- Certified semi-annual shareholder report for management investment companies (N-CSRS)

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-06196 and 811-21298

Name of Fund: CMA Treasury Fund and Master Treasury LLC

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, CMA Treasury
Fund and Master Treasury LLC, 40 East 52 ^nd Street, New York, NY 10022.

Registrant’s telephone number, including area code: (800) 221-7210

Date of fiscal year end: 03/31/2010

Date of reporting period: 09/30/2009

Item 1 – Report to Stockholders

Semi-Annual Report (Unaudited)

September 30, 2009

CMA Government Securities Fund

CMA Treasury Fund


Table of Contents
	Page
Dear Shareholder	3
Semi-Annual Report:
Fund Information	4
Disclosure of Expenses	4
Fund Financial Statements:
Statements of Assets and Liabilities	5
Statements of Operations	6
Statements of Changes in Net Assets	7
Fund Financial Highlights	8
Fund Notes to Financial Statements	10
Master LLCs Portfolio Information	12
Master LLCs Financial Statements:
Schedules of Investments	13
Statements of Assets and Liabilities	15
Statements of Operations	16
Statements of Changes in Net Assets	16
Master LLCs Financial Highlights	17
Master LLCs Notes to Financial Statements	18
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements	20
Officers and Directors	24
Additional Information	25

2 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009

Dear Shareholder

The past 12 months saw a seismic shift in market sentiment — from fear and pessimism during the worst economic decline and crisis of confidence in

financial markets since The Great Depression, to exuberance and increasing optimism amid emerging signs of recovery. The period began on the heels

of the infamous collapse of Lehman Brothers, which triggered an intensifying deterioration in global economic activity in the final months of 2008 and

the early months of 2009 and resulted in massive government intervention (on a global scale) in the financial system and the economy. The tide turned

dramatically in March 2009, however, on the back of new US government initiatives, as well as better-than-expected economic data and upside surprises

in corporate earnings.

Not surprisingly, US equities endured extreme volatility in this environment — steep declines and heightened risk aversion in the early part of the report-

ing period gave way to an impressive seven-month rally that began in March. This rally has pushed all major indexes well into positive territory for 2009.

Stocks did experience modest setbacks in June and then again in late September and early October, but the overall trajectory was up. The experience in

international markets was similar to that in the United States. Prominent in the rally have been emerging markets, which were less affected by the global

credit crunch and are experiencing faster economic growth rates when compared to the developed world.

In fixed income markets, the flight-to-safety premium in Treasury securities prevailed during the equity market downturn, but concerns about deficit spend-

ing, debt issuance, inflation and dollar weakness have kept Treasury yields range bound in recent months. At the same time, near-zero interest rates on

risk-free assets, coupled with an improving macro environment, prompted many investors to reallocate money from cash investments into higher-yielding

and riskier non-Treasury assets, bidding those prices higher. The high yield sector was the greatest beneficiary of this move, having decisively outpaced all

other taxable asset classes since the start of 2009. Similarly, the municipal bond market is on pace for its best performance year ever in 2009, following

one of its worst years in 2008. Investor demand remains strong while the Build America Bonds program has alleviated supply pressures, creating a highly

favorable technical backdrop. Municipal bond mutual funds are seeing record inflows, reflecting the renewed investor interest in the asset class.


Total Returns as of September 30, 2009	6-month	12-month
US equities (S&P 500 Index)	34.02%	(6.91)%
Small cap US equities (Russell 2000 Index)	43.95	(9.55)
International equities (MSCI Europe, Australasia, Far East Index)	49.85	3.23
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index*)	(3.77)	7.66
Taxable fixed income (Barclays Capital US Aggregate Bond Index)	5.59	10.56
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)	9.38	14.85
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	40.25	22.51
* Formerly a Merrill Lynch Index.
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

The market environment has visibly improved since the beginning of the year, but a great deal of uncertainty and risk remain. Through periods of

market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and

investment insight, visit the most recent issue of our award-winning Shareholder ® magazine at www.blackrock.com/shareholdermagazine . We thank

you for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.

Announcement to Shareholders

On June 16, 2009, BlackRock, Inc. announced that it received written notice from Barclays PLC (“Barclays”) in which Barclays’ Board of Directors

had accepted BlackRock’s offer to acquire Barclays Global Investors (“BGI”). At a special meeting held on August 6, 2009, BlackRock’s proposed

purchase of BGI was approved by an overwhelming majority of Barclays’ voting shareholders, an important step toward closing the transaction. The

combination of BlackRock and BGI will bring together market leaders in active and index strategies to create the preeminent asset management firm.

The transaction is scheduled to be completed in the fourth quarter of 2009, subject to important fund shareholder and regulatory approvals.

THIS PAGE NOT PART OF YOUR FUND REPORT 3


Fund Information
Yields
	7-Day	7-Day
As of September 30, 2009	SEC Yields	Yields
CMA Government Securities Fund	0.00%	0.03%
CMA Treasury Fund	0.00%	0.03%
Past performance is not indicative of future results

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) expenses
related to transactions, including sales charges, redemption fees and
exchange fees; and (b) operating expenses including administration
fees, distribution fees including 12b-1 fees, and other Fund expenses.
The expense example below (which is based on a hypothetical investment
of $1,000 invested on April 1, 2009 and held through September 30,
2009) is intended to assist shareholders both in calculating expenses
based on an investment in each Fund and in comparing these expenses
with similar costs of investing in other mutual funds.

The table below provides information about actual account values and
actual expenses. In order to estimate the expenses a shareholder paid
during the period covered by this report, shareholders can divide their
account value by $1,000 and then multiply the result by the number
corresponding to their Fund under the heading entitled “Expenses Paid
During the Period.”

The table also provides information about hypothetical account values
and hypothetical expenses based on each Fund’s actual expense ratio
and an assumed rate of return of 5% per year before expenses. In order
to assist shareholders in comparing the ongoing expenses of investing
in these Funds and other funds, compare the 5% hypothetical example
with the 5% hypothetical examples that appear in other funds’
shareholder reports.

