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: 811-21197 and 811-21300
Name of Fund: BBIF Government Securities Fund and Master Government Securities LLC
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BBIF Government Securities Fund and Master Government Securities LLC, 55 East 52nd Street, New York, NY 10055
Registrants’ telephone number, including area code: (800) 626-1960
Date of fiscal year end: 03/31/2015
Date of reporting period: 09/30/2014
Item 1 – Report to Stockholders
SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
Not FDIC Insured May Lose Value No Bank Guarantee |
Table of Contents
Page | ||||||
Shareholder Letter |
3 | |||||
Semi-Annual Report: |
||||||
Money Market Overview |
4 | |||||
Fund Information |
5 | |||||
Disclosure of Expenses |
6 | |||||
Fund Financial Statements: |
||||||
Statements of Assets and Liabilities |
7 | |||||
Statements of Operations |
8 | |||||
Statements of Changes in Net Assets |
9 | |||||
Fund Financial Highlights |
10 | |||||
Fund Notes to Financial Statements |
14 | |||||
Master LLC Portfolio Information |
17 | |||||
Master LLC Financial Statements: |
||||||
Schedules of Investments |
18 | |||||
Statements of Assets and Liabilities |
21 | |||||
Statements of Operations |
22 | |||||
Statements of Changes in Net Assets |
22 | |||||
Master LLC Financial Highlights |
23 | |||||
Master LLC Notes to Financial Statements |
24 | |||||
Disclosure of Investment Advisory Agreements |
27 | |||||
Officers and Directors |
32 | |||||
Additional Information |
33 |
2 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Shareholder Letter | |
President, BlackRock Advisors,
LLC
6-month | 12-month | |||||||||
U.S.
large cap equities (S&P 500® Index) |
6.42 | % | 19.73 | % | ||||||
U.S.
small cap equities (Russell 2000® Index) |
(5.46 | ) | 3.93 | |||||||
International equities (MSCI Europe, Australasia, Far East Index) |
(2.03 | ) | 4.25 | |||||||
Emerging market equities (MSCI Emerging Markets Index) |
2.87 | 4.30 | ||||||||
3-month Treasury bill (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index) |
0.02 | 0.05 | ||||||||
U.S.
Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index) |
3.42 | 4.29 | ||||||||
U.S.
investment grade bonds (Barclays U.S. Aggregate Bond Index) |
2.21 | 3.96 | ||||||||
Tax-exempt municipal bonds (S&P Municipal Bond Index) |
4.21 | 8.29 | ||||||||
U.S.
high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index) |
0.50 | 7.19 |
THIS PAGE NOT PART OF YOUR FUND
REPORT |
3 |
Money Market Overview |
For the Six-Month Period Ended September 30, 2014
4 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Fund Information as of September 30, 2014 |
BBIF Government Securities Fund
|
7-Day SEC Yields |
|
7-Day Yields |
|||||||
Class 1 |
0.00% | 0.00 | % | |||||||
Class 2 |
0.00% | 0.00 | % | |||||||
Class 3 |
0.00% | 0.00 | % | |||||||
Class 4 |
0.00% | 0.00 | % |
BBIF Treasury Fund
|
7-Day SEC Yields |
|
7-Day Yields |
|||||||
Class 1 |
0.00% | 0.00 | % | |||||||
Class 2 |
0.00% | 0.00 | % | |||||||
Class 3 |
0.00% | 0.00 | % | |||||||
Class 4 |
0.00% | 0.00 | % |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 5 |
Disclosure of Expenses | |
Expense Examples
Actual |
Hypothetical2 |
|
||||||||||||||||||||||||||
Beginning Account Value April 1, 2014 |
Ending Account Value September 30, 2014 |
Expenses Paid During the Period1 |
Beginning Account Value April 1, 2014 |
Ending Account Value September 30, 2014 |
Expenses Paid During the Period1 |
Annualized Expense Ratio |
||||||||||||||||||||||
BBIF Government Securities Fund |
||||||||||||||||||||||||||||
Class 1 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.30 | $ | 1,000.00 | $ | 1,024.77 | $ | 0.30 | 0.06 | % | ||||||||||||||
Class 2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.30 | $ | 1,000.00 | $ | 1,024.77 | $ | 0.30 | 0.06 | % | ||||||||||||||
Class 3 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.30 | $ | 1,000.00 | $ | 1,024.77 | $ | 0.30 | 0.06 | % | ||||||||||||||
Class 4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.30 | $ | 1,000.00 | $ | 1,024.77 | $ | 0.30 | 0.06 | % | ||||||||||||||
BBIF Treasury Fund |
||||||||||||||||||||||||||||
Class 1 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.20 | $ | 1,000.00 | $ | 1,024.87 | $ | 0.20 | 0.04 | % | ||||||||||||||
Class 2 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.20 | $ | 1,000.00 | $ | 1,024.87 | $ | 0.20 | 0.04 | % | ||||||||||||||
Class 3 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.20 | $ | 1,000.00 | $ | 1,024.87 | $ | 0.20 | 0.04 | % | ||||||||||||||
Class 4 |
$ | 1,000.00 | $ | 1,000.00 | $ | 0.20 | $ | 1,000.00 | $ | 1,024.87 | $ | 0.20 | 0.04 | % |
1 | For each class of the Funds, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Because the Funds are feeder funds, the expense examples reflect the net expenses of both the Funds and the master funds in which they invest. |
2 | Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365. |
6 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Statements of Assets and Liabilities | |
September 30, 2014 (Unaudited) | BBIF Government Securities Fund |
BBIF Treasury Fund |
|||||||||
Assets |
|||||||||||
Investments at value Master Government Securities LLC and Master Treasury LLC (each, a Master LLC or collectively, the
Master LLCs), respectively1 |
$ | 218,029,623 | $ | 869,540,599 | |||||||
Capital shares sold receivable |
1,078,152 | 1,536,158 | |||||||||
Prepaid expenses |
50,373 | 160,260 | |||||||||
Total assets |
219,158,148 | 871,237,017 | |||||||||
Liabilities |
|||||||||||
Contributions payable to the Master LLC |
1,078,152 | 1,536,158 | |||||||||
Service fees payable |
| 153 | |||||||||
Officers fees payable |
| 117 | |||||||||
Other accrued expenses payable |
13,189 | 19,358 | |||||||||
Total liabilities |
1,091,341 | 1,555,786 | |||||||||
Net Assets |
$ | 218,066,807 | $ | 869,681,231 | |||||||
Net Assets Consist of |
|||||||||||
Paid-in capital2,3 |
$ | 218,061,091 | $ | 869,653,372 | |||||||
Undistributed net investment income |
104 | | |||||||||
Accumulated net realized gain allocated from the Master LLC |
5,612 | 27,859 | |||||||||
Net Assets |
$ | 218,066,807 | $ | 869,681,231 | |||||||
Net Asset Value |
|||||||||||
Class 1 |
|||||||||||
Net assets |
$ | 6,558,472 | $ | 15,789,222 | |||||||
Shares outstanding |
6,558,300 | 15,788,711 | |||||||||
Net asset value |
$ | 1.00 | $ | 1.00 | |||||||
Class 2 |
|||||||||||
Net assets |
$ | 16,035,417 | $ | 54,019,803 | |||||||
Shares outstanding |
16,035,003 | 54,018,077 | |||||||||
Net asset value |
$ | 1.00 | $ | 1.00 | |||||||
Class 3 |
|||||||||||
Net assets |
$ | 48,924,576 | $ | 209,692,198 | |||||||
Shares outstanding |
48,923,193 | 209,685,711 | |||||||||
Net asset value |
$ | 1.00 | $ | 1.00 | |||||||
Class 4 |
|||||||||||
Net assets |
$ | 146,548,342 | $ | 590,180,008 | |||||||
Shares outstanding |
146,544,596 | 590,160,874 | |||||||||
Net asset value |
$ | 1.00 | $ | 1.00 | |||||||
1 Investments at cost from the applicable Master LLC |
$ | 218,029,623 | $ | 869,540,599 | |||||||
2 Shares authorized |
unlimited | unlimited | |||||||||
3 Par value per share |
