[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","t6sakki9s1cl9l1wiuyq7af1g","revision",2,"title","Fidelity Maryland Municipal Income Fund和Arizona Municipal Income Fund披露2026财年财报","originalTitle","FIDELITY UNION STREET TRUST (0000035330) (Filer)","summary","Fidelity Maryland Municipal Income Fund和Fidelity Arizona Municipal Income Fund披露了截至2026年8月31日的年度报告，显示两基金投资组合以市政债券为主，2026财年分别实现3.68%和3.86%的总回报。","reason","披露了Fidelity Maryland Municipal Income Fund和Fidelity Arizona Municipal Income Fund截至2026年8月31日的年度报告，包含投资组合结构、收益表现、费用及税务信息，反映市政债券市场动态及基金运营情况。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-23T15:36:43.000Z","discoveredAt","2026-10-23T16:11:55.034Z","timelineAt","category","paper","tags",[83,84,85,86,87,88],"stockSymbols",[],"score",54,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","f6dnYDQRHNfA",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","7bad566e-9b13-45b2-bbdb-da5b71fc3280","Fidelity市政债券基金2026财年财报披露",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表 N-CSR

注册投资公司的认证股东报告

管理型投资公司

投资公司法文件编号 811-02460

Fidelity Union Street Trust

(注册人根据公司章程指定的确切名称)

245 Summer St., Boston, Massachusetts 02210

(主要行政办公地址) (邮编)

Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts 02210

(服务代理人的姓名和地址)

注册人电话号码，包括区号：

617-563-7000

\n\n\n\n


财政年度结束日期： \n	8月31日 \n

报告期日期： \n	2026年8月31日 \n

第 1 项。

股东报告

\n\n\n\n\n\n\n\n\n\n\n\n

\n
\n	年度股东报告 \| 截至 2026年8月31日 \n	\n
\n\n	Fidelity® Maryland Municipal Income Fund \n Fidelity® Maryland Municipal Income Fund : SMDMX \n\n
\n	\n	\n

本年度股东报告包含关于 Fidelity® Maryland Municipal Income Fund 自 2025年9月1日至 2026年8月31日期间的信息。您可以在 fundresearch.fidelity.com/prospectus/sec 找到关于基金的更多信息。您也可以通过致电 1-800-544-8544 或发送电子邮件至 fidfunddocuments@fidelity.com 联系我们索取此信息。

您基金在过去一年的成本是多少？\n

(基于假设的 10,000 美元投资)

基金成本 (上一年)

\n\n\n\n\n\n\n\n\n\n

\n	10,000 美元投资的成本 \n	作为 10,000 美元投资百分比支付的成本 \n	\n
Fidelity® Maryland Municipal Income Fund \n	$ 56 \n	0.55% \n	\n

什么因素影响了基金在此期间的表现？\n

•免税市政债券在截至 2026年8月31日的12个月内实现了稳健收益，这得益于美联储在2025年底的三次政策利率下调，但随后因消费者通胀上升、政府债务快速增长以及大量美国国债发行而收益率上升，导致收益回落。

•在此背景下，基金的“利差”优势，即其在高收益债券中按比例更大的持股，有助于其相对于 Bloomberg Maryland 2+ Year Enhanced Municipal Linked 08/01/2018 指数在财政年度内取得表现。

•收益率曲线定位，即基金投资在不同期限债券上的分配方式，以及投资级市政债券的权重过高，都做出了贡献。

•相比之下，在此期间，某些高质量债券的权重过高导致基金表现逊色于州指数。

•从板块配置、收益率曲线定位和信用质量敞口的角度来看，过去12个月内基金没有发生重大变化。

基金过去10年的表现如何？\n

累计表现

2016年8月31日至 2026年8月31日。

初始投资 10,000 美元。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Fidelity® Maryland Municipal Income Fund \n\n	$10,000 \n	$10,033 \n\n	$10,017 \n\n	$10,866 \n\n	$11,024 \n\n	$11,474 \n\n	$10,424 \n\n	$10,584 \n\n	$11,243 \n\n	$11,315 \n\n	$11,731 \n\n
Bloomberg Maryland 2+ Year Enhanced Municipal Linked Index \n\n	$10,000 \n	$10,092 \n\n	$10,076 \n\n	$10,934 \n\n	$11,350 \n\n	$11,611 \n\n	$10,631 \n\n	$10,730 \n\n	$11,323 \n\n	$11,386 \n\n	$11,795 \n\n
Bloomberg Municipal Bond Index \n\n	$10,000 \n	$10,088 \n\n	$10,138 \n\n	$11,022 \n\n	$11,378 \n\n	$11,765 \n\n	$10,749 \n\n	$10,932 \n\n	$11,598 \n\n	$11,607 \n\n	$12,085 \n\n
\n	2016 \n	2017 \n	2018 \n	2019 \n	2020 \n	2021 \n	2022 \n	2023 \n	2024 \n	2025 \n	2026 \n

\n $\"\"$

平均年总回报率：\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	1 年 \n	5 年 \n	10 年 \n
Fidelity® 马里兰州市政收入基金 \n	3.68% \n	0.45% \n	1.61% \n
Bloomberg 马里兰州 2+ 年增强市政关联指数 \n	3.58% \n\n	0.31% \n\n	1.66% \n
Bloomberg 市政债券指数 \n	4.12% \n\n	0.54% \n\n	1.91% \n

\n\n\n\n

访问 www.fidelity.com 获取最新的业绩信息。

\n\n\n

基金过往业绩并非其未来业绩的良好预测指标。图表和表格未反映股东在基金分红或赎回基金份额时需缴纳的税款。

\n\n

基金关键统计\n

(截至 2026 年 8 月 31 日)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

关键事实 \n\n\n\n	\n	\n
基金规模 \n	$161,193,747 \n\n	\n
持仓数量 \n	155 \n\n	\n
总顾问费 \n	$876,445 \n\n	\n
投资组合周转率 \n	5% \n\n	\n

基金投资于什么？
(截至 2026 年 8 月 31 日)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

收入来源 \n (占基金净资产的百分比) \n
一般义务 \n	39.2 \n	\n
医疗保健 \n	19.2 \n	\n
特别税 \n	12.0 \n	\n
交通运输 \n	9.7 \n	\n
水务 \n	7.8 \n	\n
住房 \n	6.1 \n	\n
其他 (单项小于 5%) \n	4.7 \n	\n
98.7 \n	\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

AAA \n	27.7 \n
AA \n	32.2 \n
A \n	19.6 \n
BBB \n	11.9 \n
B \n	0.9 \n
未评级 \n	6.4 \n
短期投资和净其他资产 (负债) \n	1.3 \n

\n\n

质量多元化 (占基金净资产的百分比)

$\"\"$ \n

\n \n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	AAA - 27.7 \n
\n	AA - 32.2 \n
\n	A - 19.6 \n
\n	BBB - 11.9 \n
\n	B - 0.9 \n
\n	未评级 - 6.4 \n
\n	短期投资和净其他资产 (负债) - 1.3 \n
\n
我们使用了穆迪投资者服务公司的评级。当穆迪® 评级不可用时，我们使用了标普® 评级。所有评级均截至所示日期，并不反映后续变化。 \n

\n\n\n\n\n\n

$\"\"$

\n\n

$\"\"$

有关该基金的更多信息；包括其招股说明书、财务信息、持仓情况和代理信息，请扫描二维码或访问 fundresearch.fidelity.com/prospectus/sec

1.9913617.102 429-TSRA-1026

\n\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n
\n	年度股东报告 \| 截至2026年8月31日 \n	\n
\n\n	Fidelity® 亚利桑那市政收入基金 \n Fidelity® 亚利桑那市政收入基金 : FSAZX \n\n
\n	\n	\n

本年度股东报告包含 2025 年 9 月 1 日至 2026 年 8 月 31 日期间 Fidelity® 亚利桑那市政收入基金的相关信息。您可以在 fundresearch.fidelity.com/prospectus/sec 上找到有关该基金的更多信息。您也可以通过致电 1-800-544-8544 或发送电子邮件至 fidfunddocuments@fidelity.com 来索取这些信息。

上一年度您的基金成本是多少？\n

(基于 10,000 美元的假设投资)

基金成本（上一年度）

\n\n\n\n\n\n\n\n\n\n

\n	10,000 美元投资的成本 \n	支付成本占 10,000 美元投资的比例 \n	\n
Fidelity® 亚利桑那市政收入基金 \n	$ 56 \n	0.55% \n	\n

什么因素影响了该基金在此期间的表现？\n

•免税市政债券在截至 2026 年 8 月 31 日的 12 个月内实现了稳健收益，这得益于 2025 年底美联储的三次政策利率下调，但随后因消费者通胀上升、政府债务快速增长以及大量美国国债发行而收益率上升，导致价格下跌。

•在此背景下，基金对某些高质量市政债券的低配有助于其相对于彭博亚利桑那 2 年期增强市政关联指数（2018/08/01）在财年内取得表现。

•基金的“持仓收益”优势，即其在高收益债券中按比例持有的较大份额，起到了帮助作用。

•定价因素产生了显著影响。基金持仓由第三方定价服务定价，并由富达管理与研究公司的公允价值流程每日验证。然而，指数内的证券由指数提供商定价。这两种方法在市政证券定价上采用了略有不同的方法，大多数市政证券交易不频繁。

•相比之下，某些表现落后于州指数的高质量债券的超配拉低了基金在此期间相对业绩的表现。

•过去 12 个月中，从板块配置、收益率曲线定位和信用质量敞口的角度来看，基金没有发生重大变化。

过去 10 年基金表现如何？\n

累计业绩

2016 年 8 月 31 日至 2026 年 8 月 31 日。

初始投资 10,000 美元。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Fidelity® 亚利桑那市政收入基金 \n\n	$10,000 \n	$10,043 \n\n	$10,037 \n\n	$10,897 \n\n	$11,151 \n\n	$11,516 \n\n	$10,472 \n\n	$10,630 \n\n	$11,351 \n\n	$11,343 \n\n	$11,782 \n\n
彭博亚利桑那 2 年期增强市政关联指数 \n\n	$10,000 \n	$10,123 \n\n	$10,135 \n\n	$11,018 \n\n	$11,376 \n\n	$11,721 \n\n	$10,728 \n\n	$10,847 \n\n	$11,496 \n\n	$11,569 \n\n	$11,986 \n\n
彭博市政债券指数 \n\n	$10,000 \n	$10,088 \n\n	$10,138 \n\n	$11,022 \n\n	$11,378 \n\n	$11,765 \n\n	$10,749 \n\n	$10,932 \n\n	$11,598 \n\n	$11,607 \n\n	$12,085 \n\n
\n	2016 \n	2017 \n	2018 \n	2019 \n	2020 \n	2021 \n	2022 \n	2023 \n	2024 \n	2025 \n	2026 \n

\n $\"\"$

平均年总回报率：\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	1 年 \n	5 年 \n	10 年 \n
Fidelity® 亚利桑那市政收入基金 \n	3.86% \n	0.46% \n	1.65% \n
Bloomberg 亚利桑那 2+ 年增强市政关联指数 \n	3.61% \n\n	0.45% \n\n	1.83% \n
Bloomberg 市政债券指数 \n	4.12% \n\n	0.54% \n\n	1.91% \n

\n\n\n\n

访问 www.fidelity.com 获取最新的业绩信息。

\n\n\n

基金过往业绩并非其未来业绩的良好预测指标。图表和表格未反映股东在基金分红或赎回基金份额时需缴纳的税款。

\n\n

基金关键统计\n

(截至 2026 年 8 月 31 日)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

关键事实 \n\n\n\n	\n	\n
基金规模 \n	$134,576,162 \n\n	\n
持仓数量 \n	146 \n\n	\n
总顾问费 \n	$688,685 \n\n	\n
投资组合周转率 \n	9% \n\n	\n

基金投资于什么？
(截至 2026 年 8 月 31 日)

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

收入来源 \n (占基金净资产百分比) \n
一般义务 \n	31.0 \n	\n
教育 \n	19.0 \n	\n
医疗保健 \n	16.9 \n	\n
特别税 \n	6.6 \n	\n
交通 \n	6.5 \n	\n
电力公用事业 \n	6.2 \n	\n
水务 \n	5.5 \n	\n
其他 (个别低于 5%) \n	3.2 \n	\n
94.9 \n	\n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

AAA \n	5.2 \n
AA \n	63.2 \n
A \n	20.9 \n
BBB \n	2.9 \n
BB \n	0.4 \n
未评级 \n	2.3 \n
短期投资和净其他资产 (负债) \n	5.1 \n

\n\n

质量多元化 (占基金净资产百分比)

$\"\"$ \n

\n \n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	AAA - 5.2 \n
\n	AA - 63.2 \n
\n	A - 20.9 \n
\n	BBB - 2.9 \n
\n	BB - 0.4 \n
\n	未评级 - 2.3 \n
\n	短期投资和净其他资产 (负债) - 5.1 \n
\n
我们使用了穆迪投资者服务公司的评级。当穆迪® 评级不可用时，我们使用了标普® 评级。所有评级均截至所示日期，并不反映后续变化。 \n

\n\n\n\n\n\n

$\"\"$

\n\n

$\"\"$

有关基金的更多信息；包括其招股说明书、财务信息、持仓和代理信息，请扫描二维码或访问 fundresearch.fidelity.com/prospectus/sec

1.9913618.102 434-TSRA-1026

\n\n

Item 2.

