Fund Class R6 2,954 47,611Loomis Sayles Growth Fund 791 12,360LSV Large Cap Value Fund 610 17,249PIMCO CommoditiesPLUS Strategy

Fund Institutional Class 1,258 8,113PIMCO StocksPLUS Absolute Return

Fund Institutional Class 774 8,219



Acadian Emerging Markets Portfolio Institutional Class 1,178 26,888

Causeway International Value Fund Institutional Class 949 15,803

Fidelity Canada Fund 106 5,403MFS International Value Fund Class I 404 18,171MFS Research International Fund

Class I 781 15,480T. Rowe Price Emerging Markets Stock

Fund Class I 394 18,245T. Rowe Price Overseas Stock Fund I

Class 1,268 14,275William Blair International Growth

Fund Class I 487 15,189



BlackRock High Yield Bond Portfolio Institutional Class 966 7,376

Fidelity Floating Rate High Income Fund 421 4,062Fidelity Investment Grade Bond Fund 8,675 67,317Fidelity Long Term Treasury Bond Index

Fund Institutional Premium 2,767 35,257Fidelity New Markets Income Fund 601 9,539Fidelity Total Bond Fund 9,639 100,725Hotchkis & Wiley High Yield Fund

Class I 617 7,401MainStay High Yield Corporate Bond

Fund Class I 1,114 6,293



Shares Value

Metropolitan West Total Return Bond Fund Class I 12,834 $ 134,248

PIMCO Real Return Fund Institutional Class 5,720 62,349

PIMCO Total Return Fund Institutional Class 13,281 133,876

Prudential Total Return Bond Fund Class Z 7,073 100,927

Western Asset Core Bond Fund Class I 10,845 134,367



Fidelity Conservative Income Bond Fund Institutional Class 23,052 231,214


PIMCO Short-Term Fund Institutional Class 9,483 93,410




NET ASSETS – 100% $ 1,601,121


period end.

130Annual Report





March 31, 2018


$1,578,458) $ 1,601,645Receivable for investments sold 1,443Receivable for units sold 320Distributions receivable 2,693







2018








131 Annual Report


Fidelity Arizona College Portfolio (Multi-Firm)Financial Statements – continued



2018




Unit transactionsProceeds from sales of units 471,290 1,642,518Cost of units redeemed (677,890) (499,776)Net increase (decrease) in net assets resulting from unit transactions (206,600) 1,142,742Total increase (decrease) in net assets (128,712) 1,197,269

Net AssetsBeginning of period 1,729,833 532,564End of period $ 1,601,121 $ 1,729,833


Sold 36,602 135,326Redeemed (52,627) (41,256)Net increase (decrease) (16,025) 94,070

Financial Highlights Fidelity Arizona College Portfolio (Multi-Firm)




Total Return 4.59% 5.34% (.51)% 3.22% 3.05%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 1,601 $ 1,730 $ 533 $ 753 $ 608Ratio of expenses to average net assets .35% .35% .35% .35% .35%Ratio of net investment income (loss) to average net assets 1.65% 1.69% 1.32% 1.25% 1.02%Portfolio Turnover Rate 45% 86% 80% 51% 62%


132Annual Report




net assetsFidelity Conservative Income Bond Fund Institutional Class 13.6Western Asset Core Bond Fund Class I 8.4Metropolitan West Total Return Bond Fund Class I 8.4PIMCO Total Return Fund Institutional Class 8.4Fidelity Investments Money Market Government Portfolio Institutional Class 8.1Prudential Total Return Bond Fund Class Z 6.3Fidelity Total Bond Fund 6.3PIMCO Short-Term Fund Institutional Class 5.4Fidelity Investment Grade Bond Fund 4.2PIMCO Real Return Fund Institutional Class 3.9

73.0




Bond Funds 50.3%


133 Annual Report



AB Select US Equity Portfolio Class I 2,948 $ 48,910BBH Core Select Fund Class N 1,902 38,183BrandywineGLOBAL Diversified US

