-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BLfjyy++MOe6MsoWZFW8tdbgSvaIg/q4iQkujun4Bk7y6DPMPO2kO3EIh06BD4IU ULlZhKaTrvtHgaOKg9P0MA== 0001193125-08-123613.txt : 20080528 0001193125-08-123613.hdr.sgml : 20080528 20080528161558 ACCESSION NUMBER: 0001193125-08-123613 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080528 DATE AS OF CHANGE: 20080528 EFFECTIVENESS DATE: 20080528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BB&T FUNDS / CENTRAL INDEX KEY: 0000889284 IRS NUMBER: 043331055 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06719 FILM NUMBER: 08863744 BUSINESS ADDRESS: STREET 1: 434 FAYETTEVILLE STREET MALL CITY: RALEIGH STATE: NC ZIP: 27601 BUSINESS PHONE: 8002281872 MAIL ADDRESS: STREET 1: 434 FAYETTEVILLE STREET MALL STREET 2: 5TH FLOOR CITY: RALEIGH STATE: NC ZIP: 27601 FORMER COMPANY: FORMER CONFORMED NAME: BB&T MUTUAL FUNDS GROUP DATE OF NAME CHANGE: 19920929 0000889284 S000003556 BB&T EQUITY INDEX FUND C000009887 C CLASS C000009888 A CLASS BAEQX C000009889 B CLASS BBEQX C000047994 Institutional BIEQX 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)

Keith F. Karlawish, 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, 2008

 

 

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.

Schedule of Investments is attached herewith.

BB&T Equity Index Fund

Schedule of Investments

March 31, 2008

(Unaudited)

 

     Fair Value

Mutual Funds (100.5%)

   

S&P 500 Index Master Portfolio

    $ 104,633,444
      

TOTAL INVESTMENTS - 100.5%

    $ 104,633,444
      

Percentages based on net assets of $104,156,042.

See accompanying notes to Schedule of Investments

Notes to Schedule of Investments

March 31, 2008

(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 (“Trust”), a Massachusetts business trust organized in 1992. The Fund invests substantially all of its investable assets in the S&P 500 Index Master Portfolio (the “Master Portfolio”) of the Master Investment Portfolio, 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. Barclays Global Fund Advisors serves as investment advisor for the Master Portfolio. The Master Portfolio’s Schedule of Investments are included in this Form and should be read in conjunction with the Fund’s Schedule of Investments. The value of the Fund’s investment in the Master Portfolio reflects the Fund’s interest of 3.95% in the net assets of the Master Portfolio at March 31, 2008.

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 Schedule of Investments (the “Schedule”). The policies are in conformity with U.S. generally accepted accounting principles (GAAP). The preparation of the Schedule requires management to make estimates and assumptions that affect the reported amounts at the date of the Schedule. 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 Schedule of Investments, which are included in this Form.

S&P 500 INDEX MASTER PORTFOLIO

Schedule of Investments

March 31, 2008 (Unaudited)

 

Security

         Shares    Value

COMMON STOCKS—98.37%

         

ADVERTISING—0.15%

         

Interpublic Group of Companies Inc. (The)

    (a) (b)    104,483    $ 878,702

Omnicom Group Inc.

       72,742      3,213,742
            
           4,092,444
            

AEROSPACE & DEFENSE—2.36%

         

Boeing Co. (The)

       173,312      12,889,213

General Dynamics Corp.

       90,659      7,558,241

Goodrich Corp.

       28,160      1,619,482

L-3 Communications Holdings Inc.

       27,750      3,034,185

Lockheed Martin Corp.

       77,788      7,724,348

Northrop Grumman Corp.

       76,364      5,941,883

Raytheon Co.

       96,664      6,245,461

Rockwell Collins Inc.

       36,770      2,101,405

United Technologies Corp.

       221,600      15,250,512
            
           62,364,730
            

AGRICULTURE—2.21%

         

Altria Group Inc.

       476,436      10,576,879

Archer-Daniels-Midland Co.

       145,744      5,998,823

Monsanto Co.

       123,698      13,792,327

Philip Morris International Inc.

       476,436      24,098,133

Reynolds American Inc.

       38,452      2,269,822

UST Inc.

    (b)    34,272      1,868,509
            
           58,604,493
            

AIRLINES—0.08%

         

Southwest Airlines Co.

       165,279      2,049,460
            
           2,049,460
            

APPAREL—0.43%

         

Coach Inc.

    (a)    80,501      2,427,105

Jones Apparel Group Inc.

       21,297      285,806

Liz Claiborne Inc.

    (b)    21,450      389,317

Nike Inc. Class B

    (b)    86,724      5,897,232

Polo Ralph Lauren Corp.

    (b)    13,755      801,779

VF Corp.

       19,909      1,543,147
            
           11,344,386
            

AUTO MANUFACTURERS—0.34%

         

Ford Motor Co.

    (a) (b)    494,174      2,826,675

General Motors Corp.

       127,209      2,423,331

PACCAR Inc.

       82,525      3,713,625
            
           8,963,631
            

AUTO PARTS & EQUIPMENT—0.22%

         

Goodyear Tire & Rubber Co. (The)

    (a) (b)    54,220      1,398,876

Johnson Controls Inc.

       133,501      4,512,334
            
           5,911,210
            

BANKS—5.12%

         

Bank of America Corp.

       1,003,956    38,059,972

Bank of New York Mellon Corp. (The)

       257,542    10,747,228

BB&T Corp.

    (b)    124,319    3,985,667

Comerica Inc.

       34,000    1,192,720

Discover Financial Services LLC

       107,447    1,758,907

Fifth Third Bancorp

       121,669    2,545,315

First Horizon National Corp.

    (b)    27,800    389,478

Huntington Bancshares Inc.

    (b)    81,116    871,997

KeyCorp

       89,010    1,953,769

M&T Bank Corp.

       17,097    1,375,967

Marshall & Ilsley Corp.

       58,280    1,352,096

National City Corp.

