UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

 

Investment Company Act file number 811-02752 and 811-21299

 

Name of Fund: BIF Money Fund and Master Money LLC

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BIF Money Fund and Master Money LLC, 55 East 52 nd 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: 12/31/2013

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments   December 31, 2013 (Unaudited) 

BIF Money Fund

(Percentages shown are based on Net Assets)

 

Mutual Fund   Value
Master Money LLC $ 5,493,863,776
Total Investments (Cost - $5,493,863,776) – 100.0%   5,493,863,776
Liabilities in Excess of Other Assets – (0.0)%   (502,320)
Net Assets – 100.0% $ 5,493,361,456

 

  BIF Money Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Money LLC (the "Master LLC"), which has the same investment objective and strategies as the Fund. As of December 31, 2013, the value of the investment and the percentage owned by the Fund of the Master LLC was $5,493,863,776 and 68.3%, respectively.

 

  The Fund records its investment in the Master LLC at fair value. The Fund’s investment in the Master LLC is valued pursuant to the pricing policies approved by the Board of Directors of the Master LLC.

 

   
• 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 Fund 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 Fund'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 Fund’s policy regarding valuation of investments, please refer to the Master LLC’s most recent financial statements as contained in its semi-annual report.
   

 

  As of December 31, 2013, the Fund's investment in the Master LLC was classified as Level 2.
    
  There were no transfers between levels during the period ended December 31, 2013.

 

 

BIF MONEY FUND DECEMBER 31, 2013 1
 

Schedule of Investments December 31, 2013 (Unaudited) Master Money LLC
  (Percentages shown are based on Net Assets)

 

Certificates of Deposit Par
(000) 		  Value  
 
   
Euro — 2.3%  
HSBC Bank PLC, 0.30%, 1/15/14 $ 60,000 $ 60,000,000  
National Australia Bank Ltd., London:          
  0.25%, 3/07/14   53,500   53,500,000  
  0.24%, 10/23/14 (a)   75,000   75,000,000  
   
    188,500,000  
 
Yankee (b) — 45.9%  
Bank of Montreal, Chicago (a):          
  0.34%, 1/10/14   29,500   29,500,000  
  0.24%, 9/05/14   91,000   91,000,000  
Bank of Nova Scotia, Houston (a):          
  0.27%, 8/08/14   50,000   50,000,000  
  0.39%, 10/06/14   38,000   38,037,471  
  0.24%, 12/04/14   175,000   175,000,000  
Barclays Bank PLC, 0.25%, 2/03/14   75,000   75,000,000  
BNP Paribas SA, NY (a):          
  0.33%, 2/03/14   63,000   63,000,000  
  0.30%, 5/09/14   75,000   75,000,000  
Canadian Imperial Bank of Commerce, NY (a):          
  0.28%, 1/08/14   75,000   75,000,000  
  0.27%, 2/04/14   62,500   62,500,000  
  0.29%, 6/02/14   115,000   115,000,000  
  0.23%, 8/08/14   76,000   76,000,000  
Credit Industriel et Commercial, NY, 0.26%, 1/06/14   60,000   60,000,000  
Credit Suisse, NY:          
  0.26%, 3/18/14   35,000   35,000,000  
  0.26%, 4/17/14   75,000   75,000,000  
  0.32%, 6/06/14 (a)   28,000   28,000,000  
Deutsche Bank AG, NY:          
  0.30%, 2/28/14 (a)   53,000   53,000,000  
  0.30%, 5/30/14   120,000   120,000,000  
DNB Bank ASA, NY, 0.25%, 2/06/14   150,000   149,998,460  
Mitsubishi Trust & Bank, Co.:          
  0.28%, 2/20/14   78,500   78,500,000  
  0.22%, 3/12/14 (a)   104,000   104,000,000  

National Australia Bank Ltd.,

NY (a):

         
  0.27%, 8/08/14   122,000   122,008,605  
  0.24%, 8/14/14   60,000   60,000,000  
National Bank of Canada, NY, 0.30%, 3/10/14 (a)   48,500   48,500,000  
Natixis, NY:          
  0.26%, 2/03/14   68,000   68,000,000  
  0.29%, 3/06/14 (c)   89,000   88,993,913  

 

