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: 811-03205 and 811-21300
Name of Fund: BIF 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, BIF 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: 03/31/2014
Date of reporting period: 09/30/2013
Item 1 – Report to Stockholders
SEMI-ANNUAL REPORT (UNAUDITED) | ![]() |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Table of Contents
Page | |||
Dear Shareholder | 3 | ||
Semi-Annual Report: | |||
Money Market Overview | 4 | ||
Fund Information | 5 | ||
Disclosure of Expenses | 5 | ||
Fund Financial Statements: | |||
Statements of Assets and Liabilities | 6 | ||
Statements of Operations | 7 | ||
Statements of Changes in Net Assets | 8 | ||
Fund Financial Highlights | 9 | ||
Fund Notes to Financial Statements | 11 | ||
Master LLC Portfolio Information | 13 | ||
Master LLC Financial Statements: | |||
Schedules of Investments | 14 | ||
Statements of Assets and Liabilities | 17 | ||
Statements of Operations | 18 | ||
Statements of Changes in Net Assets | 18 | ||
Master LLC Financial Highlights | 19 | ||
Master LLC Notes to Financial Statements | 20 | ||
Disclosure of Investment Advisory Agreements | 22 | ||
Officers and Directors | 26 | ||
Additional Information | 27 |
2 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Dear Shareholder |
![](https://capedge.com/proxy/N-CSRS/0000891092-13-009800/robkapito_sig.jpg)
President, BlackRock Advisors, LLC
![]() | ||
“Though we’ve seen periods of heightened uncertainty and market volatility over the past year, riskier asset classes generally outperformed lower-risk investments.” |
President, BlackRock Advisors, LLC
Total Returns as of September 30, 2013
6-month | 12-month | ||||||
US large cap equities (S&P 500® Index) | 8.31 | % | 19.34 | % | |||
US small cap equities (Russell 2000® Index) | 13.61 | 30.06 | |||||
International equities (MSCI Europe, Australasia, Far East Index) | 10.47 | 23.77 | |||||
Emerging market equities (MSCI Emerging Markets Index) | (2.78 | ) | 0.98 | ||||
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index) | 0.04 | 0.10 | |||||
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) | (5.19 | ) | (5.71 | ) | |||
US investment grade bonds (Barclays US Aggregate Bond Index) | (1.77 | ) | (1.68 | ) | |||
Tax-exempt municipal bonds (S&P Municipal Bond Index) | (3.47 | ) | (2.25 | ) | |||
US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index) | 0.81 | 7.14 |
THIS PAGE NOT PART OF YOUR FUND REPORT | 3 |
Money Market Overview | |
For the Six-Month Period Ended September 30, 2013
4 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Fund Information as of September 30, 2013 | |
BIF Government Securities Fund
| 7-Day SEC Yield | | 7-Day Yield | |||
BIF Government Securities Fund | 0.00% | 0.00% |
BIF Treasury Fund
| 7-Day SEC Yield | | 7-Day Yield | |||
BIF Treasury Fund | 0.00% | 0.00% |
Expense Examples
Actual | Hypothetical2 | |||||||||||||
Beginning Account Value April 1, 2013 | Ending Account Value September 30, 2013 | Expenses Paid During the Period1 | Beginning Account Value April 1, 2013 | Ending Account Value September 30, 2013 | Expenses Paid During the Period1 | Annualized Expense Ratio | ||||||||
BIF Government Securities Fund | $1,000.00 | $1,000.00 | $0.40 | $1,000.00 | $1,024.67 | $0.41 | 0.08% | |||||||
BIF Treasury Fund | $1,000.00 | $1,000.00 | $0.35 | $1,000.00 | $1,024.72 | $0.36 | 0.07% |
1 | For each Fund, expenses are equal to the annualized net expense ratio, 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 example reflects the net expenses of both the Fund and the master fund 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. |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 5 |
Statements of Assets and Liabilities |
September 30, 2013 (Unaudited) | BIF Government Securities Fund | BIF Treasury Fund | |||||||||
Assets | |||||||||||
Investments at value — Master Government Securities LLC and Master Treasury LLC (each, a “Master LLC” or collectively, the “Master LLCs”), respectively1 | $ | 289,126,091 | $ | 1,294,540,720 | |||||||
Capital shares sold receivable | 7,105,718 | 20,475,265 | |||||||||
Prepaid expenses | 42,328 | 12,617 | |||||||||
Total assets | 296,274,137 | 1,315,028,602 | |||||||||
Liabilities | |||||||||||
Capital shares redeemed payable | 6,529,893 | 20,475,263 | |||||||||
