N-CSRS 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3518

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

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

Scott C. Goebel, 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:

October 31

Date of reporting period:

April 30, 2008

Item 1. Reports to Stockholders

Fidelity®
Cash Management
Funds
Treasury Fund
Prime Fund
Tax-Exempt Fund

Semiannual Report

April 30, 2008

(2_fidelity_logos) (Registered_Trademark)

Contents

Shareholder Expense Example

<Click Here>

Investment Changes, Schedules of Investments &
Financial Statements

Treasury Fund

<Click Here>

Prime Fund

<Click Here>

Tax-Exempt Fund

<Click Here>

Notes to the Financial Statements

<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

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

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

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

Treasury Fund and Prime Fund seek to obtain as high a level of current income as is consistent with the preservation of capital and liquidity by investing in high-quality, short-term money market securities. Treasury Fund invests in money market securities issued by the U.S. Treasury and backed by the full faith and credit of the U.S. Government. Prime Fund invests in a broad range of money market securities. Tax-Exempt Fund seeks to provide as high a level of current income, exempt from federal income taxes, as is consistent with liquidity and stability of principal by investing at least 80% of its assets in municipal money market securities.

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).

Actual Expenses

The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Semiannual Report

Shareholder Expense Example - continued

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
November 1, 2007

Ending
Account Value
April 30, 2008

Expenses Paid
During Period*
November 1, 2007
to April 30, 2008

Treasury

Daily Money Class

Actual

$ 1,000.00

$ 1,012.20

$ 3.50

HypotheticalA

$ 1,000.00

$ 1,021.38

$ 3.52

Capital Reserves Class

Actual

$ 1,000.00

$ 1,011.00

$ 4.70

HypotheticalA

$ 1,000.00

$ 1,020.19

$ 4.72

Advisor B Class

Actual

$ 1,000.00

$ 1,008.60

$ 7.04

HypotheticalA

$ 1,000.00

$ 1,017.85

$ 7.07

Advisor C Class

Actual

$ 1,000.00

$ 1,008.60

$ 7.04

HypotheticalA

$ 1,000.00

$ 1,017.85

$ 7.07

Prime

Daily Money Class

Actual

$ 1,000.00

$ 1,018.40

$ 3.51

HypotheticalA

$ 1,000.00

$ 1,021.38

$ 3.52

Capital Reserves Class

Actual

$ 1,000.00

$ 1,017.10

$ 4.76

HypotheticalA

$ 1,000.00

$ 1,020.14

$ 4.77

Tax-Exempt

Daily Money Class

Actual

$ 1,000.00

$ 1,011.10

$ 3.50

HypotheticalA

$ 1,000.00

$ 1,021.38

$ 3.52

Capital Reserves Class

Actual

$ 1,000.00

$ 1,009.80

$ 4.75

HypotheticalA

$ 1,000.00

$ 1,020.14

$ 4.77

Fidelity Tax-Free Money Market Fund

Actual

$ 1,000.00

$ 1,012.30

$ 2.25

HypotheticalA

$ 1,000.00

$ 1,022.63

$ 2.26

A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Semiannual Report

Annualized
Expense Ratio

Treasury

Daily Money Class

.70%

Capital Reserves Class

.94%

Advisor B Class

1.41%

Advisor C Class

1.41%

Prime

Daily Money Class

.70%

Capital Reserves Class

.95%

Tax-Exempt

Daily Money Class

.70%

Capital Reserves Class

.95%

Fidelity Tax-Free Money Market Fund

.45%

Semiannual Report

Treasury Fund

Investment Changes

Maturity Diversification

Days

% of fund's investments 4/30/08

% of fund's investments 10/31/07

% of fund's investments 4/30/07

0 - 30

89.4

94.8

94.9

31 - 90

3.9

1.7

3.0

91 - 180

6.7

0.0

0.9

181 - 397

0.0

3.5

1.2

Weighted Average Maturity

4/30/08

10/31/07

4/30/07

Treasury Fund

12 Days

10 Days

8 Days

All Taxable Money Market Funds
Average A

46 Days

42 Days

40 Days

Asset Allocation (% of fund's net assets)

As of April 30, 2008

As of October 31, 2007

U.S. Treasury
Obligations 10.1%

U.S. Treasury
Obligations 0.0%

Repurchase
Agreements 89.8%

Repurchase
Agreements 100.2%

Net Other Assets 0.1%

Net Other Assets(dagger) (0.2)%

(dagger) Net Other Assets are not included in the pie chart.

ASource: iMoneyNet, Inc.

Semiannual Report

Treasury Fund

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Obligations - 10.1%

Due Date

Yield (a)

Principal Amount (000s)

Value (000s)

U.S. Treasury Bills - 10.1%

5/22/08 to 9/25/08

1.10 to 3.55%

$ 461,530

$ 459,159

Repurchase Agreements - 89.8%

Maturity Amount (000s)

In a joint trading account at:

1.96% dated 4/30/08 due 5/1/08 (Collateralized by U.S. Treasury Obligations) #

$ 3,894,645

3,894,433

1.97% dated 4/30/08 due 5/1/08 (Collateralized by U.S. Treasury Obligations) #

51,606

51,603

With UBS Warburg LLC At:

4.4%, dated 10/4/07 due 6/30/08 (Collateralized by U.S. Treasury Obligations valued at $46,479,135, 9%, 11/15/18)

45,452

44,000

5.21%, dated 5/24/07 due 5/22/08 (Collateralized by U.S. Treasury Obligations valued at $32,429,859, 8.75%, 8/15/20)

31,585

30,000

5.25%, dated 6/1/07 due 5/30/08 (Collateralized by U.S. Treasury Obligations valued at $32,406,021, 6.13% - 7.25%, 8/15/22 - 8/15/29)

31,593

30,000

5.3%, dated 6/8/07 due 6/6/08 (Collateralized by U.S. Treasury Obligations valued at $32,388,453, 6.13% - 8.75%, 8/15/20 - 8/15/29)

31,608

30,000

TOTAL REPURCHASE AGREEMENTS

4,080,036

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $4,539,195)

4,539,195

NET OTHER ASSETS - 0.1%

4,858

NET ASSETS - 100%

$ 4,544,053

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.

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

Repurchase Agreement / Counterparty

Value
(Amounts in
thousands)

$3,894,433,000 due 5/01/08 at 1.96%

BNP Paribas Securities Corp.

$ 684,845

Barclays Capital, Inc.

342,423

Credit Suisse Securities (USA) LLC

171,211

Deutsche Bank Securities, Inc.

299,620

Dresdner Kleinwort Securities LLC

462,271

Fortis Securities LLC

213,865

HSBC Securities (USA), Inc.

256,817

J.P. Morgan Securities, Inc.

441,249

Merrill Lynch Government Securities, Inc.

513,634

Societe Generale, New York Branch

508,498

$ 3,894,433

$51,603,000 due 5/01/08 at 1.97%

BNP Paribas Securities Corp.

$ 19,612

Banc of America Securities LLC

6,316

Dresdner Kleinwort Securities LLC

10,698

J.P. Morgan Securities, Inc.

14,977

$ 51,603

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Treasury Fund

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2008 (Unaudited)

Assets

Investment in securities, at value (including repurchase agreements of $4,080,036) -
See accompanying schedule:

Unaffiliated issuers (cost $4,539,195)

$ 4,539,195

Cash

310

Receivable for fund shares sold

52,031

Interest receivable

5,747

Prepaid expenses

8

Receivable from investment adviser for expense reductions

119

Other receivables

7

Total assets

4,597,417

Liabilities

Payable for fund shares redeemed

$ 49,787

Distributions payable

322

Accrued management fee

935

Distribution fees payable

1,481

Other affiliated payables

781

Other payables and accrued expenses

58

Total liabilities

53,364

Net Assets

$ 4,544,053

Net Assets consist of:

Paid in capital

$ 4,543,802

Undistributed net investment income

49

Accumulated undistributed net realized gain (loss) on investments

202

Net Assets

$ 4,544,053

Daily Money Class:
Net Asset Value, offering price and redemption price per share ($2,272,160 ÷ 2,272,276 shares)

$ 1.00

Capital Reserves Class:
Net Asset Value, offering price and redemption price per share ($2,044,277 ÷ 2,043,793 shares)

$ 1.00

Advisor B Class:
Net Asset Value and offering price per share
($67,220 ÷ 67,229 shares)A

$ 1.00

Advisor C Class:
Net Asset Value and offering price per share
($160,396 ÷ 160,406 shares)A

$ 1.00

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Treasury Fund
Financial Statements - continued

Statement of Operations

Amounts in thousands

Six months ended April 30, 2008 (Unaudited)

Investment Income

Interest

$ 66,050

Expenses

Management fee

$ 5,405

Transfer agent fees

4,327

Distribution fees

8,635

Accounting fees and expenses

188

Custodian fees and expenses

2

Independent trustees' compensation

9

Registration fees

303

Audit

26

Legal

6

Miscellaneous

7

Total expenses before reductions

18,908

Expense reductions

(841)

18,067

Net investment income

47,983

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

180

Net increase in net assets resulting from operations

$ 48,163

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30, 2008
(Unaudited)

Year ended
October 31,
2007

Increase (Decrease) in Net Assets

Operations

Net investment income

$ 47,983

$ 146,567

Net realized gain (loss)

180

199

Net increase in net assets resulting from operations

48,163

146,766

Distributions to shareholders from net investment income

(47,985)

(146,567)

Share transactions - net increase (decrease)

682,058

1,229,914

Total increase (decrease) in net assets

682,236

1,230,113

Net Assets

Beginning of period

3,861,817

2,631,704

End of period (including undistributed net investment income of $49 and undistributed net investment income of $51, respectively)

$ 4,544,053

$ 3,861,817

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Daily Money Class

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.012

.045

.041

.021

.005

.005

Distributions from net investment income

(.012)

(.045)

(.041)

(.021)

(.005)

(.005)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C

1.22%

4.55%

4.16%

2.16%

.51%

.55%

Ratios to Average Net Assets D

Expenses before reductions

.73% A

.73%

.75%

.74%

.75%

.75%

Expenses net of fee waivers, if any

.70% A

.70%

.70%

.70%

.70%

.70%

Expenses net of all reductions

.70% A

.70%

.70%

.70%

.70%

.70%

Net investment income

2.38% A

4.44%

4.13%

2.14%

.50%

.56%

Supplemental Data

Net assets,
end of period
(in millions)

$ 2,272

$ 1,833

$ 1,325

$ 982

$ 1,010

$ 1,151

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Capital Reserves Class

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.011

.042

.038

.019

.003

.003

Distributions from net investment income

(.011)

(.042)

(.038)

(.019)

(.003)

(.003)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C

1.10%

4.29%

3.90%

1.91%

.26%

.31%

Ratios to Average Net Assets D

Expenses before reductions

.98% A

.97%

1.00%

.99%

.99%

1.00%

Expenses net of fee waivers, if any

.94% A

.95%

.95%

.95%

.95%

.94%

Expenses net of all reductions

.94% A

.95%

.95%

.95%

.95%

.94%

Net investment income

2.14% A

4.19%

3.88%

1.89%

.25%

.31%

Supplemental Data

Net assets,
end of period
(in millions)

$ 2,044

$ 1,848

$ 1,114

$ 764

$ 674

$ 852

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Advisor B Class

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.009

.037

.033

.014

.001

.001

Distributions from net investment income

(.009)

(.037)

(.033)

(.014)

(.001)

(.001)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C, D

.86%

3.77%

3.38%

1.40%

.12%

.11%

Ratios to Average Net Assets E

Expenses before reductions

1.49% A

1.48%

1.50%

1.49%

1.49%

1.50%

Expenses net of fee waivers, if any

1.41% A

1.45%

1.45%

1.45%

1.07%

1.15%

Expenses net of all reductions

1.41% A

1.45%

1.45%

1.45%

1.07%

1.15%

Net investment income

1.67% A

3.69%

3.38%

1.39%

.12%

.12%

Supplemental Data

Net assets,
end of period
(in millions)

$ 67

$ 57

$ 83

$ 112

$ 161

$ 229

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Total returns do not include the effect of the contingent deferred sales charge.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Advisor C Class

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.009

.037

.033

.014

.001

.001

Distributions from net investment income

(.009)

(.037)

(.033)

(.014)

(.001)

(.001)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C, D

.86%

3.78%

3.38%

1.40%

.12%

.11%

Ratios to Average Net Assets E

Expenses before reductions

1.49% A

1.47%

1.50%

1.49%

1.50%

1.50%

Expenses net of fee waivers, if any

1.41% A

1.45%

1.45%

1.45%

1.10%

1.15%

Expenses net of all reductions

1.41% A

1.45%

1.45%

1.45%

1.10%

1.15%

Net investment income

1.67% A

3.69%

3.38%

1.39%

.10%

.12%

Supplemental Data

Net assets,
end of period
(in millions)

$ 160

$ 124

$ 110

$ 105

$ 117

$ 110

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Total returns do not include the effect of the contingent deferred sales charge.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Prime Fund

Investment Changes

Maturity Diversification

Days

% of fund's investments 4/30/08

% of fund's investments 10/31/07

% of fund's investments 4/30/07

0 - 30

49.0

53.3

63.3

31 - 90

40.3

29.4

23.7

91 - 180

7.6

14.4

4.4

181 - 397

3.1

2.9

8.6

Weighted Average Maturity

4/30/08

10/31/07

4/30/07

Prime Fund

50 Days

47 Days

43 Days

All Taxable Money Market Funds
Average A

46 Days

42 Days

40 Days

Asset Allocation (% of fund's net assets)

As of April 30, 2008*

As of October 31, 2007**

Commercial Paper 11.7%

Commercial Paper 19.7%

Bank CDs, BAs,
TDs, and Notes 69.1%

Bank CDs, BAs,
TDs, and Notes 62.5%

Government
Securities 3.6%

Government
Securities 0.0%

Repurchase
Agreements 16.1%

Repurchase
Agreements 18.0%

Other Investments 0.4%

Other Investments 2.2%

Net Other Assets(dagger) (0.9)%

Net Other Assets(dagger) (2.4)%

* Foreign investments

46.4%

** Foreign investments

41.1%

(dagger) Net Other Assets are not included in the pie chart.

A Source: iMoneyNet, Inc.

Semiannual Report

Prime Fund

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 31.2%

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

London Branch, Eurodollar, Foreign Banks - 11.7%

Banco Bilbao Vizcaya Argentaria SA

6/19/08

2.52%

$ 40,000

$ 40,000

Banco Santander SA

7/10/08 to 8/13/08

2.95 to 4.25

522,000

522,044

Bank of Scotland PLC

6/19/08

2.58

145,000

145,000

Calyon

6/10/08 to 6/16/08

4.90 to 5.42

150,000

150,000

Credit Agricole SA

11/5/08 to 1/28/09

3.01 to 3.10

175,000

175,000

Credit Industriel et Commercial

5/15/08 to 7/17/08

2.65 to 3.13

404,000

404,000

HSBC Bank PLC

6/20/08

2.55

100,000

100,000

ING Bank NV

5/19/08 to 6/17/08

2.80 to 3.08

610,000

610,000

Intesa Sanpaolo SpA

7/9/08

3.50

9,000

9,017

Lloyds TSB Bank PLC

6/19/08

2.45

100,000

100,000

National Australia Bank Ltd.

6/16/08

2.57

24,000

24,012

Royal Bank of Scotland PLC

7/9/08

3.50

22,000

22,033

Societe Generale

7/7/08

4.60

100,000

100,000

UniCredit SpA

6/16/08 to 6/17/08

2.86 to 2.88

177,000

177,000

2,578,106

Certificates of Deposit - continued

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

New York Branch, Yankee Dollar, Foreign Banks - 19.5%

Abbey National Treasury Services PLC

5/19/08

3.27% (c)

$ 26,000

$ 26,000

Banco Bilbao Vizcaya Argentaria SA

6/3/08 to 10/30/08

2.50 to 3.05

182,000

182,011

Banco Santander SA

9/18/08 to 10/20/08

2.61 to 2.75

142,000

142,000

Bank of Scotland PLC

5/6/08 to 7/25/08

2.58 to 4.92 (c)

706,000

706,000

Barclays Bank PLC

6/4/08

3.00

100,000

100,000

BNP Paribas SA

5/20/08 to 4/23/09

2.65 to 4.86

737,000

737,000

Canadian Imperial Bank of Commerce

5/23/08

2.90 (c)

100,000

100,000

Credit Suisse First Boston

7/28/08

3.00 (c)

200,000

200,000

Deutsche Bank AG

6/3/08 to 7/7/08

2.91 to 3.17 (c)

125,000

125,000

Intesa Sanpaolo SpA

6/17/08 to 7/10/08

2.54 to 2.78

388,000

388,000

Landesbank Baden-Wuert

6/11/08

5.45

50,000

49,999

Natixis SA

7/28/08

3.10

100,000

100,000

Rabobank Nederland

7/10/08 to 4/20/09

2.63 to 2.90

610,000

610,000

San Paolo IMI SpA

4/21/09

3.15

50,000

50,000

Societe Generale

5/7/08 to 7/24/08

2.96 to 3.07

187,000

187,000

Toronto-Dominion Bank

5/30/08 to 10/14/08

2.65 to 4.88

575,000

575,205

4,278,215

TOTAL CERTIFICATES OF DEPOSIT

6,856,321

Commercial Paper - 11.7%

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Banco Espirito Santo

7/17/08

2.98%

$ 33,000

$ 32,791

Citigroup Funding, Inc.

5/12/08 to 6/9/08

3.18 to 3.24

288,000

287,424

Dakota Notes (Citibank Credit Card Issuance Trust)

5/2/08 to 6/24/08

3.30 to 3.43

225,000

224,437

DnB NOR Bank ASA

5/27/08

4.85

42,000

41,857

Edison Asset Securitization LLC

10/29/08

2.82

48,992

48,307

Emerald Notes (BA Credit Card Trust)

5/6/08 to 6/13/08

3.12 to 3.38

143,500

143,010

General Electric Capital Corp.

8/22/08 to 9/2/08

2.73 to 4.54

49,000

48,415

Govco, Inc.

5/6/08 to 5/27/08

3.04 to 3.06

388,600

388,039

Intesa Funding LLC

5/27/08

3.07

71,000

70,844

JPMorgan Chase & Co.

8/4/08

2.92

150,000

148,862

Morgan Stanley

6/13/08

5.29

43,000

42,739

Nationwide Building Society

5/12/08 to 5/19/08

2.95 to 3.10

151,000

150,823

Palisades Notes (Citibank Omni Master Trust)

5/15/08 to 5/23/08

3.12 to 3.22

252,000

251,641

Royal Bank of Scotland PLC

6/5/08

2.60

98,000

97,754

Santander Finance, Inc.

6/9/08 to 10/2/08

2.70 to 4.92

300,000

297,702

Sheffield Receivables Corp.

5/8/08

2.81

39,000

38,979

Societe Generale North America, Inc.

7/24/08

3.07

100,000

99,289

Commercial Paper - continued

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Thames Asset Global Securities No. 1, Inc.

5/12/08 to 6/25/08

2.77 to 3.09%

$ 49,341

$ 49,222

UniCredito Italiano Bank (Ireland) PLC

7/11/08

2.90

100,000

99,432

TOTAL COMMERCIAL PAPER

2,561,567

Federal Agencies - 3.2%

Fannie Mae - 1.2%

5/1/08

2.49 to 2.52 (c)

250,000

250,000

Federal Home Loan Bank - 0.2%

3/24/09

2.27

50,000

49,996

Freddie Mac - 1.8%

5/19/08 to 5/21/08

2.70 to 2.78 (c)

400,000

399,972

TOTAL FEDERAL AGENCIES

699,968

U.S. Treasury Obligations - 0.4%

U.S. Treasury Bills - 0.4%

10/16/08

1.39 to 1.44

94,366

93,751

Master Notes - 2.7%

Asset Funding Co. III LLC

5/7/08 to 7/14/08

2.80 to 2.91 (c)(d)

308,000

308,000

Goldman Sachs Group, Inc.

6/16/08 to 7/15/08

3.19 to 3.23 (d)

219,000

219,000

Lehman Brothers Holdings, Inc.

5/1/08 to 5/12/08

2.59 to 2.84 (c)(d)

63,000

63,000

TOTAL MASTER NOTES

590,000

Medium-Term Notes - 34.5%

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

AIG Matched Funding Corp.

5/1/08 to 5/20/08

2.76 to 3.37% (b)(c)

$ 132,000

$ 132,000

5/15/08

3.06 (c)

88,000

88,000

Allstate Life Global Funding Trusts

6/20/08

3.33 (c)

40,000

40,000

ASIF Global Financing XXX

5/23/08

2.93 (b)(c)

55,000

55,000

Australia & New Zealand Banking Group Ltd.

5/23/08 to 6/2/08

2.92 to 3.35 (b)(c)

140,000

140,000

Banesto SA

7/18/08

2.73 (b)(c)

90,000

90,000

Bank of America NA

5/12/08 to 7/25/08

2.92 to 3.21 (c)

409,000

408,997

Bank of Montreal

5/29/08

3.33 (b)(c)

85,000

85,000

Banque Federative du Credit Mutuel

5/13/08

2.73 (b)(c)

86,000

86,000

Bayerische Landesbank Girozentrale

5/19/08 to 7/15/08

2.75 to 3.11 (c)

190,000

190,000

Beta Finance, Inc./Beta Finance Corp.

7/9/08 to 7/15/08

2.65 (b)(c)

44,000

43,997

BNP Paribas SA

5/27/08

2.89 (b)(c)

75,000

75,000

5/6/08 to 5/13/08

2.64 to 4.03 (c)

155,000

154,990

BNP Paribas US Medium-Term Note Program LLC

6/16/08

2.79 (c)

35,000

34,993

BP Capital Markets PLC

6/11/08

3.04 (c)

83,000

83,000

Caja de Ahorros y Pensiones de Barcelona

7/23/08

2.92 (b)(c)

90,000

90,000

Caja Madrid SA

7/21/08

2.97 (c)

46,000

46,000

Calyon

5/30/08

2.82 (c)

131,000

130,954

CC USA, Inc.

7/9/08

2.65 (b)(c)

82,000

81,994

Medium-Term Notes - continued

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Citigroup Funding, Inc.

5/13/08 to 5/14/08

3.07% (c)

$ 427,000

$ 427,000

Commonwealth Bank of Australia

5/27/08 to 7/3/08

2.88 to 2.92 (b)(c)

211,000

211,000

Credit Agricole SA

6/23/08 to 7/23/08

2.57 to 2.91 (b)(c)

445,000

445,000

Cullinan Finance Ltd./Corp.

5/20/08

5.35 (b)

100,000

100,000

Danske Bank A/S

5/20/08

2.79 (b)(c)

150,000

149,996

DnB NOR Bank ASA

5/27/08

2.90 (b)(c)

150,000

150,000

Dorada Finance, Inc.

7/9/08

2.65 (b)(c)

24,000

23,998

General Electric Capital Corp.

5/7/08 to 7/28/08

2.74 to 2.92 (c)

607,000

606,908

Genworth Life Insurance Co.

5/1/08

2.78 (c)(d)

25,000

25,000

Hartford Life Global Funding Trust

5/15/08

2.78 (c)

40,000

40,000

HBOS Treasury Services PLC

6/24/08

2.67 (b)(c)

85,000

85,000

HSBC Finance Corp.

5/27/08

2.96 (c)

45,000

45,000

HSH Nordbank AG

5/23/08

2.96 (b)(c)

47,000

47,000

ING USA Annuity & Life Insurance Co.

5/27/08

3.18 (c)(d)

25,000

25,000

Intesa Bank Ireland PLC

5/27/08

2.91 (b)(c)

150,000

150,000

Links Finance LLC

7/14/08 to 7/21/08

2.68 to 2.79 (b)(c)

70,000

69,999

Merrill Lynch & Co., Inc.

5/6/08

2.79 (c)

27,000

27,005

MetLife Insurance Co. of Connecticut

5/16/08 to 6/30/08

2.95 to 3.15 (c)(d)

45,000

45,000

Medium-Term Notes - continued

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Metropolitan Life Global Funding I

5/6/08

2.79% (b)(c)

$ 32,148

$ 32,148

Monumental Global Funding 2007

5/29/08

3.24 (b)(c)

44,000

44,000

Morgan Stanley

5/1/08 to 5/27/08

2.41 to 2.98 (c)

124,000

124,000

National Australia Bank Ltd.

6/6/08

3.22 (b)(c)

113,000

113,000

New York Life Insurance Co.

5/30/08 to 6/30/08

2.86 to 3.15 (c)(d)

135,000

135,000

Pacific Life Global Funding

5/6/08 to 5/13/08

2.78 to 2.79 (b)(c)

27,500

27,500

PNC Bank NA, Pittsburgh

5/6/08

3.35 (c)

44,000

44,000

RACERS

5/22/08

3.02 (b)(c)

95,000

95,000

Royal Bank of Canada

5/12/08 to 5/30/08

2.78 to 2.81 (c)

43,000

42,992

5/6/08 to 5/15/08

2.71 to 3.25 (b)(c)

250,000

250,000

Royal Bank of Scotland PLC

5/21/08

2.83 (b)(c)

100,000

100,000

Security Life of Denver Insurance Co.

5/28/08

3.17 (c)(d)

18,000

18,000

Sigma Finance, Inc.

6/30/08

2.64 (b)(c)

125,000

124,998

6/6/08 to 8/1/08

5.40 (b)

275,000

275,000

Skandinaviska Enskilda Banken AB

6/9/08 to 6/23/08

2.59 to 2.98 (b)(c)

189,000

188,993

Societe Generale

5/2/08

2.70 (b)(c)

44,000

44,000

Svenska Handelsbanken AB

5/13/08 to 7/7/08

2.71 to 2.94 (b)(c)

174,000

174,000

Transamerica Occidental Life Insurance Co.

5/29/08 to 7/1/08

2.95 to 3.15 (c)(d)

88,000

88,000

UniCredito Italiano Bank (Ireland) PLC

5/13/08 to 7/11/08

2.71 to 2.74 (b)(c)

216,500

216,466

Medium-Term Notes - continued

Due Date

Yield (a)

Principal Amount (000s)

Value
(000s)

Wachovia Bank NA

5/27/08 to 7/25/08

2.88 to 2.99% (c)

$ 137,000

$ 136,998

Wells Fargo & Co.

5/15/08

2.80 (b)(c)

100,000

100,000

WestLB AG

5/12/08 to 6/30/08

2.75 to 2.79 (b)(c)

102,000

102,000

Westpac Banking Corp.

5/6/08 to 6/4/08

3.28 to 4.69 (b)(c)

352,000

351,927

6/11/08

3.00 (c)

20,000

20,000

TOTAL MEDIUM-TERM NOTES

7,576,853

Short-Term Notes - 0.6%

Hartford Life Insurance Co.

6/3/08

3.23 (c)(d)

20,000

20,000

Jackson National Life Insurance Co.

7/2/08

2.77 (c)(d)

25,000

25,000

Metropolitan Life Insurance Co.

5/1/08 to 7/2/08

2.98 to 3.53 (c)(d)

45,000

45,000

Transamerica Occidental Life Insurance Co.

5/1/08

3.41 (c)(d)

40,000

40,000

TOTAL SHORT-TERM NOTES

130,000

Asset-Backed Securities - 0.4%

Master Funding Trust I

5/27/08 to 6/25/08

2.88 to 3.14 (b)(c)

89,000

89,000

Municipal Securities - 0.1%

Denver City & County School District # 1 Series 2008 A, VRDN

5/7/08

3.10 (c)

19,700

19,700

Denver City & County School District # 1 Series 2008 B1, VRDN

5/7/08

3.10 (c)

13,100

13,100

TOTAL MUNICIPAL SECURITIES

32,800

Repurchase Agreements - 16.1%

Maturity Amount (000s)

Value
(000s)

In a joint trading account at:

2.01% dated 4/30/08 due 5/1/08 (Collateralized by U.S. Government Obligations) #

$ 47,709

$ 47,706

2.1% dated 4/30/08 due 5/1/08 (Collateralized by U.S. Government Obligations) #

609

609

With:

Banc of America Securities LLC At 2.69%, dated 4/30/08 due 5/1/08 (Collateralized by Equity Securities valued at $240,467,967)

229,017

229,000

Barclays Capital, Inc. At:

2.59%, dated 4/30/08 due 5/1/08 (Collateralized by Corporate Obligations valued at $137,710,352, 6.13% - 7.9%, 6/15/10 - 6/1/37)

135,010

135,000

2.64%, dated 4/30/08 due 5/1/08 (Collateralized by Equity Securities valued at $891,515,319)

849,062

849,000

Citigroup Global Markets, Inc. At 2.59%, dated
4/30/08 due 5/1/08 (Collateralized by Mortgage
Loan Obligations valued at $141,760,189, 4.54%, 3/25/35)

135,010

135,000

Deutsche Bank Securities, Inc. At 2.64%, dated 4/30/08
due 5/1/08 (Collateralized by Corporate Obligations valued at $1,023,825,005, 0% - 8%, 5/15/08 - 5/16/34)

975,071

975,000

Goldman Sachs & Co. At:

2.88%, dated 4/2/08 due 7/2/08 (Collateralized by Corporate Obligations valued at $170,495,329, 0.13% - 3.5%, 12/1/09 - 1/15/31)

163,179

162,000

2.91%, dated 4/15/08 due 7/24/08 (Collateralized by Commercial Paper Obligations valued at $91,918,728, 6/6/08 - 6/24/08)

90,728

90,000

3.12%, dated 4/23/08 due 7/28/08 (Collateralized by Corporate Obligations valued at $95,356,457, 0% - 11.1%, 7/28/08 - 7/12/42)

91,757

91,000

3.2%, dated 2/4/08 due 5/5/08 (Collateralized by U.S. Government Obligations valued at $92,318,444, 0% - 7.5%, 2/25/34 - 12/25/45)

89,719

89,000

Repurchase Agreements - continued

Maturity Amount (000s)

Value
(000s)

With: - continued

Lehman Brothers, Inc. At:

2.66%, dated 4/30/08 due 5/1/08 (Collateralized by Municipal Bond Obligations valued at $646,801,959, 0% - 6%, 6/1/08 - 4/1/47)

$ 616,045

$ 616,000

2.92%, dated 4/8/08 due 5/8/08 (Collateralized by Corporate Obligations valued at $43,940,062, 2.69% - 10%, 12/15/28 - 7/25/43)

43,105

43,000

3.11%, dated 4/29/08 due 6/4/08 (Collateralized by Corporate Obligations valued at $86,711,099, 7.06%, 12/20/37)

85,264

85,000

TOTAL REPURCHASE AGREEMENTS

3,547,315

TOTAL INVESTMENT PORTFOLIO - 100.9%

(Cost $22,177,575)

22,177,575

NET OTHER ASSETS - (0.9)%

(201,143)

NET ASSETS - 100%

$ 21,976,432

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 $4,639,016,000 or 21.1% 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) 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 $1,056,000,000 or 4.8% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost
(000s)

Asset Funding Co. III LLC:
2.80%, 5/7/08

11/7/06

$ 90,000

2.81%, 5/7/08

8/29/06

$ 88,000

2.91%, 7/14/08

10/10/07

$ 130,000

Genworth Life Insurance Co. 2.78%, 5/1/08

7/31/07

$ 25,000

Security

Acquisition Date

Cost
(000s)

Goldman Sachs Group, Inc.:
3.19%, 7/15/08

2/14/08

$ 131,000

3.23%, 6/16/08

2/14/08

$ 88,000

Hartford Life Insurance Co. 3.23%, 6/3/08

12/16/03

$ 20,000

ING USA Annuity & Life Insurance Co.
3.18%, 5/27/08

6/23/05

$ 25,000

Jackson National Life Insurance Co. 2.77%, 7/2/08

3/31/03

$ 25,000

Lehman Brothers Holdings, Inc.:
2.59%, 5/1/08

12/11/06

$ 18,000

2.84%, 5/12/08

1/10/07

$ 45,000

MetLife Insurance Company of Connecticut:
2.95%, 6/30/08

3/25/08

$ 25,000

3.15%, 5/16/08

5/17/07

$ 15,000

3.15%, 5/19/08

8/17/07

$ 5,000

Metropolitan Life Insurance Co.:
2.98%, 7/2/08

3/26/02

$ 35,000

3.53%, 5/1/08

2/24/03

$ 10,000

New York Life Insurance Co.:
2.86%, 6/30/08

3/28/08

$ 75,000

3.15%, 5/30/08

11/9/07

$ 60,000

Security Life of Denver Insurance Co.
3.17%, 5/28/08

8/26/05

$ 18,000

Security

Acquisition Date

Cost
(000s)

Transamerica Occidental Life Insurance Co.:
2.95%, 7/1/08

3/27/08

$ 38,000

3.15%, 5/29/08

4/29/08

$ 50,000

3.41%, 5/1/08

4/28/00

$ 40,000

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

Repurchase Agreement / Counterparty

Value
(Amounts in
thousands)

$47,706,000 due 5/01/08 at 2.01%

Banc of America Securities LLC

$ 23,853

UBS Securities LLC

23,853

$ 47,706

$609,000 due 5/01/08 at 2.10%

BNP Paribas Securities Corp.

