485APOS 1 d45676d485apos.htm BBIF MONEY FUND BBIF MONEY FUND
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As filed with the Securities and Exchange Commission on November 5, 2015
Securities Act File No. 333-99387
Investment Company Act File No. 811-21196


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No. 19
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
Amendment No. 20
(Check appropriate box or boxes)

BBIF MONEY FUND
(Exact Name of Registrant as Specified in Charter)

100 Bellevue Parkway, Wilmington, Delaware 19809
United States of America
(Address of Principal Executive Offices)
Registrant’s Telephone Number, including Area Code: (800) 441-7762

John M. Perlowski
BBIF MONEY FUND
55 East 52nd Street
New York, New York 10055
United States of America
(Name and Address of Agent for Service)

Copies to:
Counsel for the Fund:  
Laurin Blumenthal Kleiman, Esq.
Sidley Austin LLP
787 Seventh Avenue
New York, New York 10019--6018
Benjamin Archibald, Esq.
BlackRock Advisors, LLC
55 East 52nd Street
New York, New York 10055
It is proposed that this filing will become effective (check appropriate box)
□    Immediately upon filing pursuant to paragraph (b)
□    On (date) pursuant to paragraph (b)
□    60 days after filing pursuant to paragraph (a)(1)
☒    On January 4, 2016 pursuant to paragraph (a)(1)
□    75 days after filing pursuant to paragraph (a)(2)
□    On (date) pursuant to paragraph (a)(2) of Rule 485


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If appropriate, check the following box:
□    This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
Title of Securities Being Registered: Shares of beneficial interest, par value $.10 per share.
Master Money LLC also has executed this Registration Statement



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The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED NOVEMBER 5, 2015
JANUARY [ ], 2016
Prospectus
BBIF Government Securities Fund
BBIF Money Fund
BBIF Tax-Exempt Fund
BBIF Treasury Fund
This Prospectus contains information you should know before investing, including information about risks. Please read it before you invest and keep it for future reference.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.
Not FDIC Insured • May Lose Value • No Bank Guarantee


Table of Contents
Table of Contents

    
Fund Overview Key facts and details about the Funds listed in this prospectus, including investment objectives, principal investment strategies, principal risk factors, fee and expense information, and historical performance information  
 
3
 
8
 
13
 
17
    
Details About the Funds Information about how each Fund invests, including investment objectives, investment processes, principal strategies and risk factors  
 
21
 
25
    
Account Information Information about account services, sales charges and waivers, shareholder transactions, and distributions and other payments  
 
29
 
29
 
30
 
31
 
33
 
33
 
33
    
    
Financial Highlights
Financial Performance of the Funds

40
   
    
    
Glossary
Glossary of Investment Terms

58
   
    


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Fund Overview

Key Facts About BBIF Government Securities Fund
Investment Objective

The investment objective of BBIF Government Securities Fund (“Government Fund” or the “Fund”) is to seek preservation of capital, current income and liquidity.
Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of Government Fund.
Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your investment)1,2
  Class 1   Class 2   Class 3   Class 4
Management Fee1   0.239%   0.239%   0.239%   0.239%
Distribution and/or Service (12b-1) Fees   1.000%   0.675%   0.375%   0.375%
Other Expenses   0.361%   0.346%   0.346%   0.346%
Administration Fee 0.250%   0.250%   0.250%   0.250%  
Miscellaneous Other Expenses 0.111%   0.096%   0.096%   0.096%  
Total Annual Fund Operating Expenses3   1.60%   1.26%   0.96%   0.96%
Fee Waivers and/or Expense Reimbursements     (0.24)% 4   (0.26)% 4   (0.26)% 4
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements   1.60%   1.02% 4   0.70% 4   0.70% 4
  
1 The fees and expenses shown in the table and the example that follows include both the expenses of Government Fund and Government Fund’s share of the allocated expenses of Master Government Securities LLC (“Government LLC”). The management fees are paid by Government LLC.
2 For clients with a brokerage relationship, annual brokerage account fees may also apply. Please contact your financial advisor or account representative for additional information.
3 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent annual report which includes the Fund’s share of Government LLC’s allocated fees waived.
4 As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 35, with respect to Class 2, Class 3 and Class 4 Shares, BlackRock Advisors, LLC (“BlackRock”) and the Fund’s distributor have entered into a contractual arrangement to waive and/or reimburse a portion of Government Fund’s fees or expenses to ensure that the net expenses as a percentage of the Fund’s net assets (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) for Government Fund’s (i) Class 2 Shares are 0.32% higher than those of Government LLC’s initial feeder fund, and (ii) Class 3 and Class 4 Shares are equal to those of Government LLC’s initial feeder fund until August 1, 2017. This contractual arrangement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of Government Fund or by a vote of a majority of the outstanding voting securities of Government Fund.
Example:
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
  1 Year 3 Years 5 Years 10 Years
Class 1 $163 $505 $871 $1,900
Class 2 $104 $376 $669 $1,502
Class 3 $ 72 $280 $506 $1,154
Class 4 $ 72 $280 $506 $1,154
  
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Principal Investment Strategies of the Fund

Government Fund invests 100% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, and repurchase agreements secured by such obligations or cash. The Fund invests in a portfolio of securities maturing in 397 days (13 months) or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis.
The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and other rules of the Securities and Exchange Commission (the “SEC”). The Fund will only purchase securities that present minimal credit risk as determined by BlackRock, the Fund’s investment manager, pursuant to guidelines approved by the Trust’s Board of Trustees.
The Fund is a “feeder” fund that invests all of its assets in Government LLC, which has the same investment objectives and strategies as the Fund. All investments are made at the Government LLC level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of Government LLC. Where applicable, “Government Fund” or the “Fund” refers also to Government LLC.
Principal Risks of Investing in the Fund

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. Your investment may not perform as well as other similar investments. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The following is a summary description of principal risks of investing in the Fund.
Credit Risk — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.
Income Risk — Income risk is the risk that the Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates.
Interest Rate Risk Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities.
  Additionally, securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
Regulatory Risk — On July 23, 2014, the SEC adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. The compliance periods for the amendments range between July 2015 and October 2016. When implemented, the changes may affect the Fund’s investment strategies, fees and expenses, portfolio and share liquidity and return potential.
Repurchase Agreements and Purchase and Sale Contracts Risk — If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.
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Treasury Obligations Risk — Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.
Variable and Floating Rate Instrument Risk — The absence of an active market for these instruments could make it difficult for the Fund to dispose of them if the issuer defaults.
When-Issued and Delayed Delivery Securities and Forward Commitments Risk — When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.
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Performance Information

The information shows you how Government Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance is not an indication of future results. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. The table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. The Fund is a money market fund managed pursuant to the requirements of Rule 2a-7 under the Investment Company Act. Effective May 28, 2010, Rule 2a-7 was amended to impose new liquidity, credit quality and maturity requirements on all money market funds. Fund performance shown prior to May 28, 2010 is based on Investment Company Act rules then in effect and is not an indication of future returns. Updated information on the Fund’s performance can be obtained by phone at (800) 626-1960.
Government Fund
Class 3
ANNUAL TOTAL RETURNS
As of 12/31
During the ten-year period shown in the bar chart, the highest return for a quarter was 1.13% (quarter ended September 30, 2006) and the lowest return for a quarter was 0.00% (quarter ended March 31, 2014).
As of 12/31/15
Average Annual Total Returns
1 Year 5 Years 10 Years
Class 1 [ ]% [ ]% [ ]%
Class 2 [ ]% [ ]% [ ]%
Class 3 [ ]% [ ]% [ ]%
Class 4 [ ]% [ ]% [ ]%
  
To obtain the Fund’s current 7-day yield, call (800) 626-1960.
Investment Manager

Government Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).
Purchase and Sale of Fund Shares

There is no minimum initial investment for the Fund’s shares, but the minimum for the Working Capital Management Account® (“WCMA”) service or other Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) business account program is $20,000 in cash and/or securities. The minimum investment for additional purchases (other than automatic purchases) is $1,000 for all accounts. Eligibility requirements for investors with a WCMA service or other Merrill Lynch business account program to invest in certain share classes of the Fund are as follows:
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  Class 1 Class 2 Class 3 Class 4
Subscribers in the WCMA service or other Merrill Lynch business account program Limited to tier 1 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be less than $250,000. Limited to tier 2 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $250,000 and $999,999. Limited to tier 3 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $1 million and $9,999,999. Limited to certain eligible investors, including tier 4 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be $10 million or more.
  
You may have cash balances from your account automatically invested in shares of the Fund if it is designated as your primary money account and the delay with respect to such automatic investment is determined by your tier. For further information regarding the timing of sweeps for each tier, consult your Merrill Lynch Financial Advisor and/or the account agreement and program description of the WCMA service or other Merrill Lynch business account program.
You may also make manual investments of $1,000 or more in any BBIF fund not designated as your primary money account. When purchasing shares, you will be subject to the applicable annual account fee. To receive all the services available as a WCMA service or other Merrill Lynch business account program subscriber, you must complete the account opening process, including completing or supplying requested documentation.
Tax Information

Dividends and distributions of the Fund may be subject to Federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a retirement plan, in which case you may be subject to Federal income tax upon withdrawal from such tax deferred arrangements.
Payments to Broker/Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary, the Fund and BlackRock Investments, LLC, the Fund’s distributor, or its affiliates may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary’s website for more information.
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Fund Overview

Key Facts About BBIF Money Fund
Investment Objective

The investment objective of BBIF Money Fund (“Money Fund” or the “Fund”) is to seek current income, preservation of capital and liquidity.
Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of Money Fund.
Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your investment)1,2
  Class 1   Class 2   Class 3   Class 4
Management Fee1   0.137%   0.137%   0.137%   0.137%
Distribution and/or Service (12b-1) Fees   1.000%   0.675%   0.375%   0.375%
Other Expenses   0.313%   0.288%   0.278%   0.278%
Administration Fee 0.250%   0.250%   0.250%   0.250%  
Miscellaneous Other Expenses 0.063%   0.038%   0.028%   0.028%  
Total Annual Fund Operating Expenses   1.45%   1.10%   0.79%   0.79%
Fee Waivers and/or Expense Reimbursements     (0.21)% 3   (0.22)% 3   (0.22)% 3
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements   1.45%   0.89% 3   0.57% 3   0.57% 3
  
1 The fees and expenses shown in the table and the example that follows include both the expenses of Money Fund and Money Fund’s share of the allocated expenses of Master Money LLC (“Money LLC”). The management fees are paid by Money LLC.
2 For clients with a brokerage relationship, annual brokerage account fees may also apply. Please contact your financial advisor or account representative for additional information.
3 As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 35, with respect to Class 2, Class 3 and Class 4 Shares, BlackRock Advisors, LLC (“BlackRock”) and the Fund’s distributor have entered into a contractual arrangement to waive and/or reimburse a portion of Money Fund’s fees or expenses to ensure that the net expenses as a percentage of the Fund’s net assets (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) for Money Fund’s (i) Class 2 Shares are 0.32% higher than those of Money LLC’s initial feeder fund, and (ii) Class 3 and Class 4 Shares are equal to those of Money LLC’s initial feeder fund until August 1, 2017. This contractual arrangement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of Money Fund or by a vote of a majority of the outstanding voting securities of Money Fund.
Example:
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
  1 Year 3 Years 5 Years 10 Years
Class 1 $148 $459 $792 $1,735
Class 2 $ 91 $329 $586 $1,321
Class 3 $ 58 $230 $417 $ 957
Class 4 $ 58 $230 $417 $ 957
  
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Principal Investment Strategies of the Fund

Money Fund invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. The Fund invests in a portfolio of securities maturing in 397 days (13 months) or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis.
The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and other rules of the Securities and Exchange Commission (the “SEC”). The Fund will only purchase securities that present minimal credit risk as determined by BlackRock, the Fund’s investment manager, pursuant to guidelines approved by the Trust’s Board of Trustees.
The Fund is a “feeder” fund that invests all of its assets in Money LLC, which has the same investment objectives and strategies as the Fund. All investments are made at the Money LLC level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of Money LLC. Where applicable, “Money Fund” or the “Fund” refers also to Money LLC.
Principal Risks of Investing in the Fund