Contributions payable to Master LLC | 575,825 | 2 | |||||||||
Administration fees payable | — | 12,560 | |||||||||
Officer’s fees payable | 188 | 331 | |||||||||
Other accrued expenses payable | 14,435 | 59,585 | |||||||||
Total liabilities | 7,120,341 | 20,547,741 | |||||||||
Net Assets | $ | 289,153,796 | $ | 1,294,480,861 | |||||||
Net Assets Consist of | |||||||||||
Paid-in capital2 | $ | 289,136,380 | $ | 1,294,409,284 | |||||||
Undistributed net investment income | 363 | 515 | |||||||||
Accumulated net realized gain allocated from the Master LLC | 17,053 | 71,062 | |||||||||
Net Assets, $1.00 net asset value per share | $ | 289,153,796 | $ | 1,294,480,861 | |||||||
1 Investments at cost | $ | 289,126,091 | $ | 1,294,540,720 | |||||||
2 Shares outstanding, unlimited number of shares authorized, $0.01 par value | 289,136,382 | 1,294,409,286 |
6 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Statements of Operations |
Six Months Ended September 30, 2013 (Unaudited) | BIF Government Securities Fund | BIF Treasury Fund | |||||||||
Investment Income | |||||||||||
Net investment income allocated from the applicable Master LLC: | |||||||||||
Interest | $ | 131,958 | $ | 476,087 | |||||||
Expenses | (476,494 | ) | (1,301,609 | ) | |||||||
Fees waived | 399,720 | 1,026,579 | |||||||||
Total income | 55,184 | 201,057 | |||||||||
Fund Expenses | |||||||||||
Administration | 428,954 | 1,785,473 | |||||||||
Distribution | 213,506 | 889,321 | |||||||||
Registration | 34,911 | 13,164 | |||||||||
Professional | 12,047 | 18,894 | |||||||||
Transfer agent | 11,566 | 45,486 | |||||||||
Printing | 5,052 | 6,496 | |||||||||
Officer | 150 | 234 | |||||||||
Miscellaneous | 3,647 | 7,533 | |||||||||
Total expenses | 709,833 | 2,766,601 | |||||||||
Less fees waived by administrator | (416,240 | ) | (1,675,893 | ) | |||||||
Less distribution fees waived | (213,506 | ) | (889,321 | ) | |||||||
Less other expenses waived and/or reimbursed by administrator | (25,232 | ) | (933 | ) | |||||||
Total expenses after fees waived and/or reimbursed | 54,855 | 200,454 | |||||||||
Net investment income | 329 | 603 | |||||||||
Realized Gain Allocated from the applicable Master LLC | |||||||||||
Net realized gain from investments | 7,390 | 48,965 | |||||||||
Net Increase in Net Assets Resulting from Operations | $ | 7,719 | $ | 49,568 |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 7 |
Statements of Changes in Net Assets |
BIF Government Securities Fund | BIF Treasury Fund | ||||||||||||||||||||||
Increase (Decrease) in Net Assets: | Six Months Ended September 30, 2013 (Unaudited) | Year Ended March 31, 2013 | Six Months Ended September 30, 2013 (Unaudited) | Year Ended March 31, 2013 | |||||||||||||||||||
Operations | |||||||||||||||||||||||
Net investment income | $ | 329 | $ | 112 | $ | 603 | $ | 557 | |||||||||||||||
Net realized gain | 7,390 | 24,694 | 48,965 | 69,993 | |||||||||||||||||||
Net increase in net assets resulting from operations | 7,719 | 24,806 | 49,568 | 70,550 | |||||||||||||||||||
Dividends and Distributions to Shareholders From | |||||||||||||||||||||||
Net investment income | (61 | ) | (112 | )1 | (253 | ) | (557 | )1 | |||||||||||||||
Net realized gain | — | (13,121 | )1 | — | (53,337 | )1 | |||||||||||||||||
Decrease in net assets resulting from dividends and distributions to shareholders | (61 | ) | (13,233 | ) | (253 | ) | (53,894 | ) | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||||||
Net proceeds from sale of shares | 857,901,244 | 1,706,890,026 | 1,529,599,086 | 4,017,699,052 | |||||||||||||||||||
Reinvestment of dividends and distributions | 29 | 13,181 | 147 | 53,668 | |||||||||||||||||||
Cost of shares redeemed | (878,873,024 | ) | (1,729,540,003 | ) | (1,815,968,495 | ) | (4,323,025,302 | ) | |||||||||||||||
Net decrease in net assets derived from capital share transactions | (20,971,751 | ) | (22,636,796 | ) | (286,369,262 | ) | (305,272,582 | ) | |||||||||||||||
Net Assets | |||||||||||||||||||||||
Total decrease in net assets | (20,964,093 | ) | (22,625,223 | ) | (286,319,947 | ) | (305,255,926 | ) | |||||||||||||||
Beginning of period | 310,117,889 | 332,743,112 | 1,580,800,808 | 1,886,056,734 | |||||||||||||||||||
End of period | $ | 289,153,796 | $ | 310,117,889 | $ | 1,294,480,861 | $ | 1,580,800,808 | |||||||||||||||
