N-Q 1 dnq.htm BB&T EQUITY INDEX BB&T Equity Index

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06719

 

 

BB&T Funds

(Exact name of registrant as specified in charter)

 

 

434 Fayetteville Street Mall, 5th Floor

Raleigh, NC 27601-0575

(Address of principal executive offices) (Zip code)

E.G. Purcell, III, President

BB&T Funds

434 Fayetteville Street Mall, 5th Floor

Raleigh, NC 27601-0575

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 228-1872

Date of fiscal year end: December 31

Date of reporting period: March 31, 2010

 

 

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

Item 1.

Schedule of Investments.

The Schedule of Investments is attached herewith.

BB&T Equity Index Fund

Schedule of Investments

March 31, 2010

(Unaudited)

 

     Fair Value

Mutual Funds (100.20%)

   

S&P 500 Stock Master Portfolio

    $ 29,321,619
      

TOTAL INVESTMENTS—100.20%

    $ 29,321,619
      

Percentages based on net assets of $29,264,170.

See accompanying notes to the Schedule of Investments.

BB&T FUNDS

Equity Index Fund

Notes to the Financial Statements

March 31, 2010

(Unaudited)

1. Organization:

The BB&T Equity Index Fund (the “Fund”) commenced operations on September 11, 2000 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end investment company. The Fund is a separate series of the BB&T Funds (the “Trust”), a Massachusetts business trust organized in 1992. The Fund invests all of its investable assets in the S&P 500 Stock Master Portfolio (the “Master Portfolio”) of the Master Investment Portfolio (“MIP”), a diversified open-end management investment company registered under the 1940 Act, rather than in a portfolio of securities. The Master Portfolio has substantially the same investment objective as the Fund. BlackRock Fund Advisors (formerly known as Barclays Global Fund Advisors) serves as investment advisor for the Master Portfolio. The financial statements of the Master Portfolio, including the schedule of investments in securities, are contained elsewhere in this report and should be read in conjunction with the Fund’s financial statements. The value of the Fund’s investment in the Master Portfolio reflects the Fund’s interest of 1.33% in the net assets of the Master Portfolio at March 31, 2010.

The Fund is authorized to issue an unlimited number of shares. The Fund offers four classes of shares: Class A Shares, Class B Shares, Class C Shares, and Institutional Class Shares. Class A Shares of the Fund have a maximum sales charge of 5.75% as a percentage of the original purchase price. Purchases of $1 million or more in Class A Shares will not be subject to a front-end sales charge, but will be subject to a contingent deferred sales charge (“CDSC”) of up to 1.00% of the purchase price if the shares are redeemed within two years after purchase. The CDSC is based on the lower of the cost for the shares or their net asset value at the time of redemption. In addition, a CDSC of up to 1.00% of the purchase price of Class A Shares will be charged to the following shareholders who received a sales charge waiver, and then redeem their shares within two years after purchase: (i) employees of BB&T Funds, BB&T Corporation and its affiliates, (ii) shareholders who purchased shares with proceeds from redemptions from another mutual fund complex within 60 days of redemption if a sales charge was paid on such shares, and (iii) shareholders who purchased shares online at www.bbtfunds.com. The CDSC is based on the lower of the cost for the shares or their net asset value at the time of redemption. The Class B Shares of the Fund are offered without any front-end sales charge but will be subject to a CDSC ranging from a maximum of 5.00% if redeemed less than one year after purchase to 0.00% if redeemed more than six years after purchase. Class C Shares of the Fund are offered without any front-end sales charge but will be subject to a maximum CDSC of 1.00% if redeemed less than one year after purchase. Institutional Class Shares commenced operations on May 1, 2007. Institutional Class Shares of the Fund are offered without any front-end sales charge and without any CDSC.

Each class of shares has identical rights and privileges except with respect to the fees paid under the distribution plan, voting rights on matters affecting a single class of shares and the exchange privilege of each class of shares.

Under the Fund’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts with their vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with United States generally accepted accounting principles (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates.

(A) Security Valuation — The Fund records its investments in the Master Portfolio at fair value. Valuation of securities held by the Master Portfolio is discussed in Note 1 of the Master Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

 

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BB&T FUNDS

Equity Index Fund

Notes to the Financial Statements

March 31, 2010

(Unaudited)

 

(B) Fair Value Measurements — The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 

  •  

Level 1 — quoted prices in active markets for identical securities

 

  •  

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

 

  •  

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of inputs used to determine the fair valuation of the Fund’s investments as of March 31, 2010 is as follows:

 

     Level 1 —
Quoted Inputs		    Level 2 —
Other
Significant
Observable
Inputs		    Level 3 —
Other
Significant
Unobservable
Inputs		    Total
Fair
Value

Investment in S&P 500 Stock Mater Portfolio

    $ 29,321,619    $ —      $ —      $ 29,321,619

(C) Securities Transactions and Income Recognition — The Fund records daily its proportionate interest in the net investment income and realized/unrealized capital gains and losses of the Master Portfolio. The performance of the Fund is directly affected by the performance of the Master Portfolio.

3. Federal Income Taxes:

Management has analyzed the Fund's tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

At December 31, 2009, the Fund had net capital loss carryforwards available to offset future net capital gains, if any, to the extent provided by the Treasury regulations. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders.

 

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BB&T FUNDS

Equity Index Fund

Notes to the Financial Statements

March 31, 2010

(Unaudited)

 

Amount

         Expires
3,648,463      2010
715,833      2011
175,416      2012
519,736      2013
612,669      2014
3,549,980      2016
1,338,848      2017
      
$10,560,945     
      

Under current tax law, capital losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year tax purposes. The Fund had $459,669 of deferred post October capital losses, which will be treated as arising on the first business day of the fiscal year ending December 31, 2010.