Large Cap Value Fund Class IS 3,100 63,181Credit Suisse Commodity Return

Strategy Fund 15,677 78,227Fidelity Growth Company Fund 329 61,789Fidelity Real Estate Income Fund 2,141 24,877JPMorgan Small Cap Equity Fund

Class R6 1,422 81,752JPMorgan U.S. Equity Fund Class R6 10,873 175,268Loomis Sayles Growth Fund 2,893 45,185LSV Large Cap Value Fund 2,239 63,307PIMCO CommoditiesPLUS Strategy


Fund Institutional Class 2,880 30,581




Causeway International Value Fund Institutional Class 3,335 55,556

Fidelity Canada Fund 368 18,799MFS International Value Fund Class I 1,435 64,478MFS Research International Fund

Class I 2,777 55,047T. Rowe Price Emerging Markets Stock

Fund Class I 1,355 62,667T. Rowe Price Overseas Stock Fund I





BlackRock High Yield Bond Portfolio Institutional Class 3,180 24,294

Fidelity Floating Rate High Income Fund 1,388 13,378Fidelity Investment Grade Bond Fund 28,615 222,051Fidelity Long Term Treasury Bond Index

Fund Institutional Premium 9,088 115,787Fidelity New Markets Income Fund 1,981 31,424Fidelity Total Bond Fund 31,778 332,075Hotchkis & Wiley High Yield Fund

Class I 2,031 24,374MainStay High Yield Corporate Bond




Shares Value














NET ASSETS – 100% $ 5,267,907


period end.

134Annual Report





March 31, 2018









2018









135 Annual Report


Fidelity Arizona Portfolio 2018 (Multi-Firm)Financial Statements – continued



2018




Unit transactionsProceeds from sales of units 947,088 861,511Cost of units redeemed (540,479) (107,141)Net increase (decrease) in net assets resulting from unit transactions 406,609 754,370Total increase (decrease) in net assets 654,575 1,011,666




Financial Highlights Fidelity Arizona Portfolio 2018 (Multi-Firm)






136Annual Report




net assetsFidelity Conservative Income Bond Fund Institutional Class 8.4Western Asset Core Bond Fund Class I 8.0Metropolitan West Total Return Bond Fund Class I 8.0PIMCO Total Return Fund Institutional Class 7.9Prudential Total Return Bond Fund Class Z 6.0Fidelity Total Bond Fund 6.0JPMorgan U.S. Equity Fund Class R6 5.9Fidelity Investments Money Market Government Portfolio Institutional Class 5.0Fidelity Investment Grade Bond Fund 4.0PIMCO Short-Term Fund Institutional Class 3.4

62.6




Bond Funds 47.5%


137 Annual Report



























Shares Value














NET ASSETS – 100% $ 5,542,810


period end.

138Annual Report





March 31, 2018









2018









139 Annual Report





2018




Unit transactionsProceeds from sales of units 1,473,223 793,254Cost of units redeemed (195,312) (344,574)Net increase (decrease) in net assets resulting from unit transactions 1,277,911 448,680Total increase (decrease) in net assets 1,587,113 740,394






Net investment income (loss) A .26 .20 .19 .20 .15Net realized and unrealized gain (loss) .85 1.01 (.43) .55 1.08




140Annual Report




net assetsJPMorgan U.S. Equity Fund Class R6 8.4Western Asset Core Bond Fund Class I 6.7Metropolitan West Total Return Bond Fund Class I 6.7PIMCO Total Return Fund Institutional Class 6.7Fidelity Conservative Income Bond Fund Institutional Class 5.6Prudential Total Return Bond Fund Class Z 5.1Fidelity Total Bond Fund 5.0JPMorgan Small Cap Equity Fund Class R6 3.9Fidelity Investment Grade Bond Fund 3.4Fidelity Investments Money Market Government Portfolio Institutional Class 3.4

54.9




Bond Funds 40.3%


141 Annual Report

















Fund Class I 3,699 115,494










Shares Value














NET ASSETS – 100% $ 5,611,818


period end.