Undistributed net investment income, end of period | $ | 363 | $ | 95 | $ | 515 | $ | 165 |
1 | Dividends and distributions are determined in accordance with federal income tax regulations. |
8 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Financial Highlights | BIF Government Securities Fund |
Six Months Ended September 30, 2013 (Unaudited) | Year Ended March 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 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 | 0.0070 | |||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0000 | 1 | 0.0001 | ||||||||||||||
Net increase from investment operations | 0.0000 | 0.0000 | 0.0000 | 0.0001 | 0.0000 | 0.0071 | ||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0000 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0002 | )3 | (0.0070 | )3 | ||||||||||||
Net realized gain | — | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )3 | (0.0000 | )2,3 | — | ||||||||||||||
Total dividends and distributions | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0002 | ) | (0.0070 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.00% | 5 | 0.00% | 0.00% | 0.01% | 0.03% | 0.70% | |||||||||||||||||
Ratios to Average Net Assets6 | ||||||||||||||||||||||||
Total expenses | 0.46% | 7,8 | 0.50% | 7 | 0.47% | 7 | 0.49% | 7 | 0.50% | 0.63% | ||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.08% | 7,8 | 0.14% | 7 | 0.07% | 7 | 0.18% | 7 | 0.22% | 0.55% | ||||||||||||||
Net investment income | 0.00% | 7,8 | 0.00% | 7 | 0.00% | 7 | 0.00% | 7 | 0.00% | 0.67% | ||||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 289,154 | $ | 310,118 | $ | 332,743 | $ | 208,517 | $ | 320,643 | $ | 668,476 |
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Dividends and distributions are determined in accordance with federal income tax regulations. |
4 | Where applicable, total investment returns assume the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income. |
7 | Includes the Fund’s share of the Master LLC’s allocated fees waived of 0.23%, 0.20%, 0.24% and 0.22%, for the period ended September 30, 2013 and the years ended March 31, 2013, March 31, 2012 and March 31, 2011, respectively. |
8 | Annualized. |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 9 |
Financial Highlights | BIF Treasury Fund |
Six Months Ended September 30, 2013 (Unaudited) | Year Ended March 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 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 | 0.0002 | 0.0064 | ||||||||||||||
Net realized gain | 0.0000 | 1 | 0.0000 | 1 | 0.0000 | 1 | 0.0001 | 0.0001 | 0.0001 | |||||||||||||||
Net increase from investment operations | 0.0000 | 0.0000 | 0.0000 | 0.0001 | 0.0003 | 0.0065 | ||||||||||||||||||
Dividends and distributions from: | ||||||||||||||||||||||||
Net investment income | (0.0000 | )2 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0004 | )3 | (0.0064 | )3 | ||||||||||||
Net realized gain | — | (0.0000 | )2,3 | (0.0000 | )2,3 | (0.0001 | )3 | (0.0000 | )2,3 | — | ||||||||||||||
Total dividends and distributions | (0.0000 | ) | (0.0000 | ) | (0.0000 | ) | (0.0001 | ) | (0.0004 | ) | (0.0064 | ) | ||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
Total Investment Return4 | ||||||||||||||||||||||||
Based on net asset value | 0.00% | 5 | 0.00% | 0.00% | 0.01% | 0.04% | 0.64% | |||||||||||||||||
Ratios to Average Net Assets6 | ||||||||||||||||||||||||
Total expenses | 0.43% | 7,8 | 0.45% | 7 | 0.40% | 7 | 0.49% | 7 | 0.53% | 0.57% | ||||||||||||||
Total expenses after fees waived and/or reimbursed | 0.07% | 7,8 | 0.10% | 7 | 0.05% | 7 | 0.16% | 7 | 0.20% | 0.50% | ||||||||||||||
Net investment income | 0.00% | 7,8 | 0.00% | 7 | 0.00% | 7 | 0.00% | 7 | 0.02% | ‘ | 0.46% | |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,294,481 | $ | 1,580,801 | $ | 1,886,057 | $ | 1,625,719 | $ | 1,677,334 | $ | 4,235,341 |
1 | Amount is less than $0.00005 per share. |
2 | Amount is greater than $(0.00005) per share. |
3 | Dividends and distributions are determined in accordance with federal income tax regulations. |
4 | Where applicable, total investment returns assume the reinvestment of dividends and distributions. |
5 | Aggregate total investment return. |
6 | Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income. |