Code of Ethics

截至2026年8月31日期末，Fidelity Union Street Trust（信托）已采纳一项行为准则，该准则依据 Form N-CSR 的第 2 项定义，适用于其总裁、财务主管和首席财务官。该行为准则的副本作为 Form N-CSR 的附录提交。

Item 3.

Audit Committee Financial Expert

信托受托委员会已确定 Laura M. Bishop 是一名审计委员会财务专家，依据 Form N-CSR 的第 3 项定义。 Bishop 女士依据 Form N-CSR 的第 3 项是独立的。

Item 4.

Principal Accountant Fees and Services

Fees and Services

下表列示了普华永道会计师事务所（“PwC”）在最近两个财政年度内就为 Fidelity Arizona Municipal Income Fund 和 Fidelity Maryland Municipal Income Fund（“基金”）提供的服务所开具的费用：

Services Billed by PwC

August 31, 2026 Fees^A

\n\n\n\n


	Audit Fees \n	Audit-Related Fees \n	Tax Fees \n	All Other Fees \n
\n Fidelity Arizona Municipal Income Fund \n	$45,800 \n	$3,700 \n	$5,700 \n	$1,400 \n
Fidelity Maryland Municipal Income Fund \n	$45,800 \n	$3,700 \n	$5,700 \n	$1,400 \n

August 31, 2025 Fees^A

\n\n\n\n


	Audit Fees \n	Audit-Related Fees \n	Tax Fees \n	All Other Fees \n
\n Fidelity Arizona Municipal Income Fund \n	$46,500 \n	$3,700 \n	$5,700 \n	$1,500 \n
Fidelity Maryland Municipal Income Fund \n	$46,500 \n	$3,700 \n	$5,700 \n	$1,500 \n

^A金额可能反映了四舍五入。

下表列示了 PwC 开具的必须经审计委员会批准的费用，这些费用与基金（或基金）的运营和财务报告直接相关，并由 Fidelity Management & Research Company LLC（“FMR”）及其控制、受控或受共同控制实体（不包括主要职责为投资组合管理且由另一投资顾问分包或监督的任何子顾问）代表基金（“基金服务提供商”）提供持续服务：

Services Billed by PwC

\n\n\n\n\n


	August 31, 2026^A \n	August 31, 2025^A \n
Audit-Related Fees \n	$9,348,700 \n	$9,680,100 \n
Tax Fees \n	$1,000 \n	$1,000 \n
All Other Fees \n	$- \n	$- \n

^A 金额可能反映了四舍五入。

“Audit-Related Fees”代表就审计或基金财务报表复核的执行相关的合理相关保证及相关服务开具的费用，且未在审计费用下列报。

“Tax Fees”代表就与基金运营和财务报告直接相关的税务合规、税务建议或税务筹划开具的费用。

“All Other Fees”代表就为基金或基金服务提供商提供的服务开具的费用，其中很大一部分与保证相关，且与基金的运营和财务报告直接相关，不包括在审计费用、审计相关费用或税务费用下列报的服务。

保证服务必须由独立注册会计师执行。

* * *

普华永道为基金、FMR（不包括主要职责为投资组合管理且由另一投资顾问分包或监督的任何子顾问）以及任何基金服务提供商在过去两个财年提供的服务所收取的汇总非审计费用如下：

\n\n\n\n


收费方 \n	2026年8月31日^A \n	2025年8月31日^A \n
普华永道 \n	$14,582,700 \n	$14,659,400 \n

^A 金额可能包含四舍五入。

信托的审计委员会认为，普华永道为基金服务提供商提供的未经预先批准的非审计服务，在考虑到普华永道的声明（根据公众公司会计监督委员会规则）以及FMR在提供服务前对适用法律下此类非审计服务的适当性和合规性的审查后，与维持普华永道在审计基金时的独立性是兼容的。

审计委员会预先批准政策和程序

信托的审计委员会必须预先批准由基金独立注册公共会计师事务所提供的所有与基金运营或财务报告相关的审计和非审计服务。在开始任何审计或非审计服务之前，审计委员会审查这些服务以确定它们在适用法律下是否适当和允许。

审计委员会制定了政策和程序，其中一项目的就是为委员会考虑由审计富达基金的审计事务所提供的非审计服务提供框架。这些政策和程序要求，基金审计事务所为富达基金提供的任何非审计服务，以及基金审计师为基金服务提供商提供的任何与富达基金的运营和财务报告直接相关的非审计服务（“受保服务”），必须在提供服务前经审计委员会批准。

所有受保服务必须在提供服务前预先批准，方式为：(i) 经审计委员会正式决议批准，或 (ii) 经审计委员会主席（或如果主席无法出席，由主席指定在主席缺席时代为履职的其他委员会成员）口头或书面批准服务。上述 (ii) 所述的批准是允许的，前提是财务主管确定在审计委员会的下次会议之前有必要采取此类行动。

基金审计事务所为基金服务提供商提供的、与富达基金的运营和财务报告没有直接关系的非审计服务，将定期向审计委员会报告。

根据S-X规则2-01(c)(7)(i)(C)和(ii)批准的非审计服务（“最小例外”)

在基金过去两个财年期间，根据最小例外，审计委员会没有批准或要求批准任何与提供给 (i) 基金或 (ii) 任何与基金运营和财务报告直接相关的基金服务提供商的服务相关的非审计服务。

注册人未保留一家注册公共会计师事务所，以准备 Form N-CSR 中包含的财务报表的审计报告，该事务所拥有位于外国司法管辖区的分支机构或办事处，且公众公司会计监督委员会（“PCAOB”）已确定由于外国司法管辖区的当局采取的立场，PCAOB 无法对其进行完全检查或调查。

注册人不是“外国发行人”，如 17 CFR 240.3b-4 所定义。

项目 5。

上市注册人审计委员会

不适用。

项目 6.

投资

(a)

不适用。

(b)

不适用。

项目 7.

开放式管理投资公司的财务报表和财务亮点

Fidelity® 马里兰州市政收入基金

年度报告

2026 年 8 月 31 日

$\"\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

项目 7：开放式管理投资公司的财务报表和财务亮点（年度报告）

项目 8：开放式管理投资公司与会计师的变动及分歧

项目 9：开放式管理投资公司的代理披露

项目 10：向开放式管理投资公司的董事、高级职员及其他人员支付的报酬

项目 11：关于批准投资顾问合同的声明

要查看基金在截至 6 月 30 日的 12 个月期间的代理投票指南和代理投票记录，请访问 http://www.fidelity.com/proxyvotingresults 或访问证券交易委员会（SEC）的网站 http://www.sec.gov。

您也可以拨打 1-800-544-8544 索取代理投票指南的免费副本。

标准普尔、S&P 和 S&P 500 是麦格劳-希尔公司（The McGraw-Hill Companies, Inc.）的注册服务商标，并已获 Fidelity Distributors Corporation 授权使用。

此处出现的其他第三方商标为其各自所有者的财产。

本报告及其中包含的财务报表提交给基金股东供一般信息参考。除非附有有效的招股说明书，否则本报告未经授权向基金的潜在投资者分发。

基金在每个财政年度的第一和第三季度通过 Form N-PORT 向 SEC 提交其完整的投资组合持仓清单。Form N-PORT 可在 SEC 的网站 http://www.sec.gov 上获取。基金 Form N-PORT 可在华盛顿特区的 SEC 公共参考室查阅和复印。有关 SEC 公共参考室运作的信息，可致电 1-800-SEC-0330 获取。

要查看基金投资组合持仓的完整清单，请访问 Fidelity 网站上的最新持仓清单、半年度报告或年度报告，视适用情况而定，网址为 http://www.fidelity.com、http://www.institutional.fidelity.com 或 http://www.401k.com。