$ | 0.10 | $ | 0.10 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 7 |
Statements of Operations | |
Six Months Ended September 30, 2014 (Unaudited) | BBIF Government Securities Fund |
BBIF Treasury Fund |
|||||||||
Investment Income |
|||||||||||
Net investment income allocated from the applicable Master LLC: |
|||||||||||
Interest |
$ | 77,145 | $ | 171,063 | |||||||
Expenses |
(334,063 | ) | (760,588 | ) | |||||||
Fees waived |
291,684 | 687,086 | |||||||||
Total income |
34,766 | 97,561 | |||||||||
Fund Expenses |
|||||||||||
Administration |
311,162 | 1,008,271 | |||||||||
Service and distribution Class 1 |
36,053 | 90,656 | |||||||||
Service and distribution Class 2 |
54,133 | 167,891 | |||||||||
Service and distribution Class 3 |
91,107 | 392,681 | |||||||||
Service and distribution Class 4 |
326,995 | 976,395 | |||||||||
Transfer agent Class 1 |
1,281 | 2,456 | |||||||||
Transfer agent Class 2 |
675 | 1,712 | |||||||||
Transfer agent Class 3 |
889 | 1,854 | |||||||||
Transfer agent Class 4 |
325 | 2,940 | |||||||||
Registration |
42,878 | 89,791 | |||||||||
Professional |
10,431 | 14,732 | |||||||||
Printing |
6,687 | 9,617 | |||||||||
Officer |
| 183 | |||||||||
Miscellaneous |
8,638 | 9,461 | |||||||||
Total expenses |
891,254 | 2,768,640 | |||||||||
Less fees waived by administrator |
(311,162 | ) | (1,007,653 | ) | |||||||
Less service and distribution fees waived Class 1 |
(36,053 | ) | (90,656 | ) | |||||||
Less service and distribution fees waived Class 2 |
(54,133 | ) | (167,891 | ) | |||||||
Less service and distribution fees waived Class 3 |
(91,107 | ) | (392,681 | ) | |||||||
Less service and distribution fees waived Class 4 |
(326,995 | ) | (976,395 | ) | |||||||
Transfer agent fees reimbursed Class 1 |
(1,281 | ) | (2,456 | ) | |||||||
Transfer agent fees reimbursed Class 2 |
(675 | ) | (1,712 | ) | |||||||
Transfer agent fees reimbursed Class 3 |
(889 | ) | (1,854 | ) | |||||||
Transfer agent fees reimbursed Class 4 |
(325 | ) | (2,940 | ) | |||||||
Less other expenses waived and/or reimbursed by administrator Class 1 |
(1,032 | ) | (564 | ) | |||||||
Less other expenses waived and/or reimbursed by administrator Class 2 |
(2,339 | ) | (1,707 | ) | |||||||
Less other expenses waived and/or reimbursed by administrator Class 3 |
(6,979 | ) | (7,214 | ) | |||||||
Less other expenses waived and/or reimbursed by administrator Class 4 |
(23,601 | ) | (17,547 | ) | |||||||
Total expenses after fees waived and/or reimbursed |
34,683 | 97,370 | |||||||||
Net investment income |
83 | 191 | |||||||||
Realized Gain Allocated from the applicable Master
LLC |
|||||||||||
Net realized gain from investments |
4,302 | 12,347 | |||||||||
Net Increase in Net Assets Resulting from Operations |
$ | 4,385 | $ | 12,538 |
See Notes to Financial Statements.
8 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Statements of Changes in Net Assets | |
BBIF Government Securities Fund |
|
|
BBIF Treasury Fund |
|
|||||||||||||||||||||||
Increase (Decrease) in Net Assets: | Six Months Ended September 30, 2014 (Unaudited) |
Year Ended March 31, 2014 |
Six Months Ended September 30, 2014 (Unaudited) |
Year Ended March 31, 2014 |
|||||||||||||||||||||||
Operations |
|||||||||||||||||||||||||||
Net investment income |
$ | 83 | $ | 109 | $ | 191 | $ | 329 | |||||||||||||||||||
Net realized gain |
4,302 | 6,267 | 12,347 | 52,194 | |||||||||||||||||||||||
Net increase in net assets resulting from operations |
4,385 | 6,376 | 12,538 | 52,523 | |||||||||||||||||||||||
Distributions to Shareholders From1 |
|||||||||||||||||||||||||||
Net investment income: |
|||||||||||||||||||||||||||
Class 1 |
(2 | ) | (6 | ) | (4 | ) | (10 | ) | |||||||||||||||||||
Class 2 |
(5 | ) | (11 | ) | (12 | ) | (23 | ) | |||||||||||||||||||
Class 3 |
(17 | ) | (37 | ) | (50 | ) | (99 | ) | |||||||||||||||||||
Class 4 |
(59 | ) | (66 | ) | (125 | ) | (197 | ) | |||||||||||||||||||
Net realized gain: |
|||||||||||||||||||||||||||
Class 1 |
| (544 | ) | | (1,058 | ) | |||||||||||||||||||||
Class 2 |
| (1,299 | ) | | (3,205 | ) | |||||||||||||||||||||
Class 3 |
| (4,593 | ) | | (15,597 | ) | |||||||||||||||||||||
Class 4 |
| (6,377 | ) | | (30,146 | ) | |||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(83 | ) | (12,933 | ) | (191 | ) | (50,335 | ) | |||||||||||||||||||
Capital Share Transactions |
|||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(42,001,263 | ) | 68,786,249 | 143,484,407 | (181,051,329 | ) | |||||||||||||||||||||
Net Assets |
|||||||||||||||||||||||||||
Total increase (decrease) in net assets |
(41,996,961 | ) | 68,779,692 | 143,496,754 | (181,049,141 | ) | |||||||||||||||||||||
Beginning of period |
260,063,768 | 191,284,076 | 726,184,477 | 907,233,618 | |||||||||||||||||||||||
End of period |
$ | 218,066,807 | $ | 260,063,768 | $ | 869,681,231 | $ | 726,184,477 | |||||||||||||||||||
Undistributed net investment income, end of period |
$ | 104 | $ | 104 | | |
1 | Distributions for annual periods determined in accordance with federal income tax regulations. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 9 |
Financial Highlights | BBIF Government Securities Fund |
Six Months Ended September 30, 2014 (Unaudited) |
Class 1 |
|
Six Months Ended September 30, 2014 (Unaudited) |
|
Class 2 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, |
|
|
Year Ended March 31, |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||
Per
Share Operating Performance |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value,
beginning of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||||||||||||||||||||
Net investment
income (loss) |
0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | (0.0000 | )3 | 0.0000 | 1 | |||||||||||||||||||||||||||||||
Net realized gain |
0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | ||||||||||||||||||||||||||||||||||||
Net increase from
investment operations |
0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0001 | 0.0001 | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0001 | 0.0000 | |||||||||||||||||||||||||||||||||||||||||||
Distributions from:2 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0002 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0002 | ) | |||||||||||||||||||||||||||||||
Net realized gain |
| (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | | (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | |||||||||||||||||||||||||||||||||
Total distributions |
(0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | |||||||||||||||||||||||||||||||
Net asset value,
end of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||||||||||||||||||||
Total
Return4 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
0.00%5 | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.02 | % | 0.00%5 | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.02 | % | |||||||||||||||||||||||||||||||||
Ratios
to Average Net Assets6 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
1.35%7,8 | 1.37%7 | 1.40%7 | 1.41%7 | 1.46%7 | 1.50 | % | 1.02%7,8 | 1.03%7 | 1.06%7 | 1.05%7 | 1.13%7 | 1.18 | % | |||||||||||||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
0.06%7,8 | 0.07%7 | 0.14%7 | 0.07%7 | 0.18%7 | 0.22 | % | 0.06%7,8 | 0.07%7 | 0.14%7 | 0.07%7 | 0.18%7 | 0.21 | % | |||||||||||||||||||||||||||||||||||||||||