 

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Schedules of Investments March 31, 2010 (Unaudited)    S&P 500 Stock Master Portfolio
(Percentages shown are based on Net  Assets)

Common Stocks

    Shares    Value

Consumer Discretionary — 10.9%

      

Auto Components — 0.2%

      

The Goodyear Tire & Rubber Co. (a)

    48,605    $ 614,367

Johnson Controls, Inc. (b)

    135,471      4,469,188
         
        5,083,555
         

Automobiles — 0.5%

      

Ford Motor Co. (a)

    679,797      8,545,048

Harley-Davidson, Inc. (b)

    47,092      1,321,873
         
        9,866,921
         

Distributors — 0.1%

      

Genuine Parts Co. (b)

    32,247      1,362,113
         

Diversified Consumer Services — 0.2%

      

Apollo Group, Inc. Class A (a)

    25,934      1,589,495

DeVry, Inc. (b)

    12,640      824,128

H&R Block, Inc.

    67,406      1,199,827
         
        3,613,450
         

Hotels, Restaurants & Leisure — 1.5%

      

Carnival Corp.

    87,868      3,416,308

Darden Restaurants, Inc. (b)

    28,429      1,266,227

International Game Technology (b)

    59,686      1,101,207

Marriott International, Inc. Class A (b)

    51,197      1,613,729

McDonald’s Corp.

    217,414      14,505,862

Starbucks Corp. (a)(b)

    150,448      3,651,373

Starwood Hotels & Resorts Worldwide, Inc. (b)

    37,947      1,769,848

Wyndham Worldwide Corp. (b)

    35,864      922,781

Wynn Resorts, Ltd.

    13,971      1,059,421

Yum! Brands, Inc. (b)

    94,775      3,632,726
         
        32,939,482
         

Household Durables — 0.4%

      

D.R. Horton, Inc.

    55,394      697,964

Fortune Brands, Inc. (b)

    30,572      1,483,048

Harman International Industries, Inc. (a)(b)

    13,923      651,318

Leggett & Platt, Inc. (b)

    30,358      656,947

Lennar Corp. Class A

    32,497      559,273

Newell Rubbermaid, Inc. (b)

    55,733      847,142

Pulte Homes, Inc. (a)

    63,550      714,937

Stanley Black & Decker, Inc.

    32,268      1,852,506

Whirlpool Corp.

    15,039      1,312,153
         
        8,775,288
         

Internet & Catalog Retail — 0.6%

      

Amazon.com, Inc. (a)

    69,082      9,376,500

Expedia, Inc. (b)

    42,439      1,059,277

priceline.com, Inc. (a)

    9,181      2,341,155
         
        12,776,932
         

Leisure Equipment & Products — 0.1%

      

Eastman Kodak Co. (a)(b)

    53,284      308,514

Hasbro, Inc.

    24,999      956,962

Mattel, Inc. (b)

    73,182      1,664,159
         
        2,929,635
         

Media — 2.9%

      

CBS Corp. Class B (b)

    136,762      1,906,462

Comcast Corp. Class A (b)

    573,512      10,793,496

DIRECTV Class A (a)

    189,089      6,393,099

Discovery Communications, Inc. (a)(b)

    57,220      1,933,464

Gannett Co., Inc.

    48,072      794,150

Interpublic Group of Cos., Inc. (a)(b)

    99,201      825,352

The McGraw-Hill Cos., Inc.

    63,585      2,266,805

Meredith Corp.

    7,235      248,956

The New York Times Co. Class A (a)

    24,016    267,298

News Corp. Class A (b)

    455,652    6,565,945

Omnicom Group, Inc. (b)

    62,915    2,441,731

Scripps Networks Interactive, Inc. Class A (b)

    17,944    795,817

Time Warner Cable, Inc. (b)

    71,342    3,803,242

Time Warner, Inc.

    232,551    7,271,870

Viacom, Inc. Class B (a)(b)

    122,834    4,223,033

The Walt Disney Co. (b)

    391,508    13,667,544

The Washington Post Co. Class B

    1,252    556,114
       
      64,754,378
       

Multiline Retail — 1.9%

      

Big Lots, Inc. (a)

    16,913    615,972

Family Dollar Stores, Inc. (b)

    28,170    1,031,304

J.C. Penney Co., Inc. (b)

    47,931    1,541,940

Kohl’s Corp. (a)

    61,809    3,385,897

Macy’s, Inc. (b)

    84,900    1,848,273

Nordstrom, Inc.

    33,577    1,371,620

Sears Holdings Corp. (a)

    9,879    1,071,180

Target Corp. (b)

    152,083    7,999,566

Wal-Mart Stores, Inc.

    431,047    23,966,213
       
      42,831,965
       

Specialty Retail — 2.0%

      

Abercrombie & Fitch Co. Class A

    17,986    820,881

AutoNation, Inc. (a)

    18,691    337,933

AutoZone, Inc. (a)(b)

    6,045    1,046,329

Bed Bath & Beyond, Inc. (a)(b)

    53,101    2,323,700

Best Buy Co., Inc.

    69,076    2,938,493

GameStop Corp. Class A (a)(b)

    33,806    740,690

The Gap, Inc.

    96,430    2,228,497

The Home Depot, Inc.

    343,649    11,117,045

Limited Brands, Inc. (b)

    54,351    1,338,122

Lowe’s Cos., Inc.

    297,601    7,213,848

O’Reilly Automotive, Inc. (a)(b)

    27,733    1,156,744

Office Depot, Inc. (a)(b)

    56,343    449,617

RadioShack Corp.

    25,018    566,157

Ross Stores, Inc. (b)

    24,939    1,333,488

The Sherwin-Williams Co. (b)

    18,711    1,266,361

Staples, Inc. (b)

    146,968    3,437,582

The TJX Cos., Inc. (b)

    84,950    3,612,074

Tiffany & Co.

