# EDGAR Filing Document

**Accession Number:** 0000035330
**File Stem:** 0000035330-25-000145
**Filing Date:** 2025-10
**Character Count:** 152842
**Document Hash:** b86dcb38ca4a1490e99b61db8c61080b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035330-25-000145.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000035330-25-000145

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**EFFECTIVENESS DATE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY UNION STREET TRUST
- **CENTRAL INDEX KEY:** 0000035330

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02460
- **FILM NUMBER:** 251411929

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY DAILY INCOME TRUST
- **DATE OF NAME CHANGE:** 19900626

## Series and Classes Contracts Data

### Fidelity Arizona Municipal Income Fund (Series ID: S000007497)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000020471 | Fidelity Arizona Municipal Income Fund | FSAZX           |

### Fidelity Maryland Municipal Income Fund (Series ID: S000007499)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000020473 | Fidelity Maryland Municipal Income Fund | SMDMX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-02460</u>

<u>Fidelity Union Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;August 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;August 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® Maryland Municipal Income Fund<br> **Fidelity® Maryland Municipal Income Fund : SMDMX** <br>|

---

This annual shareholder report contains information about Fidelity® Maryland Municipal Income Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Maryland Municipal Income Fund  | $55  | 0.55% |

---

**What affected the Fund's performance this period?**

• Tax-exempt municipal bonds were essentially flat for the 12 months ending August 31, 2025, held back by heavy new-issue supply, the now-extinguished threat to munis' federal tax exemption, resurgent inflation, trade-related conflict and the U.S. Federal Reserve's late-January decision to pause further rate cuts in the near term.

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to performance versus the Bloomberg Maryland 2+ Year Enhanced Municipal Linked 08/01/2018 Index for the fiscal year.

• An underweight in bonds with a coupon of 4% also boosted the fund's relative result.

• In contrast, the fund's exposure to certain hospital bonds detracted from performance for the 12 months.

• An overweight in bonds with a duration (sensitivity to interest rates) of 20+ years and longer also hurt, as their yields rose.

• There were no major changes to the fund from the perspective of sector allocation, yield-curve positioning and credit-quality exposure during the past 12 months.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

August 31, 2015 through August 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Maryland Municipal Income Fund<br>| $10000 | $10698<br>| $10734<br>| $10716<br>| $11625<br>| $11794<br>| $12275<br>| $11152<br>| $11323<br>| $12028<br>| $12105<br>|
| Bloomberg Maryland 2+ Year Enhanced Municipal Linked Index<br>| $10000 | $10753<br>| $10853<br>| $10835<br>| $11757<br>| $12205<br>| $12486<br>| $11432<br>| $11538<br>| $12175<br>| $12244<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10688<br>| $10782<br>| $10835<br>| $11780<br>| $12161<br>| $12574<br>| $11488<br>| $11684<br>| $12396<br>| $12405<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img113806_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Maryland Municipal Income Fund | 0.64% | 0.52% | 1.93% |
| Bloomberg Maryland 2+ Year Enhanced Municipal Linked Index | 0.56%<br>| 0.06%<br>| 2.05% |
| Bloomberg Municipal Bond Index | 0.08%<br>| 0.40%<br>| 2.18% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $149634846<br>|
| Number of Holdings | 149<br>|
| Total Advisory Fee | $851539<br>|
| Portfolio Turnover | 22%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 35.6 |
| Health Care | 20.0 |
| Special Tax | 12.1 |
| Transportation | 10.2 |
| Water & Sewer | 9.4 |
| Education | 6.3 |
| Housing | 5.5 |
| 99.1 | 99.1 |

---

---

| | |
|:---|:---|
| AAA | 24.7 |
| AA | 31.2 |
| A | 20.2 |
| BBB | 14.2 |
| B | 1.0 |
| Not Rated | 7.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img429_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 24.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 31.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 20.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 14.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img429_20250831_2.jpg)<br>| ![](img113806_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913617.101 429-TSRA-1025 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® Arizona Municipal Income Fund<br> **Fidelity® Arizona Municipal Income Fund : FSAZX** <br>|

---

This annual shareholder report contains information about Fidelity® Arizona Municipal Income Fund for the period September 1, 2024 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Arizona Municipal Income Fund  | $55  | 0.55% |

---

**What affected the Fund's performance this period?**

• Tax-exempt municipal bonds were essentially flat for the 12 months ending August 31, 2025, held back by heavy new-issue supply, the now-extinguished threat to munis' federal tax exemption, resurgent inflation, trade-related conflict and the U.S. Federal Reserve's late-January decision to pause further rate cuts in the near term.

• Against this backdrop, the fund's exposure to certain hospital bonds detracted from performance versus the Bloomberg Arizona 2+ Year Enhanced Municipal Linked 08/01/2018 Index for the fiscal year.

• An overweight in bonds with a duration (interest-rate sensitivity) of 20 years and longer also hurt relative performance, as their yields rose this period.

• Pricing factors meaningfully detracted. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management & Research's fair-value processes. Securities within the index, however, are priced by the index provider. These two approaches employ somewhat different methodologies in setting the prices of municipal securities, most of which trade infrequently.

• In contrast, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, contributed to relative performance.

• There were no major changes to the fund from the perspective of sector allocation, yield-curve positioning and credit-quality exposure during the past 12 months

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

August 31, 2015 through August 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Arizona Municipal Income Fund<br>| $10000 | $10701<br>| $10747<br>| $10741<br>| $11661<br>| $11933<br>| $12323<br>| $11206<br>| $11376<br>| $12147<br>| $12139<br>|
| Bloomberg Arizona 2+ Year Enhanced Municipal Linked Index<br>| $10000 | $10736<br>| $10868<br>| $10881<br>| $11829<br>| $12213<br>| $12584<br>| $11518<br>| $11646<br>| $12343<br>| $12420<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10688<br>| $10782<br>| $10835<br>| $11780<br>| $12161<br>| $12574<br>| $11488<br>| $11684<br>| $12396<br>| $12405<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img113850_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Arizona Municipal Income Fund | -0.07% | 0.34% | 1.96% |
| Bloomberg Arizona 2+ Year Enhanced Municipal Linked Index | 0.63%<br>| 0.34%<br>| 2.19% |
| Bloomberg Municipal Bond Index | 0.08%<br>| 0.40%<br>| 2.18% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $115497555<br>|
| Number of Holdings | 128<br>|
| Total Advisory Fee | $650909<br>|
| Portfolio Turnover | 22%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 29.5 |
| Health Care | 20.8 |
| Education | 15.5 |
| Transportation | 9.4 |
| Special Tax | 8.2 |
| Water & Sewer | 6.7 |
| Others(Individually Less Than 5%) | 7.5 |
| 97.6 | 97.6 |