Net investment
income |
0.00%7,8 | 0.00%7 | 0.00%7 | 0.00%7 | 0.00%7 | 0.00 | % | 0.00%7,8 | 0.00%7 | 0.00%7 | 0.00%7 | (0.00 | )%7 | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||
Supplemental
Data |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end
of period (000) |
$ | 6,558 | $ | 6,923 | $ | 12,860 | $ | 8,850 | $ | 7,132 | $ | 13,270 | $ | 16,035 | $ | 16,554 | $ | 16,611 | $ | 42,220 | $ | 48,804 | $ | 60,953 | |||||||||||||||||||||||||||||||
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Includes the Funds share of the Master LLCs allocated expenses and/or net investment income. |
7 | Includes the Funds share of the Master LLCs allocated fees waived of 0.23%, 0.23%, 0.20%, 0.24% and 0.21%, for the six months ended September 30, 2014 and the years ended March 31, 2014, March 31, 2013, March 31, 2012 and March 31, 2011, respectively. |
8 | Annualized. |
See Notes to Financial Statements.
10 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Financial Highlights (concluded) | BBIF Government Securities Fund |
Six Months Ended September 30, 2014 (Unaudited) |
Class 3 |
Six Months Ended September 30, 2014 (Unaudited) |
Class 4 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, |
Year Ended March 31, |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||
Per
Share Operating Performance |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value,
beginning of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||||||||||||||||||||
Net investment
income |
0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | |||||||||||||||||||||||||||||||
Net realized gain |
0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | |||||||||||||||||||||||||||||||||||
Net increase from
investment operations |
0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0001 | 0.0000 | |||||||||||||||||||||||||||||||||||||||||||
Distributions from:2 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0002 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0002 | ) | |||||||||||||||||||||||||||||||
Net realized gain |
| (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | | (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | |||||||||||||||||||||||||||||||||
Total distributions |
(0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | |||||||||||||||||||||||||||||||
Net asset value,
end of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||||||||||||||||||||
Total
Return4 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
0.00%5 | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.02 | % | 0.00%5 | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.02 | % | |||||||||||||||||||||||||||||||||
Ratios
to Average Net Assets6 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.72%7,8 | 0.73%7 | 0.75%7 | 0.74%7 | 0.83%7 | 0.88 | % | 0.71%7,8 | 0.71%7 | 0.74%7 | 0.74%7 | 0.81%7 | 0.87 | % | |||||||||||||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
0.06%7,8 | 0.07%7 | 0.14%7 | 0.07%7 | 0.18%7 | 0.21 | % | 0.06%7,8 | 0.07%7 | 0.14%7 | 0.07%7 | 0.18%7 | 0.22 | % | |||||||||||||||||||||||||||||||||||||||||
Net investment
income |
0.00%7,8 | 0.00%7 | 0.00%7 | 0.00%7 | 0.00%7 | 0.00 | % | 0.00%7,8 | 0.00%7 | 0.00%7 | 0.00%7 | 0.00%7 | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||
Supplemental
Data |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end
of period (000) |
$ | 48,925 | $ | 59,542 | $ | 58,380 | $ | 104,375 | $ | 94,019 | $ | 135,353 | $ | 146,548 | $ | 177,046 | $ | 103,434 | $ | 254,817 | $ | 138,105 | $ | 150,166 | |||||||||||||||||||||||||||||||
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Includes the Funds share of the Master LLCs allocated expenses and/or net investment income. |
7 | Includes the Funds share of the Master LLCs allocated fees waived of 0.23%, 0.23%, 0.20%, 0.24% and 0.21%, for the six months ended September 30, 2014 and the years ended March 31, 2014, March 31, 2013, March 31, 2012 and March 31, 2011, respectively. |
8 | Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 11 |
Financial Highlights | BBIF Treasury Fund |
Six Months Ended September 30, 2014 (Unaudited) |
Class 1 |
|
Six Months Ended September 30, 2014 (Unaudited) |
|
Class 2 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March 31, |
|
|
Year Ended March 31, |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||
Per
Share Operating Performance |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value,
beginning of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||||||||||||||||||||
Net investment
income |
0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | ||||||||||||||||||||||||||||||||
Net realized gain |
0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | |||||||||||||||||||||||||||||||||||||
Net increase from
investment operations |
0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0001 | 0.0001 | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0001 | 0.0002 | |||||||||||||||||||||||||||||||||||||||||||
Distributions from:2 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0002 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0002 | ) | |||||||||||||||||||||||||||||||
Net realized gain |
| (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | | (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | |||||||||||||||||||||||||||||||||
Total distributions |
(0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | |||||||||||||||||||||||||||||||
Net asset value,
end of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||||||||||||||||||||
Total
Return4 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
0.00%5 | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.02 | % | 0.00%5 | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.03 | % | |||||||||||||||||||||||||||||||||
Ratio
to Average Net Assets6 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
1.31%7,8 | 1.32%7 | 1.38%7 | 1.34%7 | 1.41%7 | 1.45 | % | 0.98%7,8 | 0.99%7 | 1.03%7 | 1.00%7 | 1.08%7 | 1.12 | % | |||||||||||||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
0.04%7,8 | 0.06%7 | 0.10%7 | 0.05%7 | 0.16%7 | 0.20 | % | 0.04%7,8 | 0.06%7 | 0.10%7 | 0.05%7 | 0.16%7 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||
Net investment
income |
0.00%7,8 | 0.00%7 | 0.00%7 | 0.00%7 | 0.00%7 | 0.00 | % | 0.00%7,8 | 0.00%7 | 0.00%7 | 0.00%7 | 0.00%7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||
Supplemental
Data |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end
of period (000) |
$ | 15,789 | $ | 24,806 | $ | 48,714 | $ | 16,837 | $ | 15,797 | $ | 25,132 | $ | 54,020 | $ | 47,660 | $ | 54,826 | $ | 108,916 | $ | 124,947 | $ | 160,005 | |||||||||||||||||||||||||||||||
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Includes the Funds share of the Master LLCs allocated expenses and/or net investment income. |
7 | Includes the Funds share of the Master LLCs allocated fees waived of 0.17%, 0.14%, 0.11%, 0.15% and 0.08%, for the six months ended September 30, 2014 and the years ended March 31, 2014, March 31, 2013, March 31, 2012 and March 31, 2011, respectively. |
8 | Annualized. |
See Notes to Financial Statements.
