N-Q 1 bifmultistatefinal.htm BIF MULTI STATE bifmultistatefinal.htm - Generated by SEC Publisher for SEC Filing

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05011

Name of Fund: BIF Multi-State Municipal Series Trust
BIF Arizona Municipal Money Fund
BIF California Municipal Money Fund
BIF Connecticut Municipal Money Fund
BIF Florida Municipal Money Fund
BIF Massachusetts Municipal Money Fund
BIF Michigan Municipal Money Fund
BIF New Jersey Municipal Money Fund
BIF New York Municipal Money Fund
BIF North Carolina Municipal Money Fund
BIF Ohio Municipal Money Fund
BIF Pennsylvania Municipal Money Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BIF Multi-State
Municipal Series Trust, 40 East 52nd Street, New York, NY 10022

Registrant’s telephone number, including area code: (800) 626-1960

Date of fiscal year end: 03/31/2011

Date of reporting period: 12/31/2010

Item 1 – Schedule of Investments


BIF Arizona Municipal Money Fund
Schedule of Investments December 31, 2010 (Unaudited) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Arizona — 88.4%       
Ak-Chin Indian Community, RB, VRDN       
(Bank of America NA LOC), 0.41%,       
1/07/11 (a)  $ 1,400   $1,400,000 
Arizona Health Facilities Authority, BB&T     
Municipal Trust, RB, FLOATS, VRDN,     
Series 2003 (Branch Banking & Trust     
Liquidity Facility), 0.36%,       
1/07/11 (a)(b)    600  600,000 
Arizona Health Facilities Authority, RB,     
FLOATS, VRDN, Series 1782 (Morgan     
Stanley Municipal Funding SBPA),       
0.34%, 1/07/11 (a)(b)    300  300,000 
Arizona Health Facilities Authority,       
Refunding RB, VRDN, Banner Health,     
Series C (ScotiaBank LOC), 0.32%,       
1/07/11 (a)    360  360,000 
Arizona State University, Refunding RB,     
VRDN, Series B (Lloyds TSB Bank Plc     
LOC), 0.27%, 1/07/11 (a)    930  930,000 
Casa Grande IDA Arizona, RB, VRDN,       
Price Companies Inc. Project, Series A,     
AMT (Bank of America NA LOC),       
0.50%, 1/07/11 (a)    605  605,000 
Chandler IDA, Deutsche Bank       
SPEARS/LIFERS Trust, RB, SPEARS,     
VRDN, Series DBE-150, AMT       
(Deutsche Bank AG Guaranty       
Agreement), 0.36%, 1/07/11 (a)(b)    800  800,000 
City of Phoenix Arizona, BB&T Municipal     
Trust, GO, FLOATS, VRDN, Series       
2012, 0.33%, 1/07/11 (a)(b)    750  750,000 
City of Tempe Arizona, RB, VRDN (Royal     
Bank of Canada SBPA), 0.32%,       
1/07/11 (a)    880  880,000 
Maricopa County IDA Arizona, Refunding     
RB, VRDN, AMT (Fannie Mae Credit       
Support) (a):       
San Martin Apartments Project,       
Series A-1, 0.33%, 1/07/11    1,400  1,400,000 
Villas Solanas Apartments, Series A,     
0.35%, 1/07/11    400  400,000 
Phoenix IDA, Refunding RB, VRDN, Del     
Mar Terrace, Series A (Freddie Mac       
Insurance, Freddie Mac Liquidity       
Facility), 0.32%, 1/07/11 (a)    500  500,000 
Phoenix IDA Arizona, RB, VRDN, AMT (a):     
CenterTree, Series A (East West       
Bank LOC, Federal Home Loan       
Bank LOC), 0.35%, 1/07/11    1,200  1,200,000 

 

    Par   
Municipal Bonds    (000)  Value 
Arizona (concluded)       
Phoenix IDA Arizona, RB, VRDN,       
AMT (a) (concluded):       
Leggett & Platt Inc. Project (Wells     
Fargo Bank NA LOC), 0.55%,       
1/07/11  $ 5,170  $ 5,170,000 
Swift Aviation Services Inc. Project     
(US Bank NA LOC), 0.37%, 1/03/11  1,200  1,200,000 
Pima County IDA, Refunding HRB,       
VRDN, Eastside Apartments, Series B,     
AMT (Fannie Mae Credit Support),       
0.38%, 1/07/11 (a)    1,040  1,040,000 
Salt River Project Agricultural       
Improvement & Power District, RB,       
VRDN, Eagle Tax-Exempt Trust, Series     
2006-0141, Class A (Citibank NA       
Liquidity Facility), 0.34%,       
1/07/11 (a)(b)    2,500  2,500,000 
Scottsdale IDA Arizona, RB, VRDN,       
Limited Obligation, Notre Dame       
School, Series A (Bank One NA LOC),     
0.33%, 1/07/11 (a)    208  208,000 
Tempe IDA, RB, VRDN, ASUF Brickyard     
Project, Series A (Bank of America NA     
LOC), 0.42%, 1/07/11 (a)    1,270  1,270,000 
Tucson IDA, RB, VRDN (Bank One       
Arizona NA LOC) (a):       
Fluoresco Old Nogales Project, AMT,     
0.73%, 1/07/11    1,875  1,875,000 
United Way Capital Corp. Project,     
0.53%, 1/07/11    2,700  2,700,000 
Yavapai County IDA Arizona, Refunding     
RB, VRDN, Yavapai Regional Medical     
Center, Series A (UBS AG LOC), 0.34%,     
1/07/11 (a)    1,200  1,200,000 
 27,288,000
Puerto Rico — 9.7%       
Puerto Rico Highway & Transportation     
Authority, Refunding RB, FLOATS,       
VRDN, Series PT-3677 (Dexia Credit     
Local Guarantee Agreement and       
Liquidity Facility), 0.47%,       
1/07/11  (a)(b)                                                                                                  2,990                                              2,990,000
Total Investments       
(Cost - $30,278,000*) – 98.1%      30,278,000 
Other Assets Less Liabilities – 1.9%      580,836 
Net Assets – 100.0%      $30,858,836 
* Cost for federal income tax purposes.     

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AMT  Alternative Minimum Tax (subject to)  LOC  Letter of Credit 
FLOATS  Floating Rate Securities  RB  Revenue Bonds 
GO  General Obligation Bonds  SBPA  Stand-by Bond Purchase Agreement 
HRB  Housing Revenue Bonds  SPEARS  Short Puttable Exempt Adjustable Receipts 
IDA  Industrial Development Authority  VRDN  Variable Rate Demand Notes 
LIFERS  Long Inverse Floating Exempt Receipts     

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 1

 BIF Arizona Municipal Money Fund

Schedule of Investments (concluded)

(a) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender
option bond trusts and are secured by the underlying municipal bond
securities.

• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in         
Securities:         
Municipal Bonds1  — $ 30,278,000  — $ 30,278,000 
Total  —   $30,278,000  — $ 30,278,000 
1 See above Schedule of Investments for values in the state or political 
subdivision.         

 

2 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


BIF California Municipal Money Fund
Schedule of Investments December 31, 2010 (Unaudited) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
California — 96.0%       
ABAG Finance Authority for Nonprofit       
Corps, RB, VRDN, Acacia Creek at       
Union Project, Series A (Masonic       
Homes of California Guaranty       
Agreement, Bank of America NA       
SBPA), 0.32%, 1/03/11 (a)  $ 59,600 $ 59,600,000 
Bay Area Toll Authority, RB, VRDN,       
San Francisco Bay Area Toll Bridge,     
Series C2 (Morgan Stanley Bank LOC),     
0.30%, 1/07/11 (a)    15,300  15,300,000 
California Alternative Energy Source       
Financing Authority, RB, VRDN, GE       
Capital Corp., Arroyo, Series B, AMT,     
0.32%, 1/07/11 (a)    21,180  21,180,000 
California Education Notes Program, RB,     
Series A, 2.00%, 7/01/11    13,300  13,394,936 
California Educational Facilities       
Authority, TECP, 0.40%, 3/23/11    11,400  11,400,000 
California HFA, RB, VRDN, Home       
Mortgage:       
Series B, AMT (Fannie Mae LOC,       
Freddie Mac LOC), 0.30%,       
1/07/11 (a)    8,000  8,000,000 
Series X2, AMT (Fannie Mae LOC,     
Freddie Mac LOC), 0.33%,       
1/07/11 (a)    3,400  3,400,000 
California HFA, Refunding RB, VRDN,       
Home Mortgage, Series D, AMT       
(Fannie Mae Liquidity Facility, Freddie     
Mac Liquidity Facility), 0.33%,       
1/07/11 (a)    35,000  35,000,000 
California Health Facilities Financing       
Authority, RB, VRDN, Hospital,       
Adventist Health System, Series A       
(Wells Fargo Bank LOC), 0.22%,       
1/03/11 (a)    12,890  12,890,000 

 

   Par   
Municipal Bonds     (000) Value 
California (continued)       
California Infrastructure & Economic       
Development Bank, Refunding RB,       
VRDN (a):       
Pacific Gas and Electric, Series D (Wells       
Fargo Bank NA LOC), 0.22%, 1/03/11  $ 20,105   $20,105,000 
Rand Corp., Series B (Bank of America       
NA LOC), 0.31%, 1/03/11    8,800  8,800,000 
California Pollution Control Financing       
Authority, RB, VRDN, AMT (a):       
Burrtec Waste Group, Series A (US Bank       
NA LOC), 0.34%, 1/07/11    8,380  8,380,000 
EDCO Disposal Corp. Project, Series A       
(Wells Fargo Bank NA LOC), 0.34%,       
1/07/11    7,315  7,315,000 
South Tahoe Refuse Project, Series A       
(Union Bank of California LOC), 0.39%,       
1/07/11    4,970  4,970,000 
California Pollution Control Financing Authority,     
Refunding RB, VRDN, Pacific Gas & Electric,     
Series B, AMT (JPMorgan Chase & Co. LOC),       
0.28%, 1/03/11 (a)    19,200  19,200,000 
California Rural Home Mortgage Finance       
Authority Homebuyers Fund, Refunding RB,       
VRDN, Draw Down, Mandatory Put Bonds,       
AMT (Royal Bank of Canada LOC) 0.51%,       
1/03/11 (a)    7,246  7,246,300 
California Rural Home Mortgage Finance       
Authority, Refunding RB, ROCS, VRDN, Series     
II-R-11647, AMT (Fannie Mae, Freddie Mac,       
Ginnie Mae and Citibank NA Liquidity Facility),     
0.40%, 1/07/11 (a)(b)(c)    2,685  2,685,000 
California School Cash Reserve Program       
Authority, RB :       
Senior Series A, 2.00%, 3/01/11    7,960  7,976,294 
Senior Series B, 2.00%, 6/01/11    10,855  10,912,197 
Series C, 2.00%, 3/01/11    4,700  4,710,781 
Series D, 2.00%, 3/01/11    9,500  9,519,446 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGC  Assured Guaranty Corp.  LOC  Letter of Credit 
AGM  Assured Guaranty Municipal Corp.  MSTR  Municipal Securities Trust Receipts 
AMBAC  American Municipal Bond Assurance Corp.  NPFGC  National Public Finance Guarantee Corp. 
AMT  Alternative Minimum Tax (subject to)  PUTTERS  Puttable Tax-Exempt Receipts 
BHAC  Berkshire Hathaway Assurance Corp.  RB  Revenue Bonds 
COP  Certificates of Participation  ROCS  Reset Option Certificates 
FLOATS  Floating Rate Securities  SBPA  Stand-by Bond Purchase Agreement 
GO  General Obligation Bonds  SPEARS  Short Puttable Exempt Adjustable Receipts 
HFA  Housing Finance Agency  TAN  Tax Anticipation Notes 
HRB  Housing Revenue Bonds  TECP  Tax-Exempt Commercial Paper 
IDA  Industrial Development Authority  TRAN  Tax Revenue Anticipation Notes 
LIFERS  Long Inverse Floating Exempt Receipts  VRDN  Variable Rate Demand Notes 

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 1


BIF California Municipal Money Fund
Schedule of Investments(continued) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
California (continued)       
California School Cash Reserve Program     
Authority, RB (concluded) :       
Series F, 2.00%, 6/01/11  $ 5,200   $5,229,021 
Series I, 2.50%, 2/01/11    6,985  6,995,537 
California State Department of Veterans     
Affairs, RB, ROCS, VRDN,       
Series II-R-11444, AMT (Citibank NA     
LLC), 0.39%, 1/07/11 (a)(b)    8,605  8,605,000 
California State Department of Water     
Resources, RB, VRDN, Series C-13     
(AGM Insurance, Dexia Credit Local     
SBPA), 0.33%, 1/07/11 (a)    10,450  10,450,000 
California State Enterprise Development     
Authority, RB, VRDN, Evapco Project,     
AMT (Manufacturers & Traders LOC),     
0.42%, 1/07/11 (a)    5,775  5,775,000 
California Statewide Communities       
Development Authority, HRB, VRDN,     
AMT (Fannie Mae) (a):       
2nd Street Senior Apartments,       
Series TT, 0.35%, 1/07/11    2,255  2,255,000 
Greentree Senior Apartments       
Project, Series P, 0.35%, 1/07/11  7,350  7,350,000 
Hallmark House Apartments,       
Series ZZ, 0.33%, 1/07/11    6,420  6,420,000 
Oakmont of Alameda, Series WW,     
0.32%, 1/07/11    12,680  12,680,000 
California Statewide Communities       
Development Authority, RB:       
Butte County, Series A-1, 2.00%,     
6/30/11    4,570  4,601,973 
VRDN, PUTTERS, Series 1358, AMT     
(JPMorgan Chase & Co. LOC),       
0.39%, 1/07/11 (a)(b)    27,420  27,420,000 
VRDN, Series A (AGC Insurance,       
Wells Fargo Bank NA SBPA), 0.34%,     
1/07/11 (a)    18,400  18,400,000 
VRDN, Series J, 0.30%, 1/07/11 (a)  5,000  5,000,000 
VRDN, Westgate Pasadena       
Apartments, Series G, AMT (Bank of     
America NA LOC), 0.34%,       
1/07/11 (a)    15,700  15,700,000 
California Statewide Communities       
Development Authority,       
Refunding RB (a):       
FLOATS, VRDN, Series 2635 (BHAC,     
Morgan Stanley Municipal Funding     
Guarantee Agreement and Liquidity     
Facility), 0.34%, 1/07/11 (b)    3,700  3,700,000 
PUTTERS, VRDN, Series 2680       
(JPMorgan Chase Bank LOC),       
0.44%, 1/07/11 (b)    16,700  16,700,000 
VRDN, Retirement Housing       
Foundation (KBC Bank NV LOC),     
0.32%, 1/07/11    25,860  25,860,000 
City of Big Bear Lake California, RB,       
Southwest Gas Corp. Project, Series A,     
AMT (KBC Bank NV LOC), 0.33%,       
1/07/11 (a)    5,400  5,400,000 