$ 148

Banc of America Securities LLC

74

Bank of America, NA

111

Barclays Capital, Inc.

73

ING Financial Markets LLC

74

Merrill Lynch Government Securities, Inc.

37

Societe Generale, New York Branch

92

$ 609

Income Tax Information

At October 31, 2007, the fund had a capital loss carryforward of approximately $214,000 of which $76,000 and $138,000 will expire on October 31, 2012 and 2013, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Prime Fund

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2008 (Unaudited)

Assets

Investment in securities, at value (including repurchase agreements of $3,547,315) -
See accompanying schedule:

Unaffiliated issuers (cost $22,177,575)

$ 22,177,575

Cash

291

Receivable for fund shares sold

290,693

Interest receivable

83,846

Prepaid expenses

38

Receivable from investment adviser for expense reductions

671

Other receivables

201

Total assets

22,553,315

Liabilities

Payable for investments purchased

$ 210,271

Payable for fund shares redeemed

349,463

Distributions payable

905

Accrued management fee

4,678

Distribution fees payable

7,302

Other affiliated payables

3,855

Other payables and accrued expenses

409

Total liabilities

576,883

Net Assets

$ 21,976,432

Net Assets consist of:

Paid in capital

$ 21,973,797

Distributions in excess of net investment income

(199)

Accumulated undistributed net realized gain (loss) on investments

2,834

Net Assets

$ 21,976,432

Daily Money Class:
Net Asset Value, offering price and redemption price per share ($9,665,734 ÷ 9,664,632 shares)

$ 1.00

Capital Reserves Class:
Net Asset Value, offering price and redemption price per share ($12,310,698 ÷ 12,308,602 shares)

$ 1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended April 30, 2008 (Unaudited)

Investment Income

Interest

$ 465,698

Expenses

Management fee

$ 27,017

Transfer agent fees

21,616

Distribution fees

42,210

Accounting fees and expenses

648

Custodian fees and expenses

115

Independent trustees' compensation

44

Registration fees

2,633

Audit

38

Legal

32

Miscellaneous

35

Total expenses before reductions

94,388

Expense reductions

(4,179)

90,209

Net investment income

375,489

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

3,048

Net increase in net assets resulting from operations

$ 378,537

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Prime Fund
Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30, 2008
(Unaudited)

Year ended
October 31,
2007

Increase (Decrease) in Net Assets

Operations

Net investment income

$ 375,489

$ 810,511

Net realized gain (loss)

3,048

301

Net increase in net assets resulting from operations

378,537

810,812

Distributions to shareholders from net investment income

(375,484)

(810,497)

Share transactions - net increase (decrease)

2,677,029

3,565,185

Total increase (decrease) in net assets

2,680,082

3,565,500

Net Assets

Beginning of period

19,296,350

15,730,850

End of period (including distributions in excess of net investment income of $199 and distributions in excess of net investment income of $204, respectively)

$ 21,976,432

$ 19,296,350

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Daily Money Class

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.018

.047

.042

.023

.006

.006

Distributions from net investment income

(.018)

(.047)

(.042)

(.023)

(.006)

(.006)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C

1.84%

4.82%

4.28%

2.29%

.61%

.65%

Ratios to Average Net Assets D

Expenses before reductions

.74% A

.74%

.75%

.75%

.73%

.73%

Expenses net of fee waivers, if any

.70% A

.70%

.70%

.70%

.70%

.70%

Expenses net of all reductions

.70% A

.70%

.70%

.70%

.70%

.70%

Net investment income

3.64% A

4.72%

4.23%

2.28%

.62%

.65%

Supplemental Data

Net assets,
end of period
(in millions)

$ 9,666

$ 8,467

$ 6,741

$ 5,065

$ 4,906

$ 4,744

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Capital Reserves Class

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.017

.045

.039

.020

.004

.004

Distributions from net investment income

(.017)

(.045)

(.039)

(.020)

(.004)

(.004)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C

1.71%

4.56%

4.02%

2.03%

.36%

.40%

Ratios to Average Net Assets D

Expenses before reductions

.99% A

.99%

1.00%

1.00%

.99%

.97%

Expenses net of fee waivers, if any

.95% A

.95%

.95%

.95%

.95%

.95%

Expenses net of all reductions

.95% A

.95%

.95%

.95%

.95%

.95%

Net investment income

3.39% A

4.47%

3.98%

2.03%

.37%

.40%

Supplemental Data

Net assets,
end of period
(in millions)

$ 12,311

$ 10,829

$ 8,990

$ 7,460

$ 6,727

$ 4,945

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Tax-Exempt Fund

Investment Changes

Maturity Diversification

Days

% of fund's investments 4/30/08

% of fund's investments 10/31/07

% of fund's investments 4/30/07

0 - 30

83.1

83.8

91.9

31 - 90

7.6

3.0

0.5

91 - 180

6.4

3.0

5.8

181 - 397

2.9

10.2

1.8

Weighted Average Maturity

4/30/08

10/31/07

4/30/07

Tax-Exempt Fund

26 Days

39 Days

19 Days

All Tax-Free Money Market Funds AverageA

25 Days

30 Days

20 Days

Asset Allocation (% of fund's net assets)

As of April 30, 2008

As of October 31, 2007

Variable Rate
Demand Notes
(VRDNs) 78.3%

Variable Rate
Demand Notes
(VRDNs) 76.1%

Commercial Paper (including
CP Mode) 6.7%

Commercial Paper (including
CP Mode) 3.6%

Tender Bonds 1.5%

Tender Bonds 1.8%

Municipal Notes 9.4%

Municipal Notes 10.9%

Municipal Bonds 1.6%

Municipal Bonds 0.9%

Fidelity Tax-Free
Cash Central Fund 1.6%

Fidelity Tax-Free
Cash Central Fund 2.4%

Net Other Assets 0.9%

Net Other Assets 4.3%

ASource: iMoneyNet, Inc.

Semiannual Report

Tax-Exempt Fund

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 99.1%

Principal Amount (000s)

Value
(000s)

Alabama - 0.8%

Alabama Pub. School & College Auth. Rev. Participating VRDN:

Series Putters 124, 2.93% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

$ 10,000

$ 10,000

Series Putters 2403, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

9,995

9,995

Birmingham Wtrwks. & Swr. Board Wtr. & Swr. Rev. Participating VRDN Series ROC II R 10105, 2.46% (Liquidity Facility Citigroup, Inc.) (c)(f)

4,100

4,100

Huntsville Health Care Auth. Series 2005 A, 2.48%, LOC Regions Bank of Alabama, VRDN (c)

12,700

12,700

Mobile Indl. Dev. Board Dock & Wharf Rev. (Holnam, Inc. Proj.) Series 1999 B, 2.58%, LOC Wachovia Bank NA, VRDN (c)

13,700

13,700

Mobile Wtr. & Swr. Commissioners Wtr. & Swr. Rev. Participating VRDN Series Solar 06 109, 2.44% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

10,365

10,365

60,860

Alaska - 0.8%

Alaska Hsg. Fin. Corp. Series 2003 A2, 2.48% (FSA Insured), VRDN (c)

12,075

12,075

Anchorage Gen. Oblig. TAN 2.5% 12/30/08

14,600

14,657

CIVICVentures Rev. Participating VRDN Series Solar 06 33, 2.46% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

12,305

12,305

Valdez Marine Term. Rev.:

(ConocoPhillips Proj.) Series 1994 A, 2.55%, VRDN (c)

19,000

19,000

(Exxon Pipeline Co. Proj.) Series 1993 B, 2.6%, VRDN (c)

4,300

4,300

62,337

Arizona - 1.9%

Arizona Ctfs. of Prtn. Participating VRDN Series LB 08 P30W, 2.9% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

9,000

9,000

Arizona Health Facilities Auth. Rev. (Banner Health Proj.) Series 2005 A, 3.9% (MBIA Insured), VRDN (c)

16,500

16,500

Phoenix Civic Impt. Corp. Excise Tax Rev. Participating VRDN Series MACN 05 L, 4% (Liquidity Facility Bank of America NA) (c)(f)

4,675

4,675

Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev.:

Participating VRDN Series ROC II R 6039, 2.51% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,120

5,120

Series 2007 A, 2% 6/5/08, LOC Dexia Cr. Local de France, CP

6,400

6,400

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Arizona - continued

Pima County Indl. Dev. Auth. Rev. (Broadway Proper Congregate Proj.) Series 2000 A, 2.44%, LOC State Street Bank & Trust Co., Boston, VRDN (c)

$ 4,000

$ 4,000

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

Participating VRDN:

Series EGL 06 0141, 2.44% (Liquidity Facility Citibank NA) (c)(f)

9,800

9,800

Series EGL 06 14 Class A, 2.44% (Liquidity Facility Citibank NA) (c)(f)

6,200

6,200

Series MS 04 1227, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

1,900

1,900

Series PT 1512, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

1,000

1,000

Series ROC II R 1002, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

4,480

4,480

Series ROC II R 1003, 2.44% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,170

5,170

Series ROC II R 12039, 2.44% (Liquidity Facility Citigroup, Inc.) (c)(f)

12,070

12,070

Series ROC II R 12097, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

24,790

24,790

Series ROC II R 9198, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,175

5,175

Series C, 1.95% 8/5/08, CP

7,500

7,500

Salt Verde Finl. Corp. Sr. Gas Rev. Participating VRDN:

Series ROC II R 11256, 2.45% (Liquidity Facility Citibank NA) (c)(f)

5,250

5,250

Series ROC II R 11258, 2.45% (Liquidity Facility Citibank NA) (c)(f)

2,300

2,300

Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Health Care Proj.) Series 2006 C, 2.5% (FSA Insured), VRDN (c)

7,100

7,100

Tolleson Muni. Fin. Corp. Rev. Bonds (American Wtr. Cap. Corp. Proj.) 2.4% tender 6/9/08, CP mode

8,560

8,560

146,990

Arkansas - 0.1%

Univ. of Arkansas Univ. Revs. Participating VRDN
Series Solar 06 26, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

4,950

4,950

California - 2.5%

Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev.:

Series 2004 B, 3.25% (AMBAC Insured), VRDN (c)

23,195

23,195

Series 2007 G3, 2.9% (AMBAC Insured), VRDN (c)

14,200

14,200

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

California - continued

California Gen. Oblig. RAN 4% 6/30/08

$ 107,400

$ 107,509

Los Angeles Reg'l. Arpts. Impt. Rev. (Los Angeles Int'l. Arpt./Air France Proj.) 2.43%, LOC Societe Generale, VRDN (c)

3,100

3,100

Orange County Sanitation District Ctfs. of Prtn. Participating VRDN Series LB 08 K11W, 2.85% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

9,850

9,850

Orange County Trans. Auth. Toll Road Rev. (91 Express Lanes Proj.) Series 2003 B1, 3.8% (AMBAC Insured), VRDN (c)

28,000

28,000

Univ. of California Revs. Participating VRDN Series LB 05 K11, 2.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

6,480

6,480

192,334

Colorado - 2.7%

Aurora Swr. Impt. Rev. Participating VRDN Series Solar 06 72, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

15,235

15,235

Colorado Dept. of Corrections Ctfs. of Prtn. Participating VRDN Series Putters 1252, 2.68% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,600

5,600

Colorado Ed. Ln. Prog. TRAN 3.5% 8/5/08

13,600

13,620

Colorado Health Facilities Auth. Rev.:

(Boulder Cmnty. Hosp. Proj.):

Series 2000, 2.6%, LOC JPMorgan Chase Bank, VRDN (c)

31,415

31,415

Series 2003 B, 2.5%, LOC JPMorgan Chase Bank, VRDN (c)

10,000

10,000

(Catholic Health Initiatives Proj.):

Series B1, 2.7% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c)

17,220

17,220

Series B3, 2.8% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (c)

7,495

7,495

Series B6, 2.7% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (c)

8,400

8,400

Colorado Hsg. Fin. Auth. Single Family Mtg. Rev. Series ADG 1B2, 2.7% (Liquidity Facility DEPFA BANK PLC), VRDN (c)

2,350

2,350

Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series MS 01 679, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

6,700

6,700

Colorado Springs Utils. Rev. Series 2000 A, 2.6%, VRDN (c)

53,950

53,950

Denver City & County Arpt. Rev. Participating VRDN Series MS 08 2365, 2.53% (Liquidity Facility Morgan Stanley) (c)(f)

9,200

9,200

Platte County River Pwr. Auth. (Adjustable Elec. Rev. Proj.) Series S1, 2.57% (Liquidity Facility JPMorgan Chase Bank), VRDN (c)

20,200

20,200

201,385

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Connecticut - 0.7%

Connecticut Health & Edl. Facilities Auth. Rev. (Yale Univ. Proj.) Series V2, 2.55%, VRDN (c)

$ 10,385

$ 10,385

Connecticut Spl. Tax Oblig. Rev.:

(Trans. Infrastructure Proj.) Series 2003 1, 4.5% (AMBAC Insured), VRDN (c)

28,235

28,235

Series 2003 2, 4.5% (AMBAC Insured), VRDN (c)

12,800

12,800

51,420

Delaware - 0.1%

Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.):

Series 1993 C, 3.75%, VRDN (c)

3,500

3,500

Series 1999 A, 2.9%, VRDN (c)

3,800

3,800

7,300

District Of Columbia - 0.6%

District of Columbia Gen. Oblig.:

Participating VRDN:

Series ROC II R 11300, 2.48% (Liquidity Facility Citibank NA) (c)(f)

5,540

5,540

Series ROC II R 11386, 2.48% (Liquidity Facility Citibank NA) (c)(f)

4,835

4,835

Series D-1, 2.5% (FSA Insured), VRDN (c)

11,100

11,100

District of Columbia Rev.:

(American Assoc. Med. Colleges Proj.) 5.25% (AMBAC Insured), VRDN (c)

3,575

3,575

(Carnegie Endowment for Int'l. Peace Proj.) Series 2006, 2.2%, LOC Allied Irish Banks PLC, VRDN (c)

16,475

16,475

(The AARP Foundation Proj.) Series 2004, 2.45%, LOC Bank of America NA, VRDN (c)

1,450

1,450

42,975

Florida - 10.1%

Alachua County Health Facilities Auth. Health Facilities Rev. (Shands Teaching Hosp. Proj.) 2.58%, LOC SunTrust Banks, Inc., VRDN (c)

33,700

33,700

Brevard County Health Facilities Auth. Health Care Facilities Rev. (Health First, Inc. Proj.) 2.58%, LOC SunTrust Banks, Inc., VRDN (c)

3,235

3,235

Broward County Fin. Auth. Multi-family Hsg. Rev. (Reflections Apts. Proj.) Series 1999, 2.6%, LOC Freddie Mac, VRDN (c)

5,640

5,640

Broward County School District TAN 4% 9/30/08

9,600

9,624

Charlotte County Util. Sys. Rev. Series 2003 B, 2.45% (FSA Insured), VRDN (c)

3,385

3,385

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Florida - continued

Davie Gen. Oblig. Rev. (United Jewish Cmnty. Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

$ 3,080

$ 3,080

Escambia County Poll. Cont. Rev. Bonds (Gulf Pwr. Co. Proj.) 2.35%, tender 5/15/09 (c)

7,300

7,300

Florida Board of Ed. Participating VRDN:

Series Floaters 2557, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

2,305

2,305

Series ROC II R 12079, 2.43% (Liquidity Facility Bayerische Landesbank (UNGTD)) (c)(f)

11,215

11,215

Series ROC II R 6087, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

3,385

3,385

Florida Board of Ed. Pub. Ed. Cap. Outlay Participating VRDN:

Series BA 1054, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

13,225

13,225

Series BBT 08 16, 2.48% (Liquidity Facility Branch Banking & Trust Co.) (c)(f)

10,845

10,845

Series EC 1150, 2.6% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

1,500

1,500

Series EGL 01 905, 2.42% (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA) (c)(f)

10,200

10,200

Series EGL 7050054 Class A, 2.44% (Liquidity Facility Citibank NA) (c)(f)

18,840

18,840

Series ROC II R 482, 2.43% (Liquidity Facility Citibank NA) (c)(f)

9,675

9,675

Florida Dept. of Trans. Tpk. Rev.:

Bonds Series A, 4.5% 7/1/08

4,065

4,075

Participating VRDN:

Series Putters 218, 2.43% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

7,820

7,820

Series Putters 2514, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

4,770

4,770

Series Putters 2539, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

8,000

8,000

Series PZ 184, 2.51% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

6,140

6,140

Florida Gen. Oblig. Participating VRDN Series PZ 130, 2.47% (Liquidity Facility Wells Fargo & Co.) (c)(f)

2,860

2,860

Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Participating VRDN Series EC 1081, 2.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

9,000

9,000

Florida Muni. Ln. Council Rev. Participating VRDN Series Solar 06 81, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

8,670

8,670

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Florida - continued

Fort Myers Util. Sys. Rev. Participating VRDN Series Solar 06 53, 2.46% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

$ 12,795

$ 12,795

Gainesville Utils. Sys. Rev. Series B, 2.4% (Liquidity Facility Bank of New York, New York), VRDN (c)

7,335

7,335

Highlands County Health Facilities Auth. Rev.:

Participating VRDN Series Putters 1405, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

8,620

8,620

(Adventist Health Sys. - Sunbelt Proj.) Series A-2, 2.45% (FSA Insured), VRDN (c)

6,900

6,900

Hillsborough County Cap. Impt. Prog. Rev. Series A, 2.1% 11/20/08, LOC State Street Bank & Trust Co., Boston, CP

5,720

5,720

Indian River County Hosp. District Hosp. Rev. Series 1985, 2.78%, LOC Wachovia Bank NA, VRDN (c)

2,700

2,700

Jacksonville Econ. Dev. Corp. Rev. (YMCA of Florida's First Coast Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

1,500

1,500

Jacksonville Health Facilities Auth. Participating VRDN Series ROC II R 186, 2.43% (Liquidity Facility Citibank NA) (c)(f)

1,695

1,695

Leesburg Hosp. Rev. (Leesburg Reg'l. Med. Ctr. Proj.) 2.5%, LOC Bank of Nova Scotia, New York Agcy., VRDN (c)

10,000

10,000

Manatee County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1994, 2.6%, VRDN (c)

13,760

13,760

Martin County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2000, 2.85%, VRDN (c)

5,500

5,500

Miami-Dade County Aviation Rev. Series 2005 B, 1.85% 7/2/08, LOC BNP Paribas SA, LOC Dexia Cr. Local de France, CP

4,659

4,659

Miami-Dade County Health Facilities Auth. Hosp. Rev. Participating VRDN Series Putters 208, 2.43% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

6,775

6,775

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

Series DBE 530, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

6,255

6,255

Series EGL 07 0051, 2.47% (Liquidity Facility Bayerische Landesbank (UNGTD)) (c)(f)

18,315

18,315

Miami-Dade County School District TAN 4% 10/3/08

15,800

15,840

Miami-Dade County Transit Sales Surtax Rev. Participating VRDN Series EGL 06 101 Class A, 2.48% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

22,540

22,540

Miami-Dade County Wtr. & Swr. Rev. 2.45% (FSA Insured), VRDN (c)

16,695

16,695

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Florida - continued

Orange County Health Facilities Auth. Rev. Participating VRDN Series LB 08 F63W, 2.7% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

$ 13,550

$ 13,550

Orange County Indl. Dev. Auth. Indl. Dev. Rev. (Central Florida YMCA Proj.) Series 2002 A, 2.47%, LOC Bank of America NA, VRDN (c)

2,265

2,265

Orlando & Orange County Expressway Auth. Rev.:

Participating VRDN Series Putters 1345, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

3,990

3,990

Series 2003 C1, 2.5% (FSA Insured), VRDN (c)

22,745

22,745

Series 2003 C3, 2.38% (FSA Insured), VRDN (c)

7,885

7,885

Series 2005 C, 3% (AMBAC Insured), VRDN (c)

57,900

57,900

Series 2008 B2, 2.65%, LOC SunTrust Banks, Inc., VRDN (c)

19,000

19,000

Subseries 2005 A1, 2.85% (AMBAC Insured), VRDN (c)

21,200

21,200

Orlando Utils. Commission Wtr. & Elec. Rev. Series A, 2.7%, VRDN (c)

13,800

13,800

Palm Beach County Health Facilities Auth. Health Facilities Rev. (Bethesda Health Care Sys. Proj.) 2.58%, LOC SunTrust Banks, Inc., VRDN (c)

27,185

27,185

Palm Beach County Rev.:

(Hospice of Palm Beach Proj.) 2.45%, LOC Northern Trust Co., Chicago, VRDN (c)

6,500

6,500

(Morse Oblig. Group Proj.) 2.45%, LOC KeyBank NA, VRDN (c)

13,700

13,700

(Planned Parenthood Proj.) 2.45%, LOC Northern Trust Co., Chicago, VRDN (c)

2,700

2,700

(Raymond F Kravis Ctr. Proj.) 2.5%, LOC Northern Trust Co., Chicago, VRDN (c)

6,100

6,100

Palm Beach County School District 0.8% 8/4/08, LOC Bank of America NA, CP

27,300

27,300

Panama City Beach Participating VRDN Series Solar 2006 129, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

9,060

9,060

Peace River/Manasota Reg'l. Wtr. Supply Auth. Rev. Participating VRDN Series ROC II R 607PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

11,760

11,760

Pinellas County Health Facilities Auth. Rev.:

(Baycare Health Sys. Proj.):

Series B1, 2.25% (FSA Insured), VRDN (c)

10,400

10,400

Series B2, 2.41% (FSA Insured), VRDN (c)

32,900

32,900

(Bayfront Med. Ctr., Inc. Projs.) 2.58%, LOC SunTrust Banks, Inc., VRDN (c)

27,125

27,125

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Florida - continued

Polk County Util. Sys. Rev. Participating VRDN Series ROC II R 12143, 2.5% (Liquidity Facility Bank of New York, New York) (c)(f)

$ 9,600

$ 9,600

Putnam County Dev. Auth. Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) 2.6%, VRDN (c)

2,980

2,980

Santa Rosa County Health Facilities Rev. (Baptists Hosp., Inc. Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

4,470

4,470

South Florida Wtr. Mgmt. District Ctfs. of Prtn. Participating VRDN Series BA 07 1036, 2.51% (Liquidity Facility Bank of America NA) (c)(f)

11,250

11,250

South Miami Health Facilities Auth. Hosp. Rev. Participating VRDN Series Putters 2473, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

1,550

1,550

Sunshine State Govt. Fing. Commission Rev. Series 2007 J, 1.45% 5/5/08, CP

2,008

2,008

USF Fing. Corp. Ctfs. of Prtn. (College of Medicine Health Facilities Lease Prog.) Series 2006 A2, 2.35%, LOC SunTrust Banks, Inc., VRDN (c)

17,000

17,000

Volusia County Health Facilities Auth. Rev. (Southwest Volusia Healthcare Corp. Proj.) Series 1994 A, 2.39%, LOC SunTrust Banks, Inc., VRDN (c)

7,000

7,000

759,016

Georgia - 2.5%

Atlanta Arpt. Passenger Facilities Charge Rev. Participating VRDN Series EGL 7053030 Class A, 2.5% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

5,200

5,200

Atlanta Arpt. Rev.:

Series 2003 RFB2, 4.5% (MBIA Insured), VRDN (c)

37,490

37,490

Series 2003 RFC1, 3% (MBIA Insured), VRDN (c)

8,100

8,100

Series 2003 RFC3, 3% (MBIA Insured), VRDN (c)

9,750

9,750

Series 2005 A2, 2.83% 6/25/08, LOC Bayerische Landesbank (UNGTD), LOC Calyon, CP

9,485

9,485

Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 1998, 2.65%, VRDN (c)

15,690

15,690

Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.):

Eighth Series 1994, 2.53%, VRDN (c)

10,000

10,000

Third Series 1994, 2.65%, VRDN (c)

25,800

25,800

Cobb County Hsg. Auth. Multi-family Hsg. Rev. 2.6%, LOC Fannie Mae, VRDN (c)

10,300

10,300

DeKalb Private Hosp. Auth. Rev. (Egleston Children's Hosp. Proj.) Series 1994 B, 2.69%, LOC SunTrust Banks, Inc., VRDN (c)

2,300

2,300

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Georgia - continued

Fulton County Dev. Auth.:

(Mount Vernon Presbyterian School Proj.) 2.48%, LOC Branch Banking & Trust Co., VRDN (c)

$ 5,000

$ 5,000

(Pace Academy, Inc. Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

9,000

9,000

(Woodward Academy, Inc. Proj.) Series 1997, 2.44%, LOC SunTrust Banks, Inc., VRDN (c)

3,930

3,930

Fulton County School District TAN 3% 12/31/08

14,100

14,169

Fulton County Wtr. & Swr. Rev. Participating VRDN Series ROC II R 12142, 2.5% (Liquidity Facility Citigroup, Inc.) (c)(f)

4,295

4,295

Macon-Bibb County Hosp. Auth. Rev. (Central Sr. Health, Inc./Carlyle Place Proj.) 2.58%, LOC SunTrust Banks, Inc., VRDN (c)

3,500

3,500

Muni. Elec. Auth. of Georgia Series 1994 B, 2.7% (FSA Insured), VRDN (c)

8,825

8,825

Roswell Hsg. Auth. Multi-family Hsg. Rev. (Greenhouse Roswell Proj.) Series 1996, 2.6%, LOC Fannie Mae, VRDN (c)

3,000

3,000

Whitfield County Residential Care Facilities Auth. Rev. (Royal Oaks Sr. Living Cmnty. Proj.) 2.45%, LOC Wachovia Bank NA, VRDN (c)

4,500

4,500

190,334

Idaho - 0.3%

Idaho Gen. Oblig. TAN 4.5% 6/30/08

24,700

24,730

Illinois - 9.9%

Chicago Board of Ed.:

Series 2000 B, 2.45% (FSA Insured), VRDN (c)

9,205

9,205

Series 2000 C, 2.45% (FSA Insured), VRDN (c)

13,200

13,200

Series 2000 D, 2.85% (FSA Insured), VRDN (c)

9,950

9,950

Chicago Gen. Oblig.:

Participating VRDN:

Series Floaters 2507, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

2,510

2,510

Series PT 2357, 2.45% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

1,680

1,680

Series PT 2361, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

8,200

8,200

Series Solar 06 38, 2.47% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

2,500

2,500

(Neighborhoods Alive 21 Prog.) Series B, 2.75% (MBIA Insured), VRDN (c)

37,400

37,400

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Illinois - continued

Chicago Metropolitan Wtr. Reclamation District Greater Chicago Participating VRDN Series ROC II R 11283, 2.43% (Liquidity Facility Citibank NA) (c)(f)

$ 4,000

$ 4,000

Chicago Motor Fuel Tax Rev. Participating VRDN Series MS 2615, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

2,920

2,920

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

Series DB 502, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

13,760

13,760

Series LB 08 K27W, 2.9% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

3,000

3,000

Series ROC II R 11440, 2.48% (Liquidity Facility Citibank NA) (c)(f)

7,225

7,225

Series ROC II R 605 PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

5,100

5,100

Chicago Wastewtr. Transmission Rev.:

Participating VRDN Series ROC II R 720 PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

10,150

10,150

Series 2004 A, 3% (MBIA Insured), VRDN (c)

23,055

23,055

Chicago Wtr. Rev.:

Participating VRDN Series Merlots 00 TT, 2.72% (Liquidity Facility Wachovia Bank NA) (c)(f)

18,785

18,785

Series A, 3% (MBIA Insured), VRDN (c)

79,100

79,100

Cook County Gen. Oblig.:

Participating VRDN Series ROC II R 2063, 2.51% (Liquidity Facility Citigroup, Inc.) (c)(f)

2,770

2,770

Series 2004 E, 2.35% (Liquidity Facility DEPFA BANK PLC), VRDN (c)

6,000

6,000

DuPage County Gen. Oblig. Participating VRDN Series Merlots 00 A9, 2.82% (Liquidity Facility Wachovia Bank NA) (c)(f)

9,735

9,735

DuPage County Rev. (Morton Arboretum Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

5,200

5,200

Illinois Dev. Fin. Auth. Multi-family Hsg. Rev. (Orleans-Illinois Proj.) Series 1992, 2.35% (FSA Insured), VRDN (c)

11,100

11,100

Illinois Dev. Fin. Auth. Poll. Cont. Rev. (Uno-Ven Co. Proj.) Series 1994, 2.8%, LOC JPMorgan Chase Bank, VRDN (c)

7,920

7,920

Illinois Dev. Fin. Auth. Retirement Hsg. Regency Park Rev. Participating VRDN Series PZ 181, 2.5% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

8,625

8,625

Illinois Dev. Fin. Auth. Rev.:

(Aurora Central Catholic High School Proj.) Series 1994, 2.9%, LOC Allied Irish Banks PLC, VRDN (c)

1,000

1,000

(Evanston Northwestern Health Care Corp. Proj.) 2.7%, VRDN (c)

13,860

13,860

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Illinois - continued

Illinois Dev. Fin. Auth. Rev.: - continued

(Glenwood School for Boys Proj.) Series 1998, 3.1%, LOC Harris NA, VRDN (c)

$ 3,000

$ 3,000

Illinois Edl. Facilities Auth. Revs.:

Participating VRDN:

Series PA 896R, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

4,135

4,135

Series ROC II R 12043, 2.44% (Liquidity Facility Citigroup, Inc.) (c)(f)

10,395

10,395

(ACI Cultural Pooled Fing. Prog.) 2.85%, LOC JPMorgan Chase Bank, VRDN (c)

4,700

4,700

Illinois Fin. Auth. Rev.:

Bonds (Advocate Health Care Proj.):

Series 2008 A2, 1.9%, tender 2/5/09 (c)

5,685

5,685

Series 2008 A3, 1.9%, tender 4/1/09 (c)

5,685

5,685

Participating VRDN:

Series MS 06 1489, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

7,470

7,470

Series MS 06 2152, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

3,030

3,030

Series PT 3029, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

7,685

7,685

(Alexian Brothers Health Sys. Proj.):

Series 2004, 2.5%, LOC JPMorgan Chase Bank, VRDN (c)

5,300

5,300

Series 2005 C, 2.48% (FSA Insured), VRDN (c)