The expenses shown in the table are intended to highlight shareholders’
ongoing costs only and do not reflect any transactional expenses, such
as sales charges, redemption fees or exchange fees. Therefore, the
hypothetical example is useful in comparing ongoing expenses only, and
will not help shareholders determine the relative total expenses of own-
ing different funds. If these transactional expenses were included, share-
holder expenses would have been higher.


Expense Example
		Actual			Hypothetical ²
	Beginning	Ending		Beginning	Ending
	Account Value	Account Value		Account Value	Account Value
	April 1,	September 30,	Expenses Paid	April 1,	September 30,	Expenses Paid
	2009	2009	During the Period ¹	2009	2009	During the Period ¹
CMA Government Securities Fund	$1,000	$1,000.00	$1.30	$1,000	$1,023.80	$1.32
CMA Treasury Fund	$1,000	$1,000.20	$1.20	$1,000	$1,023.90	$1.22
¹ Expenses are equal to CMA Government Securities Fund’s annualized expense ratio of 0.26% and for CMA Treasury Fund’s annualized expense ratio of 0.24%, multiplied by
the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Because the Funds are feeder funds, the expense table example
reflects the expenses of both the feeder fund and the master fund in which it invests.
² Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.

4 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009


Statements of Assets and Liabilities
	CMA	CMA
	Government	Treasury
September 30, 2009 (Unaudited)	Securities Fund	Fund
Assets
Investment at value — Master Government Securities LLC and Master Treasury LLC (individually “Government LLC”
and “Treasury LLC”, or collectively, the Master LLCs), respectively ¹	$351,545,133	$1,878,744,199
Capital shares sold receivable	14	120
Receivable from affiliate	11	197
Withdrawals receivable from Master LLCs	6	540
Other assets	—	820
Prepaid expenses	30,508	17,084
Total assets	351,575,672	1,878,762,960
Liabilities
Administration fees payable	41,238	21,481
Officer’s and Directors’ fees payable	51	299
Capital shares redeemed payable	20	660
Other accrued expenses payable	12,280	62,785
Other liabilities	115	176
Total liabilities	53,704	85,401
Net Assets	$351,521,968	$1,878,677,559
Net Assets Consist of
Paid-in capital ²	$351,437,630	$1,878,200,451
Undistributed net investment income	84,093	450,976
Accumulated net realized gains allocated from the Master LLC	245	26,132
Net Assets, $1.00 net asset value per share	$351,521,968	$1,878,677,559
¹ Investment at cost — unaffiliated	$351,545,133	$1,878,744,199
² Shares outstanding, unlimited number of shares authorized, $0.10 par value	351,437,632	1,878,200,453

See Notes to Financial Statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2009 5


Statements of Operations
	CMA	CMA
	Government	Treasury
Six Months Ended September 30, 2009 (Unaudited)	Securities Fund	Fund
Investment Income
Net investment income allocated from the Master LLCs:
Interest	$ 637,032	$ 3,887,578
Expenses	(200,762)	(2,319,300)
Total income	436,270	1,568,278
Expenses
Administration	617,506	3,515,102
Distribution	305,656	1,747,797
Registration	57,423	37,311
Transfer agent	27,650	103,818
Federal insurance	23,370	109,140
Professional	13,130	14,634
Printing	6,650	28,240
Officer and Directors	99	624
Miscellaneous	5,454	10,006
Total expenses	1,056,938	5,566,672
Less fees waived by administrator	(315,479)	(2,746,591)
Less distribution fees waived	(305,656)	(1,747,797)
Total expenses after fees waived	435,803	1,072,284
Net investment income	467	495,994
Realized Gain Allocated from the Master LLCs
Net realized gain from investments	2,453	121,856
Net Increase in Net Assets Resulting from Operations	$ 2,920	$ 617,850

See Notes to Financial Statements.

6 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009


Statements of Changes in Net Assets
	CMA Government Securities Fund	CMA Treasury Fund
	Six Months Ended		Six Months Ended
	September 30,	Year Ended	September 30,	Year Ended
	2009	March 31,	2009	March 31,
Increase (Decrease) in Net Assets:	(Unaudited)	2009	(Unaudited)	2009
Operations
Net investment income	$ 467	$ 4,902,715	$ 495,994	$ 15,586,405
Net realized gain	2,453	42,568	121,856	286,104
Net increase in net assets resulting from operations	2,920	4,945,283	617,850	15,872,509
Dividends and Distributions to Shareholders From
Net investment income	(467)	(4,902,715)	(495,994)	(15,586,405)
Net realized gains	(2,208)	—	(9,926)	—
Decrease in net assets resulting from dividends and distributions to shareholders	( 2,675)	(4,902,715)	(505,920)	(15,586,405)
Capital Share Transactions
Net proceeds from sale of shares	1,113,577,598	4,164,496,471	3,436,864,367	17,638,203,419
Reinvestment of dividends	2,675	4,902,715	505,920	15,586,405
Cost of shares redeemed	(1,430,534,763)	(4,298,768,693)	(5,794,145,739)	(15,853,318,078)
Net increase (decrease) in net assets derived from capital share transactions	(316,954,490)	(129,369,507)	(2,356,775,452)	1,800,471,746
Net Assets
Total increase (decrease) in net assets	(316,954,245)	(129,326,939)	(2,356,663,522)	1,800,757,850
Beginning of period	668,476,213	797,803,152	4,235,341,081	2,434,583,231
End of period	$ 351,521,968	$ 668,476,213	$1,878,677,559	$4,235,341,081
Undistributed net investment income	$ 84,093	$ 84,093	$ 450,976	$ 450,976

See Notes to Financial Statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2009 7