 

Par
Municipal Bonds    (000)  Value 
California (continued)       
City of Carlsbad California, RB, VRDN,     
The Greens Apartments, Series A,       
AMT (Citibank NA LOC), 0.38%,       
1/07/11 (a)  $ 13,815 $ 13,815,000 
City of Fremont California, COP, VRDN,     
Refinancing Capital (US Bank NA       
LOC), 0.33%, 1/07/11 (a)    8,000  8,000,000 
City of Loma Linda California, Refunding     
HRB, VRDN, Loma Linda Springs, AMT     
(Fannie Mae), 0.35%, 1/07/11 (a)  19,430  19,430,000 
City of Long Beach California, GO, TRAN,     
2.00%, 9/30/11    6,255  6,330,482 
City of Los Angeles California, GO, TRAN,     
2.00%, 4/21/11    3,800  3,816,093 
City of San Jose California, Deutsche     
Bank SPEARS/LIFERS Trust,       
Refunding RB, SPEARS, VRDN, AMT     
(AMBAC) (a)(b):       
Series DB-480, 0.34%, 1/07/11  9,880  9,880,000 
Series DB-484, 0.34%, 1/07/11  20,850  20,850,000 
Series DBE-544, 0.34%, 1/07/11  8,930  8,930,000 
City of San Jose California, RB, VRDN,     
Carlton, Series A, AMT (Fannie Mae),     
0.35%, 1/07/11 (a)    12,000  12,000,000 
City of San Jose California, Refunding     
RB, VRDN, Almaden Lake Village       
Apartment, Series A, AMT (Fannie       
Mae), 0.43%, 1/07/11 (a)    2,000  2,000,000 
City of Santa Rosa California, RB, VRDN,     
Crossings at Santa Rosa, Series A,     
AMT (Citibank NA LOC), 0.34%,       
1/07/11 (a)    2,040  2,040,000 
Compton Unified School District       
California, RB, Series D-1, 2.00%,       
6/30/11    3,000  3,021,531 
County of Contra Costa California, RB,     
VRDN, Pleasant Hill Bart Transit,       
Series A, AMT (Bank of America NA     
LOC), 0.33%, 1/07/11 (a)    31,200  31,200,000 
County of Los Angeles California, RB,     
ROCS, VRDN, Series II-R-13101CE     
(Citibank NA Liquidity Facility), 0.36%,     
1/07/11 (a)(b)(c)    18,400  18,400,000 
County of Riverside California, GO,       
TRAN:       
Series A, 2.00%, 3/31/11    7,300  7,328,229 
Series B, 2.00%, 6/30/11    12,200  12,287,236 
County of Sacramento California,       
Deutsche Bank SPEARS/LIFERS Trust,     
RB, SPEARS, VRDN, Series DB-646,     
AMT, 0.34%, 1/07/11 (a)(b)    46,140  46,140,000 
East Bay Municipal Utility District,       
Refunding RB, VRDN (a):       
Series A-1, Mandatory Put Bonds,     
0.37%, 1/07/11    11,875  11,875,000 
Sub-Series B (AGM Insurance, Dexia     
Credit Local SBPA), 0.33%, 1/07/11  9,960  9,960,000 
East Bay Municipal Utility District, TECP :     
0.38%, 1/12/11    16,200  16,200,000 
0.40%, 2/10/11    15,100  15,100,000 
0.40%, 3/03/11    22,300  22,300,000 

 

2 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


BIF California Municipal Money Fund
Schedule of Investments(continued) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
California (continued)       
East Bay Water Utility District, TECP :     
0.35%, 1/11/11  $ 13,500 $ 13,500,000 
0.45%, 1/11/11    20,400  20,400,000 
El Dorado Irrigation District & El Dorado     
Water Agency California, COP,       
Refunding, VRDN, Series A (Dexia       
Credit Local LOC), 0.32%, 1/07/11 (a)  25,900  25,900,000 
Golden State Tobacco Securitization     
Corp. California, Refunding RB,       
FLOATS, VRDN, Series 2040 (Morgan     
Stanley Municipal Funding Guarantee     
Agreement and Liquidity Facility),       
0.41%, 1/07/11 (a)(b)    10,000  10,000,000 
Los Angeles County California Schools     
Pooled Financing, RB, TRAN, Series     
F1, 2.00%, 2/28/11    9,100  9,113,762 
Los Angeles Department of Water &       
Power, Refunding RB (a):       
FLOATS, VRDN, Series 1103       
(Morgan Stanley Municipal Funding     
Guarantee Agreement and Liquidity     
Facility), 0.35%, 1/07/11 (b)    2,180  2,180,000 
VRDN, Power System, Sub-Series A-     
4 (Lloyds TSB Bank Plc SBPA),       
0.27%, 1/07/11    8,200  8,200,000 
Los Angeles Unified School District       
California, GO, TRAN, Series A, 2.00%,     
6/30/11    15,200  15,299,542 
Modesto Irrigation District Financing     
Authority, RB, MSTR, VRDN, Series     
SGC 44, Class A (NPFGC Insurance,     
Societe Generale LOC), 0.34%,       
1/07/11 (a)    15,500  15,500,000 
Orange County Sanitation District, COP,     
FLOATS, VRDN, Series 2928 (Morgan     
Stanley Bank Liquidity Facility),       
0.36%, 1/07/11 (a)(b)    5,885  5,885,000 
Petaluma City Elementary School       
District, GO, TRAN, 1.50%, 7/01/11  4,400  4,416,671 
Pittsburg Unified School District, GO,     
TAN, 2.00%, 2/01/11    7,100  7,106,784 
Riverside County IDA California, RB,       
VRDN, Universal Forest Products       
Project, AMT (JPMorgan Chase Bank     
LOC), 0.45%, 1/07/11 (a)    3,300  3,300,000 
Sacramento Housing Authority, HRB,     
VRDN, Greenfair Apartments, Series     
G, AMT (Citibank NA LOC), 0.33%,       
1/07/11 (a)    10,700  10,700,000 
San Bernardino County Housing       
Authority, Refunding RB, VRDN,       
Raintree Apartments, Series A (East     
West Bank LOC, Federal Home Loan     
Bank LOC), 0.30%, 1/07/11 (a)    2,500  2,500,000 
San Diego County/San Diego County     
School Districts, RB, TRAN:       
Series B-1, 2.00%, 1/31/11    3,000  3,003,203 
Series B-2, 2.00%, 4/29/11    15,200  15,254,084 
San Diego Housing Authority California,     
RB, VRDN, Studio 15, Series B, AMT     
(Citibank NA LOC), 0.33%,       
1/07/11 (a)    1,705  1,705,000 

 

Par
Municipal Bonds    (000)  Value 
California (concluded)       
San Diego Unified School District       
California, GO, TRAN, Series A, 2.00%,     
6/30/11  $ 13,500 $ 13,595,095 
San Francisco City & County Airports     
Commission, Refunding RB, VRDN,     
Second Series A-1, AMT (JPMorgan     
Chase Bank LOC), 0.36%,       
1/07/11 (a)    7,000  7,000,000 
San Francisco City & County       
Redevelopment Agency, Refunding     
HRB, VRDN, Fillmore Center,       
Series B-2, AMT (Freddie Mac),       
0.38%, 1/07/11 (a)    6,750  6,750,000 
Santa Barbara County Schools       
Financing Authority, RB, TRAN, 2.00%,     
6/30/11    5,100  5,136,468 
Sequoia Union High School District, GO,     
FLOATS, VRDN, Series 2160 (AGM)     
(Wells Fargo Bank NA LOC), 0.37%,     
1/07/11 (a)(b)    5,360  5,360,000 
State of California, GO, VRDN (a):       
FLOATS, Series 2178 (Wells Fargo     
Bank NA LOC), 0.39%, 1/07/11 (b)  21,545  21,544,500 
FLOATS, Series 2661, 0.39%,       
1/07/11 (b)    31,880  31,880,000 
FLOATS, Series 2813, 0.41%,       
1/07/11 (b)    5,200  5,200,000 
FLOATS, Series A-2 (Bank of       
Montreal LOC), 0.27%, 1/03/11 (b)  6,250  6,250,000 
FLOATS, Series DCL-010 (AGM       
Insurance, Dexia Credit Local LOC,     
Dexia Credit Local Liquidity Facility),     
0.43%, 1/07/11 (b)    36,295  36,295,000 
Kindergarten, Series B1 (Citibank     
NA LOC), 0.25%, 1/03/11    5,800  5,800,000 
ROCS, Series II-R-622PB (BHAC       
Insurance, PB Capital Corp. Liquidity     
Facility), 0.37%, 1/07/11 (b)    2,425  2,425,000 
Series A-1 (JPMorgan Chase Bank     
LOC), 0.30%, 1/03/11    17,000  17,000,000 
Tustin Unified School District, Special     
Tax Bonds, VRDN, Community       
Facilities District No. 07-1 (Bank of     
America NA LOC), 0.28%, 1/03/11 (a)  20,000  20,000,000 
      1,139,630,165 
Puerto Rico — 3.9%       
Commonwealth of Puerto Rico, GO,       
PUTTERS, VRDN, Series 204 (AGC,     
JPMorgan Chase & Co. LOC), 0.44%,     
1/07/11 (a)(b)    7,060  7,060,000 
Commonwealth of Puerto Rico, GO,       
Refunding, VRDN, Public       
Improvement, Series C5 (AGM       
Insurance, Dexia Credit Local SBPA),     
0.33%, 1/07/11 (a)    36,500  36,500,000 
Puerto Rico Highway & Transportation     
Authority, BB&T Municipal Trust,       
Refunding RB, FLOATS, VRDN, Series     
2035 (AGC Insurance, BB&T LOC),     
0.34%, 1/07/11 (a)(b)    3,000  3,000,000 
      46,560,000 

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 3


BIF California Municipal Money Fund
Schedule of Investments (concluded) (Percentages shown are based on Net Assets)

  Value 
Total Investments   
(Cost - $1,186,190,165*) – 99.9%  $ 1,186,190,165 
Other Assets Less Liabilities – 0.1%  1,403,519 
Net Assets – 100.0%  $ 1,187,593,684 

 

* Cost for federal income tax purposes.
(a) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender
option bond trusts and are secured by the underlying municipal bond
securities.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.

•Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

•Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

•Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

•Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Municipal         
Bonds1  —  $ 1,186,190,165  — $ 1,186,190,165 
       

 

1See above Schedule of Investments for values in the state or political subdivision.

4 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


BIF Connecticut Municipal Money Fund
Schedule of Investments December 31, 2010 (Unaudited) (Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Connecticut — 93.2%     
City of Danbury Connecticut, GO, BAN,     
1.50%, 7/28/11  $ 10,000 $ 10,067,925 
Connecticut Housing Finance Authority,     
VRDN (a):     
HRB, CIL Realty Inc. (HSBC Bank     
USA NA LOC), 0.30%, 1/07/11  1,550  1,550,000 
RB, Housing Mortgage Finance     
Program, Series E-4, AMT (Federal     
Home Loan Bank Boston SBPA),     
0.32%, 1/07/11  8,555  8,555,000 
RB, MSG Mortgage Financial,     
Series D, AMT (Federal Home Loan     
Bank Boston SBPA), 0.36%,     
1/07/11  7,024  7,024,000 
RB, Sub-Series F-1 (JPMorgan Chase     
Bank SBPA), 0.28%, 1/03/11  9,800  9,800,000 
Connecticut Housing Finance Authority,     
Refunding RB, VRDN, AMT (a):     
Housing Mortgage Finance Program,     
Series A-3 (Federal Home Loan     
Bank Boston SBPA), 0.32%,     
1/07/11  545  545,000 
Sub-Series B-4 (Federal Home Loan     
Bank Boston SBPA), 0.35%, 1/07/11  11,300  11,300,000 
Connecticut State Development     
Authority, RB, VRDN, AMT (a):     
Cheshire (Bank of New York LOC),     
0.57%, 1/07/11  1,240  1,240,000 
Reflexite Corp. Project, Series A     
(Bank of New York LOC), 0.57%,     
1/07/11  610  610,000 
Reflexite Corp. Project, Series B     
(Bank of New York LOC), 0.57%,     
1/07/11  700  700,000 
Solid Waste Project, Rand/Whitney     
(Bank of Montreal LOC), 0.32%,     
1/07/11  11,935  11,935,000 

 

    Par   
    (000)  Value 
Connecticut (continued)       
Connecticut State Health & Educational     
Facility Authority, Austin Trust, RB,       
Certificates, Bank of America,       
VRDN (a)(b):       
Series 2008-352 (Bank of America     
NA LOC, Bank of America NA SBPA),     
0.46%, 1/07/11  $ 35,040  $ 35,040,000 
Series 2008-1080, 0.41%,       
1/07/11    2,636  2,636,000 
Connecticut State Health & Educational     
Facility Authority, RB, VRDN (a):       
Avon Old Farms School, Series A       
(Bank of New York LOC), 0.42%,       
1/07/11    3,090  3,090,000 
Greater Hartford YMCA, Series B       
(Bank of America NA LOC), 0.35%,     
1/03/11    1,500  1,500,000 
Greenwich Adult Day Care, Series A     
(JPMorgan Chase & Co. LOC),       
0.37%, 1/07/11    3,250  3,250,000 
Greenwich Family YMCA, Series A       
(JPMorgan Chase & Co. LOC),       
0.37%, 1/07/11    5,725  5,725,000 
Hartford Hospital, Series B       
(Bank of New York LOC), 0.40%,       
1/07/11    5,000  5,000,000 
Hotchkiss School, Series A       
(Northern Trust Co. SBPA), 0.30%,     
1/07/11    13,000  13,000,000 
Masonicare, Series D (Wells Fargo     
Bank NA LOC), 0.28%, 1/03/11    9,560  9,560,000 
Whitby School, Series A       
(JPMorgan Chase Bank LOC),       
0.34%, 1/07/11    2,075  2,075,000 
Yale University, Series V-1, 0.24%,     
1/03/11    6,500  6,500,000 
Yale University, Series V-2, 0.24%,     
1/03/11    1,100  1,100,000 
Yale University, Series Y-3, 0.13%,     
1/03/11    2,500  2,500,000 
Connecticut State Health & Educational     
Facility Authority, Refunding RB,       
VRDN (a):       
FLOATS, Series 1884 (AGM       
Insurance, Wells Fargo & Co. SBPA),     
0.33%, 1/07/11 (b)    11,180  11,180,000 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGM  Assured Guaranty Municipal Corp.  HRB  Housing Revenue Bonds 
AMBAC  American Municipal Bond Assurance Corp.  LOC  Letter of Credit 
AMT  Alternative Minimum Tax (subject to)  RB  Revenue Bonds 
BAN  Bond Anticipation Notes  SBPA  Stand-by Bond Purchase Agreement 
FLOATS  Floating Rate Securities  VRDN  Variable Rate Demand Notes 
GO  General Obligation Bonds     