    25,327    1,202,779

Urban Outfitters, Inc. (a)

    26,177    995,511
       
      44,125,851
       

Textiles, Apparel & Luxury Goods — 0.5%

      

Coach, Inc. (b)

    63,666    2,516,080

NIKE, Inc. Class B

    78,843    5,794,961

Polo Ralph Lauren Corp.

    11,591    985,699

VF Corp. (b)

    17,969    1,440,215
       
      10,736,955
       

Total Consumer Discretionary

       239,796,525
       

Consumer Staples — 9.8%

      

Beverages — 2.5%

      

Brown-Forman Corp. Class B (b)

    22,094    1,313,488

The Coca-Cola Co.

    465,673    25,612,015

Coca-Cola Enterprises, Inc.

    64,362    1,780,253

Constellation Brands, Inc. (a)

    40,667    668,565

Dr Pepper Snapple Group, Inc.

    51,155    1,799,121

Molson Coors Brewing Co. Class B

    31,860    1,340,032

PepsiCo, Inc. (b)

    329,941    21,828,897
       
      54,342,371
       

Food & Staples Retailing — 1.5%

      

CVS Caremark Corp. (b)

    281,046    10,275,042

Costco Wholesale Corp.

    88,626    5,291,858

The Kroger Co.

    131,608    2,850,629

SUPERVALU, Inc. (b)

    43,040    717,907

Safeway, Inc.

    78,839    1,959,938

Sysco Corp. (b)

    119,857    3,535,782

Walgreen Co. (b)

    199,192    7,388,031

Whole Foods Market, Inc. (a)

    34,424    1,244,428
       
      33,263,615
       

Food Products — 1.6%

      

Archer Daniels Midland Co.

    130,127    3,760,670

Campbell Soup Co. (b)

    38,321    1,354,647

ConAgra Foods, Inc. (b)

    89,353    2,240,080

Dean Foods Co. (a)(b)

    36,292    569,421

General Mills, Inc.

    66,468    4,705,270

H.J. Heinz Co.

    63,738    2,907,090

The Hershey Co. (b)

    33,465    1,432,637

Hormel Foods Corp. (b)

    14,191    596,164

The J.M. Smucker Co.

    23,938    1,442,504

Kellogg Co. (b)

    51,553    2,754,477

Kraft Foods, Inc. Class A

    350,578    10,601,479

McCormick & Co., Inc. (b)

    26,655    1,022,486

Sara Lee Corp. (b)

    140,421    1,956,064

Tyson Foods, Inc. Class A (b)

    61,941    1,186,170
       
      36,529,159
       

Household Products — 2.4%

      

Colgate-Palmolive Co. (b)

    99,809    8,509,715

The Clorox Co.

    28,426    1,823,244

Kimberly-Clark Corp.

    84,098    5,288,082

The Procter & Gamble Co.

    586,712    37,121,268
       
      52,742,309
       

Personal Products — 0.3%

      

Avon Products, Inc. (b)

    86,546    2,931,313

The Estee Lauder Cos., Inc. Class A

    24,028    1,558,696

Mead Johnson Nutrition Co.

    41,182    2,142,700
       
      6,632,709
       

Tobacco — 1.5%

      

Altria Group, Inc. (b)

    419,869    8,615,712

Lorillard, Inc.

    31,370    2,360,279

Philip Morris International, Inc.

    380,019    19,821,791

Reynolds American, Inc. (b)

    34,302    1,851,622
       
      32,649,404
       

Total Consumer Staples

       216,159,567
       

Energy — 10.5%

      

Energy Equipment & Services — 1.7%

      

BJ Services Co.

    59,107    1,264,890

Baker Hughes, Inc. (b)

    62,874    2,945,018

Cameron International Corp. (a)

    49,232    2,110,084

Diamond Offshore Drilling, Inc. (b)

    14,037    1,246,626

FMC Technologies, Inc. (a)(b)

    24,763    1,600,433

Halliburton Co.

    182,600    5,501,738

Helmerich & Payne, Inc.

    21,307    811,371

Nabors Industries Ltd. (a)

    57,259    1,123,994

National Oilwell Varco, Inc.

    84,645    3,434,894

Rowan Cos., Inc. (a)(b)

    23,256    676,982

Schlumberger Ltd.

    241,775    15,343,041

Smith International, Inc.

    50,034    2,142,456
       
      38,201,527
       

Oil, Gas & Consumable Fuels — 8.8%

      

Anadarko Petroleum Corp.

    99,492    7,246,002

Apache Corp.

    68,039    6,905,959

Cabot Oil & Gas Corp. (b)

    20,805    765,624

Chesapeake Energy Corp.

    131,403    3,106,367

Chevron Corp.

    405,646    30,760,136

ConocoPhillips

    300,172    15,359,801

CONSOL Energy, Inc.

    36,462    1,555,469

Denbury Resources, Inc. (a)(b)

    79,884    1,347,643

Devon Energy Corp.

    90,142    5,807,849

EOG Resources, Inc. (b)

    51,103    4,749,513

El Paso Corp.

    141,094    1,529,459

Exxon Mobil Corp.

    953,586    63,871,190

Hess Corp.

    58,719    3,672,873

Marathon Oil Corp. (b)

    143,207    4,531,070

Massey Energy Co.

    19,194    1,003,654

Murphy Oil Corp.

    38,677    2,173,261

Noble Energy, Inc.

    35,151    2,566,023

Occidental Petroleum Corp. (b)

    164,073    13,870,731

Peabody Energy Corp.

    54,337    2,483,201

Pioneer Natural Resources Co. (b)

    23,223    1,307,919

Range Resources Corp. (b)

    32,021    1,500,824

Southwestern Energy Co. (a)

    69,753    2,840,342

Spectra Energy Corp. (b)

    131,122    2,954,179

Sunoco, Inc.

    23,728    704,959

Tesoro Corp. (b)

    28,979    402,808

Valero Energy Corp. (b)

    114,054    2,246,864

The Williams Cos., Inc.