    (b)    140,842    1,401,378

Northern Trust Corp.

       43,033    2,860,403

PNC Financial Services Group Inc. (The)

       77,447    5,078,200

Regions Financial Corp.

    (b)    155,941    3,079,835

State Street Corp.

       87,301    6,896,779

SunTrust Banks Inc.

       79,794    4,399,841

U.S. Bancorp

       391,418    12,666,286

Wachovia Corp.

       447,304    12,077,208

Wells Fargo & Co.

       746,416    21,720,706

Zions Bancorporation

    (b)    24,763    1,127,955
          
         135,541,707
          

BEVERAGES—2.56%

         

Anheuser-Busch Companies Inc.

       162,298    7,701,040

Brown-Forman Corp. Class B

       19,171    1,269,504

Coca-Cola Co. (The)

       451,563    27,486,640

Coca-Cola Enterprises Inc.

       64,581    1,562,860

Constellation Brands Inc. Class A

    (a) (b)    43,465    768,027

Molson Coors Brewing Co. Class B

       31,075    1,633,613

Pepsi Bottling Group Inc.

       31,656    1,073,455

PepsiCo Inc.

       361,971    26,134,306
          
         67,629,445
          

BIOTECHNOLOGY—0.97%

         

Amgen Inc.

    (a)    245,337    10,250,180

Biogen Idec Inc.

    (a)    66,902    4,127,184

Celgene Corp.

    (a) (b)    97,940    6,002,743

Genzyme Corp.

    (a)    60,427    4,504,229

Millipore Corp.

    (a) (b)    12,731    858,197
          
         25,742,533
          

BUILDING MATERIALS—0.13%

         

Masco Corp.

    (b)    82,579    1,637,542

Trane Inc.

       38,733    1,777,845
          
         3,415,387
          

CHEMICALS—1.48%

         

Air Products and Chemicals Inc.

    (b)    48,489    4,460,988

Ashland Inc.

       13,102    619,725

Dow Chemical Co. (The)

       213,184    7,855,830

E.I. du Pont de Nemours and Co.

       203,031    9,493,730

Eastman Chemical Co.

       17,744    1,108,113

Ecolab Inc.

       39,537    1,717,092

Hercules Inc.

    (b)    25,729    470,583

International Flavors & Fragrances Inc.

       18,006    793,164

PPG Industries Inc.

       37,244    2,253,634

Praxair Inc.

       71,031    5,982,941

Rohm and Haas Co.

    (b)    28,838    1,559,559

Sherwin-Williams Co. (The)

    (b)    23,154    1,181,780

Sigma-Aldrich Corp.

       29,309    1,748,282
          
         39,245,421
          

COAL—0.23%

         

CONSOL Energy Inc.

       41,379    2,863,013

Peabody Energy Corp.

    (b)    61,279    3,125,229
          
         5,988,242
          

COMMERCIAL SERVICES—0.61%

         

Apollo Group Inc. Class A

    (a)    30,963    1,337,602

Convergys Corp.

    (a)    28,872    434,812

Equifax Inc.

    (b)    29,659    1,022,642

H&R Block Inc.

       73,379    1,523,348

McKesson Corp.

       65,911    3,451,759

Monster Worldwide Inc.

    (a) (b)    28,491    689,767

Moody’s Corp.

    (b)    47,255    1,645,892

R.R. Donnelley & Sons Co.

       47,709    1,446,060

Robert Half International Inc.

       35,459    912,715

Western Union Co.

       168,659    3,587,377
          
         16,051,974
          

COMPUTERS—4.57%

         

Affiliated Computer Services Inc. Class A

    (a)    22,235    1,114,196

Apple Inc.

    (a)    198,958    28,550,473

Cognizant Technology Solutions Corp.

    (a)    66,116    1,906,124

Computer Sciences Corp.

    (a)    37,648    1,535,662

Dell Inc.

    (a)    508,097    10,121,292

Electronic Data Systems Corp.

       113,842    1,895,469

EMC Corp.

    (a)    473,301    6,787,136

Hewlett-Packard Co.

       558,083    25,482,070

International Business Machines Corp.

       312,852    36,021,779

Lexmark International Inc. Class A

    (a)    21,396    657,285

NetApp Inc.

    (a)    78,063    1,565,163

SanDisk Corp.

    (a)    50,682    1,143,893

Sun Microsystems Inc.

    (a)    180,857    2,808,709

Teradata Corp.

    (a)    40,109    884,805

Unisys Corp.

    (a)    75,179    333,043
          
         120,807,099
          

COSMETICS & PERSONAL CARE—2.37%

         

Avon Products Inc.

       96,118    3,800,506

Colgate-Palmolive Co.

       114,961    8,956,611

Estee Lauder Companies Inc. (The) Class A

    (b)    26,102    1,196,777

Procter & Gamble Co. (The)

       695,607    48,741,182
          
         62,695,076
          

DISTRIBUTION & WHOLESALE—0.10%

         

Genuine Parts Co.

       37,945    1,526,148

W.W. Grainger Inc.

       15,221    1,162,732
          
         2,688,880
          

DIVERSIFIED FINANCIAL SERVICES—5.83%

         

American Express Co.

       262,053    11,456,957

Ameriprise Financial Inc.

       51,584    2,674,630

Bear Stearns Companies Inc. (The)

    (b)    31,137    326,627

Capital One Financial Corp.

    (b)    84,860    4,176,809

Charles Schwab Corp. (The)

       210,982    3,972,791

CIT Group Inc.

       42,384    502,250

Citigroup Inc.

       1,176,167    25,193,497

CME Group Inc.

       12,113    5,682,208

Countrywide Financial Corp.

    (b)    128,289    705,589

E*TRADE Financial Corp.

    (a) (b)    105,624    407,709

Federal Home Loan Mortgage Corp.

       146,335    3,705,202

Federal National Mortgage Association

       220,316    5,798,717

Federated Investors Inc. Class B

    (b)    18,897    740,006

Franklin Resources Inc.