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 1


BIF Connecticut Municipal Money Fund
Schedule of Investments (concluded) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Connecticut (concluded)       
Connecticut State Health & Educational     
Facility Authority, Refunding RB,       
VRDN (a) (concluded):       
Yale-New Haven Hospital, Series L2     
(Bank of America NA LOC), 0.32%,     
1/07/11  $ 14,600 $ 14,600,000 
Hartford Redevelopment Agency,       
Refunding HRB, VRDN, Underwood     
Tower Project (AGM Insurance,       
Societe Generale SBPA), 0.42%,       
1/07/11 (a)    14,145  14,145,000 
Regional School District No. 12, GO,       
BAN, 1.50%, 9/01/11    2,300  2,315,294 
Regional School District No. 18, GO,       
Refunding, BAN, 1.50%, 1/14/11    10,000  10,004,200 
State of Connecticut, GO:       
BAN, Series A, 2.00%, 5/19/11    7,250  7,292,660 
VRDN, Series A-1 (Dexia Credit       
Local SBPA), 0.39%, 1/07/11 (a)  10,700  10,700,000 
State of Connecticut, GO, Refunding,       
FLOATS, VRDN, Series 514 (Morgan     
Stanley Bank SBPA), 0.34%,       
1/07/11 (a)(b)    900  900,000 
Town of Easton Connecticut, GO, BAN,     
1.00%, 7/08/11    5,000  5,014,938 
Town of New Milford Connecticut, GO,     
BAN, 1.50%, 7/26/11    8,250  8,302,179 
Town of Sharon Connecticut, GO, BAN,     
1.50%, 8/02/11    6,000  6,038,661 
Town of Watertown Connecticut, GO,       
BAN, 1.25%, 3/30/11    1,800  1,803,153 
246,599,010
Puerto Rico — 3.6%       
Commonwealth of Puerto Rico, GO,       
Refunding, VRDN, Public       
Improvement, Series B (Wells Fargo     
Bank NA LOC), 0.22%, 1/03/11 (a)  5,000  5,000,000 
Puerto Rico Highway & Transportation     
Authority, Refunding RB, FLOATS,       
VRDN, Series PT-3677 (Dexia Credit     
Local Guarantee Agreement and       
Liquidity Facility), 0.47%,       
1/07/11 (a)(b)    4,590  4,590,000 
9,590,000

 

Total Investments   
(Cost - $256,189,010*) – 96.8%  256,189,010 
Other Assets Less Liabilities – 3.2%  8,576,394 
Net Assets – 100.0%  $264,765,404 

 

* Cost for federal income tax purposes.
(a) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender
option bond trusts and are secured by the underlying municipal bond
securities.

• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Municipal Bonds1   —  $256,189,010  — $ 256,189,010 

1See above Schedule of Investments for values in the state or political
subdivision.

2 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


BIF Florida Municipal Money Fund
Schedule of Investments December 31, 2010 (Unaudited) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Florida — 102.5%       
Alachua County Health Facilities       
Authority, RB, VRDN, Oak Hammock     
University of Florida Project, Series A     
(Bank of Scotland LOC), 0.34%,       
1/03/11 (a)  $ 3,230   $3,230,000 
Broward County Housing Finance       
Authority, RB, VRDN, Sailboat Bend       
Artist Lofts, AMT (Citibank NA LOC),       
0.38%, 1/07/11 (a)    750  750,000 
Collier County IDA, RB, VRDN, March       
Project, AMT (Wells Fargo Bank NA       
LOC), 0.55%, 1/07/11 (a)    2,090  2,090,000 
Collier County IDA, Refunding RB, VRDN,     
Allete Inc. Project, AMT (Wells Fargo     
Bank NA LOC), 0.40%, 1/07/11 (a)    2,000  2,000,000 
County of Miami-Dade Florida,       
JPMorgan Chase PUTTERS/DRIVERS     
Trust, RB, VRDN, Series 3814 (AGM     
Insurance, JPMorgan Chase Bank       
Liquidity Facility), 0.44%, 1/07/11       
(a)(b)(c)    3,500  3,500,000 
County of Palm Beach Florida, RB,       
VRDN, FlightSafety Project, AMT,       
0.33%, 1/07/11 (a)    12,395  12,395,000 
Escambia County Health Facilities       
Authority, RB, VRDN, Azalea Trace,       
Inc., Series B (TD Bank NA LOC),       
0.26%, 1/03/11 (a)    2,000  2,000,000 
Florida Housing Finance Corp., RB,       
VRDN, AMT (a):       
Cutler Riverside Apartments       
(Freddie Mac Guaranty Liquidity       
Facility), 0.36%, 1/07/11    3,000  3,000,000 
ROCS, Series II-R-11209, (Citibank     
NA Liquidity Facility), 0.40%,       
1/07/11 (b)    4,090  4,090,000 
Hillsborough County Housing Finance       
Authority, HRB, VRDN, Claymore       
Crossings Apartments, AMT (Citibank     
NA LOC), 0.35%, 1/07/11 (a)    1,900  1,900,000 
Jacksonville Health Facilities Authority,     
Refunding RB, VRDN, Baptist, Series C     
(Bank of America NA LOC), 0.36%,       
1/03/11 (a)    3,090  3,090,000 
Jacksonville Housing Finance Authority,     
HRB, VRDN, AMT (a):       
Christine Cove Apartments (Federal     
Home Loan Bank LOC), 0.35%,       
1/07/11    1,480  1,480,000 

 

    Par   
Municipal Bonds    (000)  Value 
Florida (concluded)       
Jacksonville Housing Finance Authority,     
HRB, VRDN, AMT (a) (concluded):       
Hartwood Apartments (Freddie Mac     
Guaranty Liquidity Facility), 0.36%,     
1/07/11  $ 1,000           $ 1,000,000 
Jacksonville Port Authority, RB, VRDN,     
Mitsui OSK Lines Ltd., AMT (Sumitomo     
Mitsui Banking LOC), 0.34%,       
1/07/11 (a)    2,915  2,915,000 
Lee Memorial Health System, RB, VRDN,     
Series B (Bank of America NA LOC),       
0.36%, 1/03/11 (a)    2,500  2,500,000 
Miami-Dade County IDA, Refunding RB,     
VRDN, Florida Power & Light Co.       
Project, AMT, 0.33%, 1/03/11 (a)    1,000  1,000,000 
Miami-Dade County IDA, RB, VRDN, RAM     
Investments of South Florida, Inc.       
Project, AMT (Wells Fargo Bank NA       
LOC), 0.50%, 1/07/11 (a)    2,440  2,440,000 
Multi-State, BB&T Municipal Trust, RB,     
FLOATS, VRDN (Branch Banking &       
Trust LOC) (a)(b):       
Series 1020, 0.49%, 1/07/11    5,600  5,600,000 
Series 1034, 0.49%, 1/07/11 (c)  4,383  4,382,500 
Orlando & Orange County Expressway       
Authority, Refunding RB, VRDN, Series     
C-4 (AGM Insurance, Dexia Credit       
Local SBPA), 0.33%, 1/07/11 (a)    3,100  3,100,000 
Sarasota County Public Hospital District,     
Refunding RB, VRDN, Sarasota       
Memorial Hospital, Series A (Northern     
Trust Co. LOC), 0.26%, 1/03/11 (a)    3,340  3,340,000 
Sunshine State Governmental Financing     
Commission, RB, VRDN (Dexia Credit     
Local LOC) (a):       
0.40%, 1/07/11    2,260  2,260,000 
 0.40%, 1/07/11                                                                                           1,805                                                      1,805,000
Total Investments       
(Cost - $69,867,500*) – 102.5%      69,867,500 
Liabilities in Excess of Other Assets – (2.5)%    (1,719,709) 
Net Assets – 100.0%      $68,147,791 
* Cost for federal income tax purposes.     

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGM  Assured Guaranty Municipal Corp.  LOC  Letter of Credit 
AMT  Alternative Minimum Tax (subject to)  PUTTERS  Puttable Tax-Exempt Receipts 
DRIVERS  Derivative Inverse Tax-Exempt Receipts  RB  Revenue Bonds 
FLOATS  Floating Rate Securities  ROCS  Reset Option Certificates 
HRB  Housing Revenue Bonds  SBPA  Stand-by Bond Purchase Agreement 
IDA  Industrial Development Authority  VRDN  Variable Rate Demand Notes 

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 1

BIF Florida Municipal Money Fund

Schedule of Investments (concluded)

(a) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender
option bond trusts and are secured by the underlying municipal bond
securities.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.

• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in         
Securities:         
Municipal Bonds1   — $ 69,867,500  — $ 69,867,500 

1 See above Schedule of Investments for values in the state or political
subdivision.

2 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


BIF Massachusetts Municipal Money Fund
Schedule of Investments December 31, 2010 (Unaudited) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Massachusetts — 87.1%       
Commonwealth of Massachusetts,       
BB&T Municipal Trust, GO, Refunding,     
FLOATS, VRDN, Series 2005 (Branch     
Banking & Trust SBPA), 0.33%,       
1/07/11 (a)(b)  $ 1,650 $ 1,650,000 
Commonwealth of Massachusetts, GO,     
VRDN, Consolidated Loan, Series A     
(Dexia Credit Local SBPA), 0.35%,       
1/03/11 (a)    10,300  10,300,000 
Commonwealth of Massachusetts,       
Refunding RB, FLOATS, VRDN, Series     
PT-3511 (Dexia Credit Local LOC,       
Dexia Credit Local SBPA), 0.48%,       
1/07/11 (a)(b)    14,960  14,960,000 
Massachusetts Bay Transportation       
Authority, Clipper Tax-Exempt       
Certificate Trust, RB, VRDN, Series     
2009-47 (State Street Bank & Trust     
SBPA), 0.37%, 1/07/11 (a)(b)    5,000  5,000,000 
Massachusetts Bay Transportation       
Authority, Refunding RB, VRDN (a):     
General Transportation System       
(Dexia Credit Local SBPA), 0.35%,     
1/07/11    2,700  2,700,000 
Senior Series A, 0.43%, 1/26/11  5,000  5,000,000 
Massachusetts Development Finance     
Agency, HRB, VRDN, Avalon Acton       
Apartments, AMT (Fannie Mae SBPA),     
0.38%, 1/07/11 (a)    7,000  7,000,000 
Massachusetts Development Finance     
Agency, RB, VRDN (a):       
Cordis Mills LLC, AMT (Fannie Mae     
Insurance, Fannie Mae Liquidity       
Facility), 0.39%, 1/07/11    4,000  4,000,000 
Concord Foods Issue, AMT (Fleet     
National Bank LOC), 0.55%,       
1/07/11    1,945  1,945,000 
ISO New England Inc. (TD Bank NA     
LOC), 0.29%, 1/07/11    2,200  2,200,000 
Massachusetts Development Finance     
Agency, Refunding RB, VRDN (a):       
Fessenden School (JPMorgan       
Chase Bank LOC), 0.34%, 1/07/11  5,990  5,990,000 

 

    Par   
Municipal Bonds    (000)  Value 
Massachusetts (continued)       
Massachusetts Development Finance     
Agency, Refunding, VRDN (a)       
(concluded):       
Groton School (US Bank NA SBPA),     
0.32%, 1/07/11  $ 3,415  $ 3,415,000 
You Inc. (BankNorth NA LOC),       
0.32%, 1/07/11    8,605  8,605,000 
Massachusetts Health & Educational     
Facilities Authority, Macon Trust, RB,     
VRDN Certificates, Bank of America,     
Series 2007-310 (Bank of America     
NA LOC), 0.46%, 1/07/11 (a)(b)    4,330  4,330,000 
Massachusetts Health & Educational     
Facilities Authority, RB, VRDN,       
Amherst College, Series H, Mandatory     
Put Bonds, 0.43%, 7/07/11 (a)    6,744  6,744,000 
Massachusetts Industrial Finance       
Agency, RB, AMT (a):       
Multi-Mode Development, 225       
Bodwell Project (JPMorgan Chase     
Bank LOC), 1.25%, 1/07/11    4,000  4,000,000 
Multi-Mode Development, OCT Co.,     
Inc. Project (Bank of America NA     
LOC), 1.25%, 1/07/11    2,800  2,800,000 
VRDN, AFC Cable System Inc. Issue     
(Bank of America NA LOC), 0.55%,     
1/07/11    1,050  1,050,000 
VRDN, Development, Garlock       
Printing Corp. (Fleet National Bank     
LOC), 0.55%, 1/07/11    470  470,000 
VRDN, E.L. Harvey & Sons Inc.       
(Fleet National Bank LOC), 0.55%,     
1/07/11    210  210,000 
VRDN, Gem Group Inc. Issue (Bank     
of America NA LOC), 0.55%,       
1/07/11    1,260  1,260,000 
Massachusetts Industrial Finance       
Agency, VRDN, E.L. Harvey & Sons       
Inc. (Fleet National Bank LOC),       
0.75%, 1/07/11 (a)    585  585,000 
Massachusetts School Building       
Authority, RB, VRDN (a)(b):       
ROCS, Series II-R-10411 (AGM       
Insurance, Citibank NA SBPA),       
0.36%, 1/07/11 (c)    3,400  3,400,000 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGM  Assured Guaranty Municipal Corp.  MSTR  Municipal Securities Trust Receipts 
AMT  Alternative Minimum Tax (subject to)  PUTTERS  Puttable Tax-Exempt Receipts 
BAN  Bond Anticipation Notes  RB  Revenue Bonds 
FLOATS  Floating Rate Securities  ROCS  Reset Option Certificates 
GO  General Obligation Bonds  SBPA  Stand-by Bond Purchase Agreement 
HRB  Housing Revenue Bonds  VRDN  Variable Rate Demand Notes 
LOC  Letter of Credit     

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 1


BIF Massachusetts Municipal Money Fund
Schedule of Investments (concluded) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Massachusetts (concluded)       
Massachusetts School Building       
Authority, RB (a)(b) (concluded):       
VRDN, PUTTERS, Series 1197       
(JPMorgan Chase Bank SBPA),       
0.37%, 1/07/11 (a)(b)  $ 7,140  $ 7,140,000 
Massachusetts State Department of       
Transportation, Refunding RB, VRDN,     
Contract Assistance, Series A5       
(Barclays Bank Plc SBPA), 0.28%,       
1/07/11 (a)    8,145  8,145,000 
Massachusetts State Turnpike       
Authority, Clipper Tax-Exempt       
Certificate Trust, RB, VRDN, Series     
2009-74 (State Street Bank & Co.       
SBPA), 0.34%, 1/07/11 (a)(b)    8,369  8,369,000 
Massachusetts State Water Pollution     
Abatement, RB, ROCS, VRDN, Series     
II-R-11537PB (PB Capital Corp.       
SBPA), 0.37%, 1/07/11 (a)(b)    12,385  12,385,000 
Massachusetts State Water Pollution     
Abatement, Refunding RB, MSTR,       
VRDN, Series SGA 87 (Societe       
General SBPA), 0.32%, 1/03/11       
(a)(b)    3,970  3,970,000 
Massachusetts Water Resources       
Authority, Refunding RB, VRDN, Multi-     
Modal, General, Sub-Series C       
(Landesbank Hessen-Thuringen LOC),     
0.33%, 1/03/11 (a)    6,405  6,405,000 
Town of Dartmouth Massachusetts, GO,     
Refunding, BAN, 1.50%, 2/25/11    4,260  4,266,909 
      148,294,909 
Puerto Rico — 10.3%       
Commonwealth of Puerto Rico, Austin     
Trust, Refunding RB, VRDN       
Certificates, Bank of America, Series     
2008-355 (Bank of America NA LOC,     
Bank of America NA SBPA), 0.52%,     
1/07/11 (a)(b)    2,800  2,800,000 
Commonwealth of Puerto Rico, GO,       
Refunding, VRDN, Public       
Improvement, Series C5 (AGM       
Insurance, Dexia Credit Local SBPA),     
0.33%, 1/07/11 (a)    13,300  13,300,000 
Puerto Rico Highway & Transportation     
Authority, Refunding RB, FLOATS,       
VRDN, Series PT-3677 (Dexia Credit     
Local Guarantee Agreement and       
Liquidity Facility), 0.47%, 1/07/11     
(a)(b)    1,400  1,400,000 
 17,500,000
Total Investments       
(Cost - $165,794,909*) – 97.4%      165,794,909 
Other Assets Less Liabilities – 2.6%      4,489,333 
Net Assets – 100.0%      $170,284,242 

 

* Cost for federal income tax purposes.
(a) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.