7 | Includes the Fund’s share of the Master LLC’s allocated fees waived of 0.14%, 0.11%, 0.15% and 0.08%, for the period ended September 30, 2013 and the years ended March 31, 2013, March 31, 2012 and March 31, 2011, respectively. |
8 | Annualized. |
10 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Notes to Financial Statements (Unaudited) | BIF Government Securities Fund and BIF Treasury Fund |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 11 |
Notes to Financial Statements (concluded) | BIF Government Securities Fund and BIF Treasury Fund |
12 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Master LLC Portfolio Information as of September 30, 2013 | Master Government Securities LLC and Master Treasury LLC |
Portfolio Composition
Master Government Securities LLC | | Percent of Net Assets | ||||
US Treasury Obligations | 66 | % | ||||
Repurchase Agreements | 34 | |||||
Total | 100 | % |
Master Treasury LLC | | Percent of Net Assets | ||||
US Treasury Obligations | 100 | % | ||||
Total | 100 | % |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 13 |
Schedule of Investments September 30, 2013 (Unaudited) | Master Government Securities LLC (Percentages shown are based on Net Assets) |
US Treasury Obligations | | Par (000) | | Value | |||||||
US Treasury Bills (a): | |||||||||||
0.02% - 0.05%, 10/03/13 | $ | 25,000 | $ | 24,999,931 | |||||||
0.04% - 0.10%, 10/10/13 | 13,000 | 12,999,699 | |||||||||
0.00% - 0.09%, 10/17/13 | 61,000 | 60,998,626 | |||||||||
0.01% - 0.02%, 11/21/13 | 16,000 | 15,999,628 | |||||||||
0.04% - 0.08%, 11/29/13 | 32,000 | 31,997,067 | |||||||||
0.02%, 12/12/13 | 15,000 | 14,999,493 | |||||||||
0.09%, 1/02/14 | 5,000 | 4,998,792 | |||||||||
0.08%, 1/09/14 | 5,000 | 4,998,843 | |||||||||
0.07% - 0.08%, 1/16/14 | 25,000 | 24,994,975 | |||||||||
0.07%, 1/23/14 | 5,000 | 4,998,834 | |||||||||
0.08%, 2/06/14 | 5,000 | 4,998,656 | |||||||||
0.04%, 3/20/14 | 2,630 | 2,629,500 | |||||||||
0.05%, 3/27/14 | 10,000 | 9,997,651 | |||||||||
US Treasury Notes: | |||||||||||
0.25%, 11/30/13 | 6,000 | 6,000,990 | |||||||||
0.25%, 1/31/14 | 5,000 | 5,001,331 | |||||||||
1.75%, 1/31/14 | 3,372 | 3,391,317 | |||||||||
0.25%, 2/28/14 | 9,000 | 9,003,200 | |||||||||
0.25%, 3/31/14 | 5,000 | 5,004,853 | |||||||||
0.25%, 4/30/14 | 20,950 | 20,963,402 | |||||||||
1.00%, 5/15/14 | 3,600 | 3,619,270 | |||||||||
0.25%, 5/31/14 | 8,000 | 8,007,313 | |||||||||
0.63%, 7/15/14 | 4,900 | 4,918,719 | |||||||||
Total US Treasury Obligations — 65.9% | 285,522,090 | ||||||||||
Repurchase Agreements | |||||||||||
Barclays Capital, Inc., 0.06%, 10/01/13, (Purchased on 9/30/13 to be repurchased at $10,000,017, collateralized by a US Treasury Note, 0.88% due 4/30/17, par and fair values of $10,175,800 and $10,200,099, respectively) | 10,000 | 10,000,000 | |||||||||
Total Value of Barclays Capital, Inc. (collateral value of $10,200,099) | 10,000,000 | ||||||||||
Citigroup Global Markets, Inc., 0.05%, 10/01/13, (Purchased on 9/30/13 to be repurchased at $10,000,014, collateralized by a US Treasury Note, 1.75% due 5/15/23, par and fair values of $10,934,700 and $10,200,025, respectively) | 10,000 | 10,000,000 | |||||||||
Total Value of Citigroup Global Markets, Inc. (collateral value of $10,200,025) | 10,000,000 | ||||||||||
Deutsche Bank Securities, Inc., 0.05%, 10/01/13, (Purchased on 9/30/13 to be repurchased at $8,000,011, collateralized by various US Treasury Securities STRIPS, 0.00% due 8/15/42–2/15/43, par and fair values of $25,392,200 and $8,160,027, respectively) | 8,000 | 8,000,000 | |||||||||
Repurchase Agreements | | Par (000) | | Value | |||||||
Deutsche Bank Securities, Inc., 0.05%, 10/07/13, (Purchased on 8/30/13 to be repurchased at $10,000,528, collateralized by a US Treasury Note and various US Treasury Securities STRIPS, 0.00% - 1.38% due 11/30/15–2/15/36, par and fair values of $20,469,732 and $10,200,063, respectively) (b) | $ | 10,000 | $ | 10,000,000 | |||||||
Total Value of Deutsche Bank Securities, Inc. (collateral value of $18,360,090) | 18,000,000 | ||||||||||
Goldman Sachs & Co., 0.02%, 10/01/13, (Purchased on 9/24/13 to be repurchased at $4,600,018, collateralized by a US Treasury Note, 1.25% due 3/15/14, par and fair values of $4,664,100 and $4,692,024, respectively) | 4,600 | 4,600,000 | |||||||||
