Fidelity Union Street Trust has filed an updated prospectus for its Fidelity Maryland Municipal Income Fund, as detailed in its recent SEC filing. This update is essential as it aims to enhance transparency and compliance for investors, reflecting the company's commitment to regulatory standards.

The Fidelity Maryland Municipal Income Fund primarily seeks to provide a high level of current income that is exempt from federal income tax and Maryland personal income taxes. This focus on tax-exempt income is particularly relevant for investors in higher tax brackets looking for efficient investment options.

According to the filing made on October 29, 2026, the prospectus includes detailed information about the fund's investment strategies, risks, and fees. The filing states, "Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks." This level of detail is crucial for potential investors who need to understand the implications of their investments.

Fidelity Union Street Trust, incorporated in Massachusetts, operates under the investment entity category. The company has a history of managing various funds, including the Fidelity Maryland Municipal Income Fund, which is identified by its ticker symbol SMDMX. The fund's investment strategy typically involves investing at least 80% of its assets in municipal securities whose interest is exempt from federal and Maryland personal income taxes.

The filing also outlines the fund's fee structure, noting that it has a management fee of 0.55% and no distribution or 12b-1 fees. This fee structure is designed to be competitive within the municipal fund space, which can attract investors looking for lower-cost options.

Furthermore, the fund's principal investment strategies include managing the portfolio to align with the overall interest rate risk of a supplemental index and allocating assets across various market sectors and maturities. This approach aims to mitigate risks associated with market volatility, particularly in the municipal sector.

Investors should be aware of potential risks highlighted in the filing, including municipal market volatility, interest rate changes, and geographic concentration. The filing emphasizes that adverse tax, legislative, or political changes can significantly affect the municipal market, which is crucial for investors considering this asset class.

Looking ahead, Fidelity Union Street Trust is expected to continue monitoring regulatory changes and investor needs, potentially leading to further updates in its prospectus or new filings. The filing does not specify what actions will follow this update, but it is clear that the company is focused on maintaining compliance and providing valuable information to its investors.