142Annual Report





March 31, 2018









2018









143 Annual Report





2018




Unit transactionsProceeds from sales of units 1,795,969 871,469Cost of units redeemed (209,021) (460,117)Net increase (decrease) in net assets resulting from unit transactions 1,586,948 411,352Total increase (decrease) in net assets 1,949,255 732,318










144Annual Report




net assetsJPMorgan U.S. Equity Fund Class R6 10.9Western Asset Core Bond Fund Class I 5.4Metropolitan West Total Return Bond Fund Class I 5.4PIMCO Total Return Fund Institutional Class 5.4JPMorgan Small Cap Equity Fund Class R6 5.1Prudential Total Return Bond Fund Class Z 4.1Fidelity Total Bond Fund 4.0LSV Large Cap Value Fund 4.0BrandywineGLOBAL Diversified US Large Cap Value Fund Class IS 3.9Fidelity Growth Company Fund 3.9

52.1




Bond Funds 32.5%


145 Annual Report





Strategy Fund 22,510 112,323Fidelity Growth Company Fund 1,517 285,254Fidelity Real Estate Income Fund 3,073 35,709JPMorgan Small Cap Equity Fund








Fidelity Canada Fund 1,307 66,848MFS International Value Fund Class I 5,056 227,144MFS Research International Fund




Fund Class I 6,071 189,535










Shares Value














NET ASSETS – 100% $ 7,391,014


period end.

146Annual Report





March 31, 2018


$7,000,382) $ 7,393,281Receivable for units sold 2,388Distributions recievable 8,176







2018









147 Annual Report





2018














148Annual Report




net assetsJPMorgan U.S. Equity Fund Class R6 13.5JPMorgan Small Cap Equity Fund Class R6 6.3LSV Large Cap Value Fund 4.9BrandywineGLOBAL Diversified US Large Cap Value Fund Class IS 4.8Fidelity Growth Company Fund 4.8Acadian Emerging Markets Portfolio Institutional Class 4.4Western Asset Core Bond Fund Class I 3.9Metropolitan West Total Return Bond Fund Class I 3.8PIMCO Total Return Fund Institutional Class 3.8AB Select US Equity Portfolio Class I 3.8

54.0




Bond Funds 24.5%


149 Annual Report






Class R6 11,285 648,687JPMorgan U.S. Equity Fund Class R6 86,482 1,394,084Loomis Sayles Growth Fund 22,994 359,161LSV Large Cap Value Fund 17,861 504,941PIMCO CommoditiesPLUS Strategy











Fund Class I 10,198 318,379










Shares Value














NET ASSETS – 100% $10,341,438


period end.

150Annual Report





March 31, 2018









2018









151 Annual Report





2018












Total Return 12.70% 13.90% (3.48)% 6.36% 16.47%Ratios and Supplemental Data B Net assets, end of period (in $ thousands) $ 10,341 $ 7,901 $ 5,756 $ 4,471 $ 2,936Ratio of expenses to average net assets .35% .35% .35% .35% .35%Ratio of net investment income (loss) to average net assets 1.22% 1.13% .92% .98% 1.08%Portfolio Turnover Rate 42% 92% 60% 22% 20%


152Annual Report




net assetsJPMorgan U.S. Equity Fund Class R6 16.0JPMorgan Small Cap Equity Fund Class R6 7.5LSV Large Cap Value Fund 5.8BrandywineGLOBAL Diversified US Large Cap Value Fund Class IS 5.8Fidelity Growth Company Fund 5.7Acadian Emerging Markets Portfolio Institutional Class 5.0AB Select US Equity Portfolio Class I 4.5MFS International Value Fund Class I 4.3Loomis Sayles Growth Fund 4.1Causeway International Value Fund Institutional Class 3.7

62.4




Bond Funds 11.8%


153 Annual Report

















Fund Class I 6,128 191,323










Shares Value














NET ASSETS – 100% $ 5,315,253


period end.

