N-Q 1 filing889.htm PRIMARY DOCUMENT

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)




245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices)       (Zip code)

 


 

Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210
(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, 2015


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity® Arizona Municipal Income Fund

November 30, 2015







AZI-QTLY-0116
1.810709.111





Investments November 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 96.4%   
 Principal Amount Value 
Arizona - 95.5%   
Arizona Board of Regents Arizona State Univ. Rev.:   
(Polytechnic Campus Proj.) Series 2008 C, 5.75% 7/1/23 (Pre-Refunded to 7/1/18 @ 100) $250,000 $280,620 
Series 2012 A, 5% 7/1/26 1,000,000 1,167,250 
Series 2015 B, 5% 7/1/31 1,510,000 1,781,800 
Arizona Board of Regents Ctfs. of Prtn. (Univ. of Arizona Projs.) Series 2012 C, 5% 6/1/26 3,035,000 3,475,500 
Arizona Ctfs. of Prtn.:   
Series 2010 A, 5% 10/1/29 (FSA Insured) 5,000,000 5,565,600 
Series 2013 A, 5% 10/1/25 1,870,000 2,205,403 
Series 2015, 5% 9/1/27 1,500,000 1,799,490 
Arizona Game and Fish Dept. and Commission (AGF Administration Bldg. Proj.) Series 2006:   
5% 7/1/21 1,280,000 1,311,744 
5% 7/1/32 470,000 480,415 
Arizona Health Facilities Auth. Hosp. Sys. Rev. Series 2012 A, 5% 2/1/23 1,285,000 1,469,706 
Arizona Health Facilities Auth. Rev.:   
(Banner Health Sys. Proj.):   
Series 2007 B, 1.028%, tender 1/1/37 (a) 1,000,000 901,170 
Series 2008 A, 5.25% 1/1/31 1,000,000 1,068,980 
Series 2008 D:   
5.375% 1/1/32 1,005,000 1,076,013 
5.5% 1/1/38 100,000 107,129 
6% 1/1/27 1,000,000 1,093,220 
(Scottsdale Lincoln Hospitals Proj.) Series 2014 A:   
5% 12/1/26 2,000,000 2,347,720 
5% 12/1/42 2,000,000 2,200,600 
Series 2011 B1, 5.25% 3/1/39 1,000,000 1,090,130 
Series 2012 A, 5% 1/1/43 3,500,000 3,843,350 
Arizona State Lottery Rev. Series 2010 A, 5% 7/1/21 (FSA Insured) 1,000,000 1,139,210 
Arizona Trans. Board Hwy. Rev. Series 2011 A, 5.25% 7/1/26 1,250,000 1,491,050 
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series A, 5% 10/1/28 2,000,000 2,413,160 
Avondale Muni. Dev. Corp. Excise Tax Rev. 5% 7/1/28 500,000 546,610 
Buckeye Excise Tax Rev. Series 2015:   
5% 7/1/27 350,000 413,000 
5% 7/1/28 500,000 587,250 
5% 7/1/29 455,000 530,257 
Cottonwood Wtr. Sys. Rev.:   
5% 7/1/26 (XL Cap. Assurance, Inc. Insured) 1,405,000 1,427,199 
5% 7/1/30 (XL Cap. Assurance, Inc. Insured) 1,125,000 1,140,818 
5% 7/1/35 (XL Cap. Assurance, Inc. Insured) 1,300,000 1,314,521 
Dysart Unified School District #89 Gen. Oblig. Series 2014:   
5% 7/1/23 700,000 840,973 
