0000900092-11-000263.txt : 20110606 0000900092-11-000263.hdr.sgml : 20110606 20110606170742 ACCESSION NUMBER: 0000900092-11-000263 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110606 DATE AS OF CHANGE: 20110606 EFFECTIVENESS DATE: 20110606 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIF TAX EXEMPT FUND/ CENTRAL INDEX KEY: 0000320281 IRS NUMBER: 136789904 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-03111 FILM NUMBER: 11895926 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: CMA TAX EXEMPT FUND/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: CMA TAX EXEMPT TRUST DATE OF NAME CHANGE: 19910505 FORMER COMPANY: FORMER CONFORMED NAME: CMA TAX EXEMPT FUND DATE OF NAME CHANGE: 19870802 0000320281 S000002959 BIF TAX EXEMPT FUND C000008095 BIF TAX EXEMPT FUND N-CSR 1 biftaxexemptfinal.htm BIF TAX EXEMPT FUND biftaxexemptfinal.htm - Generated by SEC Publisher for SEC Filing

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-03111 and 811-21301

Name of Fund: BIF Tax-Exempt Fund and Master Tax-Exempt LLC

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BIF Tax-
Exempt Fund and Master Tax-Exempt LLC, 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 03/31/2011

Date of reporting period: 03/31/2011

Item 1 – Report to Stockholders



March 31, 2011

Annual Report

BIF Tax-Exempt Fund

Not FDIC Insured • No Bank Guarantee • May Lose Value


Table of Contents   
  Page 
Dear Shareholder  3 
Annual Report:   
Money Market Overview  4 
Fund Information  5 
Disclosure of Expenses  5 
Fund Financial Statements:   
Statement of Assets and Liabilities  6 
Statement of Operations  6 
Statements of Changes in Net Assets  7 
Fund Financial Highlights  8 
Fund Notes to Financial Statements  9 
Fund Report of Independent Registered Public Accounting Firm  11 
Fund Important Tax Information  11 
Portfolio Information  12 
Master LLC Financial Statements:   
Schedule of Investments  13 
Statement of Assets and Liabilities  23 
Statement of Operations  23 
Statements of Changes in Net Assets  24 
Master LLC Financial Highlights  24 
Master LLC Notes to Financial Statements  25 
Master LLC Report of Independent Registered Public Accounting Firm  27 
Officers and Directors  28 
Additional Information  31 

 

2 BIF TAX-EXEMPT FUND MARCH 31, 2011


Dear Shareholder

Over the past 12 months, we have seen a sluggish, stimulus-driven economic recovery at long last gain real traction, accelerate, and transition into a
consumption-driven expansion. For the most part, 2010 was plagued with widely fluctuating economic data, but as the year drew to a close, it became
clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets showed
signs of continuing improvement. Although the sovereign debt crises and emerging market inflation that troubled the global economy in 2010 remain a
challenge today, overall investor sentiment had improved considerably. In the first quarter of 2011, significant global events gave rise to new concerns
about the future of the global economy. Political turmoil spread across the Middle East/North Africa (“MENA”) region, oil and other commodity prices
soared, and markets recoiled as the nuclear crisis unfolded in the wake of a 9.0-magnitude earthquake and tsunami that struck Japan in March. These
events shook investor confidence, but the global economic recovery would not be derailed.

In the United States, strength from the corporate sector and increasing consumer spending have been key drivers of economic growth, while the housing
and labor markets have been the heaviest burdens. While housing has yet to show any meaningful sign of improvement, labor statistics have become
increasingly positive in recent months.

Global equity markets experienced uneven growth and high volatility over the course of 2010, but ended the year strong. Following a strong start to
2011, the aforementioned headwinds brought high volatility back to equity markets. A pick up in inflationary pressures caused emerging market equities
to underperform developed markets, where threats of inflation remained relatively subdued. Overall, equities posted strong returns for the 12-month
period. US stocks outpaced most international markets and small cap stocks outperformed large caps as investors moved into higher-risk assets.

Fixed income markets saw yields trend lower over most of 2010, until the fourth quarter brought an abrupt reversal in sentiment and risk tolerance that
drove yields sharply upward (pushing bond prices down) through year end. Improving economic data continued to pressure fixed income yields in 2011;
however, escalating geopolitical risks have acted as a counterweight, restoring relative stability to yield movements. Global credit markets were surpris-
ingly resilient in the face of major headwinds during the first quarter. Yield curves globally remained steep by historical standards and higher-risk sectors
continued to outperform higher-quality assets.

The tax-exempt municipal market enjoyed a powerful rally during the period of low interest rates in 2010; however, when the yield trend reversed, the
market was dealt an additional blow as it became evident that the Build America Bond program would expire at year end. In addition, negative headlines
regarding fiscal challenges faced by state and local governments damaged investor confidence and further heightened volatility in the municipal market.
Tax-exempt mutual funds experienced heavy outflows, resulting in wider quality spreads and further downward pressure on municipal bond prices. These
headwinds began to abate in 2011 and the tax-exempt municipal market staged a mild rebound in the first quarter.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates
remained low. Yields on money market securities remain near all-time lows.

Total Returns as of March 31, 2011  6-month  12-month 
US large cap equities (S&P 500 Index)  17.31%  15.65% 
US small cap equities (Russell 2000 Index)  25.48  25.79 
International equities (MSCI Europe, Australasia, Far East Index)  10.20  10.42 
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)  0.09  0.16 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)  (5.90)  6.52 
US investment grade bonds (Barclays Capital US Aggregate Bond Index)  (0.88)  5.12 
Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)  (3.68)  1.63 
US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  7.24  14.26 
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.   


While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock
can offer investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us
to identify trends early and capitalize on market opportunities. For additional market perspective and investment insight, visit www.blackrock.com/
shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion
newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued
partnership in the months and years ahead.


THIS PAGE NOT PART OF YOUR FUND REPORT 3


Money Market Overview

For the Period Ended March 31, 2011

Throughout the 12-month period ended March 31, 2011, the Federal Open Market Committee (FOMC) maintained the target range for the federal
funds rate at 0.00% to 0.25% while remaining consistent in its position that economic conditions were likely to warrant “exceptionally low levels of
the federal funds rate for an extended period.” At its March 15, 2011 meeting, the FOMC acknowledged that labor markets “appear to be improving
gradually” and that household spending and business investment continue to expand. The FOMC also confirmed its intention to continue the policy
it announced in November 2010 to purchase $600 billion of longer-term Treasury securities by the end of June 2011. While these large-scale asset
purchases have the intent of keeping interest rates low, they also result in a reduced supply of overnight repurchase agreements due to the limited
amount of longer-term Treasury securities available to collateralize them. As the United States approached its national debt ceiling in early 2011, the
US Treasury announced its intention to gradually reduce the balance of its Supplementary Financing Program account from $200 billion to $5 billion
by letting currently outstanding Treasury bills mature without rolling them over. This action has the effect of increasing reserves in the banking system
while reducing the supply of Treasury bills. The tightening in supply of Treasury bills and overnight repurchase agreements drove rates down on those
instruments toward the end of the period.

Early in May 2010, heightened concerns about sovereign risk in certain peripheral European countries led to increased financial market volatility
and upward pressure on the London Interbank Offered Rates (LIBOR settings). To improve liquidity conditions in US dollar short-term credit markets
in Europe, the US Federal Reserve Bank reestablished temporary US dollar liquidity swap facilities with the European Central Bank (ECB), while the
ECB established long-term financing operations of various tenors to provide additional liquidity to the market. The European Union (EU), the ECB
and the International Monetary Fund announced a coordinated package of financial aid totaling Euro€750 billion (close to $1 trillion in US dollar terms).
Ultimately, the tone of the short-term credit markets improved, and LIBOR settings stabilized, by the end of June 2010. In a continued effort to further
strengthen the Euro-zone financial system, at its summit held in March 2011, the European Union adopted a preliminary framework to address the
size and scope of financial stability mechanisms, bank stress tests, fiscal reform, and surveillance of macroeconomic imbalances. Short-dated LIBOR
settings finished the period unchanged on a year-over-year basis. The slope of the LIBOR curve as measured from one month to one year, flattened by
14 basis points, led by a decline in the one-year LIBOR setting.

In the tax-exempt space, historically low rates resulted in an overall decline in money fund assets over the past 12 months. The seven-day Securities
Industry and Financial Markets Association Index remained in a tight range around 0.28%, its average rate for the annual period. While tax-exempt
money market funds, which are comprised primarily of municipal variable rate demand notes (VRDNs), experienced declining assets during the period,
non-traditional buyers stepped into the tax-exempt market, which kept dealer inventories low and manageable throughout the year. Non-traditional buy-
ers were drawn to the favorable yields offered on VRDNs, which served as an attractive alternative to asset-backed commercial paper, where supply
had dwindled. Demand for VRDNs was further supported by recent regulatory amendments requiring higher levels of liquidity in money market funds.

Although municipal issuers have limited the new supply of VRDNs, the market has turned its focus to the expiration of bank commitments enhancing
over $100 billion of outstanding municipal VRDNs in 2011. As of this writing, issuers have been replacing the expiring commitments according to
schedule and without difficulty. Additional banks are increasing their participation in the space, which provides better diversification for municipal
money market funds.

State and local governments continued to struggle with budget shortfalls and reduced their overall issuance of municipal notes. The one-year municipal
yield remained relatively stable throughout the year, hovering around 0.38%, as measured by Thomson Municipal Market Data.

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

4 BIF TAX-EXEMPT FUND MARCH 31, 2011


Fund Information as of March 31, 2011

BIF Tax-Exempt Fund

BIF Tax-Exempt Fund's (formerly CMA Tax-Exempt Fund) (the “Fund”) investment objective is to seek current income exempt from federal income tax,
preservation of capital and liquidity.

  7-Day  7-Day 
Yields  SEC Yield  Yield 
As of March 31, 2011  0.04%  0.04% 

 

The 7-Day SEC Yield may differ from the 7-Day Yield shown above due to the fact that the 7-Day SEC Yield excludes distributed capital gains.
Past performance is not indicative of future results.

Disclosure of Expenses

Shareholders of this Fund may incur the following charges: (a) expenses
related to transactions, including sales charges, redemption fees and
exchange fees; and (b) operating expenses including administration
fees, distribution fees including 12b-1 fees and other Fund expenses.
The expense example below (which is based on a hypothetical invest-
ment of $1,000 invested on October 1, 2010 and held through
March 31, 2011) is intended to assist shareholders both in calculating
expenses based on an investment in the Fund and in comparing
these expenses with similar costs of investing in other mutual funds.

The table below provides information about actual account values and
actual expenses. In order to estimate the expenses a shareholder paid
during the period covered by this report, shareholders can divide their
account value by $1,000 and then multiply the result by the number
under the heading entitled “Expenses Paid During the Period.”

The table also provides information about hypothetical account values
and hypothetical expenses based on the Fund’s actual expense ratio and
an assumed rate of return of 5% per year before expenses. In order to
assist shareholders in comparing the ongoing expenses of investing in this
Fund and other funds, compare the 5% hypothetical example with the 5%
hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the table are intended to highlight shareholders’
ongoing costs only and do not reflect any transactional expenses, such
as sales charges, redemption fees or exchange fees. Therefore, the
hypothetical example is useful in comparing ongoing expenses only, and
will not help shareholders determine the relative total expenses of owning
different funds. If these transactional expenses were included, shareholder
expenses would have been higher.

    Actual      Hypothetical2     
  Beginning  Ending    Beginning  Ending     
  Account Value  Account Value  Expenses Paid  Account Value  Account Value  Expenses Paid  Annualized 
  October 1, 2010  March 31, 2011  During the Period1  October 1, 2010  March 31, 2011  During the Period1  Expense Ratio 
BIF Tax-Exempt Fund  $1,000.00  $1,000.20  $1.60  $1,000.00  $1,023.30  $1.61  0.32% 

1 Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year
period shown). Because the Fund is a feeder fund, the expense table example reflects the expenses of both the Fund and the Master LLC in which it invests.
2 Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365.

BIF TAX-EXEMPT FUND MARCH 31, 2011 5


Statement of Assets and Liabilities 
March 31, 2011  BIF Tax-Exempt Fund 
Assets     
Investment at value — Master Tax-Exempt LLC (the “Master LLC”)   
(cost — $3,612,825,855)  $ 3,612,825,855 
Capital shares sold receivable    11,159,347 
Distribution fees receivable    170 
Prepaid expenses    267,093 
Total assets    3,624,252,465 
Liabilities     
Contributions payable to the Master LLC    11,158,995 
Administration fees payable    345,796 
Officer’s fees payable    936 
Capital shares redeemed payable    352 
Income dividends payable    35 
Other accrued expenses payable    116,672 
Total liabilities    11,622,786 
Net Assets  $ 3,612,629,679 
Net Assets Consist of     
Paid-in capital  $ 3,612,628,919 
Accumulated net realized gain allocated from the     
Master LLC    760 
Net Assets, $1.00 net asset value per share, 3,612,508,665   
shares outstanding, unlimited number of shares authorized,   
par value $0.10 per share  $ 3,612,629,679 

 

Statement of Operations   
Year Ended March 31, 2011  BIF Tax-Exempt Fund 
Investment Income   
Income  $ 1,893 
Net investment income allocated from the Master LLC:   
Interest  17,615,909 
Expenses  (6,816,804) 
Total income  10,800,998 
Expenses   
Administration  10,758,879 
Distribution  5,365,476 
Transfer agent  1,232,202 
Registration  544,672 
Printing  118,203 
Professional  60,520 
Officer  1,812 
Miscellaneous  38,282 
Total expenses  18,120,046 
Less fees waived by administrator  (3,672,027) 
Less distribution fees waived  (5,359,823) 
Total expenses after fees waived  9,088,196 
Net investment income  1,712,802 
Realized Gain Allocated from the Master LLC   
Net realized gain from investments  278,642 
Net Increase in Net Assets Resulting from Operations  $ 1,991,444 

 

See Notes to Financial Statements.

6 BIF TAX-EXEMPT FUND MARCH 31, 2011


Statements of Changes in Net Assets  BIF Tax-Exempt Fund 
  Year Ended March 31,     
Increase (Decrease) in Net Assets:  2011      2010 
Operations     
Net investment income  $ 1,712,802  $ 7,216,462 
Net realized gain  278,642  225,748 
Net increase in net assets resulting from operations  1,991,444  7,442,210 
Dividends and Distributions to Shareholders From     
Net investment income  (1,712,802)  (7,216,462) 
Net realized gain  (95,244)  (42,259) 
Net decrease in net assets resulting from dividends and distributions to shareholders  (1,808,046)  (7,258,721) 
Capital Share Transactions     
Net proceeds from sale of shares  21,025,381,679  36,432,105,498 
Reinvestment of dividends and distributions  1,807,294  7,258,721 
Cost of shares redeemed  (23,020,261,293)  (41,113,573,115) 
Net decrease in net assets derived from capital share transactions  (1,993,072,320)  (4,674,208,896) 
Net Assets     
Total decrease in net assets  (1,992,888,922)  (4,674,025,407) 
Beginning of year  5,605,518,601  10,279,544,008 
End of year  $ 3,612,629,679  $ 5,605,518,601 

 

See Notes to Financial Statements.

BIF TAX-EXEMPT FUND MARCH 31, 2011 7


Financial Highlights          BIF Tax-Exempt Fund 
    Year Ended March 31,     
  2011  2010  2009    2008  2007 
Per Share Operating Performance             
Net asset value, beginning of year  $ 1.00  $ 1.00  $ 1.00  $ 1.00  $ 1.00 
Net investment income  0.0004  0.0008  0.0125    0.0290  0.0302 
Net realized gain  0.0001  0.0000  0.0000    0.0002  0.0001 
Net increase from investment operations  0.0005  0.0008  0.0125    0.0292  0.0303 
Dividends and distributions from:             
Net investment income  (0.0004)  (0.0008)  (0.0125)    (0.0290)  (0.0302) 
Net realized gain  (0.0001)  (0.0000)  —    —  — 
Total dividends and distributions  (0.0005)  (0.0008)  (0.0125)    (0.0290)  (0.0302) 
Net asset value, end of year  $ 1.00  $ 1.00  $ 1.00  $ 1.00  $ 1.00 
Total Investment Return1             
Total investment return  0.04%  0.08%  1.26%    2.94%  3.05% 
Ratios to Average Net Assets2             
Total expenses  0.58%  0.58%  0.57%    0.55%  0.55% 
Total expenses after fees waived  0.37%  0.49%  0.57%    0.55%  0.55% 
Net investment income  0.05%  0.09%  1.24%    2.87%  3.03% 
Supplemental Data             
Net assets, end of year (000)  $3,612,630  $ 5,605,519  $ 10,279,544  $ 11,003,605  $ 9,257,629 

1 Where applicable, total investment returns include the reinvestment of dividends and distributions.
2 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment.