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. Your investment may not perform as well as other similar investments. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The following is a summary description of principal risks of investing in the Fund.
Credit Risk — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.
Income Risk — Income risk is the risk that the Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates.
Interest Rate Risk Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities.
  Additionally, securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
Regulatory Risk — On July 23, 2014, the SEC adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. The compliance periods for the amendments range between July 2015 and October 2016. When implemented, the changes may affect the Fund’s investment strategies, fees and expenses, portfolio and share liquidity and return potential.
Repurchase Agreements and Purchase and Sale Contracts Risk — If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.
Treasury Obligations Risk — Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.
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U.S. Government Obligations Risk — Certain securities in which the Fund may invest, including securities issued by certain government agencies and government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.
Variable and Floating Rate Instrument Risk — The absence of an active market for these instruments could make it difficult for the Fund to dispose of them if the issuer defaults.
When-Issued and Delayed Delivery Securities and Forward Commitments Risk — When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.
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Performance Information

Effective January 4, 2016, the Fund changed its investment strategies in order to be categorized as a “government money market fund” under Rule 2a-7 under the Investment Company Act, as more fully described in “Fund Overview—Principal Investment Strategies of the Fund.” Performance for the periods shown below prior to January 4, 2016 is based on the prior investment strategy utilized by the Fund, which permitted investment in a wider range of money market securities and instruments and was not constrained by the requirement to invest at least 99.5% of the Fund’s assets in cash, U.S. Government securities and repurchase agreements secured by such securities or cash. The information shows you how Money Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance is not an indication of future results. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. The table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. The Fund is a money market fund managed pursuant to the requirements of Rule 2a-7 under the Investment Company Act. Effective May 28, 2010, Rule 2a-7 was amended to impose new liquidity, credit quality and maturity requirements on all money market funds. Fund performance shown prior to May 28, 2010 is based on Investment Company Act rules then in effect and is not an indication of future returns. Updated information on the Fund’s performance can be obtained by phone at (800) 626-1960.
Money Fund
Class 3
ANNUAL TOTAL RETURNS
As of 12/31
During the ten-year period shown in the bar chart, the highest return for a quarter was 1.23% (quarter ended September 30, 2007) and the lowest return for a quarter was 0.00% (quarter ended March 31, 2014).
As of 12/31/15
Average Annual Total Returns
1 Year 5 Years 10 Years
Class 1 [ ]% [ ]% [ ]%
Class 2 [ ]% [ ]% [ ]%
Class 3 [ ]% [ ]% [ ]%
Class 4 [ ]% [ ]% [ ]%
  
To obtain the Fund’s current 7-day yield, call (800) 626-1960.
Investment Manager

Money Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).
Purchase and Sale of Fund Shares

There is no minimum initial investment for the Fund’s shares, but the minimum for the Working Capital Management Account® (“WCMA”) service or other Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) business account program is $20,000 in cash and/or securities. The minimum investment for additional purchases (other than
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automatic purchases) is $1,000 for all accounts. Eligibility requirements for investors with a WCMA service or other Merrill Lynch business account program to invest in certain share classes of the Fund are as follows:
  Class 1 Class 2 Class 3 Class 4
Subscribers in the WCMA service or other Merrill Lynch business account program Limited to tier 1 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be less than $250,000. Limited to tier 2 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $250,000 and $999,999. Limited to tier 3 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $1 million and $9,999,999. Limited to certain eligible investors, including tier 4 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be $10 million or more.
  
You may have cash balances from your account automatically invested in shares of the Fund if it is designated as your primary money account and the delay with respect to such automatic investment is determined by your tier. For further information regarding the timing of sweeps for each tier, consult your Merrill Lynch Financial Advisor and/or the account agreement and program description of the WCMA service or other Merrill Lynch business account program.
You may also make manual investments of $1,000 or more in any BBIF fund not designated as your primary money account. When purchasing shares, you will be subject to the applicable annual account fee. To receive all the services available as a WCMA service or other Merrill Lynch business account program subscriber, you must complete the account opening process, including completing or supplying requested documentation.
Tax Information

Dividends and distributions of the Fund may be subject to Federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a retirement plan, in which case you may be subject to Federal income tax upon withdrawal from such tax deferred arrangements.
Payments to Broker/Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary, the Fund and BlackRock Investments, LLC, the Fund’s distributor, or its affiliates may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary’s website for more information.
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Fund Overview

Key Facts About BBIF Tax-Exempt Fund
Investment Objective

The investment objective of BBIF Tax-Exempt Fund (“Tax-Exempt Fund” or the “Fund”) is to seek current income exempt from Federal income tax, preservation of capital and liquidity.
Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of Tax-Exempt Fund.
Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your investment)1,2
  Class 1   Class 2   Class 3   Class 4
Management Fee1   0.155%   0.155%   0.155%   0.155%
Distribution and/or Service (12b-1) Fees   1.000%   0.675%   0.375%   0.375%
Other Expenses   0.345%   0.330%   0.320%   0.330%
Administration Fee 0.250%   0.250%   0.250%   0.250%  
Miscellaneous Other Expenses 0.095%   0.080%   0.070%   0.080%  
Total Annual Fund Operating Expenses3   1.50%   1.16%   0.85%   0.86%
Fee Waivers and/or Expense Reimbursements     (0.22)% 4   (0.26)% 4   (0.27)% 4
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements   1.50%   0.94% 4   0.59% 4   0.59% 4
  
1 The fees and expenses shown in the table and the example that follows include both the expenses of Tax-Exempt Fund and Tax-Exempt Fund’s share of the allocated expenses of Master Tax-Exempt LLC (“Tax-Exempt LLC”). The management fees are paid by Tax-Exempt LLC.
2 For clients with a brokerage relationship, annual brokerage account fees may also apply. Please contact your financial advisor or account representative for additional information.
3 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent annual report which includes the Fund’s share of Tax-Exempt LLC’s allocated fees waived.
4 As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 35, with respect to Class 2, Class 3 and Class 4 Shares, BlackRock Advisors, LLC (“BlackRock”) and the Fund’s distributor have entered into a contractual arrangement to waive and/or reimburse a portion of Tax-Exempt Fund’s fees or expenses to ensure that the net expenses as a percentage of the Fund’s net assets (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) for Tax-Exempt Fund’s (i) Class 2 Shares are 0.35% higher than those of Tax-Exempt LLC’s initial feeder fund, and (ii) Class 3 and Class 4 Shares are equal to those of Tax-Exempt LLC’s initial feeder fund until August 1, 2017. This contractual arrangement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of Tax-Exempt Fund or by a vote of a majority of the outstanding voting securities of Tax-Exempt Fund.
Example:
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
  1 Year 3 Years 5 Years 10 Years
Class 1 $153 $474 $818 $1,791
Class 2 $ 96 $347 $617 $1,389
Class 3 $ 60 $245 $446 $1,025
Class 4 $ 60 $247 $450 $1,036
  
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Principal Investment Strategies of the Fund

Tax-Exempt Fund seeks to achieve its investment objective by investing in a diversified portfolio of high quality, short-term, tax-exempt securities. These securities consist principally of tax-exempt notes and commercial paper, short-term tax-exempt bonds, tax-exempt variable rate demand obligations and short-term tax-exempt derivatives. Certain short-term securities have maturities that are longer than 397 days (13 months) but give the Fund the right to demand payment from a financial institution within that period. The Fund treats these securities as having a maturity of 397 days (13 months) or less. The Fund’s dollar-weighted average maturity will be 60 days or less, and the dollar-weighted average life of all of its investments will be 120 days or less.
Under normal circumstances, the Fund invests at least 80% of its assets in short-term tax-exempt securities or so that at least 80% of the income it distributes will be exempt from Federal income tax (including the Federal alternative minimum tax). The Fund also may invest up to 20% of its assets in short-term municipal securities, which may subject investors to the Federal alternative minimum tax. Throughout this prospectus, interest paid on tax-exempt and/or municipal securities may be referred to as “tax-exempt.”
The Fund does not presently intend to invest more than 25% of its total assets in short-term tax-exempt securities of issuers located in a single state.
The Fund is a “feeder” fund that invests all of its assets in Tax-Exempt LLC, which has the same investment objectives and strategies as the Fund. All investments are made at the Tax-Exempt LLC level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of Tax-Exempt LLC. Where applicable, “Tax-Exempt Fund” or the “Fund” refers also to Tax-Exempt LLC.
Principal Risks of Investing in the Fund

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. Your investment may not perform as well as other similar investments. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The following is a summary description of principal risks of investing in the Fund.
Credit Risk — Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.
Income Risk — Income risk is the risk that the Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates.
Interest Rate Risk Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities.
  Additionally, securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
Municipal Securities Risks — Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. Certain municipal securities, including private activity bonds, are not backed by the full faith, credit and taxing power of the issuer. Additionally, if events occur after the security is acquired that impact the security’s tax-exempt status, the Fund and its shareholders could be subject to substantial tax liabilities.
Regulatory Risk — On July 23, 2014, the Securities and Exchange Commission (the “SEC”) adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be
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  required to operate. The compliance periods for the amendments range between July 2015 and October 2016. When implemented, the changes may affect the Fund’s investment strategies, fees and expenses, portfolio and share liquidity and return potential. The Fund is still evaluating its strategy to implement the new regulations.
Taxability Risk — Future laws, regulations, rulings or court decisions may cause interest on tax-exempt or municipal securities to be subject, directly or indirectly, to Federal income taxation or interest on state municipal securities to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus the value of an investment in the Fund.
Treasury Obligations Risk — Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.
Variable Rate Demand Obligations and Municipal or Tax-Exempt Derivatives Risk — Investments in variable rate demand obligations or short-term municipal or tax-exempt derivatives involve credit risk with respect to the financial institution providing the Fund with the right to demand payment or put (sell) the security. While the Fund invests only in short-term municipal or tax-exempt securities of high quality issuers, or which are backed by high quality financial institutions, those issuers or financial institutions may still default on their obligations. Short-term municipal or tax-exempt derivatives present certain unresolved tax, legal, regulatory and accounting issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.
Performance Information

The information shows you how Tax-Exempt Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance is not an indication of future results. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. The table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. The Fund is a money market fund managed pursuant to the requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Effective May 28, 2010, Rule 2a-7 was amended to impose new liquidity, credit quality and maturity requirements on all money market funds. Fund performance shown prior to May 28, 2010 is based on Investment Company Act rules then in effect and is not an indication of future returns. Updated information on the Fund’s performance can be obtained by phone at (800) 626-1960.
Tax-Exempt Fund
Class 3
ANNUAL TOTAL RETURNS
As of 12/31
During the ten-year period shown in the bar chart, the highest return for a quarter was 0.80% (quarter ended June 30, 2007) and the lowest return for a quarter was 0.00% (quarter ended March 31, 2014).
As of 12/31/15
Average Annual Total Returns
1 Year 5 Years 10 Years
Class 1 [ ]% [ ]% [ ]%
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As of 12/31/15
Average Annual Total Returns
1 Year 5 Years 10 Years
Class 2 [ ]% [ ]% [ ]%
Class 3 [ ]% [ ]% [ ]%
Class 4 [ ]% [ ]% [ ]%
  
To obtain the Fund’s current 7-day yield, call (800) 626-1960.
Investment Manager

Tax-Exempt Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).
Purchase and Sale of Fund Shares

There is no minimum initial investment for the Fund’s shares, but the minimum for the Working Capital Management Account® (“WCMA”) service or other Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) business account program is $20,000 in cash and/or securities. The minimum investment for additional purchases (other than automatic purchases) is $1,000 for all accounts. Eligibility requirements for investors with a WCMA service or other Merrill Lynch business account program to invest in certain share classes of the Fund are as follows:
  Class 1 Class 2 Class 3 Class 4
Subscribers in the WCMA service or other Merrill Lynch business account program Limited to tier 1 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be less than $250,000. Limited to tier 2 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $250,000 and $999,999. Limited to tier 3 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $1 million and $9,999,999. Limited to certain eligible investors, including tier 4 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be $10 million or more.
  
