N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811- 2460

Fidelity Union Street Trust
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

August 31

Date of reporting period:

November 30, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Export and Multinational Fund

November 30, 2004

EXF-QTLY-0105

1.810713.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 5.3%

Internet & Catalog Retail - 0.4%

Amazon.com, Inc. (a)

145,100

$ 5,758

Media - 1.8%

Emmis Communications Corp. Class A (a)

53,944

997

Lamar Advertising Co. Class A (a)

131,900

5,202

News Corp. Class B

412,200

7,457

Univision Communications, Inc. Class A (a)

503,600

15,158

28,814

Specialty Retail - 3.1%

Aeropostale, Inc. (a)

222,760

6,349

Home Depot, Inc.

984,500

41,103

47,452

TOTAL CONSUMER DISCRETIONARY

82,024

CONSUMER STAPLES - 2.2%

Food Products - 0.3%

Bunge Ltd.

96,400

5,082

Household Products - 1.4%

Colgate-Palmolive Co.

189,300

8,706

Procter & Gamble Co.

238,600

12,760

21,466

Personal Products - 0.5%

Estee Lauder Companies, Inc. Class A

167,840

7,325

TOTAL CONSUMER STAPLES

33,873

ENERGY - 9.4%

Energy Equipment & Services - 6.1%

BJ Services Co.

100,200

5,077

Cooper Cameron Corp. (a)

114,200

5,960

Grant Prideco, Inc. (a)

344,600

7,426

Halliburton Co.

392,500

16,230

Nabors Industries Ltd. (a)

138,400

7,197

National-Oilwell, Inc. (a)

229,700

8,315

Noble Corp. (a)

182,500

8,842

Pride International, Inc. (a)

257,200

5,031

Schlumberger Ltd. (NY Shares)

168,900

11,085

Smith International, Inc. (a)

127,600

7,729

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Varco International, Inc. (a)

257,750

$ 7,665

Weatherford International Ltd. (a)

80,150

4,278

94,835

Oil & Gas - 3.3%

Apache Corp.

191,270

10,340

BP PLC sponsored ADR

72,100

4,423

Burlington Resources, Inc.

136,100

6,316

Occidental Petroleum Corp.

223,020

13,428

Total SA sponsored ADR

64,140

7,030

Valero Energy Corp.

198,500

9,288

50,825

TOTAL ENERGY

145,660

FINANCIALS - 27.2%

Capital Markets - 7.5%

E*TRADE Financial Corp. (a)

453,800

6,290

Goldman Sachs Group, Inc.

335,360

35,132

Lehman Brothers Holdings, Inc.

112,300

9,408

Merrill Lynch & Co., Inc.

328,800

18,317

Morgan Stanley

680,290

34,525

UBS AG (NY Shares)

151,300

12,255

115,927

Consumer Finance - 1.2%

MBNA Corp.

710,900

18,882

Insurance - 17.5%

ACE Ltd.

1,038,580

41,979

AMBAC Financial Group, Inc.

451,400

36,712

American International Group, Inc.

1,477,240

93,581

Hartford Financial Services Group, Inc.

316,680

20,268

PartnerRe Ltd.

217,300

13,303

W.R. Berkley Corp.

672,300

30,489

XL Capital Ltd. Class A

446,255

33,630

269,962

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Thrifts & Mortgage Finance - 1.0%

Fannie Mae

69,340

$ 4,764

Golden West Financial Corp., Delaware

88,800

10,589

15,353

TOTAL FINANCIALS

420,124

HEALTH CARE - 13.9%

Biotechnology - 1.9%

Cephalon, Inc. (a)

120,000

5,704

Genentech, Inc. (a)

393,700

18,996

Millennium Pharmaceuticals, Inc. (a)

179,900

2,270

OSI Pharmaceuticals, Inc. (a)

56,900

2,707

29,677

Health Care Equipment & Supplies - 1.7%

Kinetic Concepts, Inc.

103,700

6,577

Medtronic, Inc.