非FDIC保险 • 可能会贬值 • 无银行担保

基金或富达分销公司并非银行。

项目7：开放式管理投资公司的财务报表和财务亮点（年度报告）

富达®马里兰州市政收入基金

投资组合一览 2026年8月31日

显示净资产百分比

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

市政证券 - 98.7% \n
\n	\n	本金 \n 金额（a） \n\n	价值（美元） \n\n
哥伦比亚特区，马里兰州，弗吉尼亚州 - 1.5% \n	\n	\n	\n
特别税 - 1.5% \n	\n	\n	\n
华盛顿特区都会区交通局2017B系列，5% 7/1/2033 \n	\n	2,000,000 \n	2,028,731 \n
华盛顿都会区交通局2021 A系列，3% 7/15/2036 \n	\n	400,000 \n	361,225 \n
哥伦比亚特区，马里兰州，弗吉尼亚州总计 \n	\n	\n	2,389,956 \n
关岛 - 1.0% \n	\n	\n	\n
特别税 - 0.6% \n	\n	\n	\n
关岛政府商业特权税2025 G系列，5% 1/1/2031 \n	\n	825,000 \n	874,785 \n
供水与排污 - 0.4% \n	\n	\n	\n
关岛政府供水局供水与排污2025A系列，5% 7/1/2032 \n	\n	640,000 \n	684,184 \n
关岛总计 \n	\n	\n	1,558,969 \n
马里兰州 - 95.1% \n	\n	\n	\n
教育 - 4.7% \n	\n	\n	\n
马里兰州经济发展公司（摩根州立大学马里兰州学术及辅助设施费用债券项目）5.75% 7/1/2053 \n	\n	1,000,000 \n	1,037,330 \n
马里兰州经济发展公司（摩根州立大学马里兰州学术及辅助设施费用债券项目）2025A系列，5% 7/1/2045（由保证担保公司承保） \n	\n	1,325,000 \n	1,359,857 \n
马里兰州经济发展公司（陶森大学学生宿舍项目）5% 7/1/2036 \n	\n	500,000 \n	501,323 \n
马里兰州经济发展公司（马里兰大学学生宿舍项目）5% 7/1/2028（由保证担保公司承保） \n	\n	350,000 \n	350,593 \n
马里兰州经济发展公司（马里兰大学学生宿舍项目）5% 7/1/2029（由保证担保公司承保） \n	\n	700,000 \n	701,120 \n
马里兰州经济发展公司（马里兰大学学生宿舍项目）5% 6/1/2043（由保证担保公司承保） \n	\n	575,000 \n	575,176 \n
马里兰州健康与高等教育设施管理局（马里兰州艺术学院项目）2024系列，5.25% 6/1/2044 \n	\n	1,000,000 \n	946,947 \n
马里兰州健康与高等教育设施管理局（斯蒂文森大学项目）2021 A系列，4% 6/1/2039 \n	\n	475,000 \n	440,407 \n
马里兰州健康与高等教育设施管理局（斯蒂文森大学项目）2021 A系列，4% 6/1/2040 \n	\n	500,000 \n	456,260 \n
马里兰州健康与高等教育设施管理局（斯蒂文森大学项目）2021 A系列，4% 6/1/2055 \n	\n	500,000 \n	403,356 \n
马里兰州健康与高等教育设施管理局（马里兰州艺术学院项目）2016系列，5% 6/1/2027 \n	\n	205,000 \n	205,113 \n
马里兰州健康与高等教育设施管理局（马里兰州艺术学院项目）2016系列，5% 6/1/2028 \n	\n	310,000 \n	310,137 \n
马里兰州健康与高等教育设施管理局（马里兰州艺术学院项目）2016系列，5% 6/1/2029 \n	\n	350,000 \n	350,111 \n
教育总计 \n	\n	\n	7,637,730 \n
一般义务 - 38.6% \n	\n	\n	\n
马里兰州阿尔格尼县一般义务2020系列，2% 7/15/2033 \n	\n	250,000 \n	214,036 \n
马里兰州阿尔格尼县一般义务2020系列，2% 7/15/2040 \n	\n	545,000 \n	378,913 \n
马里兰州阿尔格尼县一般义务2020系列，2% 7/15/2041 \n	\n	555,000 \n	375,852 \n
马里兰州安妮阿伦德尔县一般义务2021系列，3% 10/1/2037 \n	\n	1,300,000 \n	1,165,972 \n
马里兰州安妮阿伦德尔县一般义务2025系列，5% 10/1/2045 \n	\n	1,000,000 \n	1,052,443 \n
巴尔的摩县马里兰州5% 3/1/2041 \n	\n	1,500,000 \n	1,603,638 \n
巴尔的摩县马里兰州一般义务5% 3/1/2042 \n	\n	2,000,000 \n	2,143,745 \n
巴尔的摩县马里兰州一般义务2017系列，5% 11/1/2028 \n	\n	250,000 \n	262,664 \n
巴尔的摩县马里兰州一般义务2019系列，4% 11/1/2033 \n	\n	1,805,000 \n	1,840,629 \n
马里兰州巴尔的摩县一般债务系列2019年，5% 3/1/2032 \n	\n	20,000 \n	20,988 \n
马里兰州巴尔的摩县一般债务系列2020年，5% 3/1/2028 \n	\n	555,000 \n	574,782 \n
马里兰州巴尔的摩县一般债务系列2020年，5% 3/1/2031 \n	\n	10,000 \n	10,714 \n
马里兰州巴尔的摩县一般债务系列2021年，3% 3/1/2037 \n	\n	1,000,000 \n	907,329 \n
马里兰州巴尔的摩县一般债务系列2021年，3% 3/1/2039 \n	\n	3,220,000 \n	2,790,952 \n
马里兰州巴尔的摩县一般债务系列2024A，5% 7/1/2027 \n	\n	1,790,000 \n	1,826,208 \n
马里兰州巴尔的摩县一般债务系列2024A，5% 7/1/2028 \n	\n	1,000,000 \n	1,043,142 \n
马里兰州巴尔的摩县系列2024年，5% 2/1/2041 \n	\n	100,000 \n	106,503 \n
马里兰州卡尔弗特县一般债务系列2020年，2% 7/1/2037 \n	\n	180,000 \n	140,032 \n
马里兰州卡尔弗特县一般债务系列2020年，2% 7/1/2040 \n	\n	285,000 \n	201,578 \n
马里兰州卡尔弗特县一般债务系列2020年，2.125% 7/1/2042 \n	\n	200,000 \n	137,584 \n
马里兰州卡尔弗特县一般债务系列2020年，2.25% 7/1/2045 \n	\n	315,000 \n	207,974 \n
马里兰州查尔斯县一般债务系列2017年，2.8% 10/1/2031 \n	\n	1,105,000 \n	1,060,504 \n
马里兰州查尔斯县一般债务系列2017年，2.9% 10/1/2032 \n	\n	2,035,000 \n	1,938,511 \n
马里兰州查尔斯县一般债务系列2019年，3% 10/1/2033 \n	\n	1,000,000 \n	963,495 \n
马里兰州查尔斯县一般债务系列2020年，1.625% 10/1/2033 \n	\n	2,505,000 \n	2,117,989 \n
马里兰州查尔斯县一般债务系列2020年，2% 10/1/2037 \n	\n	630,000 \n	486,048 \n
马里兰州查尔斯县一般债务系列2020年，2% 10/1/2038 \n	\n	645,000 \n	483,629 \n
马里兰州查尔斯县一般债务系列2020年，2% 10/1/2039 \n	\n	655,000 \n	474,555 \n
马里兰州查尔斯县一般债务系列2020年，2% 10/1/2040 \n	\n	670,000 \n	470,156 \n
马里兰州查尔斯县一般债务系列2020年，2% 10/1/2041 \n	\n	475,000 \n	324,685 \n
马里兰州查尔斯县一般债务系列2020年，2.125% 10/1/2042 \n	\n	485,000 \n	332,300 \n
马里兰州查尔斯县一般债务系列2020年，2.125% 10/1/2043 \n	\n	495,000 \n	332,595 \n
马里兰州巴尔的摩市一般债务系列2020A，3% 10/15/2035 \n	\n	1,620,000 \n	1,482,744 \n
马里兰州巴尔的摩市一般债务系列2020A，4% 10/15/2033 \n	\n	2,005,000 \n	2,040,496 \n
马里兰州巴尔的摩市一般债务系列2022A，5% 10/15/2036 \n	\n	1,565,000 \n	1,690,321 \n
马里兰州巴尔的摩市一般债务系列2022A，5% 10/15/2037 \n	\n	15,000 \n	16,092 \n
马里兰州弗雷德里克县一般债务系列2021 A，1.5% 10/1/2033 \n	\n	2,000,000 \n	1,666,230 \n
马里兰州弗雷德里克县一般债务系列2021 A，1.75% 10/1/2036 \n	\n	3,000,000 \n	2,325,138 \n
马里兰州弗雷德里克县一般债务系列2021 A，1.75% 10/1/2037 \n	\n	2,000,000 \n	1,499,557 \n
马里兰州哈福德县系列2018年，2.85% 9/15/2031 \n	\n	1,820,000 \n	1,755,964 \n
马里兰州哈福德县系列2018年，2.95% 9/15/2032 \n	\n	1,045,000 \n	1,008,366 \n
马里兰州哈福德县系列2018年，3.05% 9/15/2034 \n	\n	260,000 \n	248,158 \n
马里兰州哈福德县系列2018年，3.15% 9/15/2036 \n	\n	670,000 \n	620,636 \n
马里兰州霍华德县5% 8/15/2036 \n	\n	490,000 \n	542,419 \n
马里兰州霍华德县5% 8/15/2037 \n	\n	545,000 \n	598,249 \n
马里兰州霍华德县一般债务系列2021 A，2% 8/15/2034 \n	\n	750,000 \n	634,913 \n
马里兰州霍华德县住房委员会租赁债券（马里兰州霍华德县项目）2% 6/1/2039 \n	\n	755,000 \n	556,411 \n
马里兰州教育委员会租赁债券（马里兰州项目）5% 6/1/2052 \n	\n	435,000 \n	439,800 \n
马里兰州州立体育场管理局租赁债券（马里兰州项目）系列2019 C，3% 12/15/2034 \n	\n	545,000 \n	508,340 \n
马里兰州蒙哥马利县一般债务系列2019 A，4% 11/1/2033 \n	\n	3,000,000 \n	3,059,218 \n
马里兰州乔治王子县一般债务系列2018 A，5% 7/15/2027 \n	\n	760,000 \n	776,419 \n
马里兰州乔治王子县一般债务系列2020 A，5% 7/15/2034 \n	\n	1,010,000 \n	1,043,180 \n
马里兰州乔治王子县一般债务系列2020 B，5% 9/15/2028 \n	\n	480,000 \n	503,169 \n
马里兰州乔治王子县一般债务系列2021 A，2% 7/1/2035 \n	\n	1,000,000 \n	824,689 \n
马里兰州乔治王子县系列2019 A，5% 7/15/2028 \n	\n	285,000 \n	297,438 \n
马里兰州乔治王子县部分抵押债券（马里兰州乔治王子县项目）4% 10/1/2039 \n	\n	1,205,000 \n	1,176,906 \n
马里兰州乔治王子县部分抵押债券（马里兰州乔治王子县项目）4% 10/1/2040 \n	\n	1,255,000 \n	1,186,898 \n
马里兰州乔治王子县部分抵押债券（马里兰州乔治王子县项目）系列2018，5% 10/1/2048 \n	\n	2,100,000 \n	2,124,902 \n
马里兰州萨利斯伯里一般债务3% 9/1/2030 \n	\n	305,000 \n	299,719 \n
马里兰州圣玛丽斯县一般债务系列2021年，2% 5/1/2036 \n	\n	780,000 \n	615,367 \n
马里兰州一般债务系列2016年，3% 6/1/2031 \n	\n	1,085,000 \n	1,062,545 \n
马里兰州一般债务系列FIRST 2026年，5% 6/1/2041 \n	\n	3,000,000 \n	3,222,046 \n
华盛顿郊区卫生局马里兰州系列2020年，2% 12/1/2039 \n	\n	1,000,000 \n	721,059 \n
华盛顿郊区卫生局马里兰州系列2021年，2.125% 6/1/2037 \n	\n	2,000,000 \n	1,596,222 \n
一般债务总额 \n	\n	\n	62,133,756 \n
医疗保健 - 19.2% \n	\n	\n	\n
马里兰州巴尔的摩县克雷斯特维尤（橡树克雷斯特村有限公司项目）4% 1/1/2045 \n	\n	1,750,000 \n	1,570,176 \n