Certificates of Deposit Par
(000) 		  Value  
 
Yankee (concluded)  
Nordea Bank Finland PLC., NY:          
  0.25%, 1/09/14 $ 42,000 $ 42,000,000  
  0.25%, 1/17/14   68,000   68,000,160  
  0.25%, 1/30/14   113,000   112,999,530  
Norinchukin Bank, NY:          
  0.10%, 1/06/14   127,000   127,000,000  
  0.11%, 1/08/14   50,000   50,000,000  
Rabobank Nederland NV, NY:          
  0.41%, 1/08/14   76,000   76,000,000  
  0.39%, 1/17/14   100,000   100,000,000  
  0.28%, 9/16/14 (a)   140,000   140,000,000  
Royal Bank of Canada, NY (a):          
  0.23%, 1/15/14   35,000   35,000,000  
  0.25%, 4/08/14   40,000   40,000,000  
  0.27%, 10/10/14   49,000   49,000,000  
Skandinaviska Enskilda Banken, NY, 0.30%, 5/28/14   9,500   9,500,580  
Societe Generale, NY:          
  0.25%, 1/31/14   35,000   35,000,000  
  0.34%, 3/06/14 (c)   44,000   44,000,000  
Sumitomo Mitsui Banking Corp., NY:          
  0.23%, 2/10/14   134,500   134,500,000  
  0.22%, 3/10/14 (a)   80,000   80,000,000  
Sumitomo Mitsui Trust Bank Ltd. NY, 0.22%, 3/06/14   50,000   50,000,000  
Svenska Handelsbanken, NY, 0.26%, 1/17/14   55,000   55,000,130  
Toronto-Dominion Bank, NY:          
  0.26%, 1/06/14   33,000   33,000,000  
  0.21%, 6/24/14 (a)   50,000   50,000,000  
  0.23%, 7/24/14 (a)   44,000   44,000,000  
  0.25%, 8/12/14   46,000   46,000,000  
  0.24%, 9/04/14   80,000   80,000,000  
UBS AG, Stamford, 0.29%, 3/31/14 (c)   125,000   125,000,000  
Westpac Banking Corp., NY, 0.24%, 10/08/14 (a)   44,000   44,000,000  
   
    3,686,038,849  
 
Total Certificates of Deposit — 48.2%   3,874,538,849  
 
        
Commercial Paper        
 
   
Antalis US Funding Corp., 0.26%, 2/07/14 (d)   30,500   30,491,629  
Australia & New Zealand Banking Group Ltd., 0.27%, 2/25/14 (a)   50,000   50,000,000  
BNP Paribas Finance, Inc. (d):          
  0.34%, 3/13/14   93,000   92,936,760  

MASTER MONEY LLC DECEMBER 31, 2013 1
 

Schedule of Investments (continued) Master Money LLC
  (Percentages shown are based on Net Assets)

 

Commercial Paper Par
(000) 		  Value  
 
BNP Paribas Finance, Inc. (d) (concluded):          
  0.32%, 6/10/14 $ 50,000 $ 49,928,444  
Collateralized Commercial Paper Co. LLC (d):          
  0.30%, 1/30/14   135,000   134,966,250  
  0.28%, 6/27/14   70,000   69,903,089  
Commonwealth Bank of Australia, 0.26%, 3/28/14 (a)   74,500   74,511,170  
CPPIB Capital, Inc., 0.24%, 1/03/14 (d)   25,800   25,799,484  

DNB Bank ASA, 0.26%, 1/27/14 (d)

  50,200   50,190,211  
Erste Abwicklungsanstalt (d):          
  0.24%, 1/15/14   92,000   91,990,992  
  0.21%, 3/10/14   60,000   59,975,850  
HSBC Bank PLC, 0.24%, 10/30/14 (a)   60,000   60,000,000  
ING (US) Funding LLC, 0.29%, 1/16/14 (d)   50,000   49,993,556  
Kells Funding LLC:          
  0.24%, 5/12/14 (d)   40,500   40,464,360  
  0.21%, 7/07/14 (a)   15,000   15,000,000  
  0.24%, 10/15/14 (a)(e)   40,000   39,996,799  
LMA Americas LLC, 0.20%, 1/17/14 (d)   40,000   39,996,222  
Nederlandse Waterschapsbank NV (a):          
  0.22%, 6/24/14 (e)   14,000   14,000,000  
  0.28%, 7/28/14   13,000   13,001,508  
  0.28%, 7/30/14   12,000   12,001,405  
Societe Generale North America, Inc., 0.25%, 3/03/14 (d)   50,000   49,978,472  

Svenska Handelsbanken AB,

Inc. (d):

