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, 2017


Item 1.

Schedule of Investments





Quarterly Holdings Report
for

Fidelity® Maryland Municipal Income Fund

November 30, 2017







SMD-QTLY-0118
1.810710.113





Investments November 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 96.7%   
 Principal Amount Value 
District Of Columbia - 1.0%   
Washington D.C. Metropolitan Transit Auth. Rev. Series 2017 B, 5% 7/1/33 2,000,000 2,389,520 
Guam - 0.4%   
Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.25% 10/1/34 (a) 300,000 339,492 
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/24 (FSA Insured) 500,000 557,145 
TOTAL GUAM  896,637 
Maryland - 95.3%   
Anne Arundel County Gen. Oblig.:   
Series 2012, 5% 4/1/22 $335,000 $379,853 
Series 2013, 5% 4/1/32 2,675,000 3,079,835 
Series 2014, 5% 4/1/25 2,140,000 2,518,202 
Series 2015:   
5% 4/1/30 6,795,000 8,070,415 
5% 4/1/33 5,895,000 6,905,816 
5% 4/1/33 2,585,000 3,028,250 
Series 2016, 5% 10/1/29 1,455,000 1,749,827 
Baltimore Convention Ctr. Hotel Rev. Series 2017, 5% 9/1/32 1,500,000 1,728,450 
Baltimore County Gen. Oblig.:   
Series 2011, 5% 2/1/32 500,000 560,190 
Series 2014 B:   
4.5% 9/1/23 1,645,000 1,878,491 
4.5% 9/1/24 4,730,000 5,485,145 
Series 2016, 5% 2/1/29 1,310,000 1,574,934 
Series 2017:   
5% 3/1/29 3,400,000 4,150,754 
5% 3/1/30 2,440,000 2,962,941 
4% 8/1/24 3,000,000 3,170,520 
Baltimore Gen. Oblig.:   
Series 2011 A, 5% 10/15/26 (Pre-Refunded to 10/15/21 @ 100) 550,000 616,930 
Series 2013 B:   
5% 10/15/23 1,100,000 1,258,235 
5% 10/15/24 1,875,000 2,137,238 
Series 2017 A:   
5% 10/15/34 2,000,000 2,390,200 
5% 10/15/36 1,000,000 1,187,490 
5% 10/15/37 1,000,000 1,184,650 
Series 2017, 5% 9/1/38 1,650,000 1,773,668 
5% 6/15/23 350,000 399,396 
5% 6/15/24 500,000 576,185 
Baltimore Proj. Rev.:   
(Wastewtr. Projs.):   
Series 2014 C, 5% 7/1/27 2,325,000 2,732,689 
Series 2014 D, 5% 7/1/28 2,750,000 3,224,375 
(Wtr. Projs.):   
Series 1994 A, 5% 7/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 275,000 297,176 
Series 2014 A:   
5% 7/1/28 2,825,000 3,300,278 
5% 7/1/33 3,000,000 3,449,940 
Series 2014 B, 5% 7/1/28 1,580,000 1,852,550 
Series 2017 D, 5% 7/1/31 5,260,000 6,260,505 
Waste Wtr. 2014C 5% 7/1/34 1,285,000 1,472,379 
City of Salisbury Gen. Oblig. Bonds Series 2016, 5% 4/1/24 1,400,000 1,648,332 
City of Westminster Series 2016, 5% 11/1/31 2,000,000 2,247,380 
Howard County Gen. Oblig.:   
(Consolidated Pub. Impt. Proj.) Series 2016 A, 5% 2/15/25 3,785,000 4,562,212 
Series 2011 B, 5% 8/15/23 2,980,000 3,330,865 
Series 2013 A, 4% 2/15/23 450,000 481,631 
Series 2017 B, 5% 2/15/29 4,025,000 4,932,316 
Maryland Dept. of Trans. Consolidated Trans. Rev. Series 2017, 5% 9/1/29 4,000,000 4,918,000 
Maryland Econ. Dev. Corp. (Purple Line Lt. Rail Proj.) Series 2016 D:   
5% 3/31/31 (a) 1,950,000 2,233,979 
5% 3/31/36 (a) 2,500,000 2,818,800 
Maryland Econ. Dev. Corp. Student Hsg. Rev.:   
(Towson Univ. Proj.) Series 2017:   
5% 7/1/26 350,000 403,718 
5% 7/1/28 305,000 351,592 
5% 7/1/29 185,000 211,943 
5% 7/1/30 250,000 284,203 
5% 7/1/32 325,000 364,644 
(Towson Unversity Proj.) Series 2017:   
5% 7/1/31 300,000 338,940 
5% 7/1/36 500,000 558,405 
(Univ. of Maryland, Baltimore County Proj.) Series 2016:   
5% 7/1/28 (FSA Insured) 350,000 415,370 
5% 7/1/29 (FSA Insured) 700,000 825,426 
(Univ. of Maryland, College Park Projs.) 5% 6/1/43 (FSA Insured) 575,000 661,572 
Maryland Gen. Oblig. Series 2017 A, 5% 3/15/28 1,740,000 2,140,339 
Maryland Health & Higher Edl. Facilities Auth. Rev.:   