Financial Highlights					CMA Government Securities Fund
	Six Months Ended
	September 30,
	2009			Year Ended March 31,
	(Unaudited)		2009	2008	2007		2006	2005
Per Share Operating Performance
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Net investment income	0.0000		0.0070	0.0369	0.0439		0.0291	0.0102
Net realized and unrealized gain (loss)	—		0.0001	(0.0005)	0.0003		0.0001	(0.0010)
Net increase from investment operations	0.0000		0.0071	0.0364	0.0442		0.0292	0.0092
Dividends and distributions from:
Net investment income	(0.0000)		(0.0070)	(0.0369)	(0.0439)		(0.0291)	(0.0102)
Net realized gain	—		—	—	(0.0000)		(0.0000)	(0.0000)
Total dividends and distributions	(0.0000)		(0.0070)	(0.0369)	(0.0439)		(0.0291)	(0.0102)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Investment Return ¹
Total investment return	0.00% ^2,3		0.70%	3.74%	4.46%		2.96%	1.03%
Ratios to Average Net Assets ⁴
Total expenses	0.68% ⁵		0.63%	0.66%	0.70%		0.67%	0.66%
Total expenses after fees waived	0.26% ⁵		0.55%	0.66%	0.70%		0.67%	0.66%
Net investment income	0.00% ^3,5		0.67%	3.53%	4.41%		2.89%	0.98%
Supplemental Data
Net assets, end of period (000)	$ 351,522	$ 668,476	$ 797,803	$ 503,160	$ 467,534	$ 525,113
¹ Where applicable, total investment returns include the reinvestment of dividends and distributions.
² Aggregate total investment return.
³ Amount is less than 0.01%.
⁴ Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
⁵ Annualized.

See Notes to Financial Statements.

8 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009


Financial Highlights (concluded)						CMA Treasury Fund
	Six Months Ended
	September 30,
	2009		Year Ended March 31,
	(Unaudited)	2009	2008	2007		2006	2005
Per Share Operating Performance
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Net investment income	0.0002	0.0064	0.0343	0.0421		0.0277	0.0094
Net realized and unrealized gain (loss)	—	0.0001	(0.0002)	0.0003		0.0001	(0.0004)
Net increase from investment operations	0.0002	0.0065	0.0341	0.0424		0.0278	0.0090
Dividends and distributions from:
Net investment income	(0.0002)	(0.0064)	(0.0343)	(0.0421)		(0.0277)	(0.0094)
Net realized gain	—	—	—	(0.0000)		(0.0001)	(0.0000)
Total dividends and distributions	(0.0002)	(0.0064)	(0.0343)	(0.0421)		(0.0278)	(0.0094)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Investment Return ¹
Total investment return	0.02% ²	0.64%	3.48%	4.28%		2.81%	0.95%
Ratios to Average Net Assets ³
Total expenses	0.56% ⁴	0.57%	0.60%	0.68%		0.67%	0.66%
Total expenses after fees waived	0.24% ⁴	0.50%	0.60%	0.68%		0.67%	0.66%
Net investment income	0.04% ⁴	0.46%	2.92%	4.22%		2.76%	0.94%
Supplemental Data
Net assets, end of period (000)	$1,878,678	$4,235,341	$2,434,583	$ 462,854	$ 481,630	$ 602,207
¹ Where applicable, total investment returns include the reinvestment of dividends and distributions.
² Aggregate total investment return.
³ Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
⁴ Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2009 9

Notes to Financial Statements (Unaudited) CMA Government Securities Fund and CMA Treasury Fund

1. Organization and Significant Accounting Policies:

CMA Government Securities Fund and CMA Treasury Fund (collectively
the “Funds” or individually as the “Fund”) are registered under the
Investment Company Act of 1940, as amended (the “1940 Act”), as no
load, diversified, open end management investment companies. Each
Fund is organized as a Massachusetts business trust. CMA Government
Securities Fund and CMA Treasury Fund seek to achieve their investment
objectives by investing all of their assets in Master Government Securities
LLC and Master Treasury LLC, respectively, (collectively the “Master
LLCs”), which have the same investment objective and strategies as the
Funds. Each Master LLC is organized as a Delaware limited liability cor-
poration. The value of each Fund’s investment in the Master LLCs reflect
each Fund’s proportionate interest in the net assets of the respective
Master LLCs. The percentage of the Master LLCs owned by the applicable
Fund at September 30, 2009 was 44.6% for CMA Government Securities
Fund and 59.1% for CMA Treasury Fund, respectively. The performance of
each Fund is directly affected by the performance of the Master LLCs.
The financial statements of the Master LLCs, including the Schedules of
Investments, are included elsewhere in this report and should be read in
conjunction with the Funds’ financial statements. The Boards of Trustees
of the Funds and the Boards of Directors of the Master LLCs are referred
to throughout this report as the “Board of Directors” or the “Board.” The
Funds’ financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America, which may
require the use of management accruals and estimates. Actual results
may differ from these estimates.

The following is a summary of significant accounting policies followed by
the Funds:

Valuation: Each Fund records its investment in the Master LLC at fair
value. Valuation of investments held by the Master LLC is discussed in
Note 1 of the Master LLCs’ Notes to Financial Statements, which are
included elsewhere in this report. Each Fund seeks to maintain the net
asset value per share at $1.00, although there is no assurance that it
will be able to do so on a continuing basis.

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 avail-
able in the circumstances, to the extent observable inputs are not
available (including the Funds’ own assumptions used 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 these securities.

As of September 30, 2009, the Funds’ investment in the Master LLC
was classified as Level 2. The Funds believe more relevant disclosure
regarding fair value measurements relate to the Master LLCs, which is
disclosed in Note 1 of the Master LLCs’ Notes to Financial Statements
included elsewhere in this report.

Investment Transactions and Net Investment Income: For financial
reporting purposes, investment transactions in the Master LLCs are
accounted for on a trade date basis. The Funds record daily their pro-
portionate share of the Master LLCs’ income, expenses and realized
gains and losses. In addition, the Funds accrue their own income
and expenses.

Dividends and Distributions to Shareholders: Dividends from net invest-
ment income are declared and reinvested daily and paid monthly. Distri-
butions of realized gains, if any, are recorded on the ex-dividend dates.

Income Taxes: It is each Fund’s policy to comply with the requirements
of the Internal Revenue Code applicable to regulated investment com-
panies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no federal income tax provision is required.