154Annual Report





March 31, 2018









2018









155 Annual Report





2018













Total Return C 14.51% 15.53% (4.09)% 6.48% 3.40%Ratios and Supplemental Data D Net assets, end of period (in $ thousands) $ 5,315 $ 3,131 $ 1,362 $ 305 $ 32Ratio of expenses to average net assets .35% .35% .35% .35% .35%E

Ratio of net investment income (loss) to average net assets 1.08% 1.03% .79% .98% .87%E



156Annual Report




net assetsJPMorgan U.S. Equity Fund Class R6 18.2JPMorgan Small Cap Equity Fund Class R6 8.5LSV Large Cap Value Fund 6.6BrandywineGLOBAL Diversified US Large Cap Value Fund Class IS 6.6Fidelity Growth Company Fund 6.4Acadian Emerging Markets Portfolio Institutional Class 5.4AB Select US Equity Portfolio Class I 5.1MFS International Value Fund Class I 4.7Loomis Sayles Growth Fund 4.7Causeway International Value Fund Institutional Class 4.2

70.4




Bond Funds 3.3%


157 Annual Report





Strategy Fund 924 4,611Fidelity Growth Company Fund 208 39,028Fidelity Real Estate Income Fund 169 1,966JPMorgan Small Cap Equity Fund

Class R6 895 51,421JPMorgan U.S. Equity Fund Class R6 6,850 110,420Loomis Sayles Growth Fund 1,827 28,534LSV Large Cap Value Fund 1,418 40,084PIMCO CommoditiesPLUS Strategy

Fund Institutional Class 279 1,800PIMCO StocksPLUS Absolute Return






Fidelity Canada Fund 170 8,683MFS International Value Fund Class I 639 28,692MFS Research International Fund


Fund Class I 471 21,781T. Rowe Price Overseas Stock Fund I


Fund Class I 767 23,956




Bond Funds – 3.3%Shares Value

BlackRock High Yield Bond Portfolio Institutional Class 200 $ 1,525

Fidelity Floating Rate High Income Fund 113 1,088Fidelity Long Term Treasury Bond Index

Fund Institutional Premium 717 9,136Fidelity New Markets Income Fund 151 2,398Hotchkis & Wiley High Yield Fund

Class I 127 1,528MainStay High Yield Corporate Bond

Fund Class I 237 1,340PIMCO Real Return Fund Institutional

Class 274 2,984



Fidelity Conservative Income Bond Fund Institutional Class 256 2,572


PIMCO Short-Term Fund Institutional Class 117 1,151


TOTAL INVESTMENT IN SECURITIES – 100.0%(Cost $615,253) 605,188


NET ASSETS – 100% $ 605,011


period end.

158Annual Report





March 31, 2018


$615,253) $ 605,188Receivable for units sold 851Distributions receivable 314

Total assets 606,353


Total liabilities 1,342Net Assets $ 605,011

Net Asset Value, offering price and redemption price per unit ($605,011 / 49,186 units) $ 12.30



2018

Investment IncomeIncome distributions from underlying funds $ 3,393ExpensesManagement and administration fees $ 775

Total expenses 775



funds’ shares (2,296)Capital gain distributions from underlying funds 14,426 12,130Change in net unrealized appreciation (depre-



159 Annual Report





2018




OperationsNet investment income (loss) $ 2,618 $ 9Net realized gain (loss) 12,130 14Change in net unrealized appreciation (depreciation) (10,271) 206Net increase (decrease) in net assets resulting from operations 4,477 229

Unit transactionsProceeds from sales of units 580,030 23,541Cost of units redeemed (3,266) –Net increase (decrease) in net assets resulting from unit transactions 576,764 23,541Total increase (decrease) in net assets 581,241 23,770

Net AssetsBeginning of period 23,770 –End of period $ 605,011 $ 23,770


Sold 47,212 2,238Redeemed (264) –Net increase (decrease) 46,948 2,238




Net investment income (loss) B .14 .02Net realized and unrealized gain (loss) 1.54 .60

Total increase (decrease) from investment operations 1.68 .62Net asset value, end of period $ 12.30 $ 10.62

Total Return C 15.82% 6.20%Ratios and Supplemental Data D Net assets, end of period (in $ thousands) $ 605 $ 24Ratio of expenses to average net assets .35% .35%E

Ratio of net investment income (loss) to average net assets 1.17% .59%E



160Annual Report

Notes to Financial StatementsFor the period ended March 31, 2018

1. Organization:

The Arizona Family College Savings Program Trust Fund (Trust) was established to promote and operate a higher education savings program – The Fidelity Arizona College Savings Plan (Plan) – under section 529 of the Internal Revenue Code (IRC) of 1986, as amended. The Arizona Commission for Postsecondary Education is the Trustee of the Trust.