Goldman Sachs & Co., 0.03%, 10/07/13, (Purchased on 9/26/13 to be repurchased at $15,000,138, collateralized by a US Treasury Note, 1.25% due 3/15/14, par and fair values of $15,209,000 and $15,300,056, respectively) (b) | 15,000 | 15,000,000 | |||||||||
Total Value of Goldman Sachs & Co. (collateral value of $19,992,080) | 19,600,000 | ||||||||||
HSBC Securities (USA), Inc., 0.02%, 10/02/13, (Purchased on 9/25/13 to be repurchased at $23,000,089, collateralized by various US Treasury Bills, 0.00% due 1/2/14–3/20/14, par and fair values of $23,465,000 and $23,462,617, respectively) | 23,000 | 23,000,000 | |||||||||
Total Value of HSBC Securities (USA), Inc. (collateral value of $23,462,617) | 23,000,000 | ||||||||||
J.P. Morgan Securities LLC, 0.04%, 10/01/13, (Purchased on 9/30/13 to be repurchased at $10,000,011, collateralized by a US Treasury Note, 1.00% due 9/30/19, par and fair values of $10,650,000 and $10,200,676, respectively) | 10,000 | 10,000,000 | |||||||||
Total Value of J.P. Morgan Securities LLC (collateral value of $10,200,676) | 10,000,000 | ||||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.05%, 10/01/13, (Purchased on 9/30/13 to be repurchased at $10,000,014, collateralized by a US Treasury Note, 1.00% due 5/31/18, par and fair values of $10,300,900 and $10,200,037, respectively) | 10,000 | 10,000,000 | |||||||||
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc. (collateral value of $10,200,037) | 10,000,000 |
Portfolio Abbreviation
14 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Schedule of Investments (concluded) | Master Government Securities LLC (Percentages shown are based on Net Assets) |
Repurchase Agreements | | Par (000) | | Value | ||||||
Mizuho Securities USA, Inc., 0.07%, 10/01/13, (Purchased on 9/30/13 to be repurchased at $10,235,020, collateralized by a US Treasury Note, 1.75% due 5/15/22, par and fair values of $10,962,200 and $10,439,780, respectively) | $ | 10,235 | $ | 10,235,000 | ||||||
Total Value of Mizuho Securities USA, Inc. (collateral value of $10,439,780) | 10,235,000 | |||||||||
Morgan Stanley & Co. LLC, 0.05%, 10/01/13, (Purchased on 9/30/13 to be repurchased at $10,000,014, collateralized by a US Treasury Note, 2.63% due 11/15/20, par and fair values of $9,720,100 and $10,200,028, respectively) | 10,000 | 10,000,000 | ||||||||
Total Value of Morgan Stanley & Co. LLC (collateral value of $10,200,028) | 10,000,000 | |||||||||
RBS Securities, Inc., 0.05%, 10/01/13, (Purchased on 9/30/13 to be repurchased at $4,000,006, collateralized by a US Treasury Note, 1.50% due 8/31/18, par and fair values of $4,050,000 and $4,080,347, respectively) | 4,000 | 4,000,000 | ||||||||
Repurchase Agreements | | Par (000) | | Value | ||||||
RBS Securities, Inc., 0.03%, 10/03/13, (Purchased on 9/26/13 to be repurchased at $10,490,061, collateralized by a US Treasury Note, 1.50% due 8/31/18, par and fair values of $10,625,000 and $10,704,613, respectively) | $ | 10,490 | $ | 10,490,000 | ||||||
Total Value of RBS Securities, Inc. (collateral value of $14,784,960) | 14,490,000 | |||||||||
UBS Securities LLC, 0.04%, 10/01/13, (Purchased on 9/30/13 to be repurchased at $10,000,011, collateralized by a US Treasury Bill and a US Treasury Note, 0.00% - 1.75% due 12/19/13–5/15/22, par and fair values of $10,314,400 and $10,200,030, respectively) | 10,000 | 10,000,000 | ||||||||
Total Value of UBS Securities LLC (collateral value of $10,200,030) | 10,000,000 | |||||||||
Total Repurchase Agreements — 33.5% | 145,325,000 | |||||||||
Total Investments (Cost — $430,847,090*) — 99.4% | 430,847,090 | |||||||||
Other Assets Less Liabilities — 0.6% | 2,588,177 | |||||||||
Net Assets — 100.0% | $ | 433,435,267 |
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 and 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 reporting purposes as follows: | ||||
• | Level 1 — unadjusted price quotations 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 LLC’s own assumptions used in determining the fair value of investments) | ||||
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. | |||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master LLC’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. 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. For information about the Master LLC’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statement. | |||||