See Notes to Financial Statements.

8 BIF TAX-EXEMPT FUND MARCH 31, 2011


Notes to Financial Statements BIF Tax-Exempt Fund

1. Significant Accounting Policies:

BIF Tax-Exempt Fund (formerly CMA Tax-Exempt Fund) (the “Fund”) is
registered under the Investment Company Act of 1940, as amended
(the “1940 Act”), as a no-load, diversified, open-end management
investment company. The Fund is organized as a Massachusetts busi-
ness trust. The Fund seeks to achieve its investment objective by invest-
ing all of its assets in Master Tax-Exempt LLC (the “Master LLC”), which
has the same investment objective and strategies as the Fund. The
Master LLC is organized as a Delaware limited liability company. The
value of the Fund's investment in the Master LLC reflects the Fund's
proportionate interest in the net assets of the Master LLC. The perform-
ance of the Fund is directly affected by the performance of the Master
LLC. The percentage of the Master LLC owned by the Fund at March 31,
2011 was 82.4%. The financial statements of the Master LLC, including
the Schedule of Investments, are included elsewhere in this report and
should be read in conjunction with the Fund's financial statements.
The Board of Trustees of the Fund and the Board of Directors of the
Master LLC Fund are referred to throughout this report as the “Board of
Directors” or the “Board”. The Fund's financial statements are prepared
in conformity with accounting principles generally accepted in the United
States of America ("US GAAP"), which may require management to
make estimates and assumptions that affect the reported amounts and
disclosures in the financial statements. Actual results could differ from
those estimates.

The following is a summary of significant accounting policies followed by
the Fund:

Valuation: US GAAP defines fair value as the price the Fund would
receive to sell an asset or pay to transfer a liability in an orderly trans-
action between market participants at the measurement date. The
Fund records its investment in the Master LLC at fair value based on
the Fund's proportionate interest in the net assets of the Master LLC.
Valuation of securities held by the Master LLC is discussed in Note 1
of the Master LLC’s Notes to Financial Statements, which are included
elsewhere in this report. The Fund seeks to maintain its net asset value
per share at $1.00, although there is no assurance that it will be able
to do so on a continuing basis.

Investment Transactions and Net Investment Income: For financial
reporting purposes, contributions to and withdrawals from the Master
LLC are accounted for on a trade date basis. The Fund records daily
its proportionate share of the Master LLC’s income, expenses and
realized gains and losses. In addition, the Fund accrues its own income
and expenses.

Dividends and Distributions: Dividends from net investment income are
declared and reinvested daily. Distributions of realized gains, if any, are
recorded on the ex-dividend date. The amount and timing of dividends
and distributions are determined in accordance with federal income tax
regulations, which may differ from US GAAP.

Income Taxes: It is the Fund's policy to comply with the requirements
of the Internal Revenue Code of 1986, as amended, applicable to
regulated investment companies and to distribute substantially all of
its taxable income to its shareholders. Therefore, no federal income tax
provision is required.

The Fund files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Fund's US federal tax returns remains open for each of the
four years ended March 31, 2011. The statutes of limitations on the
Fund's state and local tax returns may remain open for an additional
year depending upon the jurisdiction. Management does not believe
there are any uncertain tax positions that require recognition of a
tax liability.

Other: Expenses directly related to the Fund are charged to the Fund.
Other operating expenses shared by several funds are pro rated among
those funds on the basis of relative net assets or other appropriate
methods. The Fund may earn interest on positive cash balances in
demand deposit accounts that are maintained by the transfer agent on
behalf of the Fund. This amount is shown as income in the Statement
of Operations.

2. Administration Agreement and Other Transactions with
Affiliates:

The PNC Financial Services Group, Inc. ("PNC"), Bank of America
Corporation ("BAC") and Barclays Bank PLC ("Barclays") are the largest
stockholders of BlackRock, Inc. ("BlackRock"). Due to the ownership
structure, PNC is an affiliate of the Fund for 1940 Act purposes, but BAC
and Barclays are not.

The Fund entered into an Administration Agreement with BlackRock
Advisors, LLC (the “Administrator”), an indirect, wholly owned subsidiary
of BlackRock, to provide administrative services (other than investment
advice and related portfolio activities). For such services, the Fund
pays the Administrator a monthly fee at an annual rate of 0.25% of
the average daily value of the Fund's net assets. The Fund does not
pay an investment advisory fee or investment management fee.

BIF TAX-EXEMPT FUND MARCH 31, 2011 9


Notes to Financial Statements (concluded) BIF Tax-Exempt Fund

The Fund entered into a Distribution Agreement and Distribution and
Shareholder Servicing Plan (the “Distribution Plan”) with BlackRock
Investments, LLC (”BRIL“), an affiliate of BlackRock. Pursuant to the
Distribution Plan and in accordance with Rule 12b-1 under the 1940
Act, the Fund pays BRIL ongoing distribution fees. The fees are accrued
daily and paid monthly at the annual rate of 0.125% based upon the
average daily net assets.

The Administrator and BRIL voluntarily agreed to waive a portion of
their respective administration and distribution fees and/or reimburse
operating expenses to enable the Fund to maintain a minimum daily
net investment income dividend. These amounts are reported in the
Statement of Operations as fees waived by administrator and distribu-
tion fees waived. The Administrator and BRIL may discontinue the waiver
or reimbursement at any time.

Certain officers and/or directors of the Fund are officers and/or directors
of BlackRock or its affiliates. The Fund reimburses the Administrator for
compensation paid to the Fund's Chief Compliance Officer.

3. Capital Share Transactions:

The number of shares sold, reinvested and redeemed correspond to
the net proceeds from the sale of shares, reinvestment of dividends and
distributions and cost of shares redeemed, respectively, since shares are
sold and redeemed at $1.00 per share.

4. Income Tax Information:

Reclassifications: US GAAP requires that certain components of net
assets be adjusted to reflect permanent differences between financial
and tax reporting. These reclassifications have no effect on net assets
or net asset values per share. The following permanent difference as of
March 31, 2011 attributable to the use of equalization was reclassified
to the following accounts:

Paid-in capital  $ 187,399 
Accumulated net realized gain allocated from the Master LLC  $(187,399) 

 

The tax character of distributions paid during the fiscal years ended
March 31, 2011 and March 31, 2010 was as follows:

  3/31/2011  3/31/2010 
Tax-exempt income  $ 1,711,975  $ 7,216,462 
Ordinary income1  70,320  147,820 
Long-term capital gains1  213,150  103,635 
Total distributions  $ 1,995,445  $ 7,467,917 

 

1 Distribution amounts may include a portion of the proceeds from redeemed
shares.

As of March 31, 2011, there were no significant differences between the
book and tax components of net assets.

5. Subsequent Events:

Management has evaluated the impact of all subsequent events on the
Fund through the date the financial statements were issued and has
determined that there were no subsequent events requiring adjustment
or additional disclosure in the financial statements.

10 BIF TAX-EXEMPT FUND MARCH 31, 2011


Report of Independent Registered Public Accounting Firm BIF Tax-Exempt Fund

To the Shareholders and Board of Trustees of
BIF Tax-Exempt Fund:

We have audited the accompanying statement of assets and liabilities
of BIF Tax-Exempt Fund (formerly CMA Tax-Exempt Fund) (the “Fund”) as
of March 31, 2011, and the related statement of operations for the year
then ended, the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights for each of
the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Fund’s management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial highlights
are free of material misstatement. The Fund is not required to have, nor
were we engaged to perform, an audit of its internal control over finan-
cial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Fund’s internal control over
financial reporting. Accordingly, we express no such opinion. An audit
also includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by manage
ment, as well as evaluating the overall financial statement presentation
We believe that our audits provide a reasonable basis for our opinion

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of BIF Tax-Exempt Fund as of March 31, 2011, the results of its
operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended, in con-
formity with accounting principles generally accepted in the United
States of America.

Deloitte & Touche LLP
Princeton, New Jersey
May 26, 2011

Important Tax Information (Unaudited)

All of the net investment income distributions paid by BIF Tax-Exempt
Fund during the taxable year ended March 31, 2011 qualify
as tax-exempt interest dividends for federal income tax purposes.

Additionally, the Fund distributed qualified short-term capital gains1 of
$0.00000669 per share and long-term capital gains of $0.00001986
per share to shareholders of record on December 8, 2010.
1 Represents the portion of the taxable ordinary income dividends eligible
for exemption from US withholding tax for nonresident aliens and foreign
corporations.

BIF TAX-EXEMPT FUND MARCH 31, 2011 11


Portfolio Summary as of March 31, 2011 Master Tax-Exempt LLC

Portfolio Composition

  Percent of 
  Net Assets 
Variable Rate Demand Obligations  77% 
Fixed Rate Notes  16 
Tax-Exempt Commercial Paper  5 
Put Bonds  2 
Total  100% 

 

12 BIF TAX-EXEMPT FUND MARCH 31, 2011


Schedule of Investments March 31, 2011 Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Alabama — 0.7%       
Huntsville IDB, Refunding RB, VRDN, AMT (Federal       
Home Loan Bank LOC), 0.40%, 4/07/11 (a)  $ 2,315 $ 2,315,000 
University of Alabama, RB, ROCS, VRDN,       
Series II-R-12295 (BHAC Insurance, Citibank NA     
SBPA), 0.26%, 4/07/11 (a)(b)(c)    28,710  28,710,000 
      31,025,000 
Alaska — 0.6%       
City of Valdez Alaska, Refunding RB, VRDN, Phillips     
Project, Series C, 0.40%, 4/07/11 (a)    24,400  24,400,000 
Arizona — 1.5%       
Apache County IDA, RB, VRDN, Tucson Electric       
Power-Springerville (Wells Fargo Bank NA LOC),       
0.22%, 4/07/11 (a)    11,700  11,700,000 
Maricopa County IDA Arizona, Refunding RB, VRDN,     
Villas Solanas Apartments, Series A, AMT       
(Fannie Mae), 0.27%, 4/07/11 (a)    6,200  6,200,000 
Maricopa County Public Finance Corp. Arizona, RB,     
FLOATS, VRDN, Series 1863 (Wells Fargo Bank NA     
SBPA), 0.24%, 4/07/11 (a)(b)    5,440  5,440,000 
Salt River Pima-Maricopa Indian Community,       
RB, VRDN (Bank of America NA LOC),       
0.28%, 4/07/11 (a)    43,630  43,630,000 
      66,970,000 
California — 6.1%       
California Community College Financing Authority,       
RB, TRAN, Series A, 2.00%, 6/30/11    6,955  6,974,810 
California Municipal Finance Authority, RB, PUTTERS,     
VRDN, Series 2410, AMT (JPMorgan Chase       
Bank LOC), 0.40%, 4/07/11 (a)(b)    2,120  2,120,000 
California School Cash Reserve Program Authority, RB:     
Senior Series B, 2.00%, 6/01/11    12,100  12,122,394 
Series F, 2.00%, 6/01/11    10,200  10,223,220 
Series P, 2.50%, 1/31/12 (d)    8,300  8,405,078 
California State Department of Water Resources,       
RB, VRDN, Series C-9 (Citibank NA LOC),       
0.22%, 4/07/11 (a)    26,000  26,000,000 
City of Los Angeles California, GO, TRAN,       
2.00%, 4/21/11    6,700  6,705,368 
City of Sacramento California, GO, TRAN,       
2.00%, 6/30/11    10,000  10,035,932 

 

  Par   
Municipal Bonds  (000)  Value 
California (concluded)     
County of Los Angeles California, RB, ROCS, VRDN,     
Series II-R-13101CE (Citibank NA Liquidity     
Facility), 0.27%, 4/07/11 (a)(b)(c)  $ 8,400 $ 8,400,000 
County of Riverside California, GO, TRAN, Series B,     
2.00%, 6/30/11  35,000  35,125,825 
East Bay Municipal Utility District, Refunding RB,     
VRDN, Series A-1, Mandatory Put Bonds,     
0.28%, 4/07/11 (a)  24,000  24,000,000 
Golden State Tobacco Securitization Corp.     
California, RB, FLOATS, VRDN, Series 2215     
(Morgan Stanley Bank Liquidity Facility),     
0.32%, 4/07/11 (a)(b)  22,500  22,500,000 
Golden State Tobacco Securitization Corp.     
California, Refunding RB, FLOATS, VRDN (a)(b):     
Series 2040 (Morgan Stanley Municipal     
Funding Guarantee Agreement and Liquidity     
Facility), 0.32%, 4/07/11  8,000  8,000,000 
Series 2954 (Morgan Stanley Bank Liquidity     
Facility), 0.32%, 4/07/11  1,345  1,344,500 
Los Angeles Unified School District California, GO,     
TRAN, Series A, 2.00%, 6/30/11  23,900  23,978,691 
San Diego Unified School District California, GO,     
TRAN, Series A, 2.00%, 6/30/11  40,000  40,141,659 
San Mateo Union High School District California,     
GO, ROCS, VRDN, Series II-R-11578PB     
(AGC Insurance, PB Capital Corp. SBPA),     
0.28%, 4/07/11 (a)(b)(c)  9,465  9,465,000 
South Coast Local Education Agencies, RB, Pooled,     
TRAN, Series A, 2.00%, 8/09/11  12,500  12,561,496 
    268,103,973 
Colorado — 0.9%     
City & County of Denver Colorado, COP, Refunding,     
VRDN, Series A3 (JPMorgan Chase Bank SBPA),     
0.21%, 4/01/11 (a)  8,400  8,400,000 
Colorado Housing & Finance Authority, RB, VRDN,     
Class I (a):     
M/F, Series C-4 (Federal Home Loan Bank     
SBPA), 0.25%, 4/07/11  4,460  4,460,000 
Series B-2, AMT (Dexia Credit Local SBPA),     
0.30%, 4/07/11  25,000  25,000,000 
    37,860,000 

 

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.  HDA  Housing Development Authority  PSF-GTD  Permanent School Fund Guaranteed 
AGM  Assured Guaranty Municipal Corp.  HFA  Housing Finance Agency  PUTTERS  Puttable Tax-Exempt Receipts 
AMT  Alternative Minimum Tax (subject to)  HRB  Housing Revenue Bonds  Q-SBLF  Qualified School Bond Loan Fund 
BAN  Bond Anticipation Notes  IDA  Industrial Development Authority  RB  Revenue Bonds 
BHAC  Berkshire Hathaway Assurance Corp.  IDB  Industrial Development Board  ROCS  Reset Option Certificates 
COP  Certificates of Participation  ISD  Independent School District  S/F  Single-Family 
DRIVERS  Derivative Inverse Tax-Exempt Receipts  LIFERS  Long Inverse Floating Exempt Receipts  SAN  State Aid Notes 
EDA  Economic Development Authority  LOC  Letter of Credit  SBPA  Stand-by Bond Purchase Agreement 
EDC  Economic Development Corp.  M/F  Multi-Family  SPEARS  Short-Puttable Exempt Adjustable Receipts 
FGIC  Financial Guaranty Insurance Co.  MERLOTS  Municipal Exempt Receipts Liquidity  TAN  Tax Anticipation Notes 
FLOATS  Floating Rate Securities    Optional Tenders  TECP  Tax-Exempt Commercial Paper 
GO  General Obligation Bonds  MSTR  Municipal Securities Trust Receipts  TRAN  Tax Revenue Anticipation Notes 
    NPFGC  National Public Finance Guarantee Corp.  VRDN  Variable Rate Demand Notes 

 

See Notes to Financial Statements.