3,750

3,750

(Little Co. of Mary Hosp. Proj.) Series 2008 B, 2.55%, LOC JPMorgan Chase Bank, VRDN (c)

25,170

25,170

(Mercy Alliance, Inc. Proj.) 2.49%, LOC M&I Marshall & Ilsley Bank, VRDN (c)

14,000

14,000

(Rush Univ. Med. Ctr. Proj.) Series A2, 3% (MBIA Insured), VRDN (c)

18,000

18,000

Illinois Fin. Auth. Student Hsg. Rev. Series A, 2.5%, LOC Banco Santander SA, VRDN (c)

5,325

5,325

Illinois Gen. Oblig.:

Bonds 5% 4/1/09 (b)

5,000

5,148

Participating VRDN:

Series MACN 06 L, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

3,490

3,490

Series MS 98 143, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

1,500

1,500

Series PT 2131, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

7,605

7,605

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Illinois - continued

Illinois Gen. Oblig.: - continued

Participating VRDN:

Series PT 3517, 2.45% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

$ 13,060

$ 13,060

Series PT 3523, 2.46% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

5,980

5,980

Series Putters 409, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,690

5,690

Series ROC II R 4536, 2.51% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,335

5,335

Series 2003 B, 2.73% (Liquidity Facility DEPFA BANK PLC), VRDN (c)

29,800

29,800

Illinois Health Facilities Auth. Rev.:

(Herman M. Finch Univ. of Health Sciences/The Chicago Med. School Proj.) 2.65%, LOC JPMorgan Chase Bank, VRDN (c)

9,800

9,800

(Swedish Covenant Hosp. Proj.):

Series 2003 A, 2.6%, LOC LaSalle Bank NA, VRDN (c)

4,660

4,660

Series 2003 B, 2.6%, LOC LaSalle Bank NA, VRDN (c)

9,705

9,705

Illinois Reg'l. Trans. Auth.:

Participating VRDN:

Series BA 03 C, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

2,000

2,000

Series PT 2761, 2.45% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

19,015

19,015

Series SGB 19, 4% (Liquidity Facility Societe Generale) (c)(f)

1,000

1,000

Series B, 2.65% (Liquidity Facility DEPFA BANK PLC), VRDN (c)

5,180

5,180

Illinois Sales Tax Rev. Participating VRDN Series PT 1929, 2.47% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,940

3,940

Illinois Toll Hwy. Auth. Toll Hwy. Rev.:

Participating VRDN:

Series 2005 A, 2.42% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (c)(f)

11,995

11,995

Series ROC II R 606PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

6,760

6,760

Series 2008 A1, 2.35% (FSA Insured), VRDN (c)

32,100

32,100

Series 2008 A2, 2.35% (FSA Insured), VRDN (c)

15,000

15,000

Kendall, Kane & Will Counties Cmnty. Unit School District #308 Participating VRDN Series PT 3919, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

4,200

4,200

Lake County Forest Preservation District Bonds 0% 12/1/08

12,505

12,367

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Illinois - continued

Lombard Indl. Proj. Rev. (B&H Partnership Proj.) Series 1995, 2.83%, LOC LaSalle Bank NA, VRDN (c)

$ 3,375

$ 3,375

Metropolitan Wtr. Reclamation District of Greater Chicago Participating VRDN Series Clipper 07 12, 2.46% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(f)

10,350

10,350

Schaumburg Village Gen. Oblig. Participating VRDN Series ROC II R 12133, 2.5% (Liquidity Facility Bank of New York, New York) (c)(f)

3,000

3,000

Univ. of Illinois Health Svcs. Facilities Sys. Rev. Series 2005 B, 2.5% (FSA Insured), VRDN (c)

23,980

23,980

Univ. of Illinois Univ. Revs. Participating VRDN Series EGL 06 124, 2.52% (Liquidity Facility Citibank NA) (c)(f)

18,600

18,600

Will County Cmnty. Unit School District #365 Participating VRDN:

Series DB 365, 2.45% (Liquidity Facility Deutsche Bank AG) (c)(f)

12,220

12,220

Series PZ 47, 2.47% (Liquidity Facility BNP Paribas SA) (c)(f)

9,000

9,000

Series PZ 81, 2.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,665

3,665

Will County School District #122 Participating VRDN Series PZ 48, 2.47% (Liquidity Facility BNP Paribas SA) (c)(f)

3,595

3,595

744,395

Indiana - 1.1%

Hamilton Southeastern Indiana Consolidated School Bldg. Corp. Participating VRDN Series Solar 07 06, 2.48% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

10,000

10,000

Indiana Dev. Fin. Auth. Rev. (Indianapolis Museum of Art, Inc. Proj.) Series 2001, 2.6%, LOC JPMorgan Chase Bank, VRDN (c)

4,000

4,000

Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. (Howard Reg'l. Health Sys. Proj.) Series 2005, 2.6%, LOC JPMorgan Chase Bank, VRDN (c)

7,000

7,000

Indianapolis Bond Bank Wtrwks. Rev. Participating VRDN Series PT 3961, 2.46% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

7,060

7,060

Indianapolis Local Pub. Impt. Bond Bank:

Participating VRDN Series MACN 06 S, 3.23% (Liquidity Facility Bank of America NA) (c)(f)

4,240

4,240

Series F1, 3% (MBIA Insured), VRDN (c)

5,500

5,500

Marion Econ. Dev. Rev. (Indiana Wesleyan Univ. Proj.):

2.45%, LOC Bank of America NA, VRDN (c)

5,000

5,000

2.7%, LOC Bank of America NA, VRDN (c)

9,545

9,545

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Indiana - continued

North Daviess School Bldg. Corp. Participating VRDN Series ROC II R 2203, 2.48% (Liquidity Facility Citigroup, Inc.) (c)(f)

$ 6,540

$ 6,540

Richmond Econ. Dev. Rev. (Friends Fellowship Cmnty. Proj.) Series 1997, 3%, LOC U.S. Bank NA, Minnesota, VRDN (c)

5,600

5,600

Saint Joseph County Hosp. Auth. Health Sys. Rev. Participating VRDN Series ROC II R 11031, 2.43% (Liquidity Facility Citibank NA) (c)(f)

10,400

10,400

White County Hosp. Rent Rev. 2.43%, LOC Regions Bank of Alabama, VRDN (c)

7,900

7,900

82,785

Iowa - 0.4%

Des Moines Metropolitan Wastewtr. Reclamation Auth. Swr. Rev. Participating VRDN Series Solar 06 84, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

6,460

6,460

Iowa Fin. Auth. Rev. (Wheaton Franciscan Svcs. Proj.) Series 1998 B, 4% (MBIA Insured), VRDN (c)

5,500

5,500

Iowa Gen. Oblig. TRAN 4% 6/30/08

13,100

13,116

Iowa School Cash Anticipation Prog. TRAN Series A, 4.5% 6/27/08 (FSA Insured)

8,800

8,810

33,886

Kansas - 1.7%

Johnson County Wtr. District #001 Wtr. Rev. Participating VRDN Series PZ 236, 2.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

10,564

10,564

Kansas Dept. of Trans. Hwy. Rev.:

Series 2002 B1, 2.05% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

37,000

37,000

Series 2002 B2, 2.05% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

16,600

16,600

Series 2002 B3, 2.05% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

4,700

4,700

Series 2002 C3, 2.6% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

12,725

12,725

Series 2002 D, 2.4% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

6,935

6,935

Series C-1, 2.6% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

5,100

5,100

Series C-2, 2.6% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

14,725

14,725

Wichita Wtr. & Swr. Util. Rev. Participating VRDN Series Putters 1136, 2.68% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

5,980

5,980

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Kansas - continued

Wyandotte County/Kansas City Unified Govt. Gen. Oblig. BAN:

Series I, 2.34% 11/1/08

$ 1,700

$ 1,700

Series III, 2.34% 4/1/09

15,100

15,100

131,129

Kentucky - 1.1%

Kentucky Asset Liability Commission Agcy. Fund Rev. Bonds (Fed. Hwy. Trust Proj.) First Series, 5% 9/1/08 (MBIA Insured)

7,500

7,533

Kentucky Asset/Liability Commission Road Fund Bonds First Series 2007 A:

1.8% tender 7/3/08 (Liquidity Facility Dexia Cr. Local de France), CP mode

10,000

10,000

2.2% tender 5/22/08 (Liquidity Facility Dexia Cr. Local de France), CP mode

12,500

12,500

Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev.:

Series 2003 A, 2.5% (FSA Insured), VRDN (c)

12,835

12,835

Series 2003 B, 2.5% (FSA Insured), VRDN (c)

4,685

4,685

Participating VRDN Series Solar 06 87, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

9,500

9,500

Mason County Poll. Cont. Rev. (East Kentucky Pwr. Coop. Proj.) Series 1984 B1, 2.78% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (c)

14,850

14,850

Warren County Hosp. Rev. (Bowling Green-Warren County Cmnty. Hosp. Corp. Proj.) Series 2008, 2.43%, VRDN (c)

8,555

8,555

80,458

Louisiana - 1.0%

East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series 2008 A, 2.41%, LOC Dexia Cr. Local de France, VRDN (c)

23,740

23,740

Louisiana Gas & Fuel Tax Rev. Participating VRDN:

Series BA 08 1051, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

10,400

10,400

Series ROC II R 3035, 4.01% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,735

5,735

New Orleans Aviation Board Rev. Series 1995 A, 3% (MBIA Insured), VRDN (c)

12,700

12,700

St. Tammany Parish Dev. District Rev. 2.7%, LOC SunTrust Banks, Inc., VRDN (c)

6,000

6,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Louisiana - continued

West Baton Rouge Parish Indl. District #3 Rev.:

Bonds (Dow Chemical Co. Proj.) Series 1991, 1.7% tender 7/2/08, CP mode

$ 12,700

$ 12,700

(Dow Chemical Co. Proj.) Series 1994 B, 2.7%, VRDN (c)

5,500

5,500

76,775

Maine - 0.4%

Maine Health Student Finl. Auth. Participating VRDN Series Solar 06 122, 2.47% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

8,030

8,030

Maine Tpk. Auth. Tpk. Rev. Participating VRDN:

Series DB 107, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

5,150

5,150

Series Putters 546, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,190

5,190

Series ROC II R 608PB, 2.91% (Liquidity Facility Deutsche Postbank AG) (c)(f)

10,205

10,205

28,575

Maryland - 2.0%

Anne Arundel County Gen. Oblig. Participating VRDN Series BBT 08 10, 2.43% (Liquidity Facility Branch Banking & Trust Co.) (c)(f)

13,820

13,820

Anne Arundel County Port Facilities Auth. Rev. Bonds (Baltimore Gas & Elec. Co. Proj.) Series 1985, 1.65% tender 5/9/08, LOC Wachovia Bank NA, CP mode

16,500

16,500

Howard County Gen. Oblig. 1.9% 8/5/08 (Liquidity Facility State Street Bank & Trust Co., Boston), CP

19,000

19,000

Maryland Econ. Dev. Corp. Rev. (Howard Hughes Med. Institute Proj.) Series 2008 A, 2.45%, VRDN (c)

19,000

19,000

Maryland Gen. Oblig. Bonds:

(State & Local Facilities Ln. Prog.) Second Series, 5.25% 7/15/12 (Pre-Refunded to 7/15/08 @ 101) (e)

2,000

2,026

Series 2004, 5% 2/1/09

3,000

3,067

Series A, 5% 3/1/09

3,000

3,077

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

Participating VRDN:

Series MS 06 1310, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

7,600

7,600

Series Putters 2602, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

3,440

3,440

(Adventist Healthcare Mid Atlantic Proj.) Series A, 2.45%, LOC LaSalle Bank NA, VRDN (c)

3,000

3,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Maryland - continued

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

(Edenwald Proj.) Series B, 2.4%, LOC Manufacturers & Traders Trust Co., VRDN (c)

$ 3,700

$ 3,700

(Mercy Med. Ctr. Proj.):

Series 2007 B, 2.58%, LOC Bank of America NA, VRDN (c)

4,000

4,000

Series 2007 C, 2.42%, LOC Bank of America NA, VRDN (c)

37,600

37,600

(Villa Julie College, Inc. Proj.) 2.42%, LOC Bank of America NA, VRDN (c)

1,795

1,795

Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2003 A, 2.45%, LOC State Street Bank & Trust Co., Boston, VRDN (c)

6,930

6,930

Montgomery County Hsg. Opportunity Commission Hsg. Rev. (Falklands Apts. Proj.) Series 1985 B, 2.4%, LOC Fannie Mae, VRDN (c)

3,600

3,600

148,155

Massachusetts - 1.6%

Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN Series LB 08 K15W, 2.88% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

3,700

3,700

Massachusetts Dev. Fin. Agcy. Rev. (Draper Lab. Issue Proj.) Series 2000, 3.5% (MBIA Insured), VRDN (c)

19,865

19,865

Massachusetts Gen. Oblig. Participating VRDN:

Series LB 08 P25W, 2.85% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

11,120

11,120

Series MS 06 1798, 2.53% (Liquidity Facility DEPFA BANK PLC) (c)(f)

20,900

20,900

Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1993 B, 2.2% tender 7/10/08, CP mode

11,750

11,750

Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Participating VRDN Series ROC II R 11319, 2.47% (Liquidity Facility Citibank NA) (c)(f)

4,010

4,010

Route 3 North Transit Impt. Assoc. Massachusetts Lease Rev. Series B, 6.25% (AMBAC Insured), VRDN (c)

42,100

42,100

Somerville Gen. Oblig. BAN 2% 2/20/09

7,001

7,052

120,497

Michigan - 2.9%

Charlotte Hosp. Fin. Auth. Ltd. Oblig. Rev. (Hayes Green Beach Proj.) 2.48%, LOC Fifth Third Bank, Cincinnati, VRDN (c)

9,000

9,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Michigan - continued

Chelsea Econ. Dev. Corp. Ltd. Oblig. Rev. (Silver Maples of Chelsea Proj.) 2.45%, LOC Comerica Bank, Detroit, VRDN (c)

$ 6,600

$ 6,600

Detroit Swr. Disp. Rev.:

Participating VRDN:

Series PT 2595, 2.46% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

5,860

5,860

Series Putters 3756, 2.36% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

6,360

6,360

Series 2001 C1, 2.6% (FSA Insured), VRDN (c)

10,200

10,200

Detroit Wtr. Supply Sys. Rev. Series B, 2.35% (FSA Insured), VRDN (c)

24,175

24,175

Grand Valley Michigan State Univ. Rev. Series 2008 B, 2.85%, LOC RBS Citizens NA, VRDN (c)

7,140

7,140

Kent County Bldg. Auth. Participating VRDN:

Series PT 3242, 2.45% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

10,910

10,910

Series PT 3243, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,860

5,860

Michigan Gen. Oblig.:

Participating VRDN Series MT 494, 2.41% (Liquidity Facility KBC Bank NV) (c)(f)

3,620

3,620

RAN Series A, 4% 9/30/08, LOC DEPFA BANK PLC

42,500

42,684

Michigan Hosp. Fin. Auth. Rev.:

Participating VRDN Series PT 732, 2.42% (Liquidity Facility Svenska Handelsbanken AB) (c)(f)

7,700

7,700

(Health Care Equip. Ln. Prog.) Series B, 2.6%, LOC LaSalle Bank Midwest NA, VRDN (c)

300

300

(Munising Memorial Hosp. Assoc. Proj.) 2.48%, LOC Banco Santander SA, VRDN (c)

6,400

6,400

Michigan Muni. Bond Auth. Rev.:

Participating VRDN Series MT 287, 2.42% (Liquidity Facility DEPFA BANK PLC) (c)(f)

8,990

8,990

RAN Series B-2, 4.5% 8/20/08, LOC Bank of Nova Scotia, New York Agcy.

12,200

12,229

Michigan Strategic Fund Ltd. Oblig. Rev.:

(Detroit Symphony Orchestra, Inc. Proj.) Series 2001 B, 2.65%, LOC LaSalle Bank Midwest NA, VRDN (c)

6,405

6,405

(Dow Chemical Co. Proj.) 3.5%, VRDN (c)

13,450

13,450

(Van Andel Research Institute Proj.) 2.41%, LOC Bank of America NA, VRDN (c)

28,300

28,300

216,183

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Minnesota - 0.9%

Farmington Ind. School District #192 Participating VRDN Series ROC II R 12110, 2.48% (Liquidity Facility Bayerische Landesbank (UNGTD)) (c)(f)

$ 23,380

$ 23,380

Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev.:

(Allina Health Sys. Proj.) Series 2007 B1, 3.5% (MBIA Insured), VRDN (c)

10,000

10,000

(Children's Hospitals and Clinics Proj.) Series 2007 A, 2.63% (FSA Insured), VRDN (c)

5,000

5,000

Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C3, 2.65%, VRDN (c)

6,775

6,775

Minnesota Gen. Oblig. Participating VRDN Series MS 01 719, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

3,100

3,100

Minnesota Hsg. Fin. Agcy. Bonds (Residential Hsg. Fin. Proj.) Series N, 3.3% 12/18/08

7,200

7,200

Minnetonka Multi-family Hsg. Rev. (Cliffs at Ridgedale Proj.) Series 1995, 2.48%, LOC Fannie Mae, VRDN (c)

2,350

2,350

Univ. of Minnesota Series 2001 C, 2.63% (Liquidity Facility JPMorgan Chase Bank), VRDN (c)

10,240

10,240

68,045

Mississippi - 0.6%

Mississippi Bus. Fin. Corp. Participating VRDN Series MS 06 2240, 2.47% (Liquidity Facility Wells Fargo & Co.) (c)(f)

26,680

26,680

Mississippi Bus. Fin. Corp. Rev. (Renaissance At Colony Park Proj.) 2.45%, LOC Regions Bank of Alabama, VRDN (c)

12,870

12,870

Mississippi Hwy. Rev. Bonds (Four-Lane Hwy. Prog.) Series 1999, 5.25% 6/1/08

4,135

4,150

43,700

Missouri - 1.2%

Bi-State Dev. Agcy. Missouri Illinois Metropolitan District Rev. Participating VRDN Series MS 06 1936, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

7,960

7,960

Curators of the Univ. of Missouri Sys. Facilities Rev. Series 2006 B, 2.7%, VRDN (c)

7,905

7,905

Kansas City Indl. Dev. Auth. Student Hsg. Facilities Rev. (Oak Street West Proj.) 2.55%, LOC Bank of America NA, VRDN (c)

4,300

4,300

Missouri Dev. Fin. Board Cultural Facilities Rev. (Nelson Atkins Museum Proj.) Series 2001 B, 2.7% (MBIA Insured), VRDN (c)

7,550

7,550

Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series EGL 07 0001, 2.44% (Liquidity Facility Citibank NA) (c)(f)

6,000

6,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Missouri - continued

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

(BJC Health Sys. Proj.) Series B, 2.65% (Liquidity Facility Bank of Nova Scotia, New York Agcy.) (Liquidity Facility JPMorgan Chase Bank), VRDN (c)

$ 17,140

$ 17,140

(SSM Health Care Sys. Proj.) Series C-1, 2.5% (FSA Insured), VRDN (c)

5,555

5,555

Missouri Health & Edl. Facilities Auth. Rev. Bonds (Ascension Health Proj.) Series 2003 C3, 1.75%, tender 3/3/09 (c)

8,500

8,500

Missouri Highways & Trans. Commission State Road Rev. Participating VRDN Series MT 496, 2.42% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

11,000

11,000

Saint Louis Arpt. Rev. Participating VRDN Series Floaters 07 004, 2.47% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

12,950

12,950

88,860

Nebraska - 1.3%

Nebraska Pub. Pwr. District Rev. Bonds Series B-2, 5% 1/1/09

4,800

4,877

Nebraska Pub. Pwr. Generation Agcy. Rev. Participating VRDN Series EGL 07 0009, 2.48% (Liquidity Facility Citibank NA) (c)(f)

18,000

18,000

Omaha Gen. Oblig. Participating VRDN:

Series ROC II R 10085, 2.43% (Liquidity Facility Citibank NA) (c)(f)

9,975

9,975

Series ROC II R 12170, 2.46% (Liquidity Facility Bank of New York, New York) (c)(f)

2,560

2,560

Series ROC II R 9210, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

6,000

6,000

Omaha Pub. Pwr. District Participating VRDN Series EGL 06 14 Class A, 2.48% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

22,135

22,135

Omaha Pub. Pwr. District Elec. Rev. Participating VRDN:

Series BBT 2060, 2.45% (Liquidity Facility Branch Banking & Trust Co.) (c)(f)

23,150

23,150

Series MS 1289, 2.93% (Liquidity Facility Morgan Stanley) (c)(f)

9,152

9,152

95,849

Nevada - 1.3%

Clark County Arpt. Rev. Series 2008 D2, 2.56%, LOC Landesbank Baden-Wuert, VRDN (c)

17,000

17,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Nevada - continued

Clark County Fuel Tax:

Participating VRDN:

Series MS 1282, 2.93% (Liquidity Facility Morgan Stanley) (c)(f)

$ 5,600

$ 5,600

Series Putters 1309, 2.93% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,650

5,650

Series 2008 A, 1.75% 8/7/08, LOC California Teachers Retirement Sys., LOC State Street Bank & Trust Co.,
Boston, CP

6,000

6,000

Series 2008 B, 2.2% 6/5/08, LOC BNP Paribas SA, CP

4,000

4,000

Clark County Hwy. Impt. Rev. Participating VRDN Series ROC II R 11391, 2.48% (Liquidity Facility Citibank NA) (c)(f)

4,500

4,500

Las Vegas Valley Wtr. District Series B, 2.85% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

15,200

15,200

Nevada Gen. Oblig. Participating VRDN:

Series PT 3091, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,220

5,220

Series PZ 142, 2.47% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

12,630

12,630

Truckee Meadows Wtr. Auth. Wtr. Rev. Participating VRDN Series Floaters 08 14C, 2.46% (Liquidity Facility Wells Fargo & Co.) (c)(f)

19,295

19,295

95,095

New Jersey - 1.8%

New Jersey Econ. Dev. Auth. Rev.:

Series 2008 V2, 2.6%, LOC Dexia Cr. Local de France, VRDN (c)

32,400

32,400

Series 2008 V3, 2.6%, LOC Bank of Nova Scotia, New York Agcy., VRDN (c)

16,900

16,900

Series 2008 V4, 2.6%, LOC Bank of America NA, VRDN (c)

22,500

22,500

New Jersey Gen. Oblig. TRAN 4.5% 6/24/08

61,700

61,780

133,580

New Mexico - 0.3%

Albuquerque Gen. Oblig. Bonds Series B, 4.5% 7/1/08

4,350

4,356

Hurly Poll. Cont. Rev. (Kennecott Sante Fe Corp. Proj.)
Series 1985, 2.6%, VRDN (c)

5,000

5,000

New Mexico Fin. Auth. Trans. Rev. Series 2008 B1, 2.15%, LOC State Street Bank & Trust Co., Boston, VRDN (c)

10,700

10,700

20,056

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

New York - 3.1%

Long Island Pwr. Auth. Elec. Sys. Rev. Series 2003 G, 2.43% (FSA Insured), VRDN (c)

$ 2,500

$ 2,500

Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Margaret Woodbury Strong Museum Proj.) Series 2005, 2.5%, LOC JPMorgan Chase Bank, VRDN (c)

1,000

1,000

Nassau County Indl. Dev. Agcy. (Amsterdam at Harborside Proj.) Series 2007 C, 2.53%, LOC LaSalle Bank NA, VRDN (c)

25,435

25,435

Nassau Health Care Corp. Rev. Series 2004 C3, 2.6% (FSA Insured), VRDN (c)

13,400

13,400

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

Participating VRDN Series ROC II R 12085, 2.42% (Liquidity Facility Citigroup, Inc.) (c)(f)

25,175

25,175

Series 2003 F1, 2.4% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

8,300

8,300

Series 2008 BB2, 2.35% (Liquidity Facility Bank of America NA), VRDN (c)

10,200

10,200

Series 5B, 2.5% 5/1/08 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

21,000

21,000

Series 6, 2.5% 5/1/08 (Liquidity Facility Landesbank Baden-Wuert) (Liquidity Facility Landesbank Hessen-Thuringen), CP

71,500

71,500

New York City Transitional Fin. Auth. Rev. Series 2007 A3, 2.53% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

7,280

7,280

New York Dorm. Auth. Personal Income Tax Rev. Participating VRDN Series MS 2537, 2.41% (Liquidity Facility Morgan Stanley) (c)(f)

2,990

2,990

New York Local Govt. Assistance Corp.:

Series 2003 A4V, 2.7% (FSA Insured), VRDN (c)

7,500

7,500

Series 2003 A8V, 2.8% (FSA Insured), VRDN (c)

5,100

5,100

New York Metropolitan Trans. Auth. Rev. Series 2002 D1, 2.3% (FSA Insured), VRDN (c)

9,235

9,235

Tarrytown Gen. Oblig. BAN 2% 2/20/09

20,000

20,148

Triborough Bridge & Tunnel Auth. Revs. (MTA Bridges and Tunnels Proj.) Series 2000 AB, 2.6% (FSA Insured), VRDN (c)

5,100

5,100

235,863

North Carolina - 2.2%

Charlotte Wtr. & Swr. Sys. Rev. Series B, 2.38% (Liquidity Facility DEPFA BANK PLC), VRDN (c)

4,360

4,360

Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Participating VRDN Series MS 1272, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

5,070

5,070

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

North Carolina - continued

Fayetteville Pub. Works Commission 2.5% (FSA Insured), VRDN (c)

$ 2,585

$ 2,585

Forsyth County Ctfs. of Prtn. Participating VRDN Series ROC II R 7529, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

10,705

10,705

Greensboro Combined Enterprise Sys. Rev. Series 2005 B, 2.45% (Liquidity Facility Bank of America NA), VRDN (c)

3,175

3,175

Mecklenburg County Gen. Oblig. Bonds Series B, 4% 2/1/09

1,000

1,017

North Carolina Cap. Facilities Fin. Agcy. Cap. Facilities Rev. (Guilford College Proj.) Series A, 2.48%, LOC Branch Banking & Trust Co., VRDN (c)

7,475

7,475

North Carolina Cap. Facilities Fin. Agcy. Ed. Facilities Rev.:

(Campbell Univ. Proj.) 2.48%, LOC Branch Banking & Trust Co., VRDN (c)

5,410

5,410

(High Point Univ. Rev.) 2.48%, LOC Branch Banking & Trust Co., VRDN (c)

9,900

9,900

North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN Series EGL 07 0015, 2.42% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

10,890

10,890

North Carolina Edl. Facilities Fin. Agcy. Rev. (Queens College Proj.) Series 1999 B, 2.43%, LOC Bank of America NA, VRDN (c)

3,290

3,290

North Carolina Gen. Oblig.:

Bonds Series 1999, 4.6% 4/1/17 (Pre-Refunded to 4/1/09 @ 102) (e)

2,200

2,303

Series 2002 D, 2.55% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (c)

4,200

4,200

Series 2002 E, 2.55% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c)

7,040

7,040

Series 2002 F, 2.35% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (c)

11,000

11,000

North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn. Bonds Series A, 5% 5/1/09 (FSA Insured)

2,370

2,450

North Carolina Med. Care Commission Health Care Facilities Rev.:

Participating VRDN Series ROC II R 10313, 2.5% (Liquidity Facility Citigroup, Inc.) (c)(f)

14,600

14,600

(Friends Homes, Inc. Proj.) Series 2003, 2.6%, LOC Bank of America NA, VRDN (c)

9,275

9,275

North Carolina Med. Care Commission Hosp. Rev. (CaroMont Health Proj.) Series 2008, 2.58%, VRDN (c)

20,000

20,000

Piedmont Triad Arpt. Auth. Series 2008 A, 2.45%, LOC Branch Banking & Trust Co., VRDN (c)

9,000

9,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

North Carolina - continued

Raleigh Combined Enterprise Sys. Rev. Participating VRDN Series ROC II R 645, 2.43% (Liquidity Facility Citibank NA) (c)(f)

$ 6,400

$ 6,400

Union County Enterprise Systems Rev. Series 2003 B, 2.5% (FSA Insured), VRDN (c)

3,965

3,965

Univ. of North Carolina at Chapel Hill Rev. Participating VRDN:

Series BA 08 1085, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

6,900

6,900

Series EGL 05 3014 Class A, 2.44% (Liquidity Facility Citibank NA) (c)(f)

7,700

7,700

168,710

North Dakota - 0.1%

Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008 A2, 2.45%, VRDN (c)

7,000

7,000

Ohio - 2.0%

Bellefontaine Healthcare Facilities Rev. (High Point Reg'l. Cancer Ctr. Proj.) 2.49%, LOC Fifth Third Bank, Cincinnati, VRDN (c)

3,465

3,465

Clinton County Arpt. Facilities Rev. (Wilmington Air Park, Inc.) Series 1991, 2.43%, LOC Wachovia Bank NA, VRDN (c)

3,500

3,500

Cuyahoga County Rev. (Cleveland Clinic Health Sys. Obligated Group Prog.) Subseries B1, 2.65%, VRDN (c)

4,100

4,100

Franklin County Hosp. Rev. (U.S. Health Corp. of Columbus Proj.) Series C, 2.41%, LOC Citibank NA, VRDN (c)

2,760

2,760

Geauga County Rev. (South Franklin Circle Proj.) Series 2007 A, 2.78%, LOC KeyBank NA, VRDN (c)

35,200

35,200

Miamisburg City School District BAN 2.5% 11/13/08 (b)

12,600

12,645

Montgomery County Rev. (Catholic Health Initiatives Proj.):

Series B1, 2.6% (Liquidity Facility Bank of New York, New York), VRDN (c)

7,375

7,375

Series B2, 2.7% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c)

6,315

6,315

Ohio Air Quality Dev. Auth. Rev. (Cincinnati Gas & Elec. Co. Proj.) Series A, 3%, VRDN (c)

4,300

4,300

Ohio Gen. Oblig.:

Bonds Series A, 5.5% 12/1/08

5,000

5,127

Participating VRDN Series Putters 02 306, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

12,455

12,455

(Common Schools Proj.) Series 2005 B, 2.7%, VRDN (c)

8,140

8,140

Ohio Higher Edl. Facility Commission Rev. (Xavier Univ. Proj.) 2.5%, LOC U.S. Bank NA, Minnesota, VRDN (c)

1,200

1,200

Ohio State Univ. Gen. Receipts 2.28%, VRDN (c)

27,265

27,265

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Ohio - continued

Richland County Gen. Oblig. BAN Series B, 2% 2/19/09

$ 4,500

$ 4,520

St. Marys City School District BAN 3.625% 6/10/08

2,700

2,702

Warren County Health Care Facilities Rev. (Otterbein Homes Proj.):

Series 1998 A, 2.5%, LOC Fifth Third Bank, Cincinnati, VRDN (c)

8,445

8,445

Series 1998 B, 2.43%, LOC Fifth Third Bank, Cincinnati, VRDN (c)

2,250

2,250

151,764

Oklahoma - 0.0%

Univ. Hosps Trust Rev. Series 2005 A, 2.7%, LOC Bank of America NA, VRDN (c)

1,400

1,400

Oregon - 0.5%

Oregon Dept. of Trans. Hwy. User Tax Rev. Series 2006 B1, 2.2% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

4,900

4,900

Oregon Gen. Oblig. TAN Series A, 4.5% 6/30/08

8,300

8,311

Oregon Health and Science Univ. Spl. Rev. (OHSU Med. Group Proj.):

Series 2004 A, 2.55%, LOC Bank of New York, New York, LOC California Teachers Retirement Sys., VRDN (c)

9,835

9,835

Series 2004 B, 2.55%, LOC Bank of New York, New York, LOC California Teachers Retirement Sys., VRDN (c)