(b) These securities are short-term floating rate certificates issued by
tender option bond trusts and are secured by the underlying municipal
bond securities.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.

• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the assets
or liabilities (such as interest rates, yield curves, volatilities, prepayment
speeds, loss severities, credit risks and default rates) or other market-
corroborated inputs)

• Level 3 — unobservable inputs based on the best information available in
the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair value
of investments)

The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its annual report.

The following table summarizes the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Municipal         
Bonds1   —  $165,794,909  — $ 165,794,909 
Total             —                        $ 165,794,909  — $ 165,794,909 

1See above Schedule of Investments for values in the state or political subdivision.

2 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


BIF Michigan Municipal Money Fund
Schedule of Investments December 31, 2010 (Unaudited) (Percentages shown are based on Net Assets)

Municipal Bonds    (000)  Value 
Michigan — 91.9%       
Berrien County EDC Michigan, EDRB,       
VRDN, Arlington Corp. Project, AMT       
(Bank One NA LOC), 0.73%,       
1/07/11 (a)  $ 1,465 $ 1,465,000 
Chelsea Economic Development Corp.     
Michigan, Refunding RB, VRDN, Silver     
Maples Obligor (Comerica Bank LOC),     
0.35%, 1/07/11 (a)    3,260  3,260,000 
City of Rockford Michigan, RB, VRDN,       
Limited Obligation, Alloy Exchange       
Project, AMT (Bank One NA LOC),       
0.73%, 1/07/11 (a)    1,100  1,100,000 
Detroit City School District, GO, FLOATS,     
VRDN, Series DC8032 (AGM       
Insurance, Dexia Credit Local LOC),       
0.40%, 1/03/11 (a)(b)    1,480  1,480,000 
Eastern Michigan University, Refunding     
RB, VRDN, General, Series A       
(JPMorgan Chase Bank LOC), 0.35%,     
1/03/11 (a)    1,200  1,200,000 
Green Lake Township EDC Michigan,       
Refunding RB, VRDN, Interlochen       
Center Project (Harris NA LOC),       
0.28%, 1/03/11 (a)    4,200  4,200,000 
Lakeview School District Michigan, GO,     
VRDN, School Building & Site,       
Series B (Q-SBLF Insurance,       
Landesbank Hessen-Thuringen SBPA),     
0.35%, 1/07/11 (a)    3,000  3,000,000 
Macomb County EDC, RB, VRDN, Aim       
Plastics Inc. Project, AMT (Comerica     
Bank LOC), 0.49%, 1/07/11 (a)    905  905,000 
Marquette County EDC Michigan, RB,       
VRDN, Pioneer Labs Inc. Project,       
Series A, AMT (JPMorgan Chase & Co.     
LOC), 0.59%, 1/07/11 (a)    400  400,000 
Michigan Finance Authority, RB, SAN,       
Series D-1, 2.00%, 8/19/11    10,000  10,075,329 
Michigan Higher Education Facilities       
Authority, Refunding RB, VRDN,       
Limited Obligation, Law School       
Project, Series A (Wells Fargo Bank NA     
LOC), 0.30%, 1/07/11 (a)    3,200  3,200,000 

 

  Par   
Municipal Bonds  (000)  Value 
Michigan (continued)     
Michigan Higher Education Student     
Loan Authority, RBC Municipal     
Products Inc. Trust, Refunding RB,     
FLOATS, VRDN, Series L-24, AMT     
(Royal Bank of Canada LOC), 0.37%,     
1/07/11 (a)(b)  $ 6,300 $ 6,300,000 
Michigan State HDA, HRB, VRDN,     
Berrien Woods III, Series A, AMT     
(Citibank NA LOC), 0.34%,     
1/07/11 (a)  5,840  5,840,000 
Michigan State HDA, RB, VRDN, Baldwin     
Villas Project, AMT (Comerica Bank     
LOC), 0.49%, 1/07/11 (a)  2,400  2,400,000 
Michigan State HDA, Refunding RB,     
VRDN, Series C (Barclays Bank Plc     
SBPA), 0.33%, 1/07/11 (a)  7,860  7,860,000 
Michigan State University, RB, VRDN,     
Series 2000-A (Bank of America NA     
SBPA), 0.30%, 1/07/11 (a)  2,200  2,200,000 
Michigan Strategic Fund, RB, VRDN,     
AMT (a):     
Alphi Manufacturing Inc. Project     
(Standard Federal Bank LOC),     
1.25%, 1/07/11  700  700,000 
C&M Manufacturing Corp. Inc.     
Project (Bank One Michigan LOC),     
0.73%, 1/07/11  1,535  1,535,000 
Continental Carbonic Products     
(JPMorgan Chase Bank LOC),     
0.35%, 1/07/11  2,000  2,000,000 
Golden Keys Development LLC     
Project (Bank One NA LOC), 0.41%,     
1/07/11  1,300  1,300,000 
Limited Obligation, GNP Real Estate     
(Standard Federal Bank LOC),     
0.55%, 1/07/11  1,600  1,600,000 
Merrill Tool Holding Co. Project,     
Series A (Lasalle Bank NA LOC),     
0.50%, 1/07/11  750  750,000 
Riverwalk Properties LLC Project     
(Comerica Bank LOC), 0.49%,     
1/07/11  1,600  1,600,000 
Vector Investments Project (Bank of     
America NA LOC), 0.59%, 1/07/11  1,000  1,000,000 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGM  Assured Guaranty Municipal Corp.  HRB  Housing Revenue Bonds 
AMT  Alternative Minimum Tax (subject to)  LOC  Letter of Credit 
EDC  Economic Development Corp.  Q-SBLF  Qualified School Bond Loan Fund 
EDRB  Economic Development Revenue Bonds  RB  Revenue Bonds 
FLOATS  Floating Rate Securities  SAN  State Aid Notes 
GO  General Obligation Bonds  SBPA  Stand-by Bond Purchase Agreement 
HDA  Housing Development Authority  VRDN  Variable Rate Demand Notes 

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 1


BIF Michigan Municipal Money Fund
Schedule of Investments (concluded) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Michigan (concluded)       
Oakland County EDC Michigan, RB,       
VRDN, Schain Mold & Engineering,       
AMT (Bank One Michigan LOC),       
0.73%, 1/07/11 (a)  $ 1,800  $ 1,800,000 
Oakland County EDC Michigan,       
Refunding RB, VRDN, Pratt & Miller     
Engineering, AMT (Lasalle Bank NA     
LOC), 0.50%, 1/07/11 (a)    2,300  2,300,000 
Saline Area Schools, GO, Refunding,       
VRDN (Q-SBLF Insurance, Landesbank     
Hessen-Thuringen LOC), 0.35%,       
1/07/11 (a)    8,530  8,530,000 
University of Michigan, RB, VRDN,       
Hospital, Series A, 0.28%,       
1/03/11 (a)    2,500  2,500,000 
University of Michigan, Refunding RB,     
VRDN, Hospital, Series A-2, 0.26%,       
1/03/11 (a)    1,500  1,500,000 
      82,000,329 
Puerto Rico — 9.7%       
Commonwealth of Puerto Rico, GO,       
Refunding, VRDN (Wells Fargo Bank     
NA LOC) (a):       
Public Improvement, Series B,       
0.22%, 1/03/11    2,200  2,200,000 
Series A-8, 0.28%, 1/07/11    1,500  1,500,000 
Puerto Rico Highway & Transportation     
Authority, Refunding RB, FLOATS,       
VRDN, Series PT-3677 (Dexia Credit     
Local Guarantee Agreement and       
Liquidity Facility), 0.47%,       
1/07/11 (a)(b)    4,985  4,985,000 
8,685,000
Total Investments       
(Cost - $90,685,329*) – 101.6%      90,685,329 
Liabilities in Excess of Other Assets – (1.6)%    (1,413,782) 
Net Assets – 100.0%    $89,271,547 

 

* Cost for federal income tax purposes.
(a) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender
option bond trusts and are secured by the underlying municipal bond
securities.

• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Municipal         
Bonds1   — $90,685,329  — $ 90,685,329 

 

1 See above Schedule of Investments for values in the state or political
subdivision

2 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


Investments BIF New Jersey Municipal Money Fund
Schedule of December 31, 2010 (Unaudited) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New Jersey — 93.6%       
Bloomfield Parking Authority, RB, Project     
Notes (NPFGC), 1.00%, 2/02/11  $ 3,700 $ 3,700,863 
Borough of Belmar New Jersey, GO,       
BAN, 1.25%, 4/29/11    4,100  4,106,099 
Borough of Butler New Jersey, GO, BAN,     
1.25%, 8/26/11    900  903,850 
Borough of Chatham New Jersey, GO,       
BAN, 1.25%, 6/01/11    3,100  3,112,338 
Borough of Glen Rock New Jersey, GO,     
BAN, 1.00%, 1/21/11    6,000  6,001,890 
Borough of Metuchen New Jersey, GO,     
BAN, 1.50%, 5/26/11    5,516  5,529,444 
Borough of Mountainside, GO, BAN,       
1.50%, 11/04/11    2,573  2,588,501 
Borough of Palisades Park New Jersey,     
GO, BAN, 1.25%, 4/21/11    2,511  2,515,028 
Borough of Upper Saddle River New       
Jersey, GO, Refunding, BAN, 1.25%,     
2/25/11    900  901,099 
Borough of Watchung New Jersey, GO,     
BAN, 1.00%, 3/01/11    3,400  3,402,892 
Camden County Improvement Authority,     
RB, VRDN, Special (TD Bank NA LOC),     
0.36%, 1/07/11 (a)    1,910  1,910,000 
City of Burlington New Jersey, GO, BAN,     
1.25%, 6/23/11    5,216  5,223,880 
City of Cape May New Jersey, GO, BAN,     
1.25%, 7/21/11    8,501  8,524,806 
City of Margate City New Jersey, GO,       
BAN, 1.00%, 1/28/11    3,800  3,800,720 
City of North Wildwood New Jersey, GO,     
BAN, 1.50%, 5/20/11    3,700  3,707,862 
City of Ocean City New Jersey, GO, BAN,     
1.25%, 3/11/11    4,100  4,105,551 
City of Summit New Jersey, GO, BAN,       
1.00%, 1/21/11    3,700  3,701,373 
Essex County Improvement Authority,       
RB, VRDN, ACES, Pooled       
Governmental Loan Program (Wells       
Fargo Bank NA LOC), 0.30%,       
1/05/11 (a)    3,600  3,600,000 

 

    Par   
Municipal Bonds    (000)  Value 
New Jersey (continued)       
Garden State Preservation Trust, RB,       
FLOATS, VRDN (a)(b):       
Series DCL 006 (AGM Insurance,       
Dexia Credit Local LOC), 0.42%,       
1/06/11  $ 16,995  $ 16,995,000 
Series DCL-2008-001 (AGM       
Insurance, Dexia Credit Local LOC,     
Dexia Credit Local Liquidity Facility),     
0.43%, 1/06/11    5,000  5,000,000 
Hudson County Improvement Authority,     
Refunding RB, County Guaranteed       
Pooled Notes, Series C-1, 1.25%,       
1/19/11    5,500  5,501,619 
Lower Township Municipal Utilities       
Authority, RB, Project Notes, Series B,     
2.00%, 9/23/11    2,700  2,728,374 
New Jersey EDA, RB, VRDN (Bank of       
Nova Scotia LOC, Lloyds TSB Bank Plc     
LOC) (a):       
Facilities Construction,       
Subordinated, Series R-1, 0.27%,       
1/03/11    10,465  10,465,000 
Facilities Construction, Sub-Series     
R-2, 0.23%, 1/03/11    13,100  13,100,000 
New Jersey EDA, RB, VRDN (a):       
Esarc Inc. Project, (Wells Fargo       
Bank NA LOC), 0.43%, 1/06/11    2,350  2,350,000 
FLOATS, Series 3008, 0.41%,       
1/06/11 (b)(c)    8,199  8,198,566 
Jewish Family Service, (Wells Fargo     
Bank NA LOC), 0.43%, 1/06/11    825  825,000 
MZR Real Estate LP Project, (Wells     
Fargo Bank NA LOC), AMT, 0.50%,     
1/06/11    6,405  6,405,000 
PB Tower & Metro Project, (Wells       
Fargo Bank NA LOC), Series A, AMT,     
0.50%, 1/06/11    3,260  3,260,000 
PB Tower & Metro Project, (Wells       
Fargo Bank NA LOC), Series B, AMT,     
0.50%, 1/06/11    1,910  1,910,000 
Urban League Project (Wells Fargo     
Bank NA LOC), 0.38%, 1/06/11    2,325  2,325,000 
New Jersey EDA, Refunding RB, VRDN (a):     
Blair Academy Project (Wells Fargo     
Bank NA LOC), 0.28%, 1/06/11    6,960  6,960,000 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