BIF TAX-EXEMPT FUND MARCH 31, 2011 13


Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Connecticut — 1.5%       
Connecticut Housing Finance Authority, RB, VRDN (a):     
Housing Mortgage Finance Program, Series G,       
Mandatory Put Bonds, 0.45%, 11/15/11  $ 6,800 $ 6,800,000 
Sub-Series F-1 (JPMorgan Chase Bank SBPA),     
0.23%, 4/01/11    9,710  9,710,000 
Connecticut State Development Authority, RB,       
VRDN, Solid Waste Project, Rand/Whitney, AMT       
(Bank of Montreal LOC), 0.26%, 4/07/11 (a)    5,100  5,100,000 
Connecticut State Health & Educational Facility       
Authority, Austin Trust, RB, VRDN Certificates,       
Bank of America, Series 2008-352 (Bank of       
America NA LOC, Bank of America NA       
SBPA), 0.37%, 4/07/11 (a)(b)    4,700  4,700,000 
Connecticut State Health & Educational Facility       
Authority, RB, VRDN, Hotchkiss School, Series A       
(Northern Trust Co. SBPA), 0.19%, 4/07/11 (a)    9,100  9,100,000 
Connecticut State Health & Educational Facility       
Authority, Refunding RB, VRDN, Yale-New Haven       
Hospital, Series L2 (Bank of America NA LOC),       
0.22%, 4/07/11 (a)    5,100  5,100,000 
Hartford Redevelopment Agency, Refunding HRB,       
VRDN, Underwood Tower Project (AGM Insurance,     
Societe Generale SBPA), 0.34%, 4/07/11 (a)    5,100  5,100,000 
Regional School District No. 18, GO, BAN,       
1.50%, 1/10/12    1,500  1,512,233 
State of Connecticut, GO, Refunding, FLOATS,       
VRDN, Series 514 (Morgan Stanley Bank SBPA),     
0.25%, 4/07/11 (a)(b)    9,100  9,100,000 
Town of Easton Connecticut, GO, BAN,       
1.00%, 7/08/11    3,500  3,505,477 
Town of New Milford Connecticut, GO, BAN,       
1.50%, 7/26/11    5,800  5,820,573 
      65,548,283 
District of Columbia — 1.3%       
District of Columbia, Deutsche Bank SPEARS/       
LIFERS Trust, GO, SPEARS, VRDN, Series DB-463     
(AGM Insurance, Deutsche Bank AG SBPA),       
0.25%, 4/07/11 (a)(b)    8,375  8,375,000 
District of Columbia, GO, FLOATS, VRDN, Series       
1920 (Wells Fargo Bank NA LOC, Wells Fargo       
Bank NA SBPA), 0.24%, 4/07/11 (a)(b)    16,055  16,055,000 
District of Columbia, RB, VRDN, American University     
(Bank of America NA LOC), 0.22%, 4/07/11 (a)  7,400  7,400,000 
District of Columbia, Refunding RB, VRDN, Secured     
Series E, 0.28%, 12/01/11 (a)    5,500  5,500,000 
Washington Convention Center Authority, Refunding     
RB, FLOATS, VRDN (a)(b):       
Series 1730 (BHAC Insurance, Morgan Stanley     
Bank Liquidity Facility), 0.26%, 4/07/11    6,665  6,665,000 
Series 1731 (BHAC Insurance, Morgan Stanley     
Bank Liquidity Facility), 0.26%, 4/07/11    6,665  6,665,000 
Series 1736 (BHAC), 0.26%, 4/07/11    7,830  7,830,000 
      58,490,000 
Florida — 6.0%       
Brevard County Housing Finance Authority, RB, VRDN,     
Timber Trace Apartments Project, AMT (Citibank NA     
LOC), 0.29%, 4/07/11 (a)    8,085  8,085,000 
County of Miami-Dade Florida, RB, VRDN, Series E     
(Wells Fargo Bank NA LOC), 0.24%, 4/07/11 (a)  30,000  30,000,000 

 

  Par   
Municipal Bonds  (000)  Value 
Florida (concluded)     
County of St. John’s Florida, Deutsche Bank     
SPEARS/LIFERS Trust, RB, SPEARS, VRDN,     
Series DB-486 (Deutsche Bank AG SBPA),     
0.25%, 4/07/11 (a)(b)  $ 8,895   $8,895,000 
County of St. John’s Florida, RB, ROCS, VRDN,     
Series II-R-755PB (PB Capital Corp. SBPA),     
0.29%, 4/07/11 (a)(b)  18,095  18,095,000 
Florida Housing Finance Corp., RB, VRDN, Savannah     
Springs Apartments, Series N, AMT (Citibank NA     
LOC), 0.30%, 4/07/11 (a)  6,800  6,800,000 
Florida State Board of Education, GO, ROCS,     
VRDN, Series II-R-12288 (Citibank NA SBPA),     
0.25%, 4/07/11 (a)(b)(c)  8,000  8,000,000 
Fort Pierce Redevelopment Agency, Eclipse Funding     
Trust, Tax Allocation Bonds, VRDN, Series     
2006-0130, Solar Eclipse (US Bank NA LOC),     
0.28%, 4/07/11 (a)(b)  3,895  3,895,000 
Hillsborough County Housing Finance Authority,     
HRB, VRDN, Brandon, Series A, AMT (Fannie Mae),     
0.30%, 4/07/11 (a)  5,490  5,490,000 
Jacksonville Economic Development Commission,     
RB, VRDN, Lee & Cates Glass Inc. Project, AMT     
(Wells Fargo Bank NA LOC), 0.41%, 4/07/11 (a)  120  120,000 
Jacksonville Electric Authority Florida, Refunding RB,     
VRDN (a):     
Series 3-B-2 (Bank of America NA SBPA),     
0.24%, 4/07/11  6,055  6,055,000 
Series 3-B-3 (Bank of America NA SBPA),     
0.24%, 4/07/11  8,125  8,125,000 
Sub-Series A-2 (JPMorgan Chase & Co. SBPA),     
0.25%, 4/07/11  6,350  6,350,000 
Jacksonville Electric Authority Florida, TECP,     
0.30%, 4/04/11  59,000  59,000,000 
Jacksonville Health Facilities Authority, RB, VRDN,     
Baptist Medical, Series B (Bank of America NA     
LOC), 0.22%, 4/01/11 (a)  25,400  25,400,000 
Manatee County Housing Finance Authority, HRB,     
VRDN, Village at Cortez Apartments, Series A, AMT     
(Fannie Mae), 0.30%, 4/07/11 (a)  11,400  11,400,000 
Orlando & Orange County Expressway Authority, RB,     
VRDN, Eagle Tax-Exempt Trust, Series 2007-0145,     
Class A (BHAC Insurance, Citibank NA SBPA),     
0.26%, 4/07/11 (a)(b)  11,300  11,300,000 
Orlando Utilities Commission, RB, ROCS, VRDN,     
Series II-R-11818PB (PB Capital Corp. SBPA),     
0.28%, 4/07/11 (a)(b)(c)  26,070  26,070,000 
Palm Beach County Educational Facilities Authority,     
Refunding RB, VRDN, Educational Facilities,     
Atlantic University Inc. (Bank of America NA LOC),     
0.28%, 4/07/11 (a)  9,400  9,400,000 
Pinellas County Health Facilities Authority, RB,     
VRDN, Health System, BayCare Health, Series A2     
(Northern Trust Co. LOC), 0.24%, 4/07/11 (a)  4,000  4,000,000 
University of South Florida Research Foundation Inc.,     
RB, VRDN, University Technology Center Research     
(Bank of America NA LOC), 0.28%, 4/07/11 (a)  7,000  7,000,000 
    263,480,000 

 

See Notes to Financial Statements.

14 BIF TAX-EXEMPT FUND MARCH 31, 2011


Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Georgia — 1.4%     
Main Street Natural Gas Inc., RB, VRDN,     
Series A (Royal Bank of Canada SBPA),     
0.25%, 4/07/11 (a)  $ 20,700 $ 20,700,000 
Municipal Electric Authority of Georgia, Refunding RB,     
VRDN, Project No. 1, Sub-Series B (Dexia Credit     
Local LOC), 0.32%, 4/07/11 (a)  10,000  10,000,000 
State of Georgia, GO, ROCS, VRDN,     
Series II-R-11536PB (PB Capital Corp. SBPA),     
0.28%, 4/07/11 (a)(b)  26,005  26,005,000 
Whitfield County Development Authority, RB, VRDN,     
Aladdin Manufacturing Corp. Project, AMT     
(Wachovia Bank NA LOC), 0.40%, 4/07/11 (a)  3,100  3,100,000 
    59,805,000 
Idaho — 0.4%     
State of Idaho, RB, TAN, 2.00%, 6/30/11  15,350  15,410,594 
Illinois — 4.2%     
BB&T Municipal Trust, RB, FLOATS, VRDN,     
Series 5001 (Rabobank International LOC),     
0.33%, 4/07/11 (a)(b)(c)  12,886  12,885,509 
Chicago Transit Authority, COP, ROCS, VRDN,     
Series II-R-11786 (AGC Insurance, Citibank NA     
SBPA), 0.45%, 4/07/11 (a)(b)(c)  7,900  7,900,000 
City of Chicago Illinois, Deutsche Bank SPEARS/     
LIFERS Trust, RB, SPEARS, VRDN (a)(b):     
Series DB-502 (AGM Insurance, Deutsche     
Bank AG SBPA), 0.25%, 4/07/11  40,975  40,975,000 
Series DBE-534, 0.25%, 4/07/11  2,225  2,225,000 
City of Chicago Illinois, RB, VRDN (a):     
FLOATS, Series PT-3334 (Dexia Credit Local     
Liquidity Facility), 0.43%, 4/07/11 (b)  9,775  9,775,000 
ROCS, Series II-R-239, AMT (AGM Insurance,     
Citibank NA SBPA), 0.40%, 4/07/11 (b)  3,700  3,700,000 
Second Lien, Series B, AMT (Societe Generale     
LOC), 0.26%, 4/07/11  15,784  15,784,000 
Second Lien, Sub-Series 2000-1 (JPMorgan     
Chase Bank SBPA), 0.22%, 4/01/11  3,000  3,000,000 
Illinois Finance Authority, RB, VRDN (a):     
Evanston Northwestern, Series C (JPMorgan     
Chase Bank SBPA), 0.20%, 4/01/11  2,700  2,700,000 
Northwestern University, Sub-Series 2008-A,     
Mandatory Put Bonds, 0.43%, 3/01/12  3,800  3,800,000 
Revolving Fund Pooled, Series D (Bank One     
Illinois NA LOC), 0.25%, 4/07/11  5,700  5,700,000 
University of Chicago Medical Center, Series B     
(Wells Fargo Bank NA LOC), 0.20%, 4/01/11  6,600  6,600,000 
Illinois Finance Authority, Refunding RB, VRDN (a):     
Eagle Tax-Exempt Trust, Series 2006-0118,     
Class A (Citibank NA SBPA), 0.24%, 4/07/11 (b)  3,150  3,150,000 
Elmhurst Memorial Healthcare, Series B     
(JPMorgan Chase Bank LOC), 0.22%, 4/01/11  36,410  36,410,000 
Illinois State Toll Highway Authority, RB, VRDN, Senior     
Priority, Series A-2A (Bank of Tokyo-Mitsubishi     
UFJ LOC), 0.30%, 4/07/11 (a)  7,700  7,700,000 
Illinois State Toll Highway Authority, Refunding RB,     
VRDN, Series B (AGM Insurance, Landesbank     
Hessen-Thuringen SBPA), 0.33%, 4/07/11 (a)  12,235  12,235,000 
University of Illinois, Refunding RB, VRDN, Eagle     
Tax-Exempt Trust, Series 2006-0124, Class A     
(Citibank NA SBPA), 0.26%, 4/07/11 (a)(b)  10,000  10,000,000 
    184,539,509 

 

    Par   
Municipal Bonds    (000)  Value 
Indiana — 1.7%       
City of Michigan City Indiana, RB, VRDN,       
Palatek Project, AMT (Comerica Bank LOC),       
0.40%, 4/07/11 (a)  $ 4,700   $4,700,000 
City of Portage Indiana, RB, VRDN, Breckenridge       
Apartments Project, AMT (LaSalle National Bank     
LOC), 0.29%, 4/07/11 (a)    4,650  4,650,000 
Hartford City Indiana, RB, VRDN, Petoskey       
Plastics Inc., AMT (Comerica Bank LOC),       
0.40%, 4/07/11 (a)    4,380  4,380,000 
Indiana Finance Authority, RB, VRDN, Lease       
Appropriation, Series A-1 (JPMorgan Chase Bank     
SBPA), 0.22%, 4/01/11 (a)    31,100  31,100,000 
Indiana Finance Authority, Refunding RB, VRDN,       
Duke Energy Indiana Project, Series A-1, AMT       
(Bank of America NA LOC), 0.28%, 4/07/11 (a)  6,000  6,000,000 
Indianapolis Local Public Improvement Bond Bank,     
Refunding RB, ROCS, VRDN, Series II-R-11779       
(AGC Insurance, Citibank NA SBPA),       
0.40%, 4/07/11 (a)(b)(c)    24,825  24,825,000 
      75,655,000 
Iowa — 0.5%       
City of Clear Lake Iowa, RB, VRDN, Joe Corbi’s Pizza     
Project, AMT (Manufacturers & Traders LOC),       
0.41%, 4/07/11 (a)    3,295  3,295,000 
Iowa Higher Education Loan Authority, Refunding RB,     
VRDN, Private College Facility, Loras College Project     
(Lasalle Bank NA LOC), 0.23%, 4/01/11 (a)    11,960  11,960,000 
State of Iowa, Barclays Capital Municipal Trust       
Receipts, RB, FLOATS, VRDN, Series 13B-C (Barclays     
Bank Plc SBPA), 0.26%, 4/07/11 (a)(b)(c)    6,200  6,200,000 
      21,455,000 
Kansas — 0.3%       
Counties of Sedgwick & Shawnee Kansas, JPMorgan     
Chase PUTTERS/DRIVERS Trust, Refunding RB,       
PUTTERS, VRDN, Series 3206, AMT (Ginnie Mae       
Insurance, JPMorgan Chase & Co. SBPA),       
0.35%, 4/07/11 (a)(b)(c)    4,825  4,825,000 
Counties of Sedgwick & Shawnee Kansas, RB,       
FLOATS, VRDN, Series 2480, AMT (Ginnie Mae       
Insurance, Morgan Stanley Bank Liquidity Facility),     
0.29%, 4/07/11 (a)(b)    6,445  6,445,000 
      11,270,000 
Kentucky — 0.6%       
Campbell & Kenton Counties Sanitation District No. 1     
Kentucky, RB, MSTR, VRDN, Series SGA 130       
(AGM Insurance, Societe Generale SBPA),       
0.30%, 4/07/11 (a)(b)    11,000  11,000,000 
County of Boyd Kentucky, RB, VRDN, Air Products       
& Chemicals Project, AMT, 0.38%, 4/07/11 (a)    3,775  3,775,000 
Kentucky Economic Development Finance Authority,     
Refunding RB, FLOATS, VRDN, Series 2980       
(Morgan Stanley Bank Liquidity Facility),       
0.25%, 4/07/11 (a)(b)(c)    10,500  10,500,000 
      25,275,000 

 

See Notes to Financial Statements.