         
  0.25%, 1/21/14   51,000   50,992,563  
  0.25%, 2/04/14   25,500   25,493,802  
  0.25%, 2/07/14   55,000   54,985,486  
Sydney Capital Corp., 0.22%, 1/24/14 (d)   15,000   14,997,800  
Thunder Bay Funding, LLC:          
  0.24%, 1/27/14 (d)   16,000   15,997,120  
  0.23%, 3/26/14 (a)   25,000   25,000,000  
Westpac Banking Corp., 0.27%, 7/09/14 (a)   50,000   50,000,000  
Westpac Banking Corp., NY, 0.25%, 4/24/14 (a)(e)   49,000   49,001,041  
 
Total Commercial Paper — 16.8%   1,351,594,013  
 

 

Corporate Notes Par
(000) 		  Value  
 
Nederlandse Waterschapsbank NV, 1.38%, 5/16/14 $ 25,000 $ 25,106,214  
NRW Bank, 0.56%, 12/01/14 (a)   81,710   81,940,345  
Svenska Handelsbanken AB, 0.28%, 5/15/14 (a)(e)   65,600   65,600,000  
 
Total Corporate Notes — 2.1%   172,646,559  
 
    
Municipal Bonds (c)  
 
Alaska Housing Finance Corp., RB, VRDN, Series B, 0.08%, 1/07/14   50,000   50,000,000  
California Health Facilities Financing Authority, RB, VRDN, Scripps Health, Series E (Bank of America NA LOC), 0.05%, 1/07/14   23,450   23,450,000  
California HFA, HRB, M/F, Series E, 0.05%, 1/07/14   18,385   18,385,000  
California HFA, RB, VRDN:          
  Home Mortgage, Series B, AMT (Fannie Mae, Freddie Mac), 0.04%, 1/07/14   23,215   23,215,000  
  Home Mortgage, Series B, AMT (Fannie Mae, Freddie Mac), 0.04%, 1/07/14   13,690   13,690,000  
  Home Mortgage, Series E-1, AMT (Freddie Mac, Fannie Mae LOC), 0.04%, 1/07/14   7,000   7,000,000  
  Series A, AMT (Freddie Mac LOC, Fannie Mae LOC), 0.04%, 1/07/14   7,285   7,285,000  
California Statewide Communities Development Authority, HRB, VRDN, AMT (Fannie Mae Liquidity Facility), Knolls at Green Valley, Series FF, 0.05%, 1/07/14   13,205   13,205,000  
Central Plains Energy Project Nebraska, Refunding RB, VRDN, Gas Project No. 2 (Royal Bank of Canada SBPA), 0.06%, 1/07/14   44,460   44,460,000  
City & County of Denver Colorado, COP, Refunding, VRDN, Series A3 (JPMorgan Chase Bank NA SBPA), 0.04%, 1/02/14   16,300   16,300,000  

 

MASTER MONEY LLC DECEMBER 31, 2013 2
 

Schedule of Investments (continued) Master Money LLC
  (Percentages shown are based on Net Assets)

Municipal Bonds (c) Par
(000) 		  Value  
 
City of New York New York, GO, VRDN, Sub-Series A-3 (Morgan Stanley Bank LOC), 0.05%, 1/07/14 $ 12,090 $ 12,090,000  
Connecticut State Health & Educational Facility Authority, RB, VRDN, Yale-New Haven Hospital, Series U-2 (Yale University Liquidity Facility), 0.04%, 1/07/14   24,580   24,580,000  
Connecticut State Health & Educational Facility Authority, Refunding RB, VRDN, Yale-New Haven Hospital, Series K-2 (JPMorgan Chase Bank NA LOC), 0.04%, 1/07/14   15,445   15,445,000  
County of Shelby Tennessee, GO, VRDN, Series B, Public Improvement and School Bonds, 0.05%, 1/07/14   10,005   10,005,000  
Essex County Improvement Authority, HRB, VRDN, ACES, Pooled Government Loan Program (Wells Fargo Bank NA LOC), 0.04%, 1/07/14   11,225   11,225,000  
Illinois Finance Authority, RB, VRDN, University of Chicago Medical Center, Series E-1 (JPMorgan Chase Bank NA LOC), 0.04%, 1/02/14   13,200   13,200,000  
Illinois Finance Authority, Refunding RB, VRDN (JPMorgan Chase Bank NA LOC):          
  Children's Memorial Hospital, Series D, 0.05%, 1/07/14   3,300   3,300,000  
  Little Co. of Mary Hospital and Health Care Centers, Series B, 0.05%, 1/07/14   25,300   25,300,000  
Indiana Finance Authority, Refunding RB, VRDN, Sisters of St. Francis, Series B (JPMorgan Chase Bank LOC), 0.06%, 1/07/14   20,700   20,700,000  
Los Angeles Community Redevelopment Agency California, Refunding RB, VRDN, Promenade Towers Project (Freddie Mac Liquidity Facility), 0.05%, 1/07/14   34,300   34,300,000  
Metropolitan Water District of Southern California, Refunding RB, VRDN, Series A-1 (Bank of America NA SBPA), 0.03%, 1/07/14   4,200   4,200,000  
            