ACES  Adjustable Convertible Extendible Securities  LOC  Letter of Credit 
AGM  Assured Guaranty Municipal Corp.  NPFGC  National Public Finance Guarantee Corp. 
AMT  Alternative Minimum Tax (subject to)  PUTTERS  Puttable Tax-Exempt Receipts 
BAN  Bond Anticipation Notes  RB  Revenue Bonds 
BHAC  Berkshire Hathaway Assurance Corp.  ROCS  Reset Option Certificates 
DRIVERS  Derivative Inverse Tax-Exempt Receipts  S/F  Single-Family 
EDA  Economic Development Authority  SBPA  Stand-by Bond Purchase Agreement 
FLOATS  Floating Rate Securities  SPEARS  Short Puttable Exempt Adjustable Receipts 
GO  General Obligation Bonds  TECP  Tax-Exempt Commercial Paper 
LIFERS  Long Inverse Floating Exempt Receipts  VRDN  Variable Rate Demand Notes 

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 1


BIF New Jersey Municipal Money Fund
Schedule of Investments (continued) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New Jersey (continued)       
New Jersey EDA, Refunding RB, VRDN (a)     
(concluded):       
Jewish Community Metro West       
(Wells Fargo Bank NA LOC), 0.43%,     
1/06/11  $ 5,400  $ 5,400,000 
Presbyterian Homes, Assisted       
Living, Series A (TD Bank NA LOC),     
0.29%, 1/06/11    3,055  3,055,000 
Presbyterian Homes, Assisted       
Living, Series B (TD Bank NA LOC),     
0.29%, 1/06/11    3,200  3,200,000 
School Facilities Construction,       
Series V-1 (Allied Irish Bank Plc       
LOC), 0.28%, 1/05/11    11,200  11,200,000 
New Jersey EDA, TECP (Dexia Credit       
Local SBPA), 0.43%, 1/03/11    29,000  29,000,000 
New Jersey Educational Facilities       
Authority, Refunding RB, VRDN,       
Centenary College, Series A (TD Bank     
NA LOC), 0.31%, 1/06/11 (a)    7,115  7,115,000 
New Jersey Health Care Facilities       
Financing Authority, RB, VRDN, Series     
A-4 (TD Bank NA LOC), 0.31%,       
1/06/11 (a)    1,005  1,005,000 
New Jersey State Higher Education       
Assistance Authority, RBC Municipal     
Products Inc. Trust, RB, FLOATS,       
VRDN, AMT (Royal Bank of Canada       
LOC) (a)(b)(c):       
Series L-35, 0.37%, 1/06/11    25,245  25,245,000 
Series L-36, 0.37%, 1/06/11    16,200  16,200,000 
New Jersey State Housing & Mortgage     
Finance Agency, Puttable Floating       
Option Tax-Exempt Receipts, RB,       
FLOATS, VRDN, Series PT-4660 (Bank     
of America NA Liquidity Facility),       
0.47%, 1/06/11 (a)(b)(c)    4,025  4,025,000 
New Jersey State Housing & Mortgage     
Finance Agency, RB, VRDN, AMT       
(Dexia Credit Local SBPA),       
S/F Housing (a):       
Series Q, 0.43%, 1/05/11    56,990  56,990,000 
Series R, 0.43%, 1/05/11    24,565  24,565,000 
New Jersey State Turnpike Authority,       
Refunding RB, ROCS, VRDN, Series       
II-R-10380 (BHAC), 0.35%,       
1/06/11 (a)(b)(c)    13,350  13,350,000 
New Jersey Transportation Trust Fund     
Authority, Clipper Tax-Exempt       
Certificate Trust, RB, VRDN, Series       
2009-31 (State Street Bank & Co.       
Liquidity Facility), 0.34%,       
1/06/11 (a)(b)(c)    10,400  10,400,000 
New Jersey Transportation Trust Fund     
Authority, Deutsche Bank       
SPEARS/LIFERS Trust, RB, SPEARS,     
VRDN, Series DB-447 (AGM), 0.34%,     
1/06/11 (a)(b)(c)    2,695  2,695,000 

 

    Par   
Municipal Bonds    (000)  Value 
New Jersey (continued)       
New Jersey Transportation Trust Fund     
Authority, Refunding RB, FLOATS,       
VRDN, Series DCL-041 (AGM       
Insurance, Dexia Credit Local LOC),     
0.42%, 1/06/11 (a)(b)(c)  $ 10,980 $ 10,980,000 
Port Authority of New York & New Jersey,     
Refunding RB, VRDN (a):       
FLOATS, Series 766 (AGM       
Insurance, Morgan Stanley Bank       
SBPA), 0.35%, 1/06/11 (b)(c)    1,500  1,500,000 
Versatile Structure Obligation,       
Series 1R, AMT (Bayerische       
Landesbank SBPA), 0.34%,       
1/03/11    44,000  44,000,000 
Versatile Structure Obligation,       
Series 4, AMT (Landesbank Hessen-     
Thuringen SBPA), 0.30%, 1/03/11  15,700  15,700,000 
Port Authority of New York & New Jersey,     
JPMorgan Chase PUTTERS/DRIVERS     
Trust, Refunding RB, VRDN, AMT,       
PUTTERS (a)(b)(c):       
Series 3176, 0.43%, 1/06/11    27,860  27,860,000 
Series 3193, 0.43%, 1/06/11    12,995  12,995,000 
Rutgers State University, Refunding RB,     
VRDN, Series A (Landesbank Hessen-     
Thuringen SBPA), 0.27%,       
1/03/11 (a)    5,145  5,145,000 
State of New Jersey, JPMorgan Chase     
PUTTERS/DRIVERS Trust, RB, VRDN     
(JPMorgan Chase & Co. Liquidity       
Facility), PUTTERS (a)(b)(c):       
Series 3808, 0.29%, 1/03/11    11,400  11,400,000 
Series 3811, 0.29%, 1/03/11    9,000  9,000,000 
Tobacco Settlement Financing Corp.       
New Jersey, Refunding RB, FLOATS,     
VRDN, Series 2959 (Morgan Stanley     
Bank Liquidity Facility), 0.41%,       
1/06/11 (a)(b)(c)    18,765  18,765,000 
Town of Kearny New Jersey, GO, BAN,     
1.50%, 6/29/11    6,925  6,933,401 
Town of Secaucus New Jersey, GO, BAN,     
1.25%, 6/17/11    4,505  4,511,162 
Township of Chester New Jersey, GO,     
BAN, 1.25%, 2/25/11    1,294  1,295,441 
Township of Cranford New Jersey, GO,     
BAN, 1.00%, 2/04/11    5,559  5,562,144 
Township of Edison New Jersey, GO,       
BAN, 1.00%, 9/02/11    5,260  5,267,344 
Township of Galloway New Jersey, GO,     
BAN, 1.00%, 9/07/11    8,700  8,712,369 
Township of Livingston New Jersey, GO,     
BAN, 1.25%, 2/11/11    1,400  1,401,162 
Township of Maplewood New Jersey,       
GO, BAN, 1.50%, 11/18/11    3,755  3,777,986 
Township of Montclair New Jersey, GO,     
Refunding, 1.50%, 3/10/11    1,500  1,502,961 
Township of Ocean New Jersey       
Monmouth & Ocean Counties, GO,       
BAN, 1.25%, 12/20/11    4,064  4,081,990 
Township of Piscataway New Jersey, GO,     
1.00%, 2/22/11    5,400  5,404,982 
Township of Princeton New Jersey, GO,     
BAN, 1.00%, 4/01/11    5,000  5,008,099 

 

2 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


BIF New Jersey Municipal Money Fund
Schedule of Investments (concluded) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New Jersey (concluded)       
Township of Readington New Jersey,       
GO, BAN, 1.00%, 2/03/11  $ 3,200  $ 3,201,690 
Township of Robbinsville New Jersey,       
GO, BAN, 1.00%, 1/12/11    8,379  8,380,260 
Township of South Orange Village New     
Jersey, GO, Refunding, BAN, Series A,     
1.25%, 2/01/11    4,600  4,603,090 
Township of Stafford New Jersey, GO,       
BAN, 1.25%, 6/01/11    10,200  10,225,897 
Township of Toms River New Jersey, GO,     
BAN, 1.25%, 12/16/11    2,400  2,415,097 
606,434,830
Puerto Rico — 5.7%       
Commonwealth of Puerto Rico, Austin       
Trust, Refunding RB, VRDN       
Certificates, Bank of America, Series     
2008-355 (Bank of America NA LOC,     
Bank of America NA SBPA), 0.52%,       
1/06/11 (a)(b)(c)    16,075  16,075,000 
Commonwealth of Puerto Rico, GO,       
Refunding, VRDN (a):       
Public Improvement, Series B (Wells     
Fargo Bank NA LOC), 0.22%,       
1/03/11    18,600  18,600,000 
Public Improvement, Series C4       
(AGM Insurance, Dexia Credit Local     
SBPA), 0.33%, 1/06/11    2,000  2,000,000 
 36,675,000
Total Investments       
(Cost - $643,109,830*) – 99.3%      643,109,830 
Other Assets Less Liabilities – 0.7%      4,457,679 
Net Assets – 100.0%    $647,567,509 

(a) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender
option bond trusts and are secured by the underlying municipal bond
securities.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.

• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Municipal Bonds1   —  $643,109,830  —  $ 643,109,830 

 

1 See above Schedule of Investments for values in the state or political
subdivision.

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 3


BIF New York Municipal Money Fund
Schedule of Investments December 31, 2010 (Unaudited) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York — 98.7%       
Albany Industrial Development Agency,     
RB, VRDN, Albany Medical Center       
Hospital, Series C (Bank of America       
NA LOC), 0.35%, 1/07/11 (a)  $ 1,780 $ 1,780,000 
Beekmantown Central School District,     
GO, BAN, 1.25%, 7/07/11    5,100  5,116,968 
Bronxville Union Free School District,       
GO, BAN, 1.25%, 9/23/11    3,645  3,664,816 
Burnt Hills-Ballston Lake Central School     
District, GO, Refunding, BAN, 1.50%,     
6/29/11    4,200  4,217,562 
City of Mount Vernon New York, GO,       
BAN, 1.25%, 7/15/11    7,300  7,320,227 
City of New York New York, GO,       
Refunding, VRDN (a):       
Fiscal 2008, Sub-Series J-11 (KBC     
Bank NV SBPA), 0.35%, 1/07/11    5,100  5,100,000 
Sub-Series C-2 (Bayerische       
Landesbank LOC), 0.33%,       
1/07/11    7,615  7,615,000 
City of New York New York, GO,       
VRDN (a):       
JP Morgan Chase       
PUTTERS/DRIVERS Trust, DRIVERS,     
Series 3282, 0.34%, 1/07/11 (b)(c)  3,325  3,325,000 
Series F-4 (Landesbank Hessen-       
Thuringen LOC), 0.32%, 1/07/11    6,000  6,000,000 
Series F-5 (Bayerische Landesbank     
LOC), 0.33%, 1/07/11    11,675  11,675,000 
Sub-Series H-1 (Bank of New York     
LOC), 0.27%, 1/03/11    2,775  2,775,000 
Sub-Series I-4 (Bank of New York       
LOC), 0.30%, 1/07/11    6,800  6,800,000 
Sub-Series L-4 (US Bank NA LOC),     
0.29%, 1/03/11    4,195  4,195,000 
Sub-Series L-6 (Wells Fargo Bank       
NA SBPA), 0.23%, 1/03/11    5,700  5,700,000 
Copiague Union Free School District,       
GO, TAN, 1.50%, 6/30/11    7,640  7,676,143 
County of Clinton New York, GO,       
Refunding, BAN, 1.25%, 7/15/11    4,925  4,938,646 

 

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
East Rockaway Union Free School       
District, GO, Refunding, TAN, 1.25%,     
6/23/11  $ 4,275 $ 4,287,730 
Greece Central School District, GO, BAN,     
1.25%, 12/29/11    4,085  4,110,420 
Irvington Union Free School District, GO,     
TAN, 1.25%, 6/17/11    4,975  4,990,922 
Levittown Union Free School District       
New York, GO, BAN, 1.25%, 7/15/11  5,195  5,214,416 
Merrick Union Free School District, GO,     
TAN, 1.25%, 6/24/11    3,335  3,347,777 
Metropolitan Transportation Authority,     
TECP, 0.33%, 3/01/11    19,300  19,300,000 
Monroe County Industrial Development     
Agency, IDRB, VRDN, Klein Steel       
Service, AMT (M&T Bank LOC), 0.44%,     
1/07/11 (a)(c)    7,140  7,140,000 
Nassau County Industrial Development     
Agency, RB, VRDN, Clinton Plaza       
Senior Housing Project, AMT (Fannie     
Mae), 0.48%, 1/07/11 (a)    13,250  13,250,000 
New York City Housing Development       
Corp., MRB, VRDN, Parkview II       
Apartments, Series A, AMT (Citibank     
NA LOC), 0.33%, 1/07/11 (a)    4,255  4,255,000 
New York City Housing Development       
Corp., RB, VRDN (a):       
Atlantic Court Apartments, Series A,     
AMT (Freddie Mac), 0.33%,       
1/07/11    10,900  10,900,000 
Brittany Development, Series A ,       
AMT (Fannie Mae), 0.33%, 1/07/11  24,830  24,830,000 
Elliott Chelsea Development,       
Series A (Citibank NA LOC), 0.36%,     
1/07/11    4,100  4,100,000 
Lyric Development, Series A, AMT       
(Fannie Mae), 0.33%, 1/07/11    12,765  12,765,000 
Series A , AMT (Fannie Mae), 0.33%,     
1/07/11    35,400  35,400,000 
Series A-1-B, AMT, 0.34%, 1/07/11  7,430  7,430,000 
Series H-2-B, AMT (Bank of America     
NA SBPA), 0.32%, 1/03/11    20,610  20,610,000 
Series I-2, Mandatory Put Bonds,       
AMT, 0.53%, 5/13/11    7,300  7,300,000 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGM  Assured Guaranty Municipal Corp.  M/F  Multi-Family 
AMT  Alternative Minimum Tax (subject to)  MRB  Mortgage Revenue Bonds 
BAN  Bond Anticipation Notes  PUTTERS  Puttable Tax-Exempt Receipts 
DRIVERS  Derivative Inverse Tax-Exempt Receipts  RB  Revenue Bonds 
FLOATS  Floating Rate Securities  ROCS  Reset Option Certificates 
GO  General Obligation Bonds  SBPA  Stand-by Bond Purchase Agreement 
HFA  Housing Finance Agency  TAN  Tax Anticipation Notes 
HRB  Housing Revenue Bonds  TECP  Tax-Exempt Commercial Paper 
IDRB  Industrial Development Revenue Bonds  VRDN  Variable Rate Demand Notes 
LOC  Letter of Credit     