You may have cash balances from your account automatically invested in shares of the Fund if it is designated as your primary money account and the delay with respect to such automatic investment is determined by your tier. For further information regarding the timing of sweeps for each tier, consult your Merrill Lynch Financial Advisor and/or the account agreement and program description of the WCMA service or other Merrill Lynch business account program.
You may also make manual investments of $1,000 or more in any BBIF fund not designated as your primary money account. When purchasing shares, you will be subject to the applicable annual account fee. To receive all the services available as a WCMA service or other Merrill Lynch business account program subscriber, you must complete the account opening process, including completing or supplying requested documentation.
Tax Information

The Fund anticipates that most of its distributions will be excludable from gross income for Federal income tax purposes, but it may also distribute taxable capital gains.
Payments to Broker/Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary, the Fund and BlackRock Investments, LLC, the Fund’s distributor, or its affiliates may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary’s website for more information.
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Fund Overview

Key Facts About BBIF Treasury Fund
Investment Objective

The investment objective of BBIF Treasury Fund (“Treasury Fund” or the “Fund”) is to seek preservation of capital, liquidity and current income.
Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of Treasury Fund.
Annual Fund Operating Expenses
(expenses that you pay each year as a
percentage of the value of your investment)1,2
  Class 1   Class 2   Class 3   Class 4
Management Fee1   0.170%   0.170%   0.170%   0.170%
Distribution and/or Service (12b-1) Fees   1.000%   0.675%   0.375%   0.375%
Other Expenses   0.310%   0.305%   0.295%   0.295%
Administration Fee 0.250%   0.250%   0.250%   0.250%  
Miscellaneous Other Expenses 0.060%   0.055%   0.045%   0.045%  
Total Annual Fund Operating Expenses3   1.48%   1.15%   0.84%   0.84%
Fee Waivers and/or Expense Reimbursements     (0.22)% 4   (0.26)% 4   (0.26)% 4
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements   1.48%   0.93% 4   0.58% 4   0.58% 4
  
1 The fees and expenses shown in the table and the example that follows include both the expenses of Treasury Fund and Treasury Fund’s share of the allocated expenses of Master Treasury LLC (“Treasury LLC”). The management fees are paid by Treasury LLC.
2 For clients with a brokerage relationship, annual brokerage account fees may also apply. Please contact your financial advisor or account representative for additional information.
3 The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent annual report which includes the Fund’s share of Treasury LLC’s allocated fees waived.
4 As described in the “Management of the Funds” section of the Fund’s prospectus beginning on page 35, with respect to Class 2, Class 3 and Class 4 Shares, BlackRock Advisors, LLC (“BlackRock”) and the Fund’s distributor have entered into a contractual arrangement to waive and/or reimburse a portion of Treasury Fund’s fees or expenses to ensure that the net expenses as a percentage of the Fund’s net assets (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) for Treasury Fund’s (i) Class 2 Shares are 0.35% higher than those of Treasury LLC’s initial feeder fund, and (ii) Class 3 and Class 4 Shares are equal to those of Treasury LLC’s initial feeder fund until August 1, 2017. This contractual arrangement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of Treasury Fund or by a vote of a majority of the outstanding voting securities of Treasury Fund.
Example:
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
  1 Year 3 Years 5 Years 10 Years
Class 1 $151 $468 $808 $1,768
Class 2 $ 95 $344 $612 $1,378
Class 3 $ 59 $242 $440 $1,013
Class 4 $ 59 $242 $440 $1,013
  
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Principal Investment Strategies of the Fund

Treasury Fund invests 100% of its total assets in cash, U.S. Treasury bills, notes and other obligations of the U.S. Treasury. The Fund invests in a portfolio of securities maturing in 397 days (13 months) or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis.
The securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and other rules of the Securities and Exchange Commission (the “SEC”). The Fund will only purchase securities that present minimal credit risk as determined by BlackRock, the Fund’s investment manager, pursuant to guidelines approved by the Trust’s Board of Trustees.
The Fund is a “feeder” fund that invests all of its assets in Treasury LLC, which has the same investment objectives and strategies as the Fund. All investments are made at the Treasury LLC level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of Treasury LLC. Where applicable, “Treasury Fund” or the “Fund” refers also to Treasury LLC.
Principal Risks of Investing in the Fund

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. Your investment may not perform as well as other similar investments. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. The following is a summary description of principal risks of investing in the Fund.
Income Risk — Income risk is the risk that the Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates.
Interest Rate Risk Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities.
  Additionally, securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
Regulatory Risk — On July 23, 2014, the SEC adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. The compliance periods for the amendments range between July 2015 and October 2016. When implemented, the changes may affect the Fund’s investment strategies, fees and expenses, portfolio and share liquidity and return potential.
Treasury Obligations Risk — Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.
Variable and Floating Rate Instrument Risk — The absence of an active market for these instruments could make it difficult for the Fund to dispose of them if the issuer defaults.
When-Issued and Delayed Delivery Securities and Forward Commitments Risk — When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.
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Performance Information

The information shows you how Treasury Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance is not an indication of future results. To the extent that dividends and distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. The table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. The Fund is a money market fund managed pursuant to the requirements of Rule 2a-7 under the Investment Company Act. Effective May 28, 2010, Rule 2a-7 was amended to impose new liquidity, credit quality and maturity requirements on all money market funds. Fund performance shown prior to May 28, 2010 is based on Investment Company Act rules then in effect and is not an indication of future returns. Updated information on the Fund’s performance can be obtained by phone at (800) 626-1960.
Treasury Fund
Class 3
ANNUAL TOTAL RETURNS
As of 12/31
During the ten-year period shown in the bar chart, the highest return for a quarter was 1.09% (quarter ended June 30, 2007) and the lowest return for a quarter was 0.00% (quarter ended March 31, 2014).
As of 12/31/15
Average Annual Total Returns
1 Year 5 Years 10 Years
Class 1 [ ]% [ ]% [ ]%
Class 2 [ ]% [ ]% [ ]%
Class 3 [ ]% [ ]% [ ]%
Class 4 [ ]% [ ]% [ ]%
  
To obtain the Fund’s current 7-day yield, call (800) 626-1960.
Investment Manager

Treasury Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).
Purchase and Sale of Fund Shares

There is no minimum initial investment for the Fund’s shares, but the minimum for the Working Capital Management Account® (“WCMA”) service or other Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) business account program is $20,000 in cash and/or securities. The minimum investment for additional purchases (other than automatic purchases) is $1,000 for all accounts. Eligibility requirements for investors with a WCMA service or other Merrill Lynch business account program to invest in certain share classes of the Fund are as follows:
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  Class 1 Class 2 Class 3 Class 4
Subscribers in the WCMA service or other Merrill Lynch business account program Limited to tier 1 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be less than $250,000. Limited to tier 2 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $250,000 and $999,999. Limited to tier 3 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $1 million and $9,999,999. Limited to certain eligible investors, including tier 4 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be $10 million or more.
  
You may have cash balances from your account automatically invested in shares of the Fund if it is designated as your primary money account and the delay with respect to such automatic investment is determined by your tier. For further information regarding the timing of sweeps for each tier, consult your Merrill Lynch Financial Advisor and/or the account agreement and program description of the WCMA service or other Merrill Lynch business account program.
You may also make manual investments of $1,000 or more in any BBIF fund not designated as your primary money account. When purchasing shares, you will be subject to the applicable annual account fee. To receive all the services available as a WCMA service or other Merrill Lynch business account program subscriber, you must complete the account opening process, including completing or supplying requested documentation.
Tax Information

Dividends and distributions of the Fund may be subject to Federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a retirement plan, in which case you may be subject to Federal income tax upon withdrawal from such tax deferred arrangements.
Payments to Broker/Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary, the Fund and BlackRock Investments, LLC, the Fund’s distributor, or its affiliates may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary’s website for more information.
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Details About the Funds

Included in this prospectus are sections that tell you about buying and selling shares, management information and shareholder features of BBIF Government Securities Fund (“Government Fund”), BBIF Money Fund (“Money Fund”), BBIF Tax-Exempt Fund (“Tax-Exempt Fund”) and BBIF Treasury Fund (“Treasury Fund”) (each, a “Fund” and collectively, the “Funds”). Each of Government Fund, Money Fund, Tax-Exempt Fund and Treasury Fund is a “feeder fund” that invests all of its assets in a corresponding “master” fund (a “Master LLC”), a mutual fund that has the same objective and strategies as the applicable feeder fund. All investments will be made at the Master LLC level. This structure is sometimes called a “master/feeder” structure. Government Fund invests all of its assets in Master Government Securities LLC (“Government LLC”). Money Fund invests all of its assets in Master Money LLC (“Money LLC”). Tax-Exempt Fund invests all of its assets in Master Tax-Exempt LLC (“Tax-Exempt LLC”). Treasury Fund invests all of its assets in Master Treasury LLC (“Treasury LLC”). For simplicity, this prospectus uses the name of the Fund or the term “Fund” to include the applicable Master LLC in which the Fund invests.
How Each Fund Invests