12 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Financial Highlights (concluded) | BBIF Treasury Fund |
Six Months Ended September 30, 2014 (Unaudited) |
Class 3 |
Six Months Ended September 30, 2014 (Unaudited) |
Class 4 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended March
31, |
Year Ended March 31, |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||
Per
Share Operating Performance |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value,
beginning of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||||||||||||||||||||
Net investment
income |
0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | |||||||||||||||||||||||||||||||||
Net realized gain |
0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | |||||||||||||||||||||||||||||||||||||
Net increase from
investment operations |
0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0001 | 0.0002 | 0.0000 | 0.0001 | 0.0000 | 0.0000 | 0.0001 | 0.0002 | |||||||||||||||||||||||||||||||||||||||||||
Distributions from:2 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income |
(0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0002 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0000 | )3 | (0.0002 | ) | |||||||||||||||||||||||||||||||
Net realized gain |
| (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | | (0.0001 | ) | (0.0000 | )3 | (0.0000 | )3 | (0.0001 | ) | (0.0000 | )3 | |||||||||||||||||||||||||||||||||
Total distributions |
(0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | (0.0000 | ) | (0.0001 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | |||||||||||||||||||||||||||||||
Net asset value,
end of period |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||||||||||||||||||||||||
Total
Return4 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
0.00%5 | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.03 | % | 0.00%5 | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.03 | % | |||||||||||||||||||||||||||||||||
Ratio
to Average Net Assets6 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.67%7,8 | 0.68%7 | 0.73%7 | 0.69%7 | 0.78%7 | 0.81 | % | 0.67%7,8 | 0.68%7 | 0.72%7 | 0.69%7 | 0.78%7 | 0.81 | % | |||||||||||||||||||||||||||||||||||||||||
Total expenses after fees waived and/or reimbursed |
0.04%7,8 | 0.06%7 | 0.10%7 | 0.05%7 | 0.16%7 | 0.20 | % | 0.04%7,8 | 0.06%7 | 0.10%7 | 0.04%7 | 0.15%7 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||||
Net investment
income |
0.00%7,8 | 0.00%7 | 0.00%7 | 0.00%7 | 0.00%7 | 0.01 | % | 0.00%7,8 | 0.00%7 | 0.00%7 | 0.00%7 | 0.00%7 | 0.01 | % | |||||||||||||||||||||||||||||||||||||||||
Supplemental
Data |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end
of period (000) |
$ | 209,692 | $ | 277,444 | $ | 243,886 | $ | 387,165 | $ | 405,216 | $ | 445,844 | $ | 590,180 | $ | 376,274 | $ | 559,807 | $ | 747,313 | $ | 454,484 | $ | 547,903 | |||||||||||||||||||||||||||||||
1 | Amount is less than $0.00005 per share. |
2 | Distributions for annual periods determined in accordance with federal income tax regulations. |
3 | Amount is greater than $(0.00005) per share. |
4 | Where applicable, assumes the reinvestment of distributions. |
5 | Aggregate total return. |
6 | Includes the Funds share of the Master LLCs allocated expenses and/or net investment income. |
7 | Includes the Funds share of the Master LLCs allocated fees waived of 0.17%, 0.14%, 0.11%, 0.15% and 0.08%, for the six months ended September 30, 2014 and the years ended March 31, 2014, March 31, 2013, March 31, 2012 and March 31, 2011, respectively. |
8 | Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 13 |
Notes to Financial Statements (Unaudited) | BBIF Government Securities Fund and BBIF Treasury Fund |
14 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Notes to Financial Statements (continued) | BBIF Government Securities Fund and BBIF Treasury Fund |
|
Class 1 |
|
Class 2 |
|
Class 3 |
|
Class 4 |
|||||||||||
Service Fee |
0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||
Distribution Fee |
0.750 | % | 0.425 | % | 0.125 | % | 0.125 | % |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 15 |
Notes to Financial Statements (concluded) | BBIF Government Securities Fund and BBIF Treasury Fund |
BBIF Government Securities Fund |
|
|
BBIF Treasury Fund |
|
|||||||||||||||||||
|
Six Months Ended September 30, 2014 |
|
Year Ended March 31, |
|
|
Six Months Ended September 30, 2014 |
|
Year Ended March 31, |
|||||||||||||||
Class 1 |
|||||||||||||||||||||||
Shares sold |
39,496,814 | 147,169,136 | 159,547,790 | 365,575,113 | |||||||||||||||||||
Shares issued to shareholders in reinvestment of distributions |
| 545 | | 1,060 | |||||||||||||||||||
Shares redeemed |
(39,861,211 | ) | (153,106,554 | ) | (168,564,969 | ) | (389,483,737 | ) | |||||||||||||||
Net decrease |
(364,397 | ) | (5,936,873 | ) | (9,017,179 | ) | (23,907,564 | ) | |||||||||||||||
Class 2 |
|||||||||||||||||||||||
Shares sold |
52,987,921 | 114,738,394 | 167,550,752 | 341,318,589 | |||||||||||||||||||
Shares issued to shareholders in reinvestment of distributions |
| 1,299 | 1 | 3,205 | |||||||||||||||||||
Shares redeemed |
(53,506,500 | ) | (114,796,135 | ) | (161,191,686 | ) | (348,487,914 | ) | |||||||||||||||
Net increase (decrease) |
(518,579 | ) | (56,442 | ) | 6,359,067 | (7,166,120 | ) | ||||||||||||||||
Class 3 |
|||||||||||||||||||||||
Shares sold |
177,431,118 | 358,860,699 | 665,754,652 | 1,475,666,451 | |||||||||||||||||||
Shares issued to shareholders in reinvestment of distributions |
4 | 4,603 | 17 | 15,632 | |||||||||||||||||||
Shares redeemed |
(188,049,357 | ) | (357,701,120 | ) | (733,507,418 | ) | (1,442,126,470 | ) | |||||||||||||||
Net increase (decrease) |
(10,618,235 | ) | 1,164,182 | (67,752,749 | ) | 33,555,613 | |||||||||||||||||
Class 4 |
|||||||||||||||||||||||
Shares sold |
646,163,463 | 1,418,076,408 | 1,781,985,789 | 4,258,562,248 | |||||||||||||||||||
Shares issued to shareholders in reinvestment of distributions |
28 | 6,408 | 77 | 30,277 | |||||||||||||||||||
Shares redeemed |
(676,663,543 | ) | (1,344,467,434 | ) | (1,568,090,598 | ) | (4,442,125,783 | ) | |||||||||||||||
Net increase (decrease) |
(30,500,052 | ) | 73,615,382 | 213,895,268 | (183,533,258 | ) | |||||||||||||||||
Total Net Increase (Decrease) |
(42,001,263 | ) | 68,786,249 | 143,484,407 | (181,051,329 | ) |
16 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Master LLC Portfolio Information as of September 30, 2014 | Master Government
Securities LLC and Master Treasury LLC |
Portfolio Composition
Master Government Securities
LLC |
|
Percent of Net Assets |
||||
U.S. Treasury Obligations |
60 | % | ||||
Repurchase Agreements |
43 | |||||
Liabilities in Excess of Other Assets |
(3 | ) | ||||
Total |
100 | % |
Master Treasury LLC |
|
Percent of Net Assets |
||||
U.S. Treasury Obligations |
107 | % | ||||
Liabilities in Excess of Other Assets |
(7 | ) | ||||
Total |
100 | % |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 17 |
Schedule of Investments September 30, 2014 (Unaudited) | Master Government
Securities LLC (Percentages shown are based on Net Assets) |
US
Treasury Obligations |
|
Par (000) |
|
Value |
|||||||
U.S.