399,500

19,196

25,773

Health Care Providers & Services - 5.7%

American Healthways, Inc. (a)

142,700

4,759

Humana, Inc. (a)

355,300

8,819

PacifiCare Health Systems, Inc. (a)

128,600

6,224

Pediatrix Medical Group, Inc. (a)

130,950

8,158

UnitedHealth Group, Inc.

731,930

60,640

88,600

Pharmaceuticals - 4.6%

Barr Pharmaceuticals, Inc. (a)

338,300

13,211

Pfizer, Inc.

1,504,767

41,787

Wyeth

381,250

15,200

70,198

TOTAL HEALTH CARE

214,248

INDUSTRIALS - 12.0%

Aerospace & Defense - 2.1%

Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR

102,150

2,857

Honeywell International, Inc.

822,150

29,047

31,904

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - 6.9%

Apollo Group, Inc. Class A (a)

431,660

$ 34,403

Bright Horizons Family Solutions, Inc. (a)

128,821

8,084

Cintas Corp.

398,100

17,803

Education Management Corp. (a)

176,900

5,862

Robert Half International, Inc.

1,500,830

40,567

106,719

Construction & Engineering - 1.2%

Chicago Bridge & Iron Co. NV (NY Shares)

313,100

12,117

Fluor Corp.

143,000

7,422

19,539

Industrial Conglomerates - 1.8%

Tyco International Ltd.

822,900

27,954

TOTAL INDUSTRIALS

186,116

INFORMATION TECHNOLOGY - 22.1%

Communications Equipment - 1.5%

Cisco Systems, Inc. (a)

871,100

16,298

Juniper Networks, Inc. (a)

265,200

7,301

23,599

Computers & Peripherals - 4.1%

Dell, Inc. (a)

981,045

39,752

Diebold, Inc.

101,900

5,421

EMC Corp. (a)

898,700

12,061

QLogic Corp. (a)

173,300

5,960

63,194

Electronic Equipment & Instruments - 2.3%

Amphenol Corp. Class A (a)

275,500

9,673

CDW Corp.

185,040

12,161

Flextronics International Ltd. (a)

547,000

7,849

National Instruments Corp.

187,650

5,367

35,050

Internet Software & Services - 0.9%

Google, Inc. Class A

73,200

13,396

IT Services - 0.9%

Affiliated Computer Services, Inc. Class A (a)

235,900

13,961

Office Electronics - 0.3%

Zebra Technologies Corp. Class A (a)

98,600

4,958

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 6.2%

Analog Devices, Inc.

315,140

$ 11,644

Axcelis Technologies, Inc. (a)

373,500

2,727

FormFactor, Inc. (a)

217,600

5,246

Intel Corp.

1,654,600

36,980

KLA-Tencor Corp. (a)

346,600

15,618

Marvell Technology Group Ltd. (a)

328,860

10,543

National Semiconductor Corp. (a)

609,400

9,421

Teradyne, Inc. (a)

232,400

3,965

96,144

Software - 5.9%

BEA Systems, Inc. (a)

521,400

4,213

Concur Technologies, Inc. (a)

527,722

4,961

Microsoft Corp.

2,485,210

66,628

Oracle Corp. (a)

1,255,500

15,895

91,697

TOTAL INFORMATION TECHNOLOGY

341,999

MATERIALS - 5.6%

Chemicals - 2.5%

Dow Chemical Co.

375,900

18,972

Lyondell Chemical Co.

272,400

7,644

Millennium Chemicals, Inc. (a)

248,900

6,616

Olin Corp.

213,100

4,835

38,067

Metals & Mining - 3.1%

Alcoa, Inc.

440,900

14,982

Gerdau SA sponsored ADR

218,000

3,968

Inmet Mining Corp. (a)

164,200

2,780

Nucor Corp.