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 1


BIF New York Municipal Money Fund
Schedule of Investments (continued) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
New York City Housing Development       
Corp., RB, VRDN (a) (concluded) :       
Series M, Mandatory Put Bonds,       
0.48%, 9/30/11  $ 11,075 $ 11,075,000 
Sierra Development, Series A, AMT     
(Fannie Mae), 0.33%, 1/07/11    14,065  14,065,000 
Susans Court, Series A, AMT       
(Citibank NA LOC), 0.33%, 1/07/11  19,000  19,000,000 
W. 43rd Street Development, Series     
A, AMT (Fannie Mae), 0.33%,       
1/07/11    19,400  19,400,000 
New York City Housing Development       
Corp., Refunding RB, VRDN (a):       
M/F, The Crest, Series A       
(Landesbank Hessen-Thuringen       
LOC), 0.40%, 1/07/11    2,700  2,700,000 
ROCS, Series II-R-11699, AMT       
(Citibank SBPA), 0.40%,       
1/07/11 (b)(c)    6,445  6,445,000 
New York City Industrial Development     
Agency, RB, VRDN (a):       
Air Express International Corp.       
Project, AMT (Citibank NA LOC),       
0.35%, 1/07/11    4,000  4,000,000 
Heart Share Human Services,       
Series A (HSBC Bank USA NA LOC),     
0.31%, 1/07/11    3,810  3,810,000 
New York City Industrial Development     
Agency, Refunding RB, VRDN (a):       
Brooklyn Heights (TD Bank NA LOC),     
0.31%, 1/07/11    5,835  5,835,000 
Touro College Project (JPMorgan       
Chase Bank LOC), 0.32%, 1/07/11  5,300  5,300,000 
New York City Municipal Water Finance     
Authority, RB, VRDN (a):       
2nd General, Fiscal 2008,       
Series BB-1 (Fortis Bank SA SBPA),     
0.23%, 1/03/11    7,900  7,900,000 
2nd General Resolution,       
Series BB-2 (Landesbank Hessen-     
Thuringen SBPA), 0.33%, 1/03/11  5,600  5,600,000 
2nd General Resolution,       
Series DD-1 (TD Bank NA SBPA),       
0.24%, 1/03/11    15,000  15,000,000 
2nd General Resolution,       
Series DD-2 (Bank of New York       
SBPA), 0.23%, 1/03/11    14,400  14,400,000 
Eagle Tax-Exempt Trust, Series       
2009-0046, Class A (Citibank       
SBPA), 0.34%, 1/07/11 (b)(c)    18,000  18,000,000 
PUTTERS, Series 2559 (JPMorgan     
Chase Bank SBPA), 0.34%,       
1/07/11 (b)    1,775  1,775,000 
ROCS, Series II-R-9301 (Citibank       
SBPA), 0.34%, 1/07/11 (b) (c)    7,970  7,970,000 
New York City Municipal Water Finance     
Authority, Refunding, VRDN (a):       
Eagle Tax-Exempt Trust, Series       
2009-0047, Class A (Citibank NA     
SBPA), 0.39%, 1/07/11 (b)(c)    10,000  10,000,000 

 

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
New York City Municipal Water Finance     
Authority, Refunding, VRDN (a)       
(concluded):       
PUTTERS, Series 988 (JPMorgan     
Chase Bank SBPA), 0.34%,       
1/07/11 (b)  $ 1,265  $ 1,265,000 
New York City Municipal Water Finance     
Authority, TECP :       
0.35%, 1/18/11    9,000  9,000,000 
0.39%, 1/18/11    20,750  20,750,000 
New York City Transitional Finance       
Authority, RB, VRDN (a):       
Future Tax Secured, Series A       
(JPMorgan Chase Bank SBPA),       
0.30%, 1/07/11    8,900  8,900,000 
Future Tax Secured, Series C       
(Bayerische Landesbank SBPA),       
0.33%, 1/03/11    2,600  2,600,000 
New York City Recovery, Series 3,     
Sub-Series 3B (Wachovia Bank NA     
SBPA), 0.23%, 1/03/11    3,100  3,100,000 
New York City Recovery,       
Sub-Series 1C (JPMorgan Chase       
Bank Liquidity Facility),       
0.30%, 1/03/11    2,100  2,100,000 
Sub-Series 2B (Dexia Credit Local     
SBPA), 0.36%, 1/07/11    17,720  17,720,000 
Sub-Series 2C, 0.30%, 1/07/11    1,655  1,655,000 
Sub-Series 2F (Bayerische       
Landesbank SBPA), 0.33%,       
1/03/11    2,550  2,550,000 
New York Convention Center       
Development Corp., Eclipse Funding     
Trust, RB, Series 2006-0004, Solar     
Eclipse (US Bank NA LOC), 0.33%,       
1/07/11 (a)(b)    11,030  11,030,000 
New York Liberty Development Corp.,     
BB&T Municipal Trust, RB, FLOATS,     
VRDN, Series 2025 (Branch Banking     
& Trust LOC), 0.33%, 1/07/11 (a)(b)  15,825  15,825,000 
New York Mortgage Agency, MRB,       
VRDN, 37th Series, AMT (Dexia Credit     
Local SBPA), 0.35%, 1/07/11 (a)    19,800  19,800,000 
New York Mortgage Agency, RB, VRDN,     
AMT (a):       
Homeowner Mortgage, Series 125,     
AMT (Dexia Credit Local SBPA),       
0.41%, 1/07/11    25,000  25,000,000 
Homeowner Mortgage, Series 129     
(Dexia Credit Local SBPA), 0.35%,     
1/07/11    26,000  26,000,000 
ROCS, Series II-R-11705 (Citibank     
SBPA), 0.40%, 1/07/11 (b)(c)    6,350  6,350,000 
ROCS, Series II-R-11707 (Citibank     
SBPA), 0.40%, 1/07/11 (b)(c)    6,210  6,210,000 
Series 147 (Dexia Credit Local       
SBPA), 0.35%, 1/07/11    25,000  25,000,000 
New York Mortgage Agency, Refunding     
RB, ROCS, VRDN, Series II-R-11701,     
AMT (Citibank NA SBPA), 0.40%,       
1/07/11 (a)(b)(c)    6,335  6,335,000 

 

2 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


BIF New York Municipal Money Fund
Schedule of Investments (continued) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
New York State Dormitory Authority,       
RB :       
JP Morgan Chase       
PUTTERS/DRIVERS Trust, PUTTERS,     
VRDN, Series 3280 (JPMorgan       
Chase & Co. SBPA), 0.34%,       
1/07/11 (a)(b)(c)  $ 3,325  $ 3,325,000 
Mental Health Services, Sub-Series     
D-2F (JPMorgan Chase Bank SBPA),     
0.35%, 1/07/11    20,675  20,675,000 
VRDN, Eagle Tax-Exempt Trust,       
Series 2006-0164, Class A       
(Citibank NA SBPA), 0.34%,       
1/07/11(a)(b)    4,700  4,700,000 
VRDN, PUTTERS, Series 1955       
(JPMorgan Chase & Co. SBPA),       
0.34%, 1/07/11 (a)(b)    5,325  5,325,000 
New York State Dormitory Authority,       
Refunding RB, VRDN (a)       
City University, Consolidated 5th       
Series C (Bank of America NA LOC),     
0.38%, 1/07/11    4,000  4,000,000 
Cornell University, Series B       
(JPMorgan Chase & Co. SBPA),       
0.32%, 1/07/11    20,000  20,000,000 
ROCS,Series II-R-11560 (Citibank     
NA SBPA), 0.34%, 1/07/11 (b)    2,200  2,200,000 
New York State Environmental Facilities     
Corp., Refunding RB, PUTTERS, VRDN,     
Series 2900 (JPMorgan Chase & Co.     
SBPA), 0.34%, 1/07/11 (a)(b)    3,500  3,500,000 
New York State HFA, HRB, VRDN,       
AMT (a):       
363 West 30th Street, Series A,       
(Freddie Mac), 0.33%, 1/07/11    12,150  12,150,000 
Gethsemane Apartments, Series A,     
AMT (Fannie Mae), 0.34%,       
1/07/11    12,000  12,000,000 
Grace Towers, Series A (Freddie       
Mac), 0.33%, 1/07/11    2,880  2,880,000 
Kew Gardens Hills, Series A (Fannie     
Mae), 0.33%, 1/07/11    5,600  5,600,000 
New York State HFA, RB, VRDN, AMT (a):     
80 DeKalb Avenue Apartments,       
Series A (Wachovia Bank NA LOC),     
0.33%, 1/07/11    7,850  7,850,000 
240 E. 39th Street Housing, 0.33%,     
1/07/11    29,100  29,100,000 
360 West 43, Series A, 0.30%,       
(Fannie Mae) 1/07/11    1,565  1,565,000 
1500 Lexington Avenue, Series A,     
(Fannie Mae) 0.32%, 1/07/11    4,400  4,400,000 
Avalon Bowery Place II, Series A,       
(Bank of America NA LOC), 0.39%,     
1/07/11    25,000  25,000,000 
West 33rd Street Housing, Series A,     
(Fannie Mae), 0.33%, 1/07/11    3,400  3,400,000 
Worth Street, Series A 12/18/03,     
(Fannie Mae), 0.30%, 1/07/11    4,500  4,500,000 

 

    Par   
Municipal Bonds    (000)  Value 
New York (continued)       
New York State HFA, RB, VRDN, AMT (a)     
(concluded):       
Worth Street, Series A 12/18/03,     
(Fannie Mae) 0.30%, 1/07/11  $ 9,100 $ 9,100,000 
New York State HFA, Refunding RB,       
VRDN, Series M-2 (Bank of America     
NA LOC), 0.30%, 1/07/11 (a)    4,200  4,200,000 
New York State Power Authority, TECP,     
0.40%, 1/13/11    12,550  12,550,000 
North Colonie Central School District,     
GO, BAN, 1.25%, 5/27/11    3,620  3,630,876 
Onondaga County Industrial       
Development Agency New York, RB,     
VRDN, G.A. Braun Inc. Project, AMT     
(Manufacturers & Traders LOC),       
0.44%, 1/07/11 (a)    9,530  9,530,000 
Oswego County Industrial Development     
Agency New York, RB, VRDN, OH       
Properties Inc. Project, Series A       
(Manufacturers & Traders LOC),       
0.44%, 1/07/11 (a)    1,410  1,410,000 
Port Authority of New York & New Jersey,     
Refunding RB, VRDN (a):       
FLOATS, Series 766 (AGM       
Insurance, Morgan Stanley Bank       
SBPA), 0.35%, 1/07/11 (b)    1,745  1,745,000 
FLOATS, Series 2977, AMT (Morgan     
Stanley Bank SBPA), 0.34%,       
1/07/11 (b)(c)    14,000  14,000,000 
PUTTERS, Series 2945, AMT       
(JPMorgan Chase & Co. SBPA),       
0.43%, 1/07/11 (b)    1,665  1,665,000 
Versatile Structure Obligation,       
Series 1R, AMT (Bayerische       
Landesbank SBPA), 0.33%,       
1/03/11    1,000  1,000,000 
Versatile Structure Obligation,       
Series 4, AMT (Landesbank Hessen-     
Thuringen SBPA), 0.30%, 1/03/11  7,300  7,300,000 
Port Authority of New York & New Jersey,     
TECP, 0.30%, 3/07/11    6,685  6,685,000 
Poughkeepsie Industrial Development     
Agency, Refunding RB, VRDN, Manor     
at Woodside Project, AMT (JPMorgan     
Chase & Co. LOC), 0.40%,       
1/07/11 (a)    5,570  5,570,000 
Rensselaer County Industrial       
Development Agency New York, RB,     
VRDN, The Sage Colleges Project,       
Series A (Manufacturers & Traders       
LOC), 0.39%, 1/07/11 (a)    5,540  5,540,000 
Rockland County Industrial       
Development Agency New York,       
Refunding RB, VRDN, Dominican       
College Project, Series A (TD Bank NA     
LOC), 0.32%, 1/07/11 (a)    8,950  8,950,000 
Rondout Valley Central School District     
Accord, GO, BAN, 1.25%, 6/15/11    10,600  10,628,732 
Sachem Central School District, GO,       
TAN, 1.50%, 6/23/11    6,700  6,735,401 

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 3


BIF New York Municipal Money Fund
Schedule of Investments (concluded) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
New York (concluded)       
Sales Tax Asset Receivable Corp., RB,     
FLOATS, VRDN, Series 2901 (Morgan     
Stanley Bank Liquidity Facility),       
0.36%, 1/07/11 (a)(b)  $ 10,800  $ 10,800,000 
Scotia-Glenville Central School District,     
GO, BAN, 1.25%, 8/12/11    6,875  6,900,146 
Syracuse Industrial Development       
Agency, RB, VRDN, Syracuse       
University Project, Series A-2       
(JPMorgan Chase Bank LOC), 0.25%,     
1/03/11 (a)    5,050  5,050,000 
Town of Orchard Park New York, GO,       
BAN, 1.25%, 10/26/11    4,200  4,223,943 
Town of Tonawanda New York, GO, BAN,     
1.50%, 9/08/11    3,190  3,210,270 
Triborough Bridge & Tunnel Authority,     
Refunding RB, VRDN, General (a):       
Sub-Series B-2 (Dexia Credit Local     
SBPA), 0.34%, 1/07/11    35,915  35,915,000 
Sub-Series B-4 (Landesbank Baden-     
Wurttemberg SBPA), 0.34%,       
1/07/11    10,000  10,000,000 
Trust for Cultural Resources, Refunding     
RB, VRDN, American Museum of       
Natural History, Series A1 (Bank of       
America NA SBPA), 0.30%,       
1/03/11 (a)(b)    4,800  4,800,000 
Village of Harrison New York, GO,       
Refunding, BAN, 1.00%, 3/17/11    10,813  10,820,052 
Westhampton Beach Union Free School     
District,  GO, TAN, 1.25%, 6/30/11                                                     7,535                      7,565,603
Total Investments       
(Cost - $1,042,290,650*) – 98.7%      1,042,290,650 
Other Assets Less Liabilities – 1.3%      13,403,555 
Net Assets – 100.0%    $1,055,694,205 

* Cost for federal income tax purposes.

(a) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender
option bond trusts and are secured by the underlying municipal bond
securities.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.

• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:           
Investments in Securities:         
Municipal           
Bonds1   —  $1,042,290,650  — $ 1,042,290,650 
1 See above Schedule of Investments for values in the state or   
political subdivision.         