---

---

| | |
|:---|:---|
| AAA | 3.4 |
| AA | 60.3 |
| A | 22.6 |
| BBB | 7.4 |
| B | 0.4 |
| Not Rated | 3.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img434_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 60.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 22.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img434_20250831_2.jpg)<br>| ![](img113850_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913618.101 434-TSRA-1025 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, August 31, 2025, Fidelity Union Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Arizona Municipal Income Fund and Fidelity Maryland Municipal Income Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>August 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;<br>Fidelity Arizona Municipal Income Fund | &nbsp;&nbsp;$46500  | &nbsp;&nbsp;$3100  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$1300  |
| &nbsp;&nbsp;Fidelity Maryland Municipal Income Fund | &nbsp;&nbsp;$46500  | &nbsp;&nbsp;$3100  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$1300  |

---

**<u>August 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;<br>Fidelity Arizona Municipal Income Fund | &nbsp;&nbsp;$45100  | &nbsp;&nbsp;$3700  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$1600  |
| &nbsp;&nbsp;Fidelity Maryland Municipal Income Fund | &nbsp;&nbsp;$45100  | &nbsp;&nbsp;$3700  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$1600  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>August 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>August 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$9680100  | &nbsp;&nbsp;$9437800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$0  | &nbsp;&nbsp;$35000  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>August 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>August 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$14657800  | &nbsp;&nbsp;$15030000  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Maryland Municipal Income Fund**

**Annual Report**

**August 31, 2025**

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**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SMD-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Maryland Municipal Income Fund](#Sub_Sec_Fund_429_SMD-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements429_SMD-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SMD-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SMD-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SMD-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SMD-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SMD-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SMD-ANN)** |

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To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Maryland Municipal Income Fund**

