Fidelity Maryland Municipal Income Fund is an open-end mutual fund focused on providing investors with a high level of current income that is exempt from both federal and Maryland personal income taxes. The fund primarily invests at least 80% of its assets in investment-grade municipal securities issued by Maryland state and local governments, as well as certain entities supporting public infrastructure and services. By concentrating on tax-exempt securities, the fund is specifically structured to appeal to investors seeking tax-advantaged income, particularly those residing in Maryland. This fund takes a non-diversified approach, often allocating more than 25% of assets to municipal securities associated with similar types of projects or sectors, such as health, transportation, and education. Its holdings typically span multiple maturities and sectors within Maryland’s municipal bond market, aiming to balance yield with credit quality while maintaining moderate interest rate sensitivity. As part of the broader municipal bond market, the fund plays a vital role in supporting public finance and infrastructure development within Maryland, while offering individual and institutional investors a means to pursue stable, tax-exempt income through professionally managed fixed income investments.
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