Treasury Bills (a): |
|||||||||||
0.00%,
10/02/14 |
$ | 15,000 | $ | 15,000,000 | |||||||
0.02%,
10/09/14 |
2,155 | 2,154,987 | |||||||||
0.03%,
10/30/14 |
10,000 | 9,999,729 | |||||||||
0.05%,
11/06/14 |
15,000 | 14,999,291 | |||||||||
0.03%,
11/13/14 |
21,000 | 20,999,294 | |||||||||
0.06%,
11/28/14 |
20,000 | 19,998,197 | |||||||||
0.06%,
1/02/15 |
10,000 | 9,998,381 | |||||||||
0.06%,
1/08/15 |
5,000 | 4,999,132 | |||||||||
0.06%,
1/22/15 |
45,000 | 44,991,608 | |||||||||
0.05%,
2/19/15 |
10,000 | 9,997,909 | |||||||||
0.05%,
2/26/15 |
20,000 | 19,995,861 | |||||||||
0.05%,
3/12/15 |
17,000 | 16,996,151 | |||||||||
0.05%,
3/19/15 |
10,000 | 9,997,757 | |||||||||
0.03%
0.04%, 4/02/15 |
20,000 | 19,996,335 | |||||||||
U.S.
Treasury Notes: |
|||||||||||
0.25%
2.38%, 10/31/14 |
23,676 | 23,704,236 | |||||||||
0.38%,
11/15/14 |
19,942 | 19,949,227 | |||||||||
0.25%,
11/30/14 |
4,290 | 4,291,014 | |||||||||
0.25%,
12/15/14 |
23,000 | 23,009,995 | |||||||||
0.25%,
1/15/15 |
12,580 | 12,584,538 | |||||||||
0.25%
2.25%, 1/31/15 |
7,446 | 7,476,759 | |||||||||
0.06%,
1/31/16 (b) |
6,625 | 6,622,847 | |||||||||
0.08%,
4/30/16 (b) |
13,165 | 13,165,022 | |||||||||
0.09%,
7/31/16 (b) |
7,117 | 7,118,938 | |||||||||
Total
U.S. Treasury Obligations 59.9%
|
338,047,208 | ||||||||||
Repurchase
Agreements |
|||||||||||
Bank
of Montreal, 0.01%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $8,000,002, collateralized
by a U.S. Treasury Note, 0.88%, due 6/15/17, original par and fair value of $8,156,400
and $8,160,055, respectively) |
8,000 | 8,000,000 | |||||||||
Total
Value of Bank of Montreal (collateral value of $8,160,055) |
8,000,000 | ||||||||||
BNP
Paribas Securities Corp., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at
$5,000,000, collateralized by various U.S. Treasury Obligations, 1.63% to 1.75%, due
1/15/15 to 1/15/28, original par and fair value of $4,004,000 and $5,100,100, respectively) |
5,000 | 5,000,000 | |||||||||
BNP
Paribas Securities Corp., 0.05%, 10/07/14 (Purchased on 9/30/14 to be repurchased at
$15,000,146, collateralized by various U.S. Treasury Obligations, 0.00% to 3.63%, due
2/15/15 to 5/15/43, original par and fair value of $19,006,234 and $15,300,001, respectively)
(c) |
15,000 | 15,000,000 | |||||||||
Total
Value of BNP Paribas Securities Corp. (collateral value of $20,400,101) |
20,000,000 |
Repurchase
Agreements |
|
Par (000) |
|
Value |
||||||
Credit
Suisse Securities (USA) LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased
at $22,000,000, collateralized by various U.S. Treasury Obligations, 0.25% to 3.13%,
due 5/31/15 to 5/15/21, original par and fair value of $21,730,400 and $22,444,744, respectively) |
$ | 22,000 | $ | 22,000,000 | ||||||
Total
Value of Credit Suisse Securities (USA) LLC (collateral value of $22,444,744) |
22,000,000 | |||||||||
HSBC
Securities (USA), Inc., 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $20,000,000,
collateralized by a U.S. Treasury Note, 1.38%, due 11/30/18, original par and fair value
of $20,475,000 and $20,402,588, respectively) |
20,000 | 20,000,000 | ||||||||
Total
Value of HSBC Securities (USA), Inc. (collateral value of $20,402,588) |
20,000,000 | |||||||||
J.P.
