N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3320

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

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

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

March 31

Date of reporting period:

December 31, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Institutional Money Market Funds:

Government Portfolio

December 31, 2006

1.811316.102

GVP-QTLY-0207

Investments December 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Federal Agencies - 9.6%

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Fannie Mae - 1.3%

3/15/07 to 12/28/07

5.25 to 5.34%

$ 103,174

$ 102,800

Federal Home Loan Bank - 5.8%

1/2/07 to 12/28/07

5.17 to 5.48 (b)

446,295

446,139

Freddie Mac - 2.5%

1/9/07 to 1/19/07

4.75 to 5.11

191,515

191,121

TOTAL FEDERAL AGENCIES

740,060

Repurchase Agreements - 90.3%

Maturity Amount (000s)

In a joint trading account at 5.33% dated 12/29/06 due 1/2/07:

(Collateralized by U.S. Government Obligations) #

$ 5,477,030

5,473,789

(Collateralized by U.S. Government Obligations) #

251,366

251,217

With:

Barclays Capital, Inc. at 5.31%, dated 11/6/06 due 11/2/07 (Collateralized by Mortgage Loan Obligations valued at $226,440,000, 4.11% - 7.01%, 8/1/12 - 11/1/36) (b)(c)

233,811

222,000

CS First Boston Corp. at 5.21%, dated 12/5/06 due 6/5/07 (Collateralized by Mortgage Loan Obligations valued at $50,873,102, 5.49% - 8.75%, 5/15/17 - 11/16/38)

50,291

49,000

Deutsche Bank Securities, Inc. at:

5.26%, dated 12/14/06 due 9/14/07 (Collateralized by Mortgage Loan Obligations valued at $47,940,000, 3.77% - 8%, 9/1/11 - 2/1/41)

48,882

47,000

5.28%, dated 12/11/06 due 6/11/07 (Collateralized by Mortgage Loan Obligations valued at $71,400,001, 4.28% - 7.48%, 8/1/08 - 12/1/36)

71,867

70,000

5.29%, dated 9/22/06 due 3/22/07 (Collateralized by Mortgage Loan Obligations valued at $93,840,000, 2.95% - 14.69%, 1/15/18 - 7/15/36)

94,447

92,000

5.34%, dated 10/25/06 due 4/25/07 (Collateralized by Mortgage Loan Obligations valued at $117,300,001, 3.37% - 7.5%, 8/1/12 - 1/1/37)

118,105

115,000

Maturity Amount (000s)

Value
(000s)

Merrill Lynch Government Securities, Inc. at 5.28%, dated 10/4/06 due 4/4/07 (Collateralized by Mortgage Loan Obligations valued at $143,578,807, 4.25% - 10.5%, 8/15/11 - 11/15/36)

$ 142,710

$ 139,000

Morgan Stanley & Co., Inc. at:

5.26%, dated 12/15/06 due 9/17/07 (Collateralized by Mortgage Loan Obligations valued at $72,750,188, 5.5% - 6.5%, 3/1/36 - 11/1/36)

73,863

71,000

5.28%, dated 12/28/06 due 9/28/07 (Collateralized by Mortgage Loan Obligations valued at $77,871,318, 5.5% - 6.5%, 3/1/36 - 11/1/36)

79,054

76,000

UBS Warburg LLC at:

5.29%, dated 10/5/06 due 10/3/07 (Collateralized by Mortgage Loan Obligations valued at $149,351,747, 5% - 5.5%, 5/15/22 - 11/15/32) (b)(c)

152,734

145,000

5.38%, dated 6/8/06 due 3/30/07 (Collateralized by Mortgage Loan Obligations valued at $128,754,778, 5% - 6%, 2/15/29 - 7/15/36)

130,511

125,000

5.4%, dated 8/30/06 due 6/26/07 (Collateralized by Mortgage Loan Obligations valued at $46,352,127, 4% - 5.5%, 4/25/17 - 7/25/36)

47,025

45,000

TOTAL REPURCHASE AGREEMENTS

6,921,006

TOTAL INVESTMENT PORTFOLIO - 99.9%
(Cost $7,661,066)

7,661,066

NET OTHER ASSETS - 0.1%

4,937

NET ASSETS - 100%

$ 7,666,003

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, the rate at period end.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

(c) The maturity amount is based on the rate at period end.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value
(Amounts in
thousands)

$5,473,789,000 due 1/02/07 at 5.33%

ABN AMRO Bank N.V., New York Branch

$ 929,867

BNP Paribas Securities Corp.

591,989

Banc of America Securities LLC

929,867

Barclays Capital, Inc.

929,867

Bear Stearns & Co., Inc.

1,394,799

Greenwich Capital Markets, Inc.

232,467

HSBC Securities (USA), Inc.

464,933

$ 5,473,789

$251,217,000 due 1/02/07 at 5.33%

BNP Paribas Securities Corp.

$ 79,030

Banc of America Securities LLC

28,495

Barclays Capital, Inc.

143,692

$ 251,217

Income Tax Information

At December 31, 2006, the aggregate cost of investment securities for income tax purposes was $7,661,066,000.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Institutional Money Market Funds:

Money Market Portfolio

December 31, 2006

1.811317.102
MMP-QTLY-0207

Investments December 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 27.4%

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Domestic Certificates Of Deposit - 0.4%

American Express Centurion Bank

6/21/07

5.35%

$ 102,000

$ 102,000

Huntington National Bank, Columbus

3/21/07

5.36

20,000

20,000

122,000

London Branch, Eurodollar, Foreign Banks - 9.2%

Calyon

1/24/07 to 2/12/07

5.00 to 5.22

235,000

235,000

Credit Agricole SA

2/12/07 to 4/18/07

5.32 to 5.36

510,000

510,000

Credit Industriel et Commercial

1/29/07 to 5/8/07

5.22 to 5.40

661,000

661,000

Deutsche Bank AG

1/30/07

4.86

160,000

160,000

Dresdner Bank AG

3/5/07

5.40

75,000

75,000

HBOS Treasury Services PLC

3/8/07 to 5/23/07

5.30 to 5.36

460,000

460,000

Landesbank Hessen-Thuringen

4/17/07

5.36

75,000

75,000

Societe Generale

4/17/07 to 1/3/08

5.30 to 5.35

377,000

377,000

2,553,000

New York Branch, Yankee Dollar, Foreign Banks - 17.8%

BNP Paribas SA

4/17/07 to 10/2/07

5.30 to 5.45

488,000

488,000

Canadian Imperial Bank of Commerce

1/16/07 to 1/23/07

5.35 to 5.43 (c)

385,000

385,000

Credit Suisse First Boston

1/22/07 to 3/12/07

5.34 to 5.35 (c)

525,000

525,000

Credit Suisse Group

6/4/07

5.40 to 5.43

267,000

267,000

DEPFA BANK PLC

1/25/07

5.33

80,000

80,000

Deutsche Bank AG

2/5/07 to 1/11/08

4.90 to 5.43 (c)

851,000

851,000

HBOS Treasury Services PLC

4/17/07 to 5/23/07

5.35 to 5.36

275,000

275,000

Landesbank Baden-Wuert

4/13/07

5.35

110,000

110,002

Mizuho Corporate Bank Ltd.

1/25/07 to 2/14/07

5.34 to 5.56

514,000

514,000

Natexis Banques Populaires NY CD

12/12/07 to 12/18/07

5.40

359,000

359,000

Norinchukin Bank

2/20/07 to 3/1/07

5.35

939,000

939,002

Sumitomo Mitsui Banking Corp.

1/26/07 to 4/18/07

5.32 to 5.38

57,600

57,600

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Unicredito Italiano Spa, New York

1/29/07

5.34% (c)

$ 70,000

$ 69,986

4,920,590

TOTAL CERTIFICATES OF DEPOSIT

7,595,590

Commercial Paper - 24.6%

Aegis Finance LLC

1/12/07 to 2/8/07

5.33 to 5.34

71,000

70,719

Apache Corp.

1/16/07

5.40 (b)

20,000

19,955

Aquifer Funding LLC

1/4/07 to 1/5/07

5.34

253,000

252,857

AT&T, Inc.

1/25/07 to 2/14/07

5.34 to 5.36

78,000

77,620

Bank of America Corp.

6/4/07

5.35

42,000

41,062

Bavaria TRR Corp.

1/11/07 to 1/25/07

5.37 to 5.40

127,000

126,652

BellSouth Corp.

3/1/07

5.35

10,000

9,913

Bradford & Bingley PLC

2/5/07

5.34

23,000

22,882

Caisse Nat des Caisses d' Epargne

2/2/07

5.33 (b)

60,000

59,721

Capital One Multi-Asset Execution Trust

2/7/07 to 3/14/07

5.34 to 5.35

126,500

125,369

Catholic Health Initiatives

2/13/07

5.36

47,300

47,300

Charta LLC

2/16/07

5.39

31,000

30,788

Citibank Credit Card Master Trust I (Dakota Certificate Program)

2/7/07

5.34

150,000

149,189

ConocoPhillips Qatar Funding Ltd.

1/19/07 to 4/13/07

5.40 to 5.43 (b)

10,000

9,912

Countrywide Financial Corp.

3/15/07 to 3/21/07

5.35 to 5.37

82,300

81,368

Cullinan Finance Corp.

1/23/07

5.56 (b)

30,000

29,901

Davis Square Funding V Corp.

2/22/07 to 3/16/07

5.35 to 5.36

53,000

52,528

DEPFA BANK PLC

3/20/07

5.35

65,000

64,263

DZ Bank AG

1/16/07 to 2/2/07

5.32 to 5.33

392,000

390,346

Emerald (MBNA Credit Card Master Note Trust)

1/16/07 to 3/12/07

5.32 to 5.35

439,769

437,300

FCAR Owner Trust

1/16/07 to 3/15/07

5.32 to 5.57

451,900

449,171

Giro Funding US Corp.

1/16/07 to 3/30/07

5.33 to 5.35

305,000

303,528

Commercial Paper - continued

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Grampian Funding LLC

1/26/07 to 4/10/07

5.32 to 5.35%

$ 441,000

$ 436,911

Grenadier Funding Corp.

2/13/07 to 3/22/07

5.32 to 5.35

193,249

191,285

Harrier Finance Funding LLC

6/27/07

5.35 (b)

113,939

111,028

HSBC Finance Corp.

3/23/07

5.35

35,000

34,584

Hypo Real Estate Bank International AG

3/12/07

5.38

19,000

18,804

Kestrel Funding (US) LLC

1/17/07

5.34 (b)

16,200

16,162

Market Street Funding Corp.

1/17/07 to 3/22/07

5.33 to 5.36

82,828

82,545

Michigan Gen. Oblig.

10/4/07

5.41

51,200

51,200

Monument Gardens Funding

1/22/07 to 3/27/07

5.34 to 5.38

425,251

422,462

Motown Notes Program

1/19/07 to 3/23/07

5.35 to 5.38

135,900

134,826

Nationwide Building Society

2/12/07 to 3/9/07

5.33 to 5.34

270,000

268,231

Nelnet Student Funding Ext CP LLC

1/9/07 to 3/19/07

5.33 to 5.34

152,428

151,549

Newport Funding Corp.

1/26/07 to 2/12/07

5.32 to 5.34

140,000

139,326

Paradigm Funding LLC

1/22/07 to 3/26/07

5.33 to 5.39

294,694

293,037

Park Granada LLC

3/20/07

5.35

45,000

44,485

Park Sienna LLC

1/11/07 to 3/29/07

5.32 to 5.36

157,000

156,072

Scaldis Capital LLC

4/13/07

5.36

15,000

14,778

Skandinaviska Enskilda Banken AB

1/19/07

5.31 (b)(c)

50,000

49,995

Strand Capital LLC

1/19/07 to 2/20/07

5.34 to 5.38

208,000

207,286

Stratford Receivables Co. LLC

1/8/07 to 2/14/07

5.33 to 5.40

506,635

504,916

Thames Asset Global Securities No. 1, Inc.

1/22/07 to 3/7/07

5.32 to 5.38

55,771

55,403

UniCredito Italiano Bank (Ireland) PLC

3/13/07 to 4/16/07

5.35 to 5.36

184,000

181,536

Verizon Communications, Inc.

2/8/07 to 2/16/07

5.37 (b)

180,000

178,876

Zenith Funding Corp.

3/6/07 to 3/12/07

5.32 to 5.33 (b)

216,545

214,416

TOTAL COMMERCIAL PAPER

6,812,057

Federal Agencies - 0.5%

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Federal Home Loan Bank - 0.5%

8/15/07 to 8/21/07

5.48%

$ 142,000

$ 141,993

TOTAL FEDERAL AGENCIES

141,993

Bank Notes - 0.1%

M&I Marshall & Ilsley Bank

1/16/07

5.35 (c)

15,000

15,000

TOTAL BANK NOTES

15,000

Master Notes - 2.2%

Asset Funding Co. III LLC

1/5/07

5.41 to 5.42 (c)(e)

308,000

308,000

Bear Stearns Companies, Inc.

1/5/07

5.40 (c)(e)

45,000

45,000

Goldman Sachs Group, Inc.

2/26/07

5.42 (c)(e)

221,000

221,000

Lehman Brothers Holdings, Inc.

4/30/07

5.46 (c)(e)

30,000

30,000

TOTAL MASTER NOTES

604,000

Medium-Term Notes - 26.9%

AIG Matched Funding Corp.

2/15/07

5.36 to 5.37 (c)

242,000

242,000

2/15/07 to 11/15/07

5.34 to 5.37 (b)

308,000

308,000

Allstate Life Global Funding II

1/8/07 to 1/29/07

5.36 to 5.43 (b)(c)

81,000

81,000

Australia & New Zealand Banking Group Ltd.

1/23/07

5.35 (b)(c)

44,000

44,000

Banco Santander Totta SA

1/16/07

5.35 (b)(c)

190,000

190,000

Banque Federative du Credit Mutuel (BFCM)

1/16/07

5.35 (b)(c)

143,000

143,000

Bayerische Landesbank Girozentrale

1/17/07 to 2/20/07

5.38 to 5.42 (c)

270,000

270,000

BellSouth Corp.

4/26/07

5.34 (b)

160,000

159,419

BMW U.S. Capital LLC

1/16/07

5.35 (c)

19,000

19,000

1/5/07

5.33 (b)(c)

26,000

26,000

Caja Madrid SA

1/19/07

5.37 (c)

78,000

78,000

Calyon New York Branch

1/2/07

5.29 (c)

90,000

89,982

Commonwealth Bank of Australia

1/24/07

5.35 (c)

41,000

41,000

Medium-Term Notes - continued

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

ConocoPhillips

1/11/07

5.37% (c)

$ 42,000

$ 42,000

Countrywide Bank, Alexandria Virginia

1/16/07

5.36 (c)

109,000

108,998

Countrywide Financial Corp.

1/11/07

5.53 (c)

4,750

4,752

Cullinan Finance Corp.

1/8/07 to 6/25/07

5.31 to 5.38 (b)(c)

324,000

323,970

Cullinan Finance Ltd./Corp. Mtn 144A

10/15/07

5.33 (b)

78,000

78,000

DnB Nor ASA

1/25/07

5.34 (b)(c)

279,000

279,000

Eli Lilly Services, Inc.

1/2/07

5.34 (b)(c)

25,250

25,250

General Electric Capital Corp.

1/8/07

5.39 (c)

200,000

200,000

Genworth Life Insurance Co.

1/2/07

5.43 (c)(e)

40,000

40,000

Harrier Finance Funding LLC

3/20/07

5.35 (b)(c)

17,000

17,000

HBOS Treasury Services PLC

2/20/07

5.45 (b)(c)

18,000

18,004

3/26/07

5.44 (c)

150,000

150,000

HSBC Finance Corp.

1/8/07 to 1/24/07

5.34 to 5.38 (c)

301,000

301,000

HSBC USA, Inc.

1/16/07

5.35 (c)

100,000

100,000

HSH Nordbank

1/22/07

5.36 (b)(c)

140,000

140,000

HSH Nordbank AG

1/23/07

5.38 (b)(c)

54,000

54,000

ING USA Annuity & Life Insurance Co.

3/23/07

5.46 (c)(e)

30,000

30,000

Intesa Bank Ireland PLC

1/25/07

5.35 (b)(c)

260,000

260,000

K2 (USA) LLC

3/12/07

5.31 (b)(c)

68,000

67,995

Kestrel Funding PLC US LLC 144A

1/2/07 to 1/26/07

5.33 to 5.34 (b)(c)

75,000

74,998

Key Bank NA

3/19/07

5.38 (c)

13,000

13,001

Merrill Lynch & Co., Inc.

1/4/07 to 1/24/07

5.33 to 5.60 (c)

358,000

358,256

Metropolitan Life Insurance Co.

1/8/07

5.36 (b)(c)

40,994

40,994

Monumental Global Funding III

3/20/07

5.35 (b)(c)

25,000

25,000

Morgan Stanley

1/2/07 to 1/29/07

5.37 to 5.44 (c)

379,000

379,002

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Natexis Banques Populaires NY CD

1/2/07

5.31% (c)

$ 247,000

$ 246,976

National Rural Utils. Coop. Finance Corp.

1/4/07

5.33 (c)

11,000

11,000

Nationwide Building Society

3/28/07

5.44 (b)(c)

20,000

20,006

Nordea Bank AB

1/2/07

5.29 (c)

133,000

132,974

Northern Rock PLC

1/5/07

5.35 (b)(c)

45,000

45,000

Pacific Life Global Funding

1/16/07

5.40 (c)

10,000

10,000

1/4/07

5.40 (b)(c)

25,000

25,000

RACERS

1/22/07

5.37 (b)(c)

170,000

170,000

Royal Bank of Canada

1/10/07

5.40 (c)

20,000

20,000

Royal Bank of Scotland PLC

1/22/07

5.34 (b)(c)

100,000

100,000

Security Life of Denver Insurance Co.