马里兰州巴尔的摩县克雷斯特维尤（橡树克雷斯特村有限公司项目）4% 1/1/2050 \n	\n	2,400,000 \n	2,021,667 \n
马里兰州巴尔的摩县克雷斯特维尤（骑手伍德村有限公司项目）4% 1/1/2032 \n	\n	700,000 \n	708,458 \n
马里兰州巴尔的摩县克雷斯特维尤（骑手伍德村有限公司项目）4% 1/1/2033 \n	\n	1,200,000 \n	1,211,214 \n
马里兰州巴尔的摩县克雷斯特维尤（骑手伍德村有限公司项目）4% 1/1/2035 \n	\n	1,230,000 \n	1,233,321 \n
马里兰州医疗保健与高等教育设施管理局（弗雷德里克纪念医院马里兰州项目）系列2020年，4% 7/1/2045 \n	\n	750,000 \n	649,055 \n
马里兰州医疗保健与高等教育设施管理局（弗雷德里克纪念医院马里兰州项目）系列2020年，4% 7/1/2050 \n	\n	1,000,000 \n	834,649 \n
马里兰州医疗保健与高等教育设施管理局（弗雷德里克纪念医院马里兰州项目）系列2023年，5% 7/1/2039 \n	\n	1,000,000 \n	1,023,766 \n
马里兰州医疗保健与高等教育设施管理局（大巴尔的摩医疗中心，马里兰州项目）系列2021 A，2.5% 7/1/2051 \n	\n	5,000,000 \n	3,022,867 \n
马里兰州医疗保健与高等教育设施管理局（大巴尔的摩医疗中心，马里兰州项目）系列2021 A，3% 7/1/2051 \n	\n	1,000,000 \n	695,234 \n
马里兰州医疗保健与高等教育设施管理局（Luminis Health项目）系列2026A，5% 7/1/2040 \n	\n	1,000,000 \n	1,057,821 \n
马里兰州医疗保健与高等教育设施管理局（Luminis Health项目）系列2027 A，5% 7/1/2037 (c) \n	\n	1,300,000 \n	1,370,894 \n
马里兰州医疗保健与高等教育设施管理局（MedStar Health Inc项目）系列2026A，5.25% 8/15/2051 \n	\n	1,500,000 \n	1,542,483 \n
马里兰州医疗保健与高等教育设施管理局（Adventist Health 中大西洋项目）5.5% 1/1/2031 \n	\n	1,500,000 \n	1,508,541 \n
马里兰州医疗保健与高等教育设施管理局（Lifebridge Health项目）系列2016年，5% 7/1/2031 \n	\n	500,000 \n	500,558 \n
马里兰州医疗保健与高等教育设施管理局（Luminis Health项目）系列2017A，5% 7/1/2028 \n	\n	520,000 \n	530,063 \n
马里兰州医疗保健与高等教育设施管理局（Luminis Health项目）系列2017A，5% 7/1/2030 \n	\n	850,000 \n	866,450 \n
马里兰州医疗保健与高等教育设施管理局（Luminis Health项目）系列2017A，5% 7/1/2031 \n	\n	1,400,000 \n	1,427,094 \n
马里兰州医疗保健与高等教育设施管理局（Luminis Health项目）系列2017A，5% 7/1/2032 \n	\n	290,000 \n	295,612 \n
马里兰州医疗保健与高等教育设施管理局（MedStar Health Inc项目）系列2015年，4% 8/15/2045 \n	\n	320,000 \n	291,169 \n
马里兰州医疗保健与高等教育设施管理局（Mercy Medical Center，马里兰州项目）4% 7/1/2042 \n	\n	2,175,000 \n	2,011,048 \n
马里兰州医疗保健与高等教育设施管理局（Tidalhealth项目）5% 7/1/2034 \n	\n	1,000,000 \n	1,029,811 \n
马里兰州医疗保健与高等教育设施管理局（Tidalhealth项目）5% 7/1/2035 \n	\n	1,000,000 \n	1,025,120 \n
马里兰州医疗保健与高等教育设施管理局（马里兰大学医学系统，马里兰州项目）5% 7/1/2031 \n	\n	2,200,000 \n	2,201,981 \n
马里兰州医疗保健与高等教育设施管理局（UPMC项目）5% 4/15/2034 \n	\n	1,010,000 \n	1,057,250 \n
马里兰州医疗保健与高等教育设施管理局（UPMC项目）5% 4/15/2035 \n	\n	1,000,000 \n	1,040,849 \n
马里兰州医疗保健与高等教育设施管理局（UPMC项目）系列2020 B，3.5% 4/15/2050 \n	\n	265,000 \n	200,774 \n
医疗保健总额 \n	\n	\n	30,927,925 \n
住房 - 6.1% \n	\n	\n	\n
马里兰州社区发展管理局（住宅收入债券项目）5% 3/1/2030 \n	\n	700,000 \n	728,167 \n
马里兰州社区发展管理局（住宅收入债券项目）5% 3/1/2031 \n	\n	1,150,000 \n	1,203,789 \n
马里兰州社区发展管理局（住宅收入债券项目）5% 9/1/2029 \n	\n	550,000 \n	577,211 \n
马里兰州社区发展管理局（住宅收入债券项目）2021年B系列，3% 9/1/2051 \n	\n	735,000 \n	728,627 \n
马里兰州社区发展管理局（住宅收入债券项目。）3.5% 3/1/2050 \n	\n	440,000 \n	438,898 \n
马里兰州社区发展管理局（住宅收入债券项目。）2019年B系列，3.2% 9/1/2039 \n	\n	2,000,000 \n	1,716,571 \n
马里兰州社区发展管理局（住宅收入债券项目。）2019年B系列，4% 9/1/2049 \n	\n	180,000 \n	180,377 \n
马里兰州社区发展管理局（住宅收入债券项目。）2020年A系列，2.5% 9/1/2040 \n	\n	1,000,000 \n	756,905 \n
马里兰州社区发展管理局（住宅收入债券项目。）2020年A系列，2.6% 3/1/2042 \n	\n	3,490,000 \n	2,574,180 \n
马里兰州社区发展管理局（住宅收入债券项目。）2020年D系列，2.1% 9/1/2040 \n	\n	600,000 \n	434,375 \n
蒙哥马利县马里兰州住房机会委员会收入2023年C系列，5.75% 1/1/2058 \n	\n	500,000 \n	526,647 \n
总住房 \n	\n	\n	9,865,747 \n
特别税 - 9.9% \n	\n	\n	\n
巴尔的摩酒店公司5% 9/1/2032 \n	\n	1,500,000 \n	1,510,998 \n
马里兰州巴尔的摩市（巴尔的摩TIF住宅一期项目。）5% 9/1/2038 \n	\n	1,650,000 \n	1,656,450 \n
马里兰州交通部运输基金2019年系列，2.125% 10/1/2031 \n	\n	1,190,000 \n	1,101,098 \n
马里兰州交通部运输基金2019年系列，2.5% 10/1/2033 \n	\n	1,010,000 \n	927,074 \n
马里兰州交通部运输基金2021年A系列，2% 10/1/2034 \n	\n	2,225,000 \n	1,891,244 \n
马里兰州交通部运输基金2021年A系列，3% 10/1/2032 \n	\n	740,000 \n	719,779 \n
马里兰州州体育场授权收入（马里兰州巴尔的摩市体育场授权项目。）2016年系列，5% 5/1/2030 \n	\n	1,715,000 \n	1,739,495 \n
马里兰州州体育场授权收入（马里兰州巴尔的摩市体育场授权项目。）2018年A系列，5% 5/1/2036 \n	\n	1,580,000 \n	1,617,979 \n
马里兰州州 Built to Learn 收入2021年系列，2.75% 6/1/2051 \n	\n	1,725,000 \n	1,128,787 \n
马里兰州州 Built to Learn 收入2021年系列，4% 6/1/2046 \n	\n	1,000,000 \n	924,931 \n
马里兰州州 Built to Learn 收入2021年系列，4% 6/1/2051 \n	\n	1,000,000 \n	892,267 \n
马里兰州州 Built to Learn 收入2022年A系列，4% 6/1/2036 \n	\n	1,875,000 \n	1,891,307 \n
总特别税 \n	\n	\n	16,001,409 \n
交通 - 9.2% \n	\n	\n	\n
马里兰州经济发展公司（紫色线交通合作伙伴项目。）2022B系列，5% 6/30/2037 (d) \n	\n	2,465,000 \n	2,531,143 \n
马里兰州经济发展公司（紫色线交通合作伙伴项目。）2022B系列，5.25% 6/30/2055 (d) \n	\n	1,000,000 \n	978,189 \n
马里兰州经济开发公司经济（港口美洲切萨皮克有限责任公司项目。）2017A系列，5% 6/1/2029 \n	\n	1,850,000 \n	1,907,391 \n
马里兰州经济开发公司经济（港口美洲切萨皮克有限责任公司项目。）2019年A系列，5% 6/1/2044 (d) \n	\n	500,000 \n	503,936 \n
马里兰州经济开发公司经济（港口美洲切萨皮克有限责任公司项目。）2019年A系列，5% 6/1/2049 (d) \n	\n	1,000,000 \n	1,000,744 \n
马里兰州交通授权2.5% 7/1/2047 \n	\n	2,000,000 \n	1,364,997 \n
马里兰州交通授权3% 7/1/2037 \n	\n	1,620,000 \n	1,423,539 \n
马里兰州经济开发公司航空货运（Afco机场房地产集团，有限责任公司项目。）2019年系列，5% 7/1/2027 (d) \n	\n	200,000 \n	202,635 \n
马里兰州经济开发公司航空货运（Afco机场房地产集团，有限责任公司项目。）2019年系列，5% 7/1/2028 (d) \n	\n	630,000 \n	647,585 \n
马里兰州经济开发公司航空货运（Afco机场房地产集团，有限责任公司项目。）2019年系列，5% 7/1/2029 (d) \n	\n	585,000 \n	608,072 \n
马里兰州州交通部（巴尔的摩-华盛顿国际机场项目。）4% 8/1/2051 (d) \n	\n	2,005,000 \n	1,700,322 \n
马里兰州州交通部（巴尔的摩-华盛顿国际机场项目。）5% 8/1/2046 (d) \n	\n	2,000,000 \n	2,012,967 \n
总交通 \n	\n	\n	14,881,520 \n
水与下水道 - 7.4% \n	\n	\n	\n
巴尔的摩马里兰州项目收入（巴尔的摩废水利用收入项目。）2022A系列，5% 7/1/2029 \n	\n	500,000 \n	529,963 \n
马里兰州巴尔的摩项目修订（巴尔的摩水务局项目）2014A系列，5% 7/1/2033 \n	\n	3,000,000 \n	3,002,265 \n
马里兰州巴尔的摩项目修订（巴尔的摩水务局项目）2017 D系列，5% 7/1/2031 \n	\n	5,260,000 \n	5,287,321 \n
马里兰州巴尔的摩项目修订（巴尔的摩水务局项目）2020 A系列，5% 7/1/2030 \n	\n	310,000 \n	333,452 \n
马里兰州巴尔的摩项目修订（巴尔的摩水务局项目）2020 A系列，5% 7/1/2050 \n	\n	2,490,000 \n	2,509,360 \n
马里兰州巴尔的摩项目修订2019A系列，5% 7/1/2031 \n	\n	250,000 \n	263,712 \n
总水务与下水道 \n	\n	\n	11,926,073 \n
总马里兰州 \n	\n	\n	153,374,160 \n
波多黎各 - 0.6% \n	\n	\n	\n
一般债务 - 0.6% \n	\n	\n	\n
波多黎各联邦一般债务2022 A 1系列，0% 7/1/2033 (b) \n	\n	505,310 \n	368,748 \n
波多黎各联邦一般债务2022 A 1系列，5.625% 7/1/2029 \n	\n	185,000 \n	194,333 \n
波多黎各联邦一般债务2022 A 1系列，5.75% 7/1/2031 \n	\n	445,000 \n	480,107 \n
总波多黎各 \n	\n	\n	1,043,188 \n
维尔京群岛 - 0.5% \n	\n	\n	\n
交通 - 0.5% \n	\n	\n	\n
维尔京群岛交通与基础设施公司5% 9/1/2033 \n	\n	275,000 \n	297,454 \n
维尔京群岛交通与基础设施公司5% 9/1/2042 \n	\n	430,000 \n	446,129 \n
总维尔京群岛 \n	\n	\n	743,583 \n
\n 总市政证券 \n (成本163,239,074美元) \n	\n	\n	\n 159,109,856 \n
\n	\n	\n	\n

