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      <nameOfIssuer>CALIFORNIA HEALTH FACS FING AUTH</nameOfIssuer>
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      <investmentMaturityDateWAL>2016-07-01</investmentMaturityDateWAL>
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      <titleOfIssuer>CALIFORNIA INFRASTRUCTURE &amp; ECONOMY 0.380000%</titleOfIssuer>
      <CUSIPMember>13033W3K7</CUSIPMember>
      <LEIID>549300C1OG9RDIM8ET06</LEIID>
      <ISINId>US13033W3K79</ISINId>
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      <investmentMaturityDateWAL>2016-07-01</investmentMaturityDateWAL>
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      <nameOfIssuer>CALIFORNIA MUN FIN AUTH</nameOfIssuer>
      <titleOfIssuer>CALIFORNIA MUN FIN AUTH REV 0.340000%</titleOfIssuer>
      <CUSIPMember>13048TGU1</CUSIPMember>
      <LEIID>5493000UQOV6R4ZWS346</LEIID>
      <ISINId>US13048TGU16</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
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        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
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      <investmentMaturityDateWAM>2016-07-01</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-01</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2035-11-01</finalLegalInvestmentMaturityDate>
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      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0034</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>2100000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>2100000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0048</percentageOfMoneyMarketFundNetAssets>
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      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
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      <nameOfIssuer>CALIF PCFA - PG&amp;E</nameOfIssuer>
      <titleOfIssuer>CALIFORNIA POLLUTN CTL FING AU 0.420000%</titleOfIssuer>
      <CUSIPMember>130534XA3</CUSIPMember>
      <ISINId>US130534XA35</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
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        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
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      <investmentMaturityDateWAM>2016-07-01</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-01</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2026-11-01</finalLegalInvestmentMaturityDate>
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      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
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      <nameOfIssuer>CALIF PCFA - PG&amp;E</nameOfIssuer>
      <titleOfIssuer>CALIFORNIA PCF AUTH ENVIR IMPT REV 0.350000%</titleOfIssuer>
      <CUSIPMember>13053RAM1</CUSIPMember>
      <ISINId>US13053RAM16</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
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        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
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      <investmentMaturityDateWAM>2016-07-01</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-01</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2042-03-01</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
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        <identityOfDemandFeatureIssuer>AIR PRODUCTS AND CHEMICALS INC</identityOfDemandFeatureIssuer>
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          <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
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      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0037</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>17600000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>17600000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0402</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>CALIFORNIA STATEWIDE CMNTYS DEV AUTH</nameOfIssuer>
      <titleOfIssuer>CALIFORNIA STATEWIDE CMNTYS DEV AUTH 0.390000%</titleOfIssuer>
      <CUSIPMember>130795W45</CUSIPMember>
      <LEIID>549300KTNI2GCJNX2U48</LEIID>
      <ISINId>US130795W454</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
      <designatedNrsro>
        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
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      <investmentMaturityDateWAM>2016-07-07</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-07</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2036-08-15</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
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        <identityOfDemandFeatureIssuer>NORTHERN TRUST COMPANY (THE)</identityOfDemandFeatureIssuer>
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          <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
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        <remainingPeriodDemandFeature>7</remainingPeriodDemandFeature>
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      <yieldOfTheSecurityAsOfReportingDate>0.0039</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>10850000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>10850000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0248</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>N</dailyLiquidAssetSecurityFlag>
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      <illiquidSecurityFlag>N</illiquidSecurityFlag>