BIF TAX-EXEMPT FUND MARCH 31, 2011 15


Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Louisiana — 1.8%       
Louisiana Local Government Environmental Facilities     
& Community Development Authority, RB, VRDN (a):     
BASF Corp. Project, AMT, 0.41%, 4/07/11  $ 4,000   $4,000,000 
Go To The Show, Series A (Federal Home Loan       
Bank LOC), 0.25%, 4/07/11    5,305  5,305,000 
Honeywell International Inc. Project, AMT,       
0.45%, 4/07/11    6,000  6,000,000 
Louisiana Local Government Environmental Facilities     
& Community Development Authority, Refunding       
RB, VRDN, BASF Corp. Project, Series B,       
0.38%, 4/07/11 (a)    7,500  7,500,000 
Louisiana Offshore Terminal Authority, Refunding RB,     
VRDN, First Stage, Loop LLC, Series A (JPMorgan     
Chase Bank LOC), 0.23%, 4/01/11 (a)    20,560  20,560,000 
Louisiana Public Facilities Authority, RB, VRDN,       
Air Products & Chemicals Project, AMT,       
0.33%, 4/07/11 (a)    2,850  2,850,000 
Louisiana State Municipal Natural Gas Purchasing     
& District Authority, RB, PUTTERS, VRDN,       
Series 1411Q (JPMorgan Chase & Co. LOC),       
0.30%, 4/07/11 (a)(b)    9,616  9,616,000 
Parish of Ascension Louisiana, RB, VRDN, BASF Corp.     
Project, AMT, 0.40%, 4/07/11 (a)    10,100  10,100,000 
Parish of St. James Louisiana, RB, VRDN, Nucor       
Steel LLC Project, Series B-1 (Nucor Corp. Liquidity     
Facility), 0.26%, 4/07/11 (a)    13,000  13,000,000 
      78,931,000 
Maine — 0.1%       
Maine Health & Higher Educational Facilities       
Authority, Eclipse Funding Trust, RB, VRDN, Series     
2007-0104, Solar Eclipse (US Bank NA LOC),       
0.24%, 4/07/11 (a)(b)    3,170  3,170,000 
Maryland — 0.9%       
County of Baltimore Maryland, RB, VRDN, Paths       
at Loveton (Manufacturers & Traders LOC),       
0.31%, 4/07/11 (a)    4,065  4,065,000 
Maryland Community Development Administration,     
Clipper Tax-Exempt Certificate Trust, RB, VRDN,       
Series 2009-47, AMT (State Street Bank & Trust     
Co. SBPA), 0.40%, 4/07/11 (a)(b)(c)    2,350  2,350,000 
Maryland Community Development Administration,     
Refunding RB, FLOATS, VRDN, Series 2997,       
AMT (Morgan Stanley Bank Liquidity Facility),       
0.29%, 4/07/11 (a)(b)(c)    8,475  8,475,000 
Maryland EDC, RB, VRDN (a):       
Bakery de France Facility, AMT (Manufacturers       
& Traders LOC), 0.56%, 4/07/11    9,520  9,520,000 
Garrett Community College Facility       
(Manufacturers & Traders LOC), 0.26%, 4/07/11  6,905  6,905,000 
Linemark Printing Project, AMT (Manufacturers     
& Traders LOC), 0.46%, 4/07/11    3,520  3,520,000 
Pharmaceutics International Inc., Series A, AMT     
(AllFirst Bank LOC), 0.41%, 4/07/11    4,180  4,180,000 
      39,015,000 

 

  Par   
Municipal Bonds  (000)  Value 
Massachusetts — 4.6%     
City of Quincy Massachusetts, GO, BAN:     
1.00%, 9/15/11  $ 5,000 $ 5,010,683 
1.60%, 1/27/12  34,500  34,783,660 
Commonwealth of Massachusetts, Refunding RB,     
FLOATS, VRDN, Series PT-3058 (Dexia Credit     
Local LOC, Dexia Credit Local SBPA),     
0.43%, 4/07/11 (a)(b)  26,920  26,920,000 
Massachusetts Bay Transportation Authority,     
Refunding RB, VRDN, Senior Series A,     
0.34%, 4/07/11 (a)  3,500  3,500,000 
Massachusetts Development Finance Agency,     
Macon Trust, RB, VRDN Certificates, Bank of     
America, Series 2007-344 (Bank of America NA     
LOC), 0.44%, 4/07/11 (a)(b)  52,704  52,704,000 
Massachusetts Health & Educational Facilities     
Authority, Macon Trust, RB, VRDN Certificates,     
Bank of America, Series 2007-310 (Bank of     
America NA LOC), 0.37%, 4/07/11 (a)(b)  7,315  7,315,000 
Massachusetts Health & Educational Facilities     
Authority, RB, ROCS, VRDN, Series II-R-11577PB     
(PB Capital Corp. SBPA), 0.28%, 4/07/11 (a)(b)  31,625  31,625,000 
Massachusetts State Department of Transportation,     
Refunding RB, VRDN, Contract Assistance,     
Series A2 (JPMorgan Chase Bank SBPA),     
0.22%, 4/07/11 (a)  20,000  20,000,000 
Massachusetts State Turnpike Authority, Clipper     
Tax-Exempt Certificate Trust, RB, VRDN, Series     
2009-74 (State Street Bank & Trust Co. SBPA),     
0.25%, 4/07/11 (a)(b)  11,471  11,471,000 
Massachusetts Water Resources Authority,     
Refunding RB, VRDN, Eagle Tax-Exempt Trust,     
Series 2006-0054, Class A (Citibank NA SBPA),     
0.25%, 4/07/11 (a)(b)  7,495  7,495,000 
    200,824,343 
Michigan — 2.1%     
Detroit City School District, GO, FLOATS, VRDN,     
Series DC8032 (AGM Insurance, Dexia Credit     
Local LOC), 0.30%, 4/01/11 (a)(b)  9,980  9,980,000 
Holt Public Schools, GO, Refunding, VRDN (Q-SBLF     
Insurance, Landesbank Hessen-Thuringen SBPA),     
0.27%, 4/07/11 (a)  7,200  7,200,000 
Michigan Finance Authority, RB, SAN:     
Series D-1, 2.00%, 8/19/11  4,230  4,249,450 
Series D-2 (JPMorgan Chase Bank LOC),     
2.00%, 8/22/11  11,400  11,471,747 
Michigan Higher Education Student Loan Authority,     
RBC Municipal Products Inc. Trust, Refunding RB,     
FLOATS, VRDN, Series L-24, AMT (Royal Bank of     
Canada LOC), 0.29%, 4/07/11 (a)(b)  32,045  32,045,000 
Michigan State Hospital Finance Authority, RB,     
VRDN, Ascension Health Senior Credit,     
0.34%, 10/27/11 (a)  4,000  4,000,000 
Michigan State Hospital Finance Authority,     
Refunding RB, VRDN, Ascension Health Senior     
Credit, 0.34%, 10/27/11 (a)  3,700  3,700,000 
Reset Optional Certificates Trust II-R, Refunding RB,     
ROCS, VRDN, Series II-R-665PB (BHAC Insurance,     
PB Capital Corp. SBPA), 0.29%, 4/07/11 (a)(b)  20,580  20,580,000 
    93,226,197 

 

See Notes to Financial Statements.

16 BIF TAX-EXEMPT FUND MARCH 31, 2011


Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Minnesota — 0.8%       
Minneapolis & St. Paul Housing & Redevelopment     
Authority, Refunding RB, VRDN, Allina Health       
System, Series B-2 (JPMorgan Chase Bank LOC),     
0.22%, 4/01/11 (a)  $ 5,600  $ 5,600,000 
Minnesota School District Capital Equipment       
Borrowing Program, COP, Aid Anticipation       
Certificates Indebtedness, Series B,       
2.00%, 9/01/11    20,450  20,591,848 
State of Minnesota, GO, ROCS, VRDN,       
Series II-R-11538PB (PB Capital Corp. SBPA),       
0.28%, 4/07/11 (a)(b)    10,405  10,405,000 
      36,596,848 
Mississippi — 0.2%       
Mississippi Business Finance Corp., RB, VRDN,       
Series A, Renaissance at Colony Park LLC       
Project (Federal Home Loan Bank LOC),       
0.25%, 4/07/11 (a)    7,200  7,200,000 
Missouri — 1.6%       
City of North Kansas City Missouri, Refunding RB,       
VRDN, North Kansas City Hospital (Bank of       
America NA LOC), 0.24%, 4/01/11 (a)    15,210  15,210,000 
Kansas City IDA Missouri, RB, VRDN, Kansas City       
Downtown Redevelopment, Series B (JPMorgan       
Chase Bank LOC), 0.25%, 4/07/11 (a)    11,590  11,590,000 
Missouri Joint Municipal Electric Utility Commission,     
RB, ROCS, VRDN, Series II-R-620PB (BHAC       
Insurance, PB Capital Corp. SBPA),       
0.29%, 4/07/11 (a)(b)    12,310  12,310,000 
Missouri State Health & Educational Facilities       
Authority, RB, VRDN, BJC Health System, Series B     
(US Bank NA SBPA), 0.22%, 4/01/11 (a)    1,900  1,900,000 
Missouri State Health & Educational Facilities       
Authority, Refunding RB:       
Ascension Health Senior Credit, Series C-1,       
Mandatory Put Bonds, 0.48%, 5/04/11 (e)    4,245  4,245,000 
VRDN, Drury College (Bank of America NA LOC),     
0.24%, 4/01/11 (a)    19,090  19,090,000 
Palmyra IDA, RB, VRDN, BASF Corp. Project, AMT,       
0.41%, 4/07/11 (a)    6,000  6,000,000 
      70,345,000 
Nebraska — 1.0%       
City of Lincoln Nebraska, RB, FLOATS, VRDN, Series     
2900 (Morgan Stanley Bank Liquidity Facility),       
0.27%, 4/07/11 (a)(b)    16,000  16,000,000 
Public Power Generation Agency, RB, ROCS, VRDN,       
Series II-R-11019PB (BHAC Insurance, PB Capital     
Corp. SBPA), 0.29%, 4/07/11 (a)(b)    25,945  25,945,000 
      41,945,000 
Nevada — 0.6%       
County of Clark Nevada, RB:       
System, Junior Subordinate Lien Notes,       
Series E-1, 2.50%, 6/01/11    7,335  7,358,119 
VRDN, ROCS, Series II-R-11825 (AGC Insurance,     
Citibank NA SBPA), 0.40%, 4/07/11 (a)(b)(c)  5,750  5,750,000 
Truckee Meadows Water Authority, Refunding RB,       
FLOATS, VRDN, Series 51TP (AGM Insurance,       
Wells Fargo Bank NA SBPA), 0.25%, 4/07/11 (a)(b)  11,790  11,790,000 
      24,898,119 

 

  Par   
Municipal Bonds  (000)  Value 
New Hampshire — 1.2%     
New Hampshire Business Finance Authority, RB,     
VRDN, Lonza Biologics Inc. (Landesbank     
Hessen-Thuringen LOC), 0.31%, 4/07/11 (a)  $ 20,600  $ 20,600,000 
New Hampshire Health & Education Facilities     
Authority, Eclipse Funding Trust, RB, VRDN,     
Series 2007-0018, Solar Eclipse (US Bank NA     
LOC), 0.24%, 4/07/11 (a)(b)  10,355  10,355,000 
New Hampshire Health & Education Facilities     
Authority, RB, ROCS, VRDN, Series II-R-783PB     
(BHAC Insurance, PB Capital Corp. SBPA),     
0.29%, 4/07/11 (a)(b)  20,060  20,060,000 
    51,015,000 
New Jersey — 7.1%     
Borough of Butler New Jersey, GO, BAN,     
1.25%, 8/26/11  7,011  7,029,941 
Borough of Englewood Cliffs New Jersey, GO,     
Refunding, BAN, 1.25%, 3/30/12  7,076  7,111,284 
Borough of Hopatcong New Jersey, GO, BAN,     
1.25%, 8/05/11  10,576  10,592,780 
Borough of Palisades Park New Jersey, GO, BAN,     
1.25%, 4/21/11  1,600  1,600,438 
New Jersey EDA, Refunding RB, FLOATS, VRDN     
(Dexia Credit Local LOC, Dexia Credit Local     
SBPA) (a)(b):     
Series PT-2805, 0.42%, 4/07/11  18,555  18,555,000 
Series PT-3824, 0.42%, 4/07/11  36,430  36,430,000 
New Jersey EDA, TECP (Dexia Credit Local SBPA),     
0.38%, 4/05/11  28,500  28,500,000 
New Jersey State Housing & Mortgage Finance     
Agency, Refunding RB, VRDN, S/F Housing,     
Series O, AMT (Dexia Credit Local SBPA),     
0.32%, 4/07/11 (a)  20,000  20,000,000 
New Jersey State Turnpike Authority, RB, VRDN,     
Series C-2 (AGM Insurance, Dexia Credit Local     
SBPA), 0.34%, 4/07/11 (a)  7,600  7,600,000 
New Jersey Transportation Trust Fund Authority,     
Refunding RB, FLOATS, VRDN (a)(b):     
Series PT-3535 (Dexia Credit Local Liquidity     
Facility), 0.42%, 4/07/11  4,780  4,780,000 
Series PT-3859 (Dexia Credit Local Liquidity     
Facility), 0.42%, 4/07/11  14,040  14,040,000 
State of New Jersey, JPMorgan Chase PUTTERS/     
DRIVERS Trust, RB, PUTTERS, VRDN (a)(b)(c):     
Series 3808 (JPMorgan Chase & Co. Liquidity     
Facility), 0.23%, 4/01/11  31,000  31,000,000 
Series 3848 (JPMorgan Chase Bank Liquidity     
Facility), 0.30%, 6/23/11  50,000  50,000,000 
Tobacco Settlement Financing Corp. New Jersey,     
Refunding RB, FLOATS, VRDN, Series 2959     
(Morgan Stanley Bank Liquidity Facility),     
0.32%, 4/07/11 (a)(b)(c)  11,150  11,150,000 
Township of Clark New Jersey, GO, BAN,     
1.25%, 3/23/12  8,145  8,185,294 
Township of Fairfield New Jersey, GO, BAN,     
1.25%, 2/22/12  5,377  5,391,970 
Township of Long Beach New Jersey, GO, BAN,     
1.25%, 3/30/12  5,408  5,437,817 
Township of Montgomery New Jersey, GO, BAN,     
1.00%, 9/22/11  11,200  11,224,578 

 

See Notes to Financial Statements.