(Anne Arundel Health Sys. Proj.) Series 2010, 5% 7/1/28 (Pre-Refunded to 7/1/19 @ 100) 510,000 536,938 
(Anne Arundel Med. Ctr., MD Proj.) Series 2017 A:   
5% 7/1/28 500,000 591,355 
5% 7/1/30 850,000 994,415 
5% 7/1/31 1,400,000 1,630,230 
5% 7/1/32 290,000 336,383 
(Johns Hopkins Univ. Proj.) Series 2008 A, 5.25% 7/1/38 5,000,000 5,114,200 
(Upper Chesapeake Hosp. Proj.) Series 2008 C, 5.5% 1/1/18 (Escrowed to Maturity) 100,000 100,320 
Series 2011, 5% 8/15/22 1,000,000 1,113,600 
Series 2012 A:   
5% 7/1/23 400,000 453,692 
5% 7/1/24 (Pre-Refunded to 7/1/22 @ 100) 700,000 798,602 
5% 7/1/25 1,000,000 1,126,250 
5% 7/1/25 1,120,000 1,238,787 
5% 7/1/26 300,000 330,045 
5% 10/1/30 750,000 832,538 
Series 2012 B, 5% 7/1/25 1,135,000 1,299,711 
Series 2012:   
5% 7/1/23 850,000 962,098 
5% 7/1/24 1,100,000 1,245,838 
5% 7/1/26 1,080,000 1,181,336 
5% 7/1/26 1,400,000 1,579,676 
5% 7/1/27 300,000 337,173 
5% 7/1/31 2,500,000 2,690,050 
Series 2013 A:   
5% 7/1/26 1,045,000 1,173,274 
5% 7/1/27 1,185,000 1,325,233 
5% 8/15/41 3,000,000 3,378,030 
5% 7/1/43 3,495,000 3,812,835 
Series 2013 B, 5% 8/15/38 2,000,000 2,255,420 
Series 2014:   
5% 7/1/27 3,495,000 4,019,390 
5% 10/1/45 2,500,000 2,846,100 
5.25% 7/1/25 2,500,000 2,883,275 
Series 2015 A:   
5% 5/15/29 2,000,000 2,370,420 
5% 5/15/30 1,000,000 1,180,490 
Series 2015:   
5% 7/1/26 1,000,000 1,161,880 
5% 7/1/27 1,000,000 1,155,610 
5% 7/1/29 600,000 696,576 
5% 8/15/29 2,000,000 2,304,640 
5% 7/1/30 1,075,000 1,242,539 
5% 7/1/31 2,200,000 2,525,006 
5% 7/1/33 1,325,000 1,459,912 
5% 7/1/34 1,200,000 1,316,328 
5% 7/1/40 3,350,000 3,771,899 
Series 2016 A:   
4% 7/1/42 2,175,000 2,187,506 
5% 7/1/35 1,500,000 1,652,550 
5% 7/1/38 3,215,000 3,522,097 
5.5% 1/1/31 1,500,000 1,767,240 
Series 2016:   
5% 6/1/26 300,000 347,364 
5% 6/1/27 255,000 294,831 
5% 6/1/28 310,000 359,473 
5% 6/1/29 350,000 406,434 
5% 7/1/31 500,000 582,500 
5% 6/1/33 305,000 346,547 
5% 6/1/36 250,000 283,395 
Series 2017:   
5% 6/1/27 290,000 335,298 
5% 6/1/31 425,000 490,369 
5% 6/1/33 970,000 1,102,133 
5% 6/1/35 600,000 679,992 
5% 6/1/42 1,000,000 1,115,620 
Maryland Stadium Auth. Rev.:   
(Stadium Auth. Baltimore City Proj.) Series 2016, 5% 5/1/30 1,715,000 2,022,620 
(Pub. Schools Construction and Revitalization Prog.) Series 2016:   
5% 5/1/36 2,000,000 2,308,120 
5% 5/1/41 1,000,000 1,146,830 
Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2012 A, 5% 6/1/21 (a) 2,255,000 2,482,056 
Maryland Trans. Auth. Trans. Facility Projs. Rev.:   
Series 2008:   
5% 7/1/35 (FSA Insured) 880,000 898,841 
5% 7/1/37 (FSA Insured) 4,485,000 4,581,024 
Series 2017, 5% 7/1/30 3,000,000 3,632,220 
Montgomery County Gen. Oblig.:   
(Trinity Health Cr. Group Proj.) Series 2011, 5% 12/1/40 1,000,000 1,111,290 
Series 2016, 5% 12/1/45 2,500,000 2,844,725 
Morgan State Univ. Academic & Auxiliary Facilities Fees Rev. Series 2012:   
5% 7/1/20 650,000 701,246 
5% 7/1/22 750,000 846,135 
Rockville Mayor & Council Econ. Dev. (Rfdg.-Ingleside King Farm Proj.) Series 2017:   
3.5% 11/1/26 1,825,000 1,829,982 
5% 11/1/30 790,000 889,137 
5% 11/1/32 525,000 586,367 
Worcester County Series 2014, 5% 3/1/24 1,670,000 1,964,705 
TOTAL MARYLAND  223,777,915 
TOTAL MUNICIPAL BONDS   
(Cost $223,183,839)  227,064,072 
TOTAL INVESTMENT IN SECURITIES - 96.7%   
(Cost $223,183,839)  227,064,072 
NET OTHER ASSETS (LIABILITIES) - 3.3%  7,734,380 
NET ASSETS - 100%  $234,798,452 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 prepayment speed assumptions, attributes of the collateral, 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.