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    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>EAST BAY MUNICIPAL UTILITY DISTRICT WATER SYSTEM REVENUE</nameOfIssuer>
      <titleOfIssuer>EAST BAY CALIF MUN UTIL DIST WTR 0.390000%</titleOfIssuer>
      <CUSIPMember>271014UC4</CUSIPMember>
      <ISINId>US271014UC45</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
      <designatedNrsro>
        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
      </designatedNrsro>
      <investmentMaturityDateWAM>2016-07-07</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-07</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2038-06-01</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
      <demandFeature>
        <identityOfDemandFeatureIssuer>WELLS FARGO BANK NA</identityOfDemandFeatureIssuer>
        <designatedNRSRODemandFeature>
          <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
          <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
        </designatedNRSRODemandFeature>
        <amountProvidedByDemandFeatureIssuer>1.0000</amountProvidedByDemandFeatureIssuer>
        <remainingPeriodDemandFeature>7</remainingPeriodDemandFeature>
        <demandFeatureConditionalFlag>Y</demandFeatureConditionalFlag>
      </demandFeature>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0039</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>5000000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>5000000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0114</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>N</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>EASTERN MUN WTR DIST CALIF</nameOfIssuer>
      <titleOfIssuer>EASTERN CALIF MUN WTR DIST WTR 0.390000%</titleOfIssuer>
      <CUSIPMember>27627TAE2</CUSIPMember>
      <LEIID>549300ZCFVRFDIRWK089</LEIID>
      <ISINId>US27627TAE29</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
      <designatedNrsro>
        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
      </designatedNrsro>
      <investmentMaturityDateWAM>2016-07-07</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-07</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2030-07-01</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
      <demandFeature>
        <identityOfDemandFeatureIssuer>WELLS FARGO BANK NA</identityOfDemandFeatureIssuer>
        <designatedNRSRODemandFeature>
          <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
          <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
        </designatedNRSRODemandFeature>
        <amountProvidedByDemandFeatureIssuer>1.0000</amountProvidedByDemandFeatureIssuer>
        <remainingPeriodDemandFeature>7</remainingPeriodDemandFeature>
        <demandFeatureConditionalFlag>Y</demandFeatureConditionalFlag>
      </demandFeature>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0039</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>20800000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>20800000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0475</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>N</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>LOS ANGELES CALIF DEPARTMENT OF WATER &amp; POWER</nameOfIssuer>
      <titleOfIssuer>LOS ANGELES CALIF DEPT WTR &amp; PWR 0.370000%</titleOfIssuer>
      <CUSIPMember>544495DH4</CUSIPMember>
      <LEIID>549300S8NXV6YU61GG95</LEIID>
      <ISINId>US544495DH49</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
      <designatedNrsro>
        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
      </designatedNrsro>
      <investmentMaturityDateWAM>2016-07-01</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-01</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2034-07-01</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
      <demandFeature>
        <identityOfDemandFeatureIssuer>BARCLAYS BANK PLC</identityOfDemandFeatureIssuer>
        <designatedNRSRODemandFeature>
          <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
          <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
        </designatedNRSRODemandFeature>
        <amountProvidedByDemandFeatureIssuer>1.0000</amountProvidedByDemandFeatureIssuer>
        <remainingPeriodDemandFeature>1</remainingPeriodDemandFeature>
        <demandFeatureConditionalFlag>Y</demandFeatureConditionalFlag>
      </demandFeature>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0037</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>4900000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>4900000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0112</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>LOS ANGELES CALIF DEPARTMENT OF WATER &amp; POWER</nameOfIssuer>
      <titleOfIssuer>LOS ANGELES CALIF DEPT WTR &amp; PWR 0.330000%</titleOfIssuer>
      <CUSIPMember>544495DL5</CUSIPMember>
      <LEIID>549300S8NXV6YU61GG95</LEIID>
      <ISINId>US544495DL50</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
      <designatedNrsro>
        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
      </designatedNrsro>
      <investmentMaturityDateWAM>2016-07-01</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-01</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2034-07-01</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
      <demandFeature>
        <identityOfDemandFeatureIssuer>BANK OF MONTREAL</identityOfDemandFeatureIssuer>
        <designatedNRSRODemandFeature>