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货币市场基金 - 1.2% \n
\n	\n	收益率 (%) \n	份额 \n	价值 ($) \n\n
富达市政现金中央基金 (e)(f) \n\n (成本1,947,071美元) \n\n	\n	2.65 \n	1,946,681 \n	1,947,071 \n
\n	\n	\n	\n	\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n 证券总投资 - 99.9% \n (成本165,186,145美元) \n\n	\n\n 161,056,927 \n
净其他资产（负债） - 0.1% \n	136,820 \n
净资产 - 100.0% \n	161,193,747 \n
\n	\n

说明

\n\n\n

(a)

除非另有说明，金额以美元表示。

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\n\n\n

(b)

零息债券，按折扣发行。

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\n\n\n

(c)

以延迟交割或待发行方式购买的证券或证券的一部分。

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\n\n\n

(d)

私人活动债务，其利息对个人而言受联邦替代税的约束。

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\n\n\n

(e)

本报告中关于州和证券类型持有情况的信息不反映富达中央基金的持有情况。

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(f)

关联基金，通常仅对投资公司和其他由富达投资管理的账户开放。所列利率为基金期末的年化七日收益率。如需，可提供该基金最近季度末的完整未经审计的持仓清单。此外，每个富达中央基金的财务报表（未包含在基金独立注册公共会计事务所的报告中）可在SEC网站上或根据要求提供。

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关联基础基金

以下列出了基金在关联基础基金投资方面的财年至今信息。同一关联基础基金的不同类别的份额之间可能会发生转换。如果基础基金更改了名称，以下列出的名称是期末生效的名称。

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关联方

价值，

开始

期间（$）

购买（$）

销售

收益（$）

股息

收入（$）

已实现

收益（损失）（$）

变动

未实现

增值

（贬值）（$）

价值，

期末

期间（$）

\n\n

份额，

期末

期间

富达市政现金中心基金

23,397,986

21,450,915

97,092

1,947,071

1,946,681

23,397,986

21,450,915

97,092

1,947,071

上表中股息收入列中的金额可能包括来自底层基金的资本利得分配，如适用，这些分配会在运营表中相应的项目中列出。

购买和销售收益列中的金额可能包括实物交易，如适用。

投资估值

以下为截至2026年8月31日，涉及基金按公允价值计量的资产和负债的输入值摘要。用于证券估值的输入值或方法可能不表示投资于这些证券的风险。有关估值输入值及其汇总为以下所用级别的更多信息，请参阅附带的财务报表附注中的投资估值部分。

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报告日的估值输入值： \n
描述 \n	总计（$） \n	第1级（$） \n	第2级（$） \n	第3级（$） \n
证券投资： \n	\n	\n	\n	\n
\n
市政证券 \n	\n	\n	\n	\n
教育 \n	7,637,730 \n	- \n	7,637,730 \n	- \n
一般义务 \n	63,176,944 \n	- \n	63,176,944 \n	- \n
医疗保健 \n	30,927,925 \n	- \n	30,927,925 \n	- \n
住房 \n	9,865,747 \n	- \n	9,865,747 \n	- \n
特别税 \n	19,266,150 \n	- \n	19,266,150 \n	- \n
交通 \n	15,625,103 \n	- \n	15,625,103 \n	- \n
水与下水道 \n	12,610,257 \n	- \n	12,610,257 \n	- \n
\n
货币市场基金 \n	1,947,071 \n	1,947,071 \n	- \n	- \n
证券总投资： \n	161,056,927 \n	1,947,071 \n	159,109,856 \n	- \n

财务报表

资产和负债表 \n
\n	\n	\n
截至2026年8月31日 \n	\n	\n
资产 \n	\n	\n
按价值计量的证券投资 - 非关联发行人 \n	$ \n	159,109,856 \n
按价值计量的证券投资 - 关联发行人 \n	\n	1,947,071 \n
现金 \n	\n	148,550 \n
基金份额销售应收款 \n	\n	15,451 \n
应收利息 \n	\n	1,782,038 \n
应收关联基金分配 \n	\n	5,663 \n
其他应收款 \n	\n	29 \n
总资产 \n	\n	163,008,658 \n
负债 \n	\n	\n
应付购买投资，延迟交割 \n	\n	1,385,722 \n
应付赎回基金份额 \n	\n	221,835 \n
应付分配 \n	\n	133,063 \n
应付管理费 \n	\n	74,291 \n
总负债 \n	\n	1,814,911 \n
净资产 \n	$ \n	161,193,747 \n
净资产包括： \n	\n	\n
实收资本 \n	\n	169,001,698 \n
累计收益（亏损） \n	\n	(7,807,951) \n
净资产 \n	$ \n	161,193,747 \n
\n	\n	\n
净资产价值和最大发行额 \n	\n	\n
净资产价值，每份额的发行价和赎回价（161,193,747美元/15,052,137股） \n	$ \n	10.71 \n
\n	\n	\n
\n	\n	\n
其他信息 \n	\n	\n
非关联发行方，成本 \n	\n	163,239,074 \n
关联发行方，成本 \n	\n	1,947,071 \n

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运营报表 \n
\n	\n	\n
截至2026年8月31日的年度 \n	\n	\n
\n	\n	\n
投资收益 \n	\n	\n
来自关联发行方的股息 \n	$ \n	97,075 \n
利息 \n	\n	5,571,095 \n
总投资收益 \n	\n	5,668,170 \n
费用 \n	\n	\n
管理费 \n	\n	876,445 \n
独立受托人费用和支出 \n	\n	341 \n
总费用 \n	\n	876,786 \n
费用减免 \n	\n	(75) \n
减免费用后的总费用 \n	\n	876,711 \n
净投资收益（损失） \n	\n	4,791,459 \n
净实现收益（损失） \n	\n	\n
非关联发行方的投资 \n	\n	(60,945) \n
来自关联发行方的基金的资本利得分配 \n	\n	17 \n
净实现收益（损失） \n	\n	(60,928) \n
净资产未实现增值（贬值）的变化 \n	\n	\n
非关联发行方的投资 \n	\n	636,313 \n
净资产未实现增值（贬值）的总变化 \n	\n	636,313 \n
净收益（损失） \n	\n	575,385 \n
运营产生的净资产增加（减少） \n	$ \n	5,366,844 \n