2/28/07

5.45 (c)(e)

20,000

20,000

Sigma Finance, Inc.

1/16/07 to 3/12/07

5.31 to 5.35 (b)(c)

199,000

198,990

Skandinaviska Enskilda Banken

1/8/07

5.30 (c)

160,000

159,973

Skandinaviska Enskilda Banken AB

3/8/07

5.34 (c)

179,000

179,000

Travelers Insurance Co.(OLD)

1/1/07

5.46 (c)(e)

30,000

30,000

UniCredito Italiano Bank (Ireland) PLC

1/16/07

5.36 (b)(c)

287,000

287,000

1/30/07

5.32 (c)

95,000

94,988

Unicredito Italiano Spa, New York

2/20/07 to 3/5/07

5.35 to 5.37 (c)

207,000

206,973

Verizon Communications, Inc.

1/8/07

5.50 (c)

8,000

8,000

Wachovia Asset Securitization Issuance LLC

1/25/07

5.34 (b)(c)

10,122

10,122

Washington Mutual Bank

2/16/07 to 2/28/07

5.35 to 5.42 (c)

251,000

251,030

Washington Mutual Bank FA

1/24/07

5.33 (c)

84,905

84,904

1/31/07

5.36 (b)(c)

135,000

135,000

Washington Mutual Bank, California

2/28/07

5.41 (c)

9,700

9,701

WestLB AG

1/10/07 to 3/30/07

5.39 (b)(c)

117,000

117,000

Westpac Banking Corp.

3/12/07

5.39 (c)

40,000

40,000

TOTAL MEDIUM-TERM NOTES

7,436,258

Short-Term Notes - 2.2%

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Hartford Life Insurance Co.

3/1/07

5.52% (c)(e)

$ 65,000

$ 65,000

Jackson National Life Insurance Co.

1/1/07

5.42 (c)(e)

47,000

47,000

Metropolitan Life Insurance Co.

1/2/07

5.49 (c)(e)

65,000

65,000

1/29/07

5.45 (b)(c)

25,000

25,000

Monumental Life Insurance Co.

1/2/07

5.49 to 5.52 (c)(e)

91,000

91,000

New York Life Insurance Co.

3/30/07

5.44 (c)(e)

215,000

215,000

Transamerica Occidental Life Insurance Co.

2/1/07

5.54 (c)(e)

95,000

95,000

TOTAL SHORT-TERM NOTES

603,000

Asset-Backed Securities - 0.7%

Master Funding Trust I

1/25/07 - 4/25/07

5.38 (c)

171,216

171,216

Wind Trust

2/25/07

5.32 (b)(c)

19,000

19,000

TOTAL ASSET-BACKED SECURITIES

190,216

Municipal Securities - 0.5%

Florida Hurricane Catastrophe Fund Bonds 5.36% 1/16/07 (c)

150,000

150,000

TOTAL MUNICIPAL SECURITIES

150,000

Repurchase Agreements - 16.0%

Maturity Amount
(000s)

In a joint trading account at 5.33% dated 12/29/06 due 1/2/07:

(Collateralized by U.S. Government Obligations) #

$ 321

321

(Collateralized by U.S. Government Obligations) #

143

143

With:

Barclays Capital, Inc. at:

5.36%, dated 12/29/06 due 1/2/07 (Collateralized by Corporate Obligations valued at $1,326,228,746, 0% - 8.5%, 1/12/07 - 11/1/41)

1,300,774

1,300,000

5.39%, dated 12/29/06 due 1/2/07 (Collateralized by Equity Securities valued at $49,350,023)

47,028

47,000

Repurchase Agreements - continued

Maturity Amount
(000s)

Value
(000s)

Credit Suisse First Boston, Inc. at 5.38%, dated 12/29/06 due 1/2/07 (Collateralized by Corporate Obligations valued at $306,003,995, 5.15% - 5.18%, 1/18/07 - 3/8/12)

$ 300,179

$ 300,000

Deutsche Bank Securities, Inc. at:

5.34%, dated 11/28/06 due 1/29/07 (Collateralized by Corporate Obligations valued at $119,700,000, 0.25% - 11%, 4/15/09 - 8/1/13)

115,048

114,000

5.35%, dated:

12/1/06 due 1/12/07 (Collateralized by Corporate Obligations valued at $125,460,000, 3.48% - 5.7%, 3/15/07 - 1/15/37)

123,768

123,000

12/11/06 due 1/11/07 (Collateralized by Corporate Obligations valued at $82,758,130, 4.55% - 9.14%, 6/19/18 - 9/15/46)

80,369

80,000

5.38%, dated 10/19/06 due 1/19/07 (Collateralized by Corporate Obligations valued at $122,297,672, 5.45% - 9.5%, 6/1/11 - 12/25/36)

120,636

119,000

Goldman Sachs & Co. at 5.41%, dated:

11/21/06 due 2/21/07 (Collateralized by Corporate Obligations valued at $404,250,000, 4.5% - 14.37%, 7/15/07 - 9/15/33) (c)(d)

390,323

385,000

12/29/06 due 1/2/07 (Collateralized by Corporate Obligations valued at $420,000,497, 0% - 12.5%, 2/1/07 - 8/15/39)

400,241

400,000

Lehman Brothers, Inc. at 5.41%, dated 12/29/06 due 1/2/07 (Collateralized by Mortgage Loan Obligations valued at $936,601,729, 0% - 19.07%, 12/21/17 - 10/15/49)

892,536

892,000

Merrill Lynch, Pierce, Fenner & Smith at:

5.41%, dated 12/29/06 due 1/2/07 (Collateralized by Equity Securities valued at $525,414,218)

500,301

500,000

5.42%, dated 10/17/06 due 1/17/07 (Collateralized by Corporate Obligations valued at $185,135,216, 4% - 12.1%, 10/1/09 - 8/1/16) (c)(d)

178,438

176,000

TOTAL REPURCHASE AGREEMENTS

4,436,464

TOTAL INVESTMENT PORTFOLIO - 101.1%
(Cost $27,984,578)

27,984,578

NET OTHER ASSETS - (1.1)%

(302,613)

NET ASSETS - 100%

$ 27,681,965

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, the rate at period end.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,197,714,000 or 15.2% of net assets.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

(d) The maturity amount is based on the rate at period end.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,302,000,000 or 4.7% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost (000s)

Asset Funding Co. III LLC:
5.41%, 1/5/07

11/7/06

$ 157,000

5.42%, 1/5/07

8/29/06

$ 151,000

Bear Stearns Companies, Inc.
5.40%, 1/5/07

5/1/06

$ 45,000

Genworth Life Ins Co.
5.43%, 1/2/07

4/3/06

$ 40,000

Goldman Sachs Group, Inc.
5.42%, 2/26/07

8/26/04

$ 221,000

Hartford Life Insurance Co.
5.52%, 3/1/07

12/16/03

$ 65,000

ING USA Annuity & Life Insurance Co. 5.46%, 3/23/07

6/23/05

$ 30,000

Jackson National Life Insurance Co. 5.42%, 1/1/07

3/31/03

$ 47,000

Lehman Brothers Holdings, Inc. 5.46%, 4/30/07

12/11/06

$ 30,000

Metropolitan Life Insurance Co. 5.49%, 1/2/07

3/26/02

$ 65,000

Monumental Life Insurance Co.: 5.49%, 1/2/07

7/31/98 - 9/17/98

$ 36,000

5.52%, 1/2/07

3/12/99

$ 55,000

New York Life Insurance Co.
5.44%, 3/30/07

2/28/02 - 12/19/02

$ 215,000

Security Life of Denver Insurance Co. 5.45%, 2/28/07

8/26/05

$ 20,000

Transamerica Occidental Life Insurance Co.
5.54%, 2/1/07

4/28/00

$ 95,000

Travelers Insurance Co.(OLD)
5.46%, 1/1/07

3/31/06

$ 30,000

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value
(Amounts in
thousands)

$321,000 due 1/02/07 at 5.33%

ABN AMRO Bank N.V., New York Branch

$ 55

BNP Paribas Securities Corp.

35

Banc of America Securities LLC

55

Barclays Capital, Inc.

55

Bear Stearns & Co., Inc.

80

Greenwich Capital Markets, Inc.

14

HSBC Securities (USA), Inc.

27

$ 321

$143,000 due 1/02/07 at 5.33%

BNP Paribas Securities Corp.

$ 45

Banc of America Securities LLC

16

Barclays Capital, Inc.

82

$ 143

Income Tax Information

At December 31, 2006, the aggregate cost of investment securities for income tax purposes was $27,984,578,000.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Institutional Money Market Funds:

Treasury Only Portfolio

December 31, 2006

1.811324.102

TO-QTLY-0207

Investments December 31, 2006 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Inflation Protected
Obligations - 21.2%

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

U.S. Treasury Inflation-Indexed Notes - 21.2%

1/15/07

3.38%

$ 356,700

$ 355,869

U.S. Treasury Obligations - 67.6%

U.S. Treasury Bills - 51.8%

1/4/07 to 5/31/07

4.83 to 5.16

873,528

867,233

U.S. Treasury Notes - 15.8%

2/28/07

4.98 to 5.07

266,000

265,288

TOTAL U.S. TREASURY OBLIGATIONS

1,132,521

TOTAL INVESTMENT PORTFOLIO - 88.8%
(Cost $1,488,390)

1,488,390

NET OTHER ASSETS - 11.2%

187,398

NET ASSETS - 100%

$ 1,675,788

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, the rate at period end.

Income Tax Information

At December 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,488,390,000.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Institutional Money Market Funds:

Tax-Exempt Portfolio

December 31, 2006

1.811334.102

TAX-QTLY-0207

Investments December 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 99.3%

Principal Amount (000s)

Value
(000s)

Alabama - 1.9%

Alabama Gen. Oblig. Participating VRDN Series MS 668, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

$ 6,623

$ 6,623

Birmingham Spl. Care Facilities Auth. Rev. Participating VRDN Series AAB 20, 3.95% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

17,190

17,190

Health Care Auth. for Baptist Health Series A2, 3.89% (MBIA Insured), VRDN (b)

50,000

50,000

Jefferson County Swr. Rev.:

Participating VRDN:

Series EGL 02 6020 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

9,830

9,830

Series MS 00 397, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

8,545

8,545

Series 2002 C2, 3.97% (XL Cap. Assurance, Inc. Insured), VRDN (b)

7,300

7,300

Series 2003 B7, 3.94% (XL Cap. Assurance, Inc. Insured), VRDN (b)

22,700

22,700

Subseries 2003 B6, 3.95% (XL Cap. Assurance, Inc. Insured), VRDN (b)

12,300

12,300

Montgomery AlaHA Spl. Care Facilities Fing. Auth. Prog. Rev. (Mizell Memorial Hosp. Proj.) 3.95%, LOC Regions Bank of Alabama, VRDN (b)

5,725

5,725

Tuscaloosa Spl. Care Facilities Fing. Auth. Residential Care Family Mtg. Rev. (Capstone Village Proj.) Series C, 3.93%, LOC BNP Paribas SA, VRDN (b)

12,250

12,250

Univ. of Alabama - Birmingham Participating VRDN Series PA 1413, 3.97% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

13,995

13,995

166,458

Alaska - 0.2%

Alaska Hsg. Fin. Corp. Participating VRDN:

Series BA 97 F, 4.01% (Liquidity Facility Bank of America NA) (b)(d)

1,160

1,160

Series DB 131, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

4,920

4,920

Series Solar 06 22, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

5,010

5,010

Anchorage Wastewtr. Rev. Participating VRDN Series DB 128, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

6,900

6,900

17,990

Arizona - 1.0%

Arizona Tourism & Sports Auth. Tax Rev. Participating VRDN Series Putters 690, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

5,215

5,215

Principal Amount (000s)

Value
(000s)

Arizona Trans. Board Hwy. Rev. Participating VRDN Series ROC II R1038, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

$ 4,125

$ 4,125

Arizona Wtr. Infrastructure Fin. Auth. Rev. Participating VRDN Series MS 1293, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

2,945

2,945

Mesa Util. Sys. Rev. Participating VRDN Series Putters 960, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

5,180

5,180

Phoenix Civic Impt. Corp. District Rev. Participating VRDN Series PZ 85, 3.97% (Liquidity Facility BNP Paribas SA) (b)(d)

6,325

6,325

Phoenix Civic Impt. Corp. Excise Tax Rev. Participating VRDN Series Solar 06 23, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

15,610

15,610

Phoenix Gen. Oblig. Participating VRDN Series PT 1436, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

95

95

Phoenix Indl. Dev. Auth. Govt. Office Lease Rev. Participating VRDN Series Putters 1119, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

4,110

4,110

Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Paradise Lakes Apt. Proj.) Series 1995, 3.95%, LOC Wachovia Bank NA, VRDN (b)

18,000

18,000

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

Participating VRDN:

Series MS 06 1430, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

4,150

4,150

Series PT 1512, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

1,640

1,640

Series ROC II R 640, 3.95% (Liquidity Facility Citibank NA) (b)(d)

7,440

7,440

Series ROC RR 9025, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

10,140

10,140

Series 1997 A, 3.55% 3/9/07, CP

7,700

7,700

92,675

Arkansas - 0.0%

Arkansas Hosp. Equip. Fin. Auth. (Baptist Health Proj.) Series 1995, 3.96% (MBIA Insured), VRDN (b)

1,950

1,950

California - 0.2%

California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. Participating VRDN Series MT 234, 4.08% (Liquidity Facility Lloyds TSB Bank PLC) (b)(d)

14,995

14,995

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

California - continued

Pajaro Valley Unified School District Participating VRDN Series PA 1182, 3.94% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

$ 4,290

$ 4,290

Poway Redev. Agcy. Tax Allocation Rev. Participating VRDN Series PT 2474, 3.92% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

60

60

19,345

Colorado - 2.8%

Adams & Arapahoe Counties Joint School District #28J Aurora Participating VRDN Series PT 3667, 3.94% (Liquidity Facility DEPFA BANK PLC) (b)(d)

3,620

3,620

Adams County School District #50 Westminster Participating VRDN Series Putters 3804, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

17,385

17,385

Arapahoe County Wtr. & Wastewtr. Pub. Impt. District Participating VRDN Series PT 2174, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,680

4,680

Centerra Metropolitan District No. 1 Rev. 3.94%, LOC BNP Paribas SA, VRDN (b)

12,000

12,000

Colorado Health Facilities Auth. Retirement Hsg. Rev. Participating VRDN:

Series Putters 1390, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

14,900

14,900

Series TOC 06 Z2, 3.97% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d)

4,700

4,700

Colorado Health Facilities Auth. Rev.:

Participating VRDN Series PA 02 1094, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,805

6,805

(Boulder Cmnty. Hosp. Proj.)
Series 2000, 4.08%, LOC JPMorgan Chase Bank, VRDN (b)

18,100

18,100

(Catholic Health Initiatives Proj.)
Series B2, 3.95% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (b)

21,000

21,000

Colorado State Dept. of Corrections Ctfs. of Prtn. Participating VRDN Series Putters 1252, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

5,645

5,645

Colorado Wtr. Resources and Pwr. Dev. Auth. Wastewtr. Rev. Participating VRDN Series PT 2781, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

14,110

14,110

Principal Amount (000s)

Value
(000s)

Commerce City Northern Infrastructure Gen. Impt. District 3.96%, LOC U.S. Bank NA, Minnesota, VRDN (b)

$ 5,000

$ 5,000

Dawson Ridge Co. Participating VRDN Series LB 06 49, 4.03% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

22,715

22,715

Denver City & County Arpt. Rev. Participating VRDN:

Series Merlots 97 Q, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

12,660

12,660

Series MS 00 425, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

8,995

8,995

Series Putters 1023, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

5,895

5,895

Series Putters 1450, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

6,000

6,000

E-470 Pub. Hwy. Auth. Rev. Participating VRDN:

Series PZ 112, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

12,755

12,755

Series PZ 46, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,710

5,710

Series TOC 06 Z9, 3.97% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d)

5,921

5,921

Jefferson County School District #R1 Participating VRDN Series PT 2716, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

5,260

5,260

Reg'l. Trans. Co. Participating VRDN Series Solar 06 145, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

29,190

29,190

Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series MS 01 679, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

6,900

6,900

Southern Ute Indian Tribe of Southern Ute Indian Reservation 3.95%, VRDN (b)

3,500

3,500

253,446

Delaware - 0.3%

Wilmington Adjustable Rate Demand Rev. (Delaware Art Museum, Inc. Proj.) 3.95%, LOC Wachovia Bank NA, VRDN (b)

24,800

24,800

District Of Columbia - 0.5%

District of Columbia Ballpark Rev. Participating VRDN Series Putters 1325, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

15,600

15,600

District of Columbia Gen. Oblig. Participating VRDN:

Series PT 852, 3.95% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

10,910

10,910

Series ROC II 99 10, 3.95% (Liquidity Facility Citibank NA) (b)(d)

3,965

3,965

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

District Of Columbia - continued

District of Columbia Hsg. Fin. Auth. Cap. Prog. Rev. Participating VRDN Series PT 2780, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

$ 5,505

$ 5,505

District of Columbia Rev. (DC Preparatory Academy Proj.) 3.96%, LOC Manufacturers & Traders Trust Co., VRDN (b)

5,500

5,500

District of Columbia Wtr. & Swr. Auth. Participating VRDN Series PA 612, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

5,320

5,320

46,800

Florida - 7.7%

Alachua County Health Facilities Auth. Continuing Care Retirement Cmnty. Rev. (Oak Hammock Univ. Proj.)
Series A, 4%, LOC BNP Paribas SA, VRDN (b)

33,210

33,210

Brevard County Health Facilities Auth. Health Care Facilities Rev. Participating VRDN Series PA 1342, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,500

8,500

Broward County Edl. Facilities Auth. Rev. Participating VRDN:

Series MS 06 1305, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

6,665

6,665

Series MS 06 1324, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

7,500

7,500

Deltona Util. Sys. Rev. Participating VRDN:

Series PT 2024, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,170

5,170

Series PT 2026, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,195

5,195

Florida Board of Ed. Participating VRDN Series MSTC 7022, Class A 3.95% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

3,750

3,750

Florida Board of Ed. Cap. Outlay Participating VRDN:

Series EGL 00 901, 3.96% (Liquidity Facility Citibank NA) (b)(d)

6,100

6,100

Series EGL 01 902, 3.96% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(d)

23,360

23,360

Series EGL 01 905, 3.96% (Liquidity Facility Citibank NA) (b)(d)

5,630

5,630

Series MS 06 1316, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

5,100

5,100

Series Putters 137, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

16,005

16,005

Principal Amount (000s)

Value
(000s)

Florida Board of Ed. Lottery Rev. Participating VRDN:

Series EGL 00 904 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

$ 6,000

$ 6,000

Series EGL 01 904, 3.96% (Liquidity Facility Citibank NA) (b)(d)

23,375

23,375

Series EGL 01 906 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

6,000

6,000

Series MS 01 570, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

13,420

13,420

Series PA 1398 R, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,785

5,785

Florida Board of Ed. Pub. Ed. Participating VRDN Series ROC II R6037, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

6,270

6,270

Florida Dept. of Envir. Protection Preservation Rev. Participating VRDN:

Series Floaters 722, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

6,300

6,300

Series PT 3400, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,760

6,760

Florida Ed. Sys. Hsg. Facility Rev. Participating VRDN Series Solar 06 41, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

6,000

6,000

Florida Gen. Oblig. Participating VRDN:

Series ROC II R1001 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

7,520

7,520

Series ROC II R4070, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

12,850

12,850

Florida Muni. Ln. Council Rev. Participating VRDN:

Series PT 2528, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,790

6,790

Series Putters 1084 B, 3.97%
(Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

5,635

5,635

Fort Myers Util. Sys. Rev. Participating VRDN Series Solar 06 53, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

12,865

12,865

Hernando County Wtr. and Swr. Rev. Participating VRDN Series Solar 06 35, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

5,235

5,235

Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Obligated Group Proj.) Series C, 3.94%, VRDN (b)

19,300

19,300

Hillsborough County Assessment Rev. Participating VRDN Series PT 3436, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

11,925

11,925

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Florida - continued

Hillsborough County Aviation Auth. Rev. Participating VRDN Series Putters 930, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

$ 3,675

$ 3,675

Hollywood Gen. Oblig. Participating VRDN Series Putters 934, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

6,325

6,325

Hollywood Wtr. & Swr. Rev. Participating VRDN Series ROC II R4055, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

5,470

5,470

JEA Elec. Sys. Rev. Participating VRDN Series PA 1068, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,620

5,620

Marion County School Board Ctfs. of Prtn. Participating VRDN Series Merlots 05 D7, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

9,285

9,285

Miami-Dade County Cap. Asset Acquisition Participating VRDN Series PT 3268, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

15,925

15,925

Miami-Dade County Expressway Auth. Participating VRDN Series 06 93, 3.95% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d)

13,150

13,150

Miami-Dade County Gen. Oblig. Participating VRDN:

Series EGL 06 106 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

4,950

4,950

Series Solar 06 49, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

5,600

5,600

Miami-Dade County Pub. Svc. Tax Rev. Participating VRDN Series MSTC 02 9043, 3.94% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

9,960

9,960

Miami-Dade County School Board Ctfs. of Prtn. Participating VRDN:

Series EGL 06 71 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

7,900

7,900

Series Putters 534, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

3,195

3,195

Series Solar 06 76, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

25,200

25,200

Orange County Health Facilities Auth. Rev. Participating VRDN Series MT 237, 3.94% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(d)

92,125

92,125

Orange County Sales Tax Rev. Participating VRDN:

Series PT 1557, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

19,350

19,350

Principal Amount (000s)

Value
(000s)

Series Putters 717, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

$ 1,955

$ 1,955

Orange County School Board Ctfs. of Prtn. Participating VRDN:

Series ROC II R 2182, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

3,425

3,425

Series Solar 06 30, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

5,000

5,000

Orange County School District TAN 4% 9/14/07

33,000

33,112

Orange County Tourist Dev. Tax Rev. Participating VRDN Series MS 817, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

7,315

7,315

Orlando & Orange County Expressway Auth. Rev. Participating VRDN:

Series Putters 1345, 3.97% (Liquidity Facility Deutsche Postbank AG) (b)(d)

5,000

5,000

Series ROC II R 9011, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

4,495

4,495

Palm Beach County Rev. (Morse Oblig. Group Proj.) 3.93%, LOC Keybank Nat'l. Assn, VRDN (b)

9,800

9,800

Palm Beach County School Board Ctfs. of Prtn. Participating VRDN Series PT 3464, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

12,360

12,360

Pasco County Indl. Dev. Rev. (Academy Lakes Day School Proj.) 3.95%, LOC Bank of America NA, VRDN (b)

1,955

1,955

Peace River/Manasota Reg'l. Wtr. Supply Auth. Rev. Participating VRDN Series EGL 06 33 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

6,270

6,270

Polk County Util. Sys. Rev. Participating VRDN Series EGL 720050022 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

9,705

9,705

Port of Saint Lucie Util. Rev. Participating VRDN Series MS 06 1420X, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

5,000

5,000

Saint Johns County Sales Tax Rev. Participating VRDN Series ROC II R 2142, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

5,335

5,335

Sarasota County Util. Sys. Rev. Participating VRDN Series Putters 852, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,500

4,500

Seminole County School Board Ctfs. of Prtn. Participating VRDN Series ROC II R4537, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

3,685

3,685

South Florida Participating VRDN Series ROC 9039, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

6,795

6,795

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Florida - continued

Tampa Bay Participating VRDN Series ROC 4084, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

$ 7,660

$ 7,660

Tampa Bay Wtr. Util. Sys. Rev. Participating VRDN:

Series BA 01 N, 3.99% (Liquidity Facility Bank of America NA) (b)(d)

5,200

5,200

Series Merlots 01 A130, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

9,890

9,890

Series MS 98 112, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

5,745

5,745

Volusia County Edl. Facilities Auth. Rev. Participating VRDN Series PT 2795, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

6,275

6,275

Winter Haven Util. Sys. Impt. & Rfdg. Rev. Participating VRDN Series Solar 06 54, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

9,000

9,000

685,422

Georgia - 3.7%

Atlanta Arpt. Passenger Facilities Charge Rev. Participating VRDN:

Series EGL 7053030 Class A, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

11,400

11,400

Series Floaters 06 1332, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

3,760

3,760

Series MS 06 1331, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

5,138

5,138

Atlanta Arpt. Rev. Participating VRDN:

Series EGL 00 1003 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

10,000

10,000

Series MS 00 375, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

14,345

14,345

Atlanta Dev. Auth. Student Hsg. Rev.:

Participating VRDN Series Putters 1044, 3.95% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

9,985

9,985

Participating VRDN Series Solar 06 24, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

8,970

8,970

Atlanta Wtr. & Wastewtr. Rev. Participating VRDN:

Series EDG 06 130, Class A 3.96% (Liquidity Facility Citibank NA) (b)(d)

9,830

9,830

Series EGL 720050009 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

6,000

6,000

Series PT 2373, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

19,805

19,805

Principal Amount (000s)

Value
(000s)

Burke County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Vogtle Proj.) First Series 2000, 3.76%, tender 6/1/07 (b)

$ 22,425

$ 22,434

Carrollton Payroll Dev. Auth. Rev. Participating VRDN Series PT 2468, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

5,240

5,240

College Park Bus. & Indl. Dev. Auth. Participating VRDN Series PT 3301, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

12,710

12,710

DeKalb County Pub. Safety & Judicial Participating VRDN Series MS 1459, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

4,490

4,490

DeKalb County Wtr. & Swr. Rev. Participating VRDN Series ROC II R9002, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

4,365

4,365

Georgia Gen. Oblig.:

Participating VRDN Series Putters 1420, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,290

4,290

Series 06 H2, 3.88% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)

51,000

51,000

Georgia Muni. Elec. Auth. Pwr. Rev. Participating VRDN:

Series Macon 04 E, 3.97% (Liquidity Facility Bank of America NA) (b)(d)

6,810

6,810

Series PT 2154, 3.71% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

7,850

7,850

Georgia Muni. Gas Auth. Rev. (Gas Portfolio II Proj.) Series B, 3.92%, LOC Wachovia Bank NA, LOC JPMorgan Chase Bank, VRDN (b)

21,780

21,780

Gwinnett County Dev. Auth. Ctfs. of Prtn. Participating VRDN Series MT 337, 3.95% (Liquidity Facility BNP Paribas SA) (b)(d)

25,830

25,830

Henry County Wtr. & Swr. Auth. Rev. Participating VRDN Series PT 2583, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

7,110

7,110

Metropolitan Atlanta Rapid Transit Auth. Sales Tax Rev. Participating VRDN:

Series ROC II R4011, 3.91% (Liquidity Facility Citigroup, Inc.) (b)(d)

7,315

7,315

Series SG 57, 3.94% (Liquidity Facility Societe Generale) (b)(d)

13,605

13,605

Private Colleges & Univs. Auth. Rev. (Emory Univ. Proj.) Series B2, 3.87%, VRDN (b)

16,500

16,500

Putnam County Dev. Auth. Poll. Cont. Rev. Bonds (Georgia Pwr. Co. Plant Proj.) First Series 1997, 3.76%, tender 6/1/07 (b)

4,770

4,772

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Georgia - continued

Richmond County Participating VRDN Series LB 06 50, 4.03% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

$ 10,295

$ 10,295

Rockdale County Wtr. & Swr. Auth. Rev. Participating VRDN 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

2,950

2,950

328,579

Hawaii - 0.2%

Hawaii Gen. Oblig. Participating VRDN:

Series MS 738, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

11,665

11,665

Series ROC II R153, 3.95% (Liquidity Facility Citibank NA) (b)(d)

3,300

3,300

Univ. of Hawaii Rev. Participating VRDN Series PZ 128, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

3,530

3,530

18,495

Illinois - 10.6%

Champaign County Cmnty. Unit School District #116 Urbana Participating VRDN Series Floaters 01 669, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

7,105

7,105

Champaign County Gen. Oblig. Participating VRDN Series Putters 887, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

5,440

5,440

Chicago Board of Ed. Participating VRDN:

Series Merlots 97 E, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

8,700

8,700

Series MSDW 01 467, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

3,000

3,000

Series TOC 05 Z8, 3.97% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d)

8,194

8,194

Chicago Gen. Oblig. Participating VRDN:

Series CRVS 2006-6, 3.94% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

10,200

10,200

Series EGL 06 01 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

7,150

7,150

Series MS 00 426, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

8,795

8,795

Series MS 06 1435, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

8,830

8,830

Series MS 1026, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

2,700

2,700

Series PA 643R, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,895

5,895

Principal Amount (000s)

Value
(000s)

Series PT 2356, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

$ 9,455

$ 9,455

Series PT 2357, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

4,000

4,000

Series PT 3115, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

27,145

27,145

Series Putters 1050, 3.96% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

3,785

3,785

Series Solar 06 38, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

8,245

8,245

Chicago Metropolitan Wtr. Reclamation District Participating VRDN Series MSTC 7017 Class A, 3.95% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

7,950

7,950

Chicago Metropolitan Wtr. Reclamation District Greater Chicago Participating VRDN Series ROCS RR II R 6077, 3.95% (Liquidity Facility Citibank NA) (b)(d)

4,935

4,935

Chicago O'Hare Int'l. Arpt. Rev.:

Participating VRDN:

Series DB 188, 3.95% (Liquidity Facility Deutsche Bank AG) (b)(d)

8,720

8,720

Series EGL 06 56 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

6,445

6,445

Series MACN 06 A, 3.79% (Liquidity Facility Bank of America NA) (b)(d)

6,330

6,330

Series PT 3334, 3.95% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

11,450

11,450

Series PT 3356, 3.95% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

9,675

9,675

Series ROC II R494, 3.95% (Liquidity Facility Citibank NA) (b)(d)

15,810

15,810

Series ROC II R556, 3.95% (Liquidity Facility Citibank NA) (b)(d)

9,375

9,375

Series C, 3rd LN, 3.9% (CIFG North America Insured), VRDN (b)

30,000

30,000

Chicago Park District Participating VRDN:

Series PT 2935, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

10,910

10,910

Series PT 3195, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,865

5,865

Chicago Pub. Bldg. Commission Bldg. Rev. Participating VRDN Series PT 1835, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,935

5,935

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Illinois - continued

Chicago Sales Tax Rev.:

Participating VRDN Series Putters 1315, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

$ 5,185

$ 5,185

3.95% (FGIC Insured), VRDN (b)

19,100

19,100

Chicago Skyway Toll Bridge Rev. Participating VRDN Series EGL 01 1304, 3.96% (Liquidity Facility Citibank NA) (b)(d)

3,000

3,000

Chicago Wtr. Rev. Participating VRDN:

Series Merlots 00 TT, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

5,200

5,200

Series PT 3534, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

11,260

11,260

Cook County Forest Preservation District Participating VRDN Series Putters 566, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

6,265

6,265

Cook County Gen. Oblig. Participating VRDN:

Series EGL 01 1302, 3.96% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(d)

6,700

6,700

Series PT 2637, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

9,590

9,590

Series Solar 06 10, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

6,900

6,900

DuPage & Cook Counties Cmnty. Unit School District #205 Participating VRDN Series ROC II R1073, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

2,790

2,790

Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Participating VRDN Series Stars 157, 3.94% (Liquidity Facility BNP Paribas SA) (b)(d)

15,100

15,100

Illinois Dev. Fin. Auth. Retirement Participating VRDN 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

3,430

3,430

Illinois Dev. Fin. Auth. Rev. (Chicago Symphony Orchestra Proj.) 3.9%, LOC Northern Trust Co., Chicago, VRDN (b)

22,000

22,000

Illinois Edl. Facilities Auth. Revs. Participating VRDN:

Series MACN 05 D, 3.95% (Liquidity Facility Bank of America NA) (b)(d)

7,010

7,010

Series Merlots 97 U, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

4,250

4,250

Series MS 1077, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

4,995

4,995

Principal Amount (000s)

Value
(000s)

Illinois Fin. Auth. Rev.:

Participating VRDN:

Series EGL 06 118, Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

$ 9,450

$ 9,450

Series PT 3252, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,995

4,995

Series ROC II R6015, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

4,950

4,950

(Central DuPage Hosp. Proj.) Series B, 3.96%, VRDN (b)

20,000

20,000

(Rest Haven Christian Services Proj.) Series B, 3.93%, LOC KBC Bank NV, VRDN (b)

9,600

9,600

Illinois Gen. Oblig.:

Participating VRDN:

Series EGL 00 1304, 3.96% (Liquidity Facility Citibank NA) (b)(d)

2,300

2,300

Series MS 98 143, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

38,510

38,510

Series PT 1832, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,175

4,175

Series PT 3359, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

8,720

8,720

Series PT 3517, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

13,120

13,120

Series PT 3577, 3.92% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

11,655

11,655

Series Putters 133, 3.97%
(Liquidity Facility JPMorgan Chase & Co.) (b)(d)

4,925

4,925

Series 2003 B, 4% (Liquidity Facility DEPFA BANK PLC), VRDN (b)

55,000

55,000

Illinois Health Facilities Auth. Rev.:

(Gottlieb Health Resources, Inc. Proj.) 3.93%, LOC Harris NA, VRDN (b)

19,500

19,500

(Memorial Health Sys. Proj.) 4.05%, LOC JPMorgan Chase Bank, VRDN (b)

4,500

4,500

(Northwestern Memorial Hosp. Proj.) 3.95% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)

26,250

26,250

(Rehabilitation Inst. of Chicago Proj.) Series 1997, 3.95%, LOC Bank of America NA, VRDN (b)

31,300

31,300

Illinois Muni. Elec. Participating VRDN Series Solar 06 98, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

27,595

27,595

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Illinois - continued

Illinois Muni. Elec. Agcy. Pwr. Supply Participating VRDN Series Putters 1368, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

$ 15,290

$ 15,290

Illinois Reg'l. Trans. Auth. Participating VRDN:

Series EGL 01 1306, 3.96% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(d)

8,600

8,600

Series MACN 06 K, 3.95% (Liquidity Facility Bank of America NA) (b)(d)

5,505

5,505

Series Merlots 02 A24, 3.95% (Liquidity Facility Bank of New York, New York) (b)(d)

4,940

4,940

Series PT 2394, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

24,780

24,780

Series PT 2398, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

40,180

40,180

Series PT 2761, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

19,055

19,055

Illinois Sales Tax Rev. Participating VRDN Series PT 1929, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

3,940

3,940

Illinois Toll Hwy. Auth. Toll Hwy. Rev. Participating VRDN Series PT 3477, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

10,425

10,425

Jacksonville Indl. Rev. (Passavant Area Hosp. Assoc. Proj.):

Series A, 3.94%, LOC Comerica Bank, Detroit, VRDN (b)

19,905

19,905

Series B, 3.94%, LOC Comerica Bank, Detroit, VRDN (b)

12,485

12,485

Lake County Adlai E. Stevenson High School District #125 Participating VRDN Series DB 201, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

6,855

6,855

Lisle Village Multi-family Hsg. Rev. (Four Lakes Phase V-Lisle) Series 1996, 3.93%, LOC Fannie Mae, VRDN (b)

16,900

16,900

McHenry County Cmnty. School District #200 Participating VRDN Series Putters 1363, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

1,645

1,645

Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev. Participating VRDN:

Series Putters 1508, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

7,300

7,300

Series PZ 44, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

7,440

7,440

Principal Amount (000s)

Value
(000s)