Morgan Securities LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $21,000,000,
collateralized by a U.S. Treasury Note, 1.25%, due 10/31/18, original par and fair values
of $21,575,000 and $21,422,400, respectively) |
21,000 | 21,000,000 | ||||||||
Total
Value of J.P. Morgan Securities LLC (collateral value of $21,422,400) |
21,000,000 | |||||||||
Merrill
Lynch, Pierce, Fenner & Smith, Inc., 0.00%, 10/01/14 (Purchased on 9/30/2014 to be
repurchased at $15,000,000, collateralized by a U.S. Treasury Note, 0.00%, due 5/15/29,
original par and fair value of $23,861,900 and $15,300,012, respectively) |
15,000 | 15,000,000 | ||||||||
Total
Value of Merrill Lynch, Pierce, Fenner & Smith, Inc. (collateral value of $15,300,012) |
15,000,000 | |||||||||
Morgan
Stanley & Co. LLC, 0.03%, 10/01/14 (Purchased on 9/26/14 to be repurchased at $25,000,104,
collateralized by various U.S. Treasury Obligations, 0.25% to 7.50%, due 9/15/15 to 5/15/30,
original par and fair value of $25,370,500 and $25,500,003, respectively) |
25,000 | 25,000,000 | ||||||||
Total
Value of Morgan Stanley & Co. LLC (collateral value of $25,500,003) |
25,000,000 | |||||||||
RBC
Capital Markets LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $15,000,000,
collateralized by various U.S. Treasury Obligations, 0.00% to 8.13%, due 9/17/15 to 2/15/27,
original par and fair value of $14,756,419 and $15,300,001, respectively) |
15,000 | 15,000,000 | ||||||||
Total
Value of RBC Capital Markets LLC (collateral value of $15,300,001) |
15,000,000 |
18 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Schedule of Investments (concluded) | Master Government
Securities LLC (Percentages shown are based on Net Assets) |
Repurchase
Agreements |
|
Par (000) |
|
Value | ||||||
SG
Americas Securities LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $27,000,000,
collateralized by various U.S. Treasury Obligations, 0.09% to 0.50%, due 4/15/15 to 7/31/16,
original par and fair value of $25,624,300 and $27,540,027, respectively) |
$ | 27,000 | $ | 27,000,000 | ||||||
Total
Value of SG Americas Securities LLC (collateral value of $27,540,027) |
27,000,000 | |||||||||
TD
Securities (USA) LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $26,000,000,
collateralized by various U.S. Treasury Obligations, 0.00% to 1.75%, due 2/05/15 to 5/15/23,
original par and fair value of $26,605,300 and $26,520,038, respectively) |
26,000 | 26,000,000 | ||||||||
Total
Value of TD Securities (USA) LLC (collateral value of $26,520,038) |
26,000,000 | |||||||||
Repurchase
Agreements |
|
Par (000) |
|
Value | ||||||
UBS
Securities LLC, 0.00%, 10/01/14 (Purchased on 9/30/14 to be repurchased at $15,645,000,
collateralized by various U.S. Treasury Obligations, 0.00% to 4.38%, due 2/15/16 to 11/15/43,
original par and fair value of $22,073,120 and $15,957,906, respectively) |
$ | 15,645 | $ | 15,645,000 | ||||||
Total
Value of UBS Securities LLC (collateral value of $15,957,906) |
15,645,000 | |||||||||
Wells
Fargo Securities, LLC, 0.02%, 10/01/14 (Purchased on 8/14/14 to be repurchased at $30,000,800,
collateralized by various U.S. Treasury Obligations, 2.13% to 3.63%, due 8/15/21 to 2/15/44,
original par and fair value of $30,034,400 and $30,600,028, respectively) |
30,000 | 30,000,000 | ||||||||
Total
Value of Wells Fargo Securities, LLC (collateral value of $30,600,028) |
30,000,000 | |||||||||
Total
Repurchase Agreements 43.4% |
244,645,000 | |||||||||
Total Investments
(Cost $582,692,208*) 103.3% |
582,692,208 | |||||||||
Liabilities
in Excess of Other Assets (3.3)% |
(18,737,818 | ) | ||||||||
Net
Assets 100.0% |
$ | 563,954,390 |
Notes to Schedule of Investments
* | Cost
for federal income tax purposes. |
|||
(a) | Rates shown are discount rates or a range of discount rates paid at the time of purchase. |
|||
(b) | Variable rate security. Rate shown is as of report date. |
|||
(c) | Maturity shown is the date the principal owed can be recovered through demand. |
|||
| Fair
Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized
into a disclosure hierarchy consisting of three broad levels for financial statement purposes. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3
measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs
used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy
classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a
value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated
with investing in those securities. The three levels of the fair value hierarchy are as follows: |
| Level 1 unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Master LLC has the
ability to access |
|||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Master LLCs own assumptions used in determining the fair value of investments) |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the
Master LLCs policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of
the reporting period. For information about the Master LLCs policy regarding valuation of investments, please refer to Note 2 of the Notes to
Financial Statements. |
||||
The
following table summarizes the Master LLCs investments categorized in the disclosure hierarchy as of September 30, 2014: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
Total Investments1 |
| $ | 582,692,208 | | $ | 582,692,208 |
1 | See above Schedule of Investments for values in each security type. |
There were no transfers between levels during the six months ended September 30, 2014. |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 19 |
Schedule of Investments September 30, 2014 (Unaudited) | Master Treasury
LLC (Percentages shown are based on Net Assets) |
U.S.
Treasury Obligations |
|
Par (000) |
|
Value |
||||||
U.S.
Treasury Bills (a): |
||||||||||
0.02%
0.04%, 10/02/14 |
$ | 129,378 | $ | 129,377,808 | ||||||
0.01%
0.03%, 10/09/14 |
195,283 | 195,282,390 | ||||||||
0.00%
0.06%, 10/16/14 |
366,729 | 366,726,633 | ||||||||
0.00%
0.03%, 10/23/14 |
136,000 | 135,997,586 | ||||||||
0.03%,
10/30/14 |
75,000 | 74,997,938 | ||||||||
0.00%
0.03%, 11/06/14 |
93,000 | 92,997,670 | ||||||||
0.00%
0.03%, 11/13/14 |
128,165 | 128,161,120 | ||||||||
0.00%
0.03%, 11/20/14 |
86,680 | 86,677,071 | ||||||||
0.02%,
11/28/14 |
37,725 | 37,723,454 | ||||||||
0.03%,
12/04/14 |
54,649 | 54,646,218 | ||||||||
0.02%,
12/11/14 |
61,021 | 61,017,949 | ||||||||
0.00%,
12/26/14 |
10,009 | 10,008,879 | ||||||||
0.01%
0.06%, 1/02/15 |
139,000 | 138,994,247 | ||||||||
0.03%
0.06%, 1/08/15 |
45,595 | 45,589,395 | ||||||||
0.02%,
1/22/15 |
38,979 | 38,977,149 | ||||||||
0.05%
0.06%, 2/05/15 |
40,000 | 39,992,222 | ||||||||
0.04%
0.05%, 2/26/15 |
56,226 | 56,214,519 |
U.S.
Treasury Obligations |
|
Par (000) |
|
Value |
||||||
U.S.
Treasury Bills (a) (concluded): |
||||||||||
0.05%,
3/05/15 |
$ | 25,000 | $ | 24,994,583 | ||||||
0.05%,
3/12/15 |
45,000 | 44,989,813 | ||||||||
0.05%,
3/19/15 |
50,000 | 49,988,683 | ||||||||
0.05%,
3/26/15 |
30,000 | 29,993,363 | ||||||||
U.S.