    118,051    2,726,978

XTO Energy, Inc.

    117,681    5,552,190
       
      193,542,888
       

Total Energy

       231,744,415
       

Financials — 16.0%

      

Capital Markets — 2.6%

      

Ameriprise Financial, Inc.

    51,465    2,334,452

The Bank of New York Mellon Corp. (b)

    243,747    7,526,907

The Charles Schwab Corp. (b)

    197,105    3,683,893

E*TRADE Financial Corp. (a)

    317,907    524,547

Federated Investors, Inc. Class B (b)

    18,116    477,900

Franklin Resources, Inc.

    30,032    3,330,549

The Goldman Sachs Group, Inc.

    106,243    18,128,243

Invesco Ltd.

    86,311    1,891,074

Janus Capital Group, Inc. (b)

    36,685    524,229

Legg Mason, Inc.

    32,929    944,075

Morgan Stanley

    282,146    8,264,056

Northern Trust Corp.

    48,967    2,705,916

State Street Corp.

    100,209    4,523,434

T Rowe Price Group, Inc.

    52,195    2,867,071
       
      57,726,346
       

Commercial Banks — 3.0%

      

BB&T Corp.

    139,348    4,513,482

Comerica, Inc. (b)

    35,146    1,336,954

Fifth Third Bancorp

    161,158    2,190,137

First Horizon National Corp. (a)(b)

    45,053    632,992

Huntington Bancshares, Inc.

    145,740    782,624

KeyCorp

    178,242    1,381,376

M&T Bank Corp. (b)

    16,746    1,329,297

Marshall & Ilsley Corp.

    105,640    850,402

PNC Financial Services Group, Inc. (c)

    104,439    6,235,008

Regions Financial Corp.

    241,386    1,894,880

SunTrust Banks, Inc.

    101,133    2,709,353

U.S. Bancorp

    386,715    10,008,184

Wells Fargo & Co.

    1,046,055    32,553,232

Zions BanCorp.

    30,114    657,087
       
      67,075,008
       

Consumer Finance — 0.8%

      

American Express Co.

    241,533    9,965,652

Capital One Financial Corp.

    91,797    3,801,314

Discover Financial Services (b)

    109,387    1,629,866

SLM Corp. (a)

    97,448    1,220,049
       
      16,616,881
       

Diversified Financial Services — 4.5%

      

Bank of America Corp.

    2,025,622    36,157,353

CME Group, Inc.

    13,460    4,254,840

Citigroup, Inc. (a)

    3,966,653    16,064,945

IntercontinentalExchange, Inc. (a)(b)

    14,838    1,664,527

JPMorgan Chase & Co.

    802,215    35,899,121

Leucadia National Corp. (a)(b)

    38,525    955,805

Moody’s Corp. (b)

    39,532    1,176,077

The NASDAQ OMX Group, Inc. (a)

    29,596    625,067

NYSE Euronext (b)

    52,506    1,554,703
       
      98,352,438
       

Insurance — 3.8%

      

Aon Corp. (b)

    54,084    2,309,928

Aflac, Inc. (b)

    94,768    5,144,955

The Allstate Corp.

    108,168    3,494,908

American International Group, Inc. (a)(b)

    27,346    933,592

Assurant, Inc.

    23,345    802,601

Berkshire Hathaway, Inc. Class B (a)(b)

    334,166    27,157,671

Chubb Corp. (b)

    66,517    3,448,906

Cincinnati Financial Corp. (b)

    32,753    946,562

Genworth Financial, Inc. Class A (a)

    98,401    1,804,674

Hartford Financial Services Group, Inc.

    89,580    2,545,864

Lincoln National Corp.

    61,225    1,879,607

Loews Corp.

    71,877    2,679,575

Marsh & McLennan Cos., Inc.

    107,231    2,618,581

MetLife, Inc.

    165,610    7,177,537

Principal Financial Group, Inc. (b)

    64,851    1,894,298

The Progressive Corp.

    135,129    2,579,613

Prudential Financial, Inc.

    93,803    5,675,081

Torchmark Corp.

    16,618    889,229

The Travelers Cos., Inc. (b)

    103,870    5,602,748

Unum Group

    67,469    1,671,207

XL Capital Ltd. Class A

    68,778    1,299,904
       
      82,557,041
       

Real Estate Investment Trusts (REITs) — 1.2%

      

Apartment Investment & Management Co.

    24,068    443,092

AvalonBay Communities, Inc.

    16,401    1,416,226

Boston Properties, Inc.

    27,987    2,111,339

Equity Residential

    56,776    2,222,781

HCP, Inc. (b)

    59,581    1,966,173

Health Care REIT, Inc.

    24,848    1,123,875

Host Hotels & Resorts, Inc. (b)

    131,469    1,926,021

Kimco Realty Corp.

    81,521    1,274,989

Plum Creek Timber Co., Inc. (b)

    32,756    1,274,536

ProLogis

    95,351    1,258,633

Public Storage

    27,489    2,528,713

Simon Property Group, Inc.

    58,493    4,907,563

Ventas, Inc. (b)

    31,855    1,512,475

Vornado Realty Trust (b)

    31,820    2,408,774
       
      26,375,190
       

Real Estate Management & Development — 0.0%

      

CB Richard Ellis Group, Inc. Class A (a)

    54,190    858,912
       

Thrifts & Mortgage Finance — 0.1%

      

Hudson City Bancorp, Inc.

    95,265    1,348,952

People’s United Financial, Inc.

    75,648    1,183,135
       
      2,532,087
       

Total Financials

       352,093,903
       

Health Care — 11.8%

      

Biotechnology — 1.5%

      

Amgen, Inc. (a)(b)

    197,913    11,827,281

Biogen Idec, Inc. (a)

    54,479    3,124,915

Celgene Corp. (a)(b)

    92,955    5,759,492

Cephalon, Inc. (a)(b)

    15,137    1,025,986

Genzyme Corp. (a)

    53,824    2,789,698

Gilead Sciences, Inc. (a)(b)

    182,311    8,291,504
       
      32,818,876
       

Health Care Equipment & Supplies — 1.9%

      

Baxter International, Inc.