The Funds file US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Funds’ U.S. federal tax returns remains open for the four
years ended March 31, 2009. The statute of limitations on the Funds’
state and local tax returns may remain open for an additional year
depending upon the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was
issued by the Financial Accounting Standards Board for transfers of
financial assets. This guidance is intended to improve the relevance,
representational faithfulness and comparability of the information that
a reporting entity provides in its financial statements about a transfer of
financial assets; the effects of a transfer on its financial position, finan-
cial performance, and cash flows; and a transferor’s continuing involve-
ment, if any, in transferred financial assets. The amended guidance is
effective for financial statements for fiscal years and interim periods
beginning after November 15, 2009. Earlier application is prohibited.
The recognition and measurement provisions of this guidance must be
applied to transfers occurring on or after the effective date. Additionally,
the enhanced disclosure provisions of the amended guidance should
be applied to transfers that occurred both before and after the effective

10 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009

Notes to Financial Statements (concluded) CMA Government Securities Fund and CMA Treasury Fund

date of this guidance. The impact of this guidance on the Funds’ finan-
cial statements and disclosures, if any, is currently being assessed.

Other: Expenses directly related to each Fund are charged to that
Fund. Other operating expenses shared by several funds are pro-
rated among those funds on the basis of relative net assets or other
appropriate methods.

2. Administration Agreement and Other Transactions
with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”) and Bank of America
Corporation (“BAC”) are the largest stockholders of BlackRock, Inc.
(“BlackRock”). Due to the ownership structure, PNC is an affiliate for
1940 Act purposes, but BAC is not.

Each Fund has entered into an Administration Agreement with BlackRock
Advisors, LLC (the “Administrator”), an indirect, wholly owned subsidiary
of BlackRock, to provide administrative services (other than investment
advice and related portfolio activities). For such services, each Fund
pays the Administrator a monthly fee at an annual rate of 0.25% of
each Fund’s average daily net assets.

Each Fund has entered into a Distribution Agreement and a Distribution
and Shareholder Servicing Plan (the “Distribution Plan”) with BlackRock
Investments, LLC (“BRIL”), which is an affiliate of BlackRock.

Pursuant to the Distribution Plan adopted by the Funds in accordance
with Rule 12b-1 under the 1940 Act, the Funds pay BRIL a distribution
fee. The fee is accrued daily and paid monthly at an annual rate of
0.125% of each Fund’s average daily net assets.

The Administrator and BRIL voluntarily agreed to waive a portion of
their respective administration and distribution fees and/or reimburse
operating expenses to enable the Funds to maintain minimum levels
of net investment income. These amounts are shown as fees waived
by administrator and distribution fees waived in the Statements of
Operations. The Administrator and BRIL may discontinue this waiver
or reimbursement at any time.

Certain officers and/or directors of the Funds are officers and/or direc-
tors of BlackRock or its affiliates. The Funds reimburse the Administrator
for compensation paid to the Funds’ Chief Compliance Officer.

3. Capital Share Transactions:

The number of shares sold, reinvested and redeemed during the past
two years corresponds to the amounts included in the Statements of
Changes in Net Assets for net proceeds from the sale of shares, reinvest-
ment of dividends and distributions and cost of shares redeemed,
respectively, since shares are recorded at $1.00 per share.

4. Federal Insurance:

The Funds participated in the US Treasury Department’s Temporary
Guarantee Program for Money Market Funds (the “Program”). As a
result of the Funds’ participation in the Program, in the event a Fund’s
net asset value fell below $0.995 per share, shareholders in that Fund
would have federal insurance of $1.00 per share up to the lesser of
shareholders’ balances in the Fund as of the close of business on
September 19, 2008, or the remaining balances of such shareholder
accounts as of the date the guarantee is triggered. Any increase in the
number of shares in a shareholder’s balance after the close of business
on September 19, 2008 and any future investments after a shareholder
had closed their account would not be guaranteed. As a participant
of the Program, which expired September 18, 2009, each Fund paid a
participation fee of 0.03% for the period December 19, 2008 through
September 18, 2009 of the Funds’ shares outstanding value as of
September 19, 2008. The participation fee for the period April 1, 2009
to September 18, 2009 is included in federal insurance in the
Statements of Operations.

5. Subsequent Events:

Management has evaluated the impact of all subsequent events on the
Funds through November 24, 2009, the date the financial statements
were issued, and has determined that there were no subsequent events
requiring adjustment or disclosure in the financial statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2009 11


Portfolio Information as of September 30, 2009
Portfolio Composition
	Percent of		Percent of
Master Government Securities LLC	Net Assets	Master Treasury LLC	Net Assets
U.S. Treasury Obligations	68%	U.S. Treasury Obligations	102%
Repurchase Agreements	32	Liabilities in Excess of Other Assets	(2)
Total	100%	Total	100%

12 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009

Schedule of Investments September 30, 2009 (Unaudited) Master Government Securities LLC
(Percentages shown are based on Net Assets)