          <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
          <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
        </designatedNRSRODemandFeature>
        <amountProvidedByDemandFeatureIssuer>1.0000</amountProvidedByDemandFeatureIssuer>
        <remainingPeriodDemandFeature>1</remainingPeriodDemandFeature>
        <demandFeatureConditionalFlag>Y</demandFeatureConditionalFlag>
      </demandFeature>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0033</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>4900000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>4900000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0112</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>LOS ANGELES CALIF DEPARTMENT OF WATER &amp; POWER</nameOfIssuer>
      <titleOfIssuer>LOS ANGELES CALIF DEPT WTR &amp; PWR 0.380000%</titleOfIssuer>
      <CUSIPMember>544525DC9</CUSIPMember>
      <LEIID>549300S8NXV6YU61GG95</LEIID>
      <ISINId>US544525DC97</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
      <designatedNrsro>
        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
      </designatedNrsro>
      <investmentMaturityDateWAM>2016-07-07</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-07</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2035-07-01</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
      <demandFeature>
        <identityOfDemandFeatureIssuer>ROYAL BANK OF CANADA</identityOfDemandFeatureIssuer>
        <designatedNRSRODemandFeature>
          <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
          <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
        </designatedNRSRODemandFeature>
        <amountProvidedByDemandFeatureIssuer>1.0000</amountProvidedByDemandFeatureIssuer>
        <remainingPeriodDemandFeature>7</remainingPeriodDemandFeature>
        <demandFeatureConditionalFlag>Y</demandFeatureConditionalFlag>
      </demandFeature>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0038</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>7800000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>7800000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0178</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>N</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA</nameOfIssuer>
      <titleOfIssuer>METROPOLITAN WTR DIST SOUTHN C 0.380000%</titleOfIssuer>
      <CUSIPMember>59266TLK5</CUSIPMember>
      <LEIID>5493003GD0S0P56RLT45</LEIID>
      <ISINId>US59266TLK50</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
      <designatedNrsro>
        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
      </designatedNrsro>
      <investmentMaturityDateWAM>2016-07-07</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-07</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2035-07-01</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
      <demandFeature>
        <identityOfDemandFeatureIssuer>METROPOLITAN WATER DISTRICT OF S</identityOfDemandFeatureIssuer>
        <designatedNRSRODemandFeature>
          <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
          <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
        </designatedNRSRODemandFeature>
        <amountProvidedByDemandFeatureIssuer>1.0000</amountProvidedByDemandFeatureIssuer>
        <remainingPeriodDemandFeature>7</remainingPeriodDemandFeature>
        <demandFeatureConditionalFlag>N</demandFeatureConditionalFlag>
      </demandFeature>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0038</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>20700000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>20700000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0473</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>N</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>RIVERSIDE CNTY CALIF INDL DEV AUTH</nameOfIssuer>
      <titleOfIssuer>RIVERSIDE CNTY CALIF INDL DEV 0.550000%</titleOfIssuer>
      <CUSIPMember>76911TBG8</CUSIPMember>
      <ISINId>US76911TBG85</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
      <designatedNrsro>
        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
      </designatedNrsro>
      <investmentMaturityDateWAM>2016-07-07</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-07</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2029-08-01</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
      <demandFeature>
        <identityOfDemandFeatureIssuer>JPMORGAN CHASE BANK NA</identityOfDemandFeatureIssuer>
        <designatedNRSRODemandFeature>
          <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
          <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
        </designatedNRSRODemandFeature>
        <amountProvidedByDemandFeatureIssuer>1.0000</amountProvidedByDemandFeatureIssuer>
        <remainingPeriodDemandFeature>7</remainingPeriodDemandFeature>
        <demandFeatureConditionalFlag>N</demandFeatureConditionalFlag>
      </demandFeature>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0055</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>3300000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>3300000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0075</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>N</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY</nameOfIssuer>
      <titleOfIssuer>SOUTHERN CALIF PUB PWR AUTH 0.390000%</titleOfIssuer>
      <CUSIPMember>842475F26</CUSIPMember>