These financials report on the following Portfolios (Portfolios):

Fidelity Arizona College Portfolio (Fidelity Funds) Fidelity Arizona Portfolio 2033 (Fidelity Index)Fidelity Arizona Portfolio 2018 (Fidelity Funds) Fidelity Arizona Portfolio 2036 (Fidelity Index)Fidelity Arizona Portfolio 2021 (Fidelity Funds) Fidelity Arizona Conservative Portfolio (Fidelity Index)Fidelity Arizona Portfolio 2024 (Fidelity Funds) Fidelity Arizona Moderate Growth Portfolio (Fidelity Index)Fidelity Arizona Portfolio 2027 (Fidelity Funds) Fidelity Arizona Aggressive Growth Portfolio (Fidelity Index)Fidelity Arizona Portfolio 2030 (Fidelity Funds) Fidelity Arizona Intermediate Treasury Index PortfolioFidelity Arizona Portfolio 2033 (Fidelity Funds) Fidelity Arizona International Index PortfolioFidelity Arizona Portfolio 2036 (Fidelity Funds) Fidelity Arizona Fidelity 500 Index PortfolioFidelity Arizona Conservative Portfolio (Fidelity Funds) Fidelity Arizona Total Market Index PortfolioFidelity Arizona Moderate Growth Portfolio (Fidelity Funds) Fidelity Arizona Bank Deposit PortfolioFidelity Arizona Aggressive Growth Portfolio (Fidelity Funds) Fidelity Arizona College Portfolio (Multi-Firm)Fidelity Arizona Money Market Portfolio Fidelity Arizona Portfolio 2018 (Multi-Firm)Fidelity Arizona College Portfolio (Fidelity Index) Fidelity Arizona Portfolio 2021 (Multi-Firm)Fidelity Arizona Portfolio 2018 (Fidelity Index) Fidelity Arizona Portfolio 2024 (Multi-Firm)Fidelity Arizona Portfolio 2021 (Fidelity Index) Fidelity Arizona Portfolio 2027 (Multi-Firm)Fidelity Arizona Portfolio 2024 (Fidelity Index) Fidelity Arizona Portfolio 2030 (Multi-Firm)Fidelity Arizona Portfolio 2027 (Fidelity Index) Fidelity Arizona Portfolio 2033 (Multi-Firm)Fidelity Arizona Portfolio 2030 (Fidelity Index) Fidelity Arizona Portfolio 2036 (Multi-Firm)

Fidelity Funds Portfolios invest in a combination of Fidelity equity, commodity, fixed-income and short-term funds, which are primarily actively managed by Fidelity Management & Research Company (FMR), an affiliated adviser or sub-adviser, or Geode Capital Management, LLC (Geode), a registered investment adviser. Fidelity Index Portfolios invest in a combination of Fidelity equity, commodity, fixed-income and short-term funds, which are primarily passively managed by FMR, an affiliated adviser or sub-adviser, or Geode. There are individual fund Portfolios which invest in a single equity, fixed-income or money market fund, also managed by FMR, an affiliated adviser or sub-adviser, or Geode. Fidelity Arizona Bank Deposit Portfolio invests in an interest-bearing account held at Wells Fargo Bank, N.A. Multi-Firm Portfolios invest in a combination of equity, commodity, fixed-income and short-term funds managed by FMR, an affiliated adviser or sub-adviser, or Geode, and non-affiliated mutual funds that participate in Fidelity’s Funds-Network (Third Party funds). Third Party funds and Fidelity equity, commodity, fixed-income and short-term funds are collectively referred to as Underlying Funds.