Treasury Notes: |
||||||||||
0.50%,
10/15/14 |
46,600 | 46,608,303 | ||||||||
0.25%
2.38%, 10/31/14 |
45,000 | 45,051,997 | ||||||||
0.38%,
11/15/14 |
14,045 | 14,050,308 | ||||||||
0.25%
2.25%, 1/31/15 |
60,000 | 60,177,214 | ||||||||
0.06%,
1/31/16 (b) |
18,736 | 18,730,218 | ||||||||
0.08%,
4/30/16 (b) |
37,044 | 37,044,058 | ||||||||
0.08%,
7/31/16 (b) |
20,168 | 20,173,491 | ||||||||
Total
Investments (Cost $2,085,184,279*) 106.5% |
2,085,184,279 | |||||||||
Liabilities
in Excess of Other Assets (6.5)% |
(127,025,112 | ) | ||||||||
Net
Assets 100.0% |
$ | 1,958,159,167 |
Notes to Schedule of Investments
* | Cost
for federal income tax purposes. |
|||
(a) | Rates shown are discount rates or a range of discount rates paid at the time of purchase. |
|||
(b) | Variable rate security. Rate shown is as of report date. |
|||
| Fair
Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized
into a disclosure hierarchy consisting of three broad levels for financial statement purposes. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3
measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs
used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy
classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a
value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated
with investing in those securities. The three levels of the fair value hierarchy are as follows: |
| Level 1 unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Master LLC has the
ability to access |
|||
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets
that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
default rates) or other market-corroborated inputs) |
|||
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are
not available (including the Master LLCs own assumptions used in determining the fair value of investments) |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the
Master LLCs policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of
the reporting period. For information about the Master LLCs policy regarding valuation of investments, please refer to Note 2 of the Notes to
Financial Statements. |
||||
The
following table summarizes the Master LLCs investments categorized in the disclosure hierarchy as of September 30, 2014: |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|||||||||||
Assets: |
||||||||||||||||||
Investments: |
||||||||||||||||||
U.S. Treasury Obligations |
| $ | 2,085,184,279 | | $ | 2,085,184,279 |
There were no transfers between levels during the six months ended September 30, 2014. |
20 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Statements of Assets and Liabilities |
September 30, 2014 (Unaudited) | Master Government Securities LLC |
Master Treasury LLC |
|||||||||
Assets |
|||||||||||
Investments at value unaffiliated1 |
$ | 338,047,208 | $ | 2,085,184,279 | |||||||
Repurchase agreements, at value unaffiliated2 |
244,645,000 | | |||||||||
Contributions receivable from investors |
1,078,152 | 1,536,158 | |||||||||
Interest receivable |
221,675 | 496,869 | |||||||||
Prepaid expenses |
505 | 1,505 | |||||||||
Total assets |
583,992,540 | 2,087,218,811 | |||||||||
Liabilities |
|||||||||||
Investments purchased payable |
19,996,335 | 128,995,879 | |||||||||
Directors fees payable |
5,920 | 14,933 | |||||||||
Other affiliates payable |
873 | 6,105 | |||||||||
Investment advisory fees payable |
| 208 | |||||||||
Other accrued expenses payable |
35,022 | 42,519 | |||||||||
Total liabilities |
20,038,150 | 129,059,644 | |||||||||
Net Assets |
$ | 563,954,390 | $ | 1,958,159,167 | |||||||
Net Assets Consist of |
|||||||||||
Investors capital |
$ | 563,954,390 | $ | 1,958,159,167 | |||||||
1 Investments at cost unaffiliated |
$ | 338,047,208 | $ | 2,085,184,279 | |||||||
2 Repurchase agreements at cost unaffiliated |
$ | 244,645,000 | |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 21 |
Statements of Operations |
Six Months Ended September 30, 2014 (Unaudited) | Master Government Securities LLC |
Master Treasury LLC |
|||||||||
Investment Income |
|||||||||||
Interest |
$ | 194,506 | $ | 406,249 | |||||||
Expenses |
|||||||||||
Investment advisory |
741,320 | 1,628,144 | |||||||||
Professional |
30,835 | 28,364 | |||||||||
Accounting services |
29,667 | 68,064 | |||||||||
Custodian |
28,909 | 27,653 | |||||||||
Directors |
10,521 | 26,537 | |||||||||
Printing |
1,098 | 5,599 | |||||||||
Miscellaneous |
5,872 | 11,365 | |||||||||
Total expenses |
848,222 | 1,795,726 | |||||||||
Less fees waived by Manager |
(741,239 | ) | (1,619,851 | ) | |||||||
Less fees paid indirectly |
(74 | ) | (121 | ) | |||||||
Total expenses after fees waived and paid indirectly |
106,909 | 175,754 | |||||||||
Net investment income |
87,597 | 230,495 | |||||||||
Realized Gain |
|||||||||||
Net realized gain from investments |
12,175 | 29,242 | |||||||||
Net Increase in Net Assets Resulting from Operations |
$ | 99,772 | $ | 259,737 |
Master Government Securities LLC |
|
Master Treasury LLC |
|
||||||||||||||||||||
Increase (Decrease) in Net Assets: | Six Months Ended September 30, 2014 (Unaudited) |
Year Ended March 31, 2014 |
Six Months Ended September 30, 2014 (Unaudited) |
Year Ended March 31, 2014 |
|||||||||||||||||||
Operations |
|||||||||||||||||||||||
Net
investment income |
$ | 87,597 | $ | 175,864 | $ | 230,495 | $ | 522,103 | |||||||||||||||
Net
realized gain |
12,175 | 17,538 | 29,242 | 141,266 | |||||||||||||||||||
Net
increase in net assets resulting from operations |
99,772 | 193,402 | 259,737 | 663,369 | |||||||||||||||||||
Capital Transactions |
|||||||||||||||||||||||
Proceeds from contributions |
1,515,723,712 | 3,661,948,379 | 3,795,346,317 | 9,499,699,101 | |||||||||||||||||||
Value of withdrawals |
(1,592,032,862 | ) | (3,523,476,939 | ) | (3,711,952,000 | ) | (10,114,167,781 | ) | |||||||||||||||
Net
increase (decrease) in net assets derived from capital share transactions |
(76,309,150 | ) | 138,471,440 | 83,394,317 | (614,468,680 | ) | |||||||||||||||||
Net Assets |
|||||||||||||||||||||||
Total increase (decrease) in net assets |
(76,209,378 | ) | 138,664,842 | 83,654,054 | (613,805,311 | ) | |||||||||||||||||
Beginning of period |
640,163,768 | 501,498,926 | 1,874,505,113 | 2,488,310,424 | |||||||||||||||||||
End
of period |
$ | 563,954,390 | $ | 640,163,768 | $ | 1,958,159,167 | $ | 1,874,505,113 |
22 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Financial Highlights | Master Government Securities LLC |
Six Months Ended September 30, 2014 (Unaudited) |
Year Ended March 31, |
||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||
Total Return |
|||||||||||||||||||||||||||
Total return |
0.02%1 | 0.04 | % | 0.06 | % | 0.04 | % | 0.13 | % | 0.18 | % | ||||||||||||||||
Ratios to Average Net Assets |
|||||||||||||||||||||||||||
Total expenses |
0.27%2 | 0.27 | % | 0.27 | % | 0.27 | % | 0.27 | % | 0.26 | % | ||||||||||||||||
Total expenses after fees waived and paid indirectly |
0.03%2 | 0.04 | % | 0.08 | % | 0.03 | % | 0.06 | % | 0.07 | % | ||||||||||||||||
Net investment income |
0.03%2 | 0.03 | % | 0.06 | % | 0.04 | % | 0.13 | % | 0.14 | % | ||||||||||||||||
Supplemental Data |
|||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 563,954 | $ | 640,164 | $ | 501,499 | $ | 743,147 | $ | 496,689 | $ | 680,465 | |||||||||||||||
Master Treasury LLC |
Six Months Ended September 30, 2014 (Unaudited) |
Year Ended March 31, |
|
|||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||
Total Return |
|||||||||||||||||||||||||||
Total Return |
0.01%1 | 0.03 | % | 0.03 | % | 0.03 | % | 0.08 | % | 0.10 | % | ||||||||||||||||
Ratio to Average Net Assets |
|||||||||||||||||||||||||||
Total expenses |
0.19%2 | 0.18 | % | 0.18 | % | 0.17 | % | 0.18 | % | 0.17 | % | ||||||||||||||||
Total expenses after fees waived and paid indirectly |
0.02%2 | 0.04 | % | 0.07 | % | 0.02 | % | 0.09 | % | 0.14 | % | ||||||||||||||||
Net investment income |
0.02%2 | 0.03 | % | 0.03 | % | 0.03 | % | 0.06 | % | 0.08 | % | ||||||||||||||||
Supplemental Data |
|||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 1,958,159 | $ | 1,874,505 | $ | 2,488,310 | $ | 3,146,576 | $ | 2,626,224 | $ | 2,856,229 |
1 | Aggregate total return. |
2 | Annualized. |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 23 |
Notes to Financial Statements (Unaudited) | Master Government Securities LLC and Master Treasury LLC |
24 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Notes to Financial Statements (continued) | Master Government Securities LLC and Master Treasury LLC |
Based on the terms of the MRA, the Master LLCs receive
securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty,
the Master LLCs would recognize a liability with respect to such excess collateral. The liability reflects the Master LLCs obligation under
bankruptcy law to return the excess to the counterparty.