BIF TAX-EXEMPT FUND MARCH 31, 2011 17


Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
New Jersey (concluded)     
Township of Toms River New Jersey, GO, BAN,     
1.25%, 12/16/11  $ 16,950 $ 17,029,205 
Township of Voorhees New Jersey, GO, BAN,     
Series A, 1.25%, 4/04/12 (d)  5,795  5,812,733 
Village of Ridgewood New Jersey, GO, BAN,     
1.50%, 6/24/11  11,191  11,215,602 
    312,686,642 
New Mexico — 0.2%     
City of Rio Rancho New Mexico, Eclipse Funding     
Trust, RB, VRDN, Series 2007-0019, Solar Eclipse     
(US Bank NA LOC), 0.24%, 4/07/11 (a)(b)  10,000  10,000,000 
New York — 6.4%     
Buffalo Municipal Water Finance Authority,     
Refunding RB, VRDN (JPMorgan Chase Bank     
LOC), 0.22%, 4/07/11 (a)  10,000  10,000,000 
City of New York New York, GO, VRDN,     
Sub-Series L-5 (Dexia Credit Local SBPA),     
0.30%, 4/01/11 (a)  5,400  5,400,000 
Metropolitan Transportation Authority, Refunding     
RB, VRDN, Series B (AGM Insurance, Dexia Credit     
Local SBPA), 0.33%, 4/07/11 (a)  15,000  15,000,000 
New York City Housing Development Corp., RB,     
VRDN (a):     
Beekman Tower, Series A (RBS Citizens NA     
LOC), 0.27%, 4/07/11  18,300  18,300,000 
Elliott Chelsea Development, Series A     
(Citibank NA LOC), 0.23%, 4/07/11  2,900  2,900,000 
Series H-2-B, AMT (Bank of America NA SBPA),     
0.23%, 4/01/11  4,800  4,800,000 
Series I-2, Mandatory Put Bonds, AMT,     
0.53%, 5/13/11  6,950  6,950,000 
Series J-1, Mandatory Put Bonds,     
0.48%, 9/15/11  9,450  9,450,000 
New York City Housing Development Corp.,     
Refunding RB, VRDN, M/F, The Crest, Series A     
(Landesbank Hessen-Thuringen LOC),     
0.29%, 4/07/11 (a)  4,000  4,000,000 
New York City Industrial Development Agency,     
Refunding RB, VRDN, Touro College Project     
(JPMorgan Chase Bank LOC), 0.24%, 4/07/11 (a)  6,400  6,400,000 
New York City Municipal Water Finance Authority,     
Refunding RB, VRDN (a):     
2nd General Resolution, Series AA-1 (State     
Street Bank & Trust Co. and California State     
Teachers’ Retirement System SBPA),     
0.23%, 4/01/11  2,200  2,200,000 
Eagle Tax-Exempt Trust, Series 2009-0047,     
Class A (Citibank NA SBPA),     
0.25%, 4/07/11 (b)(c)  6,900  6,900,000 
New York City Transitional Finance Authority, RB,     
VRDN (a):     
Future Tax Secured, Series C (Bayerische     
Landesbank SBPA), 0.26%, 4/01/11  14,100  14,100,000 
Future Tax Secured, Series G-5 (Barclays     
Bank Plc SBPA), 0.18%, 4/01/11  19,400  19,400,000 
Future Tax Secured, Sub-Series C3 (Dexia     
Credit Local SBPA), 0.28%, 4/07/11  13,545  13,545,000 
New York City Recovery, Series 3, Sub-Series 3E     
(Landesbank Baden-Wurttemberg SBPA),     
0.23%, 4/01/11  1,100  1,100,000 

 

  Par   
Municipal Bonds  (000)  Value 
New York (concluded)     
New York City Transitional Finance Authority, RB,     
VRDN (a) (concluded):     
New York City Recovery, Sub-Series 1C     
(JPMorgan Chase Bank Liquidity Facility),     
0.23%, 4/01/11  $ 12,100 $ 12,100,000 
Sub-Series 2B (Dexia Credit Local SBPA),     
0.28%, 4/07/11  12,315  12,315,000 
New York Mortgage Agency, RB, VRDN (a):     
Homeowner Mortgage, Series 125, AMT (Dexia     
Credit Local SBPA), 0.39%, 4/07/11  3,000  3,000,000 
Series 144, AMT (Dexia Credit Local SBPA),     
0.32%, 4/01/11  11,520  11,520,000 
Series 159 (Bank of America NA SBPA),     
0.25%, 4/07/11  4,700  4,700,000 
New York State Dormitory Authority, Refunding RB,     
VRDN, Cornell University, Series B (JPMorgan     
Chase & Co. SBPA), 0.23%, 4/07/11 (a)  4,900  4,900,000 
New York State HFA, RB, VRDN, Series A (JPMorgan     
Chase Bank LOC), 0.25%, 4/07/11 (a)  7,600  7,600,000 
New York State HFA, Refunding RB, VRDN (a):     
505 West 37th Street, Series B (Landesbank     
Hessen-Thuringen LOC), 0.25%, 4/07/11  22,700  22,700,000 
Series M-1 (Bank of America NA LOC),     
0.23%, 4/07/11  6,300  6,300,000 
Port Authority of New York & New Jersey, JPMorgan     
Chase PUTTERS/DRIVERS Trust, RB, PUTTERS,     
VRDN, Series 3192, AMT (JPMorgan Chase & Co.     
SBPA), 0.34%, 4/07/11 (a)(b)(c)  25,325  25,325,000 
Ramapo Housing Authority New York, RB, VRDN,     
Fountainview College Road (Manufacturers     
& Traders LOC), 0.35%, 4/07/11 (a)  13,510  13,510,000 
Triborough Bridge & Tunnel Authority, Refunding RB,     
VRDN (a):     
General, Sub-Series B-4 (Landesbank Baden-     
Wurttemberg SBPA), 0.25%, 4/07/11  5,970  5,970,000 
Metropolitan Transit Authority Bridges and     
Tunnels, Series AB (AGM Insurance, JPMorgan     
Chase Bank SBPA), 0.32%, 4/07/11  10,880  10,880,000 
    281,265,000 
North Carolina — 4.2%     
Charlotte Housing Authority North Carolina, RB,     
VRDN (Wachovia Bank NA LOC) (a):     
Oak Park Project, 0.26%, 4/07/11  5,000  5,000,000 
Stonehaven East Project, 0.26%, 4/07/11  8,550  8,550,000 
Charlotte-Mecklenburg Hospital Authority, Refunding     
RB, VRDN, Series H (Wells Fargo Bank NA LOC),     
0.20%, 4/01/11 (a)  18,900  18,900,000 
City of Charlotte North Carolina, Refunding RB,     
VRDN, Charlotte Douglas, Series D (Bank of     
America NA LOC), 0.23%, 4/07/11 (a)  1,260  1,260,000 
City of Raleigh North Carolina, COP, VRDN,     
Downtown, Series B (RBC Bank USA SBPA),     
0.28%, 10/27/11 (a)  7,900  7,900,000 
City of Raleigh North Carolina, Refunding RB, VRDN,     
0.35%, 4/07/11 (a)  3,375  3,375,000 
County of Mecklenburg, COP, VRDN (Branch Banking     
& Trust SBPA), 0.26%, 4/07/11 (a)  3,290  3,290,000 
County of Mecklenburg, GO, Refunding, VRDN,     
7 Month Windows, Series D, 0.35%, 10/27/11 (a)  5,800  5,800,000 

 

See Notes to Financial Statements.

18 BIF TAX-EXEMPT FUND MARCH 31, 2011


Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
North Carolina (concluded)       
County of Mecklenburg North Carolina, GO, VRDN,       
Series B (Landesbank Hessen-Thuringen SBPA),       
0.22%, 4/07/11 (a)  $ 600  $ 600,000 
County of Pender North Carolina, GO, BAN, Water,       
1.25%, 7/06/11    8,200  8,215,431 
County of Wake North Carolina, GO, VRDN, Series A     
(RBC Bank USA SBPA), 0.28%, 4/07/11 (a)    43,650  43,650,000 
North Carolina Capital Facilities Finance Agency,       
RB, VRDN, Aquarium Society Project (Bank of       
America NA LOC), 0.26%, 4/07/11 (a)    21,435  21,435,000 
North Carolina Educational Facilities Finance       
Agency, RB, VRDN, Duke University Project,       
Series B, 0.23%, 4/07/11 (a)    800  800,000 
North Carolina HFA, RB, MERLOTS, VRDN,       
Series B12, AMT (Wells Fargo Bank NA SBPA),       
0.32%, 4/07/11 (a)(b)(c)    7,005  7,005,000 
North Carolina Medical Care Commission, RB, VRDN,     
Moses Cone Health System, Series A (a):       
0.23%, 4/07/11    400  400,000 
(Bank of America NA SBPA), 0.25%, 4/07/11  7,225  7,225,000 
North Carolina Medical Care Commission,       
Refunding RB, VRDN, Moses Cone Health System     
(Bank of America NA SBPA), 0.22%, 4/01/11 (a)  3,000  3,000,000 
North Carolina State Education Assistance       
Authority, Refunding RB, VRDN, Student Loan,       
Series A-2, AMT (Royal Bank of Canada LOC),       
0.28%, 4/07/11 (a)    19,525  19,525,000 
Person County Industrial Facilities & Pollution       
Control Financing Authority, RB, VRDN, CertainTeed     
Gypsum Inc. (Credit Industriel et Commercial LOC),     
0.23%, 4/07/11 (a)    7,500  7,500,000 
Reset Optional Certificates Trust II-R, RB, ROCS,       
VRDN, Series II-R-645 (Citibank NA SBPA),       
0.25%, 4/07/11 (a)(b)    5,400  5,400,000 
State of North Carolina, GO, VRDN (Landesbank       
Hessen-Thuringen SBPA) Public Improvement (a):     
Series F, 0.21%, 4/07/11    900  900,000 
Series G, 0.20%, 4/07/11    1,300  1,300,000 
University of North Carolina at Chapel Hill,       
Refunding RB, VRDN, Series B, 0.17%, 4/07/11 (a)  1,500  1,500,000 
Yancey County Industrial Facilities & Pollution       
Control Financing Authority, RB, VRDN, Altec       
Industries Inc. Project, AMT (Branch Banking       
& Trust LOC), 0.34%, 4/07/11 (a)    1,700  1,700,000 
      184,230,431 
Ohio — 0.5%       
City of Avon Ohio, GO, BAN, 1.25%, 7/21/11    3,000  3,006,131 
City of Delaware Ohio, GO, BAN, Various Purpose,       
1.25%, 4/27/11    3,900  3,901,892 
City of Lebanon Ohio, GO, BAN, Water System       
Improvement, 1.15%, 3/30/12    5,500  5,524,530 
City of Marysville Ohio, GO, Wastewater Treatment,       
1.25%, 6/01/11    6,250  6,255,259 
City of Shaker Heights Ohio, GO, BAN, Various       
Purpose Improvement, 1.50%, 5/06/11    2,625  2,627,185 
County of Licking Ohio, GO, BAN, Various Purpose,       
1.25%, 6/16/11    2,800  2,803,222 
      24,118,219 

 

  Par   
Municipal Bonds  (000)  Value 
Oklahoma — 0.1%     
Oklahoma Development Finance Authority,     
RB, VRDN, Conoco Project, Series B, AMT,     
0.30%, 4/07/11 (a)  $ 2,500 $ 2,500,000 
Oregon — 0.5%     
Oregon State Department of Transportation, RB,     
VRDN, Subordinate Lien, Series B-2 (Dexia Credit     
Local Liquidity Facility), 0.29%, 4/07/11 (a)  23,635  23,635,000 
Pennsylvania — 1.8%     
Allegheny County Hospital Development Authority,     
RBC Municipal Products Inc. Trust, RB, FLOATS,     
VRDN, Series E-16 (Royal Bank of Canada LOC),     
0.25%, 4/07/11 (a)(b)(c)  12,800  12,800,000 
Commonwealth of Pennsylvania, Clipper Tax-Exempt     
Certificate Trust, RB, VRDN, Series 2009-58     
(State Street Bank & Trust Co. SBPA),     
0.28%, 4/07/11 (a)(b)(c)  12,500  12,500,000 
County of Lehigh Pennsylvania, Refunding RB, VRDN,     
Lehigh Valley Health Network, Series B (AGC     
Insurance, Wells Fargo Bank NA SBPA),     
0.22%, 4/01/11 (a)  10,300  10,300,569 
Emmaus General Authority, RB, VRDN, Pennsylvania     
Loan Program, Series A (US Bank NA LOC),     
0.25%, 4/07/11 (a)  8,200  8,200,000 
Pennsylvania HFA, Refunding RB, VRDN,     
Series 99C, AMT (Dexia Credit Local SBPA),     
0.37%, 4/07/11 (a)  5,100  5,100,000 
Philadelphia Hospitals & Higher Education Facilities     
Authority, Refunding RB, VRDN, Children’s Hospital     
of Philadelphia, Series A     
(Wachovia Bank NA SBPA), 0.21%, 4/01/11 (a)  22,060  22,060,000 
Venango IDA (Dexia Credit Local SBPA), TECP:     
0.41%, 4/05/11  6,000  6,000,000 
0.42%, 4/06/11  2,549  2,549,000 
0.41%, 4/07/11  1,000  1,000,000 
    80,509,569 
Puerto Rico — 2.6%     
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),     
0.43%, 4/07/11 (a)(b)(c)  3,100  3,100,000 
Commonwealth of Puerto Rico, GO, Refunding,     
VRDN, Public Improvement, Series A-2 (AGM     
Insurance, JPMorgan Chase Bank SBPA),     
0.24%, 4/07/11 (a)  30,000  30,000,000 
Puerto Rico Electric Power Authority, Puttable     
Floating Option Tax-Exempt Receipts, Refunding     
RB, FLOATS, VRDN, Series 4147 (AGM Insurance,     
Dexia Credit Local LOC, Dexia Credit Local SBPA),     
0.42%, 4/07/11 (a)(b)  33,270  33,270,000 
Puerto Rico Highway & Transportation Authority,     
Refunding RB, FLOATS, VRDN (a)(b):     
Series PT-3189 (Dexia Credit Local LOC,     
Dexia Credit Local SBPA), 0.42%, 4/07/11  40,945  40,945,000 
Series PT-3677 (Dexia Credit Local     
Guarantee Agreement and Liquidity Facility),     
0.42%, 4/07/11  5,000  5,000,000 
    112,315,000 

 

See Notes to Financial Statements.

BIF TAX-EXEMPT FUND MARCH 31, 2011 19


Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Rhode Island — 1.5%     
Narragansett Bay Commission, RB, ROCS, VRDN,     
Series II-R-780PB (BHAC Insurance, PB Capital     
Corp. SBPA), 0.29%, 4/07/11 (a)(b)  $ 17,415 $ 17,415,000 
State of Rhode Island, GO, TAN, Series R-1,     
2.00%, 6/30/11  48,250  48,429,383 
    65,844,383 
South Carolina — 1.6%     
City of Spartanburg South Carolina, RB, ROCS,     
VRDN, Series II-R-11020PB (AGM Insurance,     
PB Capital Corp. SBPA), 0.29%, 4/07/11 (a)(b)  13,375  13,375,000 
Greenville Hospital System Board, Refunding RB,     
VRDN, Series C (Bank of America NA LOC),     
0.24%, 4/07/11 (a)  4,500  4,500,000 
South Carolina Jobs-EDA, Macon Trust, RB, VRDN     
Certificates, Bank of America, Series 2007-303     
(Bank of America NA LOC, Bank of America NA     
SBPA), 0.37%, 4/07/11 (a)(b)  7,480  7,480,000 
South Carolina Jobs-EDA, Refunding RB, VRDN,     
UMA Refinance Project (Wells Fargo Bank NA     
LOC), 0.22%, 4/01/11 (a)  4,785  4,785,000 
South Carolina State Public Service Authority,     
RB, VRDN, Eagle Tax-Exempt Trust, Series     
2006-0007, Class A (Citibank NA SBPA),     
0.26%, 4/07/11 (a)(b)  11,500  11,500,000 
South Carolina Transportation Infrastructure Bank,     
Refunding RB, VRDN (a):     
Series B1 (Bank of America NA LOC),     
0.25%, 4/07/11  5,280  5,280,000 
Series B2 (Branch Banking & Trust LOC),     
0.24%, 4/07/11  4,750  4,750,000 
Spartanburg County Regional Health Services     
District, Refunding RB, VRDN, Series C (AGC     
Insurance, Bank of America NA SBPA),     
0.33%, 4/07/11 (a)  18,570  18,570,000 
    70,240,000 
Tennessee — 4.0%     
Clarksville Public Building Authority Tennessee, RB,     
VRDN, Pooled Financing, Tennessee Municipal     
Bond Fund (Bank of America NA LOC) (a):     
0.28%, 4/07/11  16,745  16,745,000 
0.30%, 4/07/11  23,855  23,855,000 
County of Shelby Tennessee, GO, VRDN, Public     
Improvement, School, Series B (Landesbank     
Hessen-Thuringen SBPA), 0.28%, 4/07/11 (a)  55,970  55,970,000 
Metropolitan Government of Nashville & Davidson     
County Health & Educational Facilities Board,     
Refunding RB, FLOATS, VRDN (Morgan Stanley     
Bank Liquidity Facility) (a)(b)(c):     
Series 3012, 0.26%, 4/07/11  5,305  5,305,000 
Series 3013, 0.25%, 4/07/11  10,000  10,000,000 
Metropolitan Government of Nashville & Davidson     
County IDB, RB, VRDN, Nashville Symphony     
Hall Project (Bank of America NA LOC),     
0.28%, 4/07/11 (a)  12,273  12,273,000 
Montgomery County Public Building Authority     
Tennessee, RB, VRDN, Tennessee County Loan Pool     
(Bank of America NA LOC), 0.30%, 4/07/11 (a)  1,530  1,530,000 

 