5% 7/1/27 1,300,000 1,531,907 
Glendale Gen. Oblig. Series 2015, 5% 7/1/22 (FSA Insured) 1,000,000 1,173,930 
Glendale Indl. Dev. Auth. (Midwestern Univ. Proj.) Series 2007, 5.25% 5/15/19 1,000,000 1,110,640 
Glendale Sr. Excise Tax Rev. Series 2015 A, 5% 7/1/28 1,000,000 1,169,030 
Goodyear McDowell Road Commercial Corridor Impt. District 5.25% 1/1/17 (AMBAC Insured) 1,580,000 1,658,273 
Goodyear Pub. Impt. Corp. Facilities Rev. Series 2008, 6% 7/1/31 1,000,000 1,119,570 
Marana Muni. Property Corp. Facilities Rev. Series A, 5.25% 7/1/22 1,620,000 1,791,704 
Maricopa County Indl. Dev. Auth. Health Facilities Rev. (Catholic Healthcare West Proj.):   
Series 2007 A, 5.25% 7/1/32 1,000,000 1,055,020 
Series 2009 A, 6% 7/1/39 1,000,000 1,135,950 
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 6,000,000 6,612,417 
Maricopa County School District #28 Kyrene Elementary:   
Series 2010 B:   
5.25% 7/1/28 690,000 826,027 
5.5% 7/1/29 480,000 582,528 
5.5% 7/1/30 400,000 484,516 
Series 2010 C, 4% 7/1/29 650,000 703,749 
McAllister Academic Village LLC Rev. (Arizona State Univ. Hassayampa Academic Village Proj.) Series 2008, 5% 7/1/38 1,000,000 1,075,520 
Northern Ariz Univ. Ctfs. of Prtn.:   
(Univ. Proj.) Series 2013, 5% 9/1/24 1,000,000 1,177,320 
Series 2015:   
3% 9/1/16 (FSA Insured) 1,490,000 1,517,416 
5% 9/1/20 (FSA Insured) 440,000 503,527 
Northern Arizona Univ. Revs.:   
Series 2012:   
5% 6/1/36 860,000 946,989 
5% 6/1/41 1,250,000 1,359,913 
Series 2013, 5% 8/1/27 1,000,000 1,155,930 
Series 2014, 5% 6/1/29 500,000 576,925 
Series 2015, 5% 6/1/30 1,000,000 1,150,800 
Phoenix Civic Impt. Board Arpt. Rev.:   
Series 2008 A, 5% 7/1/33 1,000,000 1,083,400 
Series 2013:   
5% 7/1/26 (b) 1,100,000 1,278,035 
5% 7/1/29 (b) 500,000 568,410 
Series 2015 A, 5% 7/1/45 (c) 2,000,000 2,251,980 
Phoenix Civic Impt. Corp. District Rev. (Plaza Expansion Proj.) Series 2005 B, 5.5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,000,000 2,558,460 
Phoenix Gen. Oblig. Series 2014, 4% 7/1/26 2,000,000 2,256,640 
Phoenix-Mesa Gateway Arpt. Auth. (Mesa Proj.) Series 2012:   
5% 7/1/24 (b) 380,000 434,560 
5% 7/1/27 (b) 400,000 450,220 
Pima County Ctfs. of Prtn.:   
(Justice Bldg. Proj.) Series 2007 A:   
5% 7/1/19 (AMBAC Insured) 650,000 688,487 
5% 7/1/21 (AMBAC Insured) 910,000 963,581 
Series 2013 A, 5% 12/1/22 1,000,000 1,193,470 
Series 2014, 5% 12/1/27 1,745,000 2,027,777 
Pima County Swr. Sys. Rev.:   
Series 2011 B:   
5% 7/1/22 1,635,000 1,935,284 
5% 7/1/25 1,000,000 1,173,140 
Series 2012 A:   
5% 7/1/25 1,600,000 1,889,040 
5% 7/1/26 1,000,000 1,172,590 
Pima County Unified School District #1 Tucson (Proj. of 2004):   