       35,735    3,465,938

Goldman Sachs Group Inc. (The)

       89,505    14,803,232

IntercontinentalExchange Inc.

    (a)    15,665    2,044,282

Janus Capital Group Inc.

    (b)    34,499    802,792

JPMorgan Chase & Co.

       767,529    32,965,371

Legg Mason Inc.

       30,965    1,733,421

Lehman Brothers Holdings Inc.

       119,432    4,495,420

Merrill Lynch & Co. Inc.

       219,159    8,928,538

Morgan Stanley

       249,197    11,388,303

NYSE Euronext Inc.

       60,351    3,724,260

SLM Corp.

    (a)    107,035    1,642,987

T. Rowe Price Group Inc.

    (b)    59,269    2,963,450
          
         154,300,986
          

ELECTRIC—3.29%

         

AES Corp. (The)

    (a)    150,425    2,507,585

Allegheny Energy Inc.

       37,492    1,893,346

Ameren Corp.

    (b)    47,355    2,085,514

American Electric Power Co. Inc.

       91,182    3,795,907

CenterPoint Energy Inc.

       72,998    1,041,681

CMS Energy Corp.

    (b)    49,800    674,292

Consolidated Edison Inc.

       62,175    2,468,347

Constellation Energy Group Inc.

       40,538    3,578,289

Dominion Resources Inc.

       130,250    5,319,410

DTE Energy Co.

       37,106    1,443,052

Duke Energy Corp.

    (b)    284,159    5,072,238

Dynegy Inc. Class A

    (a)    110,140    869,005

Edison International

       73,893    3,622,235

Entergy Corp.

       43,281    4,721,091

Exelon Corp.

       149,215    12,126,703

FirstEnergy Corp.

       68,567    4,705,068

FPL Group Inc.

       91,708    5,753,760

Integrys Energy Group Inc.

       17,420    812,469

Pepco Holdings Inc.

       45,425    1,122,906

PG&E Corp.

       79,757    2,936,653

Pinnacle West Capital Corp.

    (b)    22,223    779,583

PPL Corp.

       84,376    3,874,546

Progress Energy Inc.

       59,053    2,462,510

Public Service Enterprise Group Inc.

       114,420    4,598,540

Southern Co. (The)

    (b)    172,215    6,132,576

TECO Energy Inc.

    (b)    46,582    742,983

Xcel Energy Inc.

       95,767    1,910,552
          
         87,050,841
          

ELECTRICAL COMPONENTS & EQUIPMENT—0.37%

         

Emerson Electric Co.

       177,509    9,134,613

Molex Inc.

    (b)    31,316    725,279
          
         9,859,892
          

ELECTRONICS—0.58%

         

Agilent Technologies Inc.

    (a)    83,415    2,488,269

Applied Biosystems Group

       38,115    1,252,459

Jabil Circuit Inc.

       46,308    438,074

PerkinElmer Inc.

       25,769    624,898

Thermo Fisher Scientific Inc.

    (a)    94,416    5,366,605

Tyco Electronics Ltd.

       110,672    3,798,263

Waters Corp.

    (a)    22,954    1,278,538
          
         15,247,106
          

ENGINEERING & CONSTRUCTION—0.19%

         

Fluor Corp.

       20,225    2,854,961

Jacobs Engineering Group Inc.

    (a)    27,789    2,044,992
          
         4,899,953
          

ENTERTAINMENT—0.11%

         

International Game Technology Inc.

    (b)    71,107    2,859,212
          
         2,859,212
          

ENVIRONMENTAL CONTROL—0.17%

         

Allied Waste Industries Inc.

    (a)    73,709    796,794

Waste Management Inc.

       112,400    3,772,144
          
         4,568,938
          

FOOD—1.84%

         

Campbell Soup Co.

    (b)    49,416    1,677,673

ConAgra Foods Inc.

       109,494    2,622,381

Dean Foods Co.

       32,930    661,564

General Mills Inc.

       75,711    4,533,575

H.J. Heinz Co.

       71,849    3,374,748

Hershey Co. (The)

    (b)    38,195    1,438,806

Kellogg Co.

       59,447    3,124,534

Kraft Foods Inc.

       347,622    10,779,758

Kroger Co. (The)

       152,477    3,872,916

McCormick & Co. Inc. NVS

    (b)    28,442    1,051,501

Safeway Inc.

    (b)    99,297    2,914,367

Sara Lee Corp.

       161,050    2,251,479

SUPERVALU Inc.

    (b)    46,943    1,407,351

Sysco Corp.

       137,101    3,978,671

Tyson Foods Inc. Class A

       60,753    969,010

Whole Foods Market Inc.

    (b)    32,360    1,066,909

Wm. Wrigley Jr. Co.

       49,115    3,086,387
          
         48,811,630
          

FOREST PRODUCTS & PAPER—0.32%

         

International Paper Co.

    (b)    95,830    2,606,576

MeadWestvaco Corp.

       40,059    1,090,406

Plum Creek Timber Co. Inc.

    (b)    38,264    1,557,345

Weyerhaeuser Co.

       47,662    3,099,936
          
         8,354,263
          

GAS—0.17%

         

Nicor Inc.

    (b)    9,693    324,812

NiSource Inc.

       60,778    1,047,813

Sempra Energy

       59,606    3,175,808
          
         4,548,433
          

HAND & MACHINE TOOLS—0.09%

         

Black & Decker Corp. (The)

    (b)    14,177    937,100

Snap-On Inc.

       13,001    661,101

Stanley Works (The)

    (b)    18,181    865,779
          
         2,463,980
          

HEALTH CARE - PRODUCTS—3.45%

         

Baxter International Inc.

       143,335    8,287,630

Becton, Dickinson and Co.

       55,010    4,722,608

Boston Scientific Corp.

    (a)    301,668    3,882,467

C.R. Bard Inc.

       22,647    2,183,171

Covidien Ltd.