The following table summarizes the Master LLC’s investments categorized in the disclosure hierarchy as of September 30, 2013: |
| | Level 1 | | Level 2 | | Level 3 | | Total | ||||||||||
Assets: | ||||||||||||||||||
Investments: | ||||||||||||||||||
US Treasury Obligations | — | $ | 285,522,090 | — | $ | 285,522,090 | ||||||||||||
Repurchase Agreements | — | 145,325,000 | — | 145,325,000 | ||||||||||||||
Total | — | $ | 430,847,090 | — | $ | 430,847,090 |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 15 |
Schedule of Investments September 30, 2013 (Unaudited) | Master Treasury LLC (Percentages shown are based on Net Assets) |
US Treasury Obligations | | Par (000) | | Value | ||||||
US Treasury Bills (a): | ||||||||||
0.02% - 0.06%, 10/03/13 | $ | 194,000 | $ | 193,999,412 | ||||||
0.00% - 0.10%, 10/10/13 | 543,302 | 543,299,434 | ||||||||
0.00% - 0.09%, 10/17/13 | 528,818 | 528,812,641 | ||||||||
0.01% - 0.05%, 11/21/13 | 111,690 | 111,686,471 | ||||||||
0.04% - 0.08%, 11/29/13 | 128,750 | 128,741,167 | ||||||||
0.01% - 0.08%, 12/05/13 | 46,000 | 45,996,462 | ||||||||
0.02%, 12/12/13 | 73,280 | 73,277,051 | ||||||||
0.02%, 12/19/13 | 63,000 | 62,997,900 | ||||||||
0.02%, 12/26/13 | 50,000 | 49,996,979 | ||||||||
0.01% - 0.09%, 1/02/14 | 56,250 | 56,242,069 | ||||||||
0.08%, 1/09/14 | 20,000 | 19,995,371 | ||||||||
0.07% - 0.08%, 1/16/14 | 15,000 | 14,996,775 | ||||||||
0.07%, 1/23/14 | 45,000 | 44,989,557 | ||||||||
0.07%, 1/30/14 | 25,000 | 24,994,493 | ||||||||
0.08%, 2/06/14 | 25,000 | 24,993,281 | ||||||||
0.06%, 3/13/14 | 41,000 | 40,989,146 | ||||||||
US Treasury Obligations | | Par (000) | | Value | ||||||
US Treasury Bills (a) (concluded): | ||||||||||
0.03%, 3/20/14 | $ | 25,000 | $ | 24,996,734 | ||||||
0.05%, 3/27/14 | 25,000 | 24,994,128 | ||||||||
US Treasury Notes: | ||||||||||
0.25%, 11/30/13 | 38,195 | 38,207,945 | ||||||||
0.25%, 1/31/14 | 16,000 | 16,004,258 | ||||||||
1.75%, 1/31/14 | 62,000 | 62,355,599 | ||||||||
0.25%, 2/28/14 | 24,000 | 24,006,958 | ||||||||
0.25%, 4/30/14 | 38,000 | 38,029,127 | ||||||||
1.00%, 5/15/14 | 14,200 | 14,276,011 | ||||||||
0.25%, 5/31/14 | 10,000 | 10,009,141 | ||||||||
0.63%, 7/15/14 | 10,900 | 10,939,294 | ||||||||
Total Investments (Cost — $2,229,827,404*) — 109.5% | 2,229,827,404 | |||||||||
Liabilities in Excess of Other Assets — (9.5%) | (192,549,451 | ) | ||||||||
Net Assets — 100.0% | $ | 2,037,277,953 |
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. | ||
• | 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 as follows: | ||
• | Level 1 — unadjusted price quotations 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 Trust’s own assumptions used in determining the fair value of investments) | ||
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. | |||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master LLC’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. 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. For information about the Master LLC’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statement. | |||
The following table summarizes the Master LLC’s investments categorized in the disclosure hierarchy as of September 30, 2013: |
| | Level 1 | | Level 2 | | Level 3 | | Total | ||||||||||
Assets: | ||||||||||||||||||
Investments: | ||||||||||||||||||
US Treasury Obligations | — | $ | 2,229,827,404 | — | $ | 2,229,827,404 |
16 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Statements of Assets and Liabilities |
September 30, 2013 (Unaudited) | Master Government Securities LLC | Master Treasury LLC | |||||||||
Assets | |||||||||||
Investments at value — unaffiliated1 | $ | 285,522,090 | $ | 2,229,827,404 | |||||||
Repurchase agreements, at value — unaffiliated2 | 145,325,000 | — | |||||||||
Cash | 7,074 | 299 | |||||||||
Contributions receivable from investors | 2,562,247 | 1,210,622 | |||||||||
Interest receivable | 68,070 | 339,172 | |||||||||
Prepaid expenses | 3,397 | 9,386 | |||||||||
Total assets | 433,487,878 | 2,231,386,883 | |||||||||
Liabilities | |||||||||||
Other affiliates payable | 3,056 | 11,241 | |||||||||
Investments purchased payable | — | 193,999,131 | |||||||||
Directors’ fees payable | 651 | 20,110 | |||||||||
Investment advisory fees payable | — | 2,943 | |||||||||