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® Arizona Municipal Income Fund

November 30, 2017







AZI-QTLY-0118
1.810709.113





Investments November 30, 2017 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.5%   
 Principal Amount Value 
Arizona - 98.0%   
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 $256,263 
Series 2012 A, 5% 7/1/26 1,000,000 1,128,180 
Series 2015 A, 5% 7/1/35 2,215,000 2,556,930 
Series 2015 B, 5% 7/1/31 1,525,000 1,783,152 
Series 2015 D:   
5% 7/1/34 500,000 579,040 
5% 7/1/35 900,000 1,038,933 
5% 7/1/41 485,000 555,582 
5% 7/1/46 3,000,000 3,425,610 
Series 2016 B, 5% 7/1/22 425,000 484,466 
Arizona Board of Regents Ctfs. of Prtn. (Univ. of Arizona Projs.) Series 2012 C, 5% 6/1/26 3,035,000 3,397,925 
Arizona Ctfs. of Prtn.:   
Series 2010 A, 5% 10/1/29 (FSA Insured) 5,000,000 5,284,000 
Series 2013 A, 5% 10/1/25 1,870,000 2,104,741 
Series 2015, 5% 9/1/27 1,500,000 1,772,820 
Series 2016, 5% 10/1/21 500,000 558,085 
Arizona Game and Fish Dept. and Commission (AGF Administration Bldg. Proj.) Series 2006:   
5% 7/1/21 1,280,000 1,283,661 
5% 7/1/32 470,000 471,156 
Arizona Health Facilities Auth. Hosp. Sys. Rev. Series 2012 A, 5% 2/1/23 1,285,000 1,419,115 
Arizona Health Facilities Auth. Rev.:   
(Banner Health Sys. Proj.):   
Series 2007 B, 3 month U.S. LIBOR + 0.810% 1.705%, tender 1/1/37 (a)(b) 1,000,000 875,940 
Series 2008 D, 5.5% 1/1/38 (Pre-Refunded to 1/1/18 @ 100) 100,000 100,320 
(Scottsdale Lincoln Hospitals Proj.) Series 2014 A:   
5% 12/1/26 2,000,000 2,327,280 
5% 12/1/42 2,020,000 2,300,416 
Series 2011 B1, 5.25% 3/1/39 1,000,000 1,085,530 
Series 2012 A, 5% 1/1/43 3,500,000 3,820,915 
Arizona State Trans. Board Series 2017 A, 5% 7/1/32 1,500,000 1,785,165 
Arizona Wtr. Infrastructure Fin. Auth. Rev. Series A, 5% 10/1/28 2,000,000 2,358,580 
Avondale Muni. Dev. Corp. Excise Tax Rev. 5% 7/1/28 (Pre-Refunded to 7/1/18 @ 100) 500,000 510,385 
Buckeye Excise Tax Rev. Series 2015:   
5% 7/1/27 350,000 415,611 
5% 7/1/28 500,000 590,305 
5% 7/1/29 455,000 533,392 
Central Wtr. Conservation District (Central Arizona Proj.) Series 2016 A, 5% 1/1/36 500,000 576,265 
Dysart Unified School District #89 Gen. Oblig. Series 2014:   
5% 7/1/23 700,000 805,861 
5% 7/1/27 1,300,000 1,494,194 
Glendale Gen. Oblig.:   
Series 2015, 5% 7/1/22 (FSA Insured) 1,000,000 1,132,860 
Series 2017, 5% 7/1/32 1,000,000 1,180,870 
Glendale Indl. Dev. Auth. (Midwestern Univ. Proj.) Series 2007, 5.25% 5/15/19 1,000,000 1,047,590 
Glendale Sr. Excise Tax Rev. Series 2015 A, 5% 7/1/28 1,000,000 1,173,790 
Goodyear Pub. Impt. Corp. Facilities Rev. Series 2016 A, 5% 7/1/29 1,000,000 1,182,550 
Maricopa County Cmnty. College District Series 2016, 5% 7/1/21 2,000,000 2,228,700 