       112,202    4,964,939

Johnson & Johnson

       640,204    41,530,033

Medtronic Inc.

       254,518    12,311,036

Patterson Companies Inc.

    (a)    29,980    1,088,274

St. Jude Medical Inc.

    (a) (b)    77,180    3,333,404

Stryker Corp.

       53,768    3,497,608

Varian Medical Systems Inc.

    (a)    28,299    1,325,525

Zimmer Holdings Inc.

    (a)    52,968    4,124,088
          
         91,250,783
          

HEALTH CARE - SERVICES—1.02%

         

Aetna Inc.

       112,928    4,753,139

Coventry Health Care Inc.

    (a)    35,099    1,416,245

Humana Inc.

    (a)    38,258    1,716,254

Laboratory Corp. of America Holdings

    (a)    25,338    1,866,904

Quest Diagnostics Inc.

       35,608    1,611,974

Tenet Healthcare Corp.

    (a) (b)    104,381    590,796

UnitedHealth Group Inc.

       283,752    9,749,719

WellPoint Inc.

    (a)    122,007    5,384,169
          
         27,089,200
          

HOLDING COMPANIES - DIVERSIFIED—0.06%

         

Leucadia National Corp.

       38,099    1,722,837
          
         1,722,837
          

HOME BUILDERS—0.12%

         

Centex Corp.

    (b)    26,832    649,603

D.R. Horton Inc.

       61,285    965,239

KB Home

    (b)    17,404    430,401

Lennar Corp. Class A

    (b)    30,690    577,279

Pulte Homes Inc.

    (b)    46,744    680,125
          
         3,302,647
          

HOME FURNISHINGS—0.08%

         

Harman International Industries Inc.

    (b)    13,990    609,125

Whirlpool Corp.

    (b)    17,151    1,488,364
          
         2,097,489
          

HOUSEHOLD PRODUCTS & WARES—0.43%

         

Avery Dennison Corp.

       24,137    1,188,747

Clorox Co. (The)

       31,343    1,775,267

Fortune Brands Inc.

    (b)    34,436    2,393,302

Kimberly-Clark Corp.

       94,637    6,108,818
          
         11,466,134
          

HOUSEWARES—0.05%

         

Newell Rubbermaid Inc.

       62,010    1,418,169
          
         1,418,169
          

INSURANCE—4.08%

         

ACE Ltd.

    (b)    74,145    4,082,424

Aflac Inc.

       107,777    7,000,114

Allstate Corp. (The)

       127,116    6,109,195

Ambac Financial Group Inc.

       60,676    348,887

American International Group Inc.

       571,036    24,697,307

Aon Corp.

       68,459    2,752,052

Assurant Inc.

       21,482    1,307,395

Chubb Corp.

       84,256    4,168,987

CIGNA Corp.

       63,754    2,586,500

Cincinnati Financial Corp.

       36,878    1,402,839

Genworth Financial Inc. Class A

       97,534    2,208,170

Hartford Financial Services Group Inc. (The)

       71,213    5,395,809

Lincoln National Corp.

       59,908    3,115,216

Loews Corp.

       99,694    4,009,693

Marsh & McLennan Companies Inc.

       116,953    2,847,806

MBIA Inc.

    (b)    45,402    554,812

MetLife Inc.

       160,820    9,691,013

MGIC Investment Corp.

       26,907    283,331

Principal Financial Group Inc.

    (b)    58,227    3,244,408

Progressive Corp. (The)

       155,020    2,491,171

Prudential Financial Inc.

       101,150    7,914,987

Safeco Corp.

       20,886    916,478

Torchmark Corp.

       20,323    1,221,616

Travelers Companies Inc. (The)

       140,838    6,739,098

Unum Group

    (b)    79,009    1,738,988

XL Capital Ltd. Class A

    (b)    39,666    1,172,130
          
         108,000,426
          

INTERNET—1.97%

         

Akamai Technologies Inc.

    (a) (b)    37,876    1,066,588

Amazon.com Inc.

    (a) (b)    69,392    4,947,650

eBay Inc.

    (a)    252,379    7,530,989

Expedia Inc.

    (a)    47,681    1,043,737

Google Inc. Class A

    (a)    52,386    23,074,461

IAC/InterActiveCorp

    (a)    42,129    874,598

Symantec Corp.

    (a) (b)    192,975    3,207,244

VeriSign Inc.

    (a) (b)    49,009    1,629,059

Yahoo! Inc.

    (a)    301,461    8,721,267
          
         52,095,593
          

INVESTMENT COMPANIES—0.06%

         

American Capital Strategies Ltd.

    (b)    43,378    1,481,792
          
         1,481,792
          

IRON & STEEL—0.36%

         

Allegheny Technologies Inc.

       22,721    1,621,371

Nucor Corp.

       65,494    4,436,564

United States Steel Corp.

       26,485    3,360,152
          
         9,418,087
          

LEISURE TIME—0.24%

         

Brunswick Corp.

    (b)    19,367    309,291

Carnival Corp.

    (b)    98,042    3,968,740

Harley-Davidson Inc.

    (b)    54,304    2,036,400
          
         6,314,431
          

LODGING—0.21%

         

Marriott International Inc. Class A

       68,853    2,365,789

Starwood Hotels & Resorts Worldwide Inc.

       43,105    2,230,684

Wyndham Worldwide Corp.

       40,217    831,688
          
         5,428,161
          

MACHINERY—0.97%

         

Caterpillar Inc.

       141,372    11,068,014

Cummins Inc.

       45,433    2,127,173

Deere & Co.

       98,865    7,952,701

Manitowoc Co. Inc. (The)

    (b)    28,805    1,175,244

Rockwell Automation Inc.

       33,919    1,947,629

Terex Corp.

    (a)    23,381    1,461,312
          
         25,732,073
          

MANUFACTURING—5.24%

         

Cooper Industries Ltd.

    (b)    40,020    1,606,803

Danaher Corp.