Muni. Secs Trust Ctfs. (BEAR) Participating VRDN Series MSTC 3030, Class A 3.96% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

$ 11,215

$ 11,215

Quad Cities Reg'l. Econ. Dev. Auth. Rev. (Two Rivers YMCA, Inc. Proj.) 4.05%, LOC U.S. Bank NA, Minnesota, VRDN (b)

2,500

2,500

Schaumburg Village Gen. Oblig. Participating VRDN:

Series EGL 04 45 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

5,085

5,085

Series MS 06 1345, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

3,000

3,000

Univ. of Illinois Auxiliary Facilities Sys. Rev. Participating VRDN:

Series EGL 00 1301 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

6,855

6,855

Series PZ 2621, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,825

8,825

Univ. of Illinois Ctfs. of Prtn. Participating VRDN Series PT 2328, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,235

5,235

Yorkville Svc. Area 2004-106 Tax (MPI Grande Reserve Proj.) 3.94%, LOC LaSalle Bank NA, VRDN (b)

6,000

6,000

945,319

Indiana - 2.1%

Avon 2000 Cmnty. School Bldg. Corp. Participating VRDN Series Putters 1055, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

6,280

6,280

Boone County Hosp. Assoc. Lease Rev. Participating VRDN Series DB 149, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

8,915

8,915

Ctr. Grove 2000 Bldg. Corp. Participating VRDN Series DB 135, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

4,020

4,020

Indiana Edl. Facilities Auth. Rev. (Earlham College Proj.) Series E, 3.94%, LOC U.S. Bank NA, Minnesota, VRDN (b)

6,985

6,985

Indiana Fin. Auth. Rev. Participating VRDN:

Series PZ 156, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,635

5,635

Series ROC II R6056, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

12,250

12,250

Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev.:

Participating VRDN Series PA 1405, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

7,125

7,125

(Howard Reg'l. Health Sys. Proj.):

Series A, 4.05%, LOC Comerica Bank, Detroit, VRDN (b)

3,400

3,400

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Indiana - continued

Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev.: - continued

(Howard Reg'l. Health Sys. Proj.):

Series B, 4.05%, LOC Nat'l. City Bank, Indiana, VRDN (b)

$ 9,000

$ 9,000

4%, LOC JPMorgan Chase Bank, VRDN (b)

14,600

14,600

Indiana Muni. Pwr. Participating VRDN Series 06 100, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

14,605

14,605

Indiana Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Participating VRDN:

Series PT 1412, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

12,355

12,355

Series Putters 1448, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

7,000

7,000

Indiana Toll Road Commission Toll Road Rev. Participating VRDN Series Merlots 01 A104, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

3,210

3,210

Indiana Trans. Fin. Auth. Hwy. Participating VRDN:

Series Merlots B18, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

4,985

4,985

Series MS 942 D, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

4,299

4,299

Series PT 2245, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,530

4,530

Indianapolis Local Pub. Impt. Bond Bank Participating VRDN Series MACN 06 S, 3.92% (Liquidity Facility Bank of America NA) (b)(d)

4,240

4,240

New Albany Floyd County Independent School Bldg. Corp. Participating VRDN Series PT 2794, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,335

8,335

Plainfield Cmnty. High School Bldg. Corp. Participating VRDN Series PT 3281, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

5,405

5,405

Purdue Univ. Rev. Participating VRDN Series PT 3510, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,185

8,185

Richmond Econ. Dev. Rev. (Friends Fellowship Cmnty. Proj.) Series 1993, 4.25%, LOC U.S. Bank NA, Minnesota, VRDN (b)

600

600

Valparaiso Econ. Dev. Rev. (Indiana Retirement Cmnty. Proj.) 4.25%, LOC JPMorgan Chase Bank, VRDN (b)

400

400

Wayne Township Maron Co. School Bldg. Corp. Participating VRDN Series PT 2016, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,200

5,200

Principal Amount (000s)

Value
(000s)

Westfield Independent High School Bldg. Corp. Participating VRDN Series Putters 98 236, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

$ 10,065

$ 10,065

White County Hosp. Rent Rev. 3.93%, LOC Regions Bank of Alabama, VRDN (b)

17,600

17,600

189,224

Iowa - 0.1%

Grinnell Hosp. Rev. (Grinnell Reg'l. Med. Ctr. Proj.) 4.05%, LOC U.S. Bank NA, Minnesota, VRDN (b)

4,535

4,535

Iowa Fin. Auth. Health Care Facilities Rev. (Care Initiatives Proj.) 4.05%, LOC KBC Bank NV, VRDN (b)

4,265

4,265

8,800

Kansas - 0.5%

Kansas Dept. of Trans. Hwy. Rev. Participating VRDN Series EGL 00 1601, 3.96% (Liquidity Facility Citibank NA) (b)(d)

4,000

4,000

Kansas Dev. Fin. Auth. Rev. Participating VRDN Series Putters 324, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

11,690

11,690

Wichita Hosp. Rev. Bonds Series MT 170, 3.43%, tender 2/1/07 (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)(e)

27,100

27,100

42,790

Kentucky - 0.6%

Kentucky Property & Bldgs. Commission Revs. Participating VRDN Series IXIS 05 24, 3.94% (Liquidity Facility CDC Fin.-CDC IXIS) (b)(d)

21,890

21,890

Louisville Participating VRDN Series ROC 651 CE, 3.95% (Liquidity Facility Citibank NA) (b)(d)

10,500

10,500

Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Participating VRDN Series EGL 01 1701, 3.96% (Liquidity Facility Citibank NA) (b)(d)

3,915

3,915

Mason County Poll. Cont. Rev. (East Kentucky Pwr. Coop. Proj.):

Series 1984 B1, 4.08% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (b)

2,100

2,100

Series 1984 B2, 4.08% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (b)

6,000

6,000

Series 1984 B3, 4.08% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (b)

5,625

5,625

50,030

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Louisiana - 1.3%

Louisiana Gas & Fuel Tax Rev. Participating VRDN:

Series Eagle 06 0150, 3.96% (Liquidity Facility Citibank NA) (b)(d)

$ 23,735

$ 23,735

Series PT 2749, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,240

5,240

Series ROC II RR 9049, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

23,390

23,390

Louisiana Gen. Oblig.:

Bonds Series MT 158, 3.63%, tender 3/15/07 (Liquidity Facility BNP Paribas SA) (b)(d)(e)

22,915

22,915

Participating VRDN:

Series Putters 1408, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

6,165

6,165

Series Stars 06 168, 3.95% (Liquidity Facility BNP Paribas SA) (b)(d)

4,865

4,865

Louisiana State Citizens Property Ins. Corp. Assessment Rev. Participating VRDN Series EGL 06 84 Class A, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

15,300

15,300

New Orleans Aviation Board Rev. Series 1993 B, 3.97% (MBIA Insured), VRDN (b)

17,840

17,840

119,450

Maine - 0.1%

Maine Health & Higher Ed. Facilities Auth. Rev. Participating VRDN Series PT 1923, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

2,735

2,735

Maine Tpk. Auth. Tpk. Rev. Participating VRDN Series EGL 00 1901 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

3,975

3,975

6,710

Maryland - 0.8%

Baltimore Convention Ctr. Hotel Rev. Participating VRDN Series Putters 1251, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

3,060

3,060

Baltimore Rev. Participating VRDN Series SGA 20, 3.94% (Liquidity Facility Societe Generale) (b)(d)

5,500

5,500

Gaithersburg Econ. Dev. Rev. Board (Asbury Proj.) Series B, 3.93%, LOC KBC Bank NV, VRDN (b)

7,080

7,080

Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. Participating VRDN Series MT 160, 3.96% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

1,020

1,020

Principal Amount (000s)

Value
(000s)

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

Participating VRDN Series MS 867, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

$ 17,900

$ 17,900

(Adventist Health Mid Atlantic Proj.) Series 2005 B, 3.93%, LOC Manufacturers & Traders Trust Co., VRDN (b)

13,700

13,700

Montgomery County Econ. Dev. Rev. (Riderwood Village, Inc. Proj.) 3.94%, LOC Manufacturers & Traders Trust Co., VRDN (b)

20,000

20,000

68,260

Massachusetts - 0.4%

Massachusetts Gen. Oblig. Participating VRDN Series EGL 01 2105, 3.96% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(d)

21,000

21,000

Massachusetts Spl. Oblig. Dedicated Tax Rev. Participating VRDN Series EGL 7050068 Class A, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

11,880

11,880

32,880

Michigan - 6.2%

Charlotte Pub. School District Participating VRDN Series Putters 860, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

5,025

5,025

Chelsea Econ. Dev. Corp. Ltd. Oblig. Rev. (Silver Maples of Chelsea Proj.) 3.94%, LOC Comerica Bank, Detroit, VRDN (b)

11,300

11,300

Detroit City School District Participating VRDN:

ROC II R1033, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

2,255

2,255

Series BA 01 P, 4.01% (Liquidity Facility Bank of America NA) (b)(d)

6,075

6,075

Series PT 1579, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

13,030

13,030

Series PT 3126, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,975

8,975

Series PT 3559, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

19,980

19,980

Detroit Gen. Oblig. Participating VRDN Series MT 210, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,995

4,995

Detroit Swr. Disp. Rev. Participating VRDN:

Series Eagle 06 127, 3.96% (Liquidity Facility Citibank NA) (b)(d)

9,800

9,800

Series Merlots 00 I, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

7,500

7,500

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Michigan - continued

Detroit Swr. Disp. Rev. Participating VRDN: - continued

Series PT 3578, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

$ 5,265

$ 5,265

Series Putters 3756, 3.96% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

7,495

7,495

Detroit Wtr. Supply Sys. Rev. Participating VRDN:

Series GS 06 68, 3.95% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d)

6,495

6,495

Series Merlots 00 D, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

4,100

4,100

Series MS 06 1445, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

8,700

8,700

Eastern Michigan Univ. Revs. Series A, 4% (XL Cap. Assurance, Inc. Insured), VRDN (b)

26,765

26,765

Fraser Pub. School District Participating VRDN Series AAB 05 39, 3.63% tender 12/6/07 (Liquidity Facility ABN-AMRO Bank NV) (b)(d)(e)

8,000

8,000

Hudsonville Pub. Schools Participating VRDN Series PT 2797, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,310

6,310

Huron Valley School District Participating VRDN Series EGL 01 2203, 3.96% (Liquidity Facility Citibank NA) (b)(d)

13,375

13,375

Jackson County Hosp. Fin. Auth. Hosp. Rev. (Washington Foote Memorial Hosp. Proj.) Series B, 3.93%, VRDN (b)

6,400

6,400

Kent County Bldg. Auth. Participating VRDN Series PT 3242, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

10,985

10,985

L'Anse Creuse Pub. Schools Participating VRDN:

Series EGL 06 32 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

3,700

3,700

Series Putters 927, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

5,460

5,460

Michigan Bldg. Auth. Rev.:

Participating VRDN:

Series AAB 02 35, 3.95% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

13,845

13,845

Series Eagle 06 0142, 3.96% (Liquidity Facility Citibank NA) (b)(d)

33,800

33,800

Series EGL 01 2202, 3.96% (Liquidity Facility Citibank NA) (b)(d)

8,145

8,145

Series MSTC 2006 277 Class A, 4% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

9,600

9,600

Principal Amount (000s)

Value
(000s)

Series PT 2234, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

$ 5,780

$ 5,780

Series PZ 119, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

14,000

14,000

(Facilities Prog.) Series 2005 IIA, 3.95%, LOC DEPFA BANK PLC, VRDN (b)

7,700

7,700

Michigan Gen. Oblig.:

Participating VRDN Series Putters 125, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

17,280

17,280

TAN 4.25% 9/28/07, LOC DEPFA BANK PLC

42,200

42,427

Michigan Hosp. Fin. Auth. Hosp. Rev.:

Participating VRDN Series Putters 1404, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

14,195

14,195

Series 99 B3, 3.88%, VRDN (b)

25,000

25,000

Series C, 3.95%, LOC Fifth Third Bank, Cincinnati, VRDN (b)

11,900

11,900

Michigan Hsg. Dev. Auth. Single Family Mtg. Rev. Series C, 4.03% (Liquidity Facility DEPFA BANK PLC), VRDN (b)

37,190

37,190

Michigan Muni. Bond Auth. Rev.:

Participating VRDN:

Series MS 718, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

30,080

30,080

Series MT 287, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

15,990

15,990

RAN Series B2, 4.5% 8/20/07, LOC Bank of Nova Scotia, New York Agcy.

24,800

24,924

Michigan Strategic Fund Ltd. Oblig. Rev. (The Van Andel Research Institute Proj.) Series 1999, 3.95%, LOC LaSalle Bank Midwest NA, VRDN (b)

14,400

14,400

Michigan Trunk Line Participating VRDN Series Floaters 01 569, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

8,375

8,375

Northern Michigan Univ. Revs. 4% (AMBAC Insured), VRDN (b)

9,740

9,740

West Branch Rose City Area School District Participating VRDN Series ROC II R7511, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

6,080

6,080

552,436

Minnesota - 1.6%

Bloomington Health Care Facilities Rev. Participating VRDN Series FRRI 03 L1J, 4.03% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

17,900

17,900

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Minnesota - continued

Duluth Econ. Dev. Auth. Health Care Facilities Rev. (Miller-Dwan Med. Ctr. #97 Proj.) 4.05%, LOC U.S. Bank NA, Minnesota, VRDN (b)

$ 3,450

$ 3,450

Minneapolis & Saint Paul Hsg. Fin. Board Rev. Participating VRDN Series MT 120, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

1,975

1,975

Minneapolis & Saint Paul Metropolitan Arpts. Commission Arpt. Rev.:

Participating VRDN:

Series Merlots 00 ZZ, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

14,215

14,215

Series SGA 121, 3.94% (Liquidity Facility Societe Generale) (b)(d)

3,700

3,700

3.6% 3/1/07, LOC WestLB AG, CP

10,000

10,000

Minnesota Gen. Oblig. Participating VRDN:

Series EGL 01 2301 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

3,300

3,300

Series MS 01 719, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

42,885

42,885

Series ROC II R4039, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

3,635

3,635

Minnetonka Multi-family Hsg. Rev. (Cliffs at Ridgedale Proj.) Series 1995, 3.96%, LOC Fannie Mae, VRDN (b)

21,400

21,400

Roseville Health Care Facilities (Presbyterian Homes Proj.) 4.05%, LOC U.S. Bank NA, Minnesota, VRDN (b)

3,305

3,305

Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev. Series A, 3.58% 3/12/07 (Liquidity Facility Landesbank Hessen-Thuringen), CP

16,400

16,400

West Saint Paul Independent School District #197 Participating VRDN Series Putters 602, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

5,540

5,540

147,705

Mississippi - 0.8%

Claiborne County Poll. Cont. Rev. Bonds (South Mississippi Elec. Pwr. Assoc. Proj.) Series 85G2, 3.65% tender 3/6/07 (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), CP mode

5,900

5,900

Mississippi Bus. Fin. Corp. Rev. (Jackson Med. Mall Foundation Prog.) Series 2000 A, 3.95%, LOC JPMorgan Chase Bank, VRDN (b)

22,850

22,850

Mississippi Dev. Bank Spl. Oblig. Participating VRDN Series ROC II R6051, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

6,895

6,895

Principal Amount (000s)

Value
(000s)

Mississippi Gen. Oblig.:

Participating VRDN:

Series EGL 99 2401, 3.96% (Liquidity Facility Citibank NA) (b)(d)

$ 5,300

$ 5,300

Series MS 905, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

3,325

3,325

Series Putters 138, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

16,350

16,350

3.9% (Liquidity Facility Bank of America NA), VRDN (b)

7,100

7,100

67,720

Missouri - 1.4%

Golden Valley Memorial Hosp. District 3.96%, LOC Bank of America NA, VRDN (b)

10,000

10,000

Jackson County Spl. Oblig. Participating VRDN Series ROC RR II R 9014, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

8,140

8,140

Missouri Board of Pub. Bldgs. State Office Bldg. Spl. Oblig. Participating VRDN Series Putters 382, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

7,950

7,950

Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev.:

(DeSmet Jesuit High School Proj.) Series 2002, 4.05%, LOC U.S. Bank NA, Minnesota, VRDN (b)

5,900

5,900

(Saint Louis Univ. Proj.):

Series 1999 B, 4.03% (Liquidity Facility Bank of America NA), VRDN (b)

4,700

4,700

4.03% (Liquidity Facility U.S. Bank NA, Minnesota), VRDN (b)

3,845

3,845

Missouri Health & Edl. Facilities Auth. Health Facilities Rev. Participating VRDN Series Putters 847, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,795

4,795

Missouri Highways & Trans. Commission State Road Rev. Participating VRDN:

Series PT 3571, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,935

6,935

Series Putters 1433, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

6,995

6,995

Missouri Joint Muni. Elec. Util. Cmnty. Pwr. Proj. Participating VRDN Series ROC II R 620PB, 3.96% (Liquidity Facility Deutsche Postbank AG) (b)(d)

5,770

5,770

Platte County Reorganized School District Participating VRDN Series PT 2180, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

5,210

5,210

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Missouri - continued

Saint Louis Arpt. Rev. Participating VRDN Series PT 3431, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

$ 38,895

$ 38,895

Springfield Pub. Utils. Rev. Participating VRDN Series PT 3632, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

13,005

13,005

122,140

Montana - 0.4%

Montana Health Facilities Auth. Hosp. Rev. Participating VRDN Series MT 250, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

33,895

33,895

Nebraska - 0.4%

Muni. Energy Agcy. Pwr. Swr. Rev. Participating VRDN Series ROC II R2051, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

4,350

4,350

Nebraska Pub. Pwr. District Rev. Participating VRDN Series ROC II R9000, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

4,100

4,100

Omaha Gen. Oblig. Participating VRDN Series EGL 00 2701, 3.96% (Liquidity Facility Citibank NA) (b)(d)