 

4 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


Investments BIF North Carolina Municipal Money Fund
Schedule of December 31, 2010 (Unaudited) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
North Carolina — 88.8%       
Alamance County Industrial Facilities &     
Pollution Control Financing Authority     
North Carolina, IDRB, VRDN, Millender     
Project, AMT (Wells Fargo Bank NA       
LOC), 0.50%, 1/07/11 (a)  $ 1,000 $ 1,000,000 
City of Raleigh North Carolina,       
Refunding RB, VRDN, 0.44%,       
7/29/11 (a)    2,415  2,415,000 
County of Mecklenburg, GO, Refunding,     
VRDN, 7 Month Windows, Series D,       
0.44%, 7/29/11 (a)    7,375  7,375,000 
County of Pender North Carolina, GO,       
BAN, Water, 1.25%, 7/06/11    1,000  1,003,628 
County of Sampson North Carolina,       
Eclipse Funding Trust, COP, VRDN,       
Series 2006-0160, Solar Eclipse       
(AGM Insurance, US Bank NA LOC),       
0.35%, 1/07/11 (a)(b)    1,700  1,700,000 
County of Wake North Carolina, GO,       
VRDN, Series A (RBC Bank USA SBPA),     
0.37%, 1/07/11 (a)    1,700  1,700,000 
Gaston County Industrial Facilities &       
Pollution Control Financing Authority     
North Carolina, IDRB, VRDN, Marlatex     
Corp. Project, AMT (Wells Fargo Bank     
NA LOC), 0.55%, 1/07/11 (a)    935  935,000 
Guilford County Industrial Facilities &       
Pollution Control Financing Authority,     
IDRB, VRDN, National Sherman, AMT     
(TD Bank NA LOC), 0.60%,       
1/07/11 (a)    2,300  2,300,000 
Lee County Industrial Facilities &       
Pollution Control Financing Authority     
North Carolina, RB, VRDN, AMT (a):       
Arden Corp. Project (Comerica Bank     
LOC), 0.49%, 1/07/11    2,550  2,550,000 
Lee Central LLC Project (Wells Fargo     
Bank NA LOC), 0.50%, 1/07/11    2,360  2,360,000 
North Carolina Agricultural Finance       
Authority, RB, VRDN, Albemarle Cotton     
Growers, AMT (Wells Fargo Bank NA     
LOC), 0.50%, 1/07/11 (a)    1,300  1,300,000 
North Carolina Agricultural Finance       
Authority, Refunding RB, VRDN,       
Harvey Fertilizer & Gas Project, AMT     
(Wells Fargo Bank NA LOC), 0.55%,       
1/07/11 (a)    1,310  1,310,000 

 

    Par   
Municipal Bonds    (000)  Value 
North Carolina (continued)       
North Carolina, BB&T Municipal Trust,     
RB, FLOATS, VRDN (Branch Banking &     
Trust LOC) (a)(b):       
Series 1008, 0.49%, 1/07/11  $ 2,180 $ 2,180,000 
Series 1011, 0.49%, 1/07/11    2,380  2,380,000 
North Carolina Educational Facilities       
Finance Agency, RB, VRDN, Duke       
University Project, Series A, 0.27%,       
1/07/11 (a)    1,300  1,300,000 
North Carolina HFA, RB, VRDN,       
AMT (a)(b)(c):       
MERLOTS, Series B12 (Wells Fargo     
Bank NA SBPA), 0.40%, 1/07/11    520  520,000 
ROCS, Series II-R-175 (Citibank NA     
SBPA), 0.40%, 1/07/11    200  200,000 
North Carolina Medical Care       
Commission, RB, VRDN (a):       
Moses Cone Health System,       
Series A (Bank of America NA       
SBPA), 0.35%, 1/07/11    1,300  1,300,000 
Novant Health Group, Series B       
(JPMorgan Chase Bank SBPA),       
0.33%, 1/07/11    1,700  1,700,000 
North Carolina Medical Care       
Commission, Refunding RB, VRDN,       
Moses Cone Health System (Bank of     
America NA SBPA), 0.29%,       
1/03/11 (a)    700  700,000 
North Carolina State Education       
Assistance Authority, Refunding RB,     
VRDN, Student Loan, Series A-2, AMT     
(Royal Bank of Canada LOC), 0.36%,     
1/07/11 (a)    600  600,000 
North Carolina State University at       
Raleigh, Refunding RB, VRDN,       
Series B (Bayerische Landesbank       
SBPA), 0.33%, 1/07/11 (a)    1,600  1,600,000 
Piedmont Triad Airport Authority North     
Carolina, RB, VRDN, Cessna Aircraft     
Co. Project, AMT (Bank of America NA     
LOC), 1.60%, 1/07/11 (a)    300  300,000 
University of North Carolina at Chapel       
Hill, Refunding RB, VRDN, Series B,       
0.27%, 1/07/11 (a)    1,390  1,390,000 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGM  Assured Guaranty Municipal Corp.  IDRB  Industrial Development Revenue Bonds 
AMT  Alternative Minimum Tax (subject to)  LOC  Letter of Credit 
BAN  Bond Anticipation Notes  MERLOTS  Municipal Exempt Receipts Liquidity Optional Tenders 
COP  Certificates of Participation  RB  Revenue Bonds 
FLOATS  Floating Rate Securities  ROCS  Reset Option Certificates 
GO  General Obligation Bonds  SBPA  Stand-by Bond Purchase Agreement 
HFA  Housing Finance Agency  VRDN  Variable Rate Demand Notes 

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 1


BIF North Carolina Municipal Money Fund
Schedule of Investments (concluded) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
North Carolina (concluded)       
Vance County Industrial Facilities &       
Pollution Control Financing Authority     
North Carolina, RB, VRDN, HH Hunt     
Manufacturing Facilities LLC Project,     
AMT (Wells Fargo Bank NA LOC),       
0.55%, 1/07/11 (a)  $ 1,260               $ 1,260,000 
Wilson County Industrial Facilities &       
Pollution Control Financing Authority     
North Carolina, RB, VRDN,       
Supreme/Murphy Truck Project, AMT     
(Bank One Indiana NA LOC), 0.93%,     
1/07/11 (a)    900  900,000 
Yancey County Industrial Facilities &       
Pollution Control Financing Authority,     
RB, VRDN, Altec Industries Inc.       
Project, AMT (Branch Banking & Trust     
LOC), 0.43%, 1/07/11 (a)    2,300  2,300,000 
44,578,628
Puerto Rico — 11.5%       
Puerto Rico Highway & Transportation     
Authority, Refunding RB, FLOATS,       
VRDN, Series PT-3677 (Dexia Credit     
Local Guarantee Agreement and       
Liquidity Facility), 0.47%,       
1/07/11 (a)(b)                                                                 5,780                                5,780,000
Total Investments       
(Cost - $50,358,628*) – 100.3%      50,358,628 
Liabilities in Excess of Other Assets – (0.3)%    (127,524) 
Net Assets – 100.0%    $50,231,104 

 

* Cost for federal income tax purposes.

(a) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender
option bond trusts and are secured by the underlying municipal bond
securities.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.

• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in         
Securities:         
Municipal Bonds1  — $ 50,358,628  — $ 50,358,628 

 

1 See above Schedule of Investments for values in the state or political
subdivision.

2 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


BIF Ohio Municipal Money Fund
Schedule of Investments December 31, 2010 (Unaudited) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Ohio — 80.4%       
Butler Technology & Career       
Development School District, GO,       
BAN, School Improvement, 1.50%,       
3/17/11  $ 3,600 $ 3,606,701 
City of Beachwood Ohio, GO, BAN,       
Various Purpose Improvement, 1.50%,     
8/11/11    2,100  2,110,829 
City of Cleveland Ohio, Refunding RB,       
VRDN, Series Q (Bank of America NA     
LOC), 0.37%, 1/06/11 (a)    900  900,000 
City of Columbus Ohio, RB, PUTTERS,       
VRDN, Series 2456 (JPMorgan Chase     
Bank Liquidity Facility), 0.34%,       
1/06/11 (a)(b)(c)    1,400  1,400,000 
City of Delaware Ohio, GO, BAN, Various     
Purpose, 1.25%, 4/27/11    2,000  2,004,204 
City of Hilliard Ohio, GO, BAN, Various       
Purpose, 1.55%, 5/10/11    5,300  5,317,812 
City of Independence Ohio, Refunding       
RB, VRDN, Rockside Spectrum       
Building (US Bank NA LOC), 0.36%,       
1/06/11 (a)    1,535  1,535,000 
City of Lebanon Ohio, GO, BAN, Water       
System Improvement, 1.25%,       
4/05/11    3,700  3,705,253 
City of Marysville Ohio, GO, Wastewater     
Treatment, 1.25%, 6/01/11    300  300,619 
City of North Ridgeville Ohio, GO, BAN,     
1.00%, 4/14/11    845  845,596 
City of North Royalton Ohio, GO, BAN,       
Various Purpose, 1.25%, 2/23/11    2,000  2,001,912 
City of Pickerington Ohio, GO, BAN,       
1.25%, 2/03/11    5,662  5,665,935 
City of Salem Ohio, Refunding RB,       
VRDN, Improvement, Salem       
Community Hospital Project       
(JPMorgan Chase Bank LOC), 0.30%,     
1/06/11 (a)    2,605  2,605,000 
City of Sharonville Ohio, GO, BAN,       
1.25%, 7/14/11    3,740  3,749,905 
City of Willoughby Ohio, GO, BAN,       
Various Purpose Improvement, 1.25%,     
10/07/11    800  804,640 
Columbus City School District, GO, BAN,     
School Facility Construction, 2.00%,     
12/01/11    3,670  3,721,266 
County of Allen Ohio, RB, VRDN, Catholic     
Healthcare (a):       
Series B (JPMorgan Chase & Co.       
LOC), 0.28%, 1/03/11    7,170  7,170,000 

 

    Par   
Municipal Bonds    (000)  Value 
Ohio (continued)       
County of Allen Ohio, RB, VRDN, Catholic     
Healthcare (a) (concluded):       
Series C (Wachovia Bank NA LOC),     
0.28%, 1/03/11  $ 2,500  $ 2,500,000 
County of Butler Ohio, GO, BAN, Various     
Purpose, 0.65%, 8/04/11    2,980  2,980,000 
County of Butler Ohio, Refunding RB,       
VRDN, Lifesphere Project (US Bank NA     
LOC), 0.34%, 1/06/11 (a)    4,000  4,000,000 
County of Cuyahoga Ohio, RB, VRDN,       
Cleveland Clinic, Sub-Series B3 (Bank     
of America NA SBPA), 0.28%,       
1/03/11 (a)    3,600  3,600,000 
County of Franklin Ohio, RB, VRDN,       
Senior, St. George Commons       
Apartments, AMT (Fannie Mae),       
0.35%, 1/06/11 (a)    2,285  2,285,000 
County of Lake Ohio, GO, BAN, Various     
Purpose, 1.50%, 7/06/11    4,020  4,037,389 
County of Miami Ohio, GO, BAN, Various     
Purpose, 1.88%, 6/01/11    700  702,837 
County of Montgomery Ohio, RB, VRDN,     
Citywide Development Corp. Project,     
AMT (JPMorgan Chase Bank LOC),       
0.83%, 1/06/11 (a)(c)    600  600,000 
County of Montgomery Ohio, Refunding     
RB, VRDN, Catholic Health, Series B-2     
(Bayerische Landesbank SBPA),       
0.37%, 1/05/11 (a)    1,500  1,500,000 
County of Trumbull Ohio, RB, VRDN,       
Multi-Mode, McDonald Steel, AMT       
(KeyBank NA LOC), 0.93%,       
1/06/11 (a)    145  145,000 
County of Trumbull Ohio, Refunding RB,     
VRDN (a):       
Ellwood Engineered, AMT (Wells       
Fargo Bank NA LOC), 0.47%,       
1/06/11    3,400  3,400,000 
Shepherd (M&T Bank LOC,       
Manufacturers & Traders SBPA),       
0.34%, 1/05/11    13,865  13,865,000 
Lorain County Port Authority, RB, VRDN,     
St. Ignatius High School Project (US       
Bank NA LOC), 0.33%, 1/06/11 (a)    1,425  1,425,000 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGM  Assured Guaranty Municipal Corp.  LOC  Letter of Credit 
AMT  Alternative Minimum Tax (subject to)  MERLOTS  Municipal Exempt Receipts Liquidity Optional Tenders 
BAN  Bond Anticipation Notes  PUTTERS  Puttable Tax-Exempt Receipts 
BHAC  Berkshire Hathaway Assurance Corp.  RB  Revenue Bonds 
FLOATS  Floating Rate Securities  ROCS  Reset Option Certificates 
GO  General Obligation Bonds  SBPA  Stand-by Bond Purchase Agreement 
HFA  Housing Finance Agency  VRDN  Variable Rate Demand Notes 

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 1


BIF Ohio Municipal Money Fund
Schedule of Investments (concluded) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Ohio (concluded)       
Ohio Air Quality Development Authority,     
RB, VRDN, Ohio Valley Electric Corp.,     
Series C (Bank of Tokyo-Mitsubishi       
UFJ LOC), 0.32%, 1/06/11 (a)  $ 1,100 $ 1,100,000 
Ohio Air Quality Development Authority,     
Refunding RB, VRDN (a):       
Cincinnati Gas & Electric, Series B,     
0.60%, 1/05/11    1,100  1,100,000 
Dayton Power & Light, Series A, AMT     
(JPMorgan Chase Bank LOC),       
0.32%, 1/05/11    600  600,000 
Ohio HFA, RB, VRDN (a):       
ROCS, Series II-R-11575 (Ginnie       
Mae), 0.35%, 1/06/11 (b)(c)    200  200,000 
Series H, AMT (Ginnie Mae       
Insurance, Federal Home Loan       
Bank SBPA), 0.36%, 1/05/11    1,200  1,200,000 
Ohio HFA, Refunding RB, MERLOTS,       
VRDN, Series A02, AMT (Ginnie Mae     
Insurance, Bank of New York SBPA),     
0.40%, 1/05/11 (a)(b)(c)    1,655  1,655,000 
Ohio Higher Educational Facility       
Commission, RB, VRDN, Eagle Tax-       
Exempt Trust, Series 2007-0041,       
Class A (BHAC Insurance, Citibank NA     
Liquidity Facility), 0.36%,       
1/06/11 (a)(b)(c)    7,000  7,000,000 
Ohio State Water Development       
Authority, Refunding RB, VRDN,       
FirstEnergy Nuclear Generation Corp.     
Project, Series B (Wells Fargo Bank       
NA LOC), 0.28%, 1/03/11 (a)    21,050  21,050,000 
Port of Greater Cincinnati Development     
Authority, RB, VRDN, Sycamore       
Township, Kenwood, Series A (Lasalle     
Bank NA LOC), 0.33%, 1/06/11 (a)    3,000  3,000,000 
State of Ohio, RB, VRDN, Universal       
Forest Products Project, AMT       
(JPMorgan Chase Bank LOC), 0.55%,     
1/06/11 (a)(c)    2,700  2,700,000 
State of Ohio, Refunding RB, VRDN,       
Case Western Reserve University,       
Series B-1 (Bank of America NA LOC),     
0.31%, 1/03/11 (a)    3,050  3,050,000 
State of Ohio, Wells Fargo Stage Trust,     
Refunding RB, FLOATS, VRDN, Series     
56C, 0.33%, 1/06/11 (a)(b)(c)    2,100  2,100,000 
      133,239,898 
Puerto Rico — 17.7%       
Commonwealth of Puerto Rico, Austin       
Trust, Refunding RB, VRDN       
Certificates, Bank of America, Series     
2008-355 (Bank of America NA LOC,     
Bank of America NA SBPA), 0.52%,       
1/06/11 (a)(b)(c)    3,400  3,400,000 
Commonwealth of Puerto Rico, GO,       
Refunding, VRDN, Public Improvement (a):     
Series B (Wells Fargo Bank NA LOC),     
0.22%, 1/03/11    12,100  12,100,000 
Series C5 (AGM Insurance, Dexia       
Credit Local SBPA), 0.33%,       
1/06/11    10,800  10,800,000 

 

  Par   
Municipal Bonds  (000)  Value 
Puerto Rico (concluded)     
Puerto Rico Highway & Transportation     
Authority, Refunding RB, FLOATS,     
VRDN, Series PT-3677 (Dexia Credit     
Local Guarantee Agreement and     
Liquidity Facility), 0.47%,     
1/06/11 (a)(b)(c)  $ 2,990 $  2,990,000 
29,290,000
Total Investments     
(Cost - $162,529,898*) – 98.1%    162,529,898 
Other Assets Less Liabilities – 1.9%    3,111,395 
Net Assets – 100.0%  $165,641,293 

 

(a) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender
option bond trusts and are secured by the underlying municipal bond
securities.
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.

• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Municipal Bonds1   —  $162,529,898  — $ 162,529,898 
1See above Schedule of Investments for values in the state or political 
subdivision.         

 

2 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


BIF Pennsylvania Municipal Money Fund
Schedule of Investments December 31, 2010 (Unaudited) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania — 94.7%       
Allegheny County Hospital Development     
Authority, RB, VRDN, University of       
Pittsburgh Medical Center, Series B-2     
(Deutsche Bank AG LOC), 0.25%,       
1/07/11 (a)  $ 4,400 $ 4,400,000 
Beaver County IDA, Refunding RB,       
VRDN, FirstEnergy Nuclear, Series B     
(FirstEnergy Solutions Guaranty       
Agreement, Citibank NA LOC), 0.29%,     
1/07/11 (a)    200  200,000 
Chester County IDA, RB, VRDN, AMT       
(Wells Fargo Bank NA LOC) (a):       
Hankin Group, Series A, 0.55%,       
1/07/11    1,780  1,780,000 
West Vincent Association, Series B,     
0.55%, 1/07/11    1,940  1,940,000 
City of Philadelphia Pennsylvania,       
Deutsche Bank SPEARS/LIFERS Trust,     
RB, SPEARS, VRDN, Series DB-495,       
AMT (AGC, Deutsche Bank AG       
Guaranty Agreement), 0.36%,       
1/07/11 (a)(b)    250  250,000 
City of Philadelphia Pennsylvania, RB,       
Third Series (AGM), 5.13%,       
8/01/11 (c)    1,600  1,644,454 
City of Philadelphia Pennsylvania, RB,       
VRDN, 5th Series A-2 (JPMorgan       
Chase Bank LOC, Bank of Nova Scotia     
LOC), 0.31%, 1/07/11 (a)    1,500  1,500,000 
City of Philadelphia Pennsylvania,       
Refunding RB, VRDN, 8th Series C       
(ScotiaBank LOC), 0.31%,       
1/07/11 (a)    1,700  1,700,000 
Commonwealth of Pennsylvania, GO,       
ROCS, VRDN, Series II-R-11056       
(Citibank NA Liquidity Facility), 0.34%,     
1/07/11 (a)(b)(d)    300  300,000 
County of Lehigh Pennsylvania,       
Refunding RB, VRDN, Lehigh Valley       
Health Network, Series C (Bank of       
America NA LOC), 0.32%, 1/03/11 (a)  2,500  2,500,000 

 

Par
Municipal Bonds    (000)  Value 
Pennsylvania (continued)       
Cumberland County Municipal Authority,     
Refunding RB, VRDN, Asbury       
Obligated Group (KBC Bank NV LOC),     
0.33%, 1/07/11 (a)  $ 320 $ 320,000 
Delaware County IDA Pennsylvania,       
Refunding RB, VRDN, Resource       
Recovery, Series C, 0.32%,       
1/07/11 (a)    40  40,000 
Delaware River Joint Toll Bridge       
Commission, RB, VRDN, Series B-2       
(Dexia Credit Local LOC), 0.39%,       
1/07/11 (a)    770  770,000 
Delaware River Port Authority,       
Refunding RB, VRDN, Series A       
(JPMorgan Chase Bank LOC), 0.32%,     
1/07/11 (a)    800  800,000 
Emmaus General Authority, RB, VRDN     
(AGM Insurance, Wells Fargo Bank NA     
SBPA), 0.38%, 1/07/11 (a)    4,800  4,800,000 
Emmaus General Authority, Refunding     
RB, VRDN, Local Government,       
Series H-22 (US Bank NA LOC),       
0.33%, 1/07/11 (a)    300  300,000 
Haverford Township School District, GO,     
Refunding, VRDN (TD Bank NA LOC),     
0.34%, 1/07/11 (a)    700  700,000 
Lancaster County Hospital Authority, RB,     
VRDN, Landis Homes Retirement       
Community Project (Manufacturers &     
Traders LOC), 0.39%, 1/07/11 (a)    2,790  2,790,000 
Montgomery County IDA Pennsylvania,     
RB, VRDN (a):       
Edmund Optical Manufacturing LLC     
Project, AMT (Wells Fargo Bank NA     
LOC), 0.55%, 1/07/11    1,415  1,415,000 
Girl Scouts of Southeastern       
Pennsylvania (TD Bank NA LOC),       
0.31%, 1/07/11    305  305,000 
Independent Support System       
Project (Wells Fargo Bank NA LOC),     
0.48%, 1/07/11    200  200,000 
Valley Forge Baptist (Wells Fargo       
Bank NA LOC), 0.48%, 1/07/11    1,585  1,585,000 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:

AGC  Assured Guaranty Corp.  IDRB  Industrial Development Revenue Bonds 
AGM  Assured Guaranty Municipal Corp.  LIFERS  Long Inverse Floating Exempt Receipts 
AMT  Alternative Minimum Tax (subject to)  LOC  Letter of Credit 
DRIVERS  Derivative Inverse Tax-Exempt Receipts  PUTTERS  Puttable Tax-Exempt Receipts 
FLOATS  Floating Rate Securities  RB  Revenue Bonds 
GO  General Obligation Bonds  ROCS  Reset Option Certificates 
HFA  Housing Finance Agency  SBPA  Stand-by Bond Purchase Agreement 
HUD  U.S. Department of Housing and Urban Development  SPEARS  Short Puttable Exempt Adjustable Receipts 
IDA  Industrial Development Authority  TECP  Tax-Exempt Commercial Paper 
    VRDN  Variable Rate Demand Notes 

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 1


BIF Pennsylvania Municipal Money Fund
Schedule of Investments (continued) (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania (continued)       
Montgomery County IDA Pennsylvania,     
VRDN, Big Little Association Project,     
Series A (Wells Fargo Bank NA LOC),     
0.55%, 1/07/11 (a)  $ 970 $ 970,000 
Moon IDA, RB, VRDN, Providence Point     
Project (Bank of Scotland LOC),       
0.34%, 1/07/11 (a)    620  620,000 
Northampton County General Purpose     
Authority, RB, VRDN, Lafayette College     
Project (JPMorgan Chase Bank SBPA),     
0.33%, 1/07/11 (a)    200  200,000 
Northampton County IDA, IDRB, VRDN,     
Libra Partners, AMT (Wells Fargo Bank     
NA LOC), 0.55%, 1/07/11 (a)    4,400  4,400,000 
Northampton County IDA, RB, VRDN,       
AMT (Wells Fargo Bank NA LOC) (a):     
D.G. Properties Inc. Project, 0.55%,     
1/07/11    2,395  2,395,000 
Nicos Polymers & Grinding, 0.55%,     
1/07/11    1,560  1,560,000 
Reale Associate Project, 0.50%,       
1/07/11    540  540,000 
Pennsylvania Economic Development       
Financing Authority, RB, VRDN (a):       
Evergreen Community Power       
Facility, AMT (Manufacturers &       
Traders LOC), 0.49%, 1/07/11    14,400  14,400,000 
Homewood Retirement, Series E       
(M&T Bank LOC), 0.39%, 1/07/11  1,285  1,285,000 
Merck & Co., Inc., West Point       
Project, AMT, 0.39%, 1/07/11    21,100  21,100,000 
Penn Waste Inc. Project, AMT       
(Manufacturers & Traders LOC),       
0.44%, 1/07/11    3,325  3,325,000 
Series C-1, AMT (Wells Fargo Bank     
NA LOC), 0.55%, 1/07/11    1,000  1,000,000 
Westrum Harleysville II Project, AMT     
(Federal Home Loan Bank LOC),       
0.38%, 1/07/11    3,000  3,000,000 
Pennsylvania Economic Development       
Financing Authority, Refunding RB,       
VRDN, Sunoco Inc. Project, Series B     
(JPMorgan Chase Bank LOC), 0.30%,     
1/07/11 (a)    1,000  1,000,000 
Pennsylvania HFA, JP Morgan Chase       
PUTTERS/DRIVERS Trust, RB,       
PUTTERS, VRDN, Series 3297, AMT       
(JPMorgan Chase Bank Liquidity       
Facility), 0.45%, 1/07/11 (a)(b)(d)    955  955,000 
Pennsylvania HFA, RB, VRDN,       
Series 95-C, AMT (Dexia Credit Local     
SBPA), 0.33%, 1/07/11 (a)    1,200  1,200,000 
Pennsylvania HFA, Refunding RB,       
VRDN (a):       
Rental Housing, Series B (HUD       
Insurance, Bank of America NA       
SBPA), 0.40%, 1/07/11    265  265,000 
Series 99C, AMT (Dexia Credit Local     
SBPA), 0.40%, 1/07/11    1,200  1,200,000 
Pennsylvania State University,       
Refunding RB, 5.25%, 8/15/11 (a)    400  412,228 

 

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania (continued)       
Philadelphia Authority for Industrial       
Development, RB, VRDN (a):       
Chestnut Hill Academy (Wells Fargo     
Bank NA LOC), 0.43%, 1/07/11  $ 3,400  $ 3,400,000 
Comhar Inc. Project (Wells Fargo       
Bank NA LOC), 0.43%, 1/07/11    3,405  3,405,000 
Gift of Life Donor Program Project     
(TD Bank NA LOC), 0.31%, 1/07/11  440  440,000 
Henry H. Ottens Manufacturing       
Project, AMT (Wells Fargo Bank NA     
LOC), 0.55%, 1/07/11    560  560,000 
Interim House West Project (Wells     
Fargo Bank NA LOC), 0.48%,       
1/07/11    950  950,000 
Philadelphia Authority for Industrial       
Development, Refunding RB, VRDN,     
Liberty Lutheran Services Project       
(Bank of America NA LOC), 0.31%,       
1/07/11 (a)    4,000  4,000,000 
Philadelphia Authority for Industrial       
Development, VRDN, Lannett Co., Inc.     
Project (Wells Fargo Bank NA LOC),       
0.55%, 1/07/11 (a)    430  430,000 
Philadelphia Hospitals & Higher       
Education Facilities Authority,       
Refunding RB, VRDN (a):       
Children's Hospital of Philadelphia,     
Series A (Bank of America NA       
SBPA), 0.28%, 1/03/11    1,200  1,200,000 
Children's Hospital of Philadelphia,     
Series A (Wachovia Bank NA SBPA),     
0.28%, 1/03/11    900  900,000 
Children's Hospital Project, Series A     
(JPMorgan Chase Bank SBPA),       
0.28%, 1/03/11    1,100  1,100,000 
Children's Hospital Project, Series B     
(JPMorgan Chase Bank SBPA),       
0.28%, 1/03/11    2,380  2,380,000 
Pittsburgh Water & Sewer Authority,       
Refunding RB, Sub-Series C-1A,       
Mandatory Put Bonds (AGM       
Insurance, Federal Home Loan Bank     
LOC), 0.45%, 9/01/11 (a)    3,000  3,000,000 
Southeastern Pennsylvania       
Transportation Authority, Refunding     
RB, 2.00%, 3/01/11    3,440  3,449,486 
University of Pittsburgh Pennsylvania,       
RB, 2.00%, 5/31/11    4,900  4,930,886 
Venango IDA, TECP (Dexia Credit Local     
SBPA), 0.46%, 1/04/11    3,000  3,000,000 
Wilkins Area IDA Pennsylvania,       
Refunding RB, VRDN, Fairview       
Extended, Series B (Bank of America     
NA LOC), 0.54%, 1/07/11 (a)    3,975  3,975,000 
York County IDA Pennsylvania, RB,       
VRDN, 495 Leasing Project, AMT       
(Wells Fargo Bank NA LOC), 0.55%,       
1/07/11 (a)    1,330  1,330,000 

 

2 BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010


BIF Pennsylvania Municipal Money Fund
Schedule of Investments (concluded) (Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Pennsylvania (concluded)     
York General Authority Pennsylvania,     
RB, VRDN, Strand Capitol Arts Center     
Project (Wells Fargo Bank NA LOC),     
0.39%, 1/07/11 (a)  $ 1,180  $ 1,180,000 
    129,697,054 
Puerto Rico — 2.2%     
Puerto Rico Highway & Transportation     
Authority, Refunding RB, FLOATS,     
VRDN, Series PT-3677 (Dexia Credit     
Local Guarantee Agreement and     
Liquidity Facility), 0.47%,     
1/07/11 (a)(b)                                       2,990                     2,990,000
Total Investments     
(Cost - $132,687,054*) – 96.9%    132,687,054 
Other Assets Less Liabilities – 3.1%    4,212,565 
Net Assets – 100.0%     $136,899,619 

 

* Cost for federal income tax purposes.
(a) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender
option bond trusts and are secured by the underlying municipal bond
securities.
(c) US government securities, held in escrow, are used to pay interest on this
security as well as to retire the bond in full at the date indicated, typically
at a premium to par.
(d) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.

• Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted
prices for similar assets or liabilities in markets that are active, quoted
prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or
other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Fund's own assumptions used in determining the fair
value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Fund's policy regarding valuation of investments and
other significant accounting policies, please refer to the Fund’s most recent
financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Municipal         
Bonds 1   — $132,687,054  —   $132,687,054 
1 See above Schedule of Investments for values in the state or 
political subdivision.       

 

BIF MULTI-STATE MUNICIPAL SERIES TRUST DECEMBER 31, 2010 3


Item 2 – Controls and Procedures

2(a) – The registrant's principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
31940 Act3)) areeffective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) – There were no changes in the registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter
that have materially affected, or are reasonably likely to materially affect, the registrant's
internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

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.

BIF Multi-State Municipal Series Trust

By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BIF Multi-State Municipal Series Trust

Date: February 25, 2011

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 M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BIF Multi-State Municipal Series Trust

Date: February 25, 2011

By: /S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BIF Multi-State Municipal Series Trust

Date: February 25, 2011