    (b)    57,489    4,370,889

Dover Corp.

       43,928    1,835,312

Eastman Kodak Co.

    (b)    63,900    1,129,113

Eaton Corp.

       33,371    2,658,668

General Electric Co.

       2,257,576    83,552,888

Honeywell International Inc.

       168,521    9,507,955

Illinois Tool Works Inc.

    (b)    91,098    4,393,657

Ingersoll-Rand Co. Ltd. Class A

    (b)    61,744    2,752,548

ITT Industries Inc.

       40,777    2,112,656

Leggett & Platt Inc.

    (b)    36,984    564,006

Pall Corp.

       27,168    952,782

Parker Hannifin Corp.

       38,207    2,646,599

Textron Inc.

       56,537    3,133,281

3M Co.

       160,364    12,692,811

Tyco International Ltd.

       110,154    4,852,284
          
         138,762,252
          

MEDIA—2.68%

         

CBS Corp. Class B

    (b)    153,594    3,391,356

Clear Channel Communications Inc.

       111,867    3,268,754

Comcast Corp. Class A

       682,304    13,195,759

DIRECTV Group Inc. (The)

    (a)    161,021    3,991,711

E.W. Scripps Co. Class A

       19,857    834,193

Gannett Co. Inc.

    (b)    51,582    1,498,457

McGraw-Hill Companies Inc. (The)

       73,323    2,709,285

Meredith Corp.

       8,984    343,638

New York Times Co. (The) Class A

    (b)    31,693    598,364

News Corp. Class A

       518,932    9,729,975

Time Warner Inc.

       807,234    11,317,421

Viacom Inc. Class B

    (a)    145,251    5,754,845

Walt Disney Co. (The)

       425,024    13,337,253

Washington Post Co. (The) Class B

    (b)    1,293    855,319
          
         70,826,330
          

METAL FABRICATE & HARDWARE—0.12%

         

Precision Castparts Corp.

       31,461    3,211,539
          
         3,211,539
          

MINING—0.82%

         

Alcoa Inc.

       184,851    6,665,727

Freeport-McMoRan Copper & Gold Inc.

       86,829    8,354,686

Newmont Mining Corp.

       101,999    4,620,555

Titanium Metals Corp.

    (b)    21,235    319,587

Vulcan Materials Co.

    (b)    24,898    1,653,227
          
         21,613,782
          

OFFICE & BUSINESS EQUIPMENT—0.18%

         

Pitney Bowes Inc.

    (b)    48,181    1,687,299

Xerox Corp.

       207,338    3,103,850
          
         4,791,149
          

OIL & GAS—10.41%

         

Anadarko Petroleum Corp.

       106,010    6,681,810

Apache Corp.

       75,497    9,121,548

Chesapeake Energy Corp.

    (b)    102,912    4,749,389

Chevron Corp.

       469,953    40,115,188

ConocoPhillips

       353,475    26,938,330

Devon Energy Corp.

       100,753    10,511,560

ENSCO International Inc.

       32,255    2,019,808

EOG Resources Inc.

       55,653    6,678,360

Exxon Mobil Corp.

       1,210,226    102,360,915

Hess Corp.

       62,813    5,538,850

Marathon Oil Corp.

       160,875    7,335,900

Murphy Oil Corp.

       42,650    3,503,271

Nabors Industries Ltd.

    (a) (b)    63,480    2,143,720

Noble Corp.

       61,016    3,030,665

Noble Energy Inc.

       38,524    2,804,547

Occidental Petroleum Corp.

       186,380    13,637,425

Range Resources Corp.

       33,538    2,127,986

Rowan Companies Inc.

       24,646    1,014,922

Sunoco Inc.

       26,306    1,380,276

Tesoro Corp.

       30,403    912,090

Transocean Inc.

    (a)    72,048    9,740,890

Valero Energy Corp.

       121,436    5,963,722

XTO Energy Inc.

       114,989    7,113,220
          
         275,424,392
          

OIL & GAS SERVICES—2.02%

         

Baker Hughes Inc.

       70,346    4,818,701

BJ Services Co.

       65,989    1,881,346

Cameron International Corp.

    (a)    49,992    2,081,667

Halliburton Co.

       199,746    7,856,010

National Oilwell Varco Inc.

    (a)    80,283    4,686,922

Schlumberger Ltd.

       270,557    23,538,459

Smith International Inc.

       45,554    2,925,933

Weatherford International Ltd.

    (a)    76,628    5,553,231
          
         53,342,269
          

PACKAGING & CONTAINERS—0.12%

         

Ball Corp.

       22,556    1,036,223

Bemis Co. Inc.

    (b)    21,997    559,384

Pactiv Corp.

    (a)    29,266    767,062

Sealed Air Corp.

       35,723    902,006
          
         3,264,675
          

PHARMACEUTICALS—5.50%

         

Abbott Laboratories

       349,089    19,252,258

Allergan Inc.

       69,615    3,925,590

AmerisourceBergen Corp.

       37,427    1,533,758

Barr Pharmaceuticals Inc.

    (a)    23,898    1,154,512

Bristol-Myers Squibb Co.

       446,421    9,508,767

Cardinal Health Inc.

       81,161    4,261,764

Eli Lilly and Co.

       223,622    11,536,659

Express Scripts Inc.

    (a)    57,028    3,668,041

Forest Laboratories Inc.

    (a)    70,879    2,835,869

Gilead Sciences Inc.

    (a)    210,612    10,852,836

Hospira Inc.

    (a)    35,553    1,520,602

King Pharmaceuticals Inc.

    (a)    53,838    468,391

Medco Health Solutions Inc.

    (a)    118,577    5,192,487

Merck & Co. Inc.

       490,295    18,606,695

Mylan Inc.

    (b)    66,943    776,539

Pfizer Inc.

       1,527,779    31,976,414

Schering-Plough Corp.

       365,298    5,263,944

Watson Pharmaceuticals Inc.