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净资产变动表 \n
\n	\n	截至 \n 2026年8月31日 \n	\n	截至 \n 2025年8月31日 \n
净资产增加（减少） \n	\n	\n	\n	\n
运营 \n	\n	\n	\n	\n
净投资收益（损失） \n	$ \n	4,791,459 \n	$ \n	4,486,964 \n
净实现收益（损失） \n	\n	(60,928) \n	\n	(1,116,623) \n
净资产未实现增值（贬值）的变化 \n	\n	636,313 \n	\n	(2,353,716) \n
运营产生的净资产增加（减少） \n	$ \n	5,366,844 \n	$ \n	1,016,625 \n
向股东的分配 \n	\n	\n	\n	\n
向股东的分配 \n	\n	(4,116,170) \n	\n	(4,035,295) \n
总分配 \n	\n	(4,116,170) \n	\n	(4,035,295) \n
由于份额交易导致的净资产增加（减少） \n	\n	10,308,227 \n	\n	(11,531,385) \n
净资产总增加（减少） \n	\n	11,558,901 \n	\n	(14,550,055) \n
净资产 \n	\n	\n	\n	\n
期初 \n	\n	149,634,846 \n	\n	164,184,901 \n
期末 \n	$ \n	161,193,747 \n	$ \n	149,634,846 \n

财务亮点

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富达®马里兰州市政收入基金

截至2026年8月31日的年度 \n	\n	2026 \n	\n	2025 \n	\n	2024 \n	\n	2023 \n	\n	2022 \n
每份额数据 \n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
期初每份额净值 \n	$ \n	10.60 \n	$ \n	10.81 \n	$ \n	10.44 \n	$ \n	10.53 \n	$ \n	11.88 \n
投资运作收入 \n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
净投资收益（损失） A, B \n	\n	.33 \n	\n	.31 \n	\n	.29 \n	\n	.25 \n	\n	.23 \n
净实现和未实现收益（损失） \n	\n	.06 \n	\n	(.24) \n	\n	.35 \n	\n	(.09) \n	\n	(1.30) \n
投资运作总收益 \n	\n	.39 \n	\n	.07 \n	\n	.64 \n	\n	.16 \n	\n	(1.07) \n
分配 \n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
来自净投资收益的分配 \n	\n	(.28) \n	\n	(.28) \n	\n	(.27) \n	\n	(.25) \n	\n	(.23) \n
来自净实现收益的分配 \n	\n	- \n	\n	.00 C \n	\n	- \n	\n	- \n	\n	(.04) \n
总分配 \n	\n	(.28) \n	\n	(.28) \n	\n	(.27) \n	\n	(.25) \n	\n	(.28) D \n
期末每份额净值 \n	$ \n	10.71 \n	$ \n	10.60 \n	$ \n	10.81 \n	$ \n	10.44 \n	$ \n	10.53 \n
总回报 E \n	\n	3.68% \n	\n	.64% \n	\n	6.22% \n	\n	1.54% \n	\n	(9.15)% \n
比率和补充数据 B, F, G \n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
扣除减少前的费用与平均净资产比率 \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n
扣除任何费用减免后的费用与平均净资产比率 \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n
扣除所有减免后的费用与平均净资产比率 \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n
净投资收益（损失）与平均净资产比率 \n	\n	3.01% \n	\n	2.90% \n	\n	2.77% \n	\n	2.42% \n	\n	2.08% \n
期末净资产 \n	$ \n	161,193,747 \n	$ \n	149,634,846 \n	$ \n	164,184,901 \n	$ \n	166,207,907 \n	$ \n	176,348,115 \n
投资组合换手率 H \n	\n	5% \n	\n	22% \n	\n	15% \n	\n	12% \n	\n	10% \n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

A根据期间内平均发行份额计算。

\n\n\n

B净投资收益（损失）会受到任何底层共同基金或交易所交易基金（ETF）宣布股息的时间影响。任何共同基金或ETF的净投资收益（损失）不包含在基金的净投资收益（损失）比率中。

\n\n\n

C金额低于每份额0.005美元。

\n\n\n

D每份额总分配额由于四舍五入而不相加。

\n\n\n

E如果在所显示的相关期间内某些费用没有被减少，总回报会更低。

\n\n\n

F费用比率反映了该类别的运营费用。扣除减少前的费用不反映通过与投资顾问、经纪服务或其他抵消安排达成的协议而获得的报销、豁免或减少的金额，如果适用的话，也不代表在发生报销、豁免或减少的期间该类别实际支付的金额。

\n\n\n

G任何底层共同基金或交易所交易基金（ETF）的费用和开支不包含在基金的费用比率中。基金间接承担这些费用的相应份额。

\n\n\n

H金额不包括任何底层共同基金或交易所交易基金（ETF）、衍生品或自购买之日起一年内到期的证券的投资组合活动。

\n\n\n

财务报表附注

截至2026年8月31日

1. 组织。

富达®马里兰州市政收入基金（基金）是富达联合街信托（信托）的非多样化基金，并被授权发行无限数量的份额。信托根据《1940年投资公司法》（1940法案）修订版注册，作为马萨诸塞州商业信托的开放式管理投资公司。

2. 重要会计政策。

基金是一家投资公司，遵循财务会计准则委员会（FASB）会计准则典籍第946项“金融服务-投资公司”的会计和报告指南。财务报表已按照美国通用会计原则（GAAP）编制，这要求管理层在财务报表日期做出某些估计和假设。实际结果可能与这些估计不同。基金作为一个运营分部运作。基金的投资组合管理团队是投资顾问的一部分，作为首席运营决策者（CODM），根据基金的投资目标和政策指导基金的投资，并得到负责监督职能的其他人员的支持。CODM审查的信息与基金的财务报表和财务亮点一致。在财务报表发布日期之前发生的后续事件（如有）已在财务报表的编制过程中进行了评估。基金的投资明细表列出了任何底层共同基金或交易所交易基金，但不包括这些基金的底层持仓。以下总结了基金的重要会计政策：

投资估值。投资在每个期间最后一个日历日东部时间下午4:00进行估值。信托委员会（委员会）指定基金的投资顾问为负责公平估值职能的指定方，并在需要时进行公平价值确定。投资顾问已设立了一个公平价值委员会（委员会）来执行日常的公平估值职责，并制定了政策和程序来规范公平估值过程和委员会的活动。根据这些已获委员会批准的公平估值政策和程序，基金试图从一个或多个第三方定价服务或经纪人处获取价格以对其投资进行估值。当当前市场价、报价或货币汇率不易获得或不可靠时，委员会将根据政策和程序，本着诚信原则对投资进行公平估值。用于确定公平价值的因素因投资类型而异，可能包括市场或投资特定事件、交易数据、预计现金流和可比投资的市场观察结果。公平估值程序的使用频率无法预测，可能被广泛使用。委员会管理基金的公平估值实践，并维护公平估值政策和程序。基金的投资顾问向委员会报告有关公平估值过程和相关重要事项的信息。

基金将用于估值的输入值分类为一个包含三个层级的披露层级，如下所示：

Level 1 - 活跃市场中相同投资的未经调整的报价

Level 2 - 其他重要的可观察输入值（包括类似投资的报价、利率、提前还款速度等）

第三级 - 不可观察的输入（包括基于可用最佳信息的基金自身假设）

用于估值基金投资的主要类别的估值技术如下：

债务证券，包括受限证券，根据第三方定价服务或做市商提供的评估价格进行估值。市政证券由定价服务进行估值，这些服务使用矩阵定价，考虑类似质量、票面利率、到期日和类型的债券的收益率或价格，或由经纪商提供的价格。当独立价格不可用或不可靠时，债务证券可能使用考虑类似因素的定价方法，这些因素与第三方定价服务使用的因素相同。对于任何外国债务证券，当出现重大市场或证券特定事件时，估值可能根据董事会采用的程序善意确定。债务证券通常在层级中归类为第二级，但根据具体情况也可能为第三级。

开放式共同基金的投资按每个营业日的收盘净资产值（NAV）进行估值，并在层级中归类为第一级。

估值技术的变更可能导致在披露层级内转入或转出指定级别。截至期末的输入层级的投资总价值包含在基金的投资明细表的末尾。

投资交易和收入。对于财务报告目的，投资头寸和净资产值（NAV）包括截至该期间最后营业日结束时执行的交易。处理股东交易的每份额 NAV 按纽约证券交易所（NYSE）营业结束时计算，通常为东部时间下午 4:00，并包括截至前一营业日结束时执行的交易。

出售证券的收益和损失基于确定的成本进行计算。

国内证券的股息收入在除息日进行记录。某些来自任何外国证券的股息，如果除息日可能已经过去，则在基金获悉除息日时尽快记录。如有任何非现金股息，将按所获证券的公允市场价值进行记录。

来自任何底层共同基金或交易所交易基金（ETF）的收入和资本利得分配在除息日进行记录。

某些收到的分配代表资本返还或资本利得。这些分配的组成部分在除息日后根据与底层投资相关的税务申报或其他通信文件确定。这些分配被记录为投资成本的减少和/或已实现的收益。如果实际金额不可用，基金将估算这些分配的组成部分。当使用估算时，一旦发行人提供有关分配实际构成的信息，基金将根据需要调整这些分配的组成部分。

利息收入在产生时确认，包括债券的票面利息以及根据适用情况对债务证券的溢价摊销和折价摊销。如果根据一致应用的程序，所有或部分利息的收回变得不确定，债务义务可能会被置于不计息状态，并通过停止当前利息的确认和冲销应计利息应收款项来减少相关的利息收入。当发行人重新开始支付利息，或利息的可收回性得到合理保证时，债务义务将从不计息状态中移除。

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. 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.

As of August 31, 2026, 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.

Fidelity® Maryland Municipal Income Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (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.

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. These differences may result in distribution reclassifications.

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.

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

\n\n\n\n\n\n\n\n\n\n\n\n

\n	Tax Cost ($) \n	Gross unrealized appreciation ($) \n	Gross unrealized depreciation ($) \n	Net unrealized appreciation (depreciation) ($) \n
Fidelity® Maryland Municipal Income Fund \n	163,623,865 \n	2,254,094 \n	(4,821,032) \n	(2,566,938) \n

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

\n\n\n\n\n\n\n\n

\n	Capital loss carryforward ($) \n	Net unrealized appreciation (depreciation) on securities and other investments ($) \n
Fidelity® Maryland Municipal Income Fund \n	(5,218,677) \n	(2,566,938) \n

Capital loss carryforwards are only available to offset future capital gains of the Funds 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.

\n\n\n\n\n\n\n\n\n\n

\n	Short-term ($) \n	Long-term ($) \n	Total capital loss carryforward ($) \n
Fidelity® Maryland Municipal Income Fund \n	(243,386) \n	(4,975,291) \n	(5,218,677) \n

The tax character of distributions paid was as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

August 31, 2026 \n	\n	\n	\n
\n	Tax-Exempt Income ($) \n	Ordinary Income ($) \n	Total ($) \n
Fidelity® Maryland Municipal Income Fund \n	4,116,170 \n	- \n	4,116,170 \n
\n	\n	\n	\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

August 31, 2025 \n	\n	\n	\n
\n	Tax-Exempt Income ($) \n	Ordinary Income ($) \n	Total ($) \n
Fidelity® Maryland Municipal Income Fund \n	4,020,672 \n	14,623 \n	4,035,295 \n
\n	\n	\n	\n

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption \"Delayed delivery\", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

3. 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.

\n\n\n\n\n\n\n\n

\n	Purchases ($) \n	Sales ($) \n
Fidelity® Maryland Municipal Income Fund \n	17,991,365 \n	6,995,407 \n

\n\n\n\n

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provides the Fund with investment management related services.

For these services, the Fund pays a monthly management fee to the investment adviser.

The management fee is based on an annual management fee rate of the Fund's average net assets as presented in the table below.

\n\n\n\n\n\n\n\n\n

\n	Annual Management Fee Rate (%) \n
Fidelity® Maryland Municipal Income Fund \n	0.55 \n
\n	\n

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.

\n\n\n

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.

5. 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, (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 2027 unless extended or renewed.

6. Expense Reductions.

Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.

\n\n\n\n\n\n

\n	Custodian Credits ($) \n
Fidelity® Maryland Municipal Income Fund \n	75 \n

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n	Year ended ($) \n	\n	Year ended ($) \n
\n	\n	August 31, 2026 \n	\n	August 31, 2025 \n
Fidelity® Maryland Municipal Income Fund \n	\n	\n	\n	\n
Fidelity® Maryland Municipal Income Fund \n	\n	4,116,170 \n	\n	4,035,295 \n
Total \n	\n	4,116,170 \n	\n	4,035,295 \n

8. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	Shares \n	\n	Shares \n	\n	Dollars \n	\n	Dollars \n	\n	\n
\n	Year ended \n	\n	Year ended \n	\n	Year ended ($) \n	\n	Year ended ($) \n	\n	\n
\n	August 31, 2026 \n	\n	August 31, 2025 \n	\n	August 31, 2026 \n	\n	August 31, 2025 \n	\n	\n
\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Fidelity® Maryland Municipal Income Fund \n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Shares sold \n	3,137,967 \n	\n	1,758,206 \n	\n	34,305,406 \n	\n	18,640,647 \n	\n	\n
Reinvestment of distributions \n	234,328 \n	\n	237,616 \n	\n	2,556,056 \n	\n	2,539,677 \n	\n	\n
Shares redeemed \n	(2,431,817) \n	\n	(3,068,136) \n	\n	(26,553,235) \n	\n	(32,711,709) \n	\n	\n
Net increase (decrease) \n	940,478 \n	\n	(1,072,314) \n	\n	10,308,227 \n	\n	(11,531,385) \n	\n	\n

9. 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.