Maricopa County Indl. Dev. Auth. Health Facilities Rev. (Catholic Healthcare West Proj.) Series 2009 A, 6% 7/1/39 1,000,000 1,060,580 
Maricopa County Indl. Dev. Auth. Rev. Series 2016 A:   
5% 1/1/34 3,000,000 3,494,250 
5% 1/1/38 1,215,000 1,401,563 
Maricopa County Indl. Dev. Auth. Sr. Living Facilities Series 2016:   
5.75% 1/1/36 (c) 250,000 253,338 
6% 1/1/48 (c) 250,000 254,713 
Maricopa County Phoenix Union High School District #210 Series E, 5% 7/1/22 1,000,000 1,139,440 
Maricopa County Poll. Cont. Rev. (Southern California Edison Co. Proj.) Series 2000 A, 5% 6/1/35 6,000,000 6,391,618 
Maricopa County School District #28 Kyrene Elementary:   
Series 2010 B:   
5.25% 7/1/28 690,000 805,354 
5.5% 7/1/29 480,000 568,483 
5.5% 7/1/30 400,000 473,272 
Series 2010 C, 4% 7/1/29 650,000 704,743 
McAllister Academic Village LLC Rev.:   
(Arizona State Univ. Hassayampa Academic Village Proj.) Series 2016:   
5% 7/1/37 2,000,000 2,318,440 
5% 7/1/38 3,850,000 4,456,683 
Series 2016, 5% 7/1/39 2,270,000 2,623,961 
Mesa Util. Sys. Rev. Series 2017, 4% 7/1/25 2,000,000 2,254,360 
Northern Arizona Univ. Ctfs. of Prtn.:   
(Univ. Proj.) Series 2013, 5% 9/1/24 1,000,000 1,118,690 
Series 2015, 5% 9/1/20 (FSA Insured) 440,000 476,137 
Northern Arizona Univ. Revs.:   
Series 2012:   
5% 6/1/36 860,000 932,059 
5% 6/1/41 1,250,000 1,354,738 
Series 2013, 5% 8/1/27 1,000,000 1,142,450 
Series 2014, 5% 6/1/29 500,000 571,575 
Series 2015, 5% 6/1/30 1,000,000 1,163,890 
Phoenix Civic Impt. Board Arpt. Rev.:   
Series 2013:   
5% 7/1/26 (d) 1,100,000 1,250,843 
5% 7/1/29 (d) 500,000 561,895 
Series 2015 A, 5% 7/1/45 4,100,000 4,663,750 
Series 2017 A, 5% 7/1/35 (d) 2,425,000 2,819,426 
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 2,596,960 
Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev. Series 2016, 5% 7/1/33 1,000,000 1,175,830 
Phoenix Gen. Oblig. Series 2014, 4% 7/1/26 2,000,000 2,228,300 
Phoenix-Mesa Gateway Arpt. Auth. (Mesa Proj.) Series 2012:   
5% 7/1/24 (d) 380,000 427,295 
5% 7/1/27 (d) 400,000 444,068 
Pima County Ctfs. of Prtn.:   
Series 2013 A, 5% 12/1/22 1,000,000 1,135,220 
Series 2014, 5% 12/1/27 1,745,000 1,975,968 
Pima County Gen. Oblig. Series 2016, 4% 7/1/22 2,000,000 2,189,620 
Pima County Swr. Sys. Rev.:   
Series 2011 B, 5% 7/1/22 1,050,000 1,168,514 
Series 2012 A:   
5% 7/1/23 30,000 33,986 
5% 7/1/25 1,600,000 1,809,584 
5% 7/1/26 1,000,000 1,130,050 
Series 2016, 5% 7/1/21 3,000,000 3,329,820 
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev.:   
(Arizona Salt River Proj.) Series A:   
5% 1/1/31 3,000,000 3,597,420 
5% 1/1/38 1,000,000 1,174,330 
Series 2015 A:   
5% 12/1/34 1,500,000 1,751,400 
5% 12/1/45 1,035,000 1,192,455 
Salt Verde Finl. Corp. Sr. Gas Rev. Series 2007:   
5% 12/1/37 1,500,000 1,826,460 
5.5% 12/1/29 3,000,000 3,692,790 