    (a)    22,859    670,226

Wyeth

       303,047    12,655,243
          
         145,660,595
          

PIPELINES—0.47%

         

El Paso Corp.

       157,351    2,618,321

Questar Corp.

    (b)    39,124    2,212,853

Spectra Energy Corp.

    (b)    141,956    3,229,499

Williams Companies Inc. (The)

       132,146    4,358,175
          
         12,418,848
          

REAL ESTATE—0.03%

         

CB Richard Ellis Group Inc. Class A

    (a) (b)    40,607    878,735
          
         878,735
          

REAL ESTATE INVESTMENT TRUSTS—1.13%

         

Apartment Investment and Management Co. Class A

    (b)    21,345    764,364

AvalonBay Communities Inc.

    (b)    17,486    1,687,749

Boston Properties Inc.

       26,796    2,467,108

Developers Diversified Realty Corp.

       27,245    1,141,021

Equity Residential

    (b)    60,936    2,528,235

General Growth Properties Inc.

    (b)    60,323    2,302,529

HCP Inc.

       49,157    1,661,998

Host Hotels & Resorts Inc.

       117,621    1,872,526

Kimco Realty Corp.

    (b)    56,854    2,226,971

ProLogis

    (b)    57,941    3,410,407

Public Storage

    (b)    27,951    2,477,018

Simon Property Group Inc.

       50,162    4,660,551

Vornado Realty Trust

       30,772    2,652,854
          
         29,853,331
          

RETAIL—5.33%

         

Abercrombie & Fitch Co. Class A

    (b)    19,453    1,422,792

AutoNation Inc.

    (a)    31,676    474,190

AutoZone Inc.

    (a)    9,952    1,132,836

Bed Bath & Beyond Inc.

    (a)    59,188    1,746,046

Best Buy Co. Inc.

       79,053    3,277,537

Big Lots Inc.

    (a) (b)    21,692    483,732

Costco Wholesale Corp.

       98,468    6,397,466

CVS Caremark Corp.

       324,492    13,145,171

Darden Restaurants Inc.

       31,654    1,030,338

Dillard’s Inc. Class A

    (b)    12,440    214,092

Family Dollar Stores Inc.

       31,470    613,665

GameStop Corp. Class A

    (a)    35,865    1,854,579

Gap Inc. (The)

       104,117    2,049,023

Home Depot Inc.

       380,699    10,648,151

J.C. Penney Co. Inc.

       50,758    1,914,084

Kohl’s Corp.

    (a)    71,493    3,066,335

Limited Brands Inc.

       71,508    1,222,787

Lowe’s Companies Inc.

       329,604    7,561,116

Macy’s Inc.

       97,826    2,255,868

McDonald’s Corp.

       260,926    14,551,843

Nordstrom Inc.

    (b)    41,263    1,345,174

Office Depot Inc.

    (a)    60,361    666,989

OfficeMax Inc.

       16,993    325,246

RadioShack Corp.

       29,264    475,540

Sears Holdings Corp.

    (a) (b)    16,764    1,711,437

Staples Inc.

       158,472    3,503,816

Starbucks Corp.

    (a)    166,619    2,915,832

Target Corp.

       185,665    9,409,502

Tiffany & Co.

    (b)    29,405    1,230,305

TJX Companies Inc. (The)

       98,041    3,242,216

Walgreen Co.

       223,744    8,522,409

Wal-Mart Stores Inc.

       534,879    28,177,426

Wendy’s International Inc.

       20,828    480,294

Yum! Brands Inc.

       108,229    4,027,201
          
         141,095,038
          

SAVINGS & LOANS—0.18%

         

Hudson City Bancorp Inc.

       118,700    2,098,616

Sovereign Bancorp Inc.

       79,756    743,326

Washington Mutual Inc.

    (b)    197,124    2,030,377
          
         4,872,319
          

SEMICONDUCTORS—2.45%

         

Advanced Micro Devices Inc.

    (a) (b)    133,658    787,246

Altera Corp.

       70,921    1,307,074

Analog Devices Inc.

       67,393    1,989,441

Applied Materials Inc.

       306,877    5,987,170

Broadcom Corp. Class A

    (a)    107,203    2,065,802

Intel Corp.

       1,307,777    27,698,717

KLA-Tencor Corp.

       40,861    1,515,943

Linear Technology Corp.

    (b)    50,232    1,541,620

LSI Corp.

    (a) (b)    154,465    764,602

MEMC Electronic Materials Inc.

    (a)    51,952    3,683,397

Microchip Technology Inc.

    (b)    43,475    1,422,937

Micron Technology Inc.

    (a)    168,598    1,006,530

National Semiconductor Corp.

       52,679    965,079

Novellus Systems Inc.

    (a)    24,224    509,915

NVIDIA Corp.

    (a)    124,986    2,473,473

QLogic Corp.

    (a)    30,539    468,774

Teradyne Inc.

    (a)    40,651    504,885

Texas Instruments Inc.

       300,840    8,504,747

Xilinx Inc.

    (b)    65,835    1,563,581
          
         64,760,933
          

SOFTWARE—3.74%

         

Adobe Systems Inc.

    (a)    128,556    4,575,308

Autodesk Inc.

    (a)    53,011    1,668,786

Automatic Data Processing Inc.

       118,793    5,035,635

BMC Software Inc.

    (a)    43,604    1,418,002

CA Inc.

       87,099    1,959,727

Citrix Systems Inc.

    (a) (b)    42,122    1,235,438

Compuware Corp.

    (a) (b)    63,053    462,809

Electronic Arts Inc.

    (a)    71,885    3,588,499

Fidelity National Information Services Inc.

       38,657    1,474,378

Fiserv Inc.

    (a)    37,373    1,797,268

IMS Health Inc.

       41,800    878,218

Intuit Inc.

    (a)    75,082    2,027,965

Microsoft Corp.

       1,809,251    51,346,543

Novell Inc.

    (a)    82,059    516,151

Oracle Corp.