Each Fund is a money market fund managed pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
Each Fund seeks to maintain a net asset value of $1.00 per share.
Each Fund will maintain a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. For a discussion of dollar-weighted average maturity and dollar-weighted average life, please see the Glossary on page 58.
Pursuant to Rule 2a-7, each Fund is subject to a “general liquidity requirement” that requires that each Fund hold securities that are sufficiently liquid to meet reasonably foreseeable shareholder redemptions in light of its obligations under Section 22(e) of the Investment Company Act regarding share redemptions and any commitments the Fund has made to shareholders. To comply with this general liquidity requirement, BlackRock Advisors, LLC (“BlackRock”) must consider factors that could affect the Fund’s liquidity needs, including characteristics of the Fund’s investors and their likely redemptions. Depending upon the volatility of its cash flows (particularly shareholder redemptions), this may require a Fund to maintain greater liquidity than would be required by the daily and weekly minimum liquidity requirements discussed below.
Each Fund will not acquire any illiquid security (i.e., securities that cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to them by the Fund) if, immediately following such purchase, more than 5% of the Fund’s total assets are invested in illiquid securities. Each Fund (other than Tax-Exempt Fund) will not acquire any security other than a daily liquid asset unless, immediately following such purchase, at least 10% of its total assets would be invested in daily liquid assets, and each Fund will not acquire any security other than a weekly liquid asset unless, immediately following such purchase, at least 30% of its total assets would be invested in weekly liquid assets. For a discussion of daily liquid assets and weekly liquid assets, please see the Glossary on page 58.
Each Fund is ordinarily limited to investing so that immediately following any such acquisition not more than 5% of its total assets will be invested in any one issuer’s securities (other than U.S. Government obligations, repurchase agreements collateralized by such securities and securities subject to certain guarantees or otherwise providing a right to demand payment) or, in the event that such securities are not First Tier Securities (as defined in Rule 2a-7), not more than ½ of 1% of the Fund’s total assets. In addition, Rule 2a-7 requires that not more than 3% of each Fund’s total assets be invested in Second Tier Securities (as defined in Rule 2a-7) and that Second Tier Securities may only be purchased if they have a remaining maturity of 45 days or less at the time of acquisition.
Government Fund
Investment Objective
Government Fund seeks preservation of capital, current income and liquidity.
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Investment Process
In seeking to achieve Government Fund’s investment objective, Fund management varies the kinds of short-term U.S. Government securities held in the Fund’s portfolio as well as its average maturity. Fund management decides which securities to buy and sell, as well as whether to enter into repurchase agreements, based on its assessment of their relative values and future interest rates.
Principal Investment Strategies
Government Fund invests 100% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, and repurchase agreements secured by such obligations or cash. The Fund invests in a portfolio of securities maturing in 397 days (13 months) or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less.
The Fund may only invest in short-term U.S. Government securities that are issued or guaranteed by U.S. Government entities and are backed by the full faith and credit of the United States, such as:
U.S. Treasury obligations, including U.S. Treasury Floating Rate Notes (“FRNs”);
U.S. Government agency securities, including securities issued by the Government National Mortgage Association (“GNMA”);
Variable rate U.S. Government agency obligations, which have interest rates that reset periodically prior to maturity based on a specific index or interest rate;
Short-term U.S. Government securities with maturities of up to 397 days (13 months); and
Repurchase agreements and purchase and sale contracts involving U.S. Government securities described above.
The Fund may invest in variable and floating rate instruments. The Fund may transact in securities on a when-issued, delayed delivery or forward commitment basis. The purchase or sale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into the transaction.
Money Fund
Investment Objective
Money Fund seeks current income, preservation of capital and liquidity.
Investment Process
In seeking to achieve Money Fund’s investment objective, Fund management varies the kinds of short-term U.S. Government securities held in the Fund’s portfolio, as well as the Fund’s average maturity. Fund management decides which securities to buy and sell, as well as whether to enter into repurchase agreements, based on its assessment of their relative values and future interest rates.
Principal Investment Strategies
Money Fund invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements secured by such obligations or cash. The Fund invests in a portfolio of securities maturing in 397 days (13 months) or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less.
The U.S. Government securities in which the Fund may invest include:
Repurchase Agreements Repurchase agreements are transactions in which the Fund purchases a class of securities with the obligation to resell the securities shortly thereafter at a specified price which reflects interest payable to the Fund. The Fund may engage in repurchase agreements secured by U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities and cash.
U.S. Treasury Obligations Obligations that are direct obligations of the U.S. Treasury. These also include Treasury Receipts where the principal and interest components are traded separately under the Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) Program.
U.S. Government Obligations Obligations issued or guaranteed by the U.S. Government or its agencies, authorities, instrumentalities and sponsored enterprises, and related custodial receipts.
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Variable and Floating Rate Instruments Instruments that provide for adjustments in the interest rate on certain reset dates (variable) or whenever a specified interest rate index changes (floating).
When-Issued and Delayed Settlement Transactions The purchase or sale of securities on a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into the transaction.
Tax-Exempt Fund
Investment Objective
Tax-Exempt Fund seeks current income exempt from Federal income tax, preservation of capital and liquidity.
Investment Process
Fund management will seek to keep Tax-Exempt Fund’s assets fully invested to maximize the yield on the Fund’s portfolio. There may be times, however, when the Fund has uninvested cash, which will reduce its yield.
Fund management will vary the types of short-term tax-exempt securities in the Fund’s portfolio, as well as its average maturity. Fund management decides which securities to buy based on its assessment of relative values of different securities and future interest rates. Fund management seeks to improve the Fund’s yield by taking advantage of differences in yield that regularly occur between similar kinds of securities.
Principal Investment Strategies
Tax-Exempt Fund seeks to achieve its investment objective by investing in a diversified portfolio of short-term tax-exempt securities. Under normal circumstances, the Fund will invest at least 80% of its assets in short-term tax-exempt securities or so that at least 80% of the income it distributes will be exempt from Federal income tax (including the Federal alternative minimum tax).
The securities in which the Fund invests mature or reset to a new interest rate within 397 days (13 months). Certain short-term tax-exempt securities have maturities longer than 397 days (13 months), but give the Fund the right to demand payment from a financial institution within that period. The Fund treats these securities as having a maturity of 397 days (13 months) or less.
The Fund only invests in short-term tax-exempt securities that have one of the two highest ratings from a nationally recognized statistical rating organization or unrated securities that Fund management determines, pursuant to authority delegated by the Board of Trustees of Tax-Exempt Fund (the “Board”), are of similar credit quality. Certain short-term tax-exempt securities are entitled to the benefit of insurance, guarantees, letters of credit or similar arrangements provided by a financial institution. When this is the case, Fund management may consider the obligation of the financial institution and its creditworthiness in determining whether the security is an appropriate investment for the Fund.
The Fund does not presently intend to invest more than 25% of its assets in short-term tax-exempt securities of issuers located in a single state.
Among the short-term tax-exempt securities the Fund may buy are:
Tax-Exempt Notes — short-term tax-exempt securities often used to provide interim financing in anticipation of tax collection, bond sales or other revenues.
Tax-Exempt Commercial Paper — short-term unsecured promissory notes used to finance general short-term credit needs.
Tax-Exempt Bonds — long-term tax-exempt securities. The Fund will only invest in long-term tax-exempt bonds that have remaining maturities of 397 days (13 months) or less or that the Fund has a contractual right to sell (put) periodically or on demand within that time. The Fund may invest up to 20% of its assets in certain tax-exempt bonds, known as “private activity bonds,” that may subject certain investors to the Federal alternative minimum tax.
Municipal Securities — municipal obligations issued by or on behalf of a state, its political subdivisions, agencies and instrumentalities and by other qualifying issuers, that pay interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax). The Fund may invest up to 20% of its assets in short-term municipal securities, which may subject investors to the Federal alternative minimum tax. The Fund may also invest in municipal securities that are secured by insurance.
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Variable Rate Demand Obligations — floating rate securities that combine an interest in a long-term tax-exempt bond with a right to demand payment periodically or on notice. The Fund also may buy a participation interest in a variable rate demand obligation owned by a commercial bank or other financial institution. When the Fund purchases a participation interest, it receives the right to demand payment on notice to the owner of the obligation. The Fund will not invest more than 20% of its total assets in participation interests in variable rate demand obligations.
Treasury Fund
Investment Objective
Treasury Fund seeks preservation of capital, liquidity and current income.
Investment Process
In seeking to achieve Treasury Fund’s investment objective, Fund management varies the kinds of short-term U.S. Treasury securities held in the Fund’s portfolio and its average maturity. Fund management decides which U.S. Treasury securities to buy and sell based on its assessment of their relative values and future interest rates.
Principal Investment Strategies
Treasury Fund invests 100% of its total assets in cash, U.S. Treasury bills, notes and other obligations of the U.S. Treasury. The Fund invests in a portfolio of securities maturing in 397 days (13 months) or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less.
The Fund may invest in variable and floating rate instruments. The Fund may transact in securities on a when-issued, delayed delivery or forward commitment basis. The purchase or sale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into the transaction.
Other Strategies Applicable to the Funds
In addition to the principal strategies discussed above, each Fund, as applicable, may also invest or engage in the following investments/strategies:
Borrowing — Each Fund may borrow only to meet redemptions.
Illiquid/Restricted Securities — Each Fund may invest up to 5% of its total assets in illiquid securities that it cannot sell within seven days at approximately current value. Each Fund may also invest in restricted securities, which are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale (i.e., Rule 144A securities). Money Fund and Tax-Exempt Fund are each limited to investing up to 10% of its total assets (including any amount invested in illiquid securities) in restricted securities. Restricted securities may include private placement securities that have not been registered under the applicable securities laws. Restricted securities may not be listed on an exchange and may have no active trading market and therefore may be considered to be illiquid. Rule 144A securities are restricted securities that can be resold to qualified institutional buyers but not to the general public and may be considered to be liquid securities.
Municipal Lease Obligations (Tax-Exempt Fund) — Municipal lease obligations are participation certificates issued by government authorities to finance the acquisition, development or construction of equipment, land or facilities. The certificates represent participations in a lease or similar agreement and may be backed by the municipal issuer’s promise to budget for and appropriate funds to make payments due under the lease, but it is not obligated to do so.
Securities Lending (Money Fund) — Money Fund may lend securities with a value of up to 33 13% of its total assets to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.
Short-Term Tax-Exempt Derivatives (Tax-Exempt Fund) — Short-term tax-exempt derivatives are a variety of securities that generally represent the Fund’s ownership interest in one or more tax-exempt bonds held by a trust or partnership coupled with a contractual right to sell (put) that interest to a financial institution, periodically or on demand, for a price equal to face value. Income on the underlying tax-exempt bonds is “passed through” the trust or partnership to Tax-Exempt Fund and other institutions that have an ownership interest. Depending on the particular security, the Fund may receive pass-through income at a fixed interest rate or a floating money market interest rate.
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When-Issued and Delayed Delivery Securities and Forward Commitments (Tax-Exempt Fund) — The purchase or sale of securities on a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into the transaction.
Investment Risks

Risk is inherent in all investing. The value of your investment in a Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. Your investment may not perform as well as other similar investments. You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to a Fund, and you should not expect that the sponsor will provide financial support to a Fund at any time. The following is a description of certain risks of investing in the Funds.
Principal Risks of Investing in the Funds
Credit Risk (Government Fund, Money Fund, Tax-Exempt Fund) — Credit risk refers to the possibility that the issuer of a security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.
Income Risk — Income risk is the risk that the Fund’s yield will vary as short-term securities in its portfolio mature and the proceeds are reinvested in securities with different interest rates.
Interest Rate Risk Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities.
  Additionally, securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.
Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
Municipal Securities Risks (Tax-Exempt Fund) — Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities. These risks include:
  General Obligation Bonds Risks — The full faith, credit and taxing power of the municipality that issues a general obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.
  Revenue Bonds Risks — Payments of interest and principal on revenue bonds are made only from the revenues generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source. These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.
  Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. If the private enterprise defaults on its payments, the Fund may not receive any income or get its money back from the investment.
  Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.
  Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. They may provide interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.
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  Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not obligated to do so. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. However, if the issuer does not fulfill its payment obligation it may be difficult to sell the property and the proceeds of a sale may not cover the Fund’s loss.
  Tax-Exempt Status Risk — In making investments, the Fund and BlackRock will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal obligations and payments under tax-exempt derivative securities. Neither the Fund nor BlackRock will independently review the bases for those tax opinions. If any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security’s tax-exempt status, the Fund and its shareholders could be subject to substantial tax liabilities. The Internal Revenue Service (the “IRS”) has generally not ruled on the taxability of the securities. An assertion by the IRS that a portfolio security is not exempt from Federal income tax (contrary to indications from the issuer) could affect the Fund’s and shareholder’s income tax liability for the current or past years and could create liability for information reporting penalties. In addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities.
Regulatory Risk — On July 23, 2014, the Securities and Exchange Commission adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. The effect of these amendments on an individual money market fund will depend on the type of investors (e.g., retail or institutional) and the principal investments of the fund. For example, “institutional” money market funds will be required to sell and redeem fund shares using a floating net asset value and may, at the discretion of the fund’s board of trustees, impose fees on shareholder redemptions and temporarily suspend redemptions if the fund’s weekly liquid assets fall below a certain threshold. “Retail” money market funds may impose fees and suspend redemptions, but may continue to sell and redeem shares at a constant net asset value, whereas “Government” money market funds are exempt from these structural changes. The compliance periods for the amendments range between July 2015 and October 2016. When implemented, the changes may affect a Fund’s investment strategies, fees and expenses, portfolio and share liquidity and return potential.
Repurchase Agreements and Purchase and Sale Contracts Risk (Government Fund, Money Fund) — If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.
Taxability Risk (Tax-Exempt Fund) — Tax-Exempt Fund intends to minimize the payment of taxable income to shareholders by investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for Federal income tax purposes. Such securities, however, may be determined to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS may demand that the Fund pay Federal income taxes on the affected interest income, and, if the Fund agrees to do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be paid by Tax-Exempt Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to increased Federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by Tax-Exempt Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly, to Federal income taxation or may otherwise prevent Tax-Exempt Fund from realizing the full current benefit of the tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus the value of an investment in Tax-Exempt Fund.
Treasury Obligations Risk — Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund.
U.S. Government Obligations Risk (Money Fund) — Obligations of U.S. Government agencies, authorities, instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, not all U.S. Government securities are backed by the full faith and credit of the United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the U.S. Government are backed by the full faith and credit of the United States (e.g., GNMA); other obligations are backed by the right of the issuer to borrow from the U.S. Treasury (e.g., the Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S. Government to purchase an agency’s obligations. Still others are backed only by
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  the credit of the agency, authority, instrumentality or sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government would provide financial support to any of these entities if it is not obligated to do so by law.
Variable and Floating Rate Instrument Risk (Government Fund, Money Fund, Treasury Fund) — The absence of an active market for these instruments could make it difficult for the Fund to dispose of them if the issuer defaults.
Variable Rate Demand Obligations and Municipal or Tax Exempt Derivatives Risk (Tax-Exempt Fund) — Investment in variable rate demand obligations or short-term municipal or tax-exempt derivatives involves credit risk with respect to the financial institution providing Tax-Exempt Fund with the right to demand payment or put (sell) the security. While the Fund invests only in short-term municipal or tax-exempt securities of high quality issuers, or which are backed by high quality financial institutions, those issuers or financial institutions may still default on their obligations. Short-term municipal or tax-exempt derivatives present certain unresolved tax, legal, regulatory and accounting issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.
When-Issued and Delayed Delivery Securities and Forward Commitments Risk (Government Fund, Money Fund and Treasury Fund Principal Risk; Tax-Exempt Fund Other Risk) — When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.
Other Risks of Investing in the Funds
Each Fund (except as noted below) may also be subject to certain other risks associated with its investments and investment strategies, including:
Borrowing Risk — Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations.
Expense Risk — Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets. Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be significant.
Insurance Risk (Tax-Exempt Fund) — Insurance guarantees that interest payments on a municipal security will be made on time and that the principal will be repaid when the security matures. Either the issuer of the municipal security or Tax-Exempt Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by a municipal security issuer’s failure to make interest and principal payments. However, insurance does not protect the Fund or its shareholders against losses caused by declines in a municipal security’s value. Also, the Fund cannot be certain that any insurance company will make the payments it guarantees. Certain significant providers of insurance for municipal securities have recently incurred significant losses as a result of exposure to sub-prime mortgages and other lower credit quality investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such losses have reduced the insurers’ capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the rating of the underlying municipal security will be more relevant and the value of the municipal security would more closely, if not entirely, reflect such rating. The Fund may lose money on its investment if the insurance company does not make payments it guarantees. In addition, if the Fund purchases the insurance, it must pay the premiums, which will reduce the Fund’s yield. If a municipal security’s insurer fails to fulfill its obligations or loses its credit rating, the value of the security could drop.
Liquidity Risk (Money Fund, Tax-Exempt Fund) — Liquidity risk refers to the possibility that it may be difficult or impossible to sell certain positions at an acceptable price.
Securities Lending Risk (Money Fund) — Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, the Fund may lose money and there may be a delay in recovering the loaned securities. The Fund could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. These events could trigger adverse tax consequences for the Fund.
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Unavailability of Tax-Exempt Securities Risk (Tax-Exempt Fund) — Tax-Exempt Fund’s portfolio represents a significant percentage of the market in short-term tax-exempt securities. A shortage of available high quality short-term tax-exempt securities will affect the yield on the Fund’s portfolio. Tax-Exempt Fund may suspend or limit sales of shares if, due to such a shortage, the sale of additional shares would not be in the best interest of the Fund’s shareholders.
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Account Information