	Par
Issue	(000)	Value
U.S. Treasury Obligations — 67.6%
U.S. Treasury Bills (a):
0.19% – 0.20%, 10/08/09	$ 35,000	$ 34,998,467
0.15% – 0.19%, 10/15/09	113,325	113,316,844
0.39% – 0.43%, 10/22/09	55,998	55,983,878
0.19%, 10/29/09	20,000	19,996,939
0.18% – 0.64%, 11/19/09	54,000	53,975,861
0.30%, 11/27/09	40,000	39,980,989
0.14% – 0.71%, 12/17/09	41,750	41,719,263
0.29%, 1/07/10	28,000	27,978,055
0.28%, 1/14/10	18,500	18,485,020
0.14% – 0.27%, 2/11/10	55,000	54,961,922
0.24%, 3/04/10	30,000	29,969,323
0.50%, 4/01/10	20,000	19,949,167
0.33%, 6/17/10	13,000	12,969,486
0.50%, 7/29/10	8,000	7,966,444
Total U.S. Treasury Obligations — 67.6%		532,251,658
Repurchase Agreements — 32.1%
Banc of America Securities LLC, 0.10%, 10/07/09
(Purchased on 9/30/09 to be repurchased at
$35,000,681, collateralized by GNMA, 5.00%
due 7/15/39)	35,000	35,000,000
Citigroup Global Markets, Inc., 0.10%, 10/07/09
(Purchased on 9/30/09 to be repurchased at
$35,000,681, collateralized by GNMA, 3.88% – 9.00%
due 1/15/11 to 9/15/39)	35,000	35,000,000
Credit Suisse Securities (USA) LLC, 0.10%, 10/01/09
(Purchased on 9/24/09 to be repurchased at
$38,000,739, collateralized by U.S. Treasury Inflation
Index Bond, 2.00% due 1/15/16)	38,000	38,000,000
Deutsche Bank Securities, Inc., 0.10%, 10/07/09
(Purchased on 9/30/09 to be repurchased at
$35,000,681, collateralized by GNMA, 5.50% – 7.00%
due 9/15/36 to 9/15/44)	35,000	35,000,000
HSBC Securities (USA), Inc., 0.03%, 10/01/09
(Purchased on 9/30/09 to be repurchased at
$20,000,017, collateralized by U.S. Treasury Inflation
Index Bond, 1.25% – 3.50% due 1/15/11 to 1/15/15)	20,000	20,000,000
J.P. Morgan Securities Inc., 0.03%, 10/01/09 (Purchased
on 9/30/09 to be repurchased at $14,577,012,
collateralized by U.S. Treasury Bills, 0.39%
due 9/23/10)	14,577	14,577,000
Mizuho Securities USA LLC, 0.03%, 10/01/09
(Purchased on 9/30/09 to be repurchased at
$20,000,017, collateralized by U.S. Treasury Notes,
2.38% due 8/31/14)	20,000	20,000,000
RBS Securities, Inc., 0.10%, 10/07/09 (Purchased
on 9/30/09 to be repurchased at $35,000,681,
collateralized by U.S. Treasury Notes 4.25% – 6.88%
due 8/15/14 to 8/16/25)	35,000	35,000,000


		Par
Issue	(000)	Value
Repurchase Agreements (concluded)
UBS Securities LLC, 0.04%, 10/01/09 (Purchased on
9/30/09 to be repurchased at $20,000,022, collateralized
by U.S. Treasury Inflation Index Bond, 1.25% – 3.50%
due 1/15/11 to 7/15/19)	$ 20,000 $	20,000,000
Total Repurchase Agreements — 32.1%		252,577,000
*Total Investments (Cost — $784,828,658) — 99.7%**			784,828,658
Other Assets Less Liabilities — 0.3%			2,712,830
Net Assets — 100.0%		$ 787,541,488
* Cost for federal income tax purposes.
(a)	Rates shown are the discount rates or range of discount rates paid at the time of
	purchase.
•	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 LLC’s own assumptions used in determining the fair value of investments)
	The inputs or methodology used for valuing securities are not necessarily an indica-
	tion of the risk associated with investing in those securities. For information about
	the Master LLC’s policy regarding valuation of investments and other significant
	accounting policies, please refer to Note 1 of the Notes to Financial Statements.
	The following table summarizes the inputs used as of September 30, 2009 in
	determining the fair valuation of the Master LLC’s investments:
		Investments in
	Valuation Inputs		Securities
			Assets
	Level 1		—
	Level 2	$ 784,828,658
	Level 3		—
	Total	$ 784,828,658

See Notes to Financial Statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2009 13

Schedule of Investments September 30, 2009 (Unaudited) Master Treasury LLC
(Percentages shown are based on Net Assets)


	Par
Issue	(000)	Value
U.S. Treasury Obligations
U.S. Treasury Bills (a):
0.17% – 0.37%, 10/08/09	$ 221,491	$ 221,475,800
0.15% – 0.19%, 10/15/09	399,577	399,549,963
0.13% – 0.43%, 10/22/09	431,426	431,364,587
0.05% – 0.19%, 10/29/09	321,291	321,247,431
0.19%, 11/12/09	100,000	99,977,903
0.16% – 0.63%, 11/19/09	128,561	128,511,710
0.30%, 11/27/09	75,000	74,964,354
0.07% – 0.15%, 12/03/09	463,708	463,607,275
0.14%, 12/10/09	249,981	249,912,017
0.14% – 0.71%, 12/17/09	200,000	199,879,750
0.10%, 12/24/09	150,000	149,964,583
0.12%, 12/31/09	50,000	49,985,465
0.12% – 0.29%, 1/07/10	64,030	63,981,645
0.11%, 2/04/10	3,838	3,836,565
0.14% – 0.16%, 2/11/10	137,479	137,407,360
0.15%, 2/25/10	65,000	64,961,253
0.21% – 0.22%, 3/18/10	31,600	31,568,273
0.50%, 4/01/10	100,000	99,745,833
0.50%, 7/29/10	35,000	34,853,195
*Total Investments (Cost — $3,226,794,962) — 101.6%**		3,226,794,962
Liabilities in Excess of Other Assets — (1.6)%		(50,391,833)
Net Assets — 100.0%		$3,176,403,129
* Cost for federal income tax purposes.
(a) Trade on a discount basis. Rates shown are the discount rates or range of dis-
count rates paid at the time of purchase.