5,450

5,450

Oregon Homeowner Rev. Participating VRDN Series MT 472, 2.67% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

6,905

6,905

35,401

Pennsylvania - 6.4%

Adams County Indl. Dev. Auth. Rev. (Gettysburg Foundation Proj.) Series A, 2.48%, LOC Manufacturers & Traders Trust Co., VRDN (c)

9,700

9,700

Allegheny County Series C58A, 2.5%, LOC JPMorgan Chase Bank, VRDN (c)

24,060

24,060

Allegheny County Hosp. Dev. Auth. Rev. Bonds:

(Pittsburgh Med. Ctr. Proj.) Series A, 4% 9/1/08

7,275

7,317

(South Hills Health Sys. Proj.) Series 2000 A, 3.7%, tender 6/1/08, LOC PNC Bank NA, Pittsburgh (c)

2,600

2,600

Chester County Indl. Dev. Auth. Student Hsg. Rev. (Univ. Student Hsg., LLC at West Chester Univ. of Pennsylvania Proj.) Series 2008 A, 2.43%, LOC Citizens Bank of Pennsylvania, VRDN (c)

9,000

9,000

Dallastown Area School District York County 2.45% (FSA Insured), VRDN (c)

10,500

10,500

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Pennsylvania - continued

Dauphin County Gen. Auth. (Pinnacle Health Systems Proj.) 2.5% (FSA Insured), VRDN (c)

$ 10,505

$ 10,505

Delaware County Indl. Dev. Auth. Poll. Cont. Rev. (PECO Energy Co. Proj.) Series 1999 A, 2.85%, LOC Wachovia Bank NA, VRDN (c)

2,030

2,030

Delaware County Indl. Dev. Auth. Rev.:

Participating VRDN Series Merlots 06 F2, 2.72% (Liquidity Facility Bank of New York, New York) (c)(f)

59,300

59,300

(Resource Recovery Facility Proj.) 2.4%, VRDN (c)

4,000

4,000

Downingtown Area School District 2.5% (FSA Insured), VRDN (c)

3,900

3,900

Lancaster County Hosp. Auth. Rev. (Masonic Homes Proj.) Series 2008 D, 2.65%, LOC JPMorgan Chase Bank, VRDN (c)

3,775

3,775

Lancaster Indl. Dev. Auth. Rev. (Mennonite Home Proj.) 2.48%, LOC Manufacturers & Traders Trust Co., VRDN (c)

19,615

19,615

Lehigh County Gen. Purp. Auth. (Muhlenberg College Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

7,500

7,500

Luzerne County Series A, 2.6% (FSA Insured), VRDN (c)

28,800

28,800

Manheim Central School District 2.45% (FSA Insured), VRDN (c)

2,845

2,845

Montgomery County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (PECO Energy Proj.) Series 1994 A, 1.8% tender 8/7/08, LOC BNP Paribas SA, CP mode

5,000

5,000

Pennsylvania Higher Edl. Facilities Auth. (Washington & Jefferson Dev. Corp. Proj.) Series A, 2.45%, LOC UniCredit SpA, VRDN (c)

4,500

4,500

Pennsylvania Higher Edl. Facilities Auth. Hosp. Rev. Participating VRDN Series MT 42, 2.42% (Liquidity Facility Lloyds TSB Bank PLC) (c)(f)

7,000

7,000

Pennsylvania Higher Edl. Facilities Auth. Rev.:

Participating VRDN Series Putters 1271, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

2,925

2,925

(King's College Proj.) Series 2001 H6, 2.38%, LOC PNC Bank NA, Pittsburgh, VRDN (c)

2,500

2,500

(Marywood Univ. Proj.) Series A, 2.38%, LOC PNC Bank NA, Pittsburgh, VRDN (c)

2,900

2,900

Pennsylvania Pub. School Bldg. Auth. Philadelphia School Lease Rev. Participating VRDN Series MS 06 1552, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

7,400

7,400

Pennsylvania Pub. School Bldg. Auth. School Rev. Participating VRDN:

Series MS 06 1479, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

4,670

4,670

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Pennsylvania - continued

Pennsylvania Pub. School Bldg. Auth. School Rev. Participating VRDN: - continued

Series Putters 371Z, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

$ 7,120

$ 7,120

Pennsylvania Tpk. Commission Registration Fee Rev.:

Series 2005 D, 2.43% (FSA Insured), VRDN (c)

1,475

1,475

Series C, 2.36% (FSA Insured), VRDN (c)

9,825

9,825

Pennsylvania Tpk. Commission Tpk. Rev.:

Bonds Series AAB 04-9, 2.51%, tender 5/7/08 (Liquidity Facility Bank of America NA) (c)(f)

4,000

4,000

Series 2006 B, 3.66% (AMBAC Insured), VRDN (c)

18,200

18,200

Series 2006 C, 3.35% (AMBAC Insured), VRDN (c)

8,300

8,300

Philadelphia Gas Works Rev. Sixth Series, 2.85% (FSA Insured), VRDN (c)

19,950

19,950

Philadelphia Gen. Oblig.:

Participating VRDN Series MS 01 751, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

5,330

5,330

Series 2007 B, 2.46% (FSA Insured), VRDN (c)

14,400

14,400

TRAN Series A, 4.5% 6/30/08

7,600

7,610

Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. (Children's Hosp. of Philadelphia Proj.) Series A, 2.62% (Liquidity Facility Bank of America NA), VRDN (c)

15,600

15,600

Philadelphia School District:

Participating VRDN Series PT 2793, 2.45% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

6,880

6,880

Series 2008 A1, 2.4%, LOC Bank of America NA, VRDN (c)

13,500

13,500

Series 2008 A3, 2.4%, LOC Bank of America NA, VRDN (c)

6,800

6,800

Series 2008 B2, 2.4%, LOC Wachovia Bank NA, VRDN (c)

12,100

12,100

Series 2008 D2, 2.61%, LOC PNC Bank NA, Pittsburgh, VRDN (c)

6,800

6,800

Philadelphia Wtr. & Wastewtr. Rev. 2.5% (FSA Insured), VRDN (c)

8,300

8,300

Sayre Health Care Facilities Auth. Rev. (VHA of Pennsylvania, Inc. Cap. Asset Fing. Prog.):

Series 1985 A, 4.5% (AMBAC Insured), VRDN (c)

9,750

9,750

Series 1985 D, 4.5% (AMBAC Insured), VRDN (c)

7,000

7,000

Series 1985 J, 4.5% (AMBAC Insured), VRDN (c)

26,600

26,600

Schuylkill County Indl. Dev. Auth. Resource Recovery Rev. (WPS Westwood Generation, LLC Proj.) 2.85%, VRDN (c)

18,100

18,100

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Pennsylvania - continued

St. Mary Hosp. Auth. Bucks County (Catholic Health Initiatives Proj.) Series B, 2.7% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (c)

$ 7,800

$ 7,800

Univ. of Pittsburgh (Higher Ed. Univ. Cap. Proj.) Series 2002 A, 2.63% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

1,700

1,700

479,482

Rhode Island - 0.6%

Foster & Glocester Reg'l. School District BAN 4% 5/15/08

16,000

16,003

Narragansett Bay Cmnty. Wastewtr. Sys. Rev. Participating VRDN Series Solar 07 16, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

12,465

12,465

Narragansett Bay Commission Wastewtr. Sys. Rev.:

Participating VRDN Series ROC II R 780PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

3,775

3,775

Series 2004 A, 4.2% (MBIA Insured), VRDN (c)

3,500

3,500

Rhode Island Clean Wtr. Protection Fin. Agcy. Wtr. Poll. Cont. Rev. Participating VRDN Series PT 1403, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,095

5,095

Rhode Island Health & Edl. Bldg. Corp. Rev. (Care New England Health Sys. Proj.) Series 2008 B, 2.45%, LOC JPMorgan Chase Bank, VRDN (c)

8,400

8,400

49,238

South Carolina - 1.4%

Berkeley County School District Participating VRDN Series MSCO 01 656, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

5,600

5,600

Charleston Wtrwks. & Swr. Rev. Series A, 2.45% (Liquidity Facility Bank of America NA), VRDN (c)

8,275

8,275

Greenville County School District Installment Purp. Rev. Participating VRDN:

Series MS 06 2056, 2.48% (Liquidity Facility Wells Fargo & Co.) (c)(f)

7,440

7,440

Series PT 3393, 2.47% (Liquidity Facility Dexia Cr. Local de France) (c)(f)(g)

15,800

15,800

Horry County School District Participating VRDN Series PT 2033, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,635

3,635

Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series A, 2.73%, VRDN (c)

18,700

18,700

South Carolina Gen. Oblig. Participating VRDN:

Series ROC II R 10190, 2.43% (Liquidity Facility Citibank NA) (c)(f)

9,585

9,585

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

South Carolina - continued

South Carolina Gen. Oblig. Participating VRDN: - continued

Series ROC II R 692W, 2.42% (Liquidity Facility Wells Fargo & Co.) (c)(f)

$ 4,090

$ 4,090

South Carolina Jobs Econ. Dev. Auth. Health Facilities Rev. (The Methodist Home Proj.) Series 1994, 2.5%, LOC Bank of America NA, VRDN (c)

5,900

5,900

South Carolina Pub. Svc. Auth. Rev.:

Participating VRDN:

Series PT 1877, 2.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,665

3,665

Series PT 3460, 2.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

9,945

9,945

Series Putters 1094, 2.58% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

2,825

2,825

2.15% 7/14/08, CP

3,380

3,380

York County Poll. Cont. Rev. Bonds (Duke Energy Corp. Proj.) 1.95% tender 5/1/08, CP mode

7,200

7,200

106,040

Tennessee - 2.2%

Chattanooga Health Ed. & Hsg. (McCallie School Proj.) Series 1998, 2.44%, LOC SunTrust Banks, Inc., VRDN (c)

5,745

5,745

Chattanooga Health Ed. & Hsg. Facility Board Rev. (Southern Adventist Univ. Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

8,530

8,530

Clarksville Pub. Bldg. Auth. Rev.:

(City of Murfreesboro Ln. Prog.) 2.44%, LOC SunTrust Banks, Inc., VRDN (c)

8,000

8,000

Series 1994, 2.45%, LOC Bank of America NA, VRDN (c)

4,705

4,705

Jackson Energy Auth. Gas Sys. Rev. 2.69% (FSA Insured), VRDN (c)

3,845

3,845

Johnson City Health & Edl. Hosp. Rev. (Mountain States Health Alliance Proj.):

Series 2007 A, 2.58%, LOC Regions Bank of Alabama, VRDN (c)

19,400

19,400

Series 2008 A, 2.6%, LOC Regions Bank of Alabama, VRDN (c)

50,000

50,000

Metropolitan Govt. Nashville & Davidson County Indl. Dev. Board Rev. (Nashville Symphony Hall Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

15,500

15,500

Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Participating VRDN Series Putters 2631, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

20,000

20,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Tennessee - continued

Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. (Vanderbilt Univ. Proj.) Series 2005 A2, 2.27%, VRDN (c)

$ 3,700

$ 3,700

Rutherford County Gen. Oblig. Participating VRDN Series Putters 643, 2.58% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

1,975

1,975

Sevier County Pub. Bldg. Auth. Rev. Series IV C3, 2.72% (FSA Insured), VRDN (c)

1,900

1,900

Shelby County Gen. Oblig. Series 2008 A, 2.2% 7/15/08, CP

17,800

17,800

Sullivan County Health, Edl. & Hsg. Facilities Board Hosp. Rev. Participating VRDN Series LB 06 F6, 3.05% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

5,400

5,400

166,500

Texas - 17.4%

Austin Util. Sys. Rev.:

Participating VRDN Series MSDW 00 498, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

3,775

3,775

Series A, 2.1% 7/15/08, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP

9,615

9,615

Austin Wtr. & Wastewtr. Sys. Rev.:

Participating VRDN:

Series ROC II R 10173, 2.51% (Liquidity Facility Citibank NA) (c)(f)

10,000

10,000

Series ROC II R 6029, 2.91% (Liquidity Facility Citigroup, Inc.) (c)(f)

4,945

4,945

2.5% (FSA Insured), VRDN (c)

26,800

26,800

Bastrop Independent School District Participating VRDN Series ROC II R 492, 2.43% (Liquidity Facility Citibank NA) (c)(f)

8,150

8,150

Bell County Health Facilities Dev. Corp. Rev. (Scott & White Memorial Hosp. Proj.) Series 2001 2, 2.7% (MBIA Insured), VRDN (c)

43,110

43,110

Brazos River Hbr. Navigation District Brazoria County Envir. Facilities Rev. (Dow Chemical Co. Proj.) Series B1, 2.7%, VRDN (c)

2,600

2,600

Brownsville Independent School District Participating VRDN Series Merlots 07 D79, 2.72% (Liquidity Facility Wachovia Bank NA) (c)(f)

3,830

3,830

Brownsville Util. Sys. Rev. Series A, 1.75% 6/3/08, LOC State Street Bank & Trust Co., Boston, CP

8,100

8,100

Caddo Mills Independent School District Participating VRDN Series DB 473, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

5,277

5,277

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Crowley Independent School District Participating VRDN Series PT 3039, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

$ 7,030

$ 7,030

Cypress-Fairbanks Independent School District Participating VRDN Series ROC II R 11325, 2.43% (Liquidity Facility Citibank NA) (c)(f)

3,060

3,060

Dallas Area Rapid Transit Participating VRDN Series BA 07 134, 2.51% (Liquidity Facility Bank of America NA) (c)(f)

6,750

6,750

Dallas Area Rapid Transit Sales Tax Rev.:

Participating VRDN:

Series EGL 07 0020, 2.47% (Liquidity Facility Bayerische Landesbank (UNGTD)) (c)(f)

19,800

19,800

Series GS 07 10TP, 2.44% (Liquidity Facility DEPFA BANK PLC) (c)(f)

10,550

10,550

Series 2001, 2.55% 5/5/08 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

3,750

3,750

Dallas Independent School District Participating VRDN Series PT 2210, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

7,205

7,205

Denton Independent School District Participating VRDN Series MS 451, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

4,015

4,015

El Paso Independent School District Participating VRDN Series Putters 1035, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

4,255

4,255

Frenship Independent School District Participating VRDN Series DB 265, 2.45% (Liquidity Facility Deutsche Bank AG) (c)(f)

5,620

5,620

Galveston County Gen. Oblig. Participating VRDN Series ROC II R 11275, 2.48% (Liquidity Facility Wells Fargo & Co.) (c)(f)

7,300

7,300

Granbury Independent School District Participating VRDN:

Series PT 3080, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

7,575

7,575

Series SG 129, 2.45% (Liquidity Facility Societe Generale) (c)(f)

4,815

4,815

Grapevine-Colleyville Independent School District Bonds 5% 8/15/29 (Pre-Refunded to 8/15/08 @ 100) (e)

8,900

9,001

Harlandale Independent School District Participating VRDN Series Putters 524, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

2,665

2,665

Harris County Ind. Dev. Corp. 2.85%, LOC Royal Bank of Canada, VRDN (c)

15,400

15,400

Harris County Flood Cont. District Participating VRDN Series ROC II R 12099, 2.42% (Liquidity Facility Citigroup, Inc.) (c)(f)

33,300

33,300

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Harris County Gen. Oblig.:

Series B, 2.1% 7/15/08, CP

$ 1,600

$ 1,600

Series C, 2.1% 7/15/08, CP

3,500

3,500

Harris County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series LB 05 L15, 2.9% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

5,000

5,000

Harris County Health Facilities Dev. Corp. Rev.:

(Saint Luke's Episcopal Hosp. Proj.) Series B, 2.65% (Liquidity Facility JPMorgan Chase Bank) (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c)

61,695

61,695

(YMCA of Greater Houston Proj.) Series 1999, 2.65%, LOC JPMorgan Chase Bank, VRDN (c)

5,300

5,300

Harris County Hosp. District Rev. Participating VRDN Series PT 726, 2.42% (Liquidity Facility BNP Paribas SA) (c)(f)

4,995

4,995

Harris County-Houston Sports Auth. Rev. (Rodeo Proj.) Series 2001 C, 4.1% (MBIA Insured), VRDN (c)

3,200

3,200

Harrison County Health Facilities Dev. Corp. Rev. (Marshall Reg'l. Med. Ctr. Proj.) 2.43%, LOC Regions Bank of Alabama, VRDN (c)

12,115

12,115

Hays Consolidated Independent School District Participating VRDN Series PT 2462, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,500

3,500

HFDC of Central Texas, Inc. Rev. (Villa de San Antonio Proj.) 2.49%, LOC KBC Bank NV, VRDN (c)

13,000

13,000

Houston Arpt. Sys. Rev. Participating VRDN:

Series ROC II R 12022, 2.49% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

7,730

7,730

2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

9,455

9,455

Houston Cmnty. College Sys. Rev.:

Bonds 3% 2/15/09 (FSA Insured)

1,845

1,865

Participating VRDN:

Series Putters 380, 2.68% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,420

5,420

Series ROC II R 2084, 2.91% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,170

5,170

Houston Gen. Oblig. Participating VRDN Series Putters 1151, 2.68% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

12,500

12,500

Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series SG 139, 2.46% (Liquidity Facility Societe Generale) (c)(f)

3,100

3,100

Houston Independent School District Participating VRDN Series Putters 1060, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

5,300

5,300

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Houston Util. Sys. Rev.:

Participating VRDN Series Putters 2493, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

$ 1,715

$ 1,715

Series 2004 A:

1.6% 6/5/08 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

7,500

7,500

1.8% 6/5/08 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

10,000

10,000

2.25% 7/10/08 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

8,900

8,900

Series 2004 B5, 2.05%, LOC Dexia Cr. Local de France, LOC Bank of America NA, VRDN (c)

24,460

24,460

Series B2, 2.5%, LOC Dexia Cr. Local de France, LOC Bank of America NA, VRDN (c)

15,500

15,500

Houston Wtr. & Swr. Sys. Rev. Participating VRDN Series Merlots 02 A16, 2.82% (Liquidity Facility Wachovia Bank NA) (c)(f)

2,275

2,275

Hunt Memorial Hosp. District Rev. Series 1998, 2.75% (FSA Insured), VRDN (c)

3,855

3,855

Irving Independent School District Participating VRDN Series PT 3954, 2.45% (Liquidity Facility Wells Fargo & Co.) (c)(f)

8,900

8,900

Klein Independent School District Participating VRDN Series PZ 180, 2.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

2,735

2,735

Lamar Consolidated Independent School District Participating VRDN Series ROC II R 10276, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,125

5,125

Lewisville Independent School District Participating VRDN Series SGA 134, 2.75% (Liquidity Facility Societe Generale) (c)(f)

1,290

1,290

Lower Colorado River Auth. Rev. Series A:

1.6% 6/3/08 (Liquidity Facility JPMorgan Chase Bank), CP

16,500

16,500

2.25% 6/11/08 (Liquidity Facility JPMorgan Chase Bank), CP

4,900

4,900

2.45% 5/1/08 (Liquidity Facility JPMorgan Chase Bank), CP

4,000

4,000

Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (ExxonMobil Proj.) Series 2001 A, 2.6% (Exxon Mobil Corp. Guaranteed), VRDN (c)

16,000

16,000

Mesquite Independent School District Participating VRDN Series Putters 1032, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

5,275

5,275

New Caney Independent School District Participating VRDN Series MS 1286, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

9,480

9,480

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

North Central Texas Health Facilities Dev. Corp. (Baylor Health Care Sys. Proj.) Series 2006 C, 2.45% (FSA Insured), VRDN (c)

$ 21,155

$ 21,155

North East Texas Independent School District Participating VRDN:

Series Putters 393, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

3,880

3,880

Series ROC II R 10193, 2.43% (Liquidity Facility Citibank NA) (c)(f)

16,330

16,330

North Texas Tollway Auth. Rev. Participating VRDN Series DB 633, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

14,520

14,520

Northside Independent School District Participating VRDN Series PT 2329, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

4,585

4,585

Nueces River Auth. Wtr. Supply Rev. Participating VRDN:

Series PT 3190, 2.46% (Liquidity Facility KBC Bank NV) (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,660

5,660

Series Putters 1412, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

2,935

2,935

Nueces River Indl. Dev. Auth. Poll. Cont. Rev. Bonds (San Miguel Elec. Coop., Inc. Proj.) Series 1984, 1.95% tender 5/12/08 (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), CP mode

8,500

8,500

Oakbend Med. Ctr. Hosp. Rev. 2.7%, LOC Regions Bank of Alabama, VRDN (c)

6,250

6,250

Pearland Independent School District Participating VRDN Series PA 1449, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,670

5,670

Plano Independent School District Participating VRDN Series SGA 128, 2.75% (Liquidity Facility Societe Generale) (c)(f)

21,380

21,380

Port Arthur Navigation District Poll. Cont. Rev. (Texaco, Inc. Proj.) Series 1994, 2.55%, VRDN (c)

1,700

1,700

Princeton Independent School District Participating VRDN Series SGB 02 41A, 2.47% (Liquidity Facility Societe Generale) (c)(f)

1,250

1,250

Red River Ed. Fin. Corp. Ed. Rev. Participating VRDN Series SGA 109, 2.75% (Liquidity Facility Societe Generale) (c)(f)

7,070

7,070

Round Rock Gen. Oblig. Participating VRDN Series ROC II R 2135, 2.91% (Liquidity Facility Citigroup, Inc.) (c)(f)

6,525

6,525

San Antonio Elec. & Gas Sys. Rev.:

Participating VRDN:

Series PT 3921, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

12,000

12,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

San Antonio Elec. & Gas Sys. Rev.: - continued

Participating VRDN:

Series SG 104, 2.46% (Liquidity Facility Societe Generale) (c)(f)

$ 5,490

$ 5,490

Series SG 105, 2.46% (Liquidity Facility Societe Generale) (c)(f)

29,400

29,400

Series A:

1.8% 8/7/08, CP

52,400

52,400

2.2% 6/5/08, CP

2,000

2,000

2.73% (Liquidity Facility Bank of America NA), VRDN (c)

5,000

5,000

San Antonio Wtr. Sys. Rev.:

Participating VRDN Series Merlots 00 VV, 2.72% (Liquidity Facility Wachovia Bank NA) (c)(f)

1,000

1,000

Series 2001 A, 1.8% 7/3/08 (Liquidity Facility Bank of America NA), CP

5,000

5,000

Seminole Independent School District Participating VRDN Series DB 559, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

4,000

4,000

Socorro Independent School District Participating VRDN Series ROC II R 2222, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

4,105

4,105

Spring Independent School District Participating VRDN Series DB 274, 2.45% (Liquidity Facility Deutsche Bank AG) (c)(f)

10,175

10,175

Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. (Christus Health Proj.) Series 2007 A, 3.8% (MBIA Insured), VRDN (c)

20,000

20,000

Tarrant Reg'l. Wtr. District Wtr. Rev. Participating VRDN Series PT 976, 2.42% (Liquidity Facility Lloyds TSB Bank PLC) (c)(f)

7,995

7,995

Texas A&M Univ. Rev. Participating VRDN Series Putters 945, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

1,430

1,430

Texas Dept. of Trans. Ctfs. of Prtn. Series 2005 A, 1.7% 6/5/08, LOC Bank of America NA, LOC State Street Bank & Trust Co., Boston, CP

6,750

6,750

Texas Gen. Oblig.:

Participating VRDN:

Series EGL 03 26 Class A, 2.44% (Liquidity Facility Citibank NA) (c)(f)

4,800

4,800

Series EGL 06 0125, 2.44% (Liquidity Facility Citibank NA) (c)(f)

18,900

18,900

Series EGL 07 90, 2.42% (Liquidity Facility DZ Bank Ag Deutsche Genosbank.) (c)(f)

25,000

25,000

Series LB 05 K15, 2.93% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

8,000

8,000

Series Putters 2490, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

1,850

1,850

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Texas Gen. Oblig.: - continued

Participating VRDN:

Series Putters 2615, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

$ 11,200

$ 11,200

TRAN 4.5% 8/28/08

213,300

213,844

Texas Tpk. Auth. Central Texas Tpk. Sys. Rev. Bonds 5% 6/1/08

5,000

5,005

Texas Trans. Commission State Hwy. Fund Rev. Participating VRDN:

Series MS 06 2033, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

17,661

17,661

Series PT 4449, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

18,985

18,985

Series Putters 2393, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

2,195

2,195

Series ROC II R 11273, 2.43% (Liquidity Facility Citibank NA) (c)(f)

19,000

19,000

Texas Wtr. Dev. Board Rev. Participating VRDN Series Floaters 2300, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

3,000

3,000

Travis County Health Facilities Dev. (Longhorn Village Proj.) Series 2008 B, 2.5%, LOC Bank of Scotland PLC, VRDN (c)

4,230

4,230

Univ. of Texas Board of Regents Sys. Rev. Participating VRDN Series Putters 1646, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,125

5,125

Univ. of Texas Permanent Univ. Fund Rev.:

Bonds Series A, 2.5%, tender 7/2/08 (c)

51,200

51,291

Participating VRDN Series Putters 1668, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

12,295

12,295

Ysleta Independent School District Participating VRDN Series Putters 1039, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

5,955

5,955

1,313,639

Utah - 0.8%

Central Utah Wtr. Conservancy District Wtr. Conservancy Rev. Participating VRDN Series ROC II R 2202, 2.91% (Liquidity Facility Citigroup, Inc.) (c)(f)

8,435

8,435

Intermountain Pwr. Agcy. Pwr. Supply Rev.:

Participating VRDN Series EGL 96 C4402 Class A, 2.47% (Liquidity Facility Citibank NA) (c)(f)

5,550

5,550

Series 1998 B4, 2.15% 8/6/08 (Liquidity Facility Bank of Nova Scotia), CP

3,000

3,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Utah - continued

Murray City Hosp. Rev. (IHC Health Services, Inc. Proj.) Series B, 2.65% (Liquidity Facility JPMorgan Chase Bank), VRDN (c)

$ 19,960

$ 19,960

Utah Transit Auth. Sales Tax Rev. Series B, 2.7%, LOC Fortis Banque SA, VRDN (c)

24,320

24,320

61,265

Virginia - 1.3%

Clarke County Indl. Dev. Auth. Hosp. Facilities Rev. (Winchester Med. Ctr. Proj.) Series 2000, 2.6% (FSA Insured), VRDN (c)

5,665

5,665

Fairfax County Indl. Dev. Auth. Bonds (Inova Health Sys. Proj.) Series 2008 C4, 1.6%, tender 4/20/09 (c)

11,600

11,600

Fairfax County Wtr. Auth. Wtr. Rev. Participating VRDN Series EGL 06 91 Class A, 2.44% (Liquidity Facility Citibank NA) (c)(f)

5,220

5,220

Harrisonburg Indl. Dev. Auth. Rev. (Rockingham Memorial Hosp. Proj.) Series 2005, 2.6%, LOC SunTrust Banks, Inc., VRDN (c)

2,220

2,220

Henrico County Econ. Dev. Auth. Rev. (Bon Secours Health Sys., Inc. Proj.) Series 2008 B2, 2.51%, VRDN (c)

8,800

8,800

Loudoun County Indl. Dev. Auth. (Howard Hughes Med. Institute Proj.) Series 2003 B, 2.4%, VRDN (c)

13,500

13,500

Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1984:

1.65% tender 5/6/08, CP mode

4,000

4,000

1.65% tender 5/7/08, CP mode

2,000

2,000

Russell County Indl. Dev. Auth. Hosp. Rev. (Mountain States Health Alliance Proj.) Series 2008 B, 2.6%, LOC Regions Bank of Alabama, VRDN (c)

15,000

15,000

Univ. of Virginia Univ. Revs. Series 2003 A, 1.2% 6/17/08, CP

4,000

4,000

Virginia College Bldg. Auth. Edl. Facilities Rev.:

Bonds (21st Century College and Equip. Prog.) Series 2006 A, 5% 2/1/09

10,635

10,876

Participating VRDN Series MS 01 721, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

2,300

2,300

Virginia Resources Auth. Clean Wtr. Rev. Participating VRDN:

Series LB 08 K13W, 2.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

4,500

4,500

Series ROC II R 11010, 2.43% (Liquidity Facility Citibank NA) (c)(f)

6,685

6,685

96,366

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Washington - 3.3%

Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN Series Merlots 07 D76, 2.82% (Liquidity Facility Wachovia Bank NA) (c)(f)

$ 5,000

$ 5,000

Clover Park School District #400, Pierce County Gen. Oblig. Participating VRDN Series Tops 06 35, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

10,815

10,815

Energy Northwest Elec. Rev.:

Bonds (#1 Proj.) Series 2004 A, 5.25% 7/1/08

5,605

5,632

Participating VRDN:

Series PT 734, 2.45% (Liquidity Facility Svenska Handelsbanken AB) (c)(f)

7,000

7,000

Series ROC II R 152, 2.51% (Liquidity Facility Citibank NA) (c)(f)

6,695

6,695

Series ROC II R 3012, 2.51% (Liquidity Facility Citigroup, Inc.) (c)(f)

9,550

9,550

(#3 Proj.):

Series 2003 D31, 2.5% (FSA Insured), VRDN (c)

22,475

22,475

Series 2003 D32, 2.75% (MBIA Insured), VRDN (c)

22,250

22,250

King County Gen. Oblig. Participating VRDN:

Series Putters 2541, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

3,795

3,795

Series ROC II R 1028, 2.48% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,250

5,250

King County Shoreline School District # 412 Participating VRDN Series Merlots 08 D67, 2.87% (Liquidity Facility Wachovia Bank NA) (c)(f)

15,645

15,645

Lewis County Pub. Util. District #1 Participating VRDN Series ROC II R 4026, 2.51% (Liquidity Facility Citigroup, Inc.) (c)(f)

6,280

6,280

Pierce County Econ. Dev. Corp. Spl. Rev. (Weyerhaeuser Real Estate Proj.) Series 1997 A, 2.6%, LOC Bank of America NA, VRDN (c)

17,655

17,655

Pierce County School District #3 Puyallup Participating VRDN Series Putters 415, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

4,205

4,205

Port of Seattle Rev. Participating VRDN Series MS 1028, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

4,345

4,345

Redmond Cmnty. Properties Lease Participating VRDN Series MT 269, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,445

3,445

Seattle Gen. Oblig. Bonds Series A, 5.5% 3/1/09

1,000

1,031

Snohomish County Pub. Util. District #1 Series A2, 2.5% (FSA Insured), VRDN (c)

8,685

8,685

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Washington - continued

Snohomish County Pub. Util. District #1 Elec. Rev. Participating VRDN Series ROC II R 6055, 2.48% (Liquidity Facility Citigroup, Inc.) (c)(f)

$ 17,720

$ 17,720

Washington Gen. Oblig. Participating VRDN:

Series Merlots 08 C30, 2.82% (Liquidity Facility Wachovia Bank NA) (c)(f)

3,000

3,000

Series MS 2571, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

1,715

1,715

Series PT 3293, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,330

5,330

Series PT 4771, 2.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

8,335

8,335

Series Putters 1199, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

3,605

3,605

Series Putters 1296, 2.68% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

4,885

4,885

Series Putters 2192, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

6,390

6,390

Series Putters 509, 2.58% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,470

5,470

Series ROC II R 759 PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

8,015

8,015

Washington Health Care Facilities Auth. Rev. (Empire Health Services Proj.) 2.65%, LOC U.S. Bank NA, Minnesota, VRDN (c)

4,315

4,315

Washington Hsg. Fin. Commission Nonprofit Rev.:

(Eastside Catholic School Proj.) Series A, 2.47%, LOC KeyBank NA, VRDN (c)

5,000

5,000

(United Way King County Proj.) 2.5%, LOC Bank of America NA, VRDN (c)

1,800

1,800

Washington Pub. Pwr. Supply Sys. Nuclear Proj. #1 Rev. Bonds Series A, 6% 7/1/08

7,000

7,030

Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. Bonds Series A, 5.75% 7/1/08 (Bonneville Pwr. Administration Guaranteed)

3,000

3,012

245,375

West Virginia - 0.0%

Cabell County Life Care Facilities Rev. (Foster Foundation Prog.) Series 1998 A, 2.68%, LOC Huntington Nat'l. Bank, Columbus, VRDN (c)

3,870

3,870

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Wisconsin - 3.2%

Central Brown County Wtr. Auth. Wtr. Sys. Rev. Participating VRDN Series PT 3071, 2.74% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

$ 6,680

$ 6,680

Milwaukee Gen. Oblig. RAN:

Series 2007 M6, 4.5% 9/4/08

26,200

26,275

Series 2008 R5, 3% 12/15/08

13,600

13,697

Univ. of Wisconsin Hosp. & Clinics Auth. 2.15% (FSA Insured), VRDN (c)

27,595

27,595

Wisconsin Gen. Oblig.:

Series 2006 A, 1.7% 7/10/08, CP

19,513

19,513

Series 2008, 2.25% 5/19/08, CP

6,400

6,400

TRAN 4.5% 6/16/08

24,800

24,823

Wisconsin Health & Edl. Facilities Auth. Rev.:

Bonds (Luther Hosp. Proj.) 1.68%, tender 4/15/09 (c)

11,800

11,800

Participating VRDN Series MT 318, 2.42% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

32,285

32,285

(Attic Angel Obligated Group Proj.) 2.49%, LOC M&I Marshall & Ilsley Bank, VRDN (c)

11,300

11,300

(Aurora Health Care, Inc. Proj.) Series C, 2.55%, LOC KBC Bank NV, LOC Bank of Nova Scotia, New York Agcy., VRDN (c)

10,620

10,620

(Aurora Health Care, Inc. Sys. Proj.) Series B, 2.6%, LOC M&I Marshall & Ilsley Bank, VRDN (c)

7,900

7,900

(Marshfield Clinic Proj.) Series B, 2.49%, LOC M&I Marshall & Ilsley Bank, VRDN (c)

14,500

14,500

(Nat'l. Regency of New Berlin, Inc. Proj.) 2.63%, LOC M&I Marshall & Ilsley Bank, VRDN (c)

5,700

5,700

Wisconsin Petroleum Inspection Fee Rev. Series 2000, 1.65% 7/8/08, CP

20,000

20,000

Wisconsin Trans. Rev. Participating VRDN Series Putters 299, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

895

895

239,983

Wyoming - 0.4%

Lincoln County Poll. Cont. Rev. (Exxon Corp. Proj.) Series 1984 A, 2.5%, VRDN (c)

15,210

15,210

Platte County Poll. Cont. Rev. (Tri-State Generation & Transmission Assoc. Proj.) Series 1984 A, 2.85%, LOC Nat'l. Rural Utils. Coop. Fin. Corp., VRDN (c)

7,700

7,700

Uinta County Poll. Cont. Rev. (Chevron Corp. Proj.) Series 1993, 2.5%, VRDN (c)

10,300

10,300

33,210

Municipal Securities - continued

Shares

Value
(000s)

Other - 1.6%

Fidelity Tax-Free Cash Central Fund, 2.51% (a)(d)

121,857,083

$ 121,857

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $7,469,617)

7,469,617

NET OTHER ASSETS - 0.9%

68,036

NET ASSETS - 100%

$ 7,537,653

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

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

(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund.