Other accrued expenses payable | 48,904 | 75,505 | |||||||||
Total liabilities | 52,611 | 194,108,930 | |||||||||
Net Assets | $ | 433,435,267 | $2,037,277,953 | ||||||||
Net Assets Consist of | |||||||||||
Investors’ capital | $ | 433,435,267 | $ | 2,037,277,953 | |||||||
1 Investments at cost — unaffiliated | $ | 285,522,090 | $ | 2,229,827,404 | |||||||
2 Repurchase agreements at cost — unaffiliated | $ | 145,325,000 | — |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 17 |
Statements of Operations |
Six Months Ended September 30, 2013 (Unaudited) | Master Government Securities LLC | Master Treasury LLC | |||||||||
Investment Income | |||||||||||
Interest | $ | 211,144 | $ | 742,101 | |||||||
Expenses | |||||||||||
Investment advisory | 659,986 | 1,829,501 | |||||||||
Professional | 25,810 | 31,131 | |||||||||
Accounting services | 23,431 | 81,330 | |||||||||
Custodian | 23,014 | 30,708 | |||||||||
Directors | 10,610 | 44,609 | |||||||||
Printing | 1,059 | 567 | |||||||||
Miscellaneous | 8,251 | 9,554 | |||||||||
Total expenses | 752,161 | 2,027,400 | |||||||||
Less fees waived by Manager | (631,077 | ) | (1,598,310 | ) | |||||||
Total expenses after fees waived | 121,084 | 429,090 | |||||||||
Net investment income | 90,060 | 313,011 | |||||||||
Realized Gain | |||||||||||
Net realized gain from investments | 11,677 | 76,685 | |||||||||
Net Increase in Net Assets Resulting from Operations | $ | 101,737 | $ | 389,696 |
Master Government Securities LLC | Master Treasury LLC | | |||||||||||||||||||||
Increase (Decrease) in Net Assets: | Six Months Ended September 30, 2013 (Unaudited) | Year Ended March 31, 2013 | Six Months Ended September 30, 2013 (Unaudited) | Year Ended March 31, 2013 | |||||||||||||||||||
Operations | |||||||||||||||||||||||
Net investment income | $ | 90,060 | $ | 378,509 | $ | 313,011 | $ | 926,882 | |||||||||||||||
Net realized gain | 11,677 | 46,689 | 76,685 | 116,489 | |||||||||||||||||||
Net increase in net assets resulting from operations | 101,737 | 425,198 | 389,696 | 1,043,371 | |||||||||||||||||||
Capital Transactions | |||||||||||||||||||||||
Proceeds from contributions | 1,825,611,529 | 4,413,995,582 | 4,711,417,023 | 10,935,669,633 | |||||||||||||||||||
Value of withdrawals | (1,893,776,925 | ) | (4,656,068,634 | ) | (5,162,839,190 | ) | (11,594,978,915 | ) | |||||||||||||||
Net decrease in net assets derived from capital transactions | (68,165,396 | ) | (242,073,052 | ) | (451,422,167 | ) | (659,309,282 | ) | |||||||||||||||
Net Assets | |||||||||||||||||||||||
Total decrease in net assets | (68,063,659 | ) | (241,647,854 | ) | (451,032,471 | ) | (658,265,911 | ) | |||||||||||||||
Beginning of period | 501,498,926 | 743,146,780 | 2,488,310,424 | 3,146,576,335 | |||||||||||||||||||
End of period | $ | 433,435,267 | $ | 501,498,926 | $ | 2,037,277,953 | $ | 2,488,310,424 |
18 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Financial Highlights | Master Government Securities LLC |
Six Months Ended September 30, 2013 (Unaudited) | Year Ended March 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
Total Investment Return | |||||||||||||||||||||||||
Total investment return | 0.02 | % | 1 | 0.06 | % | 0.04 | % | 0.13 | % | 0.18 | % | 1.05 | % | ||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Total expenses | 0.28 | % | 2 | 0.27 | % | 0.27 | % | 0.27 | % | 0.26 | % | 0.23 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.04 | % | 2 | 0.08 | % | 0.03 | % | 0.06 | % | 0.07 | % | 0.20 | % | ||||||||||||
Net investment income | 0.03 | % | 2 | 0.06 | % | 0.04 | % | 0.13 | % | 0.14 | % | 1.03 | % | ||||||||||||
Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (000) | $ | 433,435 | $ | 501,499 | $ | 743,147 | $ | 496,689 | $ | 680,465 | $ | 1,170,448 | |||||||||||||
Master Treasury LLC | |||||||||||||||||||||||||
Six Months Ended September 30, 2013 (Unaudited) | Year Ended March 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
Total Investment Return | |||||||||||||||||||||||||
Total investment return | 0.02 | % | 1 | 0.03 | % | 0.03 | % | 0.08 | % | 0.10 | % | 0.98 | % | ||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||||
Total expenses | 0.18 | % | 2 | 0.18 | % | 0.17 | % | 0.18 | % | 0.17 | % | 0.16 | % | ||||||||||||