Municipal Bonds (c) Par
(000) 		  Value  
 
Michigan State Building Authority, Refunding RB, VRDN, Facilities Program, Series I (JPMorgan Chase Bank NA LOC), 0.04%, 1/07/14 $ 5,900 $ 5,900,000  
Nebraska Investment Finance Authority, Refunding RB, VRDN, Series B (Ginnie Mae, Fannie Mae & Federal Home Loan Bank), 0.05%, 1/07/14   19,265   19,265,000  
New York City Housing Development Corp., HRB, VRDN (Fannie Mae LOC):          
  90 West Street, Series A, 0.04%, 1/07/14   40,830   40,830,000  
  155 West 21st Street Development, Series A, 0.04%, 1/07/14   10,000   10,000,000  
  West 61st Street Apartments, Series A, AMT, 0.04%, 1/07/14   12,000   12,000,000  
  West 89th Street Development, Series A, AMT, 0.04%, 1/07/14   35,600   35,600,000  
New York City Housing Development Corp. New York, Refunding RB, VRDN, M/F, The Crest, Series A (Landesbank Hessen-Thüringen LOC), 0.06%, 1/07/14   32,845   32,845,000  
New York City Industrial Development Agency, RB, VRDN, New York Law School Project, Series A (JPMorgan Chase Bank NA LOC), 0.04%, 1/07/14   17,515   17,515,000  
New York State HFA, HRB VRDN:          
  10 Barclay Street, Series A, AMT (Fannie Mae Liquidity Facility), 0.04%, 1/07/14   71,245   71,245,000  
  125 West 31st Street Housing, Series A, AMT (Fannie Mae SBPA, Fannie Mae Guarantor), 0.04%, 1/07/14   30,000   30,000,000  
  160 West 62nd Street, Series A2 (Wells Fargo Bank NA LOC), 0.06%, 1/07/14   39,000   39,000,000  
  160 West 62nd Street, Series B (Wells Fargo Bank LOC), 0.12%, 1/07/14   10,750   10,750,000  

 

MASTER MONEY LLC DECEMBER 31, 2013 3
 

Schedule of Investments (continued) Master Money LLC
  (Percentages shown are based on Net Assets)

Municipal Bonds (c) Par
(000) 		  Value  
 
New York State HFA, HRB VRDN (concluded):          
  316 11th Avenue Housing, Series A, AMT (Fannie Mae SBPA, Fannie Mae Guarantor), 0.04%, 1/07/14 $ 35,000 $ 35,000,000  
  360 West 43rd Street, Series A, AMT (Fannie Mae Liquidity Facility), 0.04%, 1/07/14   22,000   22,000,000  
  750 6th Ave, Series A, AMT (Fannie Mae Liquidity Facility), 0.04%, 1/07/14   34,500   34,500,000  
  Biltmore Tower, Series A, AMT (Fannie Mae Liquidity Facility), 0.04%, 1/07/14   65,000   65,000,000  
  East 39th Street Housing, Series A, AMT (Fannie Mae Liquidity Guarantor), 0.04%, 1/07/14   5,300   5,300,000  
  Series A, AMT (Fannie Mae Liquidity Guarantor), 0.04%, 1/07/14   28,100   28,100,000  
  Victory Housing, Series A, AMT (Freddie Mac SBPA), 0.04%, 1/07/14   26,300   26,300,000  
  Worth Street, Series A, AMT (Fannie Mae Liquidity Facility), 0.04%, 1/07/14   23,100   23,100,000  
Pennsylvania Higher Educational Facilities Authority, Refunding RB, VRDN, Thomas Jefferson University, Series B (JPMorgan Chase Bank NA LOC), 0.04%, 1/07/14   5,915   5,915,000  
Philadelphia IDA, Refunding RB, VRDN, Liberty Lutheran Services Project (Bank of America NA LOC), 0.07%, 1/07/14   34,525   34,525,000  
State of California, GO, Refunding, VRDN, Series B, Sub-Series B-1 (Bank of America NA LOC), 0.06%, 1/07/14   20,000   20,000,000  
State of California, GO, VRDN, FLOATS, Series C-1 (Bank of America NA LOC), 0.05%, 1/07/14   59,200   59,200,000  
Wayne County Airport Authority, RB, VRDN, FLOATS, Series 3072 (Credit Suisse New York SBPA), 0.06%, 1/07/14 (e)   41,945   41,945,000  
Municipal Bonds (c) Par
(000) 		  Value  
 