215,900

11,421

Rio Tinto PLC sponsored ADR

97,250

11,436

Usinas Siderurgicas de Minas Gerais SA (Usiminas) (PN-A)

180,300

3,629

48,216

TOTAL MATERIALS

86,283

TOTAL COMMON STOCKS

(Cost $1,335,056)

1,510,327

Money Market Funds - 1.7%

Shares

Value (000s)

Fidelity Cash Central Fund, 1.98% (b)

24,949,754

$ 24,950

Fidelity Securities Lending Cash Central Fund, 2% (b)(c)

1,645,875

1,646

TOTAL MONEY MARKET FUNDS

(Cost $26,596)

26,596

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $1,361,652)

1,536,923

NET OTHER ASSETS - 0.6%

8,555

NET ASSETS - 100%

$ 1,545,478

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Includes investment made with cash collateral received from securities on loan.

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $1,365,478,000. Net unrealized appreciation aggregated $171,445,000, of which $216,280,000 related to appreciated investment securities and $44,835,000 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Spartan ® Arizona Municipal

Income Fund

November 30, 2004

AZI-QTLY-0105

1.810709.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.7%

Principal Amount

Value

Arizona - 86.5%

Arizona Health Facilities Auth. Rev. (Catholic Health Care West Proj.) Series A, 6.125% 7/1/09

$ 550,000

$ 586,850

Arizona Pwr. Auth. Pwr. Resource Rev. (Hoover Uprating Proj.) 5% 10/1/09

1,160,000

1,265,142

Arizona School Facilities Board Ctfs. of Prtn. Series C, 5% 9/1/11 (FSA Insured) (a)

1,060,000

1,161,400

Arizona School Facilities Board State School Impt. Rev.:

5.25% 7/1/18

1,000,000

1,085,750

5.25% 7/1/20

1,500,000

1,620,465

Arizona State Univ. Revs.:

5.25% 7/1/09 (FSA Insured)

1,260,000

1,388,898

5.5% 7/1/17 (FGIC Insured)

2,540,000

2,821,915

5.5% 7/1/21 (FGIC Insured)

1,150,000

1,265,713

5.75% 7/1/27 (FGIC Insured)

1,500,000

1,657,890

Arizona Student Ln. Acquisition Auth. Student Ln. Rev. Sub Series B1, 6.15% 5/1/29 (c)

500,000

525,480

Arizona Trans. Board Hwy. Rev.:

Series B, 5.25% 7/1/19

2,500,000

2,712,675

5.25% 7/1/13

1,500,000

1,650,225

Arizona Wtr. Infrastructure Fin. Auth. Rev. (Wtr. Quality Proj.) Series A, 5.375% 10/1/11

2,000,000

2,250,460

Central Arizona Wtr. Conservation District Contract Rev. (Central Arizona Proj.) Series A:

5.5% 11/1/09

1,000,000

1,112,380

5.5% 11/1/10

375,000

417,686

Chandler Gen. Oblig.:

5.7% 7/1/15

75,000

83,951

6.25% 7/1/10

500,000

569,455

6.5% 7/1/10 (MBIA Insured)

200,000

234,580

6.5% 7/1/11 (MBIA Insured)

225,000

267,253

Gilbert Wtr. Resources Muni. Property Corp. Wastewtr. Sys. & Util. Rev. 4.9% 4/1/19 (a)

1,000,000

985,770

Maricopa County Hosp. Rev. (Sun Health Corp. Proj.) 6.125% 4/1/18

300,000

312,789

Maricopa County Indl. Dev. Auth. Health Facilities Rev. (Catholic Health Care West Proj.) Series 1998 A, 5% 7/1/16

730,000

742,038

Maricopa County Indl. Dev. Auth. Hosp. Facilities Rev. (Mayo Clinic Hosp. Proj.) 5.25% 11/15/37

1,000,000

1,014,630

Maricopa County School District #28 Kyrene Elementary Series C:

0% 7/1/07 (FGIC Insured)

955,000

891,884

0% 1/1/10 (FGIC Insured)

1,425,000

1,197,200

Municipal Bonds - continued

Principal Amount

Value

Arizona - continued

Maricopa County Unified School District #48 Scottsdale 7.4% 7/1/10

$ 1,000,000

$ 1,211,250

Maricopa County Unified School District #80 Chandler:

(2002 Proj.) Series A, 5% 7/1/17 (FSA Insured)

500,000

535,990

6.25% 7/1/11 (Escrowed to Maturity) (d)

405,000

476,685

Mesa Indl. Dev. Auth. Rev. (Discovery Health Sys. Proj.) Series A:

5.375% 1/1/14 (MBIA Insured)

500,000

542,585

5.625% 1/1/29 (MBIA Insured)

585,000

623,154

Mesa Street & Hwy. Rev. 6.5% 7/1/11 (FSA Insured)

1,500,000

1,781,685

Mesa Util. Sys. Rev. 5.75% 7/1/14 (FGIC Insured)

1,000,000

1,159,650

Northern Arizona Univ. Sys. Rev.:

5.5% 6/1/23 (FGIC Insured)

530,000

584,362

5.5% 6/1/26 (FGIC Insured)

1,305,000

1,415,429

Phoenix Arpt. Rev. Series D, 6.4% 7/1/12 (MBIA Insured) (c)

810,000

829,254

Phoenix Civic Impt. Board Arpt. Rev. Series B, 5.25% 7/1/27 (FGIC Insured) (c)

1,000,000

1,031,500

Phoenix Civic Impt. Corp. Arpt. Excise Tax Rev. 5.25% 7/1/09 (c)

400,000

431,072

Phoenix Civic Impt. Corp. Excise Tax Rev. (Muni. Courthouse Proj.) Series A:

5.375% 7/1/29

560,000

590,078

5.5% 7/1/11

200,000

222,434

5.75% 7/1/15

675,000

753,341

Phoenix Civic Impt. Corp. Muni. Facilities Excise Tax Rev.:

5.75% 7/1/10 (FGIC Insured)

340,000

385,815

5.75% 7/1/12 (FGIC Insured)

1,250,000

1,417,088

5.75% 7/1/14 (FGIC Insured)

1,000,000

1,124,400

Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev.:

5% 7/1/29 (MBIA Insured) (a)

770,000

779,895

5.7% 7/1/09 (FGIC Insured)

1,275,000

1,429,887

Phoenix Civic Impt. Corp. Wtr. Sys. Rev. Series 2001, 5.5% 7/1/24 (FGIC Insured)

1,000,000

1,140,480

Phoenix Gen. Oblig.:

Series 1995 A, 6% 7/1/11

1,485,000

1,719,348

Series A, 6.25% 7/1/17

1,000,000

1,223,990

Series B, 5.375% 7/1/20

1,000,000

1,098,690

Phoenix Indl. Dev. Auth. Single Family Mtg. Rev. 0% 12/1/14 (Escrowed to Maturity) (d)

1,250,000

826,700

Phoenix Street & Hwy. User Rev. 6.25% 7/1/11 (MBIA Insured)

35,000

35,957

Municipal Bonds - continued

Principal Amount

Value

Arizona - continued

Pima County Indl. Dev. Auth. Rev. (HealthPartners Proj.) Series A, 5.625% 4/1/14 (MBIA Insured)

$ 200,000

$ 216,008

Pima County Unified School District #1 Tucson:

7.5% 7/1/08 (FGIC Insured)

1,000,000

1,163,740

7.5% 7/1/10 (FGIC Insured)

250,000

305,938

Salt River Proj. Agric. Impt. & Pwr. District Elec. Sys. Rev.:

Series A:

5.25% 1/1/18

1,000,000

1,085,200

5.25% 1/1/19

1,615,000

1,746,364

Series B:

5% 1/1/20

1,500,000

1,585,650

5% 1/1/21

255,000

268,308

Scottsdale Gen. Oblig.:

(1999 & 2000 Projs.) 5% 7/1/21

1,000,000

1,051,810

5.5% 7/1/09

100,000

111,295

Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Health Care Proj.) 5.8% 12/1/31