    (a)    893,173    17,470,464

Paychex Inc.

       73,386    2,514,204

Total System Services Inc.

       43,963    1,040,165
          
         99,009,560
          

TELECOMMUNICATIONS—5.86%

         

American Tower Corp. Class A

    (a)    90,866    3,562,856

AT&T Inc.

       1,364,298    52,252,613

CenturyTel Inc.

    (b)    24,502    814,446

Ciena Corp.

    (a) (b)    20,448    630,412

Cisco Systems Inc.

    (a)    1,349,126    32,500,445

Citizens Communications Co.

    (b)    73,277    768,676

Corning Inc.

       354,985    8,533,839

Embarq Corp.

       34,554    1,385,615

JDS Uniphase Corp.

    (a)    50,359    674,307

Juniper Networks Inc.

    (a)    117,386    2,934,650

Motorola Inc.

       508,891    4,732,686

QUALCOMM Inc.

       364,692    14,952,372

Qwest Communications International Inc.

    (b)    349,117    1,581,500

Sprint Nextel Corp.

       639,878    4,280,784

Tellabs Inc.

    (a) (b)    96,873    527,958

Verizon Communications Inc.

       648,537    23,639,174

Windstream Corp.

       103,843    1,240,924
          
         155,013,257
          

TEXTILES—0.03%

         

Cintas Corp.

         29,903      853,432  
              
           853,432  
              

TOYS, GAMES & HOBBIES—0.10%

         

Hasbro Inc.

         33,081      922,960  

Mattel Inc.

         81,265      1,617,173  
              
           2,540,133  
              

TRANSPORTATION—1.97%

         

Burlington Northern Santa Fe Corp.

         67,210      6,198,106  

C.H. Robinson Worldwide Inc.

    (b)      38,319      2,084,554  

CSX Corp.

         91,701      5,141,675  

Expeditors International Washington Inc.

    (b)      47,961      2,166,878  

FedEx Corp.

         69,980      6,485,047  

Norfolk Southern Corp.

         85,569      4,648,108  

Ryder System Inc.

         12,849      782,633  

Union Pacific Corp.

         59,161      7,417,606  

United Parcel Service Inc. Class B

         234,196      17,100,992  
              
           52,025,599  
              

TOTAL COMMON STOCKS

(Cost: $2,415,769,769)

            2,603,137,342  
              

Security

         Shares or
Principal		    Value  

SHORT-TERM INVESTMENTS—6.09%

         

MONEY MARKET FUNDS—6.00%

         

Barclays Global Investors Funds Institutional Money Market Fund, Institutional Shares
3.18%

    (c) (d)      36,990,742      36,990,742  

BGI Cash Premier Fund LLC
3.22%

    (c) (d) (e)      121,840,983      121,840,983  
              
           158,831,725  
              

U.S. TREASURY OBLIGATIONS—0.09%

         

U.S. Treasury Bill 1.24%, 06/26/08

    (f) (g)    $ 2,250,000      2,243,147  
              
           2,243,147  
              

TOTAL SHORT-TERM INVESTMENTS

(Cost: $161,075,191)

            161,074,872  
              

TOTAL INVESTMENTS IN SECURITIES — 104.46%

(Cost: $2,576,844,960)

            2,764,212,214  

Other Assets, Less Liabilities — (4.46)%

            (117,898,066 )
              

NET ASSETS — 100.00%

          $ 2,646,314,148  
              

 

NVS  -  Non-Voting Shares

(a) Non-income earning security.
(b) All or a portion of this security represents a security on loan. See Note 3.
(c) Affiliated issuer. See Note 2.
(d) The rate quoted is the annualized seven-day yield of the fund at period end.
(e) This security represents an investment of securities lending collateral. See Note 3.
(f) The rate quoted is the yield to maturity.
(g) This U.S. Treasury Bill is held in a segregated account in connection with the Master Portfolio’s holdings of futures contracts. See Note 1.

As of March 31, 2008, the open futures contracts held by the Master Portfolio were as follows:

 

Futures Contracts

(Expiration Date)

    Number of
Contracts		    Notional
Contract
Value		    Net
Unrealized
Depreciation		  

S&P 500 Index (June 2008)

    642    $ 42,500,400    $ (304,375 )
              
         $ (304,375 )
              

See accompanying notes to schedule of investments.

S&P 500 INDEX MASTER PORTFOLIO

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Master Investment Portfolio (“MIP”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company organized as a Delaware statutory trust. As of March 31, 2008, MIP offered the following separate portfolios: Active Stock, Bond Index, CoreAlpha Bond, Government Money Market, LifePath Retirement, LifePath 2010, LifePath 2020, LifePath 2030, LifePath 2040, Money Market, Prime Money Market, S&P 500 Index and Treasury Money Market Master Portfolios.

These notes relate only to the schedule of investments for the S&P 500 Index Master Portfolio (the “Master Portfolio”).

 

1. SIGNIFICANT ACCOUNTING POLICIES

SECURITY VALUATION

The securities and other assets of the Master Portfolio are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker (or dealer) or (iii) based on amortized cost. In the case of shares of funds that are not traded on an exchange, a market valuation means such fund’s published net asset value per share. The investment adviser may use various pricing services or discontinue the use of any pricing service. A price obtained from a pricing service based on such pricing service’s valuation matrix may be considered a market valuation. In the event that the current market valuations are not readily available or such valuations do not reflect current market values, the affected investments will be valued pursuant to the pricing policy and procedures approved by the Board of Trustees of MIP.

Effective January 1, 2008, the Master Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (“FAS 157”), “Fair Value Measurements.” This standard defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. Various inputs are used in determining the value of the Master Portfolio’s investments. These inputs are summarized in the three broad Levels listed below.