(e) Security collateralized by an amount sufficient to pay interest and principal.

(f) Provides evidence of ownership in one or more underlying municipal bonds.

(g) 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 $15,800,000 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost (000s)

Greenville County School District Installment Purp. Rev. Participating VRDN Series PT 3393, 2.47% (Liquidity Facility Dexia Cr. Local de France)

4/6/06

$ 15,800

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
(Amount in
thousands)

Fidelity Tax-Free Cash Central Fund

$ 1,943

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Tax-Exempt Fund

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2008 (Unaudited)

Assets

Investment in securities, at value -
See accompanying schedule:

Unaffiliated issuers (cost $7,347,760)

$ 7,347,760

Fidelity Central Funds (cost $121,857)

121,857

Total Investments (cost $7,469,617)

$ 7,469,617

Cash

14,280

Receivable for investments sold

107,648

Receivable for fund shares sold

121,850

Interest receivable

43,705

Distributions receivable from Fidelity Central Funds

193

Prepaid expenses

10

Receivable from investment adviser for expense reductions

207

Other receivables

2,788

Total assets

7,760,298

Liabilities

Payable for investments purchased
Regular delivery

$ 93,602

Delayed delivery

17,793

Payable for fund shares redeemed

104,976

Distributions payable

179

Accrued management fee

1,610

Distribution fees payable

487

Other affiliated payables

3,883

Other payables and accrued expenses

115

Total liabilities

222,645

Net Assets

$ 7,537,653

Net Assets consist of:

Paid in capital

$ 7,535,898

Distributions in excess of net investment income

(16)

Accumulated undistributed net realized gain (loss) on investments

1,771

Net Assets

$ 7,537,653

Daily Money Class:
Net Asset Value, offering price and redemption price per share ($1,092,943 ÷ 1,092,017 shares)

$ 1.00

Capital Reserves Class:
Net Asset Value, offering price and redemption price per share ($569,785 ÷ 569,316 shares)

$ 1.00

Fidelity Tax-Free Money Market Fund:
Net Asset Value, offering price and redemption price per share ($5,874,925 ÷ 5,872,678 shares)

$ 1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended April 30, 2008 (Unaudited)

Investment Income

Interest

$ 91,552

Income from Fidelity Central Funds

1,943

Total income

93,495

Expenses

Management fee

$ 8,646

Transfer agent fees

6,921

Distribution fees

2,731

Accounting fees and expenses

289

Custodian fees and expenses

51

Independent trustees' compensation

14

Registration fees

482

Audit

25

Legal

9

Miscellaneous

9

Total expenses before reductions

19,177

Expense reductions

(6,127)

13,050

Net investment income

80,445

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

1,621

Capital gain distributions from Fidelity Central Funds

8

Total net realized gain (loss)

1,629

Net increase in net assets resulting from operations

$ 82,074

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Tax-Exempt Fund
Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30, 2008
(Unaudited)

Year ended
October 31,
2007

Increase (Decrease) in Net Assets

Operations

Net investment income

$ 80,445

$ 149,600

Net realized gain (loss)

1,629

602

Net increase in net assets resulting from operations

82,074

150,202

Distributions to shareholders from net investment income

(80,459)

(149,597)

Distributions to shareholders from net realized gain

(61)

-

Total distributions

(80,520)

(149,597)

Share transactions - net increase (decrease)

1,787,885

1,951,132

Total increase (decrease) in net assets

1,789,439

1,951,737

Net Assets

Beginning of period

5,748,214

3,796,477

End of period (including distributions in excess of net investment income of $16 and distributions in excess of net investment income of $2, respectively)

$ 7,537,653

$ 5,748,214

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Daily Money Class

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.011

.030

.027

.016

.005

.005

Net realized and unrealized gain (loss)F

-

-

-

-

-

-

Total from investment operations

.011

.030

.027

.016

.005

.005

Distributions from net investment income

(.011)

(.030)

(.027)

(.016)

(.005)

(.005)

Distributions from net realized gain

-F

-

-

-

-

-

Total distributions

(.011)

(.030)

(.027)

(.016)

(.005)

(.005)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C

1.11%

3.07%

2.72%

1.58%

.47%

.52%

Ratios to Average Net Assets D, E

Expenses before reductions

.73% A

.73%

.73%

.74%

.74%

.74%

Expenses net of fee waivers, if any

.70% A

.70%

.70%

.70%

.70%

.70%

Expenses net of all reductions

.55% A

.54%

.54%

.61%

.69%

.68%

Net investment income

2.17% A

3.03%

2.70%

1.60%

.49%

.52%

Supplemental Data

Net assets,
end of period
(in millions)

$ 1,093

$ 895

$ 617

$ 575

$ 625

$ 544

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Capital Reserves Class

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.010

.028

.024

.013

.002

.003

Net realized and unrealized gain (loss) F

-

-

-

-

-

-

Total from investment operations

.010

.028

.024

.013

.002

.003

Distributions from net investment income

(.010)

(.028)

(.024)

(.013)

(.002)

(.003)

Distributions from net realized gain

-F

-

-

-

-

-

Total distributions

(.010)

(.028)

(.024)

(.013)

(.002)

(.003)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C

.98%

2.81%

2.46%

1.33%

.23%

.30%

Ratios to Average Net Assets D, E

Expenses before reductions

.98% A

.98%

.98%

.99%

.99%

.99%

Expenses net of fee waivers, if any

.95% A

.95%

.95%

.95%

.94%

.93%

Expenses net of all reductions

.80% A

.82%

.79%

.86%

.93%

.91%

Net investment income

1.92% A

2.74%

2.45%

1.35%

.25%

.29%

Supplemental Data

Net assets,
end of period
(in millions)

$ 570

$ 508

$ 519

$ 524

$ 504

$ 369

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Fidelity Tax-Free Money Market Fund

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.012

.033

.029

.018

.007

.008

Net realized and unrealized gain (loss) F

-

-

-

-

-

-

Total from investment operations

.012

.033

.029

.018

.007

.008

Distributions from net investment income

(.012)

(.033)

(.029)

(.018)

(.007)

(.008)

Distributions from net realized gain

-F

-

-

-

-

-

Total distributions

(.012)

(.033)

(.029)

(.018)

(.007)

(.008)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C

1.23%

3.32%

2.97%

1.84%

.73%

.78%

Ratios to Average Net Assets D, E

Expenses before reductions

.48% A

.48%

.49%

.49%

.49%

.49%

Expenses net of fee waivers, if any

.45% A

.45%

.45%

.45%

.45%

.45%

Expenses net of all reductions

.30% A

.29%

.29%

.36%

.44%

.43%

Net investment income

2.42% A

3.28%

2.95%

1.85%

.74%

.74%

Supplemental Data

Net assets,
end of period
(in millions)

$ 5,875

$ 4,346

$ 2,661

$ 1,856

$ 1,049

$ 495

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2008 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

Treasury Fund (Treasury), Prime Fund (Prime) and Tax-Exempt Fund (Tax-Exempt) (collectively referred to as "the Funds") are funds of Fidelity Newbury Street Trust (the trust). Each Fund is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Treasury offers four classes of shares, Daily Money Class, Capital Reserves Class, Advisor B Class and Advisor C Class. Prime offers two classes of shares, Daily Money Class and Capital Reserves Class. Tax-Exempt offers three classes of shares, Daily Money Class, Capital Reserves Class and Fidelity Tax-Free Money Market Fund. Each class has equal rights as to assets and voting privileges and has exclusive voting rights with respect to matters that affect that class. Advisor B Class shares will automatically convert to Daily Money Class shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

Semiannual Report

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:

Security 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.

Investment Transactions and Income. Security transactions, including the Funds' investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for Prime, Independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Each Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Funds' federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, Certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

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

The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

Cost for Federal Income Tax
Purposes

Unrealized
Appreciation

Unrealized
Depreciation

Net Unrealized
Appreciation/
(Depreciation)

Treasury

$ 4,539,195

$ -

$ -

$ -

Prime

22,177,575

-

-

-

Tax-Exempt

7,469,617

-

-

-

New Accounting Pronouncement. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and results in expanded disclosures about fair value measurements.

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits certain Funds and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Certain Funds may also invest directly with

Semiannual Report

4. Operating Policies - continued

Repurchase Agreements - continued

institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. Each applicable Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee that is based on an annual rate of .25% of average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

Treasury

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Daily Money Class

0%

.25%

$ 2,707

$ 192

Capital Reserves Class

.25%

.25%

4,864

170

Advisor B Class

.75%

.25%

312

235

Advisor C Class

.75%

.25%

752

146

$ 8,635

$ 743

Prime

Daily Money Class

0%

.25%

$ 11,825

$ 1,187

Capital Reserves Class

.25%

.25%

30,385

1,399

$ 42,210

$ 2,586

Tax-Exempt

Daily Money Class

0%

.25%

$ 1,282

$ -

Capital Reserves Class

.25%

.25%

1,449

63

$ 2,731

$ 63

Sales Load. FDC receives the proceeds of contingent deferred sales charges levied on Treasury - Advisor B and Advisor C class redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Treasury - Advisor B and 1% for Treasury - Advisor C. In addition, FDC receives deferred sales charges of .25% on certain purchases of the Daily Money Class.

For the period, sales charge amounts retained by FDC were as follows:

Retained by FDC

Treasury

Daily Money Class

$ -

Advisor B Class*

$ 169

Advisor C Class*

$ 42

Prime

Daily Money Class

$ 25

*When shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for Treasury and Prime. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for Tax-Exempt. Citibank has entered into a sub-arrangement with FIIOC to perform the activities associated with Tax-Exempt's transfer and shareholder servicing agent functions. FIIOC receives asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Each class pays a transfer agent fee equal to an annual rate of .20% of average net assets. For the period, the total transfer agent fees paid by each class to FIIOC were as follows.

Treasury - Daily Money Class

$ 2,166

Treasury - Capital Reserves Class

1,946

Treasury - Advisor B Class

64

Treasury - Advisor C Class

151

$ 4,327

Prime - Daily Money Class

$ 9,460

Prime - Capital Reserves Class

12,156

$ 21,616

Tax-Exempt - Daily Money Class

$ 1,027

Tax-Exempt - Capital Reserves Class

581

Tax-Exempt - Fidelity Tax-Free Money Market Fund

5,313

$ 6,921

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the accounting records for the Funds except for Tax-Exempt. Citibank has entered into a sub-arrangement with FSC to maintain Tax-Exempt's accounting records. The fee is based on the level of average net assets for the month.

6. Expense Reductions.

FMR voluntarily agreed to reimburse the funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

6. Expense Reductions - continued

The following classes of each applicable Fund were in reimbursement during the period:

Expense
Limitations

Reimbursement
from Adviser

Treasury

Daily Money Class

.70%

$ 322

Capital Reserves Class

.95%

332

Advisor B Class

1.45%

12

Advisor C Class

1.45%

27

Prime

Daily Money Class

.70%

$ 1,758

Capital Reserves Class

.95%

2,353

Tax-Exempt

Daily Money Class

.70%

$ 156

Capital Reserves Class

.95%

94

Fidelity Tax-Free Money Market Fund

.45%

759

In addition, through arrangements with each applicable Fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.

Custody
expense
reduction

Transfer
Agent
expense
reduction

Accounting
expense
reduction

Treasury

$ -

$ -

Daily Money Class

$ 9

Capital Reserves Class

-

Advisor B Class

-

Advisor C Class

-

Prime

38

-

Daily Money Class

30

Capital Reserves Class

-

Tax-Exempt

51

289

Daily Money Class

692

Capital Reserves Class

361

Fidelity Tax-Free Money Market Fund

3,725

Semiannual Report

6. Expense Reductions - continued

FDC voluntarily agreed to waive certain class' distribution fees during the period. The amount of the waiver for each class is as follows:

Treasury

Daily Money Class

$ 11

Capital Reserves Class

88

Advisor B Class .

12

Advisor C Class .

28

7. Other.

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

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2008

Year ended
October 31,
2007

From net investment income

Treasury - Daily Money Class

$ 25,293

$ 64,906

Treasury - Capital Reserves Class

20,952

75,268

Treasury - Advisor B Class

514

2,404

Treasury - Advisor C Class

1,226

3,989

Total

$ 47,985

$ 146,567

Prime - Daily Money Class

$ 171,016

$ 358,838

Prime - Capital Reserves Class

204,468

451,659

Total

$ 375,484

$ 810,497

Tax-Exempt - Daily Money Class

$ 11,075

$ 21,760

Tax-Exempt - Capital Reserves Class

5,575

14,895

Tax-Exempt - Fidelity Tax-Free Money Market Fund

63,809

112,942

Total

$ 80,459

$ 149,597

From net realized gain

Tax-Exempt - Daily Money Class

$ 9

$ -

Tax-Exempt - Capital Reserves Class

5

-

Tax-Exempt - Fidelity Tax-Free Money Market Fund

47

-

Total

$ 61

$ -

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

9. Share Transactions.

Transactions for each class of shares at a $1.00 per share were as follows:

Six months ended
April 30,
2008

Year ended
October 31,
2007

Treasury - Daily Money Class

Shares sold

4,546,562

6,202,331

Reinvestment of distributions

23,979

60,754

Shares redeemed

(4,122,455)

(5,764,006)

Net increase (decrease)

448,086

499,079

Treasury - Capital Reserves Class

Shares sold

3,897,103

9,263,233

Reinvestment of distributions

19,951

70,562

Shares redeemed

(3,728,884)

(8,591,812)

Net increase (decrease)

188,170

741,983

Treasury - Advisor B Class

Shares sold

39,200

50,466

Reinvestment of distributions

468

2,149

Shares redeemed

(29,513)

(78,075)

Net increase (decrease)

10,155

(25,460)

Treasury - Advisor C Class

Shares sold

121,976

156,702

Reinvestment of distributions

1,166

3,780

Shares redeemed

(87,495)

(146,170)

Net increase (decrease)

35,647

14,312

Prime - Daily Money Class

Shares sold

20,232,097

33,595,001

Reinvestment of distributions

165,847

347,439

Shares redeemed

(19,200,440)

(32,216,452)

Net increase (decrease)

1,197,504

1,725,988

Prime - Capital Reserves Class

Shares sold

26,298,503

50,127,681

Reinvestment of distributions

199,986

439,768

Shares redeemed

(25,018,964)

(48,728,252)

Net increase (decrease)

1,479,525

1,839,197

Tax-Exempt - Daily Money Class

Shares sold

2,481,494

3,934,105

Reinvestment of distributions

10,554

20,620

Shares redeemed

(2,294,372)

(3,676,834)

Net increase (decrease)

197,676

277,891

Semiannual Report

9. Share Transactions - continued

Six months ended
April 30,
2008

Year ended
October 31,
2007

Tax-Exempt - Capital Reserves Class

Shares sold

1,313,248

2,580,492

Reinvestment of distributions

5,486

14,579

Shares redeemed

(1,256,579)

(2,606,485)

Net increase (decrease)

62,155

(11,414)

Tax-Exempt - Fidelity Tax-Free Money Market Fund

Shares sold

14,615,586

18,322,614

Reinvestment of distributions

62,803

111,253

Shares redeemed

(13,150,335)

(16,749,212)

Net increase (decrease)

1,528,054

1,684,655

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity International Investment Advisors

Fidelity International Investment Advisors
(U.K.) Limited

Fidelity Research & Analysis Company

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Citibank, N.A.

New York, NY (Tax-Exempt Fund)

Custodian

The Bank of New York

New York, NY (Prime Fund &
Treasury Fund)

Citibank, N.A.

New York, NY (Tax-Exempt Fund)

DMFI-SANN-0608
1.703547.110

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Fidelity
Tax-Free Money Market
Fund

A Class of Fidelity®
Cash Management Funds:
Tax-Exempt Fund

Semiannual Report

April 30, 2008

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Shareholder Expense Example

<Click Here>

An example of shareholder expenses.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months and one year.

Investments

<Click Here>

A complete list of the fund's investments with their values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

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

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

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

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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Continuation of a credit squeeze, flat consumer spending and a potential recession weighed heavily on stocks in the opening months of 2008, though positive results in investment-grade bonds and money markets offered some comfort to investors. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2007 to April 30, 2008).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Semiannual Report

Beginning
Account Value
November 1, 2007

Ending
Account Value
April 30, 2008

Expenses Paid
During Period*
November 1, 2007
to April 30, 2008

Daily Money Class

Actual

$ 1,000.00

$ 1,011.10

$ 3.50

HypotheticalA

$ 1,000.00

$ 1,021.38

$ 3.52

Capital Reserves Class

Actual

$ 1,000.00

$ 1,009.80

$ 4.75

HypotheticalA

$ 1,000.00

$ 1,020.14

$ 4.77

Fidelity Tax-Free Money Market Fund

Actual

$ 1,000.00

$ 1,012.30

$ 2.25

HypotheticalA

$ 1,000.00

$ 1,022.63

$ 2.26

A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Annualized
Expense Ratio

Daily Money Class

.70%

Capital Reserves Class

.95%

Fidelity Tax-Free Money Market Fund

.45%

Semiannual Report

Investment Changes

Maturity Diversification

Days

% of fund's investments 4/30/08

% of fund's investments 10/31/07

% of fund's investments 4/30/07

0 - 30

83.1

83.8

91.9

31 - 90

7.6

3.0

0.5

91 - 180

6.4

3.0

5.8

181 - 397

2.9

10.2

1.8

Weighted Average Maturity

4/30/08

10/31/07

4/30/07

Tax-Exempt Fund

26 Days

39 Days

19 Days

All Tax-Free Money Market Funds Average A

25 Days

30 Days

20 Days

Asset Allocation (% of fund's net assets)

As of April 30, 2008

As of October 31, 2007

Variable Rate
Demand Notes
(VRDNs) 78.3%

Variable Rate
Demand Notes
(VRDNs) 76.1%

Commercial Paper (including
CP Mode) 6.7%

Commercial Paper (including
CP Mode) 3.6%

Tender Bonds 1.5%

Tender Bonds 1.8%

Municipal Notes 9.4%

Municipal Notes 10.9%

Municipal Bonds 1.6%

Municipal Bonds 0.9%

Fidelity Tax-Free
Cash Central Fund 1.6%

Fidelity Tax-Free
Cash Central Fund 2.4%

Net Other Assets 0.9%

Net Other Assets 4.3%

A Source: iMoneyNet, Inc.

Semiannual Report

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 99.1%

Principal Amount (000s)

Value
(000s)

Alabama - 0.8%

Alabama Pub. School & College Auth. Rev. Participating VRDN:

Series Putters 124, 2.93% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

$ 10,000

$ 10,000

Series Putters 2403, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

9,995

9,995

Birmingham Wtrwks. & Swr. Board Wtr. & Swr. Rev. Participating VRDN Series ROC II R 10105, 2.46% (Liquidity Facility Citigroup, Inc.) (c)(f)

4,100

4,100

Huntsville Health Care Auth. Series 2005 A, 2.48%, LOC Regions Bank of Alabama, VRDN (c)

12,700

12,700

Mobile Indl. Dev. Board Dock & Wharf Rev. (Holnam, Inc. Proj.) Series 1999 B, 2.58%, LOC Wachovia Bank NA, VRDN (c)

13,700

13,700

Mobile Wtr. & Swr. Commissioners Wtr. & Swr. Rev. Participating VRDN Series Solar 06 109, 2.44% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

10,365

10,365

60,860

Alaska - 0.8%

Alaska Hsg. Fin. Corp. Series 2003 A2, 2.48% (FSA Insured), VRDN (c)

12,075

12,075

Anchorage Gen. Oblig. TAN 2.5% 12/30/08

14,600

14,657

CIVICVentures Rev. Participating VRDN Series Solar 06 33, 2.46% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

12,305

12,305

Valdez Marine Term. Rev.:

(ConocoPhillips Proj.) Series 1994 A, 2.55%, VRDN (c)

19,000

19,000

(Exxon Pipeline Co. Proj.) Series 1993 B, 2.6%, VRDN (c)

4,300

4,300

62,337

Arizona - 1.9%

Arizona Ctfs. of Prtn. Participating VRDN Series LB 08 P30W, 2.9% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

9,000

9,000

Arizona Health Facilities Auth. Rev. (Banner Health Proj.) Series 2005 A, 3.9% (MBIA Insured), VRDN (c)

16,500

16,500

Phoenix Civic Impt. Corp. Excise Tax Rev. Participating VRDN Series MACN 05 L, 4% (Liquidity Facility Bank of America NA) (c)(f)

4,675

4,675

Phoenix Civic Impt. Corp. Wastewtr. Sys. Rev.:

Participating VRDN Series ROC II R 6039, 2.51% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,120

5,120

Series 2007 A, 2% 6/5/08, LOC Dexia Cr. Local de France, CP

6,400

6,400

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Arizona - continued

Pima County Indl. Dev. Auth. Rev. (Broadway Proper Congregate Proj.) Series 2000 A, 2.44%, LOC State Street Bank & Trust Co., Boston, VRDN (c)

$ 4,000

$ 4,000

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

Participating VRDN:

Series EGL 06 0141, 2.44% (Liquidity Facility Citibank NA) (c)(f)

9,800

9,800

Series EGL 06 14 Class A, 2.44% (Liquidity Facility Citibank NA) (c)(f)

6,200

6,200

Series MS 04 1227, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

1,900

1,900

Series PT 1512, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

1,000

1,000

Series ROC II R 1002, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

4,480

4,480

Series ROC II R 1003, 2.44% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,170

5,170

Series ROC II R 12039, 2.44% (Liquidity Facility Citigroup, Inc.) (c)(f)

12,070

12,070

Series ROC II R 12097, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

24,790

24,790

Series ROC II R 9198, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,175

5,175

Series C, 1.95% 8/5/08, CP

7,500

7,500

Salt Verde Finl. Corp. Sr. Gas Rev. Participating VRDN:

Series ROC II R 11256, 2.45% (Liquidity Facility Citibank NA) (c)(f)

5,250

5,250

Series ROC II R 11258, 2.45% (Liquidity Facility Citibank NA) (c)(f)

2,300

2,300

Scottsdale Indl. Dev. Auth. Hosp. Rev. (Scottsdale Health Care Proj.) Series 2006 C, 2.5% (FSA Insured), VRDN (c)

7,100

7,100

Tolleson Muni. Fin. Corp. Rev. Bonds (American Wtr. Cap. Corp. Proj.) 2.4% tender 6/9/08, CP mode

8,560

8,560

146,990

Arkansas - 0.1%

Univ. of Arkansas Univ. Revs. Participating VRDN
Series Solar 06 26, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

4,950

4,950

California - 2.5%

Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev.:

Series 2004 B, 3.25% (AMBAC Insured), VRDN (c)

23,195

23,195

Series 2007 G3, 2.9% (AMBAC Insured), VRDN (c)

14,200

14,200

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

California - continued

California Gen. Oblig. RAN 4% 6/30/08

$ 107,400

$ 107,509

Los Angeles Reg'l. Arpts. Impt. Rev. (Los Angeles Int'l. Arpt./Air France Proj.) 2.43%, LOC Societe Generale, VRDN (c)

3,100

3,100

Orange County Sanitation District Ctfs. of Prtn. Participating VRDN Series LB 08 K11W, 2.85% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

9,850

9,850

Orange County Trans. Auth. Toll Road Rev. (91 Express Lanes Proj.) Series 2003 B1, 3.8% (AMBAC Insured), VRDN (c)

28,000

28,000

Univ. of California Revs. Participating VRDN Series LB 05 K11, 2.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

6,480

6,480

192,334

Colorado - 2.7%

Aurora Swr. Impt. Rev. Participating VRDN Series Solar 06 72, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

15,235

15,235

Colorado Dept. of Corrections Ctfs. of Prtn. Participating VRDN Series Putters 1252, 2.68% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,600

5,600

Colorado Ed. Ln. Prog. TRAN 3.5% 8/5/08

13,600

13,620

Colorado Health Facilities Auth. Rev.:

(Boulder Cmnty. Hosp. Proj.):

Series 2000, 2.6%, LOC JPMorgan Chase Bank, VRDN (c)

31,415

31,415

Series 2003 B, 2.5%, LOC JPMorgan Chase Bank, VRDN (c)

10,000

10,000

(Catholic Health Initiatives Proj.):

Series B1, 2.7% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c)

17,220

17,220

Series B3, 2.8% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (c)

7,495

7,495

Series B6, 2.7% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (c)

8,400

8,400

Colorado Hsg. Fin. Auth. Single Family Mtg. Rev. Series ADG 1B2, 2.7% (Liquidity Facility DEPFA BANK PLC), VRDN (c)

2,350

2,350

Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series MS 01 679, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

6,700

6,700

Colorado Springs Utils. Rev. Series 2000 A, 2.6%, VRDN (c)

53,950

53,950

Denver City & County Arpt. Rev. Participating VRDN Series MS 08 2365, 2.53% (Liquidity Facility Morgan Stanley) (c)(f)

9,200

9,200

Platte County River Pwr. Auth. (Adjustable Elec. Rev. Proj.) Series S1, 2.57% (Liquidity Facility JPMorgan Chase Bank), VRDN (c)

20,200

20,200

201,385

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Connecticut - 0.7%

Connecticut Health & Edl. Facilities Auth. Rev. (Yale Univ. Proj.) Series V2, 2.55%, VRDN (c)

$ 10,385

$ 10,385

Connecticut Spl. Tax Oblig. Rev.:

(Trans. Infrastructure Proj.) Series 2003 1, 4.5% (AMBAC Insured), VRDN (c)

28,235

28,235

Series 2003 2, 4.5% (AMBAC Insured), VRDN (c)

12,800

12,800

51,420

Delaware - 0.1%

Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.):

Series 1993 C, 3.75%, VRDN (c)

3,500

3,500

Series 1999 A, 2.9%, VRDN (c)

3,800

3,800

7,300

District Of Columbia - 0.6%

District of Columbia Gen. Oblig.:

Participating VRDN:

Series ROC II R 11300, 2.48% (Liquidity Facility Citibank NA) (c)(f)

5,540

5,540

Series ROC II R 11386, 2.48% (Liquidity Facility Citibank NA) (c)(f)

4,835

4,835

Series D-1, 2.5% (FSA Insured), VRDN (c)

11,100

11,100

District of Columbia Rev.:

(American Assoc. Med. Colleges Proj.) 5.25% (AMBAC Insured), VRDN (c)

3,575

3,575

(Carnegie Endowment for Int'l. Peace Proj.) Series 2006, 2.2%, LOC Allied Irish Banks PLC, VRDN (c)

16,475

16,475

(The AARP Foundation Proj.) Series 2004, 2.45%, LOC Bank of America NA, VRDN (c)

1,450

1,450

42,975

Florida - 10.1%

Alachua County Health Facilities Auth. Health Facilities Rev. (Shands Teaching Hosp. Proj.) 2.58%, LOC SunTrust Banks, Inc., VRDN (c)

33,700

33,700

Brevard County Health Facilities Auth. Health Care Facilities Rev. (Health First, Inc. Proj.) 2.58%, LOC SunTrust Banks, Inc., VRDN (c)

3,235

3,235

Broward County Fin. Auth. Multi-family Hsg. Rev. (Reflections Apts. Proj.) Series 1999, 2.6%, LOC Freddie Mac, VRDN (c)

5,640

5,640

Broward County School District TAN 4% 9/30/08

9,600

9,624

Charlotte County Util. Sys. Rev. Series 2003 B, 2.45% (FSA Insured), VRDN (c)

3,385

3,385

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Florida - continued

Davie Gen. Oblig. Rev. (United Jewish Cmnty. Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

$ 3,080

$ 3,080

Escambia County Poll. Cont. Rev. Bonds (Gulf Pwr. Co. Proj.) 2.35%, tender 5/15/09 (c)

7,300

7,300

Florida Board of Ed. Participating VRDN:

Series Floaters 2557, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

2,305

2,305

Series ROC II R 12079, 2.43% (Liquidity Facility Bayerische Landesbank (UNGTD)) (c)(f)

11,215

11,215

Series ROC II R 6087, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

3,385

3,385

Florida Board of Ed. Pub. Ed. Cap. Outlay Participating VRDN:

Series BA 1054, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

13,225

13,225

Series BBT 08 16, 2.48% (Liquidity Facility Branch Banking & Trust Co.) (c)(f)