    121,849    7,091,612

Becton Dickinson & Co.

    47,703    3,755,657

Boston Scientific Corp. (a)(b)

    306,299    2,211,479

C.R. Bard, Inc. (b)

    19,416    1,681,814

CareFusion Corp. (a)

    35,572    940,168

DENTSPLY International, Inc. (b)

    29,956    1,043,967

Hospira, Inc. (a)

    32,998    1,869,337

Intuitive Surgical, Inc. (a)

    7,846    2,731,428

Medtronic, Inc.

    223,266    10,053,668

St. Jude Medical, Inc. (a)(b)

    65,925    2,706,221

Stryker Corp.

    57,254    3,276,074

Varian Medical Systems, Inc. (a)(b)

    24,916    1,378,602

Zimmer Holdings, Inc. (a)(b)

    43,112    2,552,230
       
      41,292,257
       

Health Care Providers & Services — 2.1%

      

Aetna, Inc. (b)

    87,297    3,064,998

AmerisourceBergen Corp. (b)

    57,316    1,657,579

CIGNA Corp.

    55,622    2,034,653

Cardinal Health, Inc.

    73,226    2,638,333

Coventry Health Care, Inc. (a)(b)

    30,271    748,299

DaVita, Inc. (a)

    20,804    1,318,973

Express Scripts, Inc. (a)

    55,633    5,661,214

Humana, Inc. (a)

    34,253    1,602,013

Laboratory Corp. of America Holdings (a)(b)

    21,252    1,608,989

McKesson Corp.

    54,306    3,568,990

Medco Health Solutions, Inc. (a)

    93,844    6,058,568

Patterson Cos., Inc. (b)

    18,873    586,006

Quest Diagnostics, Inc. (b)

    30,493    1,777,437

Tenet Healthcare Corp. (a)

    89,297    510,779

UnitedHealth Group, Inc. (a)

    234,013    7,645,205

WellPoint, Inc. (a)

    89,784    5,780,294
       
      46,262,330
       

Life Sciences Tools & Services — 0.4%

      

Life Technologies Corp. (a)

    36,406    1,902,942

Millipore Corp. (a)(b)

    11,259    1,188,950

PerkinElmer, Inc.

    23,493    561,483

Thermo Fisher Scientific, Inc. (a)

    82,714    4,254,808

Waters Corp. (a)(b)

    19,024    1,284,881
       
      9,193,064
       

Pharmaceuticals — 5.9%

      

Abbott Laboratories

    313,447    16,512,388

Allergan, Inc.

    62,224    4,064,472

Bristol-Myers Squibb Co.

    346,235    9,244,475

Eli Lilly & Co. (b)

    204,770    7,416,769

Forest Laboratories, Inc. (a)(b)

    60,874    1,909,009

Johnson & Johnson

    555,880    36,243,376

King Pharmaceuticals, Inc. (a)

    50,653    595,679

Merck & Co., Inc.

    628,982    23,492,478

Mylan, Inc. (a)(b)

    61,932    1,406,476

Pfizer, Inc.

    1,630,290    27,959,473

Watson Pharmaceuticals, Inc. (a)(b)

    21,716    907,077
       
      129,751,672
       

Total Health Care

       259,318,199
       

Industrials — 10.2%

      

Aerospace & Defense — 2.9%

The Boeing Co. (b)

    152,786    11,093,791

General Dynamics Corp.

    78,006    6,022,063

Goodrich Corp.

    25,169    1,774,918

Honeywell International, Inc. (b)

    154,261    6,983,395

ITT Corp. (b)

    36,867    1,976,440

L-3 Communications Holdings, Inc.

    23,430    2,146,891

Lockheed Martin Corp. (b)

    63,784    5,308,105

Northrop Grumman Corp. (b)

    61,271    4,017,539

Precision Castparts Corp. (b)

    28,566    3,619,598

Raytheon Co.

    76,700    4,381,104

Rockwell Collins, Inc. (b)

    31,652    1,981,099

United Technologies Corp. (b)

    189,223    13,928,705
       
      63,233,648
       

Air Freight & Logistics — 1.0%

      

C.H. Robinson Worldwide, Inc. (b)

    33,785    1,886,892

Expeditors International of Washington, Inc. (b)

    43,037    1,588,926

FedEx Corp. (b)

    63,274    5,909,792

United Parcel Service, Inc. Class B (b)

    200,637    12,923,029
       
      22,308,639
       

Airlines — 0.1%

      

Southwest Airlines Co. (b)

    150,333    1,987,402
       

Building Products — 0.1%

      

Masco Corp.

    72,068    1,118,496
       

Commercial Services & Supplies — 0.5%

      

Avery Dennison Corp. (b)

    22,865    832,515

Cintas Corp. (b)

    26,331    739,638

Iron Mountain, Inc.

    36,926    1,011,772

Pitney Bowes, Inc. (b)

    42,240    1,032,768

R.R. Donnelley & Sons Co.

    41,233    880,325

Republic Services, Inc.

    65,120    1,889,782

Stericycle, Inc. (a)(b)

    17,183    936,474

Waste Management, Inc. (b)

    98,180    3,380,337
       
      10,703,611
       

Construction & Engineering — 0.2%

      

Fluor Corp.

    36,274    1,687,104

Jacobs Engineering Group, Inc. (a)(b)

    25,372    1,146,560

Quanta Services, Inc. (a)(b)

    42,117    806,962
       
      3,640,626
       

Electrical Equipment — 0.5%

      

Emerson Electric Co. (b)

    152,124    7,657,922

First Solar, Inc. (a)(b)

    9,839    1,206,754

Rockwell Automation, Inc. (b)

    28,734    1,619,448

Roper Industries, Inc. (b)

    18,817    1,088,375
       
      11,572,499
       

Industrial Conglomerates — 2.4%

      

3M Co.

