For some reason, Microsoft Streets & Trips does not support Bluetooth GPS receivers. Although, I did find a solution to this problem:
1. Delete the Bluetooth pairing on your laptop , turn your Bluetooth GPS Receiver off and restart your laptop.
2. Create a brand new pairing on your laptop and keep note of the outgoing COM Port
3. Disable anti virus programs and firewalls that might be active on your laptop (Optional)
4. Visit this web page and download the XPORT program from it,http://www.curioustech.net/xport.html
Once you download and install this program its going to give you the option to select the Input COM Port (select the outgoing COM Port). On the right hand side, select any other COM port number. The COM Port you select on the right hand side will now be your NEW COM Port where NMEA data is being streamed.
Once you have done that just click on enable ports and your Bluetooth GPS Receiver should start blinking quickly.
5. Now, run the Microsoft Streets and Trips program and configure the COM Port to the same COM Port you selected on the right hand side of the Xport Utility.
6. Start GPS tracking.
I hope this helps!