**Schedule of Investments August 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 99.1%** | &nbsp;&nbsp;**Municipal Securities - 99.1%** | &nbsp;&nbsp;**Municipal Securities - 99.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| District Of Columbia,Maryland,Virginia - 1.6%  |  |  |
| Special Tax - 1.6% |  |  |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2033  | 2000000 | 2062303 |
| Washington Metropolitan Area Transit Authority Series 2021 A, 3% 7/15/2036  | 400000 | 356206 |
|  |  | 2418509 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 2418509 |
| Guam - 1.1%  |  |  |
| Special Tax - 0.6% |  |  |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2031  | 825000 | 890831 |
| Water & Sewer - 0.5% |  |  |
| Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5% 7/1/2032  | 640000 | 702721 |
| TOTAL GUAM |  | 1593552 |
| Maryland - 95.2%  |  |  |
| Education - 6.3% |  |  |
| Maryland Economic Dev Corp St (Morgan State Univ MD Academic & Aux Facs Fees Rev Proj.) 5.75% 7/1/2053  | 1000000 | 1029545 |
| Maryland Economic Dev Corp St (Morgan State Univ MD Academic & Aux Facs Fees Rev Proj.) Series 2025A, 5% 7/1/2045 (Assured Guaranty Inc Insured)  | 1325000 | 1335157 |
| Maryland Economic Dev Corp St (Towson University Student Housing Proj.) 5% 7/1/2026  | 350000 | 354558 |
| Maryland Economic Dev Corp St (Towson University Student Housing Proj.) 5% 7/1/2036  | 500000 | 503180 |
| Maryland Economic Dev Corp St (Umbc Stud Hsg Proj.) 5% 7/1/2028 (Assured Guaranty Inc Insured)  | 350000 | 356056 |
| Maryland Economic Dev Corp St (Umbc Stud Hsg Proj.) 5% 7/1/2029 (Assured Guaranty Inc Insured)  | 700000 | 711449 |
| Maryland Economic Dev Corp St (Umd Stud Hsg Proj.) 5% 6/1/2043 (Assured Guaranty Inc Insured)  | 575000 | 575171 |
| Maryland Health & Higher Educational Facilities Authority (MD Inst College of Art Proj.) Series 2024, 5.25% 6/1/2044  | 1000000 | 963374 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2039  | 475000 | 429381 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2040  | 500000 | 442809 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2055  | 500000 | 389284 |
| Maryland St Hlth & HI Ed Facs (MD Inst College of Art Proj.) Series 2016, 5% 6/1/2026  | 300000 | 303765 |
| Maryland St Hlth & HI Ed Facs (MD Inst College of Art Proj.) Series 2016, 5% 6/1/2027  | 205000 | 207503 |
| Maryland St Hlth & HI Ed Facs (MD Inst College of Art Proj.) Series 2016, 5% 6/1/2028  | 310000 | 312960 |
| Maryland St Hlth & HI Ed Facs (MD Inst College of Art Proj.) Series 2016, 5% 6/1/2029  | 350000 | 353109 |
| Westminster MD Edl Facs Rev (Mcdaniel College Proj.) 5% 11/1/2031  | 1000000 | 1014720 |
|  |  | 9282021 |
| General Obligations - 34.9% |  |  |
| Allegany Cnty MD Gen. Oblig. Series 2020, 2% 7/15/2040  | 545000 | 370148 |
| Allegany Cnty MD Gen. Oblig. Series 2020, 2% 7/15/2041  | 555000 | 363372 |
| Anne Arundel Cnty MD Gen. Oblig. Series 2021, 3% 10/1/2037  | 1300000 | 1155780 |
| Anne Arundel Cnty MD Gen. Oblig. Series 2025, 5% 10/1/2045  | 1000000 | 1036758 |
| Baltimore Cnty MD 5% 3/1/2041  | 1500000 | 1603256 |
| Baltimore Cnty MD Gen. Oblig. Series 2017, 5% 11/1/2028  | 250000 | 270987 |
| Baltimore Cnty MD Gen. Oblig. Series 2019, 4% 11/1/2033  | 1805000 | 1849446 |
| Baltimore Cnty MD Gen. Oblig. Series 2019, 5% 3/1/2032  | 20000 | 21465 |
| Baltimore Cnty MD Gen. Oblig. Series 2020, 5% 3/1/2028  | 555000 | 592273 |
| Baltimore Cnty MD Gen. Oblig. Series 2020, 5% 3/1/2031  | 10000 | 11001 |
| Baltimore Cnty MD Gen. Oblig. Series 2021, 3% 3/1/2037  | 1000000 | 902353 |
| Baltimore Cnty MD Gen. Oblig. Series 2021, 3% 3/1/2039  | 3220000 | 2752853 |
| Baltimore Cnty MD Gen. Oblig. Series 2024A, 5% 7/1/2027  | 1790000 | 1878628 |
| Baltimore Cnty MD Gen. Oblig. Series 2024A, 5% 7/1/2028  | 1000000 | 1075728 |
| Baltimore Cnty MD Series 2024, 5% 2/1/2041  | 100000 | 106530 |
| Calvert Cnty MD Gen. Oblig. Series 2020, 2% 7/1/2037  | 180000 | 138737 |
| Calvert Cnty MD Gen. Oblig. Series 2020, 2% 7/1/2040  | 285000 | 197493 |
| Calvert Cnty MD Gen. Oblig. Series 2020, 2.125% 7/1/2042  | 200000 | 131848 |
| Calvert Cnty MD Gen. Oblig. Series 2020, 2.25% 7/1/2045  | 315000 | 196877 |
| Charles Cnty MD Gen. Oblig. Series 2017, 2.8% 10/1/2031  | 1105000 | 1089903 |
| Charles Cnty MD Gen. Oblig. Series 2017, 2.9% 10/1/2032  | 2035000 | 1997613 |
| Charles Cnty MD Gen. Oblig. Series 2019, 3% 10/1/2033  | 1000000 | 964031 |
| Charles Cnty MD Gen. Oblig. Series 2020, 1.625% 10/1/2033  | 2505000 | 2073495 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2% 10/1/2037  | 630000 | 481074 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2% 10/1/2038  | 645000 | 473690 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2% 10/1/2039  | 655000 | 465987 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2% 10/1/2040  | 670000 | 462380 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2% 10/1/2041  | 475000 | 315994 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2.125% 10/1/2042  | 485000 | 318429 |
| Charles Cnty MD Gen. Oblig. Series 2020, 2.125% 10/1/2043  | 495000 | 315996 |
| City of Baltimore MD Gen. Oblig. Series 2020A, 4% 10/15/2033  | 2005000 | 2060589 |
| City of Baltimore MD Gen. Oblig. Series 2022A, 5% 10/15/2036  | 1565000 | 1702913 |
| City of Baltimore MD Gen. Oblig. Series 2022A, 5% 10/15/2037  | 15000 | 16175 |
| Frederick Cnty MD Gen. Oblig. Series 2021 A, 1.5% 10/1/2033  | 2000000 | 1634678 |
| Frederick Cnty MD Gen. Oblig. Series 2021 A, 1.75% 10/1/2037  | 2000000 | 1455279 |
| Harford Cnty MD Series 2018, 2.85% 9/15/2031  | 1820000 | 1800888 |
| Harford Cnty MD Series 2018, 2.95% 9/15/2032  | 1045000 | 1029588 |
| Harford Cnty MD Series 2018, 3.05% 9/15/2034  | 260000 | 248554 |
| Harford Cnty MD Series 2018, 3.15% 9/15/2036  | 670000 | 621490 |
| Howard Cnty MD 5% 8/15/2036  | 490000 | 549616 |
| Howard Cnty MD 5% 8/15/2037  | 545000 | 604361 |
| Howard Cnty MD Gen. Oblig. Series 2021 A, 2% 8/15/2034  | 750000 | 637121 |
| Howard Cnty MD Hsg Comm Lease Rev (Howard Cnty MD Proj.) 2% 6/1/2039  | 755000 | 542254 |
| Maryland St Stad Auth Lease Rv (State of Maryland Proj.) Series 2019 C, 3% 12/15/2034  | 545000 | 508346 |
| Montgomery Cnty MD Gen. Oblig. Series 2019 A, 4% 11/1/2033  | 3000000 | 3073871 |
| Prince Georges County MD Gen. Oblig. Series 2018 A, 5% 7/15/2027  | 760000 | 798444 |
| Prince Georges County MD Gen. Oblig. Series 2020 A, 5% 7/15/2034  | 1010000 | 1060408 |
| Prince Georges County MD Gen. Oblig. Series 2020 B, 5% 9/15/2028  | 480000 | 518700 |
| Prince Georges County MD Gen. Oblig. Series 2021 A, 2% 7/1/2035  | 1000000 | 813523 |
| Prince Georges County MD Series 2019 A, 5% 7/15/2028  | 285000 | 306786 |
| Prince Georges Cty MD Ctf Part (Prince Georges County MD Proj.) 4% 10/1/2039  | 1205000 | 1170005 |
| Prince Georges Cty MD Ctf Part (Prince Georges County MD Proj.) 4% 10/1/2040  | 1255000 | 1211983 |
| Prince Georges Cty MD Ctf Part (Prince Georges County MD Proj.) Series 2018, 5% 10/1/2048  | 2100000 | 2083626 |
| Salisbury MD Gen. Oblig. 3% 9/1/2030  | 305000 | 304749 |
| St Marys Cnty MD Gen. Oblig. Series 2021, 2% 5/1/2036  | 780000 | 604609 |
| State of Maryland Gen. Oblig. Series 2016, 3% 6/1/2031  | 1085000 | 1082095 |
| Washington Suburban Sanitary Dist MD Series 2020, 2% 12/1/2039  | 1000000 | 705085 |
| Washington Suburban Sanitary Dist MD Series 2021, 2.125% 6/1/2037  | 2000000 | 1578281 |
|  |  | 52338142 |
| Health Care - 20.0% |  |  |
| Baltimore Cnty MD Crest Vlg (Oak Crest Village Inc Proj.) 4% 1/1/2045  | 1750000 | 1487406 |
| Baltimore Cnty MD Crest Vlg (Oak Crest Village Inc Proj.) 4% 1/1/2050  | 2400000 | 1940179 |
| Baltimore Cnty MD Crest Vlg (Riderwood Vlg Inc Proj.) 4% 1/1/2032  | 700000 | 710590 |
| Baltimore Cnty MD Crest Vlg (Riderwood Vlg Inc Proj.) 4% 1/1/2033  | 1200000 | 1211218 |
| Baltimore Cnty MD Crest Vlg (Riderwood Vlg Inc Proj.) 4% 1/1/2035  | 1230000 | 1226330 |
| Baltimore Cnty MD Crest Vlg (Riderwood Vlg Inc Proj.) 4% 1/1/2037  | 1500000 | 1454600 |
| Maryland Health & Higher Educational Facilities Authority (Frederick Memorial Hospital MD Proj.) Series 2020, 4% 7/1/2045  | 750000 | 640529 |
| Maryland Health & Higher Educational Facilities Authority (Frederick Memorial Hospital MD Proj.) Series 2020, 4% 7/1/2050  | 1000000 | 814427 |
| Maryland Health & Higher Educational Facilities Authority (Frederick Memorial Hospital MD Proj.) Series 2023, 5% 7/1/2039  | 1000000 | 1022302 |
| Maryland Health & Higher Educational Facilities Authority (Greater Baltimore Med Ctr, MD Proj.) Series 2021 A, 2.5% 7/1/2051  | 5000000 | 2969941 |
| Maryland Health & Higher Educational Facilities Authority (Greater Baltimore Med Ctr, MD Proj.) Series 2021 A, 3% 7/1/2051  | 1000000 | 658085 |
| Maryland St Hlth & HI Ed Facs (Adventist Health Mid Atlantic Proj.) 5.5% 1/1/2031  | 1500000 | 1539098 |
| Maryland St Hlth & HI Ed Facs (Lifebridge Health Proj.) Series 2016, 5% 7/1/2031  | 500000 | 509047 |
| Maryland St Hlth & HI Ed Facs (Luminis Health Proj.) Series 2017A, 5% 7/1/2028  | 520000 | 535875 |
| Maryland St Hlth & HI Ed Facs (Luminis Health Proj.) Series 2017A, 5% 7/1/2030  | 850000 | 870785 |
| Maryland St Hlth & HI Ed Facs (Luminis Health Proj.) Series 2017A, 5% 7/1/2031  | 1400000 | 1430358 |