Total expenses after fees waived and paid indirectly | 0.04 | % | 2 | 0.07 | % | 0.02 | % | 0.09 | % | 0.14 | % | 0.16 | % | ||||||||||||
Net investment income | 0.03 | % | 2 | 0.03 | % | 0.03 | % | 0.06 | % | 0.08 | % | 0.81 | % | ||||||||||||
Supplemental Data | |||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,037,278 | $ | 2,488,310 | $ | 3,146,576 | $ | 2,626,224 | $ | 2,856,229 | $ | 5,718,164 |
1 | Aggregate total investment return. |
2 | Annualized. |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 19 |
Notes to Financial Statements (Unaudited) | Master Government Securities LLC and Master Treasury LLC |
20 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Notes to Financial Statements (concluded) | Master Government Securities LLC and Master Treasury LLC |
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 | $ 3,803 | |||
Master Treasury LLC | $14,487 |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 21 |
Disclosure of Investment Advisory Agreements |
22 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Disclosure of Investment Advisory Agreements (continued) |
and BlackRock to review the nature and scope of the information provided to better assist their deliberations. The materials provided in connection with the April Meeting included (a) information independently compiled and prepared by Lipper, Inc. (“Lipper”) on fees and expenses of the relevant Master LLC and Fund, as applicable, as compared with a peer group of funds as determined by Lipper (“Expense Peers”) and the investment performance of the Fund as compared with a peer group of funds as determined by Lipper1; (b) information on the profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees charged to other clients, such as institutional clients, ETFs and closed-end funds, under similar investment mandates, as well as the performance of such other clients, as applicable; (d) review of non-management fees; (e) the existence, impact and sharing of potential economies of scale; (f) a summary of aggregate amounts paid by the relevant Master LLC and/or Fund to BlackRock; (g) sales and redemption data regarding the relevant Fund’s shares; and (h) if applicable, a comparison of management fees to similar BlackRock open-end funds, as classified by Lipper.
1 | Lipper ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 23 |
Disclosure of Investment Advisory Agreements (continued) |
structure and duties of BlackRock’s fund administration, shareholder services, legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.
24 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Disclosure of Investment Advisory Agreements (concluded) |
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 25 |
Officers and Directors |
Ronald W. Forbes, Co-Chairman of the Board and Director
Rodney D. Johnson, Co-Chairman of the Board and Director
Paul L. Audet, Director
David O. Beim, 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
Brendan Kyne, Vice President
Christopher Stavrakos, CFA, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer
and Anti-Money Laundering Officer
Benjamin Archibald, Secretary
and Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
State Street Bank and Trust Company
Boston, MA 02110
Financial Data Services, Inc.
Jacksonville, FL 32246
BlackRock Investments, LLC
New York, NY 10022
Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Sidley Austin LLP
New York, NY 10019
100 Bellevue Parkway
Wilmington, DE 19809
26 | SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 |
Additional Information |
General Information
BlackRock Privacy Principles
SEMI-ANNUAL REPORT | SEPTEMBER 30, 2013 | 27 |
![](https://capedge.com/proxy/N-CSRS/0000891092-13-009800/gopaperless_blackrock.jpg)
![](https://capedge.com/proxy/N-CSRS/0000891092-13-009800/blackrock_1-5in.jpg)
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.
BIF Government Securities Fund and Master Government Securities LLC
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BIF Government Securities Fund and Master Government Securities LLC
Date: December 3, 2013
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 Government Securities Fund and Master Government Securities LLC
Date: December 3, 2013
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BIF Government Securities Fund and Master Government Securities LLC
Date: December 3, 2013
3 |