    143,662    12,005,833

General Electric Co.

    2,154,444    39,210,881

Textron, Inc. (b)

    54,796    1,163,319
       
      52,380,033
       

Machinery — 1.6%

      

Caterpillar, Inc. (b)

    126,026    7,920,734

Cummins, Inc. (b)

    40,565    2,513,002

Danaher Corp. (b)

    52,838    4,222,285

Deere & Co. (b)

    85,653    5,092,927

Dover Corp. (b)

    37,782    1,766,309

Eaton Corp. (b)

    33,512    2,539,204

Flowserve Corp.

    11,217    1,236,899

Illinois Tool Works, Inc. (b)

    78,159    3,701,610

PACCAR, Inc. (b)

    73,407    3,181,459

Pall Corp.

    23,852    965,767

Parker Hannifin Corp.

    32,382    2,096,411

Snap-on, Inc.

    11,836    512,972
       
      35,749,579
       

Professional Services — 0.1%

Dun & Bradstreet Corp. (b)

    10,410    774,712

Equifax, Inc. (b)

    25,348    907,459

Monster Worldwide, Inc. (a)(b)

    25,836    429,136

Robert Half International, Inc. (b)

    30,282    921,481
       
      3,032,788
       

Road & Rail — 0.7%

      

CSX Corp. (b)

    78,927    4,017,384

Norfolk Southern Corp. (b)

    74,613    4,170,121

Ryder System, Inc.

    10,998    426,283

Union Pacific Corp.

    102,124    7,485,689
       
      16,099,477
       

Trading Companies & Distributors — 0.1%

      

Fastenal Co. (b)

    26,670    1,279,893

W.W. Grainger, Inc. (b)

    12,508    1,352,365
       
      2,632,258
       

Total Industrials

       224,459,056
       

Information Technology — 18.2%

      

Communications Equipment — 2.4%

      

Cisco Systems, Inc. (a)

    1,156,606    30,106,454

Harris Corp. (b)

    26,328    1,250,317

JDS Uniphase Corp. (a)(b)

    44,612    558,988

Juniper Networks, Inc. (a)(b)

    106,277    3,260,578

Motorola, Inc. (a)

    467,653    3,282,924

QUALCOMM, Inc.

    339,244    14,244,856

Tellabs, Inc.

    76,840    581,679
       
      53,285,796
       

Computers & Peripherals — 5.6%

      

Apple, Inc. (a)

    183,102    43,016,153

Dell, Inc. (a)

    348,287    5,227,788

EMC Corp. (a)(b)

    414,227    7,472,655

Hewlett-Packard Co. (b)

    475,565    25,276,280

International Business Machines Corp. (b)

    262,399    33,652,672

Lexmark International, Inc. Class A (a)(b)

    15,605    563,028

NetApp, Inc. (a)

    69,418    2,260,250

QLogic Corp. (a)(b)

    23,399    475,000

SanDisk Corp. (a)(b)

    46,009    1,593,292

Teradata Corp. (a)

    33,949    980,786

Western Digital Corp. (a)

    46,021    1,794,359
       
      122,312,263
       

Electronic Equipment, Instruments & Components — 0.6%

      

Agilent Technologies, Inc. (a)

    70,266    2,416,448

Amphenol Corp. Class A

    34,849    1,470,279

Corning, Inc.

    314,499    6,356,025

FLIR Systems, Inc. (a)

    30,683    865,261

Jabil Circuit, Inc. (b)

    39,243    635,344

Molex, Inc. (b)

    27,761    579,094
       
      12,322,451
       

Internet Software & Services — 1.8%

      

Akamai Technologies, Inc. (a)(b)

    34,970    1,098,408

eBay, Inc. (a)(b)

    228,009    6,144,843

Google, Inc. Class A (a)

    48,794    27,666,686

VeriSign, Inc. (a)

    37,352    971,525

Yahoo!, Inc. (a)(b)

    240,848    3,981,217
       
      39,862,679
       

IT Services — 1.4%

      

Automatic Data Processing, Inc. (b)

    101,987    4,535,362

Cognizant Technology Solutions Corp. Class A (a)(b)

    59,976    3,057,577

Computer Sciences Corp. (a)

    31,043    1,691,533

Fidelity National Information Services, Inc.

    66,377    1,555,877

Fiserv, Inc. (a)(b)

    30,920    1,569,499

MasterCard, Inc. Class A

    19,467    4,944,618

Paychex, Inc. (b)

    65,259    2,003,451

SAIC, Inc. (a)(b)

    61,253    1,084,178

Total System Services, Inc. (b)

    39,638    620,731

Visa, Inc. Class A (b)

    90,238    8,214,365

The Western Union Co. (b)

    138,369    2,346,738
       
      31,623,929
       

Office Electronics — 0.1%

      

Xerox Corp.

    273,683    2,668,409
       

Semiconductors & Semiconductor Equipment — 2.4%

      

Advanced Micro Devices, Inc. (a)

    114,752    1,063,751

Altera Corp. (b)

    59,822    1,454,273

Analog Devices, Inc.

    59,921    1,726,923

Applied Materials, Inc.

    270,769    3,649,966

Broadcom Corp. Class A

    87,311    2,896,979

Intel Corp.

    1,115,941    24,840,847

KLA-Tencor Corp. (b)

    34,633    1,070,853

LSI Corp. (a)

    133,993    820,037

Linear Technology Corp. (b)

    45,408    1,284,138

MEMC Electronic Materials, Inc. (a)(b)

    45,504    697,576

Microchip Technology, Inc. (b)

    36,996    1,041,807

Micron Technology, Inc. (a)

    172,449    1,791,745

NVIDIA Corp. (a)

    111,702    1,941,381

National Semiconductor Corp.