Wisconsin Health & Educational Facilities Authority, Refunding RB, VRDN, Sisters Services (Bank of Montreal LOC), 0.05%, 1/07/14 $ 15,250 $ 15,250,000  
 
Total Municipal Bonds — 14.1%   1,132,420,000  
 
   
Time Deposits   
 
ING Bank NV, Amsterdam:          
  0.12%, 1/03/14   108,000   108,000,000  
  0.12%, 1/06/14   54,000   54,000,000  
Natexis Banques Populaires, 0.05%, 1/02/14   125,000   125,000,000  
 
Total Time Deposits — 3.6%   287,000,000  
 
   
US Government Sponsored Agency Obligations (a)   
 
Federal Farm Credit Banks, 0.12%, 5/05/14   35,000   34,997,535  
Federal Home Loan Bank, 0.13%, 2/25/14   50,000   49,997,674  
Federal National Mortgage Association, 0.13%, 2/27/15   75,000   74,978,144  
 
Total US Government Sponsored Agency Obligations — 2.0%   159,973,353  
 
   
US Treasury Obligations   
 
US Treasury Bills (d):          
  0.10%, 5/29/14   225,000   224,903,616  
  0.09%, 6/19/14   80,000   79,965,622  
  0.09%, 6/26/14   200,000   199,916,417  
US Treasury Notes, 2.38%, 9/30/14   80,000   81,344,318  
 
Total US Treasury Obligations  — 7.3%   586,129,973  
 

 

 

MASTER MONEY LLC DECEMBER 31, 2013 4
 

Schedule of Investments (continued) Master Money LLC
  (Percentages shown are based on Net Assets)

Repurchase Agreements  Par
(000) 		  Value  
 
Barclays Capital, Inc., 0.63%, 4/05/14 (Purchased on 12/31/13 to be repurchased at $25,041,563, collateralized by various Corporate/Debt Obligations, 0.00% - 9.16% due 9/07/18 - 6/25/46, original par and fair value of $196,716,662 and $27,914,968, respectively) (a) $ 25,000 $ 25,000,000  
 
Total Value of Barclays (collateral value of $27,914,968)       25,000,000  
 
Citigroup Global Markets, Inc., 0.62%, 2/04/14 (Purchased on 12/31/13 to be repurchased at $127,076,563, collateralized by various Corporate/Debt Obligations, 0.00% - 7.34% /due 6/25/14 - 10/01/97, original par and fair value of $721,206,368 and $138,012,934, respectively) (a)   127,000   127,000,000  
 
Total Value of Citigroup, Inc. (collateral value of $138,012,934)       127,000,000  
 
Credit Suisse Securities (USA) LLC, 0.34%, 1/30/14 (Purchased on 12/31/13 to be repurchased at $31,508,925, collateralized by Freddie Mac, 9.25% due 12/15/43, original par and fair value of $31,315,000 and $33,706,026, respectively)   31,500   31,500,000  
 
Total Value of Credit Suisse Securities (collateral value of $33,706,026)       31,500,000  
 
Deutsche Bank Securities, Inc., 0.02%, 1/02/14 (Purchased on 12/31/13 to be repurchased at $10,000,011, collateralized by various Government Sponsored Agency Obligations, 3.03% - 5.41%, due 6/25/27 - 4/14/36, original par and fair value of $10,960,000 and $10,200,130, respectively)   10,000   10,000,000  
Repurchase Agreements Par
(000) 		  Value  
 
Deutsche Bank Securities, Inc., 0.03%, 1/02/14 (Purchased on 12/31/13 to be repurchased at $114,631,191, collateralized by various Government Sponsored Agency Obligations, 1.80% to 3.5.0%, due 7/16/37 to 12/20/43, original par and fair value of $141,221,363 and $122,655,170, respectively) $ 114,631 $ 114,631,000  
 
Total Value of Deutsche Bank AG (collateral value of $132,855,300)       124,631,000  
 