250,000

260,208

Scottsdale Wtr. & Swr. Rev. (1989 Proj.) Series E, 7% 7/1/07

150,000

167,304

Tempe Gen. Oblig.:

Series 2001 A, 6% 7/1/10

600,000

687,822

5% 7/1/19

1,680,000

1,784,614

5.5% 7/1/17

1,035,000

1,160,991

Tempe Union High School District #213 7% 7/1/08 (FGIC Insured)

310,000

356,649

Tucson Gen. Oblig. Series A, 6% 7/1/13

800,000

939,296

Tucson Street & Hwy. User Rev.:

Series 1994 B, 7.5% 7/1/11 (MBIA Insured)

1,015,000

1,265,177

Series 1994 C, 7% 7/1/11 (FGIC Insured)

500,000

608,570

Series A, 7% 7/1/11 (MBIA Insured)

300,000

365,142

6% 7/1/10 (MBIA Insured)

400,000

458,988

Tucson Wtr. Rev.:

Series 1994 C, 6.75% 7/1/07 (FGIC Insured)

200,000

221,882

5.5% 7/1/14

425,000

483,272

Univ. Med. Ctr. Corp. Hosp. Rev. 5.25% 7/1/15

1,000,000

1,055,410

Univ. of Arizona Ctfs. of Prtn. (Univ. of Arizona Parking & Student Hsg. Proj.) 5.75% 6/1/24 (AMBAC Insured)

500,000

548,620

Univ. of Arizona Univ. Revs.:

5.25% 6/1/11 (FSA Insured)

1,000,000

1,113,150

5.25% 6/1/13 (FSA Insured)

500,000

539,815

Municipal Bonds - continued

Principal Amount

Value

Arizona - continued

Yavapai County Indl. Dev. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 4.625%, tender 6/1/05 (b)(c)

$ 500,000

$ 503,345

Yuma County Hosp. District #1 6.35% 11/15/07 (Escrowed to Maturity) (d)

265,000

279,164

71,526,930

Puerto Rico - 12.2%

Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev.:

Series 1996 Y, 5% 7/1/36 (FSA Insured)

1,000,000

1,029,220

Series Y, 5.5% 7/1/36 (FSA Insured)

500,000

546,135

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.:

Series 1998, 5.75% 7/1/22 (CIFG North America Insured)

700,000

790,566

Series 2000 C, 6% 7/1/29

500,000

548,285

Series D, 5.25% 7/1/38

1,000,000

1,022,530

5.75% 7/1/19 (FGIC Insured)

700,000

797,125

Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A:

5.5% 10/1/32 (Escrowed to Maturity) (d)

2,675,000

2,903,841

5.5% 10/1/40 (Escrowed to Maturity) (d)

2,195,000

2,373,256

Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series QQ, 5.5% 7/1/18 (XL Cap. Assurance, Inc. Insured) (a)

100,000

112,768

10,123,726

TOTAL INVESTMENT PORTFOLIO - 98.7%

(Cost $78,770,109)

81,650,656

NET OTHER ASSETS - 1.3%

1,060,206

NET ASSETS - 100%

$ 82,710,862

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(d) Security collateralized by an amount sufficient to pay interest and principal.

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $78,747,993. Net unrealized appreciation aggregated $2,902,663, of which $3,100,022 related to appreciated investment securities and $197,359 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Spartan ® Maryland Municipal

Income Fund

November 30, 2004

SMD-QTLY-0105

1.810710.100

Investments November 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.6%

Principal Amount

Value

Maryland - 86.5%

Anne Arundel County Gen. Oblig. 5.375% 3/1/15

$ 2,000,000

$ 2,221,800

Baltimore Board of School Commissioners School Sys. Rev. 5% 5/1/11

2,545,000

2,797,719

Baltimore County Ctfs. Prtn. (Equip. Acquisition Prog.) 5% 6/1/13 (MBIA Insured)

1,500,000

1,644,465

Baltimore County Gen. Oblig.:

5% 8/1/15

2,385,000

2,622,618

5.25% 9/1/11

2,000,000

2,244,280

5.25% 8/1/19 (Pre-Refunded to 8/1/12 @ 100) (c)

2,000,000

2,247,620

Baltimore Gen. Oblig. (Consolidated Pub. Impt. Proj.) Series A:

0% 10/15/06 (FGIC Insured)

2,000,000

1,843,780

7% 10/15/09 (MBIA Insured)

1,000,000

1,186,300

Baltimore Port Facilities Rev. (Consolidated Coal Sales Co. Proj.) 6.5% 12/1/10

2,000,000

2,098,740

Baltimore Proj. Rev.:

(Wastewtr. Projs.) Series A:

5.125% 7/1/42 (FGIC Insured)

2,315,000

2,365,189

5.2% 7/1/32 (FGIC Insured)

250,000

260,308

(Wtr. Projs.) Series A:

5% 7/1/24 (Escrowed to Maturity) (c)

730,000

781,815

5% 7/1/24 (FGIC Insured)

370,000

397,909

Carroll County Gen. Oblig. 5% 11/1/11

500,000

553,105

Howard County Gen. Oblig.:

Series 2003 A, 5% 8/15/17 (Pre-Refunded to 8/15/12 @ 100) (c)

1,000,000

1,107,540

Series 2004 A, 5% 8/15/14

1,000,000

1,110,260

Series A:

5.25% 8/15/14

2,395,000

2,649,948

5.25% 8/15/14 (Pre-Refunded to 2/15/12 @ 100) (c)

605,000

677,969

Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. (Residential Proj.) Series B, 5.05% 9/1/19 (b)

335,000

335,811

Maryland Dept. of Trans. Consolidated Trans. Rev. 5% 11/1/10

3,000,000

3,297,120

Maryland Econ. Dev. Corp. Lease Rev. (Maryland Aviation Administration Facilities Proj.) 5.5% 6/1/18 (FSA Insured) (b)

1,500,000

1,630,650

Maryland Gen. Oblig. (State & Local Facilities Ln. Prog.):

First Series, 5.75% 8/1/14 (Pre-Refunded to 8/1/10 @ 101) (c)

5,000,000

5,722,098

Municipal Bonds - continued

Principal Amount

Value

Maryland - continued

Maryland Gen. Oblig. (State & Local Facilities Ln. Prog.): - continued

Second Series:

5% 7/15/11

$ 1,500,000

$ 1,623,585

5.25% 7/15/12

2,000,000

2,176,780

5.25% 7/15/13

1,500,000

1,634,205

Maryland Health & Higher Edl. Facilities Auth. Rev.:

(Anne Arundel Med. Ctr. Proj.) Series 1998, 5.125% 7/1/33 (FSA Insured)

2,000,000

2,043,180

(Good Samaritan Hosp. Proj.):

5.7% 7/1/09 (Escrowed to Maturity) (c)

1,000,000

1,097,510

5.75% 7/1/13 (Escrowed to Maturity) (c)

385,000

436,775

(Hebrew Home of Greater Washington Proj.) 5.8% 1/1/32

1,000,000

1,039,300

(Helix Health Proj.) 5% 7/1/17 (Escrowed to Maturity) (c)

1,000,000

1,094,890

(Howard County Gen. Hosp. Proj.) 5.5% 7/1/13 (Escrowed to Maturity) (c)

925,000

1,012,468

(Johns Hopkins Health Sys. Proj.) 5% 5/15/34

1,500,000

1,509,000

(Johns Hopkins Univ. Issue Proj.):

Series A:

5% 7/1/38

2,000,000

2,022,680

5% 7/1/41

3,590,000

3,627,946

5% 7/1/32

1,000,000

1,014,440

5.125% 7/1/20

500,000

530,520

6% 7/1/10

500,000

573,185

6% 7/1/39 (Pre-Refunded to 7/1/09 @ 101) (c)