9,000

9,000

Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series ROC II R 9030, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

12,445

12,445

Omaha Spl. Oblig. Participating VRDN Series DB 125, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

8,230

8,230

38,125

Nevada - 2.5%

Clark County Arpt. Rev. Series E2, 3.95% (FGIC Insured), VRDN (b)

8,795

8,795

Clark County Gen. Oblig.:

Participating VRDN:

Series MS 1282, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

7,000

7,000

Series PZ 135, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,600

6,600

Series ROC II R1035, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

5,910

5,910

Series B, 3.62% 3/8/07, LOC Landesbank Hessen-Thuringen, CP

15,000

15,000

Clark County School District Participating VRDN:

Series Merlots 05 B3, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

8,755

8,755

Principal Amount (000s)

Value
(000s)

Series PT 2406, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

$ 11,365

$ 11,365

Series PT 3404, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,870

8,870

Series PZ 167, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,525

4,525

Series PZ 169, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

10,575

10,575

Series PZ 171, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

7,145

7,145

Series PZ 174, 3.96% (Liquidity Facility Wells Fargo & Co.) (b)(d)

29,005

29,005

Series ROC II R2184, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

14,455

14,455

Las Vegas Valley Wtr. District:

Participating VRDN Series PT 1675, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

11,835

11,835

(Wtr. Impt. Proj.) Series C, 4% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)

12,400

12,400

Nevada Gen. Oblig. Participating VRDN:

Series PT 2762, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

7,770

7,770

Series SGB 31, 3.94% (Liquidity Facility Societe Generale) (b)(d)

7,600

7,600

Nevada Hwy. Impt. Rev. Participating VRDN:

Series Clipper 05 37, 3.95% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(d)

20,000

20,000

Series Putters PZ 154, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

18,975

18,975

Nevada Sys. of Higher Ed. Univs. Rev. Participating VRDN Series Putters 1134, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

5,285

5,285

221,865

New Hampshire - 0.2%

New Hampshire Health & Ed. Facilities Auth. Rev. (Crotched Mountain Foundation Proj.) 3.93%, LOC Allied Irish Banks PLC, VRDN (b)

7,500

7,500

New Hampshire Higher Edl. & Health Facilities Auth. Rev. Participating VRDN Series MS 866, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

10,200

10,200

17,700

New Jersey - 1.6%

New Jersey Edl. Facilities Auth. Rev. Participating VRDN Series ROC II R2102, 3.94% (Liquidity Facility Citigroup, Inc.) (b)(d)

4,725

4,725

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

New Jersey - continued

New Jersey Gen. Oblig. TRAN 4.5% 6/22/07

$ 24,000

$ 24,110

New Jersey Tpk. Auth. Tpk. Rev. Participating VRDN Series PA 613, 3.94% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

3,165

3,165

New Jersey Trans. Trust Fund Auth. Participating VRDN:

Series PA 646, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,020

5,020

Series PT 2500, 3.89% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

6,485

6,485

Series PT 3495, 3.93% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

48,900

48,900

Series PZ 111, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

530

530

Series PZ 116, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

46,590

46,590

Series ROC 4040, 3.94% (Liquidity Facility Citigroup, Inc.) (b)(d)

7,010

7,010

146,535

New Mexico - 0.5%

Bernalillo County Gen. Oblig. TRAN Series A, 4% 12/14/07

15,000

15,069

Bernalillo County Gross Receipt Tax Rev. Participating VRDN Series PT 2202, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

5,395

5,395

New Mexico Fin. Auth. Rev. Participating VRDN Series Solar 06 34, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

4,000

4,000

New Mexico State Univ. Revs.
Participating VRDN Series PT 2342, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

3,940

3,940

Portales Student Hsg. Rev. Series A, 3.94%, LOC Banco Santander Central Hispano SA, VRDN (b)

13,520

13,520

Rio Rancho Wtr. & Wastewtr. Sys. Rev. Participating VRDN Series Putters 953, 3.89% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

5,450

5,450

47,374

New York - 5.9%

Liberty Dev. Corp. Rev. Participating VRDN 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

20,000

20,000

Metropolitan Trans. Auth. Rev. Participating VRDN:

Series EGL 02 6023 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

13,035

13,035

Principal Amount (000s)

Value
(000s)

Series EGL 04 41 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

$ 15,005

$ 15,005

Series ROC II R282, 3.95% (Liquidity Facility Citibank NA) (b)(d)

20,095

20,095

New York Participating VRDN Series ROC II RR 670, 3.95% (Liquidity Facility Citibank NA) (b)(d)

43,790

43,790

New York City Gen. Oblig. Series 03 C5, 3.84%, LOC Bank of New York, New York, VRDN (b)

16,000

16,000

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev. Participating VRDN:

Series EGL 04 27 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

8,485

8,485

Series EGL 04 35 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

4,950

4,950

Series EGL 06 74 Class A, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

7,045

7,045

Series EGL 7050083 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

8,000

8,000

Series Merlots 00 DDD, 3.94% (Liquidity Facility Wachovia Bank NA) (b)(d)

18,625

18,625

Series MOTC PA 1403, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,000

8,000

Series PA 1327, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

18,800

18,800

Series PT 06 3385, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,315

6,315

Series PT 3401, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

10,340

10,340

Series ROC II R 441, 3.95% (Liquidity Facility Citibank NA) (b)(d)

10,300

10,300

Series ROC II R406, 3.95% (Liquidity Facility Citibank NA) (b)(d)

16,960

16,960

New York Convention Ctr. Dev. Corp. Rev. Participating VRDN Series EGL 06 72 Class A, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

38,500

38,500

New York State Dorm. Auth. Revs. Participating VRDN:

Series Eagle 06 0138, 3.96% (Liquidity Facility Citibank NA) (b)(d)

13,680

13,680

Series EGL 06 47 Class A, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

28,300

28,300

Series MS 06 1526, 3.93% (Liquidity Facility Morgan Stanley) (b)(d)

12,740

12,740

Series PA 1330, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

9,930

9,930

Series ROC II R 532, 3.95% (Liquidity Facility Citibank NA) (b)(d)

9,000

9,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

New York - continued

New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev. Participating VRDN Series PT 2012, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

$ 5,160

$ 5,160

New York State Thruway Auth. Gen. Rev. Participating VRDN Series ROC II R4076, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

9,195

9,195

New York State Thruway Auth. State Personal Income Tax Rev. Participating VRDN Series Putters 1186, 3.95% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

6,250

6,250

New York State Urban Dev. Corp. Rev. Participating VRDN Series EGL 03 57 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

9,880

9,880

New York Transitional Fin. Auth. Rev.:

Participating VRDN:

Series Merlots 99 G, 3.94% (Liquidity Facility Wachovia Bank NA) (b)(d)

22,695

22,695

Series MS 01 698, 3.93% (Liquidity Facility Morgan Stanley) (b)(d)

10,657

10,657

Series Putters 424, 3.95% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

6,465

6,465

Series 2003 2B, 3.95% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)

14,985

14,985

Series A, 3.95% (Liquidity Facility JPMorgan Chase Bank), VRDN (b)

31,000

31,000

Sales Tax Asset Receivables Corp. Participating VRDN:

Series PT 3521, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

9,895

9,895

Series Putters 1133Z, 3.95% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

13,910

13,910

Triborough Bridge & Tunnel Auth. Revs.:

Participating VRDN Series EGL 03 4, Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

10,700

10,700

Series B, 3.86% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)

24,400

24,400

533,087

Principal Amount (000s)

Value
(000s)

Non State Specific - 0.2%

Multistate Puttable Floating Option Tax Receipts Participating VRDN Series PZP 017, 4.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

$ 8,540

$ 8,540

Puttable Floating Option Tax Receipts Participating VRDN Series PZP 016, 4.01% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

8,215

8,215

16,755

North Carolina - 0.5%

North Carolina Cap. Facilities Fin. Agcy. Ed. Facilities Rev. (Forsyth Country Day School, Inc. Proj.) 3.95%, LOC Branch Banking & Trust Co., VRDN (b)

4,900

4,900

North Carolina Ctfs. of Prtn. Participating VRDN Series Putters 429, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

6,115

6,115

North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Participating VRDN:

Series MS 00 209, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

6,665

6,665

Series MT 99, 3.94% (Liquidity Facility BNP Paribas SA) (b)(d)

4,075

4,075

Series PA 693, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,495

6,495

North Carolina Med. Care Commission Health Care Facilities Rev. (Carolina Meadows, Inc. Proj.) 3.93%, LOC Allied Irish Banks PLC, VRDN (b)

4,900

4,900

North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Participating VRDN:

Series PT 900, 3.94% (Liquidity Facility BNP Paribas SA) (b)(d)

9,695

9,695

Series ROC II R211, 3.95% (Liquidity Facility Citibank NA) (b)(d)

4,330

4,330

47,175

North Dakota - 0.1%

North Dakota Muni. Bond Bank Participating VRDN Series PT 1919, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

6,490

6,490

Ohio - 2.1%

Cincinnati City School District Participating VRDN:

Series EGL 04 34 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

6,000

6,000

Series PT 3671, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

5,225

5,225

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Ohio - continued

Cleveland-Cuyahoga County Port Auth. Rev. (Euclid/93rd Garage & Office LLC Proj.) Series 2003, 3.95%, LOC Fifth Third Bank, Cincinnati, VRDN (b)

$ 10,200

$ 10,200

Cuyahoga County Econ. Dev. Rev. (Cleveland Botanical Garden Proj.) 3.93%, LOC Allied Irish Banks PLC, VRDN (b)

10,550

10,550

Cuyahoga County Health Care Facilities Rev. (The A.M. McGregor Home Proj.) 3.94%, LOC Keybank Nat'l. Assn, VRDN (b)

4,425

4,425

Cuyahoga County Rev. (Cleveland Clinic Health Sys. Obligated Group Prog.):

Subseries B1, 4.05%, VRDN (b)

17,500

17,500

Subseries B3, 4.05%, VRDN (b)

17,300

17,300

Erie County Health Care Facilities Rev. (Commons of Providence Proj.) Series 1999 B, 3.96%, LOC JPMorgan Chase Bank, VRDN (b)

3,100

3,100

Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 1996, 3.98%, LOC JPMorgan Chase Bank, VRDN (b)

9,470

9,470

Montgomery County Hosp. Rev. Participating VRDN Series MT 236, 3.94% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(d)

30,760

30,760

Ohio Gen. Oblig. Participating VRDN Series PT 3435, 3.94% (Liquidity Facility DEPFA BANK PLC) (b)(d)

16,260

16,260

Ohio Higher Edl. Facility Commission Rev. (Pooled Fing. Prog.):

Series 1997, 3.98%, LOC Fifth Third Bank, Cincinnati, VRDN (b)

3,640

3,640

Series 1999, 3.98%, LOC Fifth Third Bank, Cincinnati, VRDN (b)

4,640

4,640

Series 2004 B, 3.93%, LOC Fifth Third Bank, Cincinnati, VRDN (b)

6,100

6,100

Ohio Wtr. Dev. Auth. Rev. Participating VRDN Series PT 3649, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

15,055

15,055

Olentangy Local School District Participating VRDN Series ROC II RR 9047, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

5,900

5,900

Richland County Health Care Facilities Rev. (Wesleyan Sr. Living Proj.) Series 2004 A, 3.94%, LOC JPMorgan Chase Bank, VRDN (b)

14,275

14,275

Warren County Health Care Facilities Rev. (Otterbein Homes Proj.) Series 1998 B, 4.03%, LOC Fifth Third Bank, Cincinnati, VRDN (b)

10,275

10,275

190,675

Principal Amount (000s)

Value
(000s)

Oklahoma - 0.5%

Oklahoma Dev. Fin. Auth. Rev. (Continuing Care Cmnty. Proj.) Series 2002 C, 4.05%, LOC KBC Bank NV, VRDN (b)

$ 1,700

$ 1,700

Oklahoma Industries Auth. Rev. Participating VRDN Series Putters 455Z, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,330

4,330

Payne County Econ. Dev. Auth. Student Hsg. Rev. (OSUF Phase III Proj.) 3.93% (AMBAC Insured), VRDN (b)

40,000

40,000

46,030

Oregon - 1.0%

Oregon Dept. Administrative Svcs. Ctfs. of Prtn. Participating VRDN:

Series PT 1435, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,745

5,745

Series Solar 06 90, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

15,635

15,635

Oregon Dept. of Trans. Hwy. User Tax Rev. Participating VRDN:

Series Putters 469, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

9,630

9,630

Series ROC II R 9004, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

1,715

1,715

Oregon Health and Science Univ. Spl. Rev. (OHSU Med. Group Proj.) Series 2004 B, 3.93%, LOC Bank of New York, New York, LOC California Teachers Retirement Sys., VRDN (b)

21,700

21,700

Oregon Homeowner Rev. Participating VRDN Series MT 327, 3.96% (Liquidity Facility Lloyds TSB Bank PLC) (b)(d)

8,060

8,060

Port Morrow Poll. Cont. Rev. Participating VRDN Series FRRI 03 F4J, 4.18% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

10,000

10,000

Springfield Pub. Util. Rev. Participating VRDN Series MT 06 43, 3.95% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

9,995

9,995

Tri-City Metropolitan Trans. District Rev. Participating VRDN Series Putters 787, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,220

4,220

86,700

Pennsylvania - 3.5%

Allegheny County Hosp. Dev. Auth. Rev. Participating VRDN:

Series PT 762, 3.94% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

26,255

26,255

Series Putters 1281, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

8,900

8,900

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Pennsylvania - continued

Chester County Health & Ed. Facilities Auth. Retirement Cmnty. Rev. (Kendal-Crosslands Cmntys. Proj.) Series 2003, 3.93%, LOC Allied Irish Banks PLC, VRDN (b)

$ 2,790

$ 2,790

Delaware County Auth. Hosp. Rev. (Crozer-Chester Med. Ctr. Proj.) Series 1996, 3.99%, LOC KBC Bank NV, VRDN (b)

4,115

4,115

Harrisburg Auth. Wtr. Rev. Series 2002 B, 3.96% (FSA Insured), VRDN (b)

10,435

10,435

Lancaster Indl. Dev. Auth. Rev. (United Zion Retirement Cmnty. Proj.) 3.95%, LOC Citizens Bank of Pennsylvania, VRDN (b)

5,545

5,545

Luzerne County Indl. Dev. Auth. Rev. (United Methodist Homes Proj.) 3.95%, LOC Bank of New York, New York, VRDN (b)

5,085

5,085

Montgomery County Indl. Dev. Auth. Poll. Cont. Rev. (Peco Energy Co. Proj.) Series 1999 A, 3.9%, LOC Wachovia Bank NA, VRDN (b)

46,400

46,400

Pennsylvania Higher Edl. Facilities Auth. Hosp. Rev. Participating VRDN Series MT 42, 3.97% (Liquidity Facility Lloyds TSB Bank PLC) (b)(d)

10,455

10,455

Pennsylvania Higher Edl. Facilities Auth. Rev.:

(Honeysuckle Student Hldgs., Inc. Student Hsg. Proj.) Series A, 3.93%, LOC Allied Irish Banks PLC, VRDN (b)

8,000

8,000

(Marywood Univ. Proj.) Series A, 3.95%, LOC PNC Bank NA, Pittsburgh, VRDN (b)

6,090

6,090

Pennsylvania Pub. School Bldg. Auth. School Rev. Participating VRDN Series AAB 03 24, 3.95% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

13,790

13,790

Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series Floaters 06 1402, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

10,000

10,000

Philadelphia Gas Works Rev. Participating VRDN Series Putters 384, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

3,210

3,210

Philadelphia Gen. Oblig. TRAN 4.5% 6/29/07

20,800

20,872

Philadelphia Hosp. & Higher Ed. Facilities Auth. Hosp. Rev. (Temple Univ. Proj.) Series A, 3.96%, LOC PNC Bank NA, Pittsburgh, VRDN (b)

13,900

13,900

Philadelphia School Participating VRDN Series MS 7031, 3.95% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

15,325

15,325

Principal Amount (000s)

Value
(000s)

Philadelphia School District Participating VRDN Series Putters 870, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

$ 5,260

$ 5,260

Philadelphia State Pub. School Participating VRDN Series Solar 06 161, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

25,860

25,860

Philadelphia Wtr. Participating VRDN Series ROC II RR 682, 3.95% (Liquidity Facility Citibank NA) (b)(d)

5,250

5,250

State Pub. School Bldg. Auth. Participating VRDN:

Series Eagles 06 161, 3.96% (Liquidity Facility Citibank NA) (b)(d)

19,700

19,700

Series MS 06 1552, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

19,665

19,665

Temple Univ. of the Commonwealth Sys. of Higher Ed. RAN 5% 4/26/07

28,900

29,016

315,918

Rhode Island - 0.1%

Rhode Island & Providence Plantations Participating VRDN Series MS 01 568, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

9,595

9,595

South Carolina - 1.6%

Berkeley County School District Participating VRDN Series MSCO 01 656, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

8,554

8,554

Charleston County School District Participating VRDN Series PT 2100, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

13,660

13,660

Charleston Edl. Excellence Fing. Corp. Rev. Participating VRDN:

Series ROC II R481X, 3.95% (Liquidity Facility Citibank NA) (b)(d)

15,075

15,075

Series ROC II R515, 3.95% (Liquidity Facility Citibank NA) (b)(d)

7,470

7,470

Greenville County School District Installment Purp. Rev. Participating VRDN Series MS 06 1365, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

29,723

29,723

Richland County School District #1 Participating VRDN Series AAB 03 29, 3.95% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

10,000

10,000

South Carolina Jobs-Econ. Dev. Auth. (Oconee Memorial Hosp., Inc. Proj.) Series A, 3.97% (Radian Asset Assurance, Inc. Insured), VRDN (b)