BBIF Multiple Class Structure

Each Fund offers four classes of shares, each with its own ongoing fees, expenses and other features. Each share class represents an ownership interest in the same portfolio investments of the corresponding Fund.
Investors must be eligible to own a particular class of shares. With certain exceptions, a new WCMA service subscriber account or other Merrill Lynch business account program is eligible to purchase and hold only Class 1 Shares for an initial period not exceeding one month. Such period begins on the date the account is activated to purchase the Funds and ends on the first business day of the next month. Thereafter, the share class that an investor will be eligible to purchase or hold will be determined based on the investor’s tier assignment within the relevant program on each valuation date, which means at the end of the day on the last business day of every week, an account value will be calculated for each account and at the end of the month, these weekly values will be used to determine the average weekly account value. Tier assignment is based on the average weekly value of a subscriber’s service relationship. A subscriber’s average weekly service relationship value is currently determined by Merrill Lynch based on the average weekly asset balance of investments, cash, money funds, and/or maximum committed loan amounts held in the subscriber’s WCMA account, together with certain other factors, at the valuation date. If you want more information about the WCMA service or other business account program and tier assignment, please review the Business Investor AccountSM (BIASM) Financial Service and WCMA Financial Service Account Agreement and Program Description Booklet. Your Merrill Lynch Financial Advisor can help explain the WCMA tier for which you qualify and the share class that you are currently eligible to own.
Accounts in an Investment Advisory Service, which means one of the managed money services (discretionary or nondiscretionary) made available from time to time by or through Merrill Lynch or an affiliated company, are eligible to own Class 4 Shares of each Fund.
On each monthly valuation date, your WCMA service or other business program account relationship will be valued to determine to which WCMA tier your service account is assigned and, therefore, which class of shares of the Funds you are then eligible to own. If your tier assignment has changed, and as a result you are entitled to hold a different share class than you currently own, Fund shares in your account will convert automatically to the class you are then eligible to own on the first business day of the next month. This automatic monthly conversion will be made at the net asset value of the two classes on the valuation date, without imposition of a transaction charge or exchange fee or loss of dividends, and will not be a taxable event for Federal income tax purposes. Beginning with the first day of each month, you will hold the class of shares that you are then eligible to own for such month, and any new shares that you acquire during such month, whether through the automatic sweep feature, manual purchases or dividend reinvestment, will be shares of the new class until the first business day of the next month.
In addition, shares purchased through reinvestment of dividends on the class held before the valuation date also will convert automatically to the different share class. The conversion of shares may be modified for investors that participate in certain fee based programs as described in the relevant service account agreement and program description.
The Funds’ shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.
How to Choose the Share Class That Best Suits Your Needs

Each Fund currently offers Class 1, Class 2, Class 3 and Class 4 Shares. Each share class represents an ownership interest in the same portfolio investments of the particular Fund. Each class is subject to ongoing distribution and service fees detailed in the table below under plans adopted pursuant to Rule 12b-1 under the Investment Company Act. Because these fees are paid out of a Fund’s assets on an ongoing basis, over time these fees increase the cost of your investment and may cost you more than paying other types of sales charges. Classes with lower expenses will have higher dividends relative to other share classes.
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The table below summarizes the key features of the Funds’ multiple class structure.
Share Classes at a Glance
For subscribers in the WCMA service or another Merrill Lynch business account program:
  Class 1 Class 2 Class 3 Class 4
Who is Eligible to Own?1 Limited to tier 1 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be less than $250,000. Limited to tier 2 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $250,000 and $999,999. Limited to tier 3 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be between $1 million and $9,999,999. Limited to certain eligible investors, including tier 4 investors with a WCMA service or other Merrill Lynch business account program relationship value determined to be $10 million or more.
Automatic Conversion to Another Class of the Fund? Yes. When your WCMA service relationship value is determined to be $250,000 or more. Yes. When your WCMA service relationship value is determined to be either greater than $999,999 or less than $250,000. Yes. When your WCMA service relationship value is determined to be either greater than $9,999,999 or less than $1 million. Yes. When your WCMA service relationship value is determined to be less than $10 million.
Service and Distribution Fees 0.25% Annual Service Fee.
0.75% Annual Distribution Fee.
0.25% Annual Service Fee.
0.425% Annual Distribution Fee.
0.25% Annual Service Fee.
0.125% Annual Distribution Fee.
0.25% Annual Service Fee.
0.125% Annual Distribution Fee.
  
1 Each new subscriber account is eligible to purchase and hold only Class 1 Shares for an initial period not exceeding one month. Such period begins on the account activation date and ends on the next conversion date.
Distribution Plans

Each Fund has adopted plans (the “Plans”) under Rule 12b-1 of the Investment Company Act that allow the Fund to pay shareholder servicing and distribution fees for the sale of its shares.
Plan Payments
Under each Plan, each class of each Fund’s shares pays a distribution fee to the Distributor and/or its affiliates, including The PNC Financial Services Group, Inc. (“PNC”) and its affiliates, for account maintenance, sales and promotional and marketing activities and services in connection with the sale of shares. The fee may also be used to pay a financial professional or a selected securities dealer, broker, investment adviser, service provider or industry professional (including BlackRock, PNC and their respective affiliates) (each a “Financial Intermediary”) for sales support services and related expenses. Each class of each Fund’s shares pays a maximum distribution fee per year that is a percentage of the average daily net asset value of the Fund attributable to such shares.
Under the Plans, each Fund also pays shareholder servicing fees to a Financial Intermediary whereby the Financial Intermediary provides support services to customers who own Class 1, Class 2, Class 3 or Class 4 Shares in return for these fees. Each Fund may pay a shareholder servicing fee per year that is a percentage of the average daily net asset value of each class of shares of the Fund. All Fund shares pay this shareholder servicing fee.
In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of the following services to their customers who own a class of a Fund’s shares:
Responding to customer questions on the services performed by the Financial Intermediary and investments in Fund shares;
Assisting customers in choosing and changing dividend options, account designations and addresses; and
Providing other similar shareholder liaison services.
The shareholder servicing fees payable pursuant to the Plans are fees payable for the administration and servicing of shareholder accounts and not costs which are primarily intended to result in the sale of a Fund’s shares.
Because the fees paid by a Fund’s shares under the Plans are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. For more information on the Plans, including a complete list of services provided thereunder, see the SAI.
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Other Payments by the Funds
In addition to, rather than in lieu of, fees that a Fund may pay to a Financial Intermediary pursuant to a Plan and fees a Fund pays to its transfer agent, Financial Data Services, Inc. (the “Transfer Agent”), each Fund may enter into non-Plan agreements with a Financial Intermediary pursuant to which the Fund will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency and shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.
Other Payments by BlackRock
The Plans permit BlackRock, the Distributor and their affiliates to make payments relating to distribution and sales support activities out of their past profits or other sources available to them (and not as an additional charge to a Fund). From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative, networking, recordkeeping, sub-transfer agency and shareholder services described above at its or their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may compensate affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of a Fund or for these other services to the Funds and their shareholders. These payments would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be based on the number of customer accounts maintained by the Financial Intermediary, or may be based on a percentage of the value of shares sold to, or held by, customers of the Financial Intermediary. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial. Payments by BlackRock may include amounts that are sometimes referred to as “revenue sharing” payments. In some circumstances, these revenue sharing payments may create an incentive for a Financial Intermediary, its employees or associated persons to recommend or sell shares of a Fund to you. Please contact your Financial Intermediary for details about payments it may receive from a Fund or from BlackRock, the Distributor or their affiliates. For more information, see the SAI.
How to Buy, Sell and Transfer Shares

The chart on the following pages summarizes how to buy, sell and transfer shares of each Fund through your Financial Intermediary. Because the selection of a mutual fund involves many considerations, your Financial Intermediary may help you with this decision.
Fund shares have not been registered for sale outside of the United States. This prospectus is not intended for distribution to prospective investors outside of the United States. Fund shares are generally not marketed or sold to investors domiciled outside of the United States, even, with regard to individuals, if they are citizens or lawful permanent residents of the United States, except with the consent of the Distributor.
Each Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements for any shareholders and suspend and resume the sale of shares of the Fund at any time, for any reason. Merrill Lynch reserves the right to terminate a subscriber’s participation in the WCMA service or any other Merrill Lynch central asset account program at any time for any reason. In addition, each Fund may waive certain requirements regarding the purchase, sale or transfer of shares described below.
Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a shareholder’s shares in the Fund may be transferred to that state.
How to Buy Shares
  Your Choices Information Important for You to Know
Initial Purchase Determine the share class that you are eligible to own Refer to the “Share Classes at a Glance” table in this prospectus (be sure to read the prospectus carefully).
  Determine the amount of your investment There is no minimum initial investment for a Fund’s shares, but the minimum for the WCMA service and other Merrill Lynch business account program is $20,000 in cash and/or securities.
  Have cash balances from your account automatically invested in shares of the Fund designated as your primary money account The delay with respect to automatic investment of cash balances in your account in shares of a designated Fund is determined by your tier. For further information regarding the timing of sweeps for each tier, consult your Merrill Lynch Financial Advisor and/or the WCMA service and other Merrill Lynch business account program account agreement and program description.
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  Your Choices Information Important for You to Know
Initial Purchase (continued) Have your Merrill Lynch Financial Advisor submit your purchase order You may make manual investments of $1,000 or more in any Fund not designated as your primary money account.
Generally, manual purchases placed through Merrill Lynch will be effective on the day following the day the order is placed with the Fund, subject to certain timing considerations.
Manual purchases of $1,000,000 or more can be made effective on the same day the order is placed, provided certain requirements are met.
Purchase requests received by any Fund will receive the net asset value per share next computed after receipt of the purchase request by the Fund.
Each Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements for any shareholder and suspend and resume the sale of any share class of the Fund at any time for any reason. Merrill Lynch reserves the right to terminate a subscriber’s participation in the WCMA service or other Merrill Lynch business account program at any time for any reason.
When purchasing shares, you will be subject to the applicable annual account fee. To receive all the services available as a WCMA service or other Merrill Lynch business account program subscriber, you must complete the account opening process, including completing or supplying requested documentation.
Add to Your Investment Purchase additional shares The minimum investment for additional purchases (other than automatic purchases) is $1,000 for all accounts.
  Acquire additional shares through the automatic dividend reinvestment plan All dividends are automatically reinvested in the form of additional shares at net asset value.
Transfer Investment to Another Securities Dealer Redeem shares and reinvest If you no longer maintain a WCMA service or other Merrill Lynch business account program account at Merrill Lynch, your shares will be automatically redeemed. Shareholders maintaining accounts with dealers other than Merrill Lynch are not entitled to invest in the Funds or to the other services available to WCMA service or other Merrill Lynch business account program subscribers.
  