10. 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, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (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, 2026, 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, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 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, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 12, 2026

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 2026, 100% of the fund's income dividends was free from federal income tax, and 6.45% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 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.

\n\n\n

$\"\"$

1.536791.129

SMD-ANN-1026

Fidelity® Arizona Municipal Income Fund

Annual Report

August 31, 2026

$\"\"$

Contents

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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

Fidelity® Arizona Municipal Income Fund

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

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

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

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

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

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.

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, 2026

Showing Percentage of Net Assets

Municipal Securities - 94.9% \n
\n	\n	Principal \n Amount (a) \n\n	Value ($) \n\n
Arizona - 92.9% \n	\n	\n	\n
Education - 19.0% \n	\n	\n	\n
Arizona Brd Regents AZ St Univ Sys Rev (Arizona St Univ Revs Proj.) Series 2026 B, 5% 8/1/2056 \n	\n	1,450,000 \n	1,471,152 \n
Arizona St Univ Revs Series 2019A, 5% 7/1/2040 \n	\n	510,000 \n	525,299 \n
Arizona St Univ Revs Series 2020 A, 5% 7/1/2039 \n	\n	390,000 \n	405,661 \n
Arizona St Univ Revs Series 2020 A, 5% 7/1/2043 \n	\n	2,925,000 \n	3,016,535 \n
Arizona St Univ Revs Series 2025A, 5% 7/1/2042 \n	\n	375,000 \n	396,022 \n
Glendale Ariz Indl Dev Auth Rev (Midwestern Univ Fndtn Ill Ed Ln Rev Proj.) Series 2026A, 5% 7/1/2030 (f) \n	\n	1,000,000 \n	1,051,294 \n
Glendale Ariz Indl Dev Auth Rev (Midwestern Univ Fndtn Ill Ed Ln Rev Proj.) Series 2026A, 5% 7/1/2031 (f) \n	\n	500,000 \n	529,368 \n
Glendale Ariz Indl Dev Auth Rev (Midwestern Univ Fndtn Ill Ed Ln Rev Proj.) Series 2026A, 5% 7/1/2032 (f) \n	\n	500,000 \n	531,218 \n
Glendale Ariz Indl Dev Auth Rev (Midwestern Univ Fndtn Ill Ed Ln Rev Proj.) Series 2026A, 5% 7/1/2033 (f) \n	\n	500,000 \n	532,893 \n
Glendale Ariz Indl Dev Auth Rev (Midwestern University Arizona Proj.) Series 2025, 5% 5/15/2037 \n	\n	2,000,000 \n	2,163,751 \n
Mcallister Academic Vlg AZ LLC 5% 7/1/2037 (Arizona St Univ Revs Guaranteed) \n	\n	2,000,000 \n	2,001,757 \n
Mcallister Academic Vlg AZ LLC 5% 7/1/2038 (Arizona St Univ Revs Guaranteed) \n	\n	3,850,000 \n	3,852,980 \n
Northern AZ Univ Revs Series 2020 B, 5% 6/1/2037 (Build America Mutual Assurance Co Insured) \n	\n	1,000,000 \n	1,040,797 \n
Northern AZ Univ Revs Series 2026 B, 5% 8/1/2034 (Build America Mutual Assurance Co Insured) \n	\n	855,000 \n	946,693 \n
Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2036 \n	\n	1,175,000 \n	1,188,382 \n
Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Student Housing LLC Proj.) 5% 7/1/2042 \n	\n	1,500,000 \n	1,460,340 \n
Student & Academic Services LLC (Northern AZ Univ Revs Proj.) Series 2024, 5% 6/1/2039 (Build America Mutual Assurance Co Insured) \n	\n	1,385,000 \n	1,464,014 \n
University AZ Univ Revs Series 2025A, 5% 6/1/2031 \n	\n	1,800,000 \n	1,963,596 \n
University AZ Univ Revs Series 2026B, 5.25% 8/1/2056 \n	\n	1,000,000 \n	1,017,618 \n
TOTAL EDUCATION \n	\n	\n	25,559,370 \n
Electric Utilities - 6.2% \n	\n	\n	\n
Salt River Proj AZ Agric & Pwr 5.25% 1/1/2055 \n	\n	3,000,000 \n	3,117,945 \n
Salt River Proj AZ Agric & Pwr Series 2019 A, 5% 1/1/2035 \n	\n	395,000 \n	416,298 \n
Salt River Proj AZ Agric & Pwr Series 2019 A, 5% 1/1/2037 \n	\n	880,000 \n	920,838 \n
Salt River Proj AZ Agric & Pwr Series 2023 A, 5% 1/1/2047 \n	\n	295,000 \n	302,354 \n
Salt River Proj AZ Agric & Pwr Series 2023B, 5% 1/1/2048 \n	\n	1,500,000 \n	1,534,605 \n
Salt River Proj AZ Agric & Pwr Series 2023B, 5.25% 1/1/2053 \n	\n	1,705,000 \n	1,757,336 \n
Salt River Proj AZ Agric & Pwr Series 2024 A, 5% 1/1/2049 \n	\n	260,000 \n	265,846 \n
TOTAL ELECTRIC UTILITIES \n	\n	\n	8,315,222 \n
General Obligations - 30.4% \n	\n	\n	\n
Apache Cnty Ariz Uni Sch Dist No 8 Window Rock Impact Aid Rev Series 2022, 5% 7/1/2035 \n	\n	500,000 \n	529,204 \n
Apache Cnty Ariz Uni Sch Dist No 8 Window Rock Impact Aid Rev Series 2022, 5% 7/1/2036 \n	\n	500,000 \n	526,062 \n
Arizona Game & Fish Dept & Commission 5% 7/1/2032 \n	\n	470,000 \n	476,420 \n
Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2029 (Assured Guaranty Inc Insured) \n	\n	425,000 \n	449,992 \n
Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2031 (Assured Guaranty Inc Insured) \n	\n	700,000 \n	761,347 \n
Buckeye Ariz Un High Sch Dist No 201 5% 7/1/2032 (Assured Guaranty Inc Insured) \n	\n	800,000 \n	879,179 \n
Glendale AZ Union High Sch Dst 4% 7/1/2038 (Assured Guaranty Inc Insured) \n	\n	1,000,000 \n	995,254 \n
Glendale AZ Union High Sch Dst 4% 7/1/2039 (Assured Guaranty Inc Insured) \n	\n	1,000,000 \n	984,713 \n
Glendale AZ Union High Sch Dst Series 2024A, 5% 7/1/2035 (Assured Guaranty Inc Insured) \n	\n	500,000 \n	551,967 \n
Glendale AZ Usd #40 Series 2021B, 2% 7/1/2035 (Assured Guaranty Inc Insured) \n	\n	2,050,000 \n	1,651,746 \n
Goodyear Ariz Gen. Oblig. Series 2016 A, 3% 7/1/2037 \n	\n	180,000 \n	159,823 \n
Goodyear Ariz Gen. Oblig. Series 2026, 5% 7/1/2044 \n	\n	1,375,000 \n	1,461,278 \n
Goodyear Ariz Gen. Oblig. Series 2026, 5% 7/1/2045 \n	\n	2,625,000 \n	2,780,339 \n
Industrial Development Authority of the City of Phoenix Arizona/The Series 2014, 5.125% 2/1/2034 (Guam Govt Guaranteed) \n	\n	500,000 \n	479,045 \n
Marana Uni Sch Dist No 6 5% 7/1/2043 (Assured Guaranty Inc Insured) \n	\n	500,000 \n	519,677 \n
Maricopa Cnty AZ Sch Dist #28 Kyrene Elem 5% 7/1/2037 \n	\n	1,000,000 \n	1,026,815 \n
Maricopa Cnty AZ Sch Dist #3 Tempe Elem Series 2024 A, 5% 7/1/2039 \n	\n	400,000 \n	427,101 \n
Maricopa Cnty AZ School District No 1 Phoenix Elementary 5% 7/1/2041 (Build America Mutual Assurance Co Insured) \n	\n	1,300,000 \n	1,366,927 \n
Maricopa County Special Health Care District Gen. Oblig. 5% 7/1/2036 \n	\n	1,000,000 \n	1,027,629 \n
Maricopa County Unified School District #80 Series 2021 B, 3% 7/1/2038 \n	\n	400,000 \n	346,265 \n
Paradise Valley AZ Uni Sch Dist No 69 Series 2020 SECOND, 3% 7/1/2034 \n	\n	265,000 \n	253,081 \n
Paradise Valley AZ Uni Sch Dist No 69 Series 2022, 5% 7/1/2031 \n	\n	105,000 \n	114,691 \n
Paradise Valley AZ Uni Sch Dist No 69 Series 2025 A, 5% 7/1/2036 \n	\n	1,500,000 \n	1,645,781 \n
Phoenix Uhsd #210 Series 2019 B, 5% 7/1/2032 \n	\n	1,180,000 \n	1,224,051 \n
Phoenix Uhsd #210 Series 2019 B, 5% 7/1/2034 \n	\n	585,000 \n	605,112 \n
Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2024 A, 5% 7/1/2041 (Assured Guaranty Inc Insured) \n	\n	750,000 \n	789,616 \n
Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2024 A, 5% 7/1/2042 (Assured Guaranty Inc Insured) \n	\n	875,000 \n	919,524 \n
Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2026 B, 5% 7/1/2039 \n	\n	1,535,000 \n	1,657,238 \n
Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2030 (Build America Mutual Assurance Co Insured) \n	\n	340,000 \n	363,935 \n
Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2031 (Build America Mutual Assurance Co Insured) \n	\n	225,000 \n	243,142 \n
Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2032 (Build America Mutual Assurance Co Insured) \n	\n	150,000 \n	163,592 \n
Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2033 (Build America Mutual Assurance Co Insured) \n	\n	225,000 \n	247,391 \n
Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2034 (Build America Mutual Assurance Co Insured) \n	\n	275,000 \n	302,756 \n
Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2035 (Build America Mutual Assurance Co Insured) \n	\n	275,000 \n	303,152 \n
Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2036 (Build America Mutual Assurance Co Insured) \n	\n	625,000 \n	681,521 \n
Queen Creek AZ Cops Series 2026, 5% 10/1/2051 \n	\n	1,000,000 \n	1,013,448 \n
Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2037 (Citigroup Inc Guaranteed) \n	\n	2,910,000 \n	2,958,468 \n
Salt Verde Finl Corp Gas Rev AZ 5.5% 12/1/2029 (Citigroup Inc Guaranteed) \n	\n	3,000,000 \n	3,163,429 \n
Scottsdale AZ Uni Sch Dist #48 4% 7/1/2034 \n	\n	350,000 \n	353,704 \n
Scottsdale AZ Uni Sch Dist #48 5% 7/1/2033 \n	\n	3,015,000 \n	3,067,697 \n
Scottsdale Gen. Oblig. 4% 7/1/2032 \n	\n	400,000 \n	402,802 \n
Tolleson AZ Uni High Sch Dist No 214 5% 7/1/2031 \n	\n	350,000 \n	356,524 \n
Tolleson AZ Uni High Sch Dist No 214 Series 2025, 5% 7/1/2041 \n	\n	1,400,000 \n	1,486,210 \n
Western Maricopa Ed Ctr Dist No 402 Maricopa Cnty Ariz 5% 7/1/2042 (Assured Guaranty Inc Insured) \n	\n	1,000,000 \n	1,049,695 \n
TOTAL GENERAL OBLIGATIONS \n	\n	\n	40,767,343 \n
Health Care - 16.6% \n	\n	\n	\n
Arizona Health Facs Auth Rev (Banner Health System Proj.) SPMUV7DM INDEX + 0.81%, 3.53% tender 1/1/2037 (c)(d) \n	\n	495,000 \n	492,659 \n
Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 3% 2/1/2045 \n	\n	1,160,000 \n	895,670 \n
Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 4% 2/1/2050 \n	\n	2,005,000 \n	1,769,505 \n
Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2040 \n	\n	700,000 \n	718,897 \n
Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) Series 2019 A, 2.9% 2/1/2048, LOC TD Bank NA VRDN (c) \n	\n	555,000 \n	555,000 \n
Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) Series 2019B, 2.9% 2/1/2048, LOC TD Bank NA VRDN (c) \n	\n	200,000 \n	200,000 \n
Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 3% 9/1/2050 \n	\n	1,000,000 \n	696,708 \n
Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2035 \n	\n	200,000 \n	198,443 \n
Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2036 \n	\n	355,000 \n	350,464 \n
Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2046 \n	\n	1,000,000 \n	875,474 \n
Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 4% 7/1/2028 \n	\n	110,000 \n	110,090 \n
Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 5% 7/1/2033 \n	\n	435,000 \n	436,936 \n
Glendale Ariz Indl Dev Auth Sr Living Facs Rev (Royal Oaks Senior Living Cmnty Proj.) 5% 5/15/2056 \n	\n	1,000,000 \n	867,189 \n
Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) 5% 9/1/2033 \n	\n	275,000 \n	283,708 \n
Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) 5% 9/1/2034 \n	\n	680,000 \n	699,896 \n
Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2019A, 5% 9/1/2029 \n	\n	310,000 \n	322,039 \n
Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2021 A, 3% 9/1/2051 \n	\n	3,000,000 \n	2,068,192 \n
Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2021 A, 4% 9/1/2051 \n	\n	1,500,000 \n	1,263,838 \n
Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 E, 3% 1/1/2049 \n	\n	3,000,000 \n	2,154,566 \n
Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 F, 4% 1/1/2045 \n	\n	1,000,000 \n	910,074 \n
Pima Cnty AZ Indl Dev Auth Rev (Tucson Medical Center Proj.) Series 2021, 4% 4/1/2037 \n	\n	415,000 \n	401,137 \n
Pima Cnty AZ Indl Dev Auth Rev (Tucson Medical Center Proj.) Series 2021, 4% 4/1/2046 \n	\n	3,000,000 \n	2,594,791 \n
Tempe AZ Indl Dev Auth Rev (Friendship Village of Tempe,Az Proj.) Series 2021A, 4% 12/1/2046 \n	\n	1,000,000 \n	840,073 \n
Yavapai Cnty AZ Indl Dev Auth Hosp Rev (Yavapai Regional Medical Ctr Proj.) 5% 8/1/2036 \n	\n	1,305,000 \n	1,305,617 \n
Yavapai Cnty AZ Indl Dev Auth Hosp Rev (Yavapai Regional Medical Ctr Proj.) Series 2019, 4% 8/1/2043 \n	\n	350,000 \n	311,935 \n
Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5.25% 8/1/2044 (Assured Guaranty Inc Insured) \n	\n	1,000,000 \n	1,046,195 \n
TOTAL HEALTH CARE \n	\n	\n	22,369,096 \n
Housing - 3.2% \n	\n	\n	\n
Arizona Indl Dev Auth Single Family Mtg Rev (AZ Hsg 6/1/24 Proj.) Series 2026A, 6% 10/1/2031 \n	\n	200,000 \n	226,001 \n
Arizona Indl Dev Auth Single Family Mtg Rev (AZ Hsg 6/1/24 Proj.) Series 2026A, 6% 10/1/2032 \n	\n	425,000 \n	486,769 \n
Arizona Indl Dev Auth Single Family Mtg Rev (AZ Hsg 6/1/24 Proj.) Series 2026A, 6% 10/1/2033 \n	\n	225,000 \n	261,124 \n
Arizona Indl Dev Auth Single Family Mtg Rev (AZ Hsg 6/1/24 Proj.) Series 2026A, 6% 4/1/2031 \n	\n	190,000 \n	212,587 \n
Arizona Indl Dev Auth Single Family Mtg Rev (AZ Hsg 6/1/24 Proj.) Series 2026A, 6% 4/1/2032 \n	\n	260,000 \n	296,030 \n
Arizona Indl Dev Auth Single Family Mtg Rev (AZ Hsg 6/1/24 Proj.) Series 2026A, 6% 4/1/2033 \n	\n	175,000 \n	201,556 \n
Arizona Indl Dev Auth Single Family Mtg Rev (AZ Hsg 6/1/24 Proj.) Series 2026A, 6% 4/1/2034 \n	\n	465,000 \n	541,023 \n
Arizona St Indl Dev Auth Multifamily Hsg Rev 2.76% tender 7/1/2047 (c) \n	\n	1,000,000 \n	988,646 \n
Phoenix AZ Indl Rev Auth Mfh Series 2025, 3.1% tender 2/1/2059 (c) \n	\n	1,000,000 \n	1,000,226 \n
TOTAL HOUSING \n	\n	\n	4,213,962 \n
Special Tax - 6.1% \n	\n	\n	\n
Bullhead City Ariz Excise Taxes Rev 2.3% 7/1/2041 \n	\n	1,000,000 \n	720,687 \n
Bullhead City Ariz Excise Taxes Rev 2.55% 7/1/2046 \n	\n	3,000,000 \n	2,060,217 \n
Chandler Ariz Excise Tax Rev Series 2015, 3% 7/1/2034 \n	\n	300,000 \n	291,393 \n
Glendale Ariz Sr Excise Tax Rev Series 2025, 5% 7/1/2030 \n	\n	350,000 \n	377,917 \n
Phoenix Ariz Civic Impt Corp Distr Rev 5.5% 7/1/2038 (National Public Finance Guarantee Corporation Insured) (e) \n	\n	2,000,000 \n	2,328,130 \n
Phoenix-Mesa Gateway Arpt Auth Ariz Spl Fac Rev 5% 7/1/2027 (f) \n	\n	140,000 \n	140,069 \n
Queen Creek AZ Excise Tax & St Shared Rev Series 2024, 5% 8/1/2030 \n	\n	235,000 \n	253,595 \n
Queen Creek AZ Excise Tax & St Shared Rev Series 2024, 5% 8/1/2037 \n	\n	135,000 \n	147,189 \n
Queen Creek AZ Excise Tax & St Shared Rev Series 2024, 5% 8/1/2038 \n	\n	240,000 \n	259,396 \n
Queen Creek AZ Excise Tax & St Shared Rev Series 2024, 5% 8/1/2039 \n	\n	250,000 \n	267,771 \n
Queen Creek AZ Excise Tax & St Shared Rev Series 2024, 5% 8/1/2040 \n	\n	350,000 \n	372,452 \n
Tempe AZ Excise Tax Rev 5% 7/1/2028 \n	\n	315,000 \n	315,654 \n
Tempe AZ Excise Tax Rev 5% 7/1/2030 \n	\n	325,000 \n	325,671 \n
Tempe AZ Excise Tax Rev 5% 7/1/2031 \n	\n	375,000 \n	375,761 \n
TOTAL SPECIAL TAX \n	\n	\n	8,235,902 \n
Transportation - 6.1% \n	\n	\n	\n
Arizona St Transn Brd Series 2017A, 5% 7/1/2031 \n	\n	385,000 \n	391,537 \n
City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) 5% 7/1/2029 \n	\n	185,000 \n	195,672 \n
City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) 5% 7/1/2035 \n	\n	1,000,000 \n	1,038,643 \n
Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2035 (f) \n	\n	2,425,000 \n	2,451,868 \n
Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 4% 7/1/2037 (f) \n	\n	1,750,000 \n	1,698,645 \n
Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 5% 7/1/2033 (f) \n	\n	280,000 \n	290,415 \n
Phoenix AZ Cvc Imp Crp Apr Rev Series 2023, 5% 7/1/2030 (f) \n	\n	2,000,000 \n	2,122,329 \n
Phoenix AZ Cvc Imp Crp Apr Rev Series A, 5% 7/1/2033 (f) \n	\n	25,000 \n	25,324 \n
TOTAL TRANSPORTATION \n	\n	\n	8,214,433 \n
Water & Sewer - 5.3% \n	\n	\n	\n
Central Ariz Wtr Consv Dist Wtr Delivery O&M Rev 5% 1/1/2036 \n	\n	500,000 \n	501,206 \n
City of Tucson AZ Series 2026, 5% 7/1/2046 \n	\n	750,000 \n	787,259 \n
Goodyear Ariz Wtr & Swr Rev Series 2025, 5% 7/1/2036 (Assured Guaranty Inc Insured) \n	\n	1,420,000 \n	1,562,863 \n
Mesa AZ Util Sys Rev Series 2016, 3% 7/1/2040 \n	\n	100,000 \n	82,105 \n
Mesa AZ Util Sys Rev Series 2017, 3.25% 7/1/2040 \n	\n	495,000 \n	429,110 \n
Mesa AZ Util Sys Rev Series 2017, 3.25% 7/1/2041 \n	\n	885,000 \n	742,711 \n
Mesa AZ Util Sys Rev Series 2019A, 5% 7/1/2043 \n	\n	2,015,000 \n	2,061,272 \n
Mesa AZ Util Sys Rev Series 2021, 4% 7/1/2035 \n	\n	1,000,000 \n	1,006,876 \n
TOTAL WATER & SEWER \n	\n	\n	7,173,402 \n
TOTAL ARIZONA \n	\n	\n	124,848,730 \n
Guam - 0.7% \n	\n	\n	\n
Special Tax - 0.5% \n	\n	\n	\n
Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2032 \n	\n	630,000 \n	673,063 \n
Water & Sewer - 0.2% \n	\n	\n	\n
Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5% 7/1/2031 \n	\n	275,000 \n	292,077 \n
TOTAL GUAM \n	\n	\n	965,140 \n
Puerto Rico - 0.9% \n	\n	\n	\n
General Obligations - 0.6% \n	\n	\n	\n
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (b) \n	\n	435,874 \n	318,078 \n
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029 \n	\n	150,000 \n	157,567 \n
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031 \n	\n	365,000 \n	393,796 \n
TOTAL GENERAL OBLIGATIONS \n	\n	\n	869,441 \n
Health Care - 0.3% \n	\n	\n	\n
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 \n	\n	50,000 \n	42,454 \n
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 \n	\n	260,000 \n	263,023 \n
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 \n	\n	95,000 \n	99,062 \n
TOTAL HEALTH CARE \n	\n	\n	404,539 \n
TOTAL PUERTO RICO \n	\n	\n	1,273,980 \n
Virgin Islands - 0.4% \n	\n	\n	\n
Transportation - 0.4% \n	\n	\n	\n
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2033 \n	\n	215,000 \n	232,554 \n
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2042 \n	\n	335,000 \n	347,566 \n
TOTAL VIRGIN ISLANDS \n	\n	\n	580,120 \n
\n TOTAL MUNICIPAL SECURITIES \n (Cost $131,193,769) \n	\n	\n	\n 127,667,970 \n
\n	\n	\n	\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Money Market Funds - 3.8% \n
\n	\n	Yield (%) \n	Shares \n	Value ($) \n\n
Fidelity Municipal Cash Central Fund (g)(h) \n\n (Cost $5,136,651) \n\n	\n	2.65 \n	5,135,624 \n	5,136,651 \n
\n	\n	\n	\n	\n