 

  •  

Level 1 – quoted prices in active markets for identical investments

 

  •  

Level 2 – other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

  •  

Level 3 – significant unobservable inputs (including the Master Portfolio’s own assumptions in determining the fair value of investments)

Investments that use Level 2 or Level 3 inputs may include, but are not limited to: (i) an unlisted security related to corporate actions; (ii) a restricted security (i.e., one that may not be publicly sold without registration under the Securities Act of 1933, as amended); (iii) a security whose trading has been suspended or which has been de-listed from its primary trading exchange; (iv) a security that is thinly traded; (v) a security in default or bankruptcy proceedings for which there is no current market quotation; (vi) a security affected by currency controls or restrictions; and (vii) a security affected by a significant event (i.e., an event that occurs after the close of the markets on which the security is traded but before the time as of which the Master Portfolio’s net assets are computed and that may materially affect the value of the Master Portfolio’s investments). Examples of events that may be “significant events” are government actions, natural disasters, armed conflict, acts of terrorism, and significant market fluctuations.

Fair value pricing could result in a difference between the prices used to calculate the Master Portfolio’s net assets and the prices used by the Master Portfolio’s benchmark index, which, in turn, could result in a difference between the Master Portfolio’s performance and the performance of the Master Portfolio’s benchmark index. The inputs or methodology used for valuation are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the inputs used in valuing the Master Portfolio’s investments, as of March 31, 2008:

 

Investments in Securities

Level 1 -

Quoted Prices

     

Level 2 -

Other Significant

Observable Inputs

     

Level 3 -

Significant

Unobserva ble Inputs

     

Total Fair Value

$2,605,380,489      $158,831,725      $ —        $2,764,212,214
                      

Other Financial Instruments(a)

Level 1 –

Quoted Prices

     

Level 2 -

Other Significant

Observable Inputs

     

Level 3 -

Significant

Unobserva ble Inputs

     

Total Fair Value

$(304,375)      $ —        $ —        $(304,375)
                      

 

(a)

Other financial instruments include futures contracts.

FEDERAL INCOME TAXES

As of March 31, 2008, the cost of investments for federal income tax purposes was $2,623,492,932. Net unrealized appreciation aggregated $140,719,282, of which $592,404,713 represented gross unrealized appreciation on securities and $451,685,431 represented gross unrealized depreciation on securities.

FUTURES CONTRACTS

The Master Portfolio may purchase futures contracts to gain exposure to market changes, as this may be more efficient or cost effective than actually buying the securities. A futures contract is an agreement between two parties to buy and sell a security at a set price on a future date and is exchange-traded. Upon entering into a futures contract, the Master Portfolio is required to pledge to the broker and hold in a segregated account, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum “initial margin” requirements of the exchange. Pursuant to the contract, the Master Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” Risks of entering into futures contracts include the possibility that there may be an illiquid market and that a change in the value of the contracts may not correlate with changes in the value of the underlying securities.

As of March 31, 2008, the Master Portfolio has pledged to brokers a U.S. Treasury Bill with a face amount of $2,250,000 for initial margin requirements.

 

2. TRANSACTIONS WITH AFFILIATES

The Master Portfolio may invest in the Institutional Shares of certain money market funds managed by Barclays Global Fund Advisors (“BGFA”), the Master Portfolio’s investment adviser, including the Government Money Market Fund (“GMMF”), Institutional Money Market Fund (“IMMF”), Prime Money Market Fund (“PMMF”) and Treasury Money Market Fund (“TMMF”) of Barclays Global Investors Funds. The GMMF, IMMF, PMMF and TMMF are feeder funds in a master/feeder fund structure that invest substantially all of their assets in the Government Money Market Master Portfolio, Money Market Master Portfolio, Prime Money Market Master Portfolio and Treasury Money Market Master Portfolio (collectively, the “Money Market Master Portfolios”), respectively, which are also managed by BGFA. While the GMMF, IMMF, PMMF and TMMF do not directly charge an investment advisory fee, the Money Market Master Portfolios in which they invest do charge an investment advisory fee. Income distributions from the GMMF, IMMF, PMMF and TMMF are declared daily and paid monthly from net investment income.

The Master Portfolio may invest its securities lending cash collateral, if any, in the BGI Cash Premier Fund LLC (“Premier Fund”), an affiliated private money market fund managed by BGFA. Although the Premier Fund is not registered as an investment company under the 1940 Act, it intends to operate as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 3 for additional information regarding the Premier Fund.

3. PORTFOLIO SECURITIES LOANED

The Master Portfolio may lend its investment securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Master Portfolio is required to have a value of at least 102% of the market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current market value of the securities on loan. The risks to the Master Portfolio of securities lending are that the borrower may not provide additional collateral when required or may not return the securities when due.

As of March 31, 2008, the Master Portfolio had loaned securities which were collateralized by cash. The cash collateral received was invested in the Premier Fund. The Premier Fund seeks to achieve its investment objective by investing in a portfolio of high-quality, short-term fixed-income instruments, including money market funds (which may be managed by BGFA or its affiliate) and other instruments that, at the time of investment, have remaining maturities of 397 calendar days or less from the date of acquisition.

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 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.

 

  (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/ Keith F. Karlawish

  Keith F. Karlawish, President
  (principal executive officer)

Date May 28, 2008

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/ Keith F. Karlawish

  Keith F. Karlawish, President
  (principal executive officer)

Date May 28, 2008

 

By (Signature and Title)*  

/s/ Andrew J. McNally

  Andrew J. McNally, Treasurer
  (principal financial officer)

Date May 28, 2008

 

* Print the name and title of each signing officer under his or her signature.
EX-99.CERT 2 dex99cert.htm 302 CERTFICIATIONS 302 Certficiations

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Keith F. Karlawish, certify that:

 

1. I have reviewed this report on Form N-Q of BB&T Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 28, 2008  

/s/ Keith F. Karlawish

  Keith F. Karlawish, President
  (principal executive officer)

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Andrew J. McNally, certify that:

 

1. I have reviewed this report on Form N-Q of BB&T Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 28, 2008  

/s/ Andrew J. McNally

  Andrew J. McNally, Treasurer
  (principal financial officer)
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