How to Sell Shares
  Your Choices Important Information for You to Know
Full or Partial Redemption of Shares Automatic redemption Each Fund has instituted an automatic redemption procedure for WCMA service or other Merrill Lynch business account program subscribers who previously elected to have cash balances in their accounts automatically invested in shares of a designated Fund. For these subscribers, unless directed otherwise, Merrill Lynch will redeem a sufficient number of shares of the Fund to satisfy debit balances in the account created by (i) securities transactions therein, (ii) Visa® card purchases, cash advances or checks written against the account or (iii) electronic fund transfers or other debits. Each account will be scanned automatically for debits each business day prior to 12 p.m., Eastern time. After application of any cash balances in the account to these debits, shares of the Fund designated as the primary money account and, to the extent necessary, shares of other Funds or money accounts will be redeemed at net asset value at the 12 p.m., Eastern time, pricing to satisfy remaining debits.
  Ask your Merrill Lynch Financial Advisor to arrange for cash to be made available to you Merrill Lynch will satisfy requests for cash by wiring cash to your bank account or arranging for your Merrill Lynch Financial Advisor to provide you with a check. Redemption requests should not be sent to the Fund or its Transfer Agent. If inadvertently sent to the Fund or the Transfer Agent, redemption requests will be forwarded to Merrill Lynch.
Any required shareholder signatures must be guaranteed (e.g., by a bank or a broker). Redemptions of Fund shares will be confirmed to
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  Your Choices Important Information for You to Know
Full or Partial Redemption of Shares (continued) Ask your Merrill Lynch Financial Advisor to arrange for cash to be made available to you (continued) WCMA service or other Merrill Lynch business account program subscribers (rounded to the nearest share) in their monthly transaction statements.
  
Fund’s Rights

Each Fund may:
Suspend the right of redemption if trading is halted or restricted on the New York Stock Exchange (the “Exchange”) or under other emergency conditions described in the Investment Company Act;
Postpone the date of payment upon redemption if trading is halted or restricted on the Exchange or under other emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund has collected payment for the purchase of shares;
Redeem shares for property other than cash as may be permitted under the Investment Company Act; and
Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a specified level.
Suspension of Redemptions Upon Liquidation. If the Board of Trustees of a Fund (each, a “Board”), including a majority of the trustees who are not “interested persons” of the Fund as defined in the Investment Company Act, determines that the deviation between a Fund’s amortized cost price per share and the market-based net asset value per share may result in material dilution or other unfair results, the Board, subject to certain conditions, may, in the case of a Fund that the Board has determined to liquidate irrevocably, suspend redemptions and payments of redemption proceeds in order to facilitate the permanent termination of the Fund in an orderly manner. If this were to occur, it would likely result in a delay in your receipt of your redemption proceeds.
Note on Low Balance Accounts. Because of the high cost of maintaining smaller accounts, each Fund may redeem shares in your account if the net asset value of your account falls below $1,000 due to redemptions you have made. You will be notified that the value of your account is less than $1,000 before a Fund makes an involuntary redemption. You will then have 60 days to make an additional investment to bring the value of your account to at least $1,000 before the Fund takes any action. This involuntary redemption does not apply to Uniform Gifts or Transfers to Minors Act accounts.
Short-Term Trading Policy

Market timing is an investment technique involving frequent short-term trading of mutual fund shares designed to exploit market movements or inefficiencies in the way a mutual fund prices its shares. The Boards have evaluated the risks of market timing activities by the Funds’ shareholders and have determined that due to (i) the Funds’ policy of seeking to maintain the Funds’ net asset value per share at $1.00 each day, (ii) the nature of the Funds’ portfolio holdings, and (iii) the nature of the Funds’ shareholders, it is unlikely that (a) market timing would be attempted by the Funds’ shareholders or (b) any attempts to market time the Funds by shareholders would result in a negative impact to the Funds or their shareholders. As a result, the Boards have not adopted policies and procedures to deter short-term trading in the Funds. There can be no assurances, however, that the Funds may not, on occasion, serve as a temporary or short-term investment vehicle for those who seek to market time funds offered by other investment companies.
Master/Feeder Structure

Each of Government Fund, Money Fund, Tax-Exempt Fund and Treasury Fund is a “feeder” fund that invests all of its assets in Government LLC, Money LLC, Tax-Exempt LLC or Treasury LLC, respectively. Investors in a Fund will acquire an indirect interest in its corresponding Master LLC.
Each Master LLC may accept investments from other feeder funds, and all the feeder funds of a Master LLC bear that Master LLC’s expenses in proportion to their assets. This structure may enable each Fund to reduce costs through economies of scale. If a Master LLC has a larger investment portfolio, certain transaction costs may be reduced to the extent that contributions to and redemptions from that Master LLC from different feeder funds may offset each other and produce a lower net cash flow.
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However, each feeder fund can set its own transaction minimums, fund specific expenses, and other conditions. This means that one feeder fund could offer access to a Master LLC on more attractive terms, or could experience better performance, than another feeder fund. In addition, large purchases or redemptions by one feeder fund could negatively affect the performance of other feeder funds that invest in the same Master LLC. Information about other feeder funds, if any, is available by calling (800) 626-1960.
Whenever a Master LLC holds a vote of its feeder funds, each Fund will pass the vote through to its own shareholders. Smaller feeder funds may be harmed by the actions of larger feeder funds. For example, a larger feeder fund could have more voting power than a Fund over the operations of a Master LLC.
A Fund may withdraw from the corresponding Master LLC at any time and may invest all of its assets in another pooled investment vehicle or retain an investment adviser to directly manage the Fund’s assets.
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Management of the Funds

BlackRock

BlackRock, each Master LLC’s investment adviser, manages each Master LLC’s investments and its business operations subject to the oversight of each Fund’s Board and the Board of Directors of each Master LLC. While BlackRock is ultimately responsible for the management of the Master LLCs, it is able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and management with respect to certain portfolio securities. BlackRock is an indirect, wholly-owned subsidiary of BlackRock, Inc.
BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment companies. BlackRock and its affiliates had approximately $4.506 trillion in investment company and other portfolio assets under management as of September 30, 2015.
BlackRock serves as manager of each Master LLC pursuant to separate management agreements (each a “Management Agreement”). Pursuant to each Management Agreement, BlackRock is entitled to fees computed daily and payable monthly at the maximum annual management fee rate (as a percentage of average daily net assets) with respect to each Master LLC calculated as follows:
Average Daily Net Assets Rate of
Management Fee
First $500 million 0.250%
$500 million — $1 billion 0.175%
Greater than $1 billion 0.125%
  
BlackRock and the Distributor have contractually agreed to cap net expenses (excluding (i) interest, taxes, dividends tied to short sales, brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principles; (ii) expenses incurred directly or indirectly by a Fund as a result of investments in other investment companies and pooled investment vehicles; (iii) other expenses attributable to, and incurred as a result of, a Fund’s investments; and (iv) other extraordinary expenses not incurred in the ordinary course of a Fund’s business, if any) of each share class of certain Funds at the levels shown below and in the respective Fund’s fees and expenses table in the “Fund Overview” section. Items (i), (ii), (iii) and (iv) in the preceding sentence are referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses.” To achieve these expense caps, BlackRock and the Distributor have agreed to waive and/or reimburse direct fees or expenses to ensure that the net expenses as a percentage of a Fund’s net assets for (i) Class 2 Shares are 0.32% higher (for Government Fund and Money Fund) and 0.35% higher (for Tax-Exempt Fund and Treasury Fund) than those of each Master LLC’s initial feeder fund and (ii) Class 3 and Class 4 Shares of each Fund are equal to those of the corresponding Master LLC’s initial feeder fund until August 1, 2017. The contractual agreement may be terminated with respect to each Fund upon 90 days’ notice by a majority of the non-interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. These expense caps do not take into account any voluntary waivers that may be implemented with respect to the corresponding BIF Fund by BlackRock or the Distributor.
For the fiscal year ended March 31, 2015, BlackRock received management fees, net of any applicable waivers, as a percentage of average daily net assets, from each Master LLC as follows:
Fund Paid to BlackRock
(net of any applicable waivers)
Government LLC 0.000%
Money LLC 0.136%
Tax-Exempt LLC 0.035%
Treasury LLC 0.000%
  
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A discussion of the basis for the approval by each Fund’s Board and each Master LLC’s Board of Directors of the applicable Management Agreement with BlackRock is included in such Fund’s semi-annual shareholder report for the fiscal period ended [ ].
BlackRock also acts as each Fund’s administrator. Each Fund pays BlackRock an administration fee at the annual rate of 0.25% of the average daily net assets of that Fund.
For the fiscal year ended March 31, 2015, BlackRock received administration fees, net of any applicable waivers, as a percentage of average daily net assets, from each Fund as follows:
Fund Paid to BlackRock
(net of any applicable waivers)
Government Fund 0.000%
Money Fund 0.073%
Tax-Exempt Fund 0.000%
Treasury Fund 0.000%
  
BlackRock and the Distributor have voluntarily agreed to waive a portion of their respective fees and/or reimburse operating expenses to enable each Fund and the applicable Master LLC to maintain minimum levels of daily net investment income. BlackRock and the Distributor may discontinue this waiver and/or reimbursement at any time without notice.
From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a particular asset class, company, security, industry, or market sector. The views expressed by any such person are the views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any other person within the BlackRock organization. Any such views are subject to change at any time based upon market or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for the Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of the Funds.
Legal Proceedings. On May 27, 2014, certain purported investors in the BlackRock Global Allocation Fund, Inc. (“Global Allocation”) and the BlackRock Equity Dividend Fund (“Equity Dividend”) filed a consolidated complaint (the “Consolidated Complaint”) in the United States District Court for the District of New Jersey against BlackRock, BlackRock Investment Management, LLC and BlackRock International Limited (collectively, the “Defendants”) under the caption In re BlackRock Mutual Funds Advisory Fee Litigation. The Consolidated Complaint, which purports to be brought derivatively on behalf of Global Allocation and Equity Dividend, alleges that the Defendants violated Section 36(b) of the Investment Company Act by receiving allegedly excessive investment advisory fees from Global Allocation and Equity Dividend. The Consolidated Complaint seeks, among other things, to recover on behalf of Global Allocation and Equity Dividend all allegedly excessive advisory fees from one year prior to the filing of the lawsuit and purported lost investment returns on those amounts, plus interest. The Defendants believe the claims in the Consolidated Complaint are without merit and intend to vigorously defend the action.
Conflicts of Interest