\n\n\n\n\n\n\n\n\n\n\n\n

\n TOTAL INVESTMENT IN SECURITIES - 98.7% \n (Cost $136,330,420) \n\n	\n\n 132,804,621 \n
NET OTHER ASSETS (LIABILITIES) - 1.3% \n	1,771,541 \n
NET ASSETS - 100.0% \n	134,576,162 \n
\n	\n

Security Type Abbreviations

\n\n\n\n

VRDN

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

Legend

\n\n\n

(a)

Amount is stated in United States dollars unless otherwise noted.

\n\n

\n\n\n

(b)

Zero coupon bond which is issued at a discount.

\n\n

\n\n\n

(c)

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

\n\n

\n\n\n

(d)

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

\n\n

\n\n\n

(e)

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.

\n\n

\n\n\n

(f)

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

\n\n

\n\n\n

(g)

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

\n\n

\n\n\n

(h)

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.

\n\n

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Affiliate

Value,

beginning

of period ($)

Purchases ($)

Sales

Proceeds ($)

Dividend

Income ($)

Realized

Gain (loss) ($)

Change in

Unrealized

appreciation

(depreciation) ($)

Value,

end

of period ($)

\n\n

Shares,

end

of period

Fidelity Municipal Cash Central Fund

1,511,042

30,936,091

27,310,482

53,998

5,136,651

5,135,624

1,511,042

30,936,091

27,310,482

53,998

5,136,651

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, 2026, 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.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Valuation Inputs at Reporting Date: \n
Description \n	Total ($) \n	Level 1 ($) \n	Level 2 ($) \n	Level 3 ($) \n
Investments in Securities: \n	\n	\n	\n	\n
\n
Municipal Securities \n	\n	\n	\n	\n
Education \n	25,559,370 \n	- \n	25,559,370 \n	- \n
Electric Utilities \n	8,315,222 \n	- \n	8,315,222 \n	- \n
General Obligations \n	41,636,784 \n	- \n	41,636,784 \n	- \n
Health Care \n	22,773,635 \n	- \n	22,773,635 \n	- \n
Housing \n	4,213,962 \n	- \n	4,213,962 \n	- \n
Special Tax \n	8,908,965 \n	- \n	8,908,965 \n	- \n
Transportation \n	8,794,553 \n	- \n	8,794,553 \n	- \n
Water & Sewer \n	7,465,479 \n	- \n	7,465,479 \n	- \n
\n
Money Market Funds \n	5,136,651 \n	5,136,651 \n	- \n	- \n
Total Investments in Securities: \n	132,804,621 \n	5,136,651 \n	127,667,970 \n	- \n

Financial Statements

Statement of Assets and Liabilities \n
\n	\n	\n
As of August 31, 2026 \n	\n	\n
Assets \n	\n	\n
Investments in securities, at value - unaffiliated issuers \n	$ \n	127,667,970 \n
Investments in securities, at value - affiliated issuers \n	\n	5,136,651 \n
Cash \n	\n	100,000 \n
Receivable for fund shares sold \n	\n	715,061 \n
Interest receivable \n	\n	1,173,268 \n
Distributions receivable from affiliated funds \n	\n	6,274 \n
Total assets \n	\n	134,799,224 \n
Liabilities \n	\n	\n
Payable for fund shares redeemed \n	\n	62,486 \n
Distributions payable \n	\n	99,828 \n
Accrued management fee \n	\n	60,748 \n
Total liabilities \n	\n	223,062 \n
Net Assets \n	$ \n	134,576,162 \n
Net assets consist of: \n	\n	\n
Paid in capital \n	\n	140,274,743 \n
Total accumulated earnings (loss) \n	\n	(5,698,581) \n
Net Assets \n	$ \n	134,576,162 \n
\n	\n	\n
Net Asset Value and Maximum Offering \n	\n	\n
Net Asset Value, offering price and redemption price per share ($134,576,162/11,831,899 shares) \n	$ \n	11.37 \n
\n	\n	\n
\n	\n	\n
Other Information \n	\n	\n
Unaffiliated issuers, cost \n	\n	131,193,769 \n
Affiliated issuers, cost \n	\n	5,136,651 \n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Statement of Operations \n
\n	\n	\n
Year ended August 31, 2026 \n	\n	\n
\n	\n	\n
Investment Income \n	\n	\n
Dividends - affiliated issuers \n	$ \n	53,998 \n
Interest \n	\n	4,229,437 \n
Total investment income \n	\n	4,283,435 \n
Expenses \n	\n	\n
Management fee \n	\n	688,685 \n
Independent trustees' fees and expenses \n	\n	267 \n
Miscellaneous \n	\n	16 \n
Total expenses \n	\n	688,968 \n
Expense reductions \n	\n	(66) \n
Total expenses after reductions \n	\n	688,902 \n
Net investment income (loss) \n	\n	3,594,533 \n
Net realized gain (loss) \n	\n	\n
Investments - unaffiliated issuers \n	\n	110,329 \n
Net realized gain (loss) \n	\n	110,329 \n
Change in net unrealized appreciation (depreciation) \n	\n	\n
Investments - unaffiliated issuers \n	\n	747,791 \n
Total change in net unrealized appreciation (depreciation) \n	\n	747,791 \n
Net gain (loss) \n	\n	858,120 \n
Net increase (decrease) in net assets resulting from operations \n	$ \n	4,452,653 \n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Statement of Changes in Net Assets \n
\n	\n	Year ended \n August 31, 2026 \n	\n	Year ended \n August 31, 2025 \n
Increase (Decrease) in Net Assets \n	\n	\n	\n	\n
Operations \n	\n	\n	\n	\n
Net investment income (loss) \n	$ \n	3,594,533 \n	$ \n	3,304,841 \n
Net realized gain (loss) \n	\n	110,329 \n	\n	(497,622) \n
Change in net unrealized appreciation (depreciation) \n	\n	747,791 \n	\n	(2,934,595) \n
Net increase (decrease) in net assets resulting from operations \n	$ \n	4,452,653 \n	$ \n	(127,376) \n
Distributions to shareholders \n	\n	\n	\n	\n
Distributions to shareholders \n	\n	(3,423,710) \n	\n	(3,138,969) \n
Total distributions \n	\n	(3,423,710) \n	\n	(3,138,969) \n
Net increase (decrease) in net assets resulting from share transactions \n	\n	18,049,664 \n	\n	(3,593,898) \n
Total increase (decrease) in net assets \n	\n	19,078,607 \n	\n	(6,860,243) \n
Net Assets \n	\n	\n	\n	\n
Beginning of period \n	\n	115,497,555 \n	\n	122,357,798 \n
End of period \n	$ \n	134,576,162 \n	$ \n	115,497,555 \n

Financial Highlights

\n\n\n\n

Fidelity® Arizona Municipal Income Fund

Years ended August 31, \n	\n	2026 \n	\n	2025 \n	\n	2024 \n	\n	2023 \n	\n	2022 \n
Selected Per Share Data \n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Net asset value, beginning of period \n	$ \n	11.25 \n	$ \n	11.56 \n	$ \n	11.11 \n	$ \n	11.21 \n	$ \n	12.63 \n
Income from Investment Operations \n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Net investment income (loss) A, B \n	\n	.33 \n	\n	.32 \n	\n	.30 \n	\n	.27 \n	\n	.25 \n
Net realized and unrealized gain (loss) \n	\n	.11 \n	\n	(.33) \n	\n	.44 \n	\n	(.10) \n	\n	(1.38) \n
Total from investment operations \n	\n	.44 \n	\n	(.01) \n	\n	.74 \n	\n	.17 \n	\n	(1.13) \n
Distributions \n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Distributions from net investment income \n	\n	(.32) \n	\n	(.30) \n	\n	(.29) \n	\n	(.27) \n	\n	(.25) \n
Distributions from net realized gain \n	\n	- \n	\n	.00 C \n	\n	- \n	\n	- \n	\n	(.04) \n
Total distributions \n	\n	(.32) \n	\n	(.30) \n	\n	(.29) \n	\n	(.27) \n	\n	(.29) \n
Net asset value, end of period \n	$ \n	11.37 \n	$ \n	11.25 \n	$ \n	11.56 \n	$ \n	11.11 \n	$ \n	11.21 \n
Total Return D \n	\n	3.86% \n	\n	(.07)% \n	\n	6.78% \n	\n	1.52% \n	\n	(9.07)% \n
Ratios and Supplemental Data B, E, F \n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Ratio of expenses to average net assets before reductions \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n
Ratio of expenses to average net assets net of fee waivers, if any \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n
Ratio of expenses to average net assets net of all reductions, if any \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n	\n	.55% \n
Ratio of net investment income (loss) to average net assets \n	\n	2.87% \n	\n	2.79% \n	\n	2.69% \n	\n	2.45% \n	\n	2.07% \n
Net assets, end of period \n	$ \n	134,576,162 \n	$ \n	115,497,555 \n	$ \n	122,357,798 \n	$ \n	129,358,960 \n	$ \n	149,861,953 \n
Portfolio turnover rate G \n	\n	9% \n	\n	22% \n	\n	7% \n	\n	15% \n	\n	10% \n
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n

ACalculated based on average shares outstanding during the period.

\n\n\n

BNet 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.

\n\n\n

CAmount represents less than $.005 per share.

\n\n\n

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

\n\n\n

EExpense 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.

\n\n\n

FFees 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.

\n\n\n

GAmount 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.

\n\n\n

Notes to Financial Statements

For the period ended August 31, 2026

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. 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.

2. 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 portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's 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. For any foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. 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 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 period end is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the investment holdings and net asset value (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.

Dividend income for domestic securities is recorded on the ex-dividend date. Certain dividends from any foreign securities where the ex-dividend date may have passed are recorded as soon as a fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

Income and capital gain distributions from any underlying mutual funds or exchange-traded funds (ETFs) 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.

Fidelity® Arizona Municipal Income Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (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.

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. These differences may result in distribution reclassifications.

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

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

\n\n\n\n\n\n\n\n\n\n\n\n

\n	Tax Cost ($) \n	Gross unrealized appreciation ($) \n	Gross unrealized depreciation ($) \n	Net unrealized appreciation (depreciation) ($) \n
Fidelity® Arizona Municipal Income Fund \n	135,788,187 \n	1,406,882 \n	(4,390,448) \n	(2,983,566) \n

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

\n\n\n\n\n\n\n\n\n\n\n\n

\n	Undistributed tax-exempt income ($) \n	Undistributed ordinary income ($) \n	Capital loss carryforward ($) \n	Net unrealized appreciation (depreciation) on securities and other investments ($) \n
Fidelity® Arizona Municipal Income Fund \n	30,529 \n	20,193 \n	(2,765,737) \n	(2,983,566) \n

\n\n\n\n\n\n\n\n\n\n

\n	Short-term ($) \n	Long-term ($) \n	Total capital loss carryforward ($) \n
Fidelity® Arizona Municipal Income Fund \n	(657,108) \n	(2,108,629) \n	(2,765,737) \n

The tax character of distributions paid was as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

August 31, 2026 \n	\n	\n	\n
\n	Tax-Exempt Income ($) \n	Ordinary Income ($) \n	Total ($) \n
Fidelity® Arizona Municipal Income Fund \n	3,423,710 \n	- \n	3,423,710 \n
\n	\n	\n	\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

August 31, 2025 \n	\n	\n	\n
\n	Tax-Exempt Income ($) \n	Ordinary Income ($) \n	Total ($) \n
Fidelity® Arizona Municipal Income Fund \n	3,128,584 \n	10,385 \n	3,138,969 \n
\n	\n	\n	\n

3. 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.

\n\n\n\n\n\n\n\n

\n	Purchases ($) \n	Sales ($) \n
Fidelity® Arizona Municipal Income Fund \n	27,273,622 \n	10,866,911 \n

\n\n\n\n

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provides the Fund with investment management related services.

For these services, the Fund pays a monthly management fee to the investment adviser.

The management fee is based on an annual management fee rate of the Fund's average net assets as presented in the table below.

\n\n\n\n\n\n\n\n\n

\n	Annual Management Fee Rate (%) \n
Fidelity® Arizona Municipal Income Fund \n	0.55 \n
\n	\n

\n\n\n

\n\n\n\n\n\n\n\n\n\n

\n	Purchases ($) \n	Sales ($) \n	Realized Gain (Loss) ($) \n
Fidelity® Arizona Municipal Income Fund \n	- \n	3,028,661 \n	3,189 \n

5. Committed Line of Credit.

The commitment fees are borne by the investment adviser.

The line of credit agreement will expire in March 2027 unless extended or renewed.

6. Expense Reductions.

Through arrangements with the custodian, credits realized as a result of certain uninvested cash balances were used to reduce expenses. All of the applicable credits are presented in the table below.

\n\n\n\n\n\n

\n	Custodian Credits ($) \n
Fidelity® Arizona Municipal Income Fund \n	66 \n

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n	Year ended ($) \n	\n	Year ended ($) \n
\n	\n	August 31, 2026 \n	\n	August 31, 2025 \n
Fidelity® Arizona Municipal Income Fund \n	\n	\n	\n	\n
Fidelity® Arizona Municipal Income Fund \n	\n	3,423,710 \n	\n	3,138,969 \n
Total \n	\n	3,423,710 \n	\n	3,138,969 \n

8. Share Transactions.

Share transactions were as follows and may contain in kind transactions, automatic conversions between classes or exchanges between affiliated funds as applicable:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	Shares \n	\n	Shares \n	\n	Dollars \n	\n	Dollars \n	\n	\n
\n	Year ended \n	\n	Year ended \n	\n	Year ended ($) \n	\n	Year ended ($) \n	\n	\n
\n	August 31, 2026 \n	\n	August 31, 2025 \n	\n	August 31, 2026 \n	\n	August 31, 2025 \n	\n	\n
\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Fidelity® Arizona Municipal Income Fund \n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Shares sold \n	2,936,195 \n	\n	1,571,682 \n	\n	33,908,720 \n	\n	17,892,700 \n	\n	\n
Reinvestment of distributions \n	208,088 \n	\n	194,978 \n	\n	2,403,672 \n	\n	2,217,553 \n	\n	\n
Shares redeemed \n	(1,581,017) \n	\n	(2,081,572) \n	\n	(18,262,728) \n	\n	(23,704,151) \n	\n	\n
Net increase (decrease) \n	1,563,266 \n	\n	(314,912) \n	\n	18,049,664 \n	\n	(3,593,898) \n	\n	\n

9. Other.

10. Risk and Uncertainties.

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, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (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, 2026, 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, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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, 2026 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 12, 2026

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 2026, 100% of the fund's income dividends was free from federal income tax, and 9.59% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 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.

\n\n\n

$\"\"$

1.536826.129

AZI-SPZ-ANN-1026

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

See Item 7.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies

See Item 7.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

See Item 7.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract

See Item 7.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14.

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15.

Submission of Matters to a Vote of Security Holders

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

Item 16.

Controls and Procedures

(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.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation

(a)

Not applicable.

(b)

Not applicable.

Item 19.

Exhibits


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

SIGNATURES

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

Fidelity Union Street Trust


By:	/s/Laura M. Del Prato
	Laura M. Del Prato
	President and Treasurer (Principal Executive Officer)

Date:	October 23, 2026

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


By:	/s/Laura M. Del Prato
	Laura M. Del Prato
	President and Treasurer (Principal Executive Officer)

Date:	October 23, 2026


By:	/s/Stephanie Caron
	Stephanie Caron
	Chief Financial Officer (Principal Financial Officer)

Date:	October 23, 2026

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