5,400

5,400

South Carolina Pub. Svc. Auth. Rev. Participating VRDN:

Series EGL 00 4001 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

2,000

2,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

South Carolina - continued

South Carolina Pub. Svc. Auth. Rev. Participating VRDN: - continued

Series EGL 03 44 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

$ 4,200

$ 4,200

Series EGL 06 19 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

19,110

19,110

South Carolina Trans. Infrastructure Bank Rev. Participating VRDN:

Series MS 728, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

12,500

12,500

Series PT 3184, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,330

5,330

Series SGA 116, 3.95% (Liquidity Facility Societe Generale) (b)(d)

8,365

8,365

141,387

Tennessee - 1.5%

Clipper Tax-Exempt Trust Participating VRDN Series Clipper 06 9, 3.95% (Liquidity Facility State Street Bank
& Trust Co., Boston) (b)(d)

7,205

7,205

Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev. Participating VRDN Series PA 750, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,935

8,935

Memphis Elec. Sys. Rev. Participating VRDN Series Putters 1350, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,610

4,610

Memphis Gen. Oblig. Participating VRDN Series IXIS 05 7, 3.94% (Liquidity Facility CDC Fin.-CDC IXIS) (b)(d)

5,665

5,665

Nashville & Davidson County Metropolitan Govt. Gen. Oblig. Participating VRDN Series Clipper 06 4, 3.95% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(d)

5,000

5,000

Sevier County Pub. Bldg. Auth. Rev.:

Series 2000 IV E1, 4% (AMBAC Insured), VRDN (b)

3,580

3,580

Series 2000 IV E3, 4% (AMBAC Insured), VRDN (b)

1,200

1,200

Shelby County Gen. Oblig.:

Participating VRDN Series EGL 00 4201, 3.96% (Liquidity Facility Citibank NA) (b)(d)

8,000

8,000

Series 06C, 3.91% (Liquidity Facility Dexia Cr. Local de France), VRDN (b)

77,300

77,300

Sullivan County Health, Edl. & Hosp. Board Hosp. Rev. Participating VRDN Series LB 06 F6, 4.08% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

8,700

8,700

130,195

Principal Amount (000s)

Value
(000s)

Texas - 19.3%

Alvin Independent School District Participating VRDN Series PT 3110, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

$ 6,160

$ 6,160

Arlington Spl. Oblig.:

Participating VRDN Series LB 05 L19, 4.06% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

11,975

11,975

Series B, 3.95% (MBIA Insured), VRDN (b)

54,200

54,200

Austin Elec. Student Finl. Auth. Participating VRDN Series Solar 06 91, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

8,780

8,780

Austin Elec. Util. Sys. Rev. Participating VRDN:

Series EGL 01 4302 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

10,000

10,000

Series SGA 131, 3.94% (Liquidity Facility Societe Generale) (b)(d)

8,605

8,605

3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

8,650

8,650

Austin Gen. Oblig. Participating VRDN Series EGL 00 4305, 3.96% (Liquidity Facility Citibank NA) (b)(d)

5,955

5,955

Austin Util. Sys. Rev. Participating VRDN Series BA 98 V, 3.99% (Liquidity Facility Bank of America NA) (b)(d)

6,575

6,575

Austin Wtr. & Wastewtr. Sys. Rev.:

Participating VRDN:

Series EGL 00 4303, 3.96% (Liquidity Facility Citibank NA) (b)(d)

5,000

5,000

Series Floater PZ 153, 3.97% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

4,800

4,800

Series Merlots 01 A63, 3.95% (Liquidity Facility Bank of New York, New York) (b)(d)

6,415

6,415

Series Putters 1319, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

6,075

6,075

Series ROC RR II R 9508, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

16,040

16,040

3.95% (FSA Insured), VRDN (b)

21,400

21,400

Beaumont Wtrwks. & Swr. Sys. Participating VRDN Series Putters 859, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

5,490

5,490

Bexar County Health Facilities Dev. Corp. Rev. (Warm Springs Rehabilitation Proj.) Series 1997, 3.98%, LOC JPMorgan Chase Bank, VRDN (b)

3,900

3,900

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Board of Regents of The Univ. of Texas Sys. Permanent Univ. Fund Participating VRDN Series Putters 411, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

$ 2,825

$ 2,825

Brownsville Independent School District Participating VRDN Series PT 3627, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

8,930

8,930

Brownsville Util. Participating VRDN Series Solar 06 68, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

3,135

3,135

Brownsville Util. Sys. Rev. Participating VRDN Series ROC II R4074, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

10,365

10,365

Canadian River Muni. Wtr. Auth. Participating VRDN:

Series PT 2792, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,825

5,825

Series PT 3276, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,275

5,275

Series ROC II R 2204, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

8,570

8,570

Canutillo Independent School District Participating VRDN Series PT 1936, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

4,800

4,800

Comal Independent School District Participating VRDN:

Series PT 1676, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,920

5,920

Series Solar 06 36, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

6,690

6,690

Corpus Christi Gen. Oblig. Participating VRDN Series Putters 968, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,390

4,390

Corsicana Independent School District Participating VRDN Series PT 2430, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

5,190

5,190

Crowley Independent School District Participating VRDN Series MS 1171, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

5,105

5,105

Cypress-Fairbanks Independent School District Participating VRDN Series PT 3405, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

27,045

27,045

Dallas Area Rapid Transit Sales Tax Rev. Participating VRDN:

Series EGL 01 4310 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

6,290

6,290

Principal Amount (000s)

Value
(000s)

Series ROC II R3014, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

$ 5,140

$ 5,140

Dallas County Util. & Reclamation District Rev. Participating VRDN Series PA 1136R, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,570

6,570

Dallas Wtrwks. & Swr. Sys. Rev. Participating VRDN:

Series PT 3441, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,755

8,755

Series Putters 1434, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

2,200

2,200

Denton County Lewisville Independent School District Participating VRDN Series PT 2089, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,585

5,585

Denton Util. Sys. Rev. Participating VRDN:

Series MS 00 428, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

9,835

9,835

Series MS 01 635, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

15,210

15,210

Dickinson Independent School District Participating VRDN:

Series AAB 06 10, 3.96% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

12,615

12,615

Series DB 146, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

8,420

8,420

Series DB 147, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

9,240

9,240

Series DB 152, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

6,255

6,255

Duncanville Independent School District Participating VRDN:

Series MSTC 3000, 3.96% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

8,380

8,380

Series PT 3209, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,325

4,325

Edinburg Consolidated Independent School District Participating VRDN:

Series Putters 1027, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

11,690

11,690

Series SGA 106, 3.94% (Liquidity Facility Societe Generale) (b)(d)

2,485

2,485

Elgin Independent School District Participating VRDN Series DB 166, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

5,640

5,640

Frisco Gen. Oblig. Participating VRDN:

Series MSTC 01 170, 3.94% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

13,105

13,105

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Frisco Gen. Oblig. Participating VRDN: - continued

Series PT 1905, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

$ 4,040

$ 4,040

Frisco Independent School District Participating VRDN Series Putters 476, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,150

4,150

Grapevine-Colleyville Independent School District Participating VRDN Series PT 3530, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,110

8,110

Harlandale Independent School District Participating VRDN Series SGA 100, 3.94% (Liquidity Facility Societe Generale) (b)(d)

7,480

7,480

Harris County Gen. Oblig. Participating VRDN:

Series EGL 02 6012 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

4,000

4,000

Series PA 02 1095, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

11,185

11,185

Series Putters 545, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,660

4,660

Series Putters 646, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,195

4,195

Harris County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series LB 05 L15, 4.03% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

6,445

6,445

Harris County Health Facilities Dev. Corp. Rev. (Saint Dominic Village Proj.) Series 2000, 3.98%, LOC JPMorgan Chase Bank, VRDN (b)

4,595

4,595

Harris County-Houston Sports Auth. Rev. Participating VRDN Series PZ 95, 3.97% (Liquidity Facility BNP Paribas SA) (b)(d)

15,180

15,180

Harris County-Houston Sports Auth. Spl. Rev.:

Participating VRDN Series PZ 65, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,165

8,165

(Rodeo Proj.) Series 2001 C, 3.98% (MBIA Insured), VRDN (b)

13,900

13,900

Hays Consolidated Independent School District Participating VRDN Series Putters 632, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

3,175

3,175

HFDC of Central Texas, Inc. Hosp. Rev. Bonds Series Putters 1233, 3.4%, tender 2/15/07 (Liquidity Facility JPMorgan Chase & Co.) (b)(d)(e)

14,990

14,990

Principal Amount (000s)

Value
(000s)

Houston Wastewtr. Finl. Svcs. Auth. Participating VRDN Series LB 06 P91, 4.03% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

$ 7,715

$ 7,715

Houston Arpt. Sys. Rev. Participating VRDN:

Series EGL 01 4306, 3.96% (Liquidity Facility Citibank NA) (b)(d)

8,910

8,910

Series MS 845, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

3,010

3,010

Houston Cmnty. College Sys. Rev. Participating VRDN Series PT 3739, 3.96% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

1,350

1,350

Houston Gen. Oblig.:

Participating VRDN:

Series EGL 04 23 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

4,950

4,950

Series PT 969, 3.94% (Liquidity Facility DEPFA BANK PLC) (b)(d)

18,835

18,835

Series D, 3.61% 3/13/07 (Liquidity Facility DEPFA BANK PLC), CP

15,000

15,000

Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series EGL 01 4303 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

7,500

7,500

Houston Independent School District Participating VRDN Series Solar 06 19, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

4,720

4,720

Houston Occupancy Tax and Spl. Rev. Participating VRDN Series MSTC 06 254, 3.96% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

3,400

3,400

Houston Util. Sys. Rev.:

Participating VRDN:

Series EGL 06 78 Class A, 3.96% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(d)

17,000

17,000

Series PT 2303, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,650

5,650

Series PT 3197, 3.87% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

15,120

15,120

Series Putters 669, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

6,420

6,420

Series Putters 906, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

5,000

5,000

Series Solar 06 70, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

17,200

17,200

Series TOC 04 A, 3.95% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d)

12,600

12,600

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Houston Util. Sys. Rev.: - continued

Series A, 3.62% 2/15/07 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

$ 7,000

$ 7,000

Houston Wtr. & Swr. Sys. Rev. Participating VRDN:

Series BA 02 F, 3.99% (Liquidity Facility Bank of America NA) (b)(d)

6,525

6,525

Series PT 3568, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

9,330

9,330

Series SG 120, 3.94% (Liquidity Facility Societe Generale) (b)(d)

30,305

30,305

Humble Independent School District Participating VRDN Series Solar 06 20, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

14,490

14,490

Jefferson County Participating VRDN Series PT 1414, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,465

6,465

Keller Independent School District Participating VRDN Series PT 2280, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

6,320

6,320

Klein Independent School District Participating VRDN Series PT 3371, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

3,225

3,225

Leander Independent School District Participating VRDN:

Series PT 2405, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,250

5,250

Series Putters 507, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

7,195

7,195

Lower Colorado River Auth. Rev.:

Participating VRDN Series EGL 00 4302, 3.96% (Liquidity Facility Citibank NA) (b)(d)

5,880

5,880

Series A, 3.6% 3/7/07 (Liquidity Facility JPMorgan Chase Bank), CP

5,400

5,400

Lower Colorado River Auth. Transmission Contract Rev. Participating VRDN Series ROC II R4530, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

5,620

5,620

Mansfield Independent School District Participating VRDN Series PA 1174, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

10,080

10,080

McAllen Wtrwks. & Swr. Sys. Rev. Participating VRDN Series Putters 1064, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

5,880

5,880

Principal Amount (000s)

Value
(000s)

McKinney Independent School District Participating VRDN Series Floaters 2006 26, 3.95% (Liquidity Facility Wells Fargo & Co.) (b)(d)

$ 9,935

$ 9,935

Mesquite Independent School District Participating VRDN Series PT 2192, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

6,250

6,250

Mission Consolidated Independent School District Participating VRDN Series SGA 105, 3.94% (Liquidity Facility Societe Generale) (b)(d)

6,000

6,000

North East Texas Independent School District Participating VRDN:

Series PT 1249, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

18,340

18,340

Series Putters 1395, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

5,740

5,740

North Texas Muni. Wtr. District Wtr. Sys. Rev. Participating VRDN Series ROC II R6074, 3.95% (Liquidity Facility Citibank NA) (b)(d)

7,340

7,340

North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Participating VRDN Series AAB 06 6, 3.96% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

10,015

10,015

Odessa Wtr. & Swr. Rev. Participating VRDN Series EGL 01 4307, 3.96% (Liquidity Facility Citibank NA) (b)(d)

2,085

2,085

Pasadena Gen. Oblig. Participating VRDN Series Putters 1037, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

5,525

5,525

Plano Independent School District:

Bonds 3.65%, tender 2/15/07 (Permanent School Fund of Texas Guaranteed) (b)

15,660

15,660

Participating VRDN:

Series Putters 1428:

3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,225

5,225

3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

3,400

3,400

Series ROC II R2106, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

17,215

17,215

Reset Optional Ctfs. Trust II-R Participating VRDN Series ROC RR II 650, 3.95% (Liquidity Facility Citibank NA) (b)(d)

11,525

11,525

Rio Grande City Consolidated Independent School District Participating VRDN Series PT 1494, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

3,145

3,145

Rockwell Independent School District Participating VRDN Series MSTC 06 270 Class A, 3.96% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

7,420

7,420

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

San Antonio Elec. & Gas Sys. Rev.:

Participating VRDN:

Series PT 1977, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

$ 7,250

$ 7,250

Series Putters 1451, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

3,430

3,430

Series SG 105, 3.94% (Liquidity Facility Societe Generale) (b)(d)

54,300

54,300

4.03% (Liquidity Facility Bank of America NA), VRDN (b)

87,300

87,300

San Antonio Gen. Oblig. Participating VRDN:

Series Putters PZ 159, 3.96% (Liquidity Facility Wells Fargo & Co.) (b)(d)

4,440

4,440

Series ROC II R7519, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

5,125

5,125

San Antonio Independent School District:

Bonds Series AAB 01 28, 3.96%, tender 1/5/07 (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

3,400

3,400

Participating VRDN Series PT 1600, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

12,020

12,020

San Antonio Wtr. Sys. Rev. Participating VRDN:

Series EGL 05 3005 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

6,055

6,055

Series EGL 06 5 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

14,500

14,500

Series Merlots 00 VV, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

21,000

21,000

Series MS 1237, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

18,750

18,750

Series SG 02 159, 3.94% (Liquidity Facility Societe Generale) (b)(d)

22,500

22,500

Schertz/Seguin Local Govt. Corp. Contract Rev. Participating VRDN Series MSTC 01 114, 3.94% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

9,995

9,995

Socorro Independent School District Participating VRDN:

Series EGL 00 4306, 3.96% (Liquidity Facility Citibank NA) (b)(d)

5,900

5,900

Series PT 2653, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

11,010

11,010

Series Putters 1036, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

9,645

9,645

Southwest Higher Ed. Auth. Rev. (Southern Methodist Univ. Proj.) 3.97% (Liquidity Facility Bank of New York, New York), VRDN (b)

22,380

22,380

Principal Amount (000s)

Value
(000s)

Spring Independent School District Participating VRDN Series Solar 06 62, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

$ 13,000

$ 13,000

Tarrant County Health Facilities Dev. Corp. Health Sys. Rev. Participating VRDN Series Merlots 00 BB, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

7,875

7,875

Temple Independent School District Participating VRDN Series DB 136, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

8,165

8,165

Texas A&M Univ. Rev. Participating VRDN Series ROC II R4005, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

4,930

4,930

Texas Gen. Oblig.:

Participating VRDN:

Series EGL 06 126, Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

14,400

14,400

Series MS 1147, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

4,005

4,005

Series PT 3026, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,160

4,160

Series PT 3670, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

62,080

62,080

Series Putters 05 1013A, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

3,645

3,645

Series Putters 1016, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

3,305

3,305

Series Putters 1361, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

8,765

8,765

Series Solar 06 57, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

5,100

5,100

TRAN 4.5% 8/31/07

161,300

162,267

Texas Muni. Pwr. Agcy. Rev. Participating VRDN Series Putters 1332, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,485

4,485

Texas State Univ. Sys. Fing. Rev. Participating VRDN:

Series PT 3473, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,125

8,125

Series PT 3474, 3.95% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

12,770

12,770

Texas Trans. Commission State Hwy. Fund Rev. Participating VRDN Series Putters 1329, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

12,675

12,675

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Texas Trans. Hwy. Participating VRDN Series MSTC 7026, 3.95% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

$ 6,425

$ 6,425

The Colony Wtr. & Swr. Sys. Rev. Participating VRDN Series PT 2369, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

7,370

7,370

Trinity River Auth. Rev. Participating VRDN Series Putters 1058 B, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

4,985

4,985

Tyler Health Facilities Dev. Corp. Hosp. Rev. Bonds Series PT 833, 3.64%, tender 3/15/07 (Liquidity Facility Svenska Handelsbanken AB) (b)(d)(e)

6,500

6,500

United Independent School District Participating VRDN Series PT 3121, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

5,755

5,755

Univ. of North Texas Univ. Rev. Participating VRDN Series SGA 146, 3.94% (Liquidity Facility Societe Generale) (b)(d)

3,000

3,000

Univ. of Texas Univ. Revs. Participating VRDN:

Series MS 98 97, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

14,885

14,885

Series Putters 1328, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

8,665

8,665

Series Putters 584, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

13,745

13,745

Series Putters 592, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

5,565

5,565

Waco Gen. Oblig. Participating VRDN Series PT 2098, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,420

5,420

White Settlement Independent School District Participating VRDN Series PT 3047, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

7,075

7,075

Wylie Independent School District Participating VRDN Series PT 2316, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

6,460

6,460

Ysleta Independent School District Participating VRDN:

Series Putters 1039, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

2,860

2,860

Series Putters 1051, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

5,840

5,840

1,731,562

Principal Amount (000s)

Value
(000s)

Utah - 1.1%

Central Utah Wtr. Conservatory District Participating VRDN Series PT 2420, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

$ 5,265

$ 5,265

Intermountain Pwr. Agcy. Pwr. Supply Rev. Series B, 3.88% (FGIC Insured), VRDN (b)

19,800

19,800

Murray City Hosp. Rev. (IHC Health Services, Inc. Proj.) Series C, 3.95% (Liquidity Facility Citibank NA), VRDN (b)

27,500

27,500

Orem Wtr. & Storm Swr. Rev. Participating VRDN Series ROC II R 7506, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

6,230

6,230

Salt Lake City Sales Tax Rev. 4.03% (Liquidity Facility State Street Bank
& Trust Co., Boston), VRDN (b)

14,450

14,450

Utah Gen. Oblig. Participating VRDN Series Putters 1370, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

5,600

5,600

Utah Trans. Auth. Sales Tax Rev. Participating VRDN:

Series MS 1197, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

20,000

20,000

Series ROC II R 609PB, 3.96% (Liquidity Facility Deutsche Postbank AG) (b)(d)

4,030

4,030

102,875

Vermont - 0.1%

Vermont Hsg. Fin. Agcy. Student Hsg. Fin. Agcy. (West Block Univ. of Vermont Apts. Proj.) Series 2004 A, 3.93%, LOC Bank of Nova Scotia, New York Agcy., VRDN (b)

12,075

12,075

Virginia - 1.0%

Chesterfield County Indl. Dev. Auth. Rev. Participating VRDN Series PT 886, 3.99% (Liquidity Facility Lloyds TSB Bank PLC) (b)(d)

4,300

4,300

Loudoun County Gen. Oblig. Participating VRDN Series Putters 451, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

3,870

3,870

Portsmouth Participating VRDN Series ROC II R6054, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

3,170

3,170

Tobacco Settlement Fing. Corp. Participating VRDN Series PA 1303, 3.96% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

4,900

4,900

Univ. of Virginia Univ. Revs. Participating VRDN:

Series EGL 06 17 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

12,200

12,200

Series MS 856, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

3,000

3,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Virginia - continued

Virginia College Bldg. Auth. Edl. Facilities Rev. Participating VRDN:

Series MS 01 721, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

$ 28,035

$ 28,035

Series Putters 134, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

14,305

14,305

Virginia Commonwealth Trans. Board Trans. Rev. Participating VRDN Series MS 01 727, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

3,665

3,665

Virginia Pub. School Auth. Participating VRDN Series Putters 139, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

16,890

16,890

94,335

Washington - 5.8%

Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN Series PT 3449, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,915

6,915

Central Puget Sound Reg'l. Trans. Auth. Sales Tax & Motor Vehicle Excise Tax Rev. Participating VRDN Series MSTC 00 101, 3.95% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

9,795

9,795

Clark County Gen. Oblig. Participating VRDN Series Putters 541, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

3,960

3,960

Clark County School District #114, Evergreen Participating VRDN Series PT 1575, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,105

5,105

Clover Park School District #400, Pierce County Gen. Oblig. Participating VRDN Series Tops 06 35, 3.96% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

10,815

10,815

Energy Northwest Elec. Rev. Participating VRDN:

Series EGL 06 65 Class A, 3.96% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(d)

29,905

29,905

Series PA 825, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,245

6,245

Series PT 1978, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,490

6,490

Series Putters 256, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,545

4,545

Series ROC II R4524, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

5,010

5,010

Everett Gen. Oblig. 3.95%, LOC Bank of America NA, VRDN (b)

2,600

2,600

Principal Amount (000s)

Value
(000s)

Goat Hill Properties Lease Rev. Participating VRDN Series Putters 957, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

$ 7,305

$ 7,305

King County Gen. Oblig. Participating VRDN:

Series MS 1242, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

7,000

7,000

Series PT 2170, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,010

8,010

King County Pub. Hosp. District #2 Participating VRDN Series PT 2469, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

7,870

7,870

King County School District #401 Highline Pub. Schools Participating VRDN Series ROC RR II R 2151, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

5,260

5,260

King County Swr. Rev.:

Participating VRDN:

Series MS 01 554, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

9,520

9,520

Series Solar 06 77, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

7,670

7,670

Series A, 3.6% 3/13/07 (Liquidity Facility Bayerische Landesbank Girozentrale), CP

3,000

3,000

Port of Seattle Participating VRDN Series LB 06 P93, 4.03% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

15,590

15,590

Port of Seattle Passenger Facilities Charge Rev. Participating VRDN Series ROC II R 638, 3.95% (Liquidity Facility Citibank NA) (b)(d)

10,640

10,640

Port of Seattle Rev.:

Participating VRDN:

Series PT 3043, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,360

8,360

Series PT 3499, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

7,250

7,250

Series ROC II R 9029, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

9,545

9,545

Series ROC II RR 9028, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

9,545

9,545

Series A1, 3.62% 3/7/07, LOC Bank of America NA, CP

5,650

5,650

Port of Tacoma Rev.:

Participating VRDN Series PT 2164, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

7,895

7,895

Series A, 3.6% 3/8/07, LOC WestLB AG, CP

18,000

18,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Washington - continued

Seattle Drain & Wastewtr. Util. Rev. Participating VRDN Series SG 00 135, 3.94% (Liquidity Facility Societe Generale) (b)(d)

$ 19,885

$ 19,885

Seattle Drainage & Wastewtr. Rev. Participating VRDN Series PT 1604, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

8,720

8,720

Seattle Wtr. Sys. Rev. Participating VRDN Series Solar 06 2, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

9,835

9,835

Snohomish County Hsg. Auth. Hsg. Rev. (Ebey Arms Centerhouse Proj.) 3.95%, LOC Bank of America NA, VRDN (b)

3,000

3,000

Spokane County School District #81 Participating VRDN Series ROC II R4000, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

3,545

3,545

Tacoma Convention Ctr. Participating VRDN Series PT 2344, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,025

6,025

Tacoma Gen. Oblig. Participating VRDN Series PT 2322, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,770

5,770

Thurston County School District #111 Participating VRDN Series Putters 1396, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

8,275

8,275

Tulalip Tribes of The Tulalip Reservation Spl. Rev. 3.92%, LOC Bank of America NA, VRDN (b)

10,430

10,430

Washington Econ. Dev. Fin. Auth. Lease Participating VRDN Series PT 2333, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

6,730

6,730

Washington Gen. Oblig. Participating VRDN:

Series Clipper 05 39, 3.95% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(d)

18,570

18,570

Series EGL 00 4703, 3.96% (Liquidity Facility Citibank NA) (b)(d)

14,140

14,140

Series EGL 00 4704, 3.96% (Liquidity Facility Citibank NA) (b)(d)

3,065

3,065

Series EGL 00 4705, 3.96% (Liquidity Facility Citibank NA) (b)(d)

8,235

8,235

Series MS 00 388, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

12,145

12,145

Series PT 2563, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

9,420

9,420

Series Putters 1359, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

1,810

1,810

Series Putters 1360, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,075

4,075

Principal Amount (000s)

Value
(000s)

Series RobIns 6, 3.95% (Liquidity Facility Bank of New York, New York) (b)(d)

$ 13,095

$ 13,095

Series ROC II R 6090, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

7,785

7,785

Series ROC II R 614, 3.95% (Liquidity Facility Citibank NA) (b)(d)

17,500

17,500

Washington Health Care Facilities Auth. Rev.:

Participating VRDN:

Series FRRI 02 L45J, 4.03% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

40,335

40,335

Series LB 05 L1, 4.03% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

21,520

21,520

(Seattle Cancer Care Alliance Proj.) 3.95%, LOC Keybank Nat'l. Assn, VRDN (b)

4,250

4,250

Washington Hsg. Fin. Commission Nonprofit Hsg. Rev. (Horizon House Proj.) 3.94%, LOC Bank of America NA, VRDN (b)

24,795

24,795

522,450

West Virginia - 0.5%

West Virginia Gen. Oblig. Participating VRDN:

Series AAB 00 12, 3.94% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

6,000

6,000

Series Putters 1114, 3.97% (Liquidity Facility JPMorgan Chase
& Co.) (b)(d)

4,240

4,240

West Virginia High Edl. Participating VRDN Series LB 06 P96, 4.03% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

15,795

15,795

West Virginia Higher Ed. Policy Commission Rev. Participating VRDN Series Solar 06 50, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

15,720

15,720

West Virginia Univ. Revs. Participating VRDN Series PZ 56, 3.97% (Liquidity Facility BNP Paribas SA) (b)(d)

2,215

2,215

43,970

Wisconsin - 1.6%

Green Bay Wtr. Sys. Rev. Participating VRDN Series PT 2396, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,710

5,710

Manitowoc Elec. Rev. Participating VRDN Series DB 110, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

14,315

14,315

Milwaukee Redev. Auth. Rev. Participating VRDN Series PT 2042, 3.95% (Liquidity Facility Merrill Lynch
& Co., Inc.) (b)(d)

5,955

5,955

Municipal Securities - continued

Principal Amount
(000s)

Value
(000s)

Wisconsin - continued

Milwaukee Swr. Rev. Participating VRDN Series ROC II R4500, 3.95% (Liquidity Facility Citigroup, Inc.) (b)(d)

$ 3,540

$ 3,540

Univ. of Wisconsin Hosp. & Clinics Auth. Participating VRDN Series Merlots 00 RR, 3.95% (Liquidity Facility Wachovia Bank NA) (b)(d)

7,000

7,000

Wisconsin Gen. Oblig.:

Participating VRDN:

Series MS 1166, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

39,640

39,640

Series Putters 1321, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

4,140

4,140

3.6% 3/6/07, CP

6,860

6,860

Wisconsin Health & Edl. Facilities Auth. Rev.:

Bonds:

Series MT 318, 3.63%, tender 3/15/07 (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)(e)

23,700

23,700

Series PT 761, 3.92%, tender 3/15/07 (Liquidity Facility Svenska Handelsbanken AB) (b)(d)(e)

7,585

7,585

Participating VRDN Series RobIns 03 A, 3.96% (Liquidity Facility Bank of New York, New York) (b)(d)

7,434

7,434

(Prohealth, Inc. Proj.) Series 2001 B, 4% (AMBAC Insured), VRDN (b)

7,240

7,240

(Riverview Hosp. Assoc. Proj.) Series 2001, 4.05%, LOC U.S. Bank NA, Minnesota, VRDN (b)

7,400

7,400

(The Lutheran Home, Inc. Proj.) 3.94%, LOC M&I Marshall & Ilsley Bank, VRDN (b)

4,900

4,900

145,419

Shares

Other - 2.3%

Fidelity Tax-Free Cash Central Fund, 3.93% (a)(c)

204,692,000

204,692

TOTAL INVESTMENT PORTFOLIO - 99.3%

(Cost $8,896,303)

8,896,303

NET OTHER ASSETS - 0.7%

59,117

NET ASSETS - 100%

$ 8,955,420

Security Type Abbreviations

CP - COMMERCIAL PAPER

RAN - REVENUE ANTICIPATION NOTE

TAN - TAX ANTICIPATION NOTE

TRAN - TAX AND REVENUE
ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND NOTE

Legend

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

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

(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund.

(d) Provides evidence of ownership in one or more underlying municipal bonds.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $110,790,000 or 1.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost (000s)

Fraser Pub. School District Participating VRDN Series AAB 05 39, 3.63% tender 12/6/07 (Liquidity Facility ABN-AMRO Bank NV)

9/14/05

$ 8,000

HFDC of Central Texas, Inc. Hosp. Rev. Bonds Series Putters 1233, 3.4%, tender 2/15/07 (Liquidity Facility JPMorgan Chase & Co.)

1/20/06

$ 14,990

Louisiana Gen. Oblig. Bonds Series MT 158, 3.63%, tender 3/15/07 (Liquidity Facility BNP Paribas SA)

12/18/06

$ 22,915

Tyler Health Facilities Dev. Corp. Hosp. Rev. Bonds Series PT 833, 3.64%, tender 3/15/07 (Liquidity Facility Svenska Handelsbanken AB)

12/15/06

$ 6,500

Wichita Hosp. Rev. Bonds Series MT 170, 3.43%, tender 2/1/07 (Liquidity Facility Landesbank Hessen-Thuringen)

11/10/05 - 2/1/06

$ 27,100

Wisconsin Health & Edl. Facilities Auth. Rev. Bonds Series MT 318, 3.63%, tender 3/15/07 (Liquidity Facility Landesbank Hessen-Thuringen)

12/15/06

$ 23,700

Wisconsin Health & Edl. Facilities Auth. Rev. Bonds Series PT 761, 3.92%, tender 3/15/07 (Liquidity Facility Svenska Handelsbanken AB)

12/15/06

$ 7,585

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Tax-Free Cash Central Fund

$ 5,562

Income Tax Information

At December 31, 2006, the aggregate cost of investment securities for income tax purposes was $8,896,303,000.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Investments in open-end mutual funds, including Fidelity Central Funds, are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Institutional Money Market Funds:

Treasury Portfolio

December 31, 2006

1.811325.102

TRES-QTLY-0207

Investments December 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Repurchase Agreements - 100.0%

Maturity Amount (000s)

Value
(000s)

In a joint trading account at:

4.8% dated 12/29/06 due 1/2/07 (Collateralized by U.S. Treasury Obligations) #

$ 324,307

$ 324,134

4.89% dated 12/29/06 due 1/2/07 (Collateralized by U.S. Treasury Obligations) #

8,457,043

8,452,452

With:

Merrill Lynch Government Securities, Inc. at:

5.1%, dated 3/30/06 due 3/30/07 (Collateralized by U.S. Treasury Obligations valued at $105,968,764, 2.63% - 4.63%, 5/15/08 - 4/15/32)

105,171

100,000

5.25%, dated 9/6/06 due 1/4/07 (Collateralized by U.S. Treasury Obligations valued at $283,091,585, 2.63% - 4.5%, 5/15/08 - 9/30/11)

277,778

273,000

UBS Warburg LLC at:

5.23%, dated:

10/10/06 due 4/9/07 (Collateralized by U.S. Treasury Obligations valued at $207,773,078, 0% - 3.88%, 3/22/07 - 4/15/29)

200,128

195,000

11/9/06 due 5/8/07 (Collateralized by U.S. Treasury Obligations valued at $186,183,129, 0% - 3.88%, 3/22/07 - 4/15/29)

179,576

175,000

5.25%, dated 6/7/06 due 1/3/07 (Collateralized by U.S. Treasury Obligations valued at $250,911,388, 0% - 4.25%, 3/22/07 - 4/15/29)

241,166

234,000

5.4%, dated 7/20/06 due 1/16/07 (Collateralized by U.S. Treasury Obligations valued at $225,199,986, 0% - 4.25%, 3/22/07 - 1/15/10)

215,670

210,000

TOTAL INVESTMENT PORTFOLIO - 100.0%
(Cost $9,963,586)

9,963,586

NET OTHER ASSETS - 0.0%

(3,370)

NET ASSETS - 100%

$ 9,960,216

Legend

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value
(Amounts in thousands)

$324,134,000 due 1/02/07 at 4.80%

BNP Paribas Securities Corp.

$ 92,637

Banc of America Securities LLC

20,959

Citigroup Global Markets, Inc.

210,538

$ 324,134

$8,452,452,000 due 1/02/07 at 4.89%

BNP Paribas Securities Corp.

$ 75,978

Banc of America Securities LLC

689,465

Barclays Capital, Inc.

344,732

Bear Stearns & Co., Inc.

2,068,395

Deutsche Bank Securities, Inc.

689,465

HSBC Securities (USA), Inc.

861,831

J.P. Morgan Securities, Inc.

689,465

Merrill Lynch Government Securities, Inc.

2,067,870

Morgan Stanley & Co., Inc.

965,251

$ 8,452,452

Income Tax Information

At December 31, 2006, the aggregate cost of investment securities for income tax purposes was $9,963,586,000.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Quarterly Holdings Report
for

Fidelity ® Institutional Money Market Funds:

Prime Money Market Portfolio

December 31, 2006

1.811333.102

DOM-QTLY-0207

Investments December 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 28.0%

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Domestic Certificates Of Deposit - 0.4%

American Express Centurion Bank

6/21/07

5.35%

$ 48,000

$ 48,000

48,000

London Branch, Eurodollar, Foreign Banks - 9.1%

Calyon

1/24/07 to 2/12/07

5.00 to 5.22

165,000

165,000

Credit Agricole SA

2/12/07 to 4/18/07

5.31 to 5.36

170,000

170,000

Credit Industriel et Commercial

1/29/07 to 5/8/07

5.22 to 5.40

278,000

278,000

Deutsche Bank AG

1/30/07

4.86

105,000

105,000

Dresdner Bank AG

3/5/07

5.40

38,000

38,000

HBOS Treasury Services PLC

3/8/07 to 5/23/07

5.30 to 5.36

235,000

235,000

Landesbank Hessen-Thuringen

4/17/07

5.36

40,000

40,000

Societe Generale

4/17/07 to 1/3/08

5.30 to 5.35

181,000

181,000

1,212,000

New York Branch, Yankee Dollar, Foreign Banks - 18.5%

BNP Paribas SA

4/17/07 to 10/2/07

5.30 to 5.45

290,000

290,000

Canadian Imperial Bank of Commerce

1/23/07

5.35 (c)

170,000

170,000

Credit Suisse First Boston

1/22/07 to 3/12/07

5.34 to 5.35 (c)

350,000

350,000

Credit Suisse Group

6/4/07

5.40 to 5.43

179,000

179,000

Deutsche Bank AG

2/5/07 to 1/11/08

4.90 to 5.43 (c)

393,000

393,000

HBOS Treasury Services PLC

4/17/07 to 5/23/07

5.35 to 5.36

165,000

165,000

Landesbank Baden-Wuert

4/13/07

5.35

51,000

51,001

Mizuho Corporate Bank Ltd.