  Par   
Municipal Bonds  (000)  Value 
Tennessee (concluded)     
Shelby County Health Educational & Housing     
Facilities Board, Refunding RB, VRDN (AGC     
Insurance, US Bank NA SBPA) Methodist     
Le Bonheur (a):     
Series A, 0.28%, 4/07/11  $ 25,000   $25,000,000 
Series B, 0.30%, 4/07/11  25,000  25,000,000 
    175,678,000 
Texas — 18.7%     
Brazos Harbor Industrial Development Corp., RB,     
VRDN, AMT (a):     
BASF Corp. Project, 0.41%, 4/07/11  75,000  75,000,000 
ConocoPhillips Co. Project, 0.30%, 4/07/11  10,500  10,500,000 
Brazos River Harbor Navigation District, RB, VRDN,     
AMT, BASF Corp. (a):     
Multi-Mode, 0.40%, 4/07/11  15,800  15,800,000 
Project, 0.40%, 4/07/11  18,400  18,400,000 
City of Austin Texas, Refunding RB, VRDN, AMT     
(AGM Insurance, Dexia Credit Local SBPA) (a):     
Sub-Series 2, 0.34%, 4/07/11  50,000  50,000,000 
Sub-Series 3, 0.34%, 4/07/11  47,775  47,775,000 
Sub-Series 4, 0.34%, 4/07/11  50,335  50,335,000 
City of Brownsville Texas, Deutsche Bank SPEARS/     
LIFERS Trust, RB, SPEARS, VRDN, Series DBE-533     
(Deutsche Bank AG LOC, Deutsche Bank AG     
SBPA), 0.25%, 4/07/11 (a)(b)  1,750  1,750,000 
City of Houston Texas, GO, TRAN, 2.00%, 6/30/11  19,300  19,376,187 
City of Midland Texas, GO, ROCS, VRDN,     
Series II-R-810PB (PB Capital Corp. SBPA),     
0.29%, 4/07/11 (a)(b)  10,660  10,660,000 
County of Fort Bend Texas, GO, MSTR, VRDN,     
Series SGB 46, Class A (Societe Generale SBPA),     
0.25%, 4/07/11 (a)(b)  4,500  4,500,000 
County of Harris Texas, Clipper Tax-Exempt     
Certificate Trust, GO, VRDN, Series 2009-73     
(State Street Bank & Trust Co. SBPA),     
0.28%, 4/07/11 (a)(b)(c)  10,000  10,000,000 
County of Harris Texas, GO, ROCS, VRDN,     
Series II-R-10360 (Citibank NA SBPA),     
0.25%, 4/07/11 (a)(b)(c)  7,175  7,175,000 
County of Harris Texas, RB, MSTR, VRDN,     
Series SGC 31, Class A (Societe Generale LOC),     
0.25%, 4/07/11 (a)(b)  11,280  11,280,000 
County of Harris Texas, Refunding RB, VRDN,     
Toll Road, Senior Lien, Series A-2, Mandatory     
Put Bonds, 2.00%, 8/15/11 (a)  21,865  22,000,001 
Cypress-Fairbanks ISD, GO, FLOATS, VRDN,     
Series 86TP (Wells Fargo Bank NA SBPA),     
0.25%, 4/07/11 (a)(b)  2,555  2,555,000 
Dallas ISD, GO, Refunding (PSF-GTD Insurance),     
5.25%, 2/15/12 (f)  4,110  4,278,444 
Denton ISD Texas, GO, VRDN, Building, Series     
2005-A (Bank of America NA SBPA),     
0.25%, 4/07/11 (a)  2,500  2,500,000 
Galena Park ISD Texas, GO, Refunding, FLOATS,     
VRDN, Series SG-153 (PSF-GTD Insurance,     
Societe Generale SBPA), 0.25%, 4/07/11 (a)(b)  12,250  12,250,000 
Gulf Coast Waste Disposal Authority, RB, VRDN,     
AMT (a):     
Air Products Project, 0.33%, 4/07/11  2,200  2,200,000 
American Acryl LP Project (Credit Industriel     
et Commercial LOC), 0.36%, 4/07/11  19,000  19,000,000 

 

See Notes to Financial Statements.

20 BIF TAX-EXEMPT FUND MARCH 31, 2011


Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

  Par   
Municipal Bonds  (000)  Value 
Texas (concluded)     
Harris County Health Facilities Development Corp.,     
RB, VRDN, Baylor College of Medicine, Series B     
(JPMorgan Chase Bank LOC), 0.22%, 4/01/11 (a)                         $ 6,765 $ 6,765,000 
Harris County Health Facilities Development Corp.,     
Refunding RB, VRDN, St. Luke’s Episcopal Hospital,     
Series B (JPMorgan Chase Bank, Northern Trust Co.     
and Bank of America SBPA), 0.23%, 4/01/11 (a)  37,400  37,400,000 
Katy ISD Texas, GO, VRDN, School Building     
(PSF-GTD Insurance, Bank of America NA SBPA),     
0.26%, 4/07/11 (a)  5,500  5,500,000 
North Texas Municipal Water District, RB, ROCS,     
VRDN, Series II-R-593PB (PB Capital Corp. SBPA),     
0.29%, 4/07/11 (a)(b)  8,405  8,405,000 
North Texas Tollway Authority, Deutsche Bank SPEARS/     
LIFERS Trust, Refunding RB, SPEARS, VRDN,     
Series DB-626 (AGC Insurance, Deutsche Bank AG     
SBPA), 0.25%, 4/07/11 (a)(b)  11,487  11,487,000 
Port Arthur Navigation District Texas, RB, VRDN,     
Air Products & Chemicals Project, AMT,     
0.38%, 4/07/11 (a)  10,000  10,000,000 
Port of Corpus Christi Authority of Nueces County,     
Refunding RB, VRDN, Flint Hills Resource, Series A,     
AMT, 0.31%, 4/07/11 (a)  22,650  22,650,000 
Port of Port Arthur Navigation District, Refunding     
RB, VRDN, Motiva Enterprises Project, AMT,     
0.32%, 4/07/11 (a)  17,335  17,335,000 
San Antonio ISD Texas, GO, Refunding, VRDN, Eagle     
Tax-Exempt Trust, Series 2009-0037, Class A     
(PSF-GTD Insurance, Citibank NA SBPA),     
0.26%, 4/07/11 (a)(b)(c)  5,000  5,000,000 
Sheldon ISD Texas, GO, PUTTERS, VRDN, Series 2009     
(PSF-GTD Insurance, JPMorgan Chase & Co. SBPA),     
0.28%, 4/07/11 (a)(b)  5,170  5,170,000 
Socorro ISD Texas, GO, ROCS, VRDN, Series     
II-R-11540PB (PSF-GTD Insurance, PB Capital     
Corp. SBPA), 0.29%, 4/07/11 (a)(b)(c)  12,645  12,645,000 
State of Texas, RB, TRAN, 2.00%, 8/31/11  228,050  229,593,550 
Tarrant County Cultural Education Facilities Finance     
Corp., RB, FLOATS, VRDN (Morgan Stanley Bank     
Liquidity Facility) (a)(b)(c):     
Series 2973, 0.25%, 4/07/11  36,000  36,000,000 
Series 2974, 0.25%, 4/07/11  12,000  12,000,000 
Texas Municipal Power Agency, Wells Fargo Stage     
Trust, Refunding RB, FLOATS, VRDN, Series 12C     
(Wells Fargo Bank NA Liquidity Facility),     
0.25%, 4/07/11 (a)(b)(c)  3,385  3,385,000 
    820,670,182 
Utah — 1.1%     
City of Murray Utah, RB, VRDN, IHC Health Services     
Inc., Series D (Wells Fargo Bank NA SBPA),     
0.20%, 4/01/11 (a)  40,290  40,290,000 
State of Utah, GO, FLOATS, VRDN, Series 2987     
(Morgan Stanley Bank Liquidity Facility),     
0.25%, 4/07/11 (a)(b)(c)  6,000  6,000,000 
    46,290,000 
Virginia — 2.1%     
Arlington County IDA, Refunding HRB, VRDN,     
Woodbury Park Project, Series A (Freddie Mac),     
0.26%, 4/07/11 (a)  3,900  3,900,000 

 

  Par   
Municipal Bonds  (000)  Value 
Virginia (concluded)     
City of Richmond Virginia, RB, ROCS, VRDN,     
Series II-R-10410 (AGM Insurance, Citibank NA     
SBPA), 0.25%, 4/07/11 (a)(b)(c)  $ 355 $ 355,000 
County of Henrico Virginia, RB, ROCS, VRDN,     
Series II-R-753PB (PB Capital Corp. SBPA),     
0.28%, 4/07/11 (a)(b)  4,670  4,670,000 
Fairfax County IDA, RB, VRDN (a):     
Health Care, Inova Health, 0.37%, 10/27/11  3,000  3,000,000 
Inova Health System Project, Series A-2     
(JPMorgan Chase Bank SBPA), 0.22%, 4/01/11  15,295  15,295,000 
Inova Health System Project, Series C-1,     
0.22%, 4/01/11  3,725  3,725,000 
Loudoun County IDA, RB, VRDN, Howard Hughes     
Medical (a):     
Series A, 0.20%, 4/07/11  5,715  5,715,000 
Series B, 0.20%, 4/07/11  500  500,000 
Montgomery County IDA Virginia, Refunding RB,     
VRDN, Virginia Tech Foundation (Bank of     
America NA LOC), 0.23%, 4/01/11 (a)  7,700  7,700,000 
Virginia College Building Authority, RB, VRDN (Wells     
Fargo Bank NA SBPA), 21St Century College (a):     
Series B, 0.22%, 4/01/11  8,500  8,500,000 
Series C, 0.22%, 4/01/11  12,410  12,410,000 
Virginia College Building Authority, Barclays Capital     
Municipal Trust Receipts, Refunding RB, FLOATS,     
VRDN, Series 4B (Barclays Bank Plc Liquidity     
Facility), 0.30%, 4/07/11 (a)(b)(c)  1,335  1,335,000 
Virginia Commonwealth Transportation Board,     
Clipper Tax-Exempt Certificate Trust, RB, VRDN,     
Series 2009-38 (State Street Bank & Trust Co.     
SBPA), 0.25%, 4/07/11 (a)(b)(c)  13,160  13,160,000 
Virginia HDA, RB, MERLOTS, VRDN, Series B19,     
AMT (Wells Fargo Bank NA SBPA),     
0.32%, 4/07/11 (a)(b)  3,000  3,000,000 
Virginia HDA, Refunding RB, MERLOTS, VRDN,     
Series C42, AMT (Wells Fargo Bank NA SBPA),     
0.32%, 4/07/11 (a)(b)  2,880  2,880,000 
Virginia Public Building Authority, RB, VRDN, Series D     
(Dexia Credit Local SBPA), 0.30%, 4/07/11 (a)  1,000  1,000,000 
Virginia Resources Authority, Refunding RB, FLOATS,     
VRDN, Series 1860 (Wells Fargo Bank NA SBPA),     
0.24%, 4/07/11 (a)(b)  4,715  4,715,000 
Winchester IDA Virginia, Refunding RB, VRDN,     
Westminster-Canterbury, Series B (Branch     
Banking & Trust LOC), 0.26%, 4/07/11 (a)  1,190  1,190,000 
    93,050,000 
Washington — 2.8%     
Chelan County Public Utility District No. 1, RB,     
FLOATS, VRDN, Series 2969, AMT (Morgan Stanley     
Bank Liquidity Facility), 0.35%, 4/07/11 (a)(b)(c)  6,770  6,770,000 
City of Seattle Washington, RB, FLOATS, VRDN,     
Series 2170 (AGM Insurance, Wells Fargo     
Bank NA SBPA), 0.24%, 4/07/11 (a)(b)  2,530  2,530,000 
County of King Washington (Bayerische Landesbank     
SBPA), TECP:     
0.31%, 4/04/11  31,300  31,300,000 
0.28%, 4/05/11  20,000  20,000,000 
County of King Washington, Wells Fargo Stage     
Trust, Refunding RB, FLOATS, VRDN, Series 2C     
(Wells Fargo Bank NA Liquidity Facility),     
0.25%, 4/07/11 (a)(b)(c)  14,000  14,000,000 

 

See Notes to Financial Statements.

BIF TAX-EXEMPT FUND MARCH 31, 2011 21


Schedule of Investments (concluded) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Washington (concluded)       
State of Washington, GO, ROCS, VRDN,       
Series II-R-11308 (Citibank NA SBPA),       
0.25%, 4/07/11 (a)(b)(c)  $ 2,950 $ 2,950,000 
Washington State Housing Finance Commission,       
RB, VRDN, AMT, Series A (a):       
Heatherwood (Freddie Mac Insurance, Freddie     
Mac Liquidity Facility), 0.32%, 4/07/11    10,625  10,625,000 
Mill Pointe (Freddie Mac Liquidity Facility),       
0.32%, 4/07/11    9,225  9,225,000 
Springfield (Freddie Mac Insurance, Freddie       
Mac Liquidity Facility), 0.32%, 4/07/11    11,050  11,050,000 
Washington State University, RB, ROCS, VRDN,       
Series II-R-595PB (PB Capital Corp. SBPA),       
0.29%, 4/07/11 (a)(b)    16,105  16,105,000 
      124,555,000 
West Virginia — 0.2%       
West Virginia EDA, RB, VRDN, Appalachian Power Co.,     
Series A (Sumitomo Mitsui Banking LOC),       
0.24%, 4/07/11 (a)    5,800  5,800,000 
West Virginia EDA, Refunding RB, VRDN, Appalachian     
Power Co., Series B, AMT (Mizuho Corporate Bank     
LOC), 0.36%, 4/07/11 (a)    4,300  4,300,000 
      10,100,000 
Wisconsin — 1.6%       
State of Wisconsin, TECP:       
0.40%, 4/06/11    6,575  6,575,000 
0.36%, 5/02/11    23,742  23,742,000 
0.40%, 5/06/11    15,000  15,000,000 
0.39%, 6/07/11    23,000  23,000,000 
Village of Kohler Wisconsin, RB, VRDN, Kohler Co.       
Project, AMT (Wachovia Bank NA LOC),       
0.35%, 4/07/11 (a)    4,000  4,000,000 
      72,317,000 
Wyoming — 0.3%       
County of Lincoln Wyoming, RB, PacifiCorp Project       
(Wells Fargo Bank NA LOC), 0.25%, 4/07/11 (a)  11,250  11,250,000 
Total Investments (Cost — $4,377,708,292*) — 99.9%    4,377,708,292 
Other Assets Less Liabilities — 0.1%      5,621,774 
Net Assets — 100.0%      $4,383,330,066 


* 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.
This security may be resold in transactions exempt from registration to qualified
institutional investors.
(d) When-issued security. Unsettled when-issued transactions were as follows:

    Unrealized 
    Appreciation 
Counterparty  Value  (Depreciation) 
National Financial Services  $ 5,812,733  — 
Piper Jaffray  $ 8,405,078  — 


(e) Variable rate security. Rate shown is as of report date.
(f) 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.

• Fair Value Measurements — Various inputs are used in determining the fair value
of investments. These inputs are summarized in three broad levels for financial
statement purposes 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 liabili-
ties (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 Master LLC’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 informa-
tion about the Master LLC’s policy regarding valuation of investments and other
significant accounting policies, please refer to Note 1 of the Notes to Financial
Statements.

The following table summarizes the inputs used as of March 31, 2011 in deter-
mining the fair valuation of the Master LLC’s investments:

Valuation Inputs  Level 1  Level 21  Level 3  Total 
Assets:         
Investments in Securities:       
Municipal Bonds1           —     $4,377,708,292  —  $4,377,708,292 

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

See Notes to Financial Statements.

22 BIF TAX-EXEMPT FUND MARCH 31, 2011


Statement of Assets and Liabilities 
March 31, 2011  Master Tax-Exempt LLC 
Assets   
Investments at value — unaffiliated   
(cost — $4,377,708,292)  $ 4,377,708,292 
Cash  151,689 
Contributions receivable from investors  11,158,936 
Interest receivable  9,237,705 
Prepaid expenses  124,950 
Total assets  4,398,381,572 
Liabilities   
Investments purchased payable  14,217,811 
Investment advisory fees payable  573,201 
Other affiliates payable  20,313 
Directors' fees payable  1,392 
Other accrued expenses payable  234,538 
Other liabilities  4,251 
Total liabilities  15,051,506 
Net Assets  $ 4,383,330,066 
Net Assets Consist of   
Investors’ capital  $ 4,383,330,066 

 

Statement of Operations   
Year Ended March 31, 2011  Master Tax- Exempt LLC       
Investment Income   
Income  $ 21,061,257 
Expenses   
Investment advisory  7,318,294 
Accounting services  354,824 
Directors  123,290 
Custodian  113,993 
Professional  40,720 
Printing  35,985 
Miscellaneous  175,704 
Total expenses  8,162,810 
Net investment income  12,898,447 
Realized Gain   
Realized gain from investments  337,364 
Net Increase in Net Assets Resulting from Operations  $ 13,235,811 

 

See Notes to Financial Statements.