2. Significant Accounting Policies:

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued, June 19, 2018, have been evaluated in the preparation of the financial statements. The Portfolios qualify as investment companies under FASB ASC 946 Financial Services -Investment Companies and follow the accounting and reporting guidance for investment companies. The Portfolios’ Schedules of Investments or Statements of Assets and Liabilities lists each of the Underlying Funds as an investment of each Portfolio but do not include the underlying hold-ings of each Underlying Fund. The following summarizes the significant accounting policies of the Portfolios:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Portfolio categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 – quoted prices in active markets for identical investments

Level 2 – other significant observable inputs

Level 3 – unobservable inputs (including each Portfolio’s own assumptions based on the best information available)

Valuation techniques used to value each Portfolio’s investments by major category are as follows: Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If a Third Party fund’s NAV is unavail-able, shares of that fund may be valued by another method that the FMR Fair Value Committee believes reflects fair value in accordance with fair

161 Annual Report

value pricing policies adopted for the Portfolios and is categorized as Level 2 in the hierarchy. As of March 31, 2018, all investments held by the Portfolios are categorized as Level 1 under the Fair Value Hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Portfolios’ investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per unit for processing participant transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time, and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of average cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned. There are no distributions of net invest-ment gains or net investment income to the Portfolios’ participants or beneficiaries.

Expenses. Expenses are recorded on the accrual basis. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds.

Short-Term Trading (Redemption) Fees. Units held in Fidelity Arizona International Index Portfolio and Fidelity Arizona Total Market Index Portfolio less than 90 days are subject to a redemption fee equal to 1.00% and 0.50%, respectively of the proceeds of the redeemed units. The fee is imposed by the mutual fund in which the Portfolio invests, not by the Portfolio. All redemption fees are retained by the fund, not by the Portfolio and are part of the fund’s assets. Effective December 12, 2016, the funds eliminated the redemption fees.

Other. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by each Portfolio. The Portfolios do not file any tax returns since the Trust is exempt from federal and state income tax under Section 529 of the IRC.

3. Fees:

The Trustee has entered into a Management and Administrative Services agreement with Fidelity Brokerage Services, LLC (FBS) to provide administrative, record keeping, distribution and marketing services to the Trust. According to this agreement and a related investment advisory agreement with FMR Co., Inc., an investment adviser registered under the Investment Advisers Act of 1940 that provides investment manage-ment services to the Trust, a Management and Administration Fee is charged to the Portfolios at an annual rate based on the net assets of each Portfolio. The Management and Administration Fee has up to three components, a Program Manager Fee that is paid to FMR Co., Inc., a Bank Administration Fee that is paid to FBS and a State Fee that is paid to the Trustee.

For Fidelity Funds Portfolios that invest in underlying actively managed funds, the Program Manager Fee is charged at an annual rate of .17%. For Fidelity Index Portfolios that invest in underlying index funds, the Program Manager Fee is charged at an annual rate of .07%. For Multi-Firm Portfolios that invest in Fidelity funds and Third Party funds, the Program Manager Fee is charged at an annual rate of .30%. For Fidelity Arizona Bank Deposit Portfolio, the Program Manager Fee is charged at an annual rate ranging from .00% to .05% depending on the daily Federal Funds Target Rate.

The Bank Administration Fee paid to Fidelity for its administration services in connection with Fidelity Arizona Bank Deposit Portfolio is charged at an annual rate ranging from .00% to .40% depending on the daily Federal Funds Target Rate. The Bank Administration Fee is charged only to the Bank Deposit Portfolio.

For Fidelity Funds Portfolios that invest in underlying actively managed funds, the State Fee is charged at an annual rate of .03%. For Fidelity Index Portfolios that invest in underlying index funds, the State Fee is charged at an annual rate of .02%. For Multi-Firm Portfolios that invest in Fidelity funds and Third Party funds, the State fee is charged at an annual rate of .05%. For Fidelity Arizona Bank Deposit Portfolio, the State Fee is charged at an annual rate of .05%.