    47,635    688,326

Novellus Systems, Inc. (a)(b)

    19,704    492,600

Teradyne, Inc. (a)(b)

    35,964    401,718

Texas Instruments, Inc. (b)

    251,127    6,145,078

Xilinx, Inc. (b)

    55,940    1,426,470
       
      53,434,468
       

Software — 3.9%

      

Adobe Systems, Inc. (a)

    105,677    3,737,795

Autodesk, Inc. (a)

    46,621    1,371,590

BMC Software, Inc. (a)(b)

    37,049    1,407,862

CA, Inc.

    79,559    1,867,250

Citrix Systems, Inc. (a)(b)

    37,151    1,763,558

Compuware Corp. (a)(b)

    45,978    386,215

Electronic Arts, Inc. (a)(b)

    66,073    1,232,922

Intuit, Inc. (a)(b)

    63,631    2,185,089

McAfee, Inc. (a)

    31,920    1,280,950

Microsoft Corp. (b)

    1,541,219    45,111,480

Novell, Inc. (a)(b)

    71,638    429,112

Oracle Corp.

    789,694    20,287,239

Red Hat, Inc. (a)

    37,914    1,109,743

Salesforce.com, Inc. (a)(b)

    22,290    1,659,490

Symantec Corp. (a)

    163,295    2,762,951
       
      86,593,246
       

Total Information Technology

       402,103,241
       

Materials — 3.4%

      

Chemicals — 1.8%

      

Air Products & Chemicals, Inc.

    42,946    3,175,857

Airgas, Inc.

    16,738    1,064,871

CF Industries Holdings, Inc.

    9,918    904,323

The Dow Chemical Co. (b)

    232,105    6,863,345

EI du Pont de Nemours & Co. (b)

    182,753    6,805,722

Eastman Chemical Co. (b)

    14,579    928,391

Ecolab, Inc.

    47,900    2,105,205

FMC Corp. (b)

    14,707    890,362

International Flavors & Fragrances, Inc. (b)

    16,142    769,489

Monsanto Co.

    110,282    7,876,340

PPG Industries, Inc.

    33,619    2,198,683

Praxair, Inc.

    61,961    5,142,763

Sigma-Aldrich Corp. (b)

    24,499    1,314,616
       
      40,039,967
       

Construction Materials — 0.1%

Vulcan Materials Co. (b)

    25,402    1,199,990
       

Containers & Packaging — 0.2%

      

Ball Corp.

    19,117    1,020,465

Bemis Co., Inc.

    21,885    628,537

Owens-Illinois, Inc. (a)(b)

    33,877    1,203,989

Pactiv Corp. (a)(b)

    27,082    681,925

Sealed Air Corp. (b)

    32,383    682,634
       
      4,217,550
       

Metals & Mining — 1.1%

      

AK Steel Holding Corp.

    21,927    501,251

Alcoa, Inc. (b)

    205,629    2,928,157

Allegheny Technologies, Inc. (b)

    19,986    1,079,044

Cliffs Natural Resources, Inc. (b)

    27,217    1,931,046

Freeport-McMoRan Copper & Gold, Inc. (b)

    86,879    7,257,872

Newmont Mining Corp.

    99,263    5,055,465

Nucor Corp. (b)

    63,727    2,891,931

Titanium Metals Corp. (a)

    17,538    290,955

United States Steel Corp. (b)

    29,088    1,847,670
       
      23,783,391
       

Paper & Forest Products — 0.2%

      

International Paper Co.

    87,241    2,147,001

MeadWestvaco Corp. (b)

    34,856    890,571

Weyerhaeuser Co. (b)

    42,636    1,930,132
       
      4,967,704
       

Total Materials

       74,208,602
       

Telecommunication Services — 2.7%

      

Diversified Telecommunication Services — 2.4%

      

AT&T, Inc. (b)

    1,192,242    30,807,533

CenturyTel, Inc.

    60,486    2,144,834

Frontier Communications Corp. (b)

    63,960    475,862

Qwest Communications International, Inc.

    299,089    1,561,245

Verizon Communications, Inc. (b)

    572,947    17,772,816

Windstream Corp. (b)

    91,737    999,016
       
      53,761,306
       

Wireless Telecommunication Services — 0.3%

      

American Tower Corp. Class A (a)

    81,183    3,459,208

MetroPCS Communications, Inc. (a)(b)

    51,907    367,501

Sprint Nextel Corp. (a)

    599,609    2,278,514
       
      6,105,223
       

Total Telecommunication Services

       59,866,529
       

Utilities — 3.3%

      

Electric Utilities — 1.7%

      

Allegheny Energy, Inc.

    34,178    786,094

American Electric Power Co., Inc.

    96,796    3,308,487

Duke Energy Corp. (b)

    264,194    4,311,646

Edison International

    65,624    2,242,372

Entergy Corp.

    38,295    3,115,298

Exelon Corp. (b)

    133,458    5,846,795

FPL Group, Inc.

    83,645    4,042,563

FirstEnergy Corp.

    61,805    2,415,958

Northeast Utilities

    35,718    987,246

PPL Corp. (b)

    76,359    2,115,908

Pepco Holdings, Inc. (b)

    44,898    770,001

Pinnacle West Capital Corp. (b)

    20,328    766,975

Progress Energy, Inc. (b)

    57,328    2,256,430

Southern Co. (b)

    165,495    5,487,814
       
      38,453,587
       

Gas Utilities — 0.2%

      

EQT Corp.

    29,038    1,190,558

Nicor, Inc.

    9,098    381,388

Oneok, Inc.

      21,306      972,619   

Questar Corp.