Series 2007 C, 5% 7/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000,000 1,062,290 
Series 2008 D, 5% 7/1/25 (FSA Insured) 1,000,000 1,092,150 
Queen Creek Excise Tax & State Shared Rev. 5% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,125,000 1,199,318 
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.:   
Series 2008 A:   
5% 1/1/24 1,075,000 1,162,731 
5% 1/1/33 1,000,000 1,070,470 
5% 1/1/38 2,400,000 2,559,960 
Series 2009 A, 5% 1/1/26 2,950,000 3,304,826 
Series 2015 A:   
5% 12/1/34 1,500,000 1,763,880 
5% 12/1/45 1,000,000 1,150,800 
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007:   
5% 12/1/37 1,500,000 1,682,745 
5.5% 12/1/29 3,000,000 3,618,660 
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.):   
Series 2006 C, 5% 9/1/35 (FSA Insured) 420,000 460,181 
Series 2008 A, 5% 9/1/23 355,000 386,872 
Scottsdale Muni. Property Corp. Excise Tax Rev. Series 2015, 5% 7/1/34 1,355,000 1,602,640 
Surprise Pledged Rev. Series 2015, 5% 7/1/26 1,010,000 1,221,949 
Tempe Excise Tax Rev. Series 2012, 5% 7/1/25 1,090,000 1,290,593 
Tempe Transit Excise Tax Rev. Series 2008, 4.75% 7/1/38 60,000 64,140 
Tucson Ctfs. of Prtn.:   
Series 2007, 5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000,000 1,059,040 
Series 2014:   
4% 7/1/20 (FSA Insured) 500,000 553,460 
5% 7/1/28 (FSA Insured) 1,000,000 1,170,030 
Tucson Wtr. Rev.:   
Series 2015, 5% 7/1/31 1,000,000 1,200,430 
5% 7/1/27 1,000,000 1,226,070 
5% 7/1/28 2,000,000 2,434,900 
Univ. Med. Ctr. Corp. Hosp. Rev.:   
Series 2011, 6% 7/1/39 (Pre-Refunded to 7/1/21 @ 100) 2,235,000 2,756,381 
5.625% 7/1/36 (Pre-Refunded to 7/1/23 @ 100) 1,000,000 1,248,120 
Univ. of Arizona Univ. Revs.:   
Series 2009 A, 5% 6/1/39 1,000,000 1,100,410 
Series 2012 A, 5% 6/1/37 2,225,000 2,476,114 
Series 2014, 5% 8/1/28 1,000,000 1,179,920 
Series 2015 A 5% 6/1/30 2,500,000 2,967,225 
Yavapai County Indl. Dev. Auth.:   
(Northern Healthcare Sys. Proj.) Series 2011, 5% 10/1/20 1,000,000 1,148,810 
Series 2012 A, 5.25% 8/1/33 2,000,000 2,200,860 
Yuma Indl. Dev. Auth. Hosp. Rev. Series 2014 A, 5% 8/1/27 2,000,000 2,291,540 
TOTAL ARIZONA  147,162,078 
Guam - 0.7%   
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:   
5% 10/1/18 (b) 300,000 324,930 
6.375% 10/1/43 (b) 200,000 234,328 
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) 400,000 466,484 
TOTAL GUAM  1,025,742 
Virgin Islands - 0.2%   
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/25 300,000 329,451 
TOTAL INVESTMENT PORTFOLIO - 96.4%   
(Cost $140,361,376)  148,517,271 
NET OTHER ASSETS (LIABILITIES) - 3.6%  5,577,979 
NET ASSETS - 100%  $154,095,250 