BIF TAX-EXEMPT FUND MARCH 31, 2011 23


Statements of Changes in Net Assets  Master Tax-Exempt LLC 
  Year Ended March 31,      
Increase (Decrease) in Net Assets:  2011     2010 
Operations     
Net investment income  $ 12,898,447  $ 39,096,247 
Net realized gain  337,364  252,491 
Net increase in net assets resulting from operations  13,235,811  39,348,738 
Capital Transactions     
Proceeds from contributions  30,752,663,325  47,760,181,661 
Value of withdrawals  (32,878,089,942)  (52,667,487,942) 
Net decrease in net assets derived from capital transactions  (2,125,426,617)  (4,907,306,281) 
Net Assets     
Total decrease in net assets  (2,112,190,806)  (4,867,957,543) 
Beginning of year  6,495,520,872  11,363,478,415 
End of year  $ 4,383,330,066  $ 6,495,520,872 

 

Financial Highlights        Master Tax-Exempt LLC 
    Year Ended March 31,   
  2011      2010  2009  2008  2007 
Total Investment Return           
Total investment return  0.25%  0.42%  1.68%  3.34%  3.45% 
Ratios to Average Net Assets           
Total expenses  0.16%  0.15%  0.15%  0.15%  0.15% 
Net investment income  0.26%  0.43%  1.67%  3.28%  3.44% 
Supplemental Data           
Net assets, end of year (000)  $ 4,383,330  $ 6,495,521  $11,363,478  $12,113,046  $10,143,538 

 

See Notes to Financial Statements.

24 BIF TAX-EXEMPT FUND MARCH 31, 2011


Notes to Financial Statements Master Tax-Exempt LLC

1. Organization and Significant Accounting Policies:

Master Tax-Exempt LLC (the “Master LLC”) is registered under the
Investment Company Act of 1940, as amended (the “1940 Act”), and
is organized as a Delaware limited liability company. The Master LLC’s
Limited Liability Company Agreement permits the Board of Directors of
the Master LLC (the “Board”) to issue non transferable interests in the
Master LLC, subject to certain limitations. The Master LLC’s financial
statements are prepared in conformity with accounting principles gener-
ally accepted in the United States of America (“US GAAP”), which may
require management to make estimates and assumptions that affect the
reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.

The following is a summary of significant accounting policies followed
by the Master LLC:

Valuation: US GAAP defines fair value as the price the Master LLC
would receive to sell an asset or pay to transfer a liability in an orderly
transaction between market participants at the measurement date. The
Master LLC’s investments are valued under the amortized cost method
which approximates current market value in accordance with Rule 2a-7
of the 1940 Act. Under this method, securities are valued at cost when
purchased and thereafter, a constant proportionate accretion and amor-
tization of any discounts or premiums are recorded until the maturity of
the security.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the trans-
actions are entered into (the trade dates). Realized gains and losses
on investment transactions are determined on the identified cost basis.
Interest income, including amortization of premium and accretion of
discount on debt securities, is recognized on the accrual basis.

Income Taxes: The Master LLC is classified as a partnership for federal
income tax purposes. As such, each investor in the Master LLC is treated
as the owner of its proportionate share of the net assets, income,
expenses and realized and unrealized gains and losses of the Master
LLC. Therefore, no federal income tax provision is required. It is intended
that the Master LLC’s assets will be managed so an investor in the
Master LLC can satisfy the requirements of Subchapter M of the Internal
Revenue Code of 1986, as amended.

The Master LLC files US federal and various state and local tax returns.
No income tax returns are currently under examination. The statute of
limitations on the Master LLC’s US federal tax returns remains open for
each of the four years ended March 31, 2011. The statutes of limitations
on the Master LLC’s state and local tax returns may remain open for an
additional year depending upon the jurisdiction. Management does not
believe there are any uncertain tax positions that require recognition of a
tax liability.

Other: Expenses directly related to the Master LLC are charged to the
Master LLC. Other operating expenses shared by several funds are pro
rated among those funds on the basis of relative net assets or other
appropriate methods. The Master LLC has an arrangement with the
custodian whereby fees may be reduced by credits earned on uninvested
cash balances, which, if applicable, are shown as fees paid indirectly in
the Statement of Operations. The custodian imposes fees on overdrawn
cash balances, which can be offset by accumulated credits earned or
may result in additional custody charges.

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America
Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest
stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership
structure, PNC is an affiliate of the Master LLC for 1940 Act purposes,
but BAC and Barclays are not.

The Master LLC entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Manager”), the Master LLC’s investment
advisor, an indirect, wholly owned subsidiary of BlackRock, to provide
investment advisory and administration services. The Manager is respon-
sible for the management of the Master LLC’s portfolio and provides the
necessary personnel, facilities, equipment and certain other services
necessary to the operations of the Master LLC. For such services, the
Master LLC pays the Manager a monthly fee at the following annual
rates of the Master LLC’s average daily net assets:

Not exceeding $500 million  0.250% 
In excess of $500 million, but not exceeding $1 billion  0.175% 
In excess of $1 billion  0.125% 

 

The Manager entered into a sub-advisory agreement with BlackRock
Investment Management, LLC (“BIM”), an affiliate of the Manager.
The Manager pays BIM for services it provides, a monthly fee that is a
percentage of the investment advisory fees paid by the Master LLC to
the Manager.

For the year ended March 31, 2011, the Master LLC reimbursed the
Manager $87,203 for certain accounting services, which are included in
accounting services in the Statement of Operations.

Certain officers and/or directors of the Master LLC are officers and/or
directors of BlackRock or its affiliates.

3. Market and Credit Risk:

In the normal course of business, the Master LLC invests in securities
and enters into transactions where risks exist due to fluctuations in the
market (market risk) or failure of the issuer of a security to meet all its
obligations (issuer credit risk). The value of securities held by the Master

BIF TAX-EXEMPT FUND MARCH 31, 2011 25


Notes to Financial Statements (concluded) Master Tax-Exempt LLC

LLC may decline in response to certain events, including those directly
involving the issuers whose securities are owned by the Master LLC;
conditions affecting the general economy; overall market changes; local,
regional or global political, social or economic instability; and currency
and interest rate and price fluctuations. Similar to issuer credit risk, the
Master LLC may be exposed to counterparty credit risk, or the risk that
an entity with which the Master LLC has unsettled or open transactions
may fail to or be unable to perform on its commitments. The Master LLC
manages counterparty credit risk by entering into transactions only with
counterparties that it believes have the financial resources to honor their
obligations and by monitoring the financial stability of those counterpar-
ties. Financial assets, which potentially expose the Master LLC to market,
issuer and counterparty credit risks, consist principally of financial
instruments and receivables due from counterparties. The extent of the
Master LLC’s exposure to market, issuer and counterparty credit risks
with respect to these financial assets is generally approximated by their
value recorded in the Master LLC’s Statement of Assets and Liabilities,
less any collateral held by the Master LLC.

4. Subsequent Events:

Management has evaluated the impact of all subsequent events on the
Master LLC through the date the financial statements were issued and
has determined that there were no subsequent events requiring adjust-
ment or additional disclosure in the financial statements.

26 BIF TAX-EXEMPT FUND MARCH 31, 2011


Report of Independent Registered Public Accounting Firm Master Tax-Exempt LLC

To the Investors and Board of Directors of
Master Tax-Exempt LLC:

We have audited the accompanying statement of assets and liabilities
of Master Tax-Exempt LLC (the “Master LLC”), including the schedule
of investments, as of March 31, 2011, and the related statement of
operations for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended, and the finan-
cial highlights for each of the five years in the period then ended. These
financial statements and financial highlights are the responsibility of the
Master LLC’s management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial highlights
are free of material misstatement. The Master LLC is not required to
have, nor were we engaged to perform, an audit of its internal control
over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Master LLC’s internal
control over financial reporting. Accordingly, we express no such opinion.

An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by manage-
ment, as well as evaluating the overall financial statement presentation.
Our procedures included confirmation of securities owned as of March
31, 2011, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing
procedures. We believe that our audits provide a reasonable basis for
our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Master Tax-Exempt LLC as of March 31, 2011, the results of its
operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended, in con-
formity with accounting principles generally accepted in the United
States of America.

Deloitte & Touche LLP
Princeton, New Jersey
May 26, 2011

BIF TAX-EXEMPT FUND MARCH 31, 2011 27


Officers and Directors         
        Number of BlackRock-   
        Advised Registered   
    Length    Investment Companies   
  Position(s)  of Time    (“RICs”) Consisting of   
Name, Address  Held with  Served as    Investment Portfolios  Public 
and Year of Birth  Fund/Master LLC  a Director2  Principal Occupation(s) During Past 5 Years  (“Portfolios”) Overseen  Directorships 
Independent Directors1         
Ronald W. Forbes  Co-Chair of  Since  Professor Emeritus of Finance, School of Business, State University  36 RICs consisting of  None 
55 East 52nd Street  the Board  1981/  of New York at Albany since 2000.  95 Portfolios   
New York, NY 10055  and Director  2002       
1940           
Rodney D. Johnson  Co-Chair of  Since  President, Fairmount Capital Advisors, Inc. since 1987; Director,  36 RICs consisting of  None 
55 East 52nd Street  the Board  2007  Fox Chase Cancer Center from 2004 to 2010; Member of the  95 Portfolios   
New York, NY 10055  and Director    Archdiocesan Investment Committee of the Archdiocese of     
1941      Philadelphia since 2004; Director, The Committee of Seventy     
      (civic) since 2006.     
David O. Beim  Director  Since  Professor of Professional Practice at the Columbia University  36 RICs consisting of  None 
55 East 52nd Street    2007  Graduate School of Business since 1991; Trustee, Phillips Exeter  95 Portfolios   
New York, NY 10055      Academy since 2002; Chairman, Wave Hill, Inc. (public garden and     
1940      cultural center) from 1990 to 2006.     
Dr. Matina S. Horner  Director  Since  Executive Vice President of Teachers Insurance and Annuity Associa-  36 RICs consisting of  NSTAR (electric 
55 East 52nd Street    2007  tion and College Retirement Equities Fund from 1989 to 2003.  95 Portfolios  and gas utility) 
New York, NY 10055           
1939           
Herbert I. London  Director and  Since  Professor Emeritus, New York University since 2005; John M. Olin  36 RICs consisting of  AIMS Worldwide, 
55 East 52nd Street  Member of the  2007  Professor of Humanities, New York University from 1993 to 2005  95 Portfolios  Inc. (marketing) 
New York, NY 10055  Audit Committee    and Professor thereof from 1980 to 2005; President, Hudson     
1939      Institute (policy research organization) since 1997 and Trustee     
      thereof since 1980; Chairman of the Board of Trustees for Grantham     
      University since 2006; Director, InnoCentive, Inc. (strategic solutions     
      company) since 2005; Director, Cerego, LLC (software development     
      and design) since 2005; Director, Cybersettle (dispute resolution     
      technology) since 2009.     
Cynthia A. Montgomery  Director  Since  Professor, Harvard Business School since 1989; Director, Harvard  36 RICs consisting of  Newell Rubbermaid, 
55 East 52nd Street    1994/  Business School Publishing from 2005 to 2010; Director, McLean  95 Portfolios  Inc. (manufacturing) 
New York, NY 10055    2002  Hospital since 2005.     
1952           
Joseph P. Platt  Director  Since  Director, The West Penn Allegheny Health System (a not-for-profit  36 RICs consisting of  Greenlight Capital 
55 East 52nd Street    2007  health system) since 2008; Director, Jones and Brown (Canadian  95 Portfolios  Re, Ltd (reinsurance 
New York, NY 10055      insurance broker) since 1998; General Partner, Thorn Partners, LP    company) 
1947      (private investment) since 1998; Director, WQED Multi-Media (public     
      broadcasting not-for-profit) since 2001; Partner, Amarna Corporation,     
      LLC (private investment company) from 2002 to 2008.     
Robert C. Robb, Jr.  Director  Since  Partner, Lewis, Eckert, Robb and Company (management and  36 RICs consisting of  None 
55 East 52nd Street    2007  financial consulting firm) since 1981.  95 Portfolios   
New York, NY 10055           
1945           
Toby Rosenblatt  Director  Since  President, Founders Investments Ltd. (private investments)  36 RICs consisting of  None 
55 East 52nd Street    2007  since 1999; Director, College Access Foundation of California  95 Portfolios   
New York, NY 10055      (philanthropic foundation) since 2009; Director, Forward     
1938      Management, LLC since 2007; Director, A.P. Pharma, Inc.     
      (pharmaceuticals) from 1983 to 2011; Director, The James Irvine     
Foundation (philanthropic foundation) from 1998 to 2008.           

 

28 BIF TAX-EXEMPT FUND MARCH 31, 2011


Officers and Directors (continued)     
        Number of BlackRock-   
        Advised Registered   
    Length    Investment Companies   
  Position(s)  of Time    (“RICs”) Consisting of   
Name, Address  Held with  Served as    Investment Portfolios  Public 
and Year of Birth  Fund/Master LLC  a Director2  Principal Occupation(s) During Past 5 Years  (“Portfolios”) Overseen  Directorships 
Independent Directors1 (concluded)         
Kenneth L. Urish  Chair of the  Since  Managing Partner, Urish Popeck & Co., LLC (certified public  36 RICs consisting of  None 
55 East 52nd Street  Audit Committee  2007  accountants and consultants) since 1976; Chairman Elect of  95 Portfolios   
New York, NY 10055  and Trustee    the Professional Ethics Committee of the Pennsylvania Institute     
1951      of Certified Public Accountants and Committee Member thereof     
      since 2007; Member of External Advisory Board, The Pennsylvania     
      State University Accounting Department since 2001; Trustee, The     
      Holy Family Foundation from 2001 to 2010; President and Trustee,     
Pittsburgh Catholic Publishing Associates from 2003 to 2008;             
      Director, Inter-Tel from 2006 to 2007.     
Frederick W. Winter  Director and  Since  Professor and Dean Emeritus of the Joseph M. Katz School of  36 RICs consisting of  None 
55 East 52nd Street  Member of the  2007  Business, University of Pittsburgh since 2005 and Dean thereof  95 Portfolios   
New York, NY 10055  Audit Committee    from 1997 to 2005; Director, Alkon Corporation (pneumatics)     
1945      since 1992; Director, Tippman Sports (recreation) since 2005;     
      Director, Indotronix International (IT services) from 2004 to 2008.     
  1 Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The Board has approved one-year 
  extensions in the terms of Directors who turn 72 prior to December 31, 2013.     
  2 Date shown is the earliest date a person has served as a Director for the Fund/Master LLC covered by this annual report. Following the combination of 
  Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock in September 2006, the various legacy MLIM and legacy BlackRock fund boards were 
  realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Directors as joining the Fund’s/Master 
  LLC’s board in 2007, each Director first became a member of the board of other legacy MLIM or legacy BlackRock funds as follows: David O. Beim, 
  1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; 
  Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.   
Interested Directors3           
Richard S. Davis  Director  Since  Managing Director, BlackRock, Inc. since 2005; Chief Executive  168 RICs consisting of  None 
55 East 52nd Street    2007  Officer, State Street Research & Management Company from 2000  288 Portfolios   
New York, NY 10055      to 2005; Chairman of the Board of Trustees, State Street Research     
1945      Mutual Funds from 2000 to 2005.     
Henry Gabbay  Director  Since  Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director,  168 RICs consisting of  None 
55 East 52nd Street    2007  BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer,  288 Portfolios   
New York, NY 10055      BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock     
1947      Funds and BlackRock Bond Allocation Target Shares from 2005 to     
      2007 and Treasurer of certain closed-end funds in the BlackRock     
      fund complex from 1989 to 2006.     
  3 Mr. Davis is an “interested person” as defined in the 1940 Act, of the Fund/Master LLC based on his position with BlackRock, Inc. and its affiliates. 
  Mr. Gabbay is an “interested person” of the Fund/Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his 
  ownership of BlackRock, Inc. and The PNC Financial Services Group, Inc. securities. Directors serve until their resignation, removal or death, or 
  until December 31 of the year in which they turn 72. The Board has approved one-year extensions in the terms of Directors who turn 72 prior to 
  December 31, 2013.       