4. Other Information:

In the normal course of business, the Portfolios may enter into contracts that provide general indemnifications. The Portfolios’ maximum expo-sure under these arrangements is unknown as this would be dependent on future claims that may be made against the Portfolios. The risk of material loss from such claims is considered remote.

The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund’s net assets. At the end of the period, no Portfolios held a significant portion of the outstanding shares of any Underlying Fund.

162Annual Report

Report of Independent Auditors

To the Trustees of the Arizona Family College Savings Program Trust Fund:

We have audited the accompanying financial statements of Fidelity Arizona College Portfolio (Fidelity Funds), Fidelity Arizona Portfolio 2018 (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 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 2018 (Fidelity Index), Fidelity Arizona Portfolio 2021 (Fidelity Index), 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 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 (Multi-Firm), Fidelity Arizona Portfolio 2018 (Multi-Firm), Fidelity Arizona Portfolio 2021 (Multi-Firm), Fidelity Arizona Portfolio 2024 (Multi-Firm), Fidelity Arizona Portfolio 2027 (Multi-Firm), Fidelity Arizona Portfolio 2030 (Multi-Firm), Fidelity Arizona Portfolio 2033 (Multi-Firm) and Fidelity Arizona Portfolio 2036 (Multi-Firm) (collectively the “Portfolios”) of the Fidelity Arizona College Savings Plan (the “Plan”), which comprise the statements of assets and liabilities, including the schedules of investments, as of March 31, 2018 and the related statements of operations for the year then ended, of changes in net assets for each of the two years in the period then ended (or for Fidelity Arizona Portfolio 2036 (Fidelity Funds), Fidelity Arizona Portfolio 2036 (Fidelity Index) and Fidelity Arizona Portfolio 2036 (Multi-Firm), the year ended March 31, 2018 and the period from December 14, 2016 (commencement of operations) through March 31, 2017) and the financial highlights for each of the periods indi-cated. These financial statements and financial highlights are hereafter collectively referred to as “financial statements”.

Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ ResponsibilityOur responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing stan-dards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Portfolios’ preparation and fair presentation of the financial state-ments in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effective-ness of the Portfolios’ internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fidelity Arizona College Portfolio (Fidelity Funds), Fidelity Arizona Portfolio 2018 (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 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 2018 (Fidelity Index), Fidelity Arizona Portfolio 2021 (Fidelity Index), 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 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 (Multi-Firm), Fidelity Arizona Portfolio 2018 (Multi-Firm), Fidelity Arizona Portfolio 2021 (Multi-Firm), Fidelity Arizona Portfolio 2024 (Multi-Firm), Fidelity Arizona Portfolio 2027 (Multi-Firm), Fidelity Arizona Portfolio 2030 (Multi-Firm), Fidelity Arizona Portfolio 2033 (Multi-Firm) and Fidelity Arizona Portfolio 2036 (Multi-Firm) as of March 31, 2018, and the results of their operations for the year then ended, changes in their net assets for each of the two years in the period then ended (or for Fidelity Arizona Portfolio 2036 (Fidelity Funds), Fidelity Arizona Portfolio 2036 (Fidelity Index) and Fidelity Arizona Portfolio 2036 (Multi-Firm), the year ended March 31, 2018 and the period from December 14, 2016 (commencement of operations) through March 31, 2017), and the financial highlights for each of the periods indicated, in accordance with accounting principles generally accepted in the United States of America.

PricewaterhouseCoopers LLP Boston, Massachusetts June 19, 2018

163 Annual Report

The Fidelity Arizona College Savings Plan is sponsored by the Arizona Commission for Postsecondary Education and administered by Fidelity Investments. Fidelity, Fidelity Investments and the pyramid design are registered trademarks of FMR LLC, Strategic Advisers is a service mark of FMR LLC. The third-party marks appearing in this document are the marks of their respective owners.

Brokerage services provided by Fidelity Brokerage Services LLC, Member NYSE, SIPC.

1.830363.112 522503.10.0 AZ-CIT-ANN-0618

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