      <LEIID>5493003B5TD5FWUKMD34</LEIID>
      <ISINId>US842475F267</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
      <designatedNrsro>
        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
      </designatedNrsro>
      <investmentMaturityDateWAM>2016-07-07</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-07</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2036-07-01</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
      <demandFeature>
        <identityOfDemandFeatureIssuer>WELLS FARGO BANK NA</identityOfDemandFeatureIssuer>
        <designatedNRSRODemandFeature>
          <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
          <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
        </designatedNRSRODemandFeature>
        <amountProvidedByDemandFeatureIssuer>1.0000</amountProvidedByDemandFeatureIssuer>
        <remainingPeriodDemandFeature>7</remainingPeriodDemandFeature>
        <demandFeatureConditionalFlag>N</demandFeatureConditionalFlag>
      </demandFeature>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0039</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>9995000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>9995000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0228</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>N</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>UNIVERSITY CALIF REGTS MEDICAL CENTER POOLED REV</nameOfIssuer>
      <titleOfIssuer>UNIV CALIF REGTS MED CTR POOLE 0.310000%</titleOfIssuer>
      <CUSIPMember>913366AW0</CUSIPMember>
      <ISINId>US913366AW04</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
      <designatedNrsro>
        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
      </designatedNrsro>
      <investmentMaturityDateWAM>2016-07-01</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-01</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2032-05-15</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
      <demandFeature>
        <identityOfDemandFeatureIssuer>WELLS FARGO BANK NA</identityOfDemandFeatureIssuer>
        <designatedNRSRODemandFeature>
          <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
          <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
        </designatedNRSRODemandFeature>
        <amountProvidedByDemandFeatureIssuer>1.0000</amountProvidedByDemandFeatureIssuer>
        <remainingPeriodDemandFeature>1</remainingPeriodDemandFeature>
        <demandFeatureConditionalFlag>Y</demandFeatureConditionalFlag>
      </demandFeature>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0031</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>2435000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>2435000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0056</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>Y</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <scheduleOfPortfolioSecuritiesInfo>
      <nameOfIssuer>UNIVERSITY OF CALIFORNIA</nameOfIssuer>
      <titleOfIssuer>UNIVERSITY CALIF REVS FOR PREV 0.380000%</titleOfIssuer>
      <CUSIPMember>91412GSK2</CUSIPMember>
      <ISINId>US91412GSK21</ISINId>
      <investmentCategory>Variable Rate Demand Note</investmentCategory>
      <securityRated>First Tier Security</securityRated>
      <designatedNrsro>
        <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
        <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
      </designatedNrsro>
      <investmentMaturityDateWAM>2016-07-07</investmentMaturityDateWAM>
      <investmentMaturityDateWAL>2016-07-07</investmentMaturityDateWAL>
      <finalLegalInvestmentMaturityDate>2048-05-15</finalLegalInvestmentMaturityDate>
      <securityDemandFeatureFlag>Y</securityDemandFeatureFlag>
      <demandFeature>
        <identityOfDemandFeatureIssuer>UNIVERSITY OF CALIFORNIA</identityOfDemandFeatureIssuer>
        <designatedNRSRODemandFeature>
          <nameOfDesignatedNRSRO>N/A</nameOfDesignatedNRSRO>
          <creditRatingDesignatedNRSRO>N/A</creditRatingDesignatedNRSRO>
        </designatedNRSRODemandFeature>
        <amountProvidedByDemandFeatureIssuer>1.0000</amountProvidedByDemandFeatureIssuer>
        <remainingPeriodDemandFeature>7</remainingPeriodDemandFeature>
        <demandFeatureConditionalFlag>N</demandFeatureConditionalFlag>
      </demandFeature>
      <securityGuaranteeFlag>N</securityGuaranteeFlag>
      <securityEnhancementsFlag>N</securityEnhancementsFlag>
      <yieldOfTheSecurityAsOfReportingDate>0.0038</yieldOfTheSecurityAsOfReportingDate>
      <includingValueOfAnySponsorSupport>23000000.00</includingValueOfAnySponsorSupport>
      <excludingValueOfAnySponsorSupport>23000000.00</excludingValueOfAnySponsorSupport>
      <percentageOfMoneyMarketFundNetAssets>0.0525</percentageOfMoneyMarketFundNetAssets>
      <securityCategorizedAtLevel3Flag>N</securityCategorizedAtLevel3Flag>
      <dailyLiquidAssetSecurityFlag>N</dailyLiquidAssetSecurityFlag>
      <weeklyLiquidAssetSecurityFlag>Y</weeklyLiquidAssetSecurityFlag>
      <illiquidSecurityFlag>N</illiquidSecurityFlag>
    </scheduleOfPortfolioSecuritiesInfo>
    <signature>
      <registrant>BIF Multi State Municipal Series Trust</registrant>
      <signatureDate>2016-07-08</signatureDate>
      <signature>/s/ Neal J. Andrews</signature>
      <nameOfSigningOfficer>Neal J. Andrews</nameOfSigningOfficer>
      <titleOfSigningOfficer>Chief Financial Officer</titleOfSigningOfficer>
    </signature>
  </formData>
</edgarSubmission>