Scottsdale Gen. Oblig. Series 2017, 4% 7/1/32 400,000 439,004 
Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Healthcare Proj.):   
Series 2006 C, 5% 9/1/35 (FSA Insured) 420,000 448,791 
Series 2008 A, 5% 9/1/23 355,000 363,396 
Scottsdale Muni. Property Corp. Excise Tax Rev.:   
Series 2015, 5% 7/1/34 1,355,000 1,584,374 
Series 2017, 5% 7/1/31 4,320,000 5,242,709 
Surprise Pledged Rev. Series 2015, 5% 7/1/26 1,010,000 1,201,658 
Tempe Excise Tax Rev.:   
Series 2012, 5% 7/1/25 1,090,000 1,240,453 
Series 2016:   
5% 7/1/28 315,000 377,316 
5% 7/1/29 500,000 595,505 
5% 7/1/30 325,000 385,424 
5% 7/1/31 375,000 442,823 
Tempe Transit Excise Tax Rev. Series 2008:   
4.75% 7/1/38 35,000 35,618 
4.75% 7/1/38 (Pre-Refunded to 7/1/18 @ 100) 25,000 25,484 
Tucson Ctfs. of Prtn.:   
Series 2014:   
4% 7/1/20 (FSA Insured) 500,000 527,550 
5% 7/1/28 (FSA Insured) 1,000,000 1,147,430 
Series 2015, 5% 7/1/23 (FSA Insured) 555,000 640,198 
Series 2016, 5% 7/1/27 (FSA Insured) 1,245,000 1,473,321 
Tucson Wtr. Rev.:   
Series 2015, 5% 7/1/31 1,000,000 1,173,040 
Series 2017, 5% 7/1/34 1,000,000 1,190,110 
5% 7/1/27 1,000,000 1,194,370 
5% 7/1/28 2,000,000 2,376,460 
Univ. Med. Ctr. Corp. Hosp. Rev. 5.625% 7/1/36 (Pre-Refunded to 7/1/23 @ 100) 1,000,000 1,192,650 
Univ. of Arizona Univ. Revs.:   
Series 2012 A, 5% 6/1/37 2,225,000 2,479,963 
Series 2014, 5% 8/1/28 1,000,000 1,153,760 
Series 2015 A 5% 6/1/30 2,500,000 2,930,175 
5% 6/1/38 2,000,000 2,320,640 
5% 6/1/39 1,910,000 2,213,098 
Yavapai County Indl. Dev. Auth.:   
(Northern Healthcare Sys. Proj.) Series 2011, 5% 10/1/20 1,000,000 1,087,030 
Series 2012 A, 5.25% 8/1/33 2,000,000 2,185,680 
Series 2016, 5% 8/1/36 1,305,000 1,431,676 
Yuma Indl. Dev. Auth. Hosp. Rev. Series 2014 A, 5% 8/1/27 2,000,000 2,272,780 
TOTAL ARIZONA  174,134,985 
Guam - 0.5%   
Guam Int'l. Arpt. Auth. Rev. Series 2013 C:   
5% 10/1/18 (d) 300,000 306,732 
6.375% 10/1/43 (d) 200,000 226,632 
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/21 (FSA Insured) 400,000 439,780 
TOTAL GUAM  973,144 
TOTAL MUNICIPAL BONDS   
(Cost $170,192,264)  175,108,129 
TOTAL INVESTMENT IN SECURITIES - 98.5%   
(Cost $170,192,264)  175,108,129 
NET OTHER ASSETS (LIABILITIES) - 1.5%  2,593,877 
NET ASSETS - 100%  $177,702,006 

Legend

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

 (b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $508,051 or 0.3% of net assets.

 (d) 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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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.

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 26, 2018


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 26, 2018



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

January 26, 2018