 

BIF TAX-EXEMPT FUND MARCH 31, 2011 29


Officers and Directors (concluded) 
  Position(s)     
Name, Address  Held with  Length of   
and Year of Birth  Fund/Master LLC  Time Served  Principal Occupation(s) During Past 5 Years 
Officers1       
John M. Perlowski  President  Since  Managing Director of BlackRock, Inc. since 2009; Global Head of BlackRock Fund Administration since 2009; 
55 East 52nd Street  and Chief  2010  Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, 
New York, NY 10055  Executive    L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President 
1964  Officer    thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family 
      Resource Network (charitable foundation) since 2009. 
Richard Hoerner, CFA  Vice  Since  Managing Director of BlackRock, Inc. since 2000; Co-head of BlackRock’s Cash Management Portfolio Management 
55 East 52nd Street  President  2009  Group since 2002; Member of the Cash Management Group Executive Committee since 2005. 
New York, NY 10055       
1958       
Brendan Kyne  Vice  Since  Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product 
55 East 52nd Street  President  2009  Development and Management for BlackRock’s U.S. Retail Group since 2009, Co-head thereof from 2007 to 
New York, NY 10055      2009; Vice President of BlackRock, Inc. from 2005 to 2008. 
1977       
Simon Mendelson  Vice  Since  Managing Director of BlackRock, Inc. since 2005; Co-head of the Global Cash and Securities Lending Group since 
55 East 52nd Street  President  2009  2010; Chief Operating Officer and Head of the Global Client Group for BlackRock's Global Cash Management 
New York, NY 10055      Business from 2007 to 2010; Head of BlackRock's Strategy and Development Group from 2005 to 2007; Partner 
1964      of McKinsey & Co. from 1997 to 2005. 
Brian Schmidt  Vice  Since  Managing Director of BlackRock, Inc. since 2004; Various positions with U.S. Trust Company from 1991 to 2003 
55 East 52nd Street  President  2009  including Director from 2001 to 2003 and Senior Vice President from 1998 to 2003; Vice President, Chief Financial 
New York, NY 10055      Officer and Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 
1958      to 2003. 
Christopher Stavrakos, CFA Vice  Since  Managing Director of BlackRock, Inc. since 2006; Co-head of BlackRock’s Cash Management Portfolio 
55 East 52nd Street  President  2009  Management Group since 2006; Senior Vice President, CIO, and Director of Liability Management for the 
New York, NY 10055      Securities Lending Group at Mellon Bank from 1999 to 2006. 
1959       
Neal Andrews  Chief  Since  Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund 
55 East 52nd Street  Financial  2007  Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006. 
New York, NY 10055  Officer     
1966       
Jay Fife  Treasurer  Since  Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the MLIM and Fund 
55 East 52nd Street    2007  Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 
New York, NY 10055      to 2006. 
1970       
Brian Kindelan  Chief  Since  Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of 
55 East 52nd Street  Compliance  2007  BlackRock, Inc. since 2005. 
New York, NY 10055  Officer     
1959       
Ira P. Shapiro  Secretary  Since  Managing Director of BlackRock, Inc. since 2009; Managing Director and Associate General Counsel of Barclays 
55 East 52nd Street    2010  Global Investors from 2008 to 2009; Principal thereof from 2004 to 2008. 
New York, NY 10055       
1963       

1 Officers of the Fund/Master LLC serve at the pleasure of the Boards.

Further information about the Officers and Directors is available in the Fund’s/Master LLC’s Statements of Additional Information, which can be obtained
without charge by calling (800) 221-7210.

Investment Advisor  Custodian  Accounting Agent  Distributor  Address of the Fund 
and Administrator  State Street Bank  State Street Bank  BlackRock Investments, LLC  100 Bellevue Parkway 
BlackRock Advisors, LLC  and Trust Company  and Trust Company  New York, NY 10022  Wilmington, DE 19809 
Wilmington, DE 19809  Boston, MA 02111  Princeton, NJ 08540     
Sub-Advisor  Transfer Agent  Independent Registered  Legal Counsel   
BlackRock Investment  Financial Data  Public Accounting Firm  Sidley Austin LLP   
Management, LLC  Services, Inc.  Deloitte & Touche LLP  New York, NY 10019   
Plainsboro, NJ 08536  Jacksonville, FL 32246  Princeton, NJ 08540     

 

Effective November 16, 2010, Ira P. Shapiro became Secretary of the Fund/Master LLC.

30 BIF TAX-EXEMPT FUND MARCH 31, 2011


Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available
on the Fund’s website or shareholders can sign up for e-mail notifications
of quarterly statements, annual and semi-annual reports and prospectuses
by enrolling in the Fund’s electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:

Please contact your financial advisor to enroll. Please note that not all
investment advisors, banks or brokerages may offer this service.

Householding

The Fund will mail only one copy of shareholder documents, including
prospectuses, annual and semi-annual reports and proxy statements, to
shareholders with multiple accounts at the same address. This practice
is commonly called “householding” and it is intended to reduce
expenses and eliminate duplicate mailings of shareholder documents.
Mailings of your shareholder documents may be householded indefi-
nitely unless you instruct us otherwise. If you do not want the mailing of
these documents to be combined with those for other members of your
household, please contact the the Transfer Agent at (800) 221-7210.

Availability of Quarterly Schedule of Investments

The Fund/Master LLC files its complete schedule of portfolio
holdings with the Securities and Exchange Commission (the “SEC”)
for the first and third quarters of each fiscal year on Form N-Q. The
Fund’s/Master LLC’s Forms N-Q are available on the SEC’s website
at http://www.sec.gov and may also be reviewed and copied at the
SEC’s Public Reference Room in Washington, D.C. Information on how
to access documents on the SEC’s website without charge may be
obtained by calling (800) SEC-0330. The Fund’s/Master LLC’s Forms
N-Q may also be obtained upon request and without charge by calling
(800) 626 1960.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund/Master LLC
uses to determine how to vote proxies relating to portfolio securities is
available (1) without charge, upon request, by calling (800) 626-1960;
(2) at http://www.blackrock.com; and (3) on the SEC’s website at
http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Fund/Master LLC voted proxies relating to
securities held in the Fund’s/Master LLC’s portfolio during the most
recent 12-month period ended June 30 is available upon request and
without charge (1) at http://www.blackrock.com or by calling (800)
626-1960 and (2) on the SEC’s website at http://www.sec.gov.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and
former fund investors and individual clients (collectively, “Clients”) and
to safeguarding their non-public personal information. The following
information is provided to help you understand what personal informa-
tion BlackRock collects, how we protect that information and why in cer-
tain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regula-
tions require BlackRock to provide you with additional or different pri-
vacy-related rights beyond what is set forth below, then BlackRock will
comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information
we receive from you or, if applicable, your financial intermediary, on
applications, forms or other documents; (ii) information about your
transactions with us, our affiliates, or others; (iii) information we receive
from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any
non-public personal information about its Clients, except as permitted by
law or as is necessary to respond to regulatory requests or to service
Client accounts. These non-affiliated third parties are required to protect
the confidentiality and security of this information and to use it only for
its intended purpose.

We may share information with our affiliates to service your account or
to provide you with information about other BlackRock products or serv-
ices that may be of interest to you. In addition, BlackRock restricts
access to non-public personal information about its Clients to those
BlackRock employees with a legitimate business need for the informa-
tion. BlackRock maintains physical, electronic and procedural safeguards
that are designed to protect the non-public personal information of its
Clients, including procedures relating to the proper storage and disposal
of such information.

BIF TAX-EXEMPT FUND MARCH 31, 2011 31



This report is transmitted to shareholders only. It is not

authorized for use as an offer of sale or a solicitation of an

offer to buy shares of the Fund unless accompanied or pre-

ceded by the Fund’s current prospectus. An investment in

the Fund is not insured or guaranteed by the Federal

Deposit Insurance Corporation or any other government

agency. Although the Fund seeks to preserve the value of

your investment at $1.00 per share, it is possible to lose

money by investing in the Fund. Total return information

assumes reinvestment of all distributions. Past performance

results shown in this report should not be considered a rep-

resentation of future performance. For current month-end

performance information, call (800) 626-1960. The Fund’s

current 7-day yield more closely reflects the current earn-

ings of the Fund than the total returns quoted. Statements

and other information herein are as dated and are subject

to change.



Item 2 – Code of Ethics – Each registrant (or the “Fund”) has adopted a code of ethics, as of the end
of the period covered by this report, applicable to the registrant’s principal executive officer,
principal financial officer, principal accounting officer, or controller, or persons performing
similar functions. During the period covered by this report, there have been no amendments
to or waivers granted under the code of ethics. A copy of the code of ethics is available
without charge at www.blackrock.com.

Item 3 – Audit Committee Financial Expert – Each registrant’s board of directors (the “board of
directors”), has determined that (i) the registrant has the following audit committee financial
expert serving on its audit committee and (ii) each audit committee financial expert is
independent:
Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial
expert will not be deemed an “expert” for any purpose, including without limitation for the
purposes of Section 11 of the Securities Act of 1933, as a result of being designated or
identified as an audit committee financial expert. The designation or identification of a
person as an audit committee financial expert does not impose on such person any duties,
obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such
person as a member of the audit committee and board of directors in the absence of such
designation or identification.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the
last two fiscal years for the services rendered to the Fund:

  (a) Audit Fees  (b) Audit-Related Fees1  (c) Tax Fees2  (d) All Other Fees3 
  Current  Previous  Current  Previous  Current  Previous  Current  Previous 
  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year 
Entity Name  End  End  End  End  End  End  End  End 
BIF Tax-Exempt                 
Fund  $7,000  $6,800  $0  $0  $10,100  $6,100  $0  $3,094 
Master Tax-Exempt  $26,000  $25,000  $0  $0  $13,000  $6,800  $0  $0 
LLC                 

 

The following table presents fees billed by D&T that were required to be approved by each
registrant’s audit committee (the “Committee”) for services that relate directly to the
operations or financial reporting of the Fund and that are rendered on behalf of BlackRock
Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled
by, or under common control with BlackRock (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another investment
adviser) that provide ongoing services to the Fund (“Fund Service Providers”):

  Current Fiscal Year End  Previous Fiscal Year End 
(b) Audit-Related Fees1  $0  $0
(c) Tax Fees2  $0 $0
(d) All Other Fees3  $3,030,000 $2,950,000
1 The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements 
not included in Audit Fees.     
2 The nature of the services include tax compliance, tax advice and tax planning.   
3 The nature of the services include a review of compliance procedures and attestation thereto.   

 

(e)(1) Audit Committee Pre-Approval Policies and Procedures:


The Committee has adopted policies and procedures with regard to the pre-approval
of services. Audit, audit-related and tax compliance services provided to the registrant on
an annual basis require specific pre-approval by the Committee. The Committee also must
approve other non-audit services provided to the registrant and those non-audit services
provided to the Fund Service Providers that relate directly to the operations and the financial
reporting of the registrants. Certain of these non-audit services that the Committee believes
are a) consistent with the SEC’s auditor independence rules and b) routine and recurring
services that will not impair the independence of the independent accountants may be
approved by the Committee without consideration on a specific case-by-case basis (“general
pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-
approval, unless the Committee provides for a different period. Tax or other non-audit
services provided to the registrant which have a direct impact on the operations or financial
reporting of the registrant will only be deemed pre-approved provided that any individual
project does not exceed $10,000 attributable to the registrant or $50,000 per project. For
this purpose, multiple projects will be aggregated to determine if they exceed the previously
mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific
pre-approval by the Committee, as will any other services not subject to general pre-
approval (e.g., unanticipated but permissible services). The Committee is informed of each
service approved subject to general pre-approval at the next regularly scheduled in-person
board meeting. At this meeting, an analysis of such services is presented to the Committee
for ratification. The Committee may delegate to the Committee Chairman the authority to
approve the provision of and fees for any specific engagement of permitted non-audit
services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by
the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01
of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees paid to the accountant for services rendered by the
accountant to the registrant and Investment Adviser (not including any non-affiliated sub-
adviser whose role is primarily portfolio management and is sub-contracted with or
overseen by the registrant’s investment adviser) and the Fund Service Providers were:

  Current Fiscal Year  Previous Fiscal Year 
Entity Name  End  End 
BIF Tax-Exempt Fund  $10,100  $19,971 
Master Tax-Exempt LLC  $13,000  $17,577 

 

(h) The Committee has considered and determined that the provision of non-audit services
that were rendered to the Fund’s Investment Adviser (not including any non-affiliated sub-
adviser whose role is primarily portfolio management and is subcontracted with or overseen
by the registrant’s investment adviser), and the Fund Service Providers that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant’s independence.

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments
(a) The registrants’ Schedules of Investments are included as part of the Report to


Stockholders filed under Item 1 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since
the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material
changes to these procedures.

Item 11 – Controls and Procedures

11(a) – The registrants’ principal executive and principal financial officers, or persons performing
similar functions, have concluded that the registrants’ disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective 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.

11(b) – There were no changes in the registrants’ internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter
of the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the registrants’ internal control over financial reporting.

Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – See Item 2

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, each registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

BIF Tax-Exempt Fund and Master Tax-Exempt LLC

By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BIF Tax-Exempt Fund and Master Tax-Exempt LLC

Date: June 3, 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 each 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 Tax-Exempt Fund and Master Tax-Exempt LLC

Date: June 3, 2011

By: /S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BIF Tax-Exempt Fund and Master Tax-Exempt LLC

Date: June 3, 2011

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EX-99.CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BIF Tax-Exempt Fund and Master Tax-
Exempt LLC, certify that:

1. I have reviewed this report on Form N-CSR of BIF Tax-Exempt Fund and Master Tax-Exempt LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrants as of, and for, the periods presented
in this report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrants, including their
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrants' internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the audit committees
of the registrants' boards of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process,
summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrants' internal control over financial reporting.

Date: June 3, 2011

/S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BIF Tax-Exempt Fund and Master Tax-Exempt LLC


EX-99.CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BIF Tax-Exempt Fund and
Master Tax-Exempt LLC, certify that:

1. I have reviewed this report on Form N-CSR of BIF Tax-Exempt Fund and Master Tax-Exempt
LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the
registrants as of, and for, the periods presented in this report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the
registrants, including their consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrants' disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such
evaluation; and

d) disclosed in this report any change in the registrants' internal control over financial
reporting that occurred during the second fiscal quarter of the period covered by this report that
has materially affected, or is reasonably likely to materially affect, the registrants' internal control
over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the
audit committees of the registrants' boards of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrants'
ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrants' internal control over financial reporting.

Date: June 3, 2011


/S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BIF Tax-Exempt Fund and Master Tax-Exempt LLC

 EX-99.906 CERT 7 biftaxexempt906.htm CERTIFICATION biftaxexempt906.htm - Generated by SEC Publisher for SEC Filing

Exhibit 99.1350CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes Oxley Act

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BIF Tax-Exempt Fund and Master Tax-Exempt LLC (the
“registrants”), hereby certifies, to the best of his knowledge, that the registrants' Report on Form N-CSR for the
period ended March 31, 2011 (the “Report”) fully complies with the requirements of Section 15d of the Securities
Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the registrants.

Date: June 3, 2011

/S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BIF Tax-Exempt Fund and Master Tax-Exempt LLC

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BIF Tax-Exempt Fund and Master Tax-Exempt LLC (the
“registrants”), hereby certifies, to the best of his knowledge, that the registrants' Report on Form N-CSR for the
period ended March 31, 2011 (the “Report”) fully complies with the requirements of Section 15d of the Securities
Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the registrants.

Date: June 3, 2011

/S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BIF Tax-Exempt Fund and Master Tax-Exempt LLC

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as
amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and
Exchange Commission.