| Maryland St Hlth & HI Ed Facs (Luminis Health Proj.) Series 2017A, 5% 7/1/2032  | 290000 | 295382 |
| Maryland St Hlth & HI Ed Facs (MedStar Health Inc Proj.) Series 2013B, 5% 8/15/2038  | 2000000 | 2000942 |
| Maryland St Hlth & HI Ed Facs (MedStar Health Inc Proj.) Series 2015, 4% 8/15/2045  | 320000 | 275591 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 4% 7/1/2042  | 2175000 | 1926790 |
| Maryland St Hlth & HI Ed Facs (Tidalhealth Proj.) 5% 7/1/2034  | 1000000 | 1043439 |
| Maryland St Hlth & HI Ed Facs (Tidalhealth Proj.) 5% 7/1/2035  | 1000000 | 1037593 |
| Maryland St Hlth & HI Ed Facs (Univ of Maryland Med Sys, MD Proj.) 5% 7/1/2031  | 2200000 | 2201977 |
| Maryland St Hlth & HI Ed Facs (UPMC Proj.) 5% 4/15/2034  | 1010000 | 1070676 |
| Maryland St Hlth & HI Ed Facs (UPMC Proj.) 5% 4/15/2035  | 1000000 | 1053232 |
|  |  | 29926392 |
| Housing - 5.5% |  |  |
| Maryland Community Development Administration (Residential Revenue Bonds Proj) 5% 3/1/2030  | 700000 | 743035 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj) 5% 3/1/2031  | 1150000 | 1220546 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj) 5% 9/1/2029  | 550000 | 589904 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj) Series 2021 B, 3% 9/1/2051  | 915000 | 908973 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 3.5% 3/1/2050  | 600000 | 601451 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 B, 4% 9/1/2049  | 310000 | 311371 |
| Maryland Community Development Administration Series 2020 A, 2.5% 9/1/2040  | 1000000 | 733422 |
| Maryland Community Development Administration Series 2020 A, 2.6% 3/1/2042  | 3490000 | 2535069 |
| Montgomery Cnty MD Hsg Opptys Commn Rev Series 2023 C, 5.75% 1/1/2058  | 500000 | 528282 |
|  |  | 8172053 |
| Special Tax - 9.9% |  |  |
| Baltimore Hotel Corp 5% 9/1/2032  | 1500000 | 1518793 |
| City of Baltimore MD (Baltimore Tif Res Ph1 Proj.) 5% 9/1/2038  | 1650000 | 1650136 |
| Maryland St Dept Transn Cons Series 2019, 2.125% 10/1/2031  | 690000 | 638142 |
| Maryland St Dept Transn Cons Series 2019, 2.5% 10/1/2033  | 770000 | 704683 |
| Maryland St Dept Transn Cons Series 2021 A, 2% 10/1/2034  | 2225000 | 1874344 |
| Maryland St Dept Transn Cons Series 2021 A, 3% 10/1/2032  | 740000 | 729163 |
| Maryland St Stad Auth Rev (Baltimore City MD Stadium Auth Proj.) Series 2016, 5% 5/1/2030  | 1715000 | 1739077 |
| Maryland St Stad Auth Rev (Baltimore City MD Stadium Auth Proj.) Series 2018 A, 5% 5/1/2036  | 1580000 | 1636106 |
| State of Maryland Built to Learn Revenue Series 2021, 2.75% 6/1/2051  | 1000000 | 632643 |
| State of Maryland Built to Learn Revenue Series 2021, 4% 6/1/2046  | 1000000 | 881192 |
| State of Maryland Built to Learn Revenue Series 2021, 4% 6/1/2051  | 1000000 | 853471 |
| State of Maryland Built to Learn Revenue Series 2022 A, 4% 6/1/2036  | 1875000 | 1893595 |
|  |  | 14751345 |
| Transportation - 9.7% |  |  |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5% 6/30/2037 (b) | 2465000 | 2529763 |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5.25% 6/30/2055 (b) | 1000000 | 942565 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 4% 8/1/2051 (b) | 2005000 | 1640785 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2046 (b) | 2000000 | 1965353 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2029  | 1850000 | 1930809 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2019 A, 5% 6/1/2044 (b) | 500000 | 478159 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2019 A, 5% 6/1/2049 (b) | 1000000 | 924044 |
| Maryland St Transn Auth Transn 2.5% 7/1/2047  | 2000000 | 1263047 |
| Maryland St Transn Auth Transn 3% 7/1/2037  | 1620000 | 1429940 |
| MD St Econ Dev Corp Air Cargo (Afco Airport Real Estate Group, LLC Proj.) Series 2019, 5% 7/1/2027 (b) | 200000 | 206620 |
| MD St Econ Dev Corp Air Cargo (Afco Airport Real Estate Group, LLC Proj.) Series 2019, 5% 7/1/2028 (b) | 630000 | 661791 |
| MD St Econ Dev Corp Air Cargo (Afco Airport Real Estate Group, LLC Proj.) Series 2019, 5% 7/1/2029 (b) | 585000 | 623164 |
|  |  | 14596040 |
| Water & Sewer - 8.9% |  |  |
| Baltimore MD Proj Rev (Baltimore Wastewater Util Rev Proj.) Series 2014C, 5% 7/1/2034  | 1285000 | 1286124 |
| Baltimore MD Proj Rev (Baltimore Wastewater Util Rev Proj.) Series 2022A, 5% 7/1/2029  | 500000 | 546150 |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2014A, 5% 7/1/2033  | 3000000 | 3003052 |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2017 D, 5% 7/1/2031  | 5260000 | 5397611 |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2020 A, 5% 7/1/2030  | 310000 | 343330 |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2020 A, 5% 7/1/2050  | 2490000 | 2499683 |
| Baltimore MD Proj Rev Series 2019A, 5% 7/1/2031  | 250000 | 269867 |
|  |  | 13345817 |
| TOTAL MARYLAND |  | 142411810 |
| Puerto Rico - 0.7%  |  |  |
| General Obligations - 0.7% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033  | 505310 | 353255 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2027  | 55000 | 56869 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 185000 | 197077 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031  | 445000 | 488030 |
|  |  | 1095231 |
| TOTAL PUERTO RICO |  | 1095231 |
| Virgin Islands - 0.5%  |  |  |
| Transportation - 0.5% |  |  |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2033  | 275000 | 303866 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2042  | 430000 | 437452 |
|  |  | 741318 |
| TOTAL VIRGIN ISLANDS |  | 741318 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $153,025,951) |  | <br> **148260420** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.1%**<br> (Cost $153,025,951)<br>| <br>**148260420** |
| **NET OTHER ASSETS (LIABILITIES) - 0.9%**  | **1374426** |
| **NET ASSETS - 100.0%** | **149634846** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 9404253 | 32115425 | 41519678 | 135756 | - | - | - | - | 0.0% |
| Total | 9404253 | 32115425 | 41519678 | 135756 | - | - | - |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of August 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 9282021 | - | 9282021 | - |
| General Obligations | 53433373 | - | 53433373 | - |
| Health Care | 29926392 | - | 29926392 | - |
| Housing | 8172053 | - | 8172053 | - |
| Special Tax | 18060685 | - | 18060685 | - |
| Transportation | 15337358 | - | 15337358 | - |
| Water & Sewer | 14048538 | - | 14048538 | - |
| **Total Investments in Securities:** | 148260420 | - | 148260420 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of August 31, 2025** | **As of August 31, 2025** | **As of August 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:<br>Unaffiliated issuers (cost $153,025,951)<br>|  | $148260420 |
| Cash |  | 4856 |
| Receivable for fund shares sold |  | 3389 |
| Interest receivable |  | 1624527 |
| Distributions receivable from Fidelity Central Funds |  | 2195 |
| **Total assets** |  | 149895387 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $62869 |  |
| Distributions payable | 128801 |  |
| Accrued management fee | 68871 |  |
| **Total liabilities** |  | 260541 |
| **Net Assets**  |  | $149634846 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $158693471 |
| Total accumulated earnings (loss) |  | (9058625) |
| **Net Assets** |  | $149634846 |
| **Net Asset Value**, offering price and redemption price per share ($149,634,846 ÷ 14,111,659 shares) |  | $10.60 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $5203136 |
| Income from Fidelity Central Funds  |  | 135756 |
| **Total income** |  | 5338892 |
| **Expenses** |  |  |
| Management fee | $851539 |  |
| Independent trustees' fees and expenses | 391 |  |
| Total expenses before reductions | 851930 |  |
| Expense reductions | (2) |  |
| Total expenses after reductions |  | 851928 |
| **Net Investment income (loss)** |  | 4486964 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1116623) |  |
| Total net realized gain (loss) |  | (1116623) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (2353716) |
| **Net gain (loss)** |  | (3470339) |
| **Net increase (decrease) in net assets resulting from operations** |  | $1016625 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **August 31, 2025** | **Year ended**<br> **August 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4486964 | $4710328 |
| &nbsp;&nbsp;Net realized gain (loss) | (1116623)<br>| (1250921)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (2353716) | 7026903<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1016625<br>| 10486310<br>|
| Distributions to shareholders | (4035295)<br>| (4349735)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 18640647 | 47273341 |
| Reinvestment of distributions | 2539677<br>| 2710305<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (32711709) | (58143227) |
| **Net increase (decrease) in net assets resulting from share transactions** | (11531385)<br>| (8159581)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (14550055)<br>| (2023006)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 164184901 | 166207907<br>|
| &nbsp;&nbsp;End of period | $149634846 | $164184901 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1758206 | 4576210 |
| Issued in reinvestment of distributions | 237616<br>| 255950<br>|
| &nbsp;&nbsp;Redeemed | (3068136) | (5568142) |
| &nbsp;&nbsp;Net increase (decrease) | (1072314) | (735982) |