      35,495      1,533,384   
           
        4,077,949   
           

Independent Power Producers & Energy Traders — 0.2%

  

The AES Corp. (a)

      134,486      1,479,346   

Constellation Energy Group, Inc.

      40,489      1,421,569   

NRG Energy, Inc. (a)

      25,716      537,464   
           
        3,438,379   
           

Multi-Utilities — 1.2%

  

Ameren Corp.

      47,612      1,241,721   

CMS Energy Corp. (b)

      46,731      722,461   

Centerpoint Energy, Inc. (b)

      78,893      1,132,903   

Consolidated Edison, Inc. (b)

      56,684      2,524,705   

DTE Energy Co. (b)

      33,526      1,495,260   

Dominion Resources, Inc. (b)

      121,044      4,976,119   

Integrys Energy Group, Inc. (b)

      15,325      726,099   

NiSource, Inc. (b)

      55,518      877,184   

PG&E Corp. (b)

      74,852      3,175,222   

Public Service Enterprise Group, Inc.

      102,375      3,022,110   

SCANA Corp. (b)

      22,356      840,362   

Sempra Energy

      49,926      2,491,307   

TECO Energy, Inc.

      43,695      694,314   

Wisconsin Energy Corp. (b)

      23,491      1,160,690   

Xcel Energy, Inc. (b)

      91,939      1,949,107   
           
        27,029,564   
           

Total Utilities

         72,999,479   
           

Total Long-Term Investments

(Cost — $ 2,050,912,391) — 96.8 %

         2,132,749,516   
           

Short-Term Securities

      

Money Market Funds — 17.9%

      

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.18% (c)(d)(e)

      343,925,790      343,925,790   

BlackRock Cash Funds: Prime, SL Agency Shares, 0.16% (c)(d)(e)

      51,087,689      51,087,689   
           
        395,013,479   
           
     Par
(000)		    Value  

U.S. Treasury Obligations — 0.3%

      

U.S. Treasury Bill, 0.14%, 6/24/10 (f)(g)

    $ 7,250    $ 7,247,716   
               

Total Short-Term Securities

      

(Cost — $ 402,260,925) — 18.2 %

         402,261,195   
           

Total Investments

      

(Cost — $ 2,453,173,316*) — 115.0 %

         2,535,010,711   

Liabilities in Excess of Other Assets — (15.0)%

         (331,240,241 ) 
           

Net Assets — 100.0%

       $ 2,203,770,470   
           

 

* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2010, as computed for federal income tax purposes, were as follows:

 

Aggregate cost

    $ 2,507,228,490   
        

Gross unrealized appreciation

    $ 439,748,357   

Gross unrealized depreciation

      (411,966,136 ) 
        

Net unrealized appreciation

    $ 27,782,221   
        

 

(a) Non-income producing security.
(b) All or a portion of this security is on loan.
(c) Investments in companies considered to be an affiliate of the Master Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

 

     Purchase Cost    Sale Cost    Realized Loss    Income

BlackRock Cash Funds: Institutional

    $ 1,480,111,811    —      —      $ 166,025

BlackRock Cash Funds: Prime

    $ 246,678,781    —      —      $ 24,472

PNC Financial Services Group, Inc.

    $ 590,909    —      —      $ 9,343

 

(d) Represents the seven-day yield as of report date.
(e) All or a portion of this security was purchased with the cash collateral from securities loaned.
(f) All or a portion of this security has been pledged as collateral in connection with open financial futures contracts.

(g) Rate shown is the yield to maturity as of the date of purchase.

 

•  

For Master Portfolio compliance purposes, the Master Portfolio’s sector and industry classifications refer to any one or more of the sector and industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Master Portfolio management. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

 

•  

Financial futures contracts purchased as of March 31, 2010 were as follows:

 

Contracts

   Issue   Exchange   Expiration
Date		   Face Value   Unrealized
Appreciation
1,211   S&P 500 Index   Chicago   June 2010   $ 70,552,860   $ 1,257,251

 

•  

The total notional amounts of open financial futures contracts as of March 31, 2010 was $70,552,860.

 

•  

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

  •  

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

  •  

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs)

 

  •  

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Master Investment Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For information about the Master Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of March 31, 2010 in determining the fair valuation of the Master Portfolio’s investments:

 

Valuation Inputs

    Level 1    Level 2    Level 3    Total

Assets:

            

Investments in Securities:

            

Long-Term Investments1:

            

Common Stocks

    $ 2,132,749,516      —      —      $ 2,132,749,516

Short-Term Securities:

            

Money Market Funds

      395,013,479      —      —        395,013,479

U.S. Government Obligations

      —      $ 7,247,716    —        7,247,716
                         

Total

    $ 2,527,762,995    $ 7,247,716    —      $ 2,535,010,711
                         
     Derivative Financial Instruments2     

Valuation Inputs

    Level 1    Level 2    Level 3    Total

Assets:

            

Equity contracts

    $ 1,257,251      —      —      $ 1,257,251
                         

Total

    $ 1,257,251      —      —      $ 1,257,251
                         

 

1

See above Schedule of Investments for values in each sector and industry.

2

Derivative financial instruments are swaps, financial futures contracts, foreign currency exchange contracts, options purchased and options written. Swaps, financial futures contracts and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options purchased and options written are shown at value.

Item 2.

Controls and Procedures.

 

 

(a)

The registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, and that information required to be disclosed by the registrant in this report is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

 

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3.

Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant) BB&T Funds

 

By (Signature and Title)

   

/s/    E.G. PURCELL, III         

   
   E.G. Purcell, III, President   
   (principal executive officer)   

Date 5/24/10

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)

   

/s/    E.G. PURCELL, III         

   
   E.G. Purcell, III, President   
   (principal executive officer)   

Date 5/24/10

 

By (Signature and Title)

   

/s/    ANDREW J. MCNALLY        

   
   Andrew J. McNally, Treasurer   
   (principal financial officer)   

Date 5/24/10