Legend

 (a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

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


Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Other Information

Income Tax Information

At November 30, 2015, the cost of investment securities for income tax purposes was $140,342,178. Net unrealized appreciation aggregated $8,175,093, of which $8,321,821 related to appreciated investment securities and $146,728 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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 LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Maryland Municipal Income Fund

November 30, 2015







SMD-QTLY-116
1.810710.111





Investments November 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 97.5%   
 Principal Amount Value 
Guam - 0.9%   
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/23 500,000 509,955 
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:   
5% 10/1/16 (a) $300,000 $308,934 
6.25% 10/1/34 (a) 300,000 355,797 
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/24 (FSA Insured) 500,000 584,955 
TOTAL GUAM  1,759,641 
Maryland - 96.6%   
Anne Arundel County Gen. Oblig.:   
Series 2012:   
5% 4/1/22 335,000 404,174 
5% 4/1/23 4,050,000 4,848,498 
Series 2014, 5% 4/1/25 2,140,000 2,628,348 
Series 2015:   
5% 4/1/30 6,795,000 8,156,509 
5% 4/1/33 2,585,000 3,065,241 
5% 4/1/33 5,895,000 6,990,173 
Baltimore Convention Ctr. Hotel Rev. Series 2006 A:   
5.25% 9/1/17 (XL Cap. Assurance, Inc. Insured) 1,350,000 1,392,012 
5.25% 9/1/27 (XL Cap. Assurance, Inc. Insured) 1,020,000 1,037,636 
Baltimore County Gen. Oblig.:   
(Metropolitan District Proj.) Series 71, 5% 2/1/38 1,930,000 2,082,509 
(Oak Crest Village, Inc. Proj.) Series 2007 A, 5% 1/1/22 500,000 515,200 
Series 2012, 5% 8/1/23 5,000,000 6,038,350 
Series 2014 B:   
4.5% 9/1/23 1,645,000 1,968,637 
4.5% 9/1/24 4,730,000 5,703,671 
4% 8/1/24 3,000,000 3,289,530 
Baltimore Gen. Oblig.:   
Series 2013 B:   
5% 10/15/23 1,100,000 1,320,099 
5% 10/15/24 1,875,000 2,240,831 
5% 6/15/23 350,000 394,370 
5% 6/15/24 500,000 563,950 
Baltimore Proj. Rev.:   
(Wastewtr. Proj.):   
Series 2007 D, 5% 7/1/37 (FSA Insured) 4,000,000 4,211,640 
Series 2008 A, 5% 7/1/38 (FSA Insured) 2,000,000 2,168,920 
Series 2009 C, 5.625% 7/1/39 2,000,000 2,296,860 
(Wastewtr. Projs.):   
Series 2014 C, 5% 7/1/27 2,325,000 2,788,140 
Series 2014 D, 5% 7/1/28 2,750,000 3,302,723 
(Wtr. Proj.) Series 1994 A, 5% 7/1/24 (FGIC Insured) 370,000 408,140 
(Wtr. Projs.):   
Series 2014 A:   
5% 7/1/28 2,825,000 3,362,485 
5% 7/1/33 3,000,000 3,489,180 
Series 2014 B, 5% 7/1/28 1,580,000 1,897,564 
Waste Wtr. 2014C 5% 7/1/34 1,285,000 1,487,876 
5% 7/1/33 (FSA Insured) 1,260,000 1,372,757 
5% 7/1/37 (AMBAC Insured) 1,260,000 1,326,868 
Frederick County Econ. Dev. Rev. Series 2009 A:   
5% 3/1/25 610,000 684,158 
5% 3/1/27 1,255,000 1,404,583 
Frederick County Gen. Oblig. Series 2014 A:   
5% 8/1/23 650,000 798,740 
5% 8/1/24 500,000 619,630 
Howard County Gen. Oblig. Series 2011 B, 5% 8/15/23 5,000,000 5,946,500 
Maryland Dept. of Trans. Consolidated Trans. Rev. Series 2009, 4% 5/15/23 1,390,000 1,507,872 
Maryland Econ. Dev. Corp. Student Hsg. Rev.:   
(Towson Univ. Proj.) Series 2007 A, 5.25% 7/1/17 500,000 524,470 
(Univ. of Maryland, Baltimore County Student Hsg. Proj.) Series 2006, 5% 7/1/16 (XL Cap. Assurance, Inc. Insured) 500,000 505,615 
Maryland Gen. Oblig. Series B, 5% 8/1/25 6,725,000 8,098,111 
Maryland Health & Higher Edl. Facilities Auth. Rev.:   
(Anne Arundel Health Sys. Proj.) Series 2010, 5% 7/1/28 510,000 563,683 
(Doctors Cmnty. Hosp. Proj.) Series 2010, 5.75% 7/1/38 3,970,000 4,211,813 
(Johns Hopkins Univ. Proj.) Series 2008 A, 5.25% 7/1/38 5,000,000 5,476,300 