10,845

10,845

Series EC 1150, 2.6% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

1,500

1,500

Series EGL 01 905, 2.42% (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA) (c)(f)

10,200

10,200

Series EGL 7050054 Class A, 2.44% (Liquidity Facility Citibank NA) (c)(f)

18,840

18,840

Series ROC II R 482, 2.43% (Liquidity Facility Citibank NA) (c)(f)

9,675

9,675

Florida Dept. of Trans. Tpk. Rev.:

Bonds Series A, 4.5% 7/1/08

4,065

4,075

Participating VRDN:

Series Putters 218, 2.43% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

7,820

7,820

Series Putters 2514, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

4,770

4,770

Series Putters 2539, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

8,000

8,000

Series PZ 184, 2.51% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

6,140

6,140

Florida Gen. Oblig. Participating VRDN Series PZ 130, 2.47% (Liquidity Facility Wells Fargo & Co.) (c)(f)

2,860

2,860

Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Participating VRDN Series EC 1081, 2.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

9,000

9,000

Florida Muni. Ln. Council Rev. Participating VRDN Series Solar 06 81, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

8,670

8,670

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Florida - continued

Fort Myers Util. Sys. Rev. Participating VRDN Series Solar 06 53, 2.46% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

$ 12,795

$ 12,795

Gainesville Utils. Sys. Rev. Series B, 2.4% (Liquidity Facility Bank of New York, New York), VRDN (c)

7,335

7,335

Highlands County Health Facilities Auth. Rev.:

Participating VRDN Series Putters 1405, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

8,620

8,620

(Adventist Health Sys. - Sunbelt Proj.) Series A-2, 2.45% (FSA Insured), VRDN (c)

6,900

6,900

Hillsborough County Cap. Impt. Prog. Rev. Series A, 2.1% 11/20/08, LOC State Street Bank & Trust Co., Boston, CP

5,720

5,720

Indian River County Hosp. District Hosp. Rev. Series 1985, 2.78%, LOC Wachovia Bank NA, VRDN (c)

2,700

2,700

Jacksonville Econ. Dev. Corp. Rev. (YMCA of Florida's First Coast Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

1,500

1,500

Jacksonville Health Facilities Auth. Participating VRDN Series ROC II R 186, 2.43% (Liquidity Facility Citibank NA) (c)(f)

1,695

1,695

Leesburg Hosp. Rev. (Leesburg Reg'l. Med. Ctr. Proj.) 2.5%, LOC Bank of Nova Scotia, New York Agcy., VRDN (c)

10,000

10,000

Manatee County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1994, 2.6%, VRDN (c)

13,760

13,760

Martin County Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 2000, 2.85%, VRDN (c)

5,500

5,500

Miami-Dade County Aviation Rev. Series 2005 B, 1.85% 7/2/08, LOC BNP Paribas SA, LOC Dexia Cr. Local de France, CP

4,659

4,659

Miami-Dade County Health Facilities Auth. Hosp. Rev. Participating VRDN Series Putters 208, 2.43% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

6,775

6,775

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

Series DBE 530, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

6,255

6,255

Series EGL 07 0051, 2.47% (Liquidity Facility Bayerische Landesbank (UNGTD)) (c)(f)

18,315

18,315

Miami-Dade County School District TAN 4% 10/3/08

15,800

15,840

Miami-Dade County Transit Sales Surtax Rev. Participating VRDN Series EGL 06 101 Class A, 2.48% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

22,540

22,540

Miami-Dade County Wtr. & Swr. Rev. 2.45% (FSA Insured), VRDN (c)

16,695

16,695

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Florida - continued

Orange County Health Facilities Auth. Rev. Participating VRDN Series LB 08 F63W, 2.7% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

$ 13,550

$ 13,550

Orange County Indl. Dev. Auth. Indl. Dev. Rev. (Central Florida YMCA Proj.) Series 2002 A, 2.47%, LOC Bank of America NA, VRDN (c)

2,265

2,265

Orlando & Orange County Expressway Auth. Rev.:

Participating VRDN Series Putters 1345, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

3,990

3,990

Series 2003 C1, 2.5% (FSA Insured), VRDN (c)

22,745

22,745

Series 2003 C3, 2.38% (FSA Insured), VRDN (c)

7,885

7,885

Series 2005 C, 3% (AMBAC Insured), VRDN (c)

57,900

57,900

Series 2008 B2, 2.65%, LOC SunTrust Banks, Inc., VRDN (c)

19,000

19,000

Subseries 2005 A1, 2.85% (AMBAC Insured), VRDN (c)

21,200

21,200

Orlando Utils. Commission Wtr. & Elec. Rev. Series A, 2.7%, VRDN (c)

13,800

13,800

Palm Beach County Health Facilities Auth. Health Facilities Rev. (Bethesda Health Care Sys. Proj.) 2.58%, LOC SunTrust Banks, Inc., VRDN (c)

27,185

27,185

Palm Beach County Rev.:

(Hospice of Palm Beach Proj.) 2.45%, LOC Northern Trust Co., Chicago, VRDN (c)

6,500

6,500

(Morse Oblig. Group Proj.) 2.45%, LOC KeyBank NA, VRDN (c)

13,700

13,700

(Planned Parenthood Proj.) 2.45%, LOC Northern Trust Co., Chicago, VRDN (c)

2,700

2,700

(Raymond F Kravis Ctr. Proj.) 2.5%, LOC Northern Trust Co., Chicago, VRDN (c)

6,100

6,100

Palm Beach County School District 0.8% 8/4/08, LOC Bank of America NA, CP

27,300

27,300

Panama City Beach Participating VRDN Series Solar 2006 129, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

9,060

9,060

Peace River/Manasota Reg'l. Wtr. Supply Auth. Rev. Participating VRDN Series ROC II R 607PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

11,760

11,760

Pinellas County Health Facilities Auth. Rev.:

(Baycare Health Sys. Proj.):

Series B1, 2.25% (FSA Insured), VRDN (c)

10,400

10,400

Series B2, 2.41% (FSA Insured), VRDN (c)

32,900

32,900

(Bayfront Med. Ctr., Inc. Projs.) 2.58%, LOC SunTrust Banks, Inc., VRDN (c)

27,125

27,125

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Florida - continued

Polk County Util. Sys. Rev. Participating VRDN Series ROC II R 12143, 2.5% (Liquidity Facility Bank of New York, New York) (c)(f)

$ 9,600

$ 9,600

Putnam County Dev. Auth. Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) 2.6%, VRDN (c)

2,980

2,980

Santa Rosa County Health Facilities Rev. (Baptists Hosp., Inc. Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

4,470

4,470

South Florida Wtr. Mgmt. District Ctfs. of Prtn. Participating VRDN Series BA 07 1036, 2.51% (Liquidity Facility Bank of America NA) (c)(f)

11,250

11,250

South Miami Health Facilities Auth. Hosp. Rev. Participating VRDN Series Putters 2473, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

1,550

1,550

Sunshine State Govt. Fing. Commission Rev. Series 2007 J, 1.45% 5/5/08, CP

2,008

2,008

USF Fing. Corp. Ctfs. of Prtn. (College of Medicine Health Facilities Lease Prog.) Series 2006 A2, 2.35%, LOC SunTrust Banks, Inc., VRDN (c)

17,000

17,000

Volusia County Health Facilities Auth. Rev. (Southwest Volusia Healthcare Corp. Proj.) Series 1994 A, 2.39%, LOC SunTrust Banks, Inc., VRDN (c)

7,000

7,000

759,016

Georgia - 2.5%

Atlanta Arpt. Passenger Facilities Charge Rev. Participating VRDN Series EGL 7053030 Class A, 2.5% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

5,200

5,200

Atlanta Arpt. Rev.:

Series 2003 RFB2, 4.5% (MBIA Insured), VRDN (c)

37,490

37,490

Series 2003 RFC1, 3% (MBIA Insured), VRDN (c)

8,100

8,100

Series 2003 RFC3, 3% (MBIA Insured), VRDN (c)

9,750

9,750

Series 2005 A2, 2.83% 6/25/08, LOC Bayerische Landesbank (UNGTD), LOC Calyon, CP

9,485

9,485

Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 1998, 2.65%, VRDN (c)

15,690

15,690

Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.):

Eighth Series 1994, 2.53%, VRDN (c)

10,000

10,000

Third Series 1994, 2.65%, VRDN (c)

25,800

25,800

Cobb County Hsg. Auth. Multi-family Hsg. Rev. 2.6%, LOC Fannie Mae, VRDN (c)

10,300

10,300

DeKalb Private Hosp. Auth. Rev. (Egleston Children's Hosp. Proj.) Series 1994 B, 2.69%, LOC SunTrust Banks, Inc., VRDN (c)

2,300

2,300

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Georgia - continued

Fulton County Dev. Auth.:

(Mount Vernon Presbyterian School Proj.) 2.48%, LOC Branch Banking & Trust Co., VRDN (c)

$ 5,000

$ 5,000

(Pace Academy, Inc. Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

9,000

9,000

(Woodward Academy, Inc. Proj.) Series 1997, 2.44%, LOC SunTrust Banks, Inc., VRDN (c)

3,930

3,930

Fulton County School District TAN 3% 12/31/08

14,100

14,169

Fulton County Wtr. & Swr. Rev. Participating VRDN Series ROC II R 12142, 2.5% (Liquidity Facility Citigroup, Inc.) (c)(f)

4,295

4,295

Macon-Bibb County Hosp. Auth. Rev. (Central Sr. Health, Inc./Carlyle Place Proj.) 2.58%, LOC SunTrust Banks, Inc., VRDN (c)

3,500

3,500

Muni. Elec. Auth. of Georgia Series 1994 B, 2.7% (FSA Insured), VRDN (c)

8,825

8,825

Roswell Hsg. Auth. Multi-family Hsg. Rev. (Greenhouse Roswell Proj.) Series 1996, 2.6%, LOC Fannie Mae, VRDN (c)

3,000

3,000

Whitfield County Residential Care Facilities Auth. Rev. (Royal Oaks Sr. Living Cmnty. Proj.) 2.45%, LOC Wachovia Bank NA, VRDN (c)

4,500

4,500

190,334

Idaho - 0.3%

Idaho Gen. Oblig. TAN 4.5% 6/30/08

24,700

24,730

Illinois - 9.9%

Chicago Board of Ed.:

Series 2000 B, 2.45% (FSA Insured), VRDN (c)

9,205

9,205

Series 2000 C, 2.45% (FSA Insured), VRDN (c)

13,200

13,200

Series 2000 D, 2.85% (FSA Insured), VRDN (c)

9,950

9,950

Chicago Gen. Oblig.:

Participating VRDN:

Series Floaters 2507, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

2,510

2,510

Series PT 2357, 2.45% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

1,680

1,680

Series PT 2361, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

8,200

8,200

Series Solar 06 38, 2.47% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

2,500

2,500

(Neighborhoods Alive 21 Prog.) Series B, 2.75% (MBIA Insured), VRDN (c)

37,400

37,400

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Illinois - continued

Chicago Metropolitan Wtr. Reclamation District Greater Chicago Participating VRDN Series ROC II R 11283, 2.43% (Liquidity Facility Citibank NA) (c)(f)

$ 4,000

$ 4,000

Chicago Motor Fuel Tax Rev. Participating VRDN Series MS 2615, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

2,920

2,920

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

Series DB 502, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

13,760

13,760

Series LB 08 K27W, 2.9% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

3,000

3,000

Series ROC II R 11440, 2.48% (Liquidity Facility Citibank NA) (c)(f)

7,225

7,225

Series ROC II R 605 PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

5,100

5,100

Chicago Wastewtr. Transmission Rev.:

Participating VRDN Series ROC II R 720 PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

10,150

10,150

Series 2004 A, 3% (MBIA Insured), VRDN (c)

23,055

23,055

Chicago Wtr. Rev.:

Participating VRDN Series Merlots 00 TT, 2.72% (Liquidity Facility Wachovia Bank NA) (c)(f)

18,785

18,785

Series A, 3% (MBIA Insured), VRDN (c)

79,100

79,100

Cook County Gen. Oblig.:

Participating VRDN Series ROC II R 2063, 2.51% (Liquidity Facility Citigroup, Inc.) (c)(f)

2,770

2,770

Series 2004 E, 2.35% (Liquidity Facility DEPFA BANK PLC), VRDN (c)

6,000

6,000

DuPage County Gen. Oblig. Participating VRDN Series Merlots 00 A9, 2.82% (Liquidity Facility Wachovia Bank NA) (c)(f)

9,735

9,735

DuPage County Rev. (Morton Arboretum Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

5,200

5,200

Illinois Dev. Fin. Auth. Multi-family Hsg. Rev. (Orleans-Illinois Proj.) Series 1992, 2.35% (FSA Insured), VRDN (c)

11,100

11,100

Illinois Dev. Fin. Auth. Poll. Cont. Rev. (Uno-Ven Co. Proj.) Series 1994, 2.8%, LOC JPMorgan Chase Bank, VRDN (c)

7,920

7,920

Illinois Dev. Fin. Auth. Retirement Hsg. Regency Park Rev. Participating VRDN Series PZ 181, 2.5% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

8,625

8,625

Illinois Dev. Fin. Auth. Rev.:

(Aurora Central Catholic High School Proj.) Series 1994, 2.9%, LOC Allied Irish Banks PLC, VRDN (c)

1,000

1,000

(Evanston Northwestern Health Care Corp. Proj.) 2.7%, VRDN (c)

13,860

13,860

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Illinois - continued

Illinois Dev. Fin. Auth. Rev.: - continued

(Glenwood School for Boys Proj.) Series 1998, 3.1%, LOC Harris NA, VRDN (c)

$ 3,000

$ 3,000

Illinois Edl. Facilities Auth. Revs.:

Participating VRDN:

Series PA 896R, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

4,135

4,135

Series ROC II R 12043, 2.44% (Liquidity Facility Citigroup, Inc.) (c)(f)

10,395

10,395

(ACI Cultural Pooled Fing. Prog.) 2.85%, LOC JPMorgan Chase Bank, VRDN (c)

4,700

4,700

Illinois Fin. Auth. Rev.:

Bonds (Advocate Health Care Proj.):

Series 2008 A2, 1.9%, tender 2/5/09 (c)

5,685

5,685

Series 2008 A3, 1.9%, tender 4/1/09 (c)

5,685

5,685

Participating VRDN:

Series MS 06 1489, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

7,470

7,470

Series MS 06 2152, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

3,030

3,030

Series PT 3029, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

7,685

7,685

(Alexian Brothers Health Sys. Proj.):

Series 2004, 2.5%, LOC JPMorgan Chase Bank, VRDN (c)

5,300

5,300

Series 2005 C, 2.48% (FSA Insured), VRDN (c)

3,750

3,750

(Little Co. of Mary Hosp. Proj.) Series 2008 B, 2.55%, LOC JPMorgan Chase Bank, VRDN (c)

25,170

25,170

(Mercy Alliance, Inc. Proj.) 2.49%, LOC M&I Marshall & Ilsley Bank, VRDN (c)

14,000

14,000

(Rush Univ. Med. Ctr. Proj.) Series A2, 3% (MBIA Insured), VRDN (c)

18,000

18,000

Illinois Fin. Auth. Student Hsg. Rev. Series A, 2.5%, LOC Banco Santander SA, VRDN (c)

5,325

5,325

Illinois Gen. Oblig.:

Bonds 5% 4/1/09 (b)

5,000

5,148

Participating VRDN:

Series MACN 06 L, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

3,490

3,490

Series MS 98 143, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

1,500

1,500

Series PT 2131, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

7,605

7,605

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Illinois - continued

Illinois Gen. Oblig.: - continued

Participating VRDN:

Series PT 3517, 2.45% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

$ 13,060

$ 13,060

Series PT 3523, 2.46% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

5,980

5,980

Series Putters 409, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,690

5,690

Series ROC II R 4536, 2.51% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,335

5,335

Series 2003 B, 2.73% (Liquidity Facility DEPFA BANK PLC), VRDN (c)

29,800

29,800

Illinois Health Facilities Auth. Rev.:

(Herman M. Finch Univ. of Health Sciences/The Chicago Med. School Proj.) 2.65%, LOC JPMorgan Chase Bank, VRDN (c)

9,800

9,800

(Swedish Covenant Hosp. Proj.):

Series 2003 A, 2.6%, LOC LaSalle Bank NA, VRDN (c)

4,660

4,660

Series 2003 B, 2.6%, LOC LaSalle Bank NA, VRDN (c)

9,705

9,705

Illinois Reg'l. Trans. Auth.:

Participating VRDN:

Series BA 03 C, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

2,000

2,000

Series PT 2761, 2.45% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

19,015

19,015

Series SGB 19, 4% (Liquidity Facility Societe Generale) (c)(f)

1,000

1,000

Series B, 2.65% (Liquidity Facility DEPFA BANK PLC), VRDN (c)

5,180

5,180

Illinois Sales Tax Rev. Participating VRDN Series PT 1929, 2.47% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,940

3,940

Illinois Toll Hwy. Auth. Toll Hwy. Rev.:

Participating VRDN:

Series 2005 A, 2.42% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (c)(f)

11,995

11,995

Series ROC II R 606PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

6,760

6,760

Series 2008 A1, 2.35% (FSA Insured), VRDN (c)

32,100

32,100

Series 2008 A2, 2.35% (FSA Insured), VRDN (c)

15,000

15,000

Kendall, Kane & Will Counties Cmnty. Unit School District #308 Participating VRDN Series PT 3919, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

4,200

4,200

Lake County Forest Preservation District Bonds 0% 12/1/08

12,505

12,367

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Illinois - continued

Lombard Indl. Proj. Rev. (B&H Partnership Proj.) Series 1995, 2.83%, LOC LaSalle Bank NA, VRDN (c)

$ 3,375

$ 3,375

Metropolitan Wtr. Reclamation District of Greater Chicago Participating VRDN Series Clipper 07 12, 2.46% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(f)

10,350

10,350

Schaumburg Village Gen. Oblig. Participating VRDN Series ROC II R 12133, 2.5% (Liquidity Facility Bank of New York, New York) (c)(f)

3,000

3,000

Univ. of Illinois Health Svcs. Facilities Sys. Rev. Series 2005 B, 2.5% (FSA Insured), VRDN (c)

23,980

23,980

Univ. of Illinois Univ. Revs. Participating VRDN Series EGL 06 124, 2.52% (Liquidity Facility Citibank NA) (c)(f)

18,600

18,600

Will County Cmnty. Unit School District #365 Participating VRDN:

Series DB 365, 2.45% (Liquidity Facility Deutsche Bank AG) (c)(f)

12,220

12,220

Series PZ 47, 2.47% (Liquidity Facility BNP Paribas SA) (c)(f)

9,000

9,000

Series PZ 81, 2.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,665

3,665

Will County School District #122 Participating VRDN Series PZ 48, 2.47% (Liquidity Facility BNP Paribas SA) (c)(f)

3,595

3,595

744,395

Indiana - 1.1%

Hamilton Southeastern Indiana Consolidated School Bldg. Corp. Participating VRDN Series Solar 07 06, 2.48% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

10,000

10,000

Indiana Dev. Fin. Auth. Rev. (Indianapolis Museum of Art, Inc. Proj.) Series 2001, 2.6%, LOC JPMorgan Chase Bank, VRDN (c)

4,000

4,000

Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. (Howard Reg'l. Health Sys. Proj.) Series 2005, 2.6%, LOC JPMorgan Chase Bank, VRDN (c)

7,000

7,000

Indianapolis Bond Bank Wtrwks. Rev. Participating VRDN Series PT 3961, 2.46% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

7,060

7,060

Indianapolis Local Pub. Impt. Bond Bank:

Participating VRDN Series MACN 06 S, 3.23% (Liquidity Facility Bank of America NA) (c)(f)

4,240

4,240

Series F1, 3% (MBIA Insured), VRDN (c)

5,500

5,500

Marion Econ. Dev. Rev. (Indiana Wesleyan Univ. Proj.):

2.45%, LOC Bank of America NA, VRDN (c)

5,000

5,000

2.7%, LOC Bank of America NA, VRDN (c)

9,545

9,545

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Indiana - continued

North Daviess School Bldg. Corp. Participating VRDN Series ROC II R 2203, 2.48% (Liquidity Facility Citigroup, Inc.) (c)(f)

$ 6,540

$ 6,540

Richmond Econ. Dev. Rev. (Friends Fellowship Cmnty. Proj.) Series 1997, 3%, LOC U.S. Bank NA, Minnesota, VRDN (c)

5,600

5,600

Saint Joseph County Hosp. Auth. Health Sys. Rev. Participating VRDN Series ROC II R 11031, 2.43% (Liquidity Facility Citibank NA) (c)(f)

10,400

10,400

White County Hosp. Rent Rev. 2.43%, LOC Regions Bank of Alabama, VRDN (c)

7,900

7,900

82,785

Iowa - 0.4%

Des Moines Metropolitan Wastewtr. Reclamation Auth. Swr. Rev. Participating VRDN Series Solar 06 84, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

6,460

6,460

Iowa Fin. Auth. Rev. (Wheaton Franciscan Svcs. Proj.) Series 1998 B, 4% (MBIA Insured), VRDN (c)

5,500

5,500

Iowa Gen. Oblig. TRAN 4% 6/30/08

13,100

13,116

Iowa School Cash Anticipation Prog. TRAN Series A, 4.5% 6/27/08 (FSA Insured)

8,800

8,810

33,886

Kansas - 1.7%

Johnson County Wtr. District #001 Wtr. Rev. Participating VRDN Series PZ 236, 2.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

10,564

10,564

Kansas Dept. of Trans. Hwy. Rev.:

Series 2002 B1, 2.05% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

37,000

37,000

Series 2002 B2, 2.05% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

16,600

16,600

Series 2002 B3, 2.05% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

4,700

4,700

Series 2002 C3, 2.6% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

12,725

12,725

Series 2002 D, 2.4% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

6,935

6,935

Series C-1, 2.6% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

5,100

5,100

Series C-2, 2.6% (Liquidity Facility Dexia Cr. Local de France) (Liquidity Facility WestLB AG), VRDN (c)

14,725

14,725

Wichita Wtr. & Swr. Util. Rev. Participating VRDN Series Putters 1136, 2.68% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

5,980

5,980

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Kansas - continued

Wyandotte County/Kansas City Unified Govt. Gen. Oblig. BAN:

Series I, 2.34% 11/1/08

$ 1,700

$ 1,700

Series III, 2.34% 4/1/09

15,100

15,100

131,129

Kentucky - 1.1%

Kentucky Asset Liability Commission Agcy. Fund Rev. Bonds (Fed. Hwy. Trust Proj.) First Series, 5% 9/1/08 (MBIA Insured)

7,500

7,533

Kentucky Asset/Liability Commission Road Fund Bonds First Series 2007 A:

1.8% tender 7/3/08 (Liquidity Facility Dexia Cr. Local de France), CP mode

10,000

10,000

2.2% tender 5/22/08 (Liquidity Facility Dexia Cr. Local de France), CP mode

12,500

12,500

Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev.:

Series 2003 A, 2.5% (FSA Insured), VRDN (c)

12,835

12,835

Series 2003 B, 2.5% (FSA Insured), VRDN (c)

4,685

4,685

Participating VRDN Series Solar 06 87, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

9,500

9,500

Mason County Poll. Cont. Rev. (East Kentucky Pwr. Coop. Proj.) Series 1984 B1, 2.78% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (c)

14,850

14,850

Warren County Hosp. Rev. (Bowling Green-Warren County Cmnty. Hosp. Corp. Proj.) Series 2008, 2.43%, VRDN (c)

8,555

8,555

80,458

Louisiana - 1.0%

East Baton Rouge Parish Pub. Impt. Sales Tax Rev. Series 2008 A, 2.41%, LOC Dexia Cr. Local de France, VRDN (c)

23,740

23,740

Louisiana Gas & Fuel Tax Rev. Participating VRDN:

Series BA 08 1051, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

10,400

10,400

Series ROC II R 3035, 4.01% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,735

5,735

New Orleans Aviation Board Rev. Series 1995 A, 3% (MBIA Insured), VRDN (c)

12,700

12,700

St. Tammany Parish Dev. District Rev. 2.7%, LOC SunTrust Banks, Inc., VRDN (c)

6,000

6,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Louisiana - continued

West Baton Rouge Parish Indl. District #3 Rev.:

Bonds (Dow Chemical Co. Proj.) Series 1991, 1.7% tender 7/2/08, CP mode

$ 12,700

$ 12,700

(Dow Chemical Co. Proj.) Series 1994 B, 2.7%, VRDN (c)

5,500

5,500

76,775

Maine - 0.4%

Maine Health Student Finl. Auth. Participating VRDN Series Solar 06 122, 2.47% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

8,030

8,030

Maine Tpk. Auth. Tpk. Rev. Participating VRDN:

Series DB 107, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

5,150

5,150

Series Putters 546, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,190

5,190

Series ROC II R 608PB, 2.91% (Liquidity Facility Deutsche Postbank AG) (c)(f)

10,205

10,205

28,575

Maryland - 2.0%

Anne Arundel County Gen. Oblig. Participating VRDN Series BBT 08 10, 2.43% (Liquidity Facility Branch Banking & Trust Co.) (c)(f)

13,820

13,820

Anne Arundel County Port Facilities Auth. Rev. Bonds (Baltimore Gas & Elec. Co. Proj.) Series 1985, 1.65% tender 5/9/08, LOC Wachovia Bank NA, CP mode

16,500

16,500

Howard County Gen. Oblig. 1.9% 8/5/08 (Liquidity Facility State Street Bank & Trust Co., Boston), CP

19,000

19,000

Maryland Econ. Dev. Corp. Rev. (Howard Hughes Med. Institute Proj.) Series 2008 A, 2.45%, VRDN (c)

19,000

19,000

Maryland Gen. Oblig. Bonds:

(State & Local Facilities Ln. Prog.) Second Series, 5.25% 7/15/12 (Pre-Refunded to 7/15/08 @ 101) (e)

2,000

2,026

Series 2004, 5% 2/1/09

3,000

3,067

Series A, 5% 3/1/09

3,000

3,077

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

Participating VRDN:

Series MS 06 1310, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

7,600

7,600

Series Putters 2602, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

3,440

3,440

(Adventist Healthcare Mid Atlantic Proj.) Series A, 2.45%, LOC LaSalle Bank NA, VRDN (c)

3,000

3,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Maryland - continued

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

(Edenwald Proj.) Series B, 2.4%, LOC Manufacturers & Traders Trust Co., VRDN (c)

$ 3,700

$ 3,700

(Mercy Med. Ctr. Proj.):

Series 2007 B, 2.58%, LOC Bank of America NA, VRDN (c)

4,000

4,000

Series 2007 C, 2.42%, LOC Bank of America NA, VRDN (c)

37,600

37,600

(Villa Julie College, Inc. Proj.) 2.42%, LOC Bank of America NA, VRDN (c)

1,795

1,795

Maryland Trans. Auth. Passenger Facility Charge Rev. Series 2003 A, 2.45%, LOC State Street Bank & Trust Co., Boston, VRDN (c)

6,930

6,930

Montgomery County Hsg. Opportunity Commission Hsg. Rev. (Falklands Apts. Proj.) Series 1985 B, 2.4%, LOC Fannie Mae, VRDN (c)

3,600

3,600

148,155

Massachusetts - 1.6%

Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN Series LB 08 K15W, 2.88% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

3,700

3,700

Massachusetts Dev. Fin. Agcy. Rev. (Draper Lab. Issue Proj.) Series 2000, 3.5% (MBIA Insured), VRDN (c)

19,865

19,865

Massachusetts Gen. Oblig. Participating VRDN:

Series LB 08 P25W, 2.85% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

11,120

11,120

Series MS 06 1798, 2.53% (Liquidity Facility DEPFA BANK PLC) (c)(f)

20,900

20,900

Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1993 B, 2.2% tender 7/10/08, CP mode

11,750

11,750

Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Participating VRDN Series ROC II R 11319, 2.47% (Liquidity Facility Citibank NA) (c)(f)

4,010

4,010

Route 3 North Transit Impt. Assoc. Massachusetts Lease Rev. Series B, 6.25% (AMBAC Insured), VRDN (c)

42,100

42,100

Somerville Gen. Oblig. BAN 2% 2/20/09

7,001

7,052

120,497

Michigan - 2.9%

Charlotte Hosp. Fin. Auth. Ltd. Oblig. Rev. (Hayes Green Beach Proj.) 2.48%, LOC Fifth Third Bank, Cincinnati, VRDN (c)

9,000

9,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Michigan - continued

Chelsea Econ. Dev. Corp. Ltd. Oblig. Rev. (Silver Maples of Chelsea Proj.) 2.45%, LOC Comerica Bank, Detroit, VRDN (c)

$ 6,600

$ 6,600

Detroit Swr. Disp. Rev.:

Participating VRDN:

Series PT 2595, 2.46% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

5,860

5,860

Series Putters 3756, 2.36% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

6,360

6,360

Series 2001 C1, 2.6% (FSA Insured), VRDN (c)

10,200

10,200

Detroit Wtr. Supply Sys. Rev. Series B, 2.35% (FSA Insured), VRDN (c)

24,175

24,175

Grand Valley Michigan State Univ. Rev. Series 2008 B, 2.85%, LOC RBS Citizens NA, VRDN (c)

7,140

7,140

Kent County Bldg. Auth. Participating VRDN:

Series PT 3242, 2.45% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

10,910

10,910

Series PT 3243, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,860

5,860

Michigan Gen. Oblig.:

Participating VRDN Series MT 494, 2.41% (Liquidity Facility KBC Bank NV) (c)(f)

3,620

3,620

RAN Series A, 4% 9/30/08, LOC DEPFA BANK PLC

42,500

42,684

Michigan Hosp. Fin. Auth. Rev.:

Participating VRDN Series PT 732, 2.42% (Liquidity Facility Svenska Handelsbanken AB) (c)(f)

7,700

7,700

(Health Care Equip. Ln. Prog.) Series B, 2.6%, LOC LaSalle Bank Midwest NA, VRDN (c)

300

300

(Munising Memorial Hosp. Assoc. Proj.) 2.48%, LOC Banco Santander SA, VRDN (c)

6,400

6,400

Michigan Muni. Bond Auth. Rev.:

Participating VRDN Series MT 287, 2.42% (Liquidity Facility DEPFA BANK PLC) (c)(f)

8,990

8,990

RAN Series B-2, 4.5% 8/20/08, LOC Bank of Nova Scotia, New York Agcy.