•	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 LLC’s own assumptions used in determining the fair value of investments)
	The inputs or methodology used for valuing securities are not necessarily an indica-
	tion of the risk associated with investing in those securities. For information about
	the Master LLC’s policy regarding valuation of investments and other significant
	accounting policies, please refer to Note 1 of the Notes to Financial Statements.
	The following table summarizes the inputs used as of September 30, 2009 in
	determining the fair valuation of the Master LLC’s investments:
		Investments in
	Valuation Inputs	Securities
		Assets
	Level 1	—
	Level 2	$3,226,794,962
	Level 3	—
	Total	$3,226,794,962

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009


Statements of Assets and Liabilities
	Master
	Government	Master
September 30, 2009 (Unaudited)	Securities LLC	Treasury LLC
Assets
Investments at value — unaffiliated ¹	$ 532,251,658	$3,226,794,962
Repurchase agreements at value — unaffiliated ²	252,577,000	—
Cash	258	—
Contributions receivable from investors	2,745,627	110,067
Interest receivable	633	—
Prepaid expenses	22,274	52,390
Total assets	787,597,450	3,226,957,419
Liabilities
Investment purchased payable	—	49,985,465
Investment advisory fees payable	—	375,174
Withdrawals payable to investors	6	540
Other affiliates payable	5,163	23,268
Officer’s and Directors’ fees payable	42	3,903
Other accrued expenses payable	50,751	165,940
Total liabilities	55,962	50,554,290
Net Assets	$ 787,541,488	$3,176,403,129
Net Assets Consist of
Investors’ capital	$ 787,541,488	$3,176,403,129
¹ Investments at cost — unaffiliated	$ 532,251,658	$3,226,794,962
² Repurchase agreements at cost — unaffiliated	$ 252,577,000	—

See Notes to Financial Statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2009 15


Statements of Operations
	Master
	Government	Master
Six Months Ended September 30, 2009 (Unaudited)	Securities LLC	Treasury LLC
Investment Income
Interest	$ 1,208,221	$ 5,756,235
Expenses
Investment advisory	999,790	3,061,487
Accounting services	114,803	289,659
Professional	27,420	38,042
Custodian	22,889	65,761
Officer and Directors	13,599	38,792
Printing	896	4,386
Miscellaneous	10,787	38,652
Total expenses	1,190,184	3,536,779
Less fees waived by advisor	(813,937)	(69,053)
Total expenses after fees waived	376,247	3,467,726
Net investment income	831,974	2,288,509
Realized Gain
Net realized gain from investments	5,342	177,248
Net Increase in Net Assets Resulting from Operations	$ 837,316	$ 2,465,757


Statements of Changes in Net Assets
	Master Government Securities LLC	Master Treasury LLC
	Six Months Ended		Six Months Ended
	September 30,	Year Ended	September 30,	Year Ended
	2009	March 31,	2009	March 31,
Increase (Decrease) in Net Assets:	(Unaudited)	2009	(Unaudited)	2009
Operations
Net investment income	$ 831,974	$ 12,798,197	$ 2,288,509	$ 38,527,822
Net realized gain	5,342	70,576	177,248	386,252
Net increase in net assets resulting from operations	837,316	12,868,773	2,465,757	38,914,074
Capital Transactions
Proceeds from contributions	2,847,551,997	7,917,912,535	8,430,258,881	30,062,271,749
Fair value of withdrawals	(3,231,296,131)	(8,068,455,169)	(10,974,485,439)	(27,869,340,433)
Net increase (decrease) in net assets derived from capital transactions	(383,744,134)	(150,542,634)	(2,544,226,558)	2,192,931,316
Net Assets
Total increase (decrease) in net assets	(382,906,818)	(137,673,861)	(2,541,760,801)	2,231,845,390
Beginning of period	1,170,448,306	1,308,122,167	5,718,163,930	3,486,318,540
End of period	$ 787,541,488	$1,170,448,306	$ 3,176,403,129	$ 5,718,163,930
See Notes to Financial Statements.

16 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009


Financial Highlights				Master Government Securities LLC
	Six Months
	Ended
	September 30,
	2009			Year Ended March 31,
	(Unaudited)	2009	2008	2007	2006	2005
Total Investment Return
Total investment return	0.09% ¹	1.05%	4.16%	4.90%	3.37%	1.44%
Ratios to Average Net Assets
Total expenses	0.25% ²	0.23%	0.24%	0.26%	0.26%	0.25%
Total expenses after fees waived and paid indirectly	0.08% ²	0.20%	0.24%	0.26%	0.26%	0.25%
Net investment income	0.18% ²	1.03%	3.99%	4.84%	3.31%	1.39%
Supplemental Data
Net assets, end of period (000)	$ 787,541	$ 1,170,448	$ 1,308,122	$ 964,413	$ 968,809	$ 936,566


					Master Treasury LLC
	Six Months
	Ended
	September 30,
	2009			Year Ended March 31,
	(Unaudited)	2009	2008	2007	2006	2005
Total Investment Return
Total investment return	0.06% ¹	0.98%	3.87%	4.70%	3.22%	1.35%
Ratios to Average Net Assets
Total expenses	0.17% ²	0.16%	0.21%	0.26%	0.26%	0.25%
Total expenses after fees waived and paid indirectly	0.17% ²	0.16%	0.21%	0.26%	0.26%	0.25%
Net investment income	0.11% ²	0.81%	3.42%	4.63%	3.14%	1.34%
Supplemental Data
Net assets, end of period (000)	$3,176,403	$5,718,164	$3,486,319	$ 874,719	$ 873,537	$ 969,383
¹ Aggregate total investment return.
² Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2009 17

Notes to Financial Statements (Unaudited) Master Government Securities LLC and Master Treasury LLC

1. Organization and Significant Accounting Policies:

Master Government Securities LLC and Master Treasury LLC (collectively
the “Master LLCs” or individually as the “Master LLC”) are registered
under the Investment Company Act of 1940, as amended (the “1940
Act”), and are each organized as a Delaware limited liability company.
The Limited Liability Company Agreement of each Master LLC permits the
Board of Directors to issue non-transferable interests in that Master LLC
subject to certain limitations. The Boards of Directors of the Master LLCs
is referred to throughout this report as the “Board of Directors” or the
“Board.” The Master LLCs’ financial statements are prepared in conform-
ity with accounting principles generally accepted in the United States of
America, which may require the use of management accruals and esti-
mates. Actual results may differ from these estimates.

The following is a summary of significant accounting policies followed by
the Master LLCs:

Valuation: The Master LLCs’ investments are valued under the amortized
cost method which approximates current market value in accordance
with Rule 2a-7 of the 1940 Act. Under this method, securities are val-
ued at cost when purchased and thereafter, a constant proportionate
amortization of any discount or premium is recorded until the maturity
of the security.