The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and PNC and their affiliates, directors, partners, trustees, managing members, officers and employees (collectively, the “Affiliates”)) in the management of, or their interest in, their own accounts and other accounts they manage, may present conflicts of interest that could disadvantage the Funds and their shareholders.
BlackRock and its Affiliates provide investment management services to other funds and discretionary managed accounts that follow investment programs similar to those of the Funds. BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and may engage in the ordinary course of business in activities in which their interests or the interests of their clients may conflict with those of the Funds. One or more Affiliates act or may act as an investor, investment banker, research provider, investment manager, financier, adviser, market maker, trader, prime broker, lender, agent and principal, and have other direct and indirect interests in securities, currencies and other instruments in which the Funds directly and indirectly invest. Thus, it is likely that the Funds will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which an Affiliate performs or seeks to perform investment banking or other services. One or more Affiliates may engage in proprietary trading and advise accounts and funds that have investment objectives similar to those of the Funds and/or that engage in and compete for transactions in the same types of securities, currencies and other instruments as the Funds. The trading activities
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of these Affiliates are carried out without reference to positions held directly or indirectly by the Funds and may result in an Affiliate having positions that are adverse to those of the Funds. No Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Funds. As a result, an Affiliate may compete with the Funds for appropriate investment opportunities. The results of a Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an Affiliate, and it is possible that a Fund could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.
In addition, the Funds may, from time to time, enter into transactions in which an Affiliate or its other clients have an adverse interest. Furthermore, transactions undertaken by Affiliate-advised clients may adversely impact the Funds. Transactions by one or more Affiliate-advised clients or BlackRock may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Funds. The Funds’ activities may be limited because of regulatory restrictions applicable to one or more Affiliates and/or their internal policies designed to comply with such restrictions.
In addition, the Funds may invest in securities of companies with which an Affiliate has or is trying to develop investment banking relationships or in which an Affiliate has significant debt or equity investments. The Funds also may invest in securities of companies for which an Affiliate provides or may someday provide research coverage. An Affiliate may have business relationships with and purchase or distribute or sell services or products from or to distributors, consultants or others who recommend the Funds or who engage in transactions with or for the Funds, and may receive compensation for such services. The Funds may also make brokerage and other payments to Affiliates in connection with the Funds’ portfolio investment transactions.
Under a securities lending program approved by Money LLC’s Board of Directors, Money LLC has retained an Affiliate of BlackRock to serve as the securities lending agent for Money LLC to the extent that Money LLC participates in the securities lending program. For these services, the lending agent will receive a fee from Money LLC, including a fee based on the returns earned on Money LLC’s investment of the cash received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which Money LLC may lend its portfolio securities under the securities lending program.
The activities of Affiliates may give rise to other conflicts of interest that could disadvantage the Funds and their shareholders. BlackRock has adopted policies and procedures designed to address these potential conflicts of interest. See the SAI for further information.
Valuation of Fund Investments

When you buy shares, you pay the net asset value (normally $1.00 per share) without a sales charge. This is the offering price. Shares are also redeemed at their net asset value. Each Fund calculates the net asset value at 12 p.m. Eastern time on each business day that the Exchange or New York banks are open, immediately after the daily declaration of dividends. Both the Exchange and New York banks are closed on New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Currently, the only scheduled days on which the Exchange is open and New York banks are closed are Columbus Day and Veterans Day. The only scheduled day on which New York banks are open and the Exchange is closed is Good Friday. The net asset value used in determining your share price is the next one calculated after your purchase or redemption order becomes effective. Share purchase orders are effective on the date Federal funds become available to the Funds.
The amortized cost method is used in calculating net asset value, meaning that the calculation is based on a valuation of the assets held by the Fund at cost, with an adjustment for any discount or premium on a security at the time of purchase.
Generally, trading in foreign securities, U.S. Government securities, money market instruments and certain fixed-income securities is substantially completed each day at various times prior to the close of business on the Exchange. The values of such securities used in computing the net asset value of a Fund’s shares are determined as of such times.
Each Fund may accept orders from certain authorized Financial Intermediaries or their designees. Each Fund will be deemed to receive an order when accepted by the Financial Intermediary or designee and the order will receive the net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.
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Dividends, Distributions and Taxes

Each Fund will distribute dividends of net investment income, if any, daily and net realized capital gains, if any, at least annually. Income dividends are reinvested daily and capital gains dividends are reinvested at least annually in the form of additional shares at net asset value. You will begin accruing dividends on the day following the date your purchase becomes effective. In most cases, shareholders will receive statements monthly about such reinvestments. Shareholders redeeming their holdings will receive all dividends declared and reinvested through the date of redemption. Money Fund, Government Fund and Treasury Fund anticipate that most of the distributions will be taxed as ordinary income, although each Fund may distribute capital gains as well. Tax-Exempt Fund anticipates that most of its distributions will be excludable from gross income for Federal income tax purposes, but it may also distribute taxable income.
You will pay tax on ordinary income dividends from a Fund whether you receive them in cash or additional shares. If you redeem shares of a Fund or exchange them for shares of another fund, you generally will be treated as having sold your shares, and any gain on the transaction may be subject to tax. Certain dividend income and long-term capital gains are eligible for taxation at a reduced rate that applies to non-corporate shareholders. However, to the extent a Fund’s distributions are derived from income on debt securities and short-term capital gains, such distributions will generally not be eligible for taxation at the reduced rate. Generally, within 60 days after the end of a Fund’s taxable year, you will be informed of the amount of capital gain dividends you received that year. Capital gain dividends are taxable to you for Federal income tax purposes as long-term capital gains, regardless of how long you held your shares.
If the value of assets held by a Fund declines, the Trustees may authorize a reduction in the number of outstanding shares in shareholders’ accounts so as to preserve a net asset value of $1.00 per share. After such a reduction, the basis of your eliminated shares would be added to the basis of your remaining Fund shares, and you could recognize a capital loss if you disposed of your shares at that time. Dividends of ordinary income and capital gains, including dividends reinvested in additional shares of a Fund, will nonetheless be fully taxable, even if the number of shares in your account has been reduced as described above.
A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest, dividends and net gain from investment) of U.S. individuals with income exceeding $200,000, or $250,000 if married and filing jointly, and of trusts and estates. However, this tax will not apply to certain amounts that are already excludable from gross income, such as interest on tax-exempt bonds.
By law, your dividends will be subject to a 28% withholding tax if you have not provided a taxpayer identification number or social security number or the number you have provided is incorrect.
Tax-Exempt Fund will only purchase a tax-exempt or municipal security if it is accompanied by an opinion of counsel to the issuer, which is delivered on the date of issuance of the security, that the interest paid on such security is excludable from gross income for Federal income tax purposes. To the extent that the dividends distributed by Tax- Exempt Fund are from bond interest income that is excludable from gross income for Federal income tax purposes and are designated by Tax-Exempt Fund as “exempt-interest dividends,” they are exempt from Federal income tax. Distributions derived from taxable interest income or capital gains on portfolio securities, if any, will be subject to Federal income taxes. Certain investors may be subject to the Federal alternative minimum tax on dividends attributable to Tax-Exempt Fund’s investments in private activity bonds.
There is a possibility that events occurring after the date of issuance of a security, or after Tax-Exempt Fund’s acquisition of a security, may result in a determination that the interest on that security is, in fact, includable in gross income for Federal income tax purposes retroactively to its date of issue. Such a determination may cause a portion of prior distributions received by Tax-Exempt Fund shareholders to be taxable to those shareholders in the year of receipt.
Generally, within 60 days after the end of Tax-Exempt Fund’s taxable year, you will be informed of the amount of exempt interest dividends and capital gain dividends you received that year. Capital gain dividends are taxable to you for Federal income tax purposes as long-term capital gains, regardless of how long you have held your shares.
If you are neither a tax resident nor a citizen of the United States or if you are a foreign entity, a Fund’s ordinary income dividends (which include distributions of net short-term capital gain) will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies. However, for taxable years of a Fund beginning before January 1, 2015, certain distributions reported by a Fund as either interest related dividends or short-term capital gain dividends and paid to a foreign shareholder would be eligible for an exemption from U.S. withholding tax.
A 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items, and will be imposed on proceeds from the sale of property producing U.S.-source dividends and interest paid after December 31, 2018, to (i) foreign financial institutions, including non-U.S. investment funds, unless they agree to
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collect and disclose to the IRS information regarding their direct and indirect U.S. account holders and (ii) certain other foreign entities, unless they certify certain information regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial institutions will need to (i) enter into agreements with the IRS that state that they will provide the IRS information, including the names, addresses and taxpayer identification numbers of direct and indirect U.S. account holders, comply with due diligence procedures with respect to the identification of U.S. accounts, report to the IRS certain information with respect to U.S. accounts, agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to account holders that fail to provide the required information, and determine certain other information concerning their account holders, or (ii) in the event that an applicable intergovernmental agreement and implementing legislation are adopted, provide local revenue authorities with similar account holder information. Other foreign entities will need to either provide the name, address, and taxpayer identification number of each substantial U.S. owner or certifications of no substantial U.S. ownership unless certain exceptions apply.
This section summarizes some of the consequences under current Federal tax law of an investment in each Fund. It does not address the specific potential state and/or local tax consequences of your investment and is not a substitute for individualized tax advice. Some states exempt from personal income tax the portion of dividends paid by regulated investment companies, such as the Funds, that are derived from interest on certain obligations of the United States, if the regulated investment company meets certain requirements. Consult your tax adviser about the potential tax consequences of an investment in each Fund under all applicable tax laws.
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Financial Highlights

The Financial Highlights tables are intended to help you understand each Fund’s financial performance for the periods shown. Certain information reflects the financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the indicated Fund (assuming reinvestment of all dividends and/or distributions). The information for the fiscal years ended March 31, 2011, 2012, 2013, 2014 and 2015 has been audited by [ ], whose report, along with the Fund’s financial statements, is included in each indicated Fund’s Annual Report. The information for the fiscal period ended September 30, 2015 is unaudited and is included in the respective Fund’s Semi-Annual Report. Each Fund’s Annual Report and Semi-Annual Report is available upon request.
Government Fund
      Class 1
  Six Months
Ended
September 30,
2015 (unaudited)
  Year Ended March 31,
  2015 2014 2013 2012 2011
Per Share Operating Performance              
Net asset value, beginning of year [ ]   $ 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
Net realized gain [ ]   0.0000 1 0.0001 0.0000 1 0.0000 1 0.0001
Net increase from investment operations [ ]   0.0000 0.0001 0.0000 0.0000 0.0001
Distributions from:2              
Net investment income [ ]   (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0000) 3
Net realized gain [ ]   (0.0000) 3 (0.0001) (0.0000) 3 (0.0000) 3 (0.0001)
Total distributions [ ]   (0.0000) (0.0001) (0.0000) (0.0000) (0.0001)
Net asset value, end of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return4              
Based on net asset value [ ]   0.00% 0.01% 0.00% 0.00% 0.01%
Ratios to Average Net Assets5              
Total expenses6 [ ]   1.36% 1.37% 1.40% 1.41% 1.46%
Total expenses after fees waived and/or reimbursed6 [ ]   0.06% 0.07% 0.14% 0.07% 0.18%
Net investment income (loss)6 [ ]   0.00% 0.00% 0.00% 0.00% 0.00%
Supplemental Data              
Net assets, end of year (000) [ ]   $ 6,060 $ 6,923 $ 12,860 $ 8,850 $ 7,132
  
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 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
6 Includes the Fund’s share of the Master LLC’s allocated fees waived of 0.24%, 0.23%, 0.20%, 0.24% and 0.21% for the years ended March 31, 2015, March 31, 2014, March 31, 2013, March 31, 2012 and March 31, 2011, respectively.
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Financial Highlights (continued)

Government Fund (continued)
      Class 2
  Six Months
Ended
September 30,
2015 (unaudited)
  Year Ended March 31,
  2015 2014 2013 2012 2011
Per Share Operating Performance              
Net asset value, beginning of year [ ]   $ 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) 3
Net realized gain [ ]   0.0000 1 0.0001 0.0000 1 0.0000 1 0.0001
Net increase from investment operations [ ]   0.0000 0.0001 0.0000 0.0000 0.0001
Distributions from:2              
Net investment income [ ]   (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0000) 3
Net realized gain [ ]   (0.0000) 3 (0.0001) (0.0000) 3 (0.0000) 3 (0.0001)
Total distributions [ ]   (0.0000) (0.0001) (0.0000) (0.0000) (0.0001)
Net asset value, end of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return4              
Based on net asset value [ ]   0.00% 0.01% 0.00% 0.00% 0.01%
Ratios to Average Net Assets5              
Total expenses6 [ ]   1.02% 1.03% 1.06% 1.05% 1.13%
Total expenses after fees waived and/or reimbursed6 [ ]   0.06% 0.07% 0.14% 0.07% 0.18%
Net investment income (loss)6 [ ]   0.00% 0.00% 0.00% 0.00% (0.00)%
Supplemental Data              
Net assets, end of year (000) [ ]   $ 14,507 $ 16,554 $ 16,611 $ 42,220 $ 48,804
  