Average Daily Net Assets |
|
Investment Advisory Fee |
||
First $500 Million |
0.250% | |||
$500 Million $1 Billion |
0.175% | |||
Greater than $1 Billion |
0.125% |
|
Reimbursement To Manager |
|||
Master Government Securities LLC |
$3,115 | |||
Master Treasury LLC |
$9,601 |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 25 |
Notes to Financial Statements (concluded) | Master Government Securities LLC and Master Treasury LLC |
counterparty credit risk by entering into transactions only
with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those
counterparties. Financial assets, which potentially expose the Master LLCs to market, issuer and counterparty credit risks, consist principally of
financial instruments and receivables due from counterparties. The extent of the Master LLCs exposure to market, issuer and counterparty credit
risks with respect to these financial assets is generally approximated by their value recorded in the Statements of Assets and Liabilities, less any
collateral held by the Master LLCs.
26 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Disclosure of Investment Advisory Agreements | |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 27 |
Disclosure of Investment Advisory Agreements (continued) | |
party distribution partners, subadvisory and advisory
relationships with other clients (including mutual funds sponsored by third parties) and management fee levels and breakpoints. The Boards further
considered the importance of: BlackRocks management organization; marketing support for the funds; services provided to the funds by BlackRock
affiliates; and BlackRocks oversight of relationships with third party service providers.
1 | Funds are ranked by Lipper in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. |
28 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Disclosure of Investment Advisory Agreements (continued) | |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 29 |
Disclosure of Investment Advisory Agreements (continued) | |
advisory products. The Boards recognized that profitability
may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed,
precision of expense allocations and business mix. As a result, calculating and comparing profitability at individual fund levels is
difficult.
30 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Disclosure of Investment Advisory Agreements (concluded) | |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 31 |
Officers and Directors | |
Rodney
D. Johnson, Co-Chairman of the Board and Director
Paul L. Audet, Director
David O. Beim, Director
Frank J. Fabozzi, Director
Henry
Gabbay, Director
Dr. Matina S. Horner, Director
Herbert I. London, Director
Ian A. MacKinnon, Director
Cynthia A.
Montgomery, Director
Joseph P. Platt, Director
Robert C. Robb, Jr., Director
Toby Rosenblatt, Director
Kenneth L. Urish, Director
Frederick W. Winter, Director
John M. Perlowski, President and Chief Executive Officer
Richard Hoerner, CFA, Vice President
Jennifer
McGovern, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Charles Park, Chief Compliance Officer and Anti-Money
Laundering Officer
Benjamin Archibald, Secretary
Effective May 30, 2014, Brian Kindelan resigned as Chief Compliance Officer and Anti-Money Laundering Officer of the Funds and Charles Park became
Chief Compliance Officer and Anti-Money Laundering Officer of the Funds. Mr. Park joined BlackRock in 2009 and is the current Global Chief Compliance
Officer of the BlackRock iShares exchange traded funds. Effective September 19, 2014, Brendan Kyne resigned as a Vice President of the Funds and Jennifer McGovern became a Vice President of the Funds. |
Investment Advisor and Administrator BlackRock Advisors, LLC Wilmington, DE 19809 |
Custodian and Accounting Agent State Street Bank and Trust Company Boston, MA 02110 |
Transfer Agent Financial Data Services, Inc. Jacksonville, FL 32246 Distributor BlackRock Investments, LLC New York, NY 10022 |
Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116 Legal Counsel Sidley Austin LLP New York, NY 10019 |
Address of the Funds 100 Bellevue Parkway Wilmington, DE 19809 |
32 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 |
Additional Information | |
General Information
BlackRock Privacy Principles
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2014 | 33 |
Item 2 – | Code of Ethics – Not Applicable to this semi-annual report |
Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report |
Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
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 |
(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. | |
(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 |
(a)(1) – Code of Ethics – Not Applicable to this semi-annual report | |
(a)(2) – Certifications – Attached hereto | |
(a)(3) – Not Applicable | |
(b) – Certifications – Attached hereto |
2 |
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. | ||
BBIF Government Securities Fund and Master Government Securities LLC | ||
By: | /s/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BBIF Government Securities Fund and Master Government Securities LLC | ||
Date: December 2, 2014 | ||
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 | ||
BBIF Government Securities Fund and Master Government Securities LLC | ||
Date: December 2, 2014 | ||
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BBIF Government Securities Fund and Master Government Securities LLC | ||
Date: December 2, 2014 |
3 |
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 BBIF Government Securities Fund and Master Government Securities LLC, certify that:
1. I have reviewed this report on Form N-CSR of BBIF Government Securities Fund and Master Government Securities 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: December 2, 2014
/s/ John M. Perlowski |
John M. Perlowski |
Chief Executive Officer (principal executive
officer) of
BBIF Government Securities Fund and Master Government Securities 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 BBIF Government Securities Fund and Master Government Securities LLC, certify that:
1. I have reviewed this report on Form N-CSR of BBIF Government Securities Fund and Master Government Securities 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: December 2, 2014
/s/ Neal J. Andrews |
Neal J. Andrews |
Chief Financial Officer (principal financial
officer) of
BBIF Government Securities Fund and Master Government Securities LLC
Exhibit 99.906CERT
Certification Pursuant to Rule 30a-2(b)
under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BBIF Government Securities Fund and Master Government Securities LLC (the “registrants”), hereby certifies, to the best of his knowledge, that the registrants' Report on Form N-CSR for the period ended September 30, 2014 (the “Report”) fully complies with the requirements of Section 15(d) 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: December 2, 2014
/s/ John M. Perlowski |
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BBIF Government Securities Fund and Master Government Securities LLC
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BBIF Government Securities Fund and Master Government Securities LLC (the “registrants”), hereby certifies, to the best of his knowledge, that the registrants' Report on Form N-CSR for the period ended September 30, 2014 (the “Report”) fully complies with the requirements of Section 15(d) 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: December 2, 2014
/s/ Neal J. Andrews |
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BBIF Government Securities Fund and Master Government Securities 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.
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