Repurchase Agreements: The Master LLCs may invest in US government
and agency securities pursuant to repurchase agreements. Under such
agreements, the counterparty agrees to repurchase the security at a
mutually agreed upon time and price. The counterparty will be required
on a daily basis to maintain the value of the securities subject to the
agreement at no less than the repurchase price. The agreements are con-
ditioned upon the collateral being deposited under the Federal Reserve
book entry system or held in a segregated account by the Master LLCs’
custodian. In the event the counterparty defaults and the fair value of
the collateral declines, the Master LLCs could experience losses, delays
and costs in liquidating the collateral.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the transac-
tions are entered into (the trade dates). Realized gains and losses on
investment transactions are determined on the identified cost basis.
Interest income is recognized on the accrual basis. The Master LLCs
amortize all premiums and discounts on debt securities.

Income Taxes: The Master LLCs are classified as partnerships for federal
income tax purposes. As such, each investor in each Master LLC is
treated as owner of its proportionate share of the net assets, income,
expenses and realized and unrealized gains and losses of that Master
LLC. Therefore, no federal income tax provision is required. It is intended
that each Master LLC’s assets will be managed so an investor in the

Master LLC can satisfy the requirements of Subchapter M of the Internal
Revenue Code.

Each Master LLC files US federal and various state and local tax returns.
The statute of limitations on each Master LLC’s US federal tax returns
remain open for each of the four years ended March 31, 2009. The
statute of imitations on each Master LLC’s state and local tax returns
may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was
issued by the Financial Accounting Standards Board for transfers of
financial assets. This guidance is intended to improve the relevance, rep-
resentational faithfulness and comparability of the information that a
reporting entity provides in its financial statements about a transfer of
financial assets; the effects of a transfer on its financial position, finan-
cial performance, and cash flows; and a transferor’s continuing involve-
ment, if any, in transferred financial assets. The amended guidance is
effective for financial statements for fiscal years and interim periods
beginning after November 15, 2009. Earlier application is prohibited.
The recognition and measurement provisions of this guidance must be
applied to transfers occurring on or after the effective date. Additionally,
the enhanced disclosure provisions of the amended guidance should
be applied to transfers that occurred both before and after the effective
date of this guidance. The impact of this guidance on the Master LLCs’
financial statements and disclosures, if any, is currently being assessed.

Other: Expenses directly related to each Master LLC are charged to that
Master LLC. Other operating expenses shared by several funds are pro-
rated among those funds on the basis of relative net assets or other
appropriate methods.

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”) and Bank of America
Corporation (“BAC”) are the largest stockholders of BlackRock, Inc.
(“BlackRock”). Due to the ownership structure, PNC is an affiliate for
1940 Act purposes, but BAC is not.

The Master LLCs entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Manager”), the Master LLCs’ investment
advisor, an indirect, wholly owned subsidiary of BlackRock, to provide
investment advisory and administration services.

The Manager is responsible for the management of each Master LLC’s
portfolio and provides the necessary personnel, facilities and equipment
and certain other services necessary to the operations of each Master
LLC. For such services, each Master LLC pays the Manager a monthly fee
based upon the average daily value of each Master LLC’s net assets at
the following annual rates: 0.25% of the Master LLC’s average daily net
assets not exceeding $500 million; 0.175% of the average daily net

18 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009

Notes to Financial Statements (concluded) Master Government Securities LLC and Master Treasury LLC

assets in excess of $500 million, but not exceeding $1 billion; and
0.125% of the average daily net assets in excess of $1 billion.

The Manager voluntarily agreed to waive a portion of the advisory fees
and/or reimburse operating expenses of each Master LLC to enable
the feeders that invest in the Master LLCs, respectively, to maintain mini-
mum levels of net investment income. These amounts are shown as fees
waived by advisor in the Statements of Operations. The Manager may
discontinue this waiver or reimbursement at any time.

The Manager has entered into a separate sub-advisory agreement with
BlackRock Institutional Management Corporation (“BIMC”), an affiliate
of the Manager, under which the Manager pays BIMC for services it pro-
vides, a monthly fee that is a percentage of the investment advisory fee
paid by each Master LLC to the Manager.

For the six months ended September 30, 2009, the Master LLCs
reimbursed the Manager the following amounts for certain accounting
services, which are included in accounting services in the Statements
of Operations:


	Reimbursement
	to Manager
Master Government Securities LLC	$ 10,124
Master Treasury LLC	$ 56,745

Certain officers and/or directors of the Master LLCs are officers and/or
directors of BlackRock or its affiliates. Each Master LLC reimburses
the Manager for compensation paid to the Master LLCs’ Chief
Compliance Officer.

3. Market and Credit Risk:

In the normal course of business, each Master LLC invests in securities
and enters into transactions where risks exist due to fluctuations in the
market (market risk) or failure of the issuer of a security to meet all its
obligations (credit risk). The value of securities held by each Master
LLC may decline in response to certain events, including those directly
involving the issuers whose securities are owned by the respective
Master LLC; conditions affecting the general economy; overall market
changes; local, regional or global political, social or economic instability;
and currency and interest rate and price fluctuations. Similar to credit
risk, each Master LLC may be exposed to counterparty risk, or the risk
that an entity with which each Master LLC has unsettled or open trans-
actions may default. Financial assets, which potentially expose each
Master LLC to credit and counterparty risks, consist principally of invest-
ments and cash due from counterparties. The extent of each Master
LLC’s exposure to credit and counterparty risks with respect to these
financial assets is approximated by their value recorded in the Master
LLCs’ Statements of Assets and Liabilities.

4. Subsequent Events:

Management has evaluated the impact of all subsequent events on each
Master LLC through November 24, 2009, the date the financial state-
ments were issued, and has determined that there were no subsequent
events requiring adjustment or disclosure in the financial statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2009 19

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

CMA Government Securities Fund currently invests all of its investable
assets in Master Government Securities LLC. CMA Treasury Fund (together
with CMA Government Securities Fund, the “Funds,” and each, a “Fund”)
currently invests all of its investable assets in Master Treasury LLC
(together with Master Government Securities LLC, the “Master LLCs,”
and each, a “Master LLC”).