12,200

12,229

Michigan Strategic Fund Ltd. Oblig. Rev.:

(Detroit Symphony Orchestra, Inc. Proj.) Series 2001 B, 2.65%, LOC LaSalle Bank Midwest NA, VRDN (c)

6,405

6,405

(Dow Chemical Co. Proj.) 3.5%, VRDN (c)

13,450

13,450

(Van Andel Research Institute Proj.) 2.41%, LOC Bank of America NA, VRDN (c)

28,300

28,300

216,183

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Minnesota - 0.9%

Farmington Ind. School District #192 Participating VRDN Series ROC II R 12110, 2.48% (Liquidity Facility Bayerische Landesbank (UNGTD)) (c)(f)

$ 23,380

$ 23,380

Minneapolis & Saint Paul Hsg. & Redev. Auth. Health Care Sys. Rev.:

(Allina Health Sys. Proj.) Series 2007 B1, 3.5% (MBIA Insured), VRDN (c)

10,000

10,000

(Children's Hospitals and Clinics Proj.) Series 2007 A, 2.63% (FSA Insured), VRDN (c)

5,000

5,000

Minnesota Agric. & Econ. Dev. Board Rev. (Essentia Health Obligated Group Proj.) Series 2008 C3, 2.65%, VRDN (c)

6,775

6,775

Minnesota Gen. Oblig. Participating VRDN Series MS 01 719, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

3,100

3,100

Minnesota Hsg. Fin. Agcy. Bonds (Residential Hsg. Fin. Proj.) Series N, 3.3% 12/18/08

7,200

7,200

Minnetonka Multi-family Hsg. Rev. (Cliffs at Ridgedale Proj.) Series 1995, 2.48%, LOC Fannie Mae, VRDN (c)

2,350

2,350

Univ. of Minnesota Series 2001 C, 2.63% (Liquidity Facility JPMorgan Chase Bank), VRDN (c)

10,240

10,240

68,045

Mississippi - 0.6%

Mississippi Bus. Fin. Corp. Participating VRDN Series MS 06 2240, 2.47% (Liquidity Facility Wells Fargo & Co.) (c)(f)

26,680

26,680

Mississippi Bus. Fin. Corp. Rev. (Renaissance At Colony Park Proj.) 2.45%, LOC Regions Bank of Alabama, VRDN (c)

12,870

12,870

Mississippi Hwy. Rev. Bonds (Four-Lane Hwy. Prog.) Series 1999, 5.25% 6/1/08

4,135

4,150

43,700

Missouri - 1.2%

Bi-State Dev. Agcy. Missouri Illinois Metropolitan District Rev. Participating VRDN Series MS 06 1936, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

7,960

7,960

Curators of the Univ. of Missouri Sys. Facilities Rev. Series 2006 B, 2.7%, VRDN (c)

7,905

7,905

Kansas City Indl. Dev. Auth. Student Hsg. Facilities Rev. (Oak Street West Proj.) 2.55%, LOC Bank of America NA, VRDN (c)

4,300

4,300

Missouri Dev. Fin. Board Cultural Facilities Rev. (Nelson Atkins Museum Proj.) Series 2001 B, 2.7% (MBIA Insured), VRDN (c)

7,550

7,550

Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. Participating VRDN Series EGL 07 0001, 2.44% (Liquidity Facility Citibank NA) (c)(f)

6,000

6,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Missouri - continued

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

(BJC Health Sys. Proj.) Series B, 2.65% (Liquidity Facility Bank of Nova Scotia, New York Agcy.) (Liquidity Facility JPMorgan Chase Bank), VRDN (c)

$ 17,140

$ 17,140

(SSM Health Care Sys. Proj.) Series C-1, 2.5% (FSA Insured), VRDN (c)

5,555

5,555

Missouri Health & Edl. Facilities Auth. Rev. Bonds (Ascension Health Proj.) Series 2003 C3, 1.75%, tender 3/3/09 (c)

8,500

8,500

Missouri Highways & Trans. Commission State Road Rev. Participating VRDN Series MT 496, 2.42% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

11,000

11,000

Saint Louis Arpt. Rev. Participating VRDN Series Floaters 07 004, 2.47% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

12,950

12,950

88,860

Nebraska - 1.3%

Nebraska Pub. Pwr. District Rev. Bonds Series B-2, 5% 1/1/09

4,800

4,877

Nebraska Pub. Pwr. Generation Agcy. Rev. Participating VRDN Series EGL 07 0009, 2.48% (Liquidity Facility Citibank NA) (c)(f)

18,000

18,000

Omaha Gen. Oblig. Participating VRDN:

Series ROC II R 10085, 2.43% (Liquidity Facility Citibank NA) (c)(f)

9,975

9,975

Series ROC II R 12170, 2.46% (Liquidity Facility Bank of New York, New York) (c)(f)

2,560

2,560

Series ROC II R 9210, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

6,000

6,000

Omaha Pub. Pwr. District Participating VRDN Series EGL 06 14 Class A, 2.48% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

22,135

22,135

Omaha Pub. Pwr. District Elec. Rev. Participating VRDN:

Series BBT 2060, 2.45% (Liquidity Facility Branch Banking & Trust Co.) (c)(f)

23,150

23,150

Series MS 1289, 2.93% (Liquidity Facility Morgan Stanley) (c)(f)

9,152

9,152

95,849

Nevada - 1.3%

Clark County Arpt. Rev. Series 2008 D2, 2.56%, LOC Landesbank Baden-Wuert, VRDN (c)

17,000

17,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Nevada - continued

Clark County Fuel Tax:

Participating VRDN:

Series MS 1282, 2.93% (Liquidity Facility Morgan Stanley) (c)(f)

$ 5,600

$ 5,600

Series Putters 1309, 2.93% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,650

5,650

Series 2008 A, 1.75% 8/7/08, LOC California Teachers Retirement Sys., LOC State Street Bank & Trust Co.,
Boston, CP

6,000

6,000

Series 2008 B, 2.2% 6/5/08, LOC BNP Paribas SA, CP

4,000

4,000

Clark County Hwy. Impt. Rev. Participating VRDN Series ROC II R 11391, 2.48% (Liquidity Facility Citibank NA) (c)(f)

4,500

4,500

Las Vegas Valley Wtr. District Series B, 2.85% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

15,200

15,200

Nevada Gen. Oblig. Participating VRDN:

Series PT 3091, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,220

5,220

Series PZ 142, 2.47% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

12,630

12,630

Truckee Meadows Wtr. Auth. Wtr. Rev. Participating VRDN Series Floaters 08 14C, 2.46% (Liquidity Facility Wells Fargo & Co.) (c)(f)

19,295

19,295

95,095

New Jersey - 1.8%

New Jersey Econ. Dev. Auth. Rev.:

Series 2008 V2, 2.6%, LOC Dexia Cr. Local de France, VRDN (c)

32,400

32,400

Series 2008 V3, 2.6%, LOC Bank of Nova Scotia, New York Agcy., VRDN (c)

16,900

16,900

Series 2008 V4, 2.6%, LOC Bank of America NA, VRDN (c)

22,500

22,500

New Jersey Gen. Oblig. TRAN 4.5% 6/24/08

61,700

61,780

133,580

New Mexico - 0.3%

Albuquerque Gen. Oblig. Bonds Series B, 4.5% 7/1/08

4,350

4,356

Hurly Poll. Cont. Rev. (Kennecott Sante Fe Corp. Proj.)
Series 1985, 2.6%, VRDN (c)

5,000

5,000

New Mexico Fin. Auth. Trans. Rev. Series 2008 B1, 2.15%, LOC State Street Bank & Trust Co., Boston, VRDN (c)

10,700

10,700

20,056

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

New York - 3.1%

Long Island Pwr. Auth. Elec. Sys. Rev. Series 2003 G, 2.43% (FSA Insured), VRDN (c)

$ 2,500

$ 2,500

Monroe County Indl. Dev. Agcy. Civic Facility Rev. (Margaret Woodbury Strong Museum Proj.) Series 2005, 2.5%, LOC JPMorgan Chase Bank, VRDN (c)

1,000

1,000

Nassau County Indl. Dev. Agcy. (Amsterdam at Harborside Proj.) Series 2007 C, 2.53%, LOC LaSalle Bank NA, VRDN (c)

25,435

25,435

Nassau Health Care Corp. Rev. Series 2004 C3, 2.6% (FSA Insured), VRDN (c)

13,400

13,400

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

Participating VRDN Series ROC II R 12085, 2.42% (Liquidity Facility Citigroup, Inc.) (c)(f)

25,175

25,175

Series 2003 F1, 2.4% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

8,300

8,300

Series 2008 BB2, 2.35% (Liquidity Facility Bank of America NA), VRDN (c)

10,200

10,200

Series 5B, 2.5% 5/1/08 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

21,000

21,000

Series 6, 2.5% 5/1/08 (Liquidity Facility Landesbank Baden-Wuert) (Liquidity Facility Landesbank Hessen-Thuringen), CP

71,500

71,500

New York City Transitional Fin. Auth. Rev. Series 2007 A3, 2.53% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

7,280

7,280

New York Dorm. Auth. Personal Income Tax Rev. Participating VRDN Series MS 2537, 2.41% (Liquidity Facility Morgan Stanley) (c)(f)

2,990

2,990

New York Local Govt. Assistance Corp.:

Series 2003 A4V, 2.7% (FSA Insured), VRDN (c)

7,500

7,500

Series 2003 A8V, 2.8% (FSA Insured), VRDN (c)

5,100

5,100

New York Metropolitan Trans. Auth. Rev. Series 2002 D1, 2.3% (FSA Insured), VRDN (c)

9,235

9,235

Tarrytown Gen. Oblig. BAN 2% 2/20/09

20,000

20,148

Triborough Bridge & Tunnel Auth. Revs. (MTA Bridges and Tunnels Proj.) Series 2000 AB, 2.6% (FSA Insured), VRDN (c)

5,100

5,100

235,863

North Carolina - 2.2%

Charlotte Wtr. & Swr. Sys. Rev. Series B, 2.38% (Liquidity Facility DEPFA BANK PLC), VRDN (c)

4,360

4,360

Charlotte-Mecklenburg Hosp. Auth. Health Care Sys. Rev. Participating VRDN Series MS 1272, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

5,070

5,070

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

North Carolina - continued

Fayetteville Pub. Works Commission 2.5% (FSA Insured), VRDN (c)

$ 2,585

$ 2,585

Forsyth County Ctfs. of Prtn. Participating VRDN Series ROC II R 7529, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

10,705

10,705

Greensboro Combined Enterprise Sys. Rev. Series 2005 B, 2.45% (Liquidity Facility Bank of America NA), VRDN (c)

3,175

3,175

Mecklenburg County Gen. Oblig. Bonds Series B, 4% 2/1/09

1,000

1,017

North Carolina Cap. Facilities Fin. Agcy. Cap. Facilities Rev. (Guilford College Proj.) Series A, 2.48%, LOC Branch Banking & Trust Co., VRDN (c)

7,475

7,475

North Carolina Cap. Facilities Fin. Agcy. Ed. Facilities Rev.:

(Campbell Univ. Proj.) 2.48%, LOC Branch Banking & Trust Co., VRDN (c)

5,410

5,410

(High Point Univ. Rev.) 2.48%, LOC Branch Banking & Trust Co., VRDN (c)

9,900

9,900

North Carolina Cap. Facilities Fin. Agcy. Rev. Participating VRDN Series EGL 07 0015, 2.42% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

10,890

10,890

North Carolina Edl. Facilities Fin. Agcy. Rev. (Queens College Proj.) Series 1999 B, 2.43%, LOC Bank of America NA, VRDN (c)

3,290

3,290

North Carolina Gen. Oblig.:

Bonds Series 1999, 4.6% 4/1/17 (Pre-Refunded to 4/1/09 @ 102) (e)

2,200

2,303

Series 2002 D, 2.55% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (c)

4,200

4,200

Series 2002 E, 2.55% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c)

7,040

7,040

Series 2002 F, 2.35% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (c)

11,000

11,000

North Carolina Infrastructure Fin. Corp. Ctfs. of Prtn. Bonds Series A, 5% 5/1/09 (FSA Insured)

2,370

2,450

North Carolina Med. Care Commission Health Care Facilities Rev.:

Participating VRDN Series ROC II R 10313, 2.5% (Liquidity Facility Citigroup, Inc.) (c)(f)

14,600

14,600

(Friends Homes, Inc. Proj.) Series 2003, 2.6%, LOC Bank of America NA, VRDN (c)

9,275

9,275

North Carolina Med. Care Commission Hosp. Rev. (CaroMont Health Proj.) Series 2008, 2.58%, VRDN (c)

20,000

20,000

Piedmont Triad Arpt. Auth. Series 2008 A, 2.45%, LOC Branch Banking & Trust Co., VRDN (c)

9,000

9,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

North Carolina - continued

Raleigh Combined Enterprise Sys. Rev. Participating VRDN Series ROC II R 645, 2.43% (Liquidity Facility Citibank NA) (c)(f)

$ 6,400

$ 6,400

Union County Enterprise Systems Rev. Series 2003 B, 2.5% (FSA Insured), VRDN (c)

3,965

3,965

Univ. of North Carolina at Chapel Hill Rev. Participating VRDN:

Series BA 08 1085, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

6,900

6,900

Series EGL 05 3014 Class A, 2.44% (Liquidity Facility Citibank NA) (c)(f)

7,700

7,700

168,710

North Dakota - 0.1%

Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008 A2, 2.45%, VRDN (c)

7,000

7,000

Ohio - 2.0%

Bellefontaine Healthcare Facilities Rev. (High Point Reg'l. Cancer Ctr. Proj.) 2.49%, LOC Fifth Third Bank, Cincinnati, VRDN (c)

3,465

3,465

Clinton County Arpt. Facilities Rev. (Wilmington Air Park, Inc.) Series 1991, 2.43%, LOC Wachovia Bank NA, VRDN (c)

3,500

3,500

Cuyahoga County Rev. (Cleveland Clinic Health Sys. Obligated Group Prog.) Subseries B1, 2.65%, VRDN (c)

4,100

4,100

Franklin County Hosp. Rev. (U.S. Health Corp. of Columbus Proj.) Series C, 2.41%, LOC Citibank NA, VRDN (c)

2,760

2,760

Geauga County Rev. (South Franklin Circle Proj.) Series 2007 A, 2.78%, LOC KeyBank NA, VRDN (c)

35,200

35,200

Miamisburg City School District BAN 2.5% 11/13/08 (b)

12,600

12,645

Montgomery County Rev. (Catholic Health Initiatives Proj.):

Series B1, 2.6% (Liquidity Facility Bank of New York, New York), VRDN (c)

7,375

7,375

Series B2, 2.7% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c)

6,315

6,315

Ohio Air Quality Dev. Auth. Rev. (Cincinnati Gas & Elec. Co. Proj.) Series A, 3%, VRDN (c)

4,300

4,300

Ohio Gen. Oblig.:

Bonds Series A, 5.5% 12/1/08

5,000

5,127

Participating VRDN Series Putters 02 306, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

12,455

12,455

(Common Schools Proj.) Series 2005 B, 2.7%, VRDN (c)

8,140

8,140

Ohio Higher Edl. Facility Commission Rev. (Xavier Univ. Proj.) 2.5%, LOC U.S. Bank NA, Minnesota, VRDN (c)

1,200

1,200

Ohio State Univ. Gen. Receipts 2.28%, VRDN (c)

27,265

27,265

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Ohio - continued

Richland County Gen. Oblig. BAN Series B, 2% 2/19/09

$ 4,500

$ 4,520

St. Marys City School District BAN 3.625% 6/10/08

2,700

2,702

Warren County Health Care Facilities Rev. (Otterbein Homes Proj.):

Series 1998 A, 2.5%, LOC Fifth Third Bank, Cincinnati, VRDN (c)

8,445

8,445

Series 1998 B, 2.43%, LOC Fifth Third Bank, Cincinnati, VRDN (c)

2,250

2,250

151,764

Oklahoma - 0.0%

Univ. Hosps Trust Rev. Series 2005 A, 2.7%, LOC Bank of America NA, VRDN (c)

1,400

1,400

Oregon - 0.5%

Oregon Dept. of Trans. Hwy. User Tax Rev. Series 2006 B1, 2.2% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

4,900

4,900

Oregon Gen. Oblig. TAN Series A, 4.5% 6/30/08

8,300

8,311

Oregon Health and Science Univ. Spl. Rev. (OHSU Med. Group Proj.):

Series 2004 A, 2.55%, LOC Bank of New York, New York, LOC California Teachers Retirement Sys., VRDN (c)

9,835

9,835

Series 2004 B, 2.55%, LOC Bank of New York, New York, LOC California Teachers Retirement Sys., VRDN (c)

5,450

5,450

Oregon Homeowner Rev. Participating VRDN Series MT 472, 2.67% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

6,905

6,905

35,401

Pennsylvania - 6.4%

Adams County Indl. Dev. Auth. Rev. (Gettysburg Foundation Proj.) Series A, 2.48%, LOC Manufacturers & Traders Trust Co., VRDN (c)

9,700

9,700

Allegheny County Series C58A, 2.5%, LOC JPMorgan Chase Bank, VRDN (c)

24,060

24,060

Allegheny County Hosp. Dev. Auth. Rev. Bonds:

(Pittsburgh Med. Ctr. Proj.) Series A, 4% 9/1/08

7,275

7,317

(South Hills Health Sys. Proj.) Series 2000 A, 3.7%, tender 6/1/08, LOC PNC Bank NA, Pittsburgh (c)

2,600

2,600

Chester County Indl. Dev. Auth. Student Hsg. Rev. (Univ. Student Hsg., LLC at West Chester Univ. of Pennsylvania Proj.) Series 2008 A, 2.43%, LOC Citizens Bank of Pennsylvania, VRDN (c)

9,000

9,000

Dallastown Area School District York County 2.45% (FSA Insured), VRDN (c)

10,500

10,500

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Pennsylvania - continued

Dauphin County Gen. Auth. (Pinnacle Health Systems Proj.) 2.5% (FSA Insured), VRDN (c)

$ 10,505

$ 10,505

Delaware County Indl. Dev. Auth. Poll. Cont. Rev. (PECO Energy Co. Proj.) Series 1999 A, 2.85%, LOC Wachovia Bank NA, VRDN (c)

2,030

2,030

Delaware County Indl. Dev. Auth. Rev.:

Participating VRDN Series Merlots 06 F2, 2.72% (Liquidity Facility Bank of New York, New York) (c)(f)

59,300

59,300

(Resource Recovery Facility Proj.) 2.4%, VRDN (c)

4,000

4,000

Downingtown Area School District 2.5% (FSA Insured), VRDN (c)

3,900

3,900

Lancaster County Hosp. Auth. Rev. (Masonic Homes Proj.) Series 2008 D, 2.65%, LOC JPMorgan Chase Bank, VRDN (c)

3,775

3,775

Lancaster Indl. Dev. Auth. Rev. (Mennonite Home Proj.) 2.48%, LOC Manufacturers & Traders Trust Co., VRDN (c)

19,615

19,615

Lehigh County Gen. Purp. Auth. (Muhlenberg College Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

7,500

7,500

Luzerne County Series A, 2.6% (FSA Insured), VRDN (c)

28,800

28,800

Manheim Central School District 2.45% (FSA Insured), VRDN (c)

2,845

2,845

Montgomery County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (PECO Energy Proj.) Series 1994 A, 1.8% tender 8/7/08, LOC BNP Paribas SA, CP mode

5,000

5,000

Pennsylvania Higher Edl. Facilities Auth. (Washington & Jefferson Dev. Corp. Proj.) Series A, 2.45%, LOC UniCredit SpA, VRDN (c)

4,500

4,500

Pennsylvania Higher Edl. Facilities Auth. Hosp. Rev. Participating VRDN Series MT 42, 2.42% (Liquidity Facility Lloyds TSB Bank PLC) (c)(f)

7,000

7,000

Pennsylvania Higher Edl. Facilities Auth. Rev.:

Participating VRDN Series Putters 1271, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

2,925

2,925

(King's College Proj.) Series 2001 H6, 2.38%, LOC PNC Bank NA, Pittsburgh, VRDN (c)

2,500

2,500

(Marywood Univ. Proj.) Series A, 2.38%, LOC PNC Bank NA, Pittsburgh, VRDN (c)

2,900

2,900

Pennsylvania Pub. School Bldg. Auth. Philadelphia School Lease Rev. Participating VRDN Series MS 06 1552, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

7,400

7,400

Pennsylvania Pub. School Bldg. Auth. School Rev. Participating VRDN:

Series MS 06 1479, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

4,670

4,670

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Pennsylvania - continued

Pennsylvania Pub. School Bldg. Auth. School Rev. Participating VRDN: - continued

Series Putters 371Z, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

$ 7,120

$ 7,120

Pennsylvania Tpk. Commission Registration Fee Rev.:

Series 2005 D, 2.43% (FSA Insured), VRDN (c)

1,475

1,475

Series C, 2.36% (FSA Insured), VRDN (c)

9,825

9,825

Pennsylvania Tpk. Commission Tpk. Rev.:

Bonds Series AAB 04-9, 2.51%, tender 5/7/08 (Liquidity Facility Bank of America NA) (c)(f)

4,000

4,000

Series 2006 B, 3.66% (AMBAC Insured), VRDN (c)

18,200

18,200

Series 2006 C, 3.35% (AMBAC Insured), VRDN (c)

8,300

8,300

Philadelphia Gas Works Rev. Sixth Series, 2.85% (FSA Insured), VRDN (c)

19,950

19,950

Philadelphia Gen. Oblig.:

Participating VRDN Series MS 01 751, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

5,330

5,330

Series 2007 B, 2.46% (FSA Insured), VRDN (c)

14,400

14,400

TRAN Series A, 4.5% 6/30/08

7,600

7,610

Philadelphia Hospitals & Higher Ed. Facilities Auth. Hosp. Rev. (Children's Hosp. of Philadelphia Proj.) Series A, 2.62% (Liquidity Facility Bank of America NA), VRDN (c)

15,600

15,600

Philadelphia School District:

Participating VRDN Series PT 2793, 2.45% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

6,880

6,880

Series 2008 A1, 2.4%, LOC Bank of America NA, VRDN (c)

13,500

13,500

Series 2008 A3, 2.4%, LOC Bank of America NA, VRDN (c)

6,800

6,800

Series 2008 B2, 2.4%, LOC Wachovia Bank NA, VRDN (c)

12,100

12,100

Series 2008 D2, 2.61%, LOC PNC Bank NA, Pittsburgh, VRDN (c)

6,800

6,800

Philadelphia Wtr. & Wastewtr. Rev. 2.5% (FSA Insured), VRDN (c)

8,300

8,300

Sayre Health Care Facilities Auth. Rev. (VHA of Pennsylvania, Inc. Cap. Asset Fing. Prog.):

Series 1985 A, 4.5% (AMBAC Insured), VRDN (c)

9,750

9,750

Series 1985 D, 4.5% (AMBAC Insured), VRDN (c)

7,000

7,000

Series 1985 J, 4.5% (AMBAC Insured), VRDN (c)

26,600

26,600

Schuylkill County Indl. Dev. Auth. Resource Recovery Rev. (WPS Westwood Generation, LLC Proj.) 2.85%, VRDN (c)

18,100

18,100

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Pennsylvania - continued

St. Mary Hosp. Auth. Bucks County (Catholic Health Initiatives Proj.) Series B, 2.7% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (c)

$ 7,800

$ 7,800

Univ. of Pittsburgh (Higher Ed. Univ. Cap. Proj.) Series 2002 A, 2.63% (Liquidity Facility Dexia Cr. Local de France), VRDN (c)

1,700

1,700

479,482

Rhode Island - 0.6%

Foster & Glocester Reg'l. School District BAN 4% 5/15/08

16,000

16,003

Narragansett Bay Cmnty. Wastewtr. Sys. Rev. Participating VRDN Series Solar 07 16, 2.49% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(f)

12,465

12,465

Narragansett Bay Commission Wastewtr. Sys. Rev.:

Participating VRDN Series ROC II R 780PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

3,775

3,775

Series 2004 A, 4.2% (MBIA Insured), VRDN (c)

3,500

3,500

Rhode Island Clean Wtr. Protection Fin. Agcy. Wtr. Poll. Cont. Rev. Participating VRDN Series PT 1403, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,095

5,095

Rhode Island Health & Edl. Bldg. Corp. Rev. (Care New England Health Sys. Proj.) Series 2008 B, 2.45%, LOC JPMorgan Chase Bank, VRDN (c)

8,400

8,400

49,238

South Carolina - 1.4%

Berkeley County School District Participating VRDN Series MSCO 01 656, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

5,600

5,600

Charleston Wtrwks. & Swr. Rev. Series A, 2.45% (Liquidity Facility Bank of America NA), VRDN (c)

8,275

8,275

Greenville County School District Installment Purp. Rev. Participating VRDN:

Series MS 06 2056, 2.48% (Liquidity Facility Wells Fargo & Co.) (c)(f)

7,440

7,440

Series PT 3393, 2.47% (Liquidity Facility Dexia Cr. Local de France) (c)(f)(g)

15,800

15,800

Horry County School District Participating VRDN Series PT 2033, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,635

3,635

Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series A, 2.73%, VRDN (c)

18,700

18,700

South Carolina Gen. Oblig. Participating VRDN:

Series ROC II R 10190, 2.43% (Liquidity Facility Citibank NA) (c)(f)

9,585

9,585

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

South Carolina - continued

South Carolina Gen. Oblig. Participating VRDN: - continued

Series ROC II R 692W, 2.42% (Liquidity Facility Wells Fargo & Co.) (c)(f)

$ 4,090

$ 4,090

South Carolina Jobs Econ. Dev. Auth. Health Facilities Rev. (The Methodist Home Proj.) Series 1994, 2.5%, LOC Bank of America NA, VRDN (c)

5,900

5,900

South Carolina Pub. Svc. Auth. Rev.:

Participating VRDN:

Series PT 1877, 2.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,665

3,665

Series PT 3460, 2.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

9,945

9,945

Series Putters 1094, 2.58% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

2,825

2,825

2.15% 7/14/08, CP

3,380

3,380

York County Poll. Cont. Rev. Bonds (Duke Energy Corp. Proj.) 1.95% tender 5/1/08, CP mode

7,200

7,200

106,040

Tennessee - 2.2%

Chattanooga Health Ed. & Hsg. (McCallie School Proj.) Series 1998, 2.44%, LOC SunTrust Banks, Inc., VRDN (c)

5,745

5,745

Chattanooga Health Ed. & Hsg. Facility Board Rev. (Southern Adventist Univ. Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

8,530

8,530

Clarksville Pub. Bldg. Auth. Rev.:

(City of Murfreesboro Ln. Prog.) 2.44%, LOC SunTrust Banks, Inc., VRDN (c)

8,000

8,000

Series 1994, 2.45%, LOC Bank of America NA, VRDN (c)

4,705

4,705

Jackson Energy Auth. Gas Sys. Rev. 2.69% (FSA Insured), VRDN (c)

3,845

3,845

Johnson City Health & Edl. Hosp. Rev. (Mountain States Health Alliance Proj.):

Series 2007 A, 2.58%, LOC Regions Bank of Alabama, VRDN (c)

19,400

19,400

Series 2008 A, 2.6%, LOC Regions Bank of Alabama, VRDN (c)

50,000

50,000

Metropolitan Govt. Nashville & Davidson County Indl. Dev. Board Rev. (Nashville Symphony Hall Proj.) 2.45%, LOC Bank of America NA, VRDN (c)

15,500

15,500

Nashville and Davidson County Metropolitan Govt. Gen. Oblig. Participating VRDN Series Putters 2631, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

20,000

20,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Tennessee - continued

Nashville and Davidson County Metropolitan Govt. Health & Edl. Facilities Board Rev. (Vanderbilt Univ. Proj.) Series 2005 A2, 2.27%, VRDN (c)

$ 3,700

$ 3,700

Rutherford County Gen. Oblig. Participating VRDN Series Putters 643, 2.58% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

1,975

1,975

Sevier County Pub. Bldg. Auth. Rev. Series IV C3, 2.72% (FSA Insured), VRDN (c)

1,900

1,900

Shelby County Gen. Oblig. Series 2008 A, 2.2% 7/15/08, CP

17,800

17,800

Sullivan County Health, Edl. & Hsg. Facilities Board Hosp. Rev. Participating VRDN Series LB 06 F6, 3.05% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

5,400

5,400

166,500

Texas - 17.4%

Austin Util. Sys. Rev.:

Participating VRDN Series MSDW 00 498, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

3,775

3,775

Series A, 2.1% 7/15/08, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP

9,615

9,615

Austin Wtr. & Wastewtr. Sys. Rev.:

Participating VRDN:

Series ROC II R 10173, 2.51% (Liquidity Facility Citibank NA) (c)(f)

10,000

10,000

Series ROC II R 6029, 2.91% (Liquidity Facility Citigroup, Inc.) (c)(f)

4,945

4,945

2.5% (FSA Insured), VRDN (c)

26,800

26,800

Bastrop Independent School District Participating VRDN Series ROC II R 492, 2.43% (Liquidity Facility Citibank NA) (c)(f)

8,150

8,150

Bell County Health Facilities Dev. Corp. Rev. (Scott & White Memorial Hosp. Proj.) Series 2001 2, 2.7% (MBIA Insured), VRDN (c)

43,110

43,110

Brazos River Hbr. Navigation District Brazoria County Envir. Facilities Rev. (Dow Chemical Co. Proj.) Series B1, 2.7%, VRDN (c)

2,600

2,600

Brownsville Independent School District Participating VRDN Series Merlots 07 D79, 2.72% (Liquidity Facility Wachovia Bank NA) (c)(f)

3,830

3,830

Brownsville Util. Sys. Rev. Series A, 1.75% 6/3/08, LOC State Street Bank & Trust Co., Boston, CP

8,100

8,100

Caddo Mills Independent School District Participating VRDN Series DB 473, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

5,277

5,277

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Crowley Independent School District Participating VRDN Series PT 3039, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

$ 7,030

$ 7,030

Cypress-Fairbanks Independent School District Participating VRDN Series ROC II R 11325, 2.43% (Liquidity Facility Citibank NA) (c)(f)

3,060

3,060

Dallas Area Rapid Transit Participating VRDN Series BA 07 134, 2.51% (Liquidity Facility Bank of America NA) (c)(f)

6,750

6,750

Dallas Area Rapid Transit Sales Tax Rev.:

Participating VRDN:

Series EGL 07 0020, 2.47% (Liquidity Facility Bayerische Landesbank (UNGTD)) (c)(f)

19,800

19,800

Series GS 07 10TP, 2.44% (Liquidity Facility DEPFA BANK PLC) (c)(f)

10,550

10,550

Series 2001, 2.55% 5/5/08 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

3,750

3,750

Dallas Independent School District Participating VRDN Series PT 2210, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

7,205

7,205

Denton Independent School District Participating VRDN Series MS 451, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

4,015

4,015

El Paso Independent School District Participating VRDN Series Putters 1035, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

4,255

4,255

Frenship Independent School District Participating VRDN Series DB 265, 2.45% (Liquidity Facility Deutsche Bank AG) (c)(f)

5,620

5,620

Galveston County Gen. Oblig. Participating VRDN Series ROC II R 11275, 2.48% (Liquidity Facility Wells Fargo & Co.) (c)(f)

7,300

7,300

Granbury Independent School District Participating VRDN:

Series PT 3080, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

7,575

7,575

Series SG 129, 2.45% (Liquidity Facility Societe Generale) (c)(f)

4,815

4,815

Grapevine-Colleyville Independent School District Bonds 5% 8/15/29 (Pre-Refunded to 8/15/08 @ 100) (e)

8,900

9,001

Harlandale Independent School District Participating VRDN Series Putters 524, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

2,665

2,665

Harris County Ind. Dev. Corp. 2.85%, LOC Royal Bank of Canada, VRDN (c)

15,400

15,400

Harris County Flood Cont. District Participating VRDN Series ROC II R 12099, 2.42% (Liquidity Facility Citigroup, Inc.) (c)(f)

33,300

33,300

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Harris County Gen. Oblig.:

Series B, 2.1% 7/15/08, CP

$ 1,600

$ 1,600

Series C, 2.1% 7/15/08, CP

3,500

3,500

Harris County Health Facilities Dev. Corp. Hosp. Rev. Participating VRDN Series LB 05 L15, 2.9% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

5,000

5,000

Harris County Health Facilities Dev. Corp. Rev.:

(Saint Luke's Episcopal Hosp. Proj.) Series B, 2.65% (Liquidity Facility JPMorgan Chase Bank) (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (c)

61,695

61,695

(YMCA of Greater Houston Proj.) Series 1999, 2.65%, LOC JPMorgan Chase Bank, VRDN (c)

5,300

5,300

Harris County Hosp. District Rev. Participating VRDN Series PT 726, 2.42% (Liquidity Facility BNP Paribas SA) (c)(f)