1,000,000

1,148,160

(LifeBridge Health Proj.) Series 2004 A, 5% 7/1/11

1,000,000

1,072,240

(Loyola College Issue Proj.) 5% 10/1/39

2,000,000

2,006,880

(North Arundel Hosp. Proj.) 6.5% 7/1/31

1,320,000

1,451,657

(Univ. of Maryland Med. Sys. Proj.):

5.25% 7/1/34

1,000,000

1,011,590

6.75% 7/1/30

500,000

562,775

Maryland Indl. Dev. Fing. Auth. Rev.:

(American Ctr. for Physics Proj.):

5.25% 12/15/13

1,100,000

1,209,010

5.25% 12/15/15

320,000

348,192

(Holy Cross Health Sys. Corp. Proj.) 5.7% 12/1/10

1,000,000

1,128,400

Maryland Trans. Auth. Rev. (Trans. Facilities Projs.) 6.8% 7/1/16 (Escrowed to Maturity) (c)

965,000

1,151,525

Montgomery County Econ. Dev. Rev. (Trinity Health Care Group Proj.) 5.125% 12/1/22

2,300,000

2,381,259

Municipal Bonds - continued

Principal Amount

Value

Maryland - continued

Morgan State Univ. Academic & Auxiliary Facilities Fees Rev. Series A, 5% 7/1/20 (FGIC Insured)

$ 500,000

$ 527,440

Northeast Maryland Waste Disp. Auth. Solid Waste Rev.:

(Montgomery County Resource Recovery Proj.)
Series A:

5.9% 7/1/05 (b)

760,000

774,759

6% 7/1/07 (b)

500,000

533,340

5.5% 4/1/12 (AMBAC Insured) (b)

1,500,000

1,648,590

Prince Georges County Ctfs. of Prtn. Series A, 0% 6/30/11 (MBIA Insured)

2,400,000

1,775,592

Prince Georges County Gen. Oblig.:

Series A, 5% 10/1/19

2,000,000

2,138,200

5.5% 5/15/11 (FSA Insured)

2,000,000

2,259,920

Washington D.C. Metropolitan Area Trans. Auth. Gross Rev. 6% 7/1/10 (FGIC Insured)

1,570,000

1,801,528

86,164,565

Puerto Rico - 12.1%

Puerto Rico Commonwealth Gen. Oblig. Series 2001 A, 5.5% 7/1/17 (XL Cap. Assurance, Inc. Insured)

1,000,000

1,147,090

Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series Y, 5.5% 7/1/36 (FSA Insured)

1,000,000

1,092,270

Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A:

5.5% 10/1/32 (Escrowed to Maturity) (c)

850,000

922,718

5.5% 10/1/40 (Escrowed to Maturity) (c)

3,450,000

3,730,175

Puerto Rico Elec. Pwr. Auth. Pwr. Rev.:

Series 2002 KK, 5.5% 7/1/15 (MBIA Insured)

1,000,000

1,152,560

Series HH, 5.25% 7/1/29 (FSA Insured)

2,000,000

2,092,620

Municipal Bonds - continued

Principal Amount

Value

Puerto Rico - continued

Puerto Rico Elec. Pwr. Auth. Pwr. Rev.: - continued

Series II, 5.375% 7/1/16 (MBIA Insured)

$ 1,500,000

$ 1,676,025

Series QQ, 5.5% 7/1/16 (XL Cap. Assurance, Inc. Insured) (a)

200,000

224,046

12,037,504

TOTAL INVESTMENT PORTFOLIO - 98.6%

(Cost $94,263,878)

98,202,069

NET OTHER ASSETS - 1.4%

1,347,724

NET ASSETS - 100%

$ 99,549,793

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Security collateralized by an amount sufficient to pay interest and principal.

Income Tax Information

At November 30, 2004, the aggregate cost of investment securities for income tax purposes was $94,260,346. Net unrealized appreciation aggregated $3,941,723, of which $4,206,202 related to appreciated investment securities and $264,479 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Union Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Union Street Trust

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

January 24, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

January 24, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

January 24, 2005