---

**Financial Highlights** 

**Fidelity® Maryland Municipal Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended August 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.81 | $10.44 | $10.53 | $11.88 | $11.69 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .310  | .293  | .254  | .233  | .239  |
| Net realized and unrealized gain (loss)  | (.242)  | .348  | (.094)  | (1.305)  | .232  |
| Total from investment operations  | .068  | .641  | .160  | (1.072)  | .471  |
| Distributions from net investment income  | (.277)  | (.271)  | (.250)  | (.234)  | (.239)  |
| Distributions from net realized gain  | (.001)  | -  | -  | (.044)  | (.042)  |
| Total distributions  | (.278)  | (.271)  | (.250)  | (.278)  | (.281)  |
| Net asset value, end of period  | $10.60 | $10.81 | $10.44 | $10.53 | $11.88 |
| **Total Return** C | .64% <br>| 6.22%  | 1.54%  | (9.15)%  | 4.08%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .55%  | .55%  | .55%  | .55%  | .55%  |
| Expenses net of fee waivers, if any  | .55% <br>| .55%  | .55%  | .55%  | .55%  |
| Expenses net of all reductions, if any  | .55%  | .55%  | .55%  | .55%  | .55%  |
| Net investment income (loss)  | 2.90%  | 2.77%  | 2.42%  | 2.08%  | 2.03%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $149635 | $164185 | $166208 | $176348 | $232515 |
| Portfolio turnover rate F | 22% <br>| 15%  | 12%  | 10%  | 10%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended August 31, 2025

**1. Organization.**

Fidelity Maryland Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity Union Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may be affected by economic and political developments in the state of Maryland.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted 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)

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 services or from brokers who make markets in such securities. Municipal securities are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of August 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount and capital loss carryforwards.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $2038554 |
| **Gross unrealized depreciation**  | <u>(5916729)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(3878175)</u> |
| **Tax Cost**  | <u>$152138595</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(5157985)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(3878175)</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(243378) |
| Long-term | <u>(4914607)</u> |
| **Total capital loss carryforward** | <u>$(5157985)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| **Tax-exempt Income** | $4020672 | $4349735 |
| **Ordinary Income**  | <u>14623</u> | <u>-</u> |
| **Total**  | <u>$4035295</u> | <u>$4349735</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Maryland Municipal Income Fund** | 32297651 | 32599794 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .55% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2.

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Union Street Trust and Shareholders of Fidelity Maryland Municipal Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Maryland Municipal Income Fund (one of the funds constituting Fidelity Union Street Trust, referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 13, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

During fiscal year ended 2025, 100% of the fund's income dividends was free from federal income tax, and 7.17% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img113715_4.jpg)<br>

1.536791.128 SMD-ANN-1025

**Fidelity® Arizona Municipal Income Fund**

**Annual Report**

**August 31, 2025**

![](img113729_1.jpg)

![](img113729_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_AZI-SPZ-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Arizona Municipal Income Fund](#Sub_Sec_Fund_434_AZI-SPZ-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements434_AZI-SPZ-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_AZI-SPZ-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_AZI-SPZ-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_AZI-SPZ-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_AZI-SPZ-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_AZI-SPZ-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_AZI-SPZ-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Arizona Municipal Income Fund**