The Board of Directors of each Master LLC met on April 16, 2009 and
May 21 – 22, 2009 to consider the approval of the Master LLC’s invest-
ment advisory agreement with BlackRock Advisors, LLC (the “Manager”),
the Master LLC’s investment advisor (each, an “Advisory Agreement”).
The Board of each Master LLC also considered the approval of the sub-
advisory agreement between the Manager and BlackRock Institutional
Management Corporation (the “Sub-Advisor”) with respect to the relevant
Master LLC (each, a “Sub-Advisory Agreement”). Since each Fund invests
all of its investable assets in the relevant Master LLC, the Board of
Trustees of each Fund also considered the approval of the pertinent
Agreements. The Funds do not require investment advisory services
since all investments are made at the Master LLC level.

The Manager and the Sub-Advisor are referred to herein as “BlackRock.”
The Advisory Agreements and the Sub-Advisory Agreements are referred
to herein as the “Agreements.” For ease and clarity of presentation, the
Board of Directors of each Master LLC and the Board of Trustees of each
Fund, each of which is comprised of the same thirteen individuals, are
herein referred to individually as a “Board” and collectively as the
“Boards” and the members of the Boards are referred to as the
“Board Members.”

Activities and Composition of the Boards

Each Board consists of thirteen individuals, eleven of whom are not
“interested persons” of either the Funds or the Master LLCs as defined
in the Investment Company Act of 1940, as amended (the “1940 Act”)
(the “Independent Board Members”). The Board Members are responsi-
ble for the oversight of the operations of the relevant Fund or Master
LLC, as pertinent, and perform the various duties imposed on the direc-
tors of investment companies by the 1940 Act. The Independent Board
Members have retained independent legal counsel to assist them in
connection with their duties. The Co-Chairs of the Boards are each
Independent Board Members. Each Board has established five stand-
ing committees: an Audit Committee, a Governance and Nominating
Committee, a Compliance Committee, a Performance Oversight and
Contract Committee and an Executive Committee, each of which is
composed of Independent Board Members (except for the Perform-
ance Oversight and Contract Committee and the Executive Committee,
which each have one interested Board Member) and is chaired by
Independent Board Members.

The Agreements

Pursuant to the 1940 Act, the Boards are required to consider the
continuation of the Agreements on an annual basis. In connection
with this process, the Boards assessed, among other things, the nature,
scope and quality of the services provided to the relevant Fund and/or
Master LLC by the personnel of BlackRock and its affiliates, including

investment management, administrative and shareholder services, over-
sight of fund accounting and custody, marketing services and assistance
in meeting applicable legal and regulatory requirements.

Throughout the year, the Boards, acting directly and through their com-
mittees, consider at each of their meetings factors that are relevant to
their annual consideration of the renewal of the Agreements, including
the services and support provided by BlackRock to the relevant Fund
and/or Master LLC and their shareholders and/or interest holders, as
applicable (collectively referred to herein as the “shareholders”). Among
the matters the Boards considered, as pertinent, were: (a) investment
performance for one-, three- and five-year periods, as applicable, against
peer funds, and applicable benchmarks, if any, as well as senior man-
agement and portfolio managers’ analysis of the reasons for any out
performance or underperformance against its peers; (b) fees, including
advisory, administration, if applicable, and other amounts paid to
BlackRock and its affiliates by the Fund and/or the Master LLC for
services, such as transfer agency, marketing and distribution, call center
and fund accounting; (c) Fund and/or Master LLC operating expenses;
(d) the resources devoted to and compliance reports relating to the
Fund’s and the Master LLC’s investment objective, policies and restric-
tions, (e) each of the Fund’s and the Master LLC’s compliance with its
respective Code of Ethics and compliance policies and procedures;
(f) the nature, cost and character of non-investment management serv-
ices provided by BlackRock and its affiliates; (g) BlackRock’s and other
service providers’ internal controls; (h) BlackRock’s implementation of
the proxy voting policies approved by the Boards; (i) execution quality
of portfolio transactions; (j) BlackRock’s implementation of the Fund’s
and the Master LLC’s respective valuation and liquidity procedures; and
(k) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 16, 2009 meetings, the Boards
requested and received materials specifically relating to the Agreements.
The Boards are engaged in an ongoing process with BlackRock to con-
tinuously review the nature and scope of the information provided to
better assist their deliberations. The materials provided in connection
with the April meetings included (a) information independently compiled
and prepared by Lipper, Inc. (“Lipper”) on the relevant Fund’s fees and
expenses, and the investment performance of the Fund as compared
with a peer group of funds as determined by Lipper (collectively,
“Peers”); (b) information on the profitability of the Agreements to
BlackRock and a discussion of fall-out benefits to BlackRock and its
affiliates and significant shareholders; (c) a general analysis provided by
BlackRock concerning investment advisory fees charged to other clients,
such as institutional clients, under similar investment mandates, as well
as the performance of such other clients; (d) the impact of economies
of scale; (e) a summary of aggregate amounts paid by the relevant Fund
and/or Master LLC to BlackRock; (f) sales and redemption data regard-
ing the relevant Fund’s shares; and (g) an internal comparison of man-
agement fees classified by Lipper, if applicable.

At in-person meetings held on April 16, 2009, the Boards reviewed
materials relating to their consideration of the Agreements. As a result

20 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

of the discussions that occurred during the April 16, 2009 meetings, the
Boards presented BlackRock with questions and requests for additional
information and BlackRock responded to these requests with additional
written information in advance of the May 21 – 22, 2009 Board meetings.

At in-person meetings held on May 21 – 22, 2009, the Board Members
of each Master LLC present at the pertinent meeting, including the
Independent Board Members present at the meeting, unanimously
approved, with respect to the pertinent Master LLC, the continuation of
the Advisory Agreement between the Manager and the Master LLC and
the related Sub-Advisory Agreement