Fidelity Maryland Municipal Income Fund
SMDMX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 245 Summer Street Boston MA United States of America 02210
- IPO Date
- Apr 22, 1993
- CIK
- 0000035330
- Website
- fundresearch.fidelity.com
- Similar Companies
- Business
- Fidelity Maryland Municipal Income Fund (SMDMX) is a mutual fund that seeks a high level of current income exempt from federal income tax and Maryland personal income taxes by investing at least 80% of its assets in investment-grade municipal securities issued by or on behalf of the State of Maryland or its authorities, agencies, instrumentalities and political subdivisions; general obligation bonds, revenue bonds, and pre-refunded municipal securities; and temporary investments in high-quality, short-term municipal obligations. The fund allocates assets across different municipal market sectors and maturities, including sectors such as health and higher education facilities authority revenue bonds, county general obligations, city revenue and project bonds; it may invest more than 25% of total assets in municipal securities financing similar types of projects and is classified as non-diversified within the Muni Single State Long category. It primarily serves tax-sensitive investors seeking Maryland state tax-exempt income, with operations focused on U.S. municipal debt markets; the fund was established on April 22, 1993, and is managed by Fidelity Investments, headquartered in Boston, Massachusetts. Current portfolio managers include Cormac Cullen (since May 2, 2016), Elizah McLaughlin (since September 30, 2018), and Michael Maka (since March 1, 2020), who oversee investments emphasizing medium credit quality/moderate interest rate sensitivity, with net assets around $150-168 million, a 0.55% adjusted expense ratio, and a Morningstar Bronze rating. Recent portfolio metrics as of late 2025 show approximately 96% in U.S. municipal tax-exempt bonds, 2% non-U.S. bonds, and 1% cash equivalents, with top holdings including Baltimore MD Revenue, Montgomery County MD, and Maryland State Health & Higher Educational Facilities Authority Rev; the fund reported fiscal year performance ending August 31, 2025, of 0.64% net of fees, outperforming its Bloomberg Maryland 2+ Year Enhanced Municipal Linked benchmark. No major acquisitions, mergers, partnerships, funding rounds, name changes, or strategic reorganizations specific to the fund have been reported in 2024-2025; ongoing management focuses on yield optimization amid municipal market conditions.