Mizuho Securities USA, Inc., 0.02%, 1/02/14 (Purchased on 12/31/13 to be repurchased at $5,000,006, collateralized by a US treasury obligation, 0.00%, due 1/23/14 to 2/15/43, original par and fair value of $40,643,029 and $19,009,796, respectively)   5,000   5,000,000  
Mizuho Securities USA, Inc., 1.11%, 2/01/14 (Purchased on 12/31/13 to be repurchased at $90,860,250, collateralized by Various US Government Sponsored Agency and Corporate/Debt Obligations, 0.00% - 7.43% due 3/15/29 - 9/25/47, original par and fair value of $1,052,208,997 and $103,371,097, respectively) (a)   90,000   90,000,000  
 
Total Value of Mizuho Securities USA LLC (collateral value of $122,380,893)       95,000,000  
 
Wells Fargo Securities, LLC, 0.18%, 1/02/14 (Purchased on 12/31/13 to be repurchased at $28,000,280, collateralized by various US Government Sponsored Agency and Corporate/Debt Obligations, 0.00% to 6.88%, due 8/31/15 to 12/10/49, original par and fair value of $69,490,185 and $31,876,668, respectively) (a)   28,000   28,000,000  

MASTER MONEY LLC DECEMBER 31, 2013 5
 

Schedule of Investments (continued) Master Money LLC
  (Percentages shown are based on Net Assets)

 

Repurchase Agreements Par
(000) 		  Value  
 
Wells Fargo Securities, LLC, 0.47%, 1/07/14 (Purchased on 12/31/13 to be repurchased at $19,801,810, collateralized by various US Government Sponsored Agency and Corporate/Debt Obligations, 0.00% to 7.38%, due 12/15/14 to 2/10/51, original par and fair value of $42,258,680 and $22,590,607, respectively) $ 19,800 $ 19,800,000  
 
Total Value of Wells Fargo & Co. (collateral value of $54,467,275)       47,800,000  
 
Total Repurchase Agreements — 5.6%   450,931,000  
 

 

 

 

 

  Value  
 
Total Investments
(Cost — $8,015,233,747*) — 99.7% 		$ 8,015,233,747  
Other Assets Less Liabilities — 0.3%   24,024,591  
   
Net Assets — 100.0% $ 8,039,258,338  
 

 

*

Cost for federal income tax purposes.

 

   

Notes to Schedule of Investments

(a) Variable rate security. Rate shown is as of report date.
(b) Issuer is a US branch of foreign domiciled bank.
(c) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.
(d) Rates shown are discount rates or a range of discount rates paid at the time of purchase.
(e) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
     

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
   
ACES Adjustable Convertible Extendible Securities
AMT Alternative Minimum Tax (subject to)
COP Certificates of Participation
Fannie Mae Federal National Mortgage Association
FLOATS Floating Rate Securities
Freddie Mac Federal Home Loan Mortgage Corp.
Ginnie Mae Government National Mortgage Association
GO General Obligation Bonds
HFA Housing Finance Agency
HRB Housing Revenue Bonds
IDA Industrial Development Authority
LOC Letter of Credit
M/F Multi-Family
RB Revenue Bonds
SBPA Stand-by Bond Purchase Agreements
VRDN Variable Rate Demand Notes
     

 

MASTER MONEY LLC DECEMBER 31, 2013 6
 

Schedule of Investments (concluded) Master Money LLC

 
• 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 the Master LLC's most recent financial statements as contained in its semi-annual report.

The following table summarizes the Master LLC's investments categorized in the disclosure hierarchy as of December 31, 2013:

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
  Total Investments 1   —    $ 8,015,233,747   —    $ 8,015,233,747  
 
                                 

 

  1 See above Schedule of Investments for values in each security type.
 

 

The carrying amount for certain of the Master LLC 's assets and/or liabilities approximates fair value for financial reporting purposes. As of December 31, 2013, cash of $1,792 is categorized as Level 1 within the disclosure hierarchy.
 
There were no transfers between levels during the period ended December 31, 2013.

 

MASTER MONEY LLC DECEMBER 31, 2013 7
 
Item 2 – Controls and Procedures
2(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.
2(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 registrants’ last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants’ internal control over financial reporting.
Item 3 – Exhibits
  Certifications – Attached hereto
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
     
  BIF Money Fund and Master Money LLC
     
  By: /s/ John M. Perlowski
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BIF Money Fund and Master Money LLC
     
  Date: February 24, 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
    BIF Money Fund and Master Money LLC
     
  Date: February 24, 2014
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BIF Money Fund and Master Money LLC
     
  Date: February 24, 2014

 

 

 

 

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