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 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
6 Includes the Fund’s share of the Master LLC’s allocated fees waived of 0.24%, 0.23%, 0.20%, 0.24% and 0.21% for the years ended March 31, 2015, March 31, 2014, March 31, 2013, March 31, 2012 and March 31, 2011, respectively.
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Financial Highlights (continued)

Government Fund (continued)
      Class 3
  Six Months
Ended
September 30,
2015 (unaudited)
  Year Ended March 31,
  2015 2014 2013 2012 2011
Per Share Operating Performance              
Net asset value, beginning of year [ ]   $ 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
Net realized gain [ ]   0.0000 1 0.0001 0.0000 1 0.0000 1 0.0001
Net increase from investment operations [ ]   0.0000 0.0001 0.0000 0.0000 0.0001
Distributions from:2              
Net investment income [ ]   (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0000) 3
Net realized gain [ ]   (0.0000) 3 (0.0001) (0.0000) 3 (0.0000) 3 (0.0001)
Total distributions [ ]   (0.0000) (0.0001) (0.0000) (0.0000) (0.0001)
Net asset value, end of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return4              
Based on net asset value [ ]   0.00% 0.01% 0.00% 0.00% 0.01%
Ratios to Average Net Assets5              
Total expenses6 [ ]   0.72% 0.73% 0.75% 0.74% 0.83%
Total expenses after fees waived and/or reimbursed6 [ ]   0.06% 0.07% 0.14% 0.07% 0.18%
Net investment income6 [ ]   0.00% 0.00% 0.00% 0.00% 0.00%
Supplemental Data              
Net assets, end of year (000) [ ]   $ 54,686 $ 59,542 $ 58,380 $104,375 $ 94,019
  
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 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
6 Includes the Fund’s share of the Master LLC’s allocated fees waived of 0.24%, 0.23%, 0.20%, 0.24% and 0.21% for the years ended March 31, 2015, March 31, 2014, March 31, 2013, March 31, 2012 and March 31, 2011, respectively.
42


Table of Contents
Financial Highlights (continued)

Government Fund (concluded)
      Class 4
  Six Months
Ended
September 30,
2015 (unaudited)
  Year Ended March 31,
  2015 2014 2013 2012 2011
Per Share Operating Performance              
Net asset value, beginning of year [ ]   $ 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
Net realized gain [ ]   0.0000 1 0.0001 0.0000 1 0.0000 1 0.0001
Net increase from investment operations [ ]   0.0000 0.0001 0.0000 0.0000 0.0001
Distributions from:2              
Net investment income [ ]   (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0000) 3
Net realized gain [ ]   (0.0000) 3 (0.0001) (0.0000) 3 (0.0000) 3 (0.0001)
Total distributions [ ]   (0.0000) (0.0001) (0.0000) (0.0000) (0.0001)
Net asset value, end of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return4              
Based on net asset value [ ]   0.00% 0.01% 0.00% 0.00% 0.01%
Ratios to Average Net Assets5              
Total expenses6 [ ]   0.72% 0.71% 0.74% 0.74% 0.81%
Total expenses after fees waived and/or reimbursed6 [ ]   0.06% 0.07% 0.14% 0.07% 0.18%
Net investment income6 [ ]   0.00% 0.00% 0.00% 0.00% 0.00%
Supplemental Data              
Net assets, end of year (000) [ ]   $148,624 $177,046 $103,434 $254,817 $138,105
  
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 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
6 Includes the Fund’s share of the Master LLC’s allocated fees waived of 0.24%, 0.23%, 0.20%, 0.24% and 0.21% for the years ended March 31, 2015, March 31, 2014, March 31, 2013, March 31, 2012 and March 31, 2011, respectively.
43


Table of Contents
Financial Highlights (continued)

Money Fund
      Class 1
  Six Months
Ended
September 30,
2015 (unaudited)
  Year Ended March 31,
  2015 2014 2013 2012 2011
Per Share Operating Performance              
Net asset value, beginning of year [ ]   $ 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
Net realized gain [ ]   0.0001 0.0001 0.0000 1 0.0000 1 0.0001
Net increase from investment operations [ ]   0.0001 0.0001 0.0000 0.0000 0.0001
Distributions from:2              
Net investment income [ ]   (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0000) 3
Net realized gain [ ]   (0.0001) (0.0001) (0.0000) 3 (0.0000) 3 (0.0001)
Total distributions [ ]   (0.0001) (0.0001) (0.0000) (0.0000) (0.0001)
Net asset value, end of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return4              
Based on net asset value [ ]   0.01% 0.01% 0.00% 0.00% 0.01%
Ratios to Average Net Assets5              
Total expenses [ ]   1.45% 6 1.44% 1.53% 1.51% 6 1.50%
Total expenses after fees waived and/or reimbursed [ ]   0.24% 6 0.24% 0.31% 0.28% 6 0.38%
Net investment income [ ]   0.00% 6 0.00% 0.00% 0.00% 6 0.00% 6
Supplemental Data              
Net assets, end of year (000) [ ]   $ 252,910 $ 268,531 $ 331,423 $ 385,378 $ 518,902
  
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 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
6 Includes the Fund’s share of the Master LLC’s allocated fees waived of less than 0.01%.
44


Table of Contents
Financial Highlights (continued)

Money Fund (continued)
      Class 2
  Six Months
Ended
September
30, 2015
(unaudited)
  Year Ended March 31,
  2015 2014 2013 2012 2011
Per Share Operating Performance              
Net asset value, beginning of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income [ ]   0.0000 1 0.0000 1 0.0000 1 0.0001 0.0004
Net realized gain [ ]   0.0001 0.0001 0.0000 1 0.0000 1 0.0001
Net increase from investment operations [ ]   0.0001 0.0001 0.0000 0.0001 0.0005
Distributions from:2              
Net investment income [ ]   (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0001) (0.0004)
Net realized gain [ ]   (0.0001) (0.0001) (0.0000) 3 (0.0000) 3 (0.0001)
Total distributions [ ]   (0.0001) (0.0001) (0.0000) (0.0001) (0.0005)
Net asset value, end of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return4              
Based on net asset value [ ]   0.01% 0.01% 0.00% 0.01% 0.05%
Ratios to Average Net Assets5              
Total expenses [ ]   1.10% 6 1.09% 1.16% 1.15% 6 1.14%
Total expenses after fees waived and/or reimbursed [ ]   0.24% 6 0.24% 0.31% 0.27% 6 0.34%
Net investment income [ ]   0.00% 6 0.00% 0.00% 0.01% 6 0.04%
Supplemental Data              
Net assets, end of year (000) [ ]   $276,325 $ 317,401 $380,400 $1,284,551 $1,523,283
  
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 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
6 Includes the Fund’s share of the Master LLC’s allocated fees waived of less than 0.01%.
45


Table of Contents
Financial Highlights (continued)

Money Fund (continued)
      Class 3
  Six Months
Ended
September
30, 2015
(unaudited)
  Year Ended March 31,
  2015 2014 2013 2012 2011
Per Share Operating Performance              
Net asset value, beginning of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income [ ]   0.0000 1 0.0000 1 0.0000 1 0.0001 0.0004
Net realized gain [ ]   0.0001 0.0001 0.0000 1 0.0000 1 0.0001
Net increase from investment operations [ ]   0.0001 0.0001 0.0000 0.0001 0.0005
Distributions from:2              
Net investment income [ ]   (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0001) (0.0004)
Net realized gain [ ]   (0.0001) (0.0001) (0.0000) 3 (0.0000) 3 (0.0001)
Total distributions [ ]   (0.0001) (0.0001) (0.0000) (0.0001) (0.0005)
Net asset value, end of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return4              
Based on net asset value [ ]   0.01% 0.01% 0.00% 0.01% 0.05%
Ratios to Average Net Assets5              
Total expenses [ ]   0.79% 6 0.79% 0.84% 0.84% 6 0.83%
Total expenses after fees waived and/or reimbursed [ ]   0.24% 6 0.24% 0.31% 0.27% 6 0.34%
Net investment income [ ]   0.00% 6 0.000% 0.000% 0.01% 6 0.04%
Supplemental Data              
Net assets, end of year (000) [ ]   $623,513 $ 695,307 $ 749,977 $1,790,033 $1,975,795
  
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 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
6 Includes the Fund’s share of the Master LLC’s allocated fees waived of less than 0.01%.
46


Table of Contents
Financial Highlights (continued)

Money Fund (concluded)
      Class 4
  Six Months
Ended
September
30, 2015
(unaudited)
  Year Ended March 31,
  2015 2014 2013 2012 2011
Per Share Operating Performance              
Net asset value, beginning of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income [ ]   0.0000 1 0.0000 1 0.0000 1 0.0001 0.0004
Net realized gain [ ]   0.0001 0.0001 0.0000 1 0.0000 1 0.0001
Net increase from investment operations [ ]   0.0001 0.0001 0.0000 0.0001 0.0005
Distributions from:2              
Net investment income [ ]   (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0001) (0.0004)
Net realized gain [ ]   (0.0001) (0.0001) (0.0000) 3 (0.0000) 3 (0.0001)
Total distributions [ ]   (0.0001) (0.0001) (0.0000) (0.0001) (0.0005)
Net asset value, end of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return4              
Based on net asset value [ ]   0.01% 0.01% 0.00% 0.01% 0.05%
Ratios to Average Net Assets5              
Total expenses [ ]   0.79% 6 0.78% 0.84% 0.84% 6 0.83%
Total expenses after fees waived and/or reimbursed [ ]   0.24% 6 0.24% 0.31% 0.27% 6 0.34%
Net investment income [ ]   0.00% 6 0.00% 0.00% 0.01% 6 0.04%
Supplemental Data              
Net assets, end of year (000) [ ]   $1,244,875 $1,086,357 $1,357,416 $2,046,505 $1,738,520
  
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 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
6 Includes the Fund’s share of the Master LLC’s allocated fees waived of less than 0.01%.
47


Table of Contents
Financial Highlights (continued)

Tax-Exempt Fund
      Class 1
  Six Months
Ended
September 30,
2015
(unaudited)
  Year Ended March 31,
  2015 2014 2013 2012 2011
Per Share Operating Performance              
Net asset value, beginning of year [ ]   $ 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
Net realized gain [ ]   0.0001 0.0001 0.0000 1 0.0000 1 0.0000 1
Net increase from investment operations [ ]   0.0001 0.0001 0.0000 0.0000 0.0000
Distributions from:2              
Net investment income [ ]   (0.0000) 3 (0.0000) 3 (0.0000) 3 (0.0001) (0.0000) 3
Net realized gain [ ]   (0.0001) (0.0001) (0.0000) 3 (0.0000) 3 (0.0000) 3
Total distributions [ ]   (0.0001) (0.0001) (0.0000) (0.0001) (0.0000)
Net asset value, end of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Total Return4              
Based on net asset value [ ]   0.01% 0.01% 0.00% 0.01% 0.00%
Ratios to Average Net Assets5              
Total expenses [ ]   1.38% 6 1.42% 6 1.53% 6 1.52% 6 1.53%
Total expenses after fees waived and/or reimbursed [ ]   0.10% 6 0.15% 6 0.24% 6 0.24% 6 0.41%
Net investment income [ ]   0.00% 6 0.00% 6 0.00% 6 0.00% 6 0.00%
Supplemental Data              
Net assets, end of year (000) [ ]   $ 44,002 $ 20,283 $ 46,498 $ 22,689 $ 23,650
  
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 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
6 For the years ended March 31, 2015, March 31, 2014, March 31, 2013 and March 31, 2012, includes the Fund’s share of the Master LLC’s allocated fees waived of 0.12%, 0.08%, 0.09% and 0.03%, respectively.
48


Table of Contents
Financial Highlights (continued)

Tax-Exempt Fund (continued)
      Class 2
  Six Months
Ended
September
30, 2015
(unaudited)
  Year Ended March 31,
  2015 2014 2013 2012 2011
Per Share Operating Performance              
Net asset value, beginning of year [ ]   $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income [ ]   0.0000 1 0.0000 1 0.0000 1 0.0001 0.0004
Net realized gain [ ]   0.0001 0.0001 0.0000 1 0.0000 1 0.0000 1
Net increase from investment operations [ ]   0.0001