**Schedule of Investments August 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 97.6%** | &nbsp;&nbsp;**Municipal Securities - 97.6%** | &nbsp;&nbsp;**Municipal Securities - 97.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Arizona - 95.1%  |  |  |
| Education - 15.5% |  |  |
| Arizona St Univ Revs Series 2019A, 5% 7/1/2040  | 510000 | 521020 |
| Arizona St Univ Revs Series 2020 A, 5% 7/1/2039  | 390000 | 402549 |
| Arizona St Univ Revs Series 2020 A, 5% 7/1/2043  | 2925000 | 2958029 |
| Mcallister Academic Vlg AZ LLC 5% 7/1/2037 (Arizona St Univ Revs Guaranteed)  | 2000000 | 2015937 |
| Mcallister Academic Vlg AZ LLC 5% 7/1/2038 (Arizona St Univ Revs Guaranteed)  | 3850000 | 3872441 |
| Northern AZ Univ Revs Series 2020 B, 5% 6/1/2037 (Build America Mutual Assurance Co Insured)  | 1000000 | 1047698 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2036  | 1175000 | 1187974 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Student Housing LLC Proj.) 5% 7/1/2042  | 1500000 | 1456708 |
| Student & Academic Services LLC (Northern AZ Univ Revs Proj.) Series 2024, 5% 6/1/2039 (Build America Mutual Assurance Co Insured)  | 1385000 | 1461320 |
| University AZ Univ Revs Series 2020 C, 5% 8/1/2028  | 900000 | 966441 |
| University AZ Univ Revs Series 2025A, 5% 6/1/2031  | 1800000 | 2020136 |
|  |  | 17910253 |
| Electric Utilities - 2.7% |  |  |
| Salt River Proj AZ Agric & Pwr Series 2019 A, 5% 1/1/2035  | 395000 | 422200 |
| Salt River Proj AZ Agric & Pwr Series 2019 A, 5% 1/1/2037  | 880000 | 927266 |
| Salt River Proj AZ Agric & Pwr Series 2023 A, 5% 1/1/2047  | 295000 | 301031 |
| Salt River Proj AZ Agric & Pwr Series 2023B, 5.25% 1/1/2053  | 1400000 | 1449511 |
|  |  | 3100008 |
| General Obligations - 28.7% |  |  |
| Apache Cnty Ariz Uni Sch Dist No 8 Window Rock Impact Aid Rev Series 2022, 5% 7/1/2035  | 500000 | 535559 |
| Apache Cnty Ariz Uni Sch Dist No 8 Window Rock Impact Aid Rev Series 2022, 5% 7/1/2036  | 500000 | 530815 |
| Arizona Game & Fish Dept & Commission 5% 7/1/2032  | 470000 | 470669 |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2029 (Assured Guaranty Inc Insured)  | 425000 | 463090 |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2031 (Assured Guaranty Inc Insured)  | 700000 | 781618 |
| Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2032 (Assured Guaranty Inc Insured)  | 800000 | 899888 |
| Glendale AZ Union High Sch Dst 4% 7/1/2038 (Assured Guaranty Inc Insured)  | 1000000 | 992638 |
| Glendale AZ Union High Sch Dst 4% 7/1/2039 (Assured Guaranty Inc Insured)  | 1000000 | 981977 |
| Glendale AZ Union High Sch Dst Series 2024A, 5% 7/1/2035  | 500000 | 561433 |
| Glendale AZ Usd #40 Series 2021B, 2% 7/1/2035 (Assured Guaranty Inc Insured)  | 2050000 | 1607896 |
| Goodyear Ariz Gen. Oblig. Series 2016 A, 3% 7/1/2037  | 170000 | 152256 |
| Industrial Development Authority of the City of Phoenix Arizona/The Series 2014, 5.125% 2/1/2034 (Guam Govt Guaranteed)  | 500000 | 478557 |
| Marana Uni Sch Dist No 6 5% 7/1/2043 (Assured Guaranty Inc Insured)  | 500000 | 514430 |
| Maricopa Cnty AZ Sch Dist #28 Kyrene Elem 5% 7/1/2037  | 1000000 | 1034048 |
| Maricopa Cnty AZ Sch Dist #3 Tempe Elem Series 2024 A, 5% 7/1/2039  | 400000 | 429449 |
| Maricopa Cnty AZ School District No 1 Phoenix Elementary 5% 7/1/2041 (Build America Mutual Assurance Co Insured)  | 1300000 | 1356213 |
| Maricopa County Special Health Care District Gen. Oblig. 5% 7/1/2036  | 1000000 | 1030213 |
| Maricopa County Unified School District #80 Series 2021 B, 3% 7/1/2038  | 400000 | 350830 |
| Paradise Valley AZ Uni Sch Dist No 69 Series 2020 SECOND, 3% 7/1/2034  | 265000 | 251238 |
| Paradise Valley AZ Uni Sch Dist No 69 Series 2022, 5% 7/1/2031  | 105000 | 118151 |
| Paradise Valley AZ Uni Sch Dist No 69 Series 2025 A, 5% 7/1/2036  | 1500000 | 1679140 |
| Phoenix Uhsd #210 Series 2019 B, 5% 7/1/2032  | 1180000 | 1243797 |
| Phoenix Uhsd #210 Series 2019 B, 5% 7/1/2034  | 585000 | 610377 |
| Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2024 A, 5% 7/1/2041 (Assured Guaranty Inc Insured)  | 750000 | 790409 |
| Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2024 A, 5% 7/1/2042 (Assured Guaranty Inc Insured)  | 875000 | 913970 |
| Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2030 (Build America Mutual Assurance Co Insured)  | 340000 | 375256 |
| Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2031 (Build America Mutual Assurance Co Insured)  | 225000 | 249956 |
| Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2032 (Build America Mutual Assurance Co Insured)  | 150000 | 167745 |
| Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2033 (Build America Mutual Assurance Co Insured)  | 225000 | 252608 |
| Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2034 (Build America Mutual Assurance Co Insured)  | 275000 | 308285 |
| Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2035 (Build America Mutual Assurance Co Insured)  | 275000 | 307792 |
| Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2036 (Build America Mutual Assurance Co Insured)  | 625000 | 691223 |
| Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2037 (Citigroup Inc Guaranteed)  | 2910000 | 3041297 |
| Salt Verde Finl Corp Gas Rev AZ 5.5% 12/1/2029 (Citigroup Inc Guaranteed)  | 3000000 | 3237514 |
| Scottsdale AZ Uni Sch Dist #48 4% 7/1/2034  | 350000 | 358900 |
| Scottsdale AZ Uni Sch Dist #48 5% 7/1/2033  | 3015000 | 3119971 |
| Scottsdale Gen. Oblig. 4% 7/1/2032  | 400000 | 407068 |
| Tolleson AZ Uni High Sch Dist No 214 5% 7/1/2031  | 350000 | 364017 |
| Tolleson AZ Uni High Sch Dist No 214 Series 2025, 5% 7/1/2041  | 1400000 | 1478135 |
|  |  | 33138428 |
| Health Care - 20.5% |  |  |
| Arizona Health Facs Auth Rev (Banner Health System Proj.) Series 2007B, S&P Muni 7 Day High Grade Rate Index + 0.81%, 2.87% tender 1/1/2037 (b)(c) | 995000 | 961590 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 3% 2/1/2045  | 1160000 | 835316 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 4% 2/1/2050  | 2005000 | 1645572 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2040  | 700000 | 716503 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) Series 2019 A, 3.9% 2/1/2048, LOC TD Bank NA VRDN (c) | 555000 | 555000 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) Series 2019B, 3.9% 2/1/2048, LOC TD Bank NA VRDN (c) | 1200000 | 1200000 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2035  | 200000 | 199136 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2036  | 355000 | 350825 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2046  | 1000000 | 871386 |
| Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 4% 7/1/2028  | 165000 | 164857 |
| Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 5% 7/1/2033  | 435000 | 437789 |
| Glendale Ariz Indl Dev Auth Sr Living Facs Rev (Royal Oaks Senior Living Cmnty Proj.) 5% 5/15/2056  | 1000000 | 812177 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) 5% 9/1/2033  | 275000 | 287167 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) 5% 9/1/2034  | 680000 | 707048 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2019A, 5% 9/1/2029  | 310000 | 330076 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2021 A, 3% 9/1/2051  | 3000000 | 1967090 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2021 A, 4% 9/1/2051  | 1500000 | 1198393 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 E, 3% 1/1/2049  | 3000000 | 2089469 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 F, 4% 1/1/2045  | 1000000 | 875683 |
| Maricopa Cnty AZ Ida Sr Living (Christian Care Surprise Proj.) 5.75% 1/1/2036 (d) | 500000 | 463228 |
| Maricopa Cnty AZ Ida Sr Living (Christian Care Surprise Proj.) 6% 1/1/2048 (d) | 500000 | 412153 |
| Pima Cnty AZ Indl Dev Auth Rev (Tucson Medical Center Proj.) Series 2021, 4% 4/1/2037  | 415000 | 397674 |
| Pima Cnty AZ Indl Dev Auth Rev (Tucson Medical Center Proj.) Series 2021, 4% 4/1/2046  | 3000000 | 2578028 |
| Tempe AZ Indl Dev Auth Rev (Friendship Village of Tempe,Az Proj.) Series 2021A, 4% 12/1/2046  | 1000000 | 805589 |
| Yavapai Cnty AZ Indl Dev Auth Hosp Rev (Yavapai Regional Medical Ctr Proj.) 5% 8/1/2036  | 1305000 | 1315142 |
| Yavapai Cnty AZ Indl Dev Auth Hosp Rev (Yavapai Regional Medical Ctr Proj.) Series 2019, 4% 8/1/2043  | 350000 | 306897 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5.25% 8/1/2044 (Assured Guaranty Inc Insured)  | 1000000 | 1028940 |
|  |  | 23512728 |
| Housing - 2.2% |  |  |
| Arizona Indl Dev Auth Rev (Lihtc Cert 2019-2 Proj.) Series 2 Class A, 3.625% 5/20/2033  | 1578840 | 1534403 |
| Phoenix AZ Indl Rev Auth Mfh Series 2025, 3.1% tender 2/1/2059 (c) | 1000000 | 1004195 |
|  |  | 2538598 |
| Industrial Development - 2.6% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (c)(e) | 3000000 | 3057893 |
| Special Tax - 7.6% |  |  |
| Bullhead City Ariz Excise Taxes Rev 2.3% 7/1/2041  | 1000000 | 689147 |
| Bullhead City Ariz Excise Taxes Rev 2.55% 7/1/2046  | 3000000 | 1914852 |
| Chandler Ariz Excise Tax Rev Series 2015, 3% 7/1/2034  | 300000 | 285223 |
| Glendale Ariz Sr Excise Tax Rev Series 2025, 5% 7/1/2030  | 350000 | 389837 |
| Phoenix Ariz Civic Impt Corp Distr Rev 5.5% 7/1/2038 (National Public Finance Guarantee Corporation Insured) (f) | 2000000 | 2326519 |
| Phoenix-Mesa Gateway Arpt Auth Ariz Spl Fac Rev 5% 7/1/2027 (e) | 275000 | 275175 |
| Queen Creek AZ Excise Tax & St Shared Rev Series 2024, 5% 8/1/2030  | 235000 | 261948 |
| Queen Creek AZ Excise Tax & St Shared Rev Series 2024, 5% 8/1/2037  | 135000 | 149170 |
| Queen Creek AZ Excise Tax & St Shared Rev Series 2024, 5% 8/1/2038  | 240000 | 261831 |
| Queen Creek AZ Excise Tax & St Shared Rev Series 2024, 5% 8/1/2039  | 250000 | 270345 |
| Queen Creek AZ Excise Tax & St Shared Rev Series 2024, 5% 8/1/2040  | 350000 | 374625 |
| Tempe AZ Excise Tax Rev 5% 7/1/2028  | 315000 | 320470 |
| Tempe AZ Excise Tax Rev 5% 7/1/2029  | 500000 | 508477 |
| Tempe AZ Excise Tax Rev 5% 7/1/2030  | 325000 | 330376 |
| Tempe AZ Excise Tax Rev 5% 7/1/2031  | 375000 | 381019 |
|  |  | 8739014 |
| Transportation - 8.9% |  |  |
| Arizona St Transn Brd Series 2017A, 5% 7/1/2031  | 385000 | 400010 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) 5% 7/1/2029  | 185000 | 200103 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) 5% 7/1/2035  | 1000000 | 1045732 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2031  | 2000000 | 2078220 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2035 (e) | 2425000 | 2460964 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 4% 7/1/2037 (e) | 1750000 | 1686521 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 5% 7/1/2033 (e) | 280000 | 292682 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2023, 5% 7/1/2030 (e) | 2000000 | 2179556 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series A, 5% 7/1/2033 (e) | 25000 | 25498 |
|  |  | 10369286 |
| Water & Sewer - 6.4% |  |  |
| Central Ariz Wtr Consv Dist Wtr Delivery O&M Rev 5% 1/1/2036  | 500000 | 502497 |
| Goodyear Ariz Wtr & Swr Rev Series 2025, 5% 7/1/2036  | 1420000 | 1589220 |
| Mesa AZ Util Sys Rev Series 2016, 3% 7/1/2040  | 100000 | 81606 |
| Mesa AZ Util Sys Rev Series 2017, 3.25% 7/1/2040  | 495000 | 423648 |
| Mesa AZ Util Sys Rev Series 2017, 3.25% 7/1/2041  | 885000 | 737583 |
| Mesa AZ Util Sys Rev Series 2019A, 5% 7/1/2043  | 2015000 | 2040290 |
| Mesa AZ Util Sys Rev Series 2021, 4% 7/1/2035  | 1000000 | 1018326 |
| Phoenix AZ Cvc Imp Cor Wstwtr 5% 7/1/2033  | 1000000 | 1015307 |
|  |  | 7408477 |
| TOTAL ARIZONA |  | 109774685 |
| Guam - 0.9%  |  |  |
| Special Tax - 0.6% |  |  |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2032  | 630000 | 684324 |
| Water & Sewer - 0.3% |  |  |
| Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5% 7/1/2031  | 275000 | 301471 |
| TOTAL GUAM |  | 985795 |
| Puerto Rico - 1.1%  |  |  |
| General Obligations - 0.8% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033  | 435874 | 304713 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2027  | 50000 | 51699 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 150000 | 159792 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031  | 365000 | 400295 |
|  |  | 916499 |
| Health Care - 0.3% |  |  |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 4% 7/1/2041  | 50000 | 42415 |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2027  | 260000 | 267728 |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2032  | 95000 | 100495 |
|  |  | 410638 |
| TOTAL PUERTO RICO |  | 1327137 |
| Virgin Islands - 0.5%  |  |  |
| Transportation - 0.5% |  |  |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2033  | 215000 | 237568 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2042  | 335000 | 340806 |
|  |  | 578374 |
| TOTAL VIRGIN ISLANDS |  | 578374 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $116,939,581) |  | <br> **112665991** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (g)(h)<br>(Cost $1,511,042)<br>| 3.21 | 1510740 | **1511042** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.9%**<br> (Cost $118,450,623)<br>| <br>**114177033** |
| **NET OTHER ASSETS (LIABILITIES) - 1.1%**  | **1320522** |
| **NET ASSETS - 100.0%** | **115497555** |