(LifeBridge Health Proj.) Series 2011, 6% 7/1/41 1,500,000 1,760,625 
(Mercy Med. Ctr. Proj.) Series 2007 A, 5.5% 7/1/42 1,000,000 1,044,520 
(Univ. of Maryland Med. Sys. Proj.) Series 2010, 5.125% 7/1/39 1,700,000 1,845,707 
(Upper Chesapeake Hosp. Proj.) Series 2008 C, 5.5% 1/1/18 (Escrowed to Maturity) 285,000 298,874 
Series 2011 A, 5% 5/15/23 1,500,000 1,745,565 
Series 2011, 5% 8/15/22 1,000,000 1,166,690 
Series 2012 A:   
5% 7/1/23 400,000 464,776 
5% 7/1/24 700,000 808,738 
5% 7/1/25 900,000 1,041,588 
5% 7/1/25 1,000,000 1,137,750 
5% 7/1/25 2,000,000 2,383,000 
5% 7/1/25 1,120,000 1,252,082 
5% 7/1/26 300,000 334,053 
5% 10/1/30 750,000 841,958 
Series 2012 B, 5% 7/1/25 1,135,000 1,330,890 
Series 2012:   
5% 7/1/23 850,000 997,271 
5% 7/1/24 1,100,000 1,279,586 
5% 7/1/26 1,080,000 1,174,424 
5% 7/1/26 1,400,000 1,601,922 
5% 7/1/27 300,000 341,907 
5% 7/1/31 2,500,000 2,661,100 
Series 2013 A:   
5% 7/1/26 1,045,000 1,187,590 
5% 7/1/27 1,185,000 1,342,119 
5% 8/15/41 3,000,000 3,269,580 
5% 7/1/43 3,495,000 3,813,429 
Series 2013 B, 5% 8/15/38 2,000,000 2,212,240 
Series 2014:   
5% 7/1/27 3,495,000 4,025,821 
5% 10/1/45 2,500,000 2,808,800 
5.25% 7/1/25 5,000,000 5,911,550 
Series 2015 A:   
5% 5/15/29 2,000,000 2,368,560 
5% 5/15/30 1,000,000 1,177,000 
Series 2015:   
5% 7/1/26 1,000,000 1,175,040 
5% 7/1/27 1,000,000 1,165,880 
5% 7/1/29 600,000 690,072 
5% 8/15/29 2,000,000 2,317,680 
5% 7/1/30 1,075,000 1,228,747 
5% 7/1/31 2,200,000 2,477,970 
5% 7/1/33 1,200,000 1,322,772 
5% 7/1/34 1,200,000 1,317,708 
5% 7/1/40 1,350,000 1,491,561 
5% 7/1/19 (FSA Insured) 260,000 277,256 
5% 7/1/19 (Pre-Refunded to 7/1/17 @ 100) 40,000 42,668 
Maryland Indl. Dev. Fing. Auth. Rev. (American Ctr. for Physics Proj.) Series 2001, 5.25% 12/15/15 320,000 320,602 
Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2012 A, 5% 6/1/21 (a) 2,255,000 2,619,363 
Maryland Trans. Auth. Trans. Facility Projects Rev.:   
Series 2007, 5% 7/1/31 (FSA Insured) 5,000,000 5,292,000 
Series 2008:   
5% 7/1/35 880,000 949,916 
5% 7/1/37 (FSA Insured) 4,485,000 4,831,915 
6.8% 7/1/16 (Escrowed to Maturity) 105,000 108,943 
Montgomery County Gen. Oblig. (Trinity Health Cr. Group Proj.) Series 2011, 5% 12/1/40 1,000,000 1,099,760 
Morgan State Univ. Academic & Auxiliary Facilities Fees Rev. Series 2012:   
5% 7/1/20 650,000 749,970 
5% 7/1/22 750,000 887,010 
Prince Georges County Gen. Oblig. Series 2011 A, 5% 9/15/26 2,500,000 2,961,600 
Worcester County Series 2014, 5% 3/1/24 1,670,000 2,054,701 
TOTAL MARYLAND  200,107,215 
TOTAL MUNICIPAL BONDS   
(Cost $195,266,862)  201,866,856 
TOTAL INVESTMENT PORTFOLIO - 97.5%   
(Cost $195,266,862)  201,866,856 
NET OTHER ASSETS (LIABILITIES) - 2.5%  5,192,204 
NET ASSETS - 100%  $207,059,060 

Legend

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


Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Other Information

Income Tax Information

At November 30, 2015, the cost of investment securities for income tax purposes was $195,261,357. Net unrealized appreciation aggregated $6,605,499, of which $6,743,416 related to appreciated investment securities and $137,917 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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 LLC or an affiliate.


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/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

January 28, 2016


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/Stephanie J. Dorsey

 

Stephanie J. Dorsey

 

President and Treasurer

 

 

Date:

January 28, 2016



 

By:

/s/Howard J. Galligan III

 

Howard J. Galligan III

 

Chief Financial Officer

 

 

Date:

January 28, 2016