1/29/07 to 2/14/07

5.34 to 5.56

221,000

221,000

Natexis Banques Populaires NY CD

12/12/07 to 12/18/07

5.40

184,000

184,000

Norinchukin Bank

2/20/07 to 3/1/07

5.35

423,000

422,995

Sumitomo Mitsui Banking Corp.

1/26/07 to 4/18/07

5.32 to 5.38

26,600

26,600

2,452,596

TOTAL CERTIFICATES OF DEPOSIT

3,712,596

Commercial Paper - 18.7%

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Aegis Finance LLC

1/12/07 to 2/9/07

5.33 to 5.34%

$ 125,000

$ 124,330

Aquifer Funding LLC

1/4/07 to 1/5/07

5.34

116,000

115,935

AT&T, Inc.

1/25/07 to 2/14/07

5.34 to 5.36

18,000

17,919

Bank of America Corp.

6/4/07

5.35

20,000

19,553

Bavaria TRR Corp.

1/11/07 to 1/25/07

5.37 to 5.40

61,000

60,832

Caisse Nat des Caisses d' Epargne

2/7/07

5.34 (b)

30,000

29,839

Capital One Multi-Asset Execution Trust

2/7/07 to 3/14/07

5.34 to 5.35

27,000

26,807

Charta LLC

2/16/07

5.39

14,000

13,904

Citigroup Funding, Inc.

1/19/07

5.34

50,000

49,867

Cullinan Finance Corp.

1/23/07

5.56 (b)

20,000

19,934

Davis Square Funding V Corp.

2/22/07 to 3/16/07

5.34 to 5.36

40,000

39,619

DZ Bank AG

1/16/07 to 2/2/07

5.32 to 5.33

174,000

173,271

Emerald (MBNA Credit Card Master Note Trust)

1/16/07 to 3/13/07

5.32 to 5.35

128,120

127,282

FCAR Owner Trust

1/16/07 to 3/15/07

5.32 to 5.57

209,000

207,823

Giro Funding US Corp.

1/16/07 to 3/30/07

5.33 to 5.35

57,000

56,602

Grampian Funding LLC

2/5/07 to 4/10/07

5.32 to 5.35

127,000

125,824

Grenadier Funding Corp.

2/13/07 to 3/22/07

5.32 to 5.35

66,988

66,335

Harrier Finance Funding LLC

6/27/07

5.35 (b)

50,000

48,723

HSBC Finance Corp.

3/23/07

5.35

15,000

14,822

Market Street Funding Corp.

1/17/07 to 3/22/07

5.33 to 5.36

38,000

37,871

Michigan Gen. Oblig.

10/4/07

5.41

23,600

23,600

Monument Gardens Funding

1/22/07 to 3/27/07

5.31 to 5.38

84,351

83,715

Motown Notes Program

1/19/07 to 3/23/07

5.35 to 5.38

86,000

85,242

Nationwide Building Society

3/9/07

5.34

15,000

14,853

Commercial Paper - continued

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Nelnet Student Funding Ext CP LLC

1/9/07 to 3/19/07

5.33 to 5.34%

$ 42,000

$ 41,781

Newport Funding Corp.

3/5/07

5.31

5,000

4,954

Paradigm Funding LLC

1/22/07 to 3/26/07

5.33 to 5.39

136,000

135,234

Park Granada LLC

2/1/07 to 3/20/07

5.34 to 5.37

105,481

104,864

Park Sienna LLC

1/11/07 to 3/29/07

5.32 to 5.36

72,103

71,655

Strand Capital LLC

1/22/07 to 2/20/07

5.34 to 5.38

36,000

35,832

Stratford Receivables Co. LLC

1/8/07 to 2/14/07

5.33 to 5.40

279,928

278,947

Thames Asset Global Securities No. 1, Inc.

1/22/07 to 3/7/07

5.32 to 5.38

30,835

30,618

UniCredito Italiano Bank (Ireland) PLC

3/13/07 to 4/16/07

5.35 to 5.36

85,000

83,861

Zenith Funding Corp.

2/12/07 to 3/12/07

5.33 to 5.36 (b)

111,000

109,901

TOTAL COMMERCIAL PAPER

2,482,149

Federal Agencies - 0.6%

Federal Home Loan Bank - 0.6%

8/15/07 to 8/21/07

5.55 to 5.56

79,000

78,997

Bank Notes - 0.1%

M&I Marshall & Ilsley Bank

1/16/07

5.35 (c)

11,000

11,000

Master Notes - 2.5%

Asset Funding Co. III LLC

1/5/07

5.41 to 5.42 (c)(e)

148,000

148,000

Bear Stearns Companies, Inc.

1/5/07

5.40 (c)(e)

35,000

35,000

Goldman Sachs Group, Inc.

1/9/07 to 2/26/07

5.40 to 5.42 (c)(e)

130,000

130,000

Lehman Brothers Holdings, Inc.

4/30/07

5.46 (c)(e)

14,000

14,000

TOTAL MASTER NOTES

327,000

Medium-Term Notes - 29.4%

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

AIG Matched Funding Corp.

2/15/07

5.36 to 5.37% (c)

$ 127,000

$ 127,000

2/15/07 to 11/15/07

5.34 to 5.37 (b)

149,000

149,000

Allstate Life Global Funding II

1/8/07 to 1/29/07

5.36 to 5.43 (b)(c)

31,000

31,000

American Express Credit Corp.

1/5/07

5.45 (c)

95,000

95,010

ASIF Global Financing XXX

1/23/07

5.37 (b)(c)

50,000

50,000

Australia & New Zealand Banking Group Ltd.

1/23/07

5.35 (b)(c)

26,000

26,000

Banque Federative du Credit Mutuel (BFCM)

1/16/07

5.35 (b)(c)

115,000

115,000

Bayerische Landesbank Girozentrale

1/17/07 to 2/20/07

5.38 to 5.42 (c)

135,000

135,000

BMW U.S. Capital LLC

1/16/07

5.35 (c)

16,000

16,000

BNP Paribas SA

1/26/07

5.34 (b)(c)

67,400

67,400

Caja Madrid SA

1/19/07

5.37 (c)

37,000

37,000

Calyon New York Branch

1/2/07

5.29 (c)

55,000

54,989

Commonwealth Bank of Australia

1/24/07

5.35 (c)

26,000

26,000

Cullinan Finance Corp.

2/26/07 to 6/25/07

5.33 to 5.46 (b)(c)

136,000

135,986

Cullinan Finance Ltd./Corp. Mtn 144A

10/15/07

5.41 (b)

38,000

38,000

DnB Nor ASA

1/25/07

5.34 (b)(c)

205,000

205,000

Eli Lilly Services, Inc.

1/2/07

5.34 (b)(c)

16,000

16,000

General Electric Capital Corp.

1/8/07 to 1/17/07

5.39 to 5.48 (c)

377,500

377,556

Genworth Life Insurance Co.

1/2/07

5.43 (c)(e)

15,000

15,000

Harrier Finance Funding LLC

3/20/07

5.35 (b)(c)

8,000

8,000

Hartford Life Global Funding Trust

1/16/07

5.37 (c)

35,000

35,000

HSBC Finance Corp.

1/24/07

5.38 (c)

37,000

37,000

HSBC USA, Inc.

1/16/07

5.35 (c)

45,000

45,000

HSH Nordbank AG

1/23/07

5.38 (b)(c)

36,000

36,000

ING USA Annuity & Life Insurance Co.

3/23/07

5.46 (c)(e)

18,000

18,000

Medium-Term Notes - continued

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Intesa Bank Ireland PLC

1/25/07

5.35% (b)(c)

$ 170,000

$ 170,000

K2 (USA) LLC

3/12/07

5.31 (b)(c)

35,000

34,998

Kestrel Funding PLC US LLC 144A

1/26/07

5.34 (b)(c)

9,000

9,000

Key Bank NA

3/19/07

5.38 (c)

6,000

6,000

Merrill Lynch & Co., Inc.

1/4/07 to 1/16/07

5.36 to 5.60 (c)

193,000

193,153

Metropolitan Life Insurance Co.

1/8/07

5.36 (b)(c)

29,087

29,087

Monumental Global Funding III

3/20/07

5.35 (b)(c)

25,000

25,000

Morgan Stanley

1/2/07 to 1/29/07

5.37 to 5.44 (c)

275,000

275,004

National Rural Utils. Coop. Finance Corp.

1/4/07

5.33 (c)

5,000

5,000

Pacific Life Global Funding

1/16/07

5.40 (c)

5,000

5,000

1/4/07

5.40 (b)(c)

22,500

22,500

RACERS

1/22/07

5.37 (b)(c)

65,000

65,000

Royal Bank of Scotland PLC

1/22/07

5.34 (b)(c)

85,000

85,000

Security Life of Denver Insurance Co.

2/28/07

5.45 (c)(e)

14,000

14,000

Sigma Finance, Inc.

1/16/07 to 3/12/07

5.31 to 5.35 (b)(c)

105,000

104,995

Skandinaviska Enskilda Banken AB

3/8/07

5.34 (c)

82,000

82,000

Societe Generale

1/2/07

5.34 (b)(c)

76,000

76,000

UniCredito Italiano Bank (Ireland) PLC

1/16/07

5.36 (b)(c)

142,000

142,000

1/30/07

5.32 (c)

65,000

64,992

Unicredito Italiano Spa, New York

2/20/07 to 3/5/07

5.35 to 5.37 (c)

65,000

64,993

Wachovia Asset Securitization Issuance LLC

1/25/07

5.34 (b)(c)

7,592

7,592

Washington Mutual Bank

2/16/07 to 2/28/07

5.35 to 5.42 (c)

157,000

157,009

Washington Mutual Bank FA

1/24/07

5.33 (c)

51,000

51,000

1/31/07

5.36 (b)(c)

81,000

81,000

Washington Mutual Bank, California

2/28/07

5.41 (c)

5,000

5,001

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Wells Fargo & Co.

1/2/07 to 1/16/07

5.36 to 5.40% (c)

$ 120,000

$ 120,001

WestLB AG

1/10/07 to 3/30/07

5.39 (b)(c)

92,000

92,000

Westpac Banking Corp.

3/12/07

5.39 (c)

15,000

15,000

TOTAL MEDIUM-TERM NOTES

3,898,266

Short-Term Notes - 1.7%

Hartford Life Insurance Co.

3/1/07

5.52 (c)(e)

25,000

25,000

Jackson National Life Insurance Co.

1/1/07

5.42 (c)(e)

10,000

10,000

Metropolitan Life Insurance Co.

1/2/07

5.49 (c)(e)

30,000

30,000

1/29/07

5.45 (b)(c)

10,000

10,000

Monumental Life Insurance Co.

1/2/07

5.49 to 5.52 (c)(e)

20,000

20,000

New York Life Insurance Co.

3/30/07

5.44 (c)(e)

95,000

95,000

Transamerica Occidental Life Insurance Co.

2/1/07

5.54 (c)(e)

35,000

35,000

TOTAL SHORT-TERM NOTES

225,000

Asset-Backed Securities - 0.7%

Master Funding Trust I

1/25/07 to 4/25/07

5.38 (c)

86,449

86,449

Wind Trust

2/25/07

5.32 (b)(c)

12,000

12,000

TOTAL ASSET-BACKED SECURITIES

98,449

Municipal Securities - 0.6%

Catholic Health Initiatives 5.36%, 2/13/07

22,500

22,500

LoanStar Assets Partners LP Student Ln. Rev. Series A, 5.3%, VRDN
1/5/07 (c)

50,000

50,000

TOTAL MUNICIPAL SECURITIES

72,500

Repurchase Agreements - 18.8%

Maturity Amount (000s)

In a joint trading account at 5.33% dated 12/29/06 due 1/2/07:

(Collateralized by U.S. Government Obligations) #

$ 140

140

(Collateralized by U.S. Government Obligations) #

651

651

Repurchase Agreements - continued

Maturity Amount (000s)

Value
(000s)

With:

Banc of America Securities LLC at 5.35%, dated 12/29/06 due 1/2/07 (Collateralized by Corporate Obligations valued at $76,500,661, 5.25% - 7.75%, 2/22/11 - 12/1/36)

$ 75,045

$ 75,000

Barclays Capital, Inc. at 5.39%, dated 12/29/06 due 1/2/07 (Collateralized by Equity Securities valued at $265,650,035)

253,152

253,000

Citigroup Global Markets, Inc. at:

5.36%, dated 12/29/06 due 1/2/07 (Collateralized by Commercial Paper Obligations valued at $204,000,001)

200,119

200,000

5.42%, dated 12/29/06 due 1/2/07 (Collateralized by Corporate Obligations valued at $420,000,000, 4.75% - 10.63%, 4/15/07 - 7/15/37)

400,241

400,000

Credit Suisse First Boston, Inc. at 5.39%, dated 12/29/06 due 1/2/07 (Collateralized by Corporate Obligations valued at $23,101,378, 2.39% - 10.03%, 2/1/08 - 10/15/37)

22,013

22,000

Deutsche Bank Securities, Inc. at:

5.34%, dated 11/28/06 due 1/29/07 (Collateralized by Equity Securities valued at $56,700,014)

54,497

54,000

5.35%, dated:

12/1/06 due 1/12/07 (Collateralized by Corporate Obligations valued at $59,160,000, 3.88% - 7.75%, 9/7/07 - 12/1/66)

58,362

58,000

12/11/06 due 1/11/07 (Collateralized by Corporate Obligations valued at $15,300,000, 4% - 6.11%, 10/1/08 - 12/1/66)

15,069

15,000

5.38%, dated 10/19/06 due 1/19/07 (Collateralized by Corporate Obligations valued at $56,100,697, 4% - 9.52%, 10/1/08 - 12/31/49)

55,756

55,000

Goldman Sachs & Co. at:

5.38%, dated 12/29/06 due 1/2/07 (Collateralized by Corporate Obligations valued at $97,920,000, 5% - 9.35%, 10/27/10 - 6/25/46)

96,057

96,000

5.41%, dated 11/21/06 due 2/21/07 (Collateralized by Mortgage Loan Obligations valued at $181,560,001, 0% - 7.85%, 11/25/28 - 5/25/46) (c)(d)

180,461

178,000

Maturity Amount (000s)

Value
(000s)

With: - continued

Lehman Brothers, Inc. at 5.41%, dated 12/29/06 due 1/2/07 (Collateralized by Corporate Obligations valued at $621,327,503, 0% - 6.8%, 3/15/07 - 12/15/66)

$ 592,356

$ 592,000

Merrill Lynch, Pierce, Fenner & Smith at:

5.41%, dated 12/29/06 due 1/2/07 (Collateralized by Corporate Obligations valued at $403,204,885, 6.75% - 15.17%, 5/15/07 - 2/15/37)

384,231

384,000

5.42%, dated 10/17/06 due 1/17/07 (Collateralized by Corporate Obligations valued at $113,603,634, 6.63% - 12.5%, 1/1/10 - 2/15/28) (c)(d)

109,496

108,000

TOTAL REPURCHASE AGREEMENTS

2,490,791

TOTAL INVESTMENT PORTFOLIO - 101.1%
(Cost $13,396,748)

13,396,748

NET OTHER ASSETS - (1.1)%

(144,430)

NET ASSETS - 100%

$ 13,252,318

Security Type Abbreviation

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, the rate at period end.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,051,955,000 or 15.5% of net assets.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

(d) The maturity amount is based on the rate at period end.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $589,000,000 or 4.4% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost (000s)

Asset Funding Co. III LLC:
5.41%, 1/5/07

11/7/06

$ 70,000

5.42%, 1/5/07

8/29/06

$ 78,000

Bear Stearns Companies, Inc.
5.4%, 1/5/07

5/1/06

$ 35,000

Genworth Life Insurance Co.
5.43%, 1/2/07

7/31/06

$ 15,000

Goldman Sachs Group, Inc.:
5.4%, 1/9/07

1/9/06

$ 59,000

5.42%, 2/26/07

8/26/04

$ 71,000

Hartford Life Insurance Co.
5.52%, 3/1/07

12/16/03

$ 25,000

ING USA Annuity & Life Insurance Co. 5.46%, 3/23/07

6/23/05

$ 18,000

Jackson National Life Insurance Co. 5.42%, 1/1/07

3/31/03

$ 10,000

Lehman Brothers Holdings, Inc. 5.46%, 4/30/07

12/11/06

$ 14,000

Metropolitan Life Insurance Co. 5.49%, 1/2/07

3/26/02

$ 30,000

Monumental Life Insurance Co.: 5.49%, 1/2/07

9/17/98

$ 10,000

5.52%, 1/2/07

3/12/99

$ 10,000

New York Life Insurance Co.
5.44%, 3/30/07

2/28/02 - 12/19/02

$ 95,000

Security Life of Denver Insurance Co. 5.45%, 2/28/07

8/26/05

$ 14,000

Transamerica Occidental Life Insurance Co.
5.54%, 2/1/07

4/28/00

$ 35,000

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value
(Amounts in thousands)

$140,000 due 1/02/07 at 5.33%

ABN AMRO Bank N.V., New York Branch

$ 24

BNP Paribas Securities Corp.

15

Banc of America Securities LLC

24

Barclays Capital, Inc.

24

Bear Stearns & Co., Inc.

35

Greenwich Capital Markets, Inc.

6

HSBC Securities (USA), Inc.

12

$ 140

$651,000 due 1/02/07 at 5.33%

BNP Paribas Securities Corp.

$ 205

Banc of America Securities LLC

74

Barclays Capital, Inc.

372

$ 651

Income Tax Information

At December 31, 2006, the aggregate cost of investment securities for income tax purposes was $13,396,748,000.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Colchester Street Trust

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

February 26, 2007

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/ Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

February 26, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

February 26, 2007