---

**Security Type Abbreviations**

VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

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

(d) 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 $875,381 or 0.8% of net assets.

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

(f) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(g) Affiliated fund that is generally 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 unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 2987772 | 20868722 | 22345452 | 118694 | - | - | 1511042 | 1510740 | 0.1% |
| Total | 2987772 | 20868722 | 22345452 | 118694 | - | - | 1511042 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of August 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 17910253 | - | 17910253 | - |
| Electric Utilities | 3100008 | - | 3100008 | - |
| General Obligations | 34054927 | - | 34054927 | - |
| Health Care | 23923366 | - | 23923366 | - |
| Housing | 2538598 | - | 2538598 | - |
| Industrial Development | 3057893 | - | 3057893 | - |
| Special Tax | 9423338 | - | 9423338 | - |
| Transportation | 10947660 | - | 10947660 | - |
| Water & Sewer | 7709948 | - | 7709948 | - |
|  **Money Market Funds** | 1511042 | 1511042 | - | - |
| **Total Investments in Securities:** | 114177033 | 1511042 | 112665991 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of August 31, 2025** | **As of August 31, 2025** | **As of August 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $116,939,581) | $112665991 |  |
| Fidelity Central Funds (cost $1,511,042) | 1511042 |  |
| Total Investment in Securities (cost $118,450,623) |  | $114177033 |
| Cash |  | 110842 |
| Receivable for fund shares sold |  | 316520 |
| Interest receivable |  | 1083846 |
| Distributions receivable from Fidelity Central Funds |  | 1702 |
| **Total assets** |  | 115689943 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $53905 |  |
| Distributions payable | 85686 |  |
| Accrued management fee | 52797 |  |
| **Total liabilities** |  | 192388 |
| **Net Assets**  |  | $115497555 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $122225079 |
| Total accumulated earnings (loss) |  | (6727524) |
| **Net Assets** |  | $115497555 |
| **Net Asset Value**, offering price and redemption price per share ($115,497,555 ÷ 10,268,634 shares) |  | $11.25 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** | <br> **Year ended August 31, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $3836899 |
| Income from Fidelity Central Funds  |  | 118694 |
| **Total income** |  | 3955593 |
| **Expenses** |  |  |
| Management fee | $650909 |  |
| Independent trustees' fees and expenses | 297 |  |
| Total expenses before reductions | 651206 |  |
| Expense reductions | (454) |  |
| Total expenses after reductions |  | 650752 |
| **Net Investment income (loss)** |  | 3304841 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (497622) |  |
| Total net realized gain (loss) |  | (497622) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (2934595) |
| **Net gain (loss)** |  | (3432217) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(127376) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **August 31, 2025** | **Year ended**<br> **August 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3304841 | $3263427 |
| &nbsp;&nbsp;Net realized gain (loss) | (497622)<br>| (586315)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (2934595) | 5184313<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (127376)<br>| 7861425<br>|
| Distributions to shareholders | (3138969)<br>| (3142432)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 17892700 | 18367617 |
| Reinvestment of distributions | 2217553<br>| 2153759<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (23704151) | (32241531) |
| **Net increase (decrease) in net assets resulting from share transactions** | (3593898)<br>| (11720155)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (6860243)<br>| (7001162)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 122357798 | 129358960<br>|
| &nbsp;&nbsp;End of period | $115497555 | $122357798 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1571682 | 1624996 |
| Issued in reinvestment of distributions | 194978<br>| 190444<br>|
| &nbsp;&nbsp;Redeemed | (2081572) | (2876523) |
| &nbsp;&nbsp;Net increase (decrease) | (314912) | (1061083) |

---

**Financial Highlights** 

**Fidelity® Arizona Municipal Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended August 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.56 | $11.11 | $11.21 | $12.63 | $12.53 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .318  | .304  | .273  | .248  | .257  |
| Net realized and unrealized gain (loss)  | (.326)  | .439  | (.105)  | (1.379)  | .148  |
| Total from investment operations  | (.008)  | .743  | .168  | (1.131)  | .405  |
| Distributions from net investment income  | (.301)  | (.293)  | (.268)  | (.247)  | (.257)  |
| Distributions from net realized gain  | (.001)  | -  | -  | (.042)  | (.048)  |
| Total distributions  | (.302)  | (.293)  | (.268)  | (.289)  | (.305)  |
| Net asset value, end of period  | $11.25 | $11.56 | $11.11 | $11.21 | $12.63 |
| **Total Return** C | (.07)% <br>| 6.78%  | 1.52%  | (9.07)%  | 3.27%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .55%  | .55%  | .55%  | .55%  | .55%  |
| Expenses net of fee waivers, if any  | .55% <br>| .55%  | .55%  | .55%  | .55%  |
| Expenses net of all reductions, if any  | .55%  | .55%  | .55%  | .55%  | .55%  |
| Net investment income (loss)  | 2.79%  | 2.69%  | 2.45%  | 2.07%  | 2.04%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $115498 | $122358 | $129359 | $149862 | $190014 |
| Portfolio turnover rate F | 22% <br>| 7%  | 15%  | 10%  | 8%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended August 31, 2025

**1. Organization.**

Fidelity Arizona Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity Union Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may be affected by economic and political developments in the state of Arizona.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted 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)

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 services or from brokers who make markets in such securities. Municipal securities are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of August 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount and capital loss carryforwards.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $1272367 |
| **Gross unrealized depreciation**  | <u>(5149316)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(3876949)</u> |
| **Tax Cost**  | <u>$118053982</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$25490</u> |
| **Capital loss carryforward**  | <u>$(2876066)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(3876949)</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(657107) |
| Long-term | <u>(2218959)</u> |
| **Total capital loss carryforward** | <u>$(2876066)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2024** |
| **Tax-exempt Income** | $3128584 | <u>$</u>3142432 |
| **Ordinary Income**  | <u>$10385</u> | <u>$-</u> |
| **Total**  | <u>$3138969</u> | <u>$3142432</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Arizona Municipal Income Fund** | 24320803 | 26987903 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .55% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $454.

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Union Street Trust and Shareholders of Fidelity Arizona Municipal Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Arizona Municipal Income Fund (one of the funds constituting Fidelity Union Street Trust, referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 13, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

During fiscal year ended 2025, 100% of the fund's income dividends was free from federal income tax, and 12.16% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img113729_4.jpg)<br>

1.536826.128 AZI-SPZ-ANN-1025

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [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.](ex99.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99_906.htm)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Union Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Union Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Union Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>