4,995

4,995

Harris County-Houston Sports Auth. Rev. (Rodeo Proj.) Series 2001 C, 4.1% (MBIA Insured), VRDN (c)

3,200

3,200

Harrison County Health Facilities Dev. Corp. Rev. (Marshall Reg'l. Med. Ctr. Proj.) 2.43%, LOC Regions Bank of Alabama, VRDN (c)

12,115

12,115

Hays Consolidated Independent School District Participating VRDN Series PT 2462, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,500

3,500

HFDC of Central Texas, Inc. Rev. (Villa de San Antonio Proj.) 2.49%, LOC KBC Bank NV, VRDN (c)

13,000

13,000

Houston Arpt. Sys. Rev. Participating VRDN:

Series ROC II R 12022, 2.49% (Liquidity Facility Dexia Cr. Local de France) (c)(f)

7,730

7,730

2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

9,455

9,455

Houston Cmnty. College Sys. Rev.:

Bonds 3% 2/15/09 (FSA Insured)

1,845

1,865

Participating VRDN:

Series Putters 380, 2.68% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,420

5,420

Series ROC II R 2084, 2.91% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,170

5,170

Houston Gen. Oblig. Participating VRDN Series Putters 1151, 2.68% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

12,500

12,500

Houston Higher Ed. Fin. Corp. Higher Ed. Rev. Participating VRDN Series SG 139, 2.46% (Liquidity Facility Societe Generale) (c)(f)

3,100

3,100

Houston Independent School District Participating VRDN Series Putters 1060, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

5,300

5,300

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Houston Util. Sys. Rev.:

Participating VRDN Series Putters 2493, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

$ 1,715

$ 1,715

Series 2004 A:

1.6% 6/5/08 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

7,500

7,500

1.8% 6/5/08 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

10,000

10,000

2.25% 7/10/08 (Liquidity Facility Bayerische Landesbank Girozentrale) (Liquidity Facility WestLB AG), CP

8,900

8,900

Series 2004 B5, 2.05%, LOC Dexia Cr. Local de France, LOC Bank of America NA, VRDN (c)

24,460

24,460

Series B2, 2.5%, LOC Dexia Cr. Local de France, LOC Bank of America NA, VRDN (c)

15,500

15,500

Houston Wtr. & Swr. Sys. Rev. Participating VRDN Series Merlots 02 A16, 2.82% (Liquidity Facility Wachovia Bank NA) (c)(f)

2,275

2,275

Hunt Memorial Hosp. District Rev. Series 1998, 2.75% (FSA Insured), VRDN (c)

3,855

3,855

Irving Independent School District Participating VRDN Series PT 3954, 2.45% (Liquidity Facility Wells Fargo & Co.) (c)(f)

8,900

8,900

Klein Independent School District Participating VRDN Series PZ 180, 2.49% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

2,735

2,735

Lamar Consolidated Independent School District Participating VRDN Series ROC II R 10276, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,125

5,125

Lewisville Independent School District Participating VRDN Series SGA 134, 2.75% (Liquidity Facility Societe Generale) (c)(f)

1,290

1,290

Lower Colorado River Auth. Rev. Series A:

1.6% 6/3/08 (Liquidity Facility JPMorgan Chase Bank), CP

16,500

16,500

2.25% 6/11/08 (Liquidity Facility JPMorgan Chase Bank), CP

4,900

4,900

2.45% 5/1/08 (Liquidity Facility JPMorgan Chase Bank), CP

4,000

4,000

Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (ExxonMobil Proj.) Series 2001 A, 2.6% (Exxon Mobil Corp. Guaranteed), VRDN (c)

16,000

16,000

Mesquite Independent School District Participating VRDN Series Putters 1032, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

5,275

5,275

New Caney Independent School District Participating VRDN Series MS 1286, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

9,480

9,480

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

North Central Texas Health Facilities Dev. Corp. (Baylor Health Care Sys. Proj.) Series 2006 C, 2.45% (FSA Insured), VRDN (c)

$ 21,155

$ 21,155

North East Texas Independent School District Participating VRDN:

Series Putters 393, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

3,880

3,880

Series ROC II R 10193, 2.43% (Liquidity Facility Citibank NA) (c)(f)

16,330

16,330

North Texas Tollway Auth. Rev. Participating VRDN Series DB 633, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

14,520

14,520

Northside Independent School District Participating VRDN Series PT 2329, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

4,585

4,585

Nueces River Auth. Wtr. Supply Rev. Participating VRDN:

Series PT 3190, 2.46% (Liquidity Facility KBC Bank NV) (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,660

5,660

Series Putters 1412, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

2,935

2,935

Nueces River Indl. Dev. Auth. Poll. Cont. Rev. Bonds (San Miguel Elec. Coop., Inc. Proj.) Series 1984, 1.95% tender 5/12/08 (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), CP mode

8,500

8,500

Oakbend Med. Ctr. Hosp. Rev. 2.7%, LOC Regions Bank of Alabama, VRDN (c)

6,250

6,250

Pearland Independent School District Participating VRDN Series PA 1449, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,670

5,670

Plano Independent School District Participating VRDN Series SGA 128, 2.75% (Liquidity Facility Societe Generale) (c)(f)

21,380

21,380

Port Arthur Navigation District Poll. Cont. Rev. (Texaco, Inc. Proj.) Series 1994, 2.55%, VRDN (c)

1,700

1,700

Princeton Independent School District Participating VRDN Series SGB 02 41A, 2.47% (Liquidity Facility Societe Generale) (c)(f)

1,250

1,250

Red River Ed. Fin. Corp. Ed. Rev. Participating VRDN Series SGA 109, 2.75% (Liquidity Facility Societe Generale) (c)(f)

7,070

7,070

Round Rock Gen. Oblig. Participating VRDN Series ROC II R 2135, 2.91% (Liquidity Facility Citigroup, Inc.) (c)(f)

6,525

6,525

San Antonio Elec. & Gas Sys. Rev.:

Participating VRDN:

Series PT 3921, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

12,000

12,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

San Antonio Elec. & Gas Sys. Rev.: - continued

Participating VRDN:

Series SG 104, 2.46% (Liquidity Facility Societe Generale) (c)(f)

$ 5,490

$ 5,490

Series SG 105, 2.46% (Liquidity Facility Societe Generale) (c)(f)

29,400

29,400

Series A:

1.8% 8/7/08, CP

52,400

52,400

2.2% 6/5/08, CP

2,000

2,000

2.73% (Liquidity Facility Bank of America NA), VRDN (c)

5,000

5,000

San Antonio Wtr. Sys. Rev.:

Participating VRDN Series Merlots 00 VV, 2.72% (Liquidity Facility Wachovia Bank NA) (c)(f)

1,000

1,000

Series 2001 A, 1.8% 7/3/08 (Liquidity Facility Bank of America NA), CP

5,000

5,000

Seminole Independent School District Participating VRDN Series DB 559, 2.44% (Liquidity Facility Deutsche Bank AG) (c)(f)

4,000

4,000

Socorro Independent School District Participating VRDN Series ROC II R 2222, 2.43% (Liquidity Facility Citigroup, Inc.) (c)(f)

4,105

4,105

Spring Independent School District Participating VRDN Series DB 274, 2.45% (Liquidity Facility Deutsche Bank AG) (c)(f)

10,175

10,175

Tarrant County Cultural Ed. Facilities Fin. Corp. Rev. (Christus Health Proj.) Series 2007 A, 3.8% (MBIA Insured), VRDN (c)

20,000

20,000

Tarrant Reg'l. Wtr. District Wtr. Rev. Participating VRDN Series PT 976, 2.42% (Liquidity Facility Lloyds TSB Bank PLC) (c)(f)

7,995

7,995

Texas A&M Univ. Rev. Participating VRDN Series Putters 945, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

1,430

1,430

Texas Dept. of Trans. Ctfs. of Prtn. Series 2005 A, 1.7% 6/5/08, LOC Bank of America NA, LOC State Street Bank & Trust Co., Boston, CP

6,750

6,750

Texas Gen. Oblig.:

Participating VRDN:

Series EGL 03 26 Class A, 2.44% (Liquidity Facility Citibank NA) (c)(f)

4,800

4,800

Series EGL 06 0125, 2.44% (Liquidity Facility Citibank NA) (c)(f)

18,900

18,900

Series EGL 07 90, 2.42% (Liquidity Facility DZ Bank Ag Deutsche Genosbank.) (c)(f)

25,000

25,000

Series LB 05 K15, 2.93% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

8,000

8,000

Series Putters 2490, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

1,850

1,850

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Texas - continued

Texas Gen. Oblig.: - continued

Participating VRDN:

Series Putters 2615, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

$ 11,200

$ 11,200

TRAN 4.5% 8/28/08

213,300

213,844

Texas Tpk. Auth. Central Texas Tpk. Sys. Rev. Bonds 5% 6/1/08

5,000

5,005

Texas Trans. Commission State Hwy. Fund Rev. Participating VRDN:

Series MS 06 2033, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

17,661

17,661

Series PT 4449, 2.46% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

18,985

18,985

Series Putters 2393, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

2,195

2,195

Series ROC II R 11273, 2.43% (Liquidity Facility Citibank NA) (c)(f)

19,000

19,000

Texas Wtr. Dev. Board Rev. Participating VRDN Series Floaters 2300, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

3,000

3,000

Travis County Health Facilities Dev. (Longhorn Village Proj.) Series 2008 B, 2.5%, LOC Bank of Scotland PLC, VRDN (c)

4,230

4,230

Univ. of Texas Board of Regents Sys. Rev. Participating VRDN Series Putters 1646, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,125

5,125

Univ. of Texas Permanent Univ. Fund Rev.:

Bonds Series A, 2.5%, tender 7/2/08 (c)

51,200

51,291

Participating VRDN Series Putters 1668, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

12,295

12,295

Ysleta Independent School District Participating VRDN Series Putters 1039, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

5,955

5,955

1,313,639

Utah - 0.8%

Central Utah Wtr. Conservancy District Wtr. Conservancy Rev. Participating VRDN Series ROC II R 2202, 2.91% (Liquidity Facility Citigroup, Inc.) (c)(f)

8,435

8,435

Intermountain Pwr. Agcy. Pwr. Supply Rev.:

Participating VRDN Series EGL 96 C4402 Class A, 2.47% (Liquidity Facility Citibank NA) (c)(f)

5,550

5,550

Series 1998 B4, 2.15% 8/6/08 (Liquidity Facility Bank of Nova Scotia), CP

3,000

3,000

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Utah - continued

Murray City Hosp. Rev. (IHC Health Services, Inc. Proj.) Series B, 2.65% (Liquidity Facility JPMorgan Chase Bank), VRDN (c)

$ 19,960

$ 19,960

Utah Transit Auth. Sales Tax Rev. Series B, 2.7%, LOC Fortis Banque SA, VRDN (c)

24,320

24,320

61,265

Virginia - 1.3%

Clarke County Indl. Dev. Auth. Hosp. Facilities Rev. (Winchester Med. Ctr. Proj.) Series 2000, 2.6% (FSA Insured), VRDN (c)

5,665

5,665

Fairfax County Indl. Dev. Auth. Bonds (Inova Health Sys. Proj.) Series 2008 C4, 1.6%, tender 4/20/09 (c)

11,600

11,600

Fairfax County Wtr. Auth. Wtr. Rev. Participating VRDN Series EGL 06 91 Class A, 2.44% (Liquidity Facility Citibank NA) (c)(f)

5,220

5,220

Harrisonburg Indl. Dev. Auth. Rev. (Rockingham Memorial Hosp. Proj.) Series 2005, 2.6%, LOC SunTrust Banks, Inc., VRDN (c)

2,220

2,220

Henrico County Econ. Dev. Auth. Rev. (Bon Secours Health Sys., Inc. Proj.) Series 2008 B2, 2.51%, VRDN (c)

8,800

8,800

Loudoun County Indl. Dev. Auth. (Howard Hughes Med. Institute Proj.) Series 2003 B, 2.4%, VRDN (c)

13,500

13,500

Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1984:

1.65% tender 5/6/08, CP mode

4,000

4,000

1.65% tender 5/7/08, CP mode

2,000

2,000

Russell County Indl. Dev. Auth. Hosp. Rev. (Mountain States Health Alliance Proj.) Series 2008 B, 2.6%, LOC Regions Bank of Alabama, VRDN (c)

15,000

15,000

Univ. of Virginia Univ. Revs. Series 2003 A, 1.2% 6/17/08, CP

4,000

4,000

Virginia College Bldg. Auth. Edl. Facilities Rev.:

Bonds (21st Century College and Equip. Prog.) Series 2006 A, 5% 2/1/09

10,635

10,876

Participating VRDN Series MS 01 721, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

2,300

2,300

Virginia Resources Auth. Clean Wtr. Rev. Participating VRDN:

Series LB 08 K13W, 2.55% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(f)

4,500

4,500

Series ROC II R 11010, 2.43% (Liquidity Facility Citibank NA) (c)(f)

6,685

6,685

96,366

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Washington - 3.3%

Central Puget Sound Reg'l. Trans. Auth. Sales & Use Tax Rev. Participating VRDN Series Merlots 07 D76, 2.82% (Liquidity Facility Wachovia Bank NA) (c)(f)

$ 5,000

$ 5,000

Clover Park School District #400, Pierce County Gen. Oblig. Participating VRDN Series Tops 06 35, 2.45% (Liquidity Facility Bank of America NA) (c)(f)

10,815

10,815

Energy Northwest Elec. Rev.:

Bonds (#1 Proj.) Series 2004 A, 5.25% 7/1/08

5,605

5,632

Participating VRDN:

Series PT 734, 2.45% (Liquidity Facility Svenska Handelsbanken AB) (c)(f)

7,000

7,000

Series ROC II R 152, 2.51% (Liquidity Facility Citibank NA) (c)(f)

6,695

6,695

Series ROC II R 3012, 2.51% (Liquidity Facility Citigroup, Inc.) (c)(f)

9,550

9,550

(#3 Proj.):

Series 2003 D31, 2.5% (FSA Insured), VRDN (c)

22,475

22,475

Series 2003 D32, 2.75% (MBIA Insured), VRDN (c)

22,250

22,250

King County Gen. Oblig. Participating VRDN:

Series Putters 2541, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

3,795

3,795

Series ROC II R 1028, 2.48% (Liquidity Facility Citigroup, Inc.) (c)(f)

5,250

5,250

King County Shoreline School District # 412 Participating VRDN Series Merlots 08 D67, 2.87% (Liquidity Facility Wachovia Bank NA) (c)(f)

15,645

15,645

Lewis County Pub. Util. District #1 Participating VRDN Series ROC II R 4026, 2.51% (Liquidity Facility Citigroup, Inc.) (c)(f)

6,280

6,280

Pierce County Econ. Dev. Corp. Spl. Rev. (Weyerhaeuser Real Estate Proj.) Series 1997 A, 2.6%, LOC Bank of America NA, VRDN (c)

17,655

17,655

Pierce County School District #3 Puyallup Participating VRDN Series Putters 415, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

4,205

4,205

Port of Seattle Rev. Participating VRDN Series MS 1028, 2.48% (Liquidity Facility Morgan Stanley) (c)(f)

4,345

4,345

Redmond Cmnty. Properties Lease Participating VRDN Series MT 269, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

3,445

3,445

Seattle Gen. Oblig. Bonds Series A, 5.5% 3/1/09

1,000

1,031

Snohomish County Pub. Util. District #1 Series A2, 2.5% (FSA Insured), VRDN (c)

8,685

8,685

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Washington - continued

Snohomish County Pub. Util. District #1 Elec. Rev. Participating VRDN Series ROC II R 6055, 2.48% (Liquidity Facility Citigroup, Inc.) (c)(f)

$ 17,720

$ 17,720

Washington Gen. Oblig. Participating VRDN:

Series Merlots 08 C30, 2.82% (Liquidity Facility Wachovia Bank NA) (c)(f)

3,000

3,000

Series MS 2571, 2.43% (Liquidity Facility Morgan Stanley) (c)(f)

1,715

1,715

Series PT 3293, 2.45% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

5,330

5,330

Series PT 4771, 2.48% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

8,335

8,335

Series Putters 1199, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

3,605

3,605

Series Putters 1296, 2.68% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

4,885

4,885

Series Putters 2192, 2.51% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

6,390

6,390

Series Putters 509, 2.58% (Liquidity Facility JPMorgan Chase Bank) (c)(f)

5,470

5,470

Series ROC II R 759 PB, 2.48% (Liquidity Facility Deutsche Postbank AG) (c)(f)

8,015

8,015

Washington Health Care Facilities Auth. Rev. (Empire Health Services Proj.) 2.65%, LOC U.S. Bank NA, Minnesota, VRDN (c)

4,315

4,315

Washington Hsg. Fin. Commission Nonprofit Rev.:

(Eastside Catholic School Proj.) Series A, 2.47%, LOC KeyBank NA, VRDN (c)

5,000

5,000

(United Way King County Proj.) 2.5%, LOC Bank of America NA, VRDN (c)

1,800

1,800

Washington Pub. Pwr. Supply Sys. Nuclear Proj. #1 Rev. Bonds Series A, 6% 7/1/08

7,000

7,030

Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev. Bonds Series A, 5.75% 7/1/08 (Bonneville Pwr. Administration Guaranteed)

3,000

3,012

245,375

West Virginia - 0.0%

Cabell County Life Care Facilities Rev. (Foster Foundation Prog.) Series 1998 A, 2.68%, LOC Huntington Nat'l. Bank, Columbus, VRDN (c)

3,870

3,870

Municipal Securities - continued

Principal Amount (000s)

Value
(000s)

Wisconsin - 3.2%

Central Brown County Wtr. Auth. Wtr. Sys. Rev. Participating VRDN Series PT 3071, 2.74% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(f)

$ 6,680

$ 6,680

Milwaukee Gen. Oblig. RAN:

Series 2007 M6, 4.5% 9/4/08

26,200

26,275

Series 2008 R5, 3% 12/15/08

13,600

13,697

Univ. of Wisconsin Hosp. & Clinics Auth. 2.15% (FSA Insured), VRDN (c)

27,595

27,595

Wisconsin Gen. Oblig.:

Series 2006 A, 1.7% 7/10/08, CP

19,513

19,513

Series 2008, 2.25% 5/19/08, CP

6,400

6,400

TRAN 4.5% 6/16/08

24,800

24,823

Wisconsin Health & Edl. Facilities Auth. Rev.:

Bonds (Luther Hosp. Proj.) 1.68%, tender 4/15/09 (c)

11,800

11,800

Participating VRDN Series MT 318, 2.42% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(f)

32,285

32,285

(Attic Angel Obligated Group Proj.) 2.49%, LOC M&I Marshall & Ilsley Bank, VRDN (c)

11,300

11,300

(Aurora Health Care, Inc. Proj.) Series C, 2.55%, LOC KBC Bank NV, LOC Bank of Nova Scotia, New York Agcy., VRDN (c)

10,620

10,620

(Aurora Health Care, Inc. Sys. Proj.) Series B, 2.6%, LOC M&I Marshall & Ilsley Bank, VRDN (c)

7,900

7,900

(Marshfield Clinic Proj.) Series B, 2.49%, LOC M&I Marshall & Ilsley Bank, VRDN (c)

14,500

14,500

(Nat'l. Regency of New Berlin, Inc. Proj.) 2.63%, LOC M&I Marshall & Ilsley Bank, VRDN (c)

5,700

5,700

Wisconsin Petroleum Inspection Fee Rev. Series 2000, 1.65% 7/8/08, CP

20,000

20,000

Wisconsin Trans. Rev. Participating VRDN Series Putters 299, 2.51% (Liquidity Facility JPMorgan Chase & Co.) (c)(f)

895

895

239,983

Wyoming - 0.4%

Lincoln County Poll. Cont. Rev. (Exxon Corp. Proj.) Series 1984 A, 2.5%, VRDN (c)

15,210

15,210

Platte County Poll. Cont. Rev. (Tri-State Generation & Transmission Assoc. Proj.) Series 1984 A, 2.85%, LOC Nat'l. Rural Utils. Coop. Fin. Corp., VRDN (c)

7,700

7,700

Uinta County Poll. Cont. Rev. (Chevron Corp. Proj.) Series 1993, 2.5%, VRDN (c)

10,300

10,300

33,210

Municipal Securities - continued

Shares

Value
(000s)

Other - 1.6%

Fidelity Tax-Free Cash Central Fund, 2.51% (a)(d)

121,857,083

$ 121,857

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $7,469,617)

7,469,617

NET OTHER ASSETS - 0.9%

68,036

NET ASSETS - 100%

$ 7,537,653

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

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

(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund.

(e) Security collateralized by an amount sufficient to pay interest and principal.

(f) Provides evidence of ownership in one or more underlying municipal bonds.

(g) 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 $15,800,000 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost (000s)

Greenville County School District Installment Purp. Rev. Participating VRDN Series PT 3393, 2.47% (Liquidity Facility Dexia Cr. Local de France)

4/6/06

$ 15,800

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
(Amount in
thousands)

Fidelity Tax-Free Cash Central Fund

$ 1,943

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

April 30, 2008 (Unaudited)

Assets

Investment in securities, at value -
See accompanying schedule:

Unaffiliated issuers (cost $7,347,760)

$ 7,347,760

Fidelity Central Funds (cost $121,857)

121,857

Total Investments (cost $7,469,617)

$ 7,469,617

Cash

14,280

Receivable for investments sold

107,648

Receivable for fund shares sold

121,850

Interest receivable

43,705

Distributions receivable from Fidelity Central Funds

193

Prepaid expenses

10

Receivable from investment adviser for expense reductions

207

Other receivables

2,788

Total assets

7,760,298

Liabilities

Payable for investments purchased
Regular delivery

$ 93,602

Delayed delivery

17,793

Payable for fund shares redeemed

104,976

Distributions payable

179

Accrued management fee

1,610

Distribution fees payable

487

Other affiliated payables

3,883

Other payables and accrued expenses

115

Total liabilities

222,645

Net Assets

$ 7,537,653

Net Assets consist of:

Paid in capital

$ 7,535,898

Distributions in excess of net investment income

(16)

Accumulated undistributed net realized gain (loss) on investments

1,771

Net Assets

$ 7,537,653

Daily Money Class:
Net Asset Value, offering price and redemption price per share ($1,092,943 ÷ 1,092,017 shares)

$ 1.00

Capital Reserves Class:
Net Asset Value, offering price and redemption price per share ($569,785 ÷ 569,316 shares)

$ 1.00

Fidelity Tax-Free Money Market Fund:
Net Asset Value, offering price and redemption price per share ($5,874,925 ÷ 5,872,678 shares)

$ 1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands

Six months ended April 30, 2008 (Unaudited)

Investment Income

Interest

$ 91,552

Income from Fidelity Central Funds

1,943

Total income

93,495

Expenses

Management fee

$ 8,646

Transfer agent fees

6,921

Distribution fees

2,731

Accounting fees and expenses

289

Custodian fees and expenses

51

Independent trustees' compensation

14

Registration fees

482

Audit

25

Legal

9

Miscellaneous

9

Total expenses before reductions

19,177

Expense reductions

(6,127)

13,050

Net investment income

80,445

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities:

Unaffiliated issuers

1,621

Capital gain distributions from Fidelity Central Funds

8

Total net realized gain (loss)

1,629

Net increase in net assets resulting from operations

$ 82,074

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
April 30, 2008
(Unaudited)

Year ended
October 31,
2007

Increase (Decrease) in Net Assets

Operations

Net investment income

$ 80,445

$ 149,600

Net realized gain (loss)

1,629

602

Net increase in net assets resulting from operations

82,074

150,202

Distributions to shareholders from net investment income

(80,459)

(149,597)

Distributions to shareholders from net realized gain

(61)

-

Total distributions

(80,520)

(149,597)

Share transactions - net increase (decrease)

1,787,885

1,951,132

Total increase (decrease) in net assets

1,789,439

1,951,737

Net Assets

Beginning of period

5,748,214

3,796,477

End of period (including distributions in excess of net investment income of $16 and distributions in excess of net investment income of $2, respectively)

$ 7,537,653

$ 5,748,214

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Daily Money Class

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.011

.030

.027

.016

.005

.005

Net realized and unrealized gain (loss) F

-

-

-

-

-

-

Total from investment operations

.011

.030

.027

.016

.005

.005

Distributions from net investment income

(.011)

(.030)

(.027)

(.016)

(.005)

(.005)

Distributions from net realized gain

-F

-

-

-

-

-

Total distributions

(.011)

(.030)

(.027)

(.016)

(.005)

(.005)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C

1.11%

3.07%

2.72%

1.58%

.47%

.52%

Ratios to Average Net Assets D, E

Expenses before reductions

.73% A

.73%

.73%

.74%

.74%

.74%

Expenses net of fee waivers, if any

.70% A

.70%

.70%

.70%

.70%

.70%

Expenses net of all reductions

.55% A

.54%

.54%

.61%

.69%

.68%

Net investment income

2.17% A

3.03%

2.70%

1.60%

.49%

.52%

Supplemental Data

Net assets,
end of period
(in millions)

$ 1,093

$ 895

$ 617

$ 575

$ 625

$ 544

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Capital Reserves Class

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.010

.028

.024

.013

.002

.003

Net realized and unrealized gain (loss) F

-

-

-

-

-

-

Total from investment operations

.010

.028

.024

.013

.002

.003

Distributions from net investment income

(.010)

(.028)

(.024)

(.013)

(.002)

(.003)

Distributions from net realized gain

-F

-

-

-

-

-

Total distributions

(.010)

(.028)

(.024)

(.013)

(.002)

(.003)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C

.98%

2.81%

2.46%

1.33%

.23%

.30%

Ratios to Average Net Assets D, E

Expenses before reductions

.98% A

.98%

.98%

.99%

.99%

.99%

Expenses net of fee waivers, if any

.95% A

.95%

.95%

.95%

.94%

.93%

Expenses net of all reductions

.80% A

.82%

.79%

.86%

.93%

.91%

Net investment income

1.92% A

2.74%

2.45%

1.35%

.25%

.29%

Supplemental Data

Net assets,
end of period
(in millions)

$ 570

$ 508

$ 519

$ 524

$ 504

$ 369

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Fidelity Tax-Free Money Market Fund

Six months ended April 30, 2008

Years ended October 31,

(Unaudited)

2007

2006

2005

2004

2003

Selected Per-Share Data

Net asset value, beginning of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Income from Investment Operations

Net investment income

.012

.033

.029

.018

.007

.008

Net realized and unrealized gain (loss) F

-

-

-

-

-

-

Total from investment operations

.012

.033

.029

.018

.007

.008

Distributions from net investment income

(.012)

(.033)

(.029)

(.018)

(.007)

(.008)

Distributions from net realized gain

-F

-

-

-

-

-

Total distributions

(.012)

(.033)

(.029)

(.018)

(.007)

(.008)

Net asset value, end of period

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

$ 1.00

Total Return B, C

1.23%

3.32%

2.97%

1.84%

.73%

.78%

Ratios to Average Net Assets D, E

Expenses before reductions

.48% A

.48%

.49%

.49%

.49%

.49%

Expenses net of fee waivers, if any

.45% A

.45%

.45%

.45%

.45%

.45%

Expenses net of all reductions

.30% A

.29%

.29%

.36%

.44%

.43%

Net investment income

2.42% A

3.28%

2.95%

1.85%

.74%

.74%

Supplemental Data

Net assets,
end of period
(in millions)

$ 5,875

$ 4,346

$ 2,661

$ 1,856

$ 1,049

$ 495

A Annualized

B Total returns for periods of less than one year are not annualized.

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

D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended April 30, 2008 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

Tax-Exempt Fund (the Fund) is a fund of Fidelity Newbury Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund offers three classes of shares, Daily Money Class, Capital Reserves Class and Fidelity Tax-Free Money Market Fund. Each class has equal rights as to assets and voting privileges and has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

Security 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Investment Transactions and Income. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and income and capital gain distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to deferred trustees compensation and losses deferred due to wash sales.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:

Unrealized appreciation

$ -

Unrealized depreciation

-

Net unrealized appreciation (depreciation)

$ -

Cost for federal income tax purposes

$ 7,469,617

New Accounting Pronouncement. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and results in expanded disclosures about fair value measurements.

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Operating Policies - continued

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .25% of the Fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Daily Money Class and Capital Reserves Class pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which are based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Daily Money Class

0%

.25%

$ 1,282

$ -

Capital Reserves Class

.25%

.25%

1,449

63

$ 2,731

$ 63

Sales Load. FDC receives the proceeds of deferred sales charges of .25% on certain purchases of the Daily Money Class. For the period, FDC retained no sales load from Daily Money Class.

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, to perform the activities associated with the Fund's transfer and shareholder servicing agent functions. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Semiannual Report

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent and Accounting Fees - continued

Tax Exempt pays a transfer agent fee equal to an annual rate of .20% of average net assets. For the period, the total transfer agent fees paid by each class to FIIOC were as follows.

Daily Money Class

$ 1,027

Capital Reserves Class

581

Fidelity Tax-Free Money Market Fund

5,313

$ 6,921

Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

6. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

The following classes were in reimbursement during the period.

Expense
Limitations

Reimbursement
from adviser

Daily Money Class

.70%

$ 156

Capital Reserves Class

.95%

94

Fidelity Tax-Free Money Market Fund

.45%

759

$ 1,009

In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $51 and $289, respectively. During the period, credits reduced each class' transfer agent expense as noted in the table below.

Transfer Agent
expense reduction

Daily Money Class

$ 692

Capital Reserves Class

361

Fidelity Tax-Free Money Market Fund

3,725

$ 4,778

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. Other.

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

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
April 30,
2008

Year ended
October 31,
2007

From net investment income

Daily Money Class

$ 11,075

$ 21,760

Capital Reserves Class

5,575

14,895

Fidelity Tax-Free Money Market Fund

63,809

112,942

Total

$ 80,459

$ 149,597

From net realized gain

Daily Money Class

$ 9

$ -

Capital Reserves Class

5

-

Fidelity Tax-Free Money Market Fund

47

-

Total

$ 61

$ -

9. Share Transactions.

Transactions for each class of shares at a $1.00 per share were as follows:

Six months ended
April 30,
2008

Year ended
October 31,
2007

Daily Money Class

Shares sold

2,481,494

3,934,105

Reinvestment of distributions

10,554

20,620

Shares redeemed

(2,294,372)

(3,676,834)

Net increase (decrease)

197,676

277,891

Capital Reserves Class

Shares sold

1,313,248

2,580,492

Reinvestment of distributions

5,486

14,579

Shares redeemed

(1,256,579)

(2,606,485)

Net increase (decrease)

62,155

(11,414)

Semiannual Report

9. Share Transactions - continued

Six months ended
April 30,
2008

Year ended
October 31,
2007

Fidelity Tax-Free Money Market Fund

Shares sold

14,615,586

18,322,614

Reinvestment of distributions

62,803

111,253

Shares redeemed

(13,150,335)

(16,749,212)

Net increase (decrease)

1,528,054

1,684,655

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Sub-Adviser

Fidelity Investments
Money Management, Inc.

Fidelity International Investment Advisors

Fidelity International Investment Advisors
(U.K.) Limited

Fidelity Research & Analysis Company

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Citibank, N.A.

New York, NY

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

TFM-USAN-0608
1.784918.105

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

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

Item 11. Controls and Procedures

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

Item 12. Exhibits

(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

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

SIGNATURES

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

Fidelity Newbury Street Trust

By:

/s/ John Hebble

John Hebble

President and Treasurer

Date:

June 25, 2008

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/ John Hebble

John Hebble

President and Treasurer

Date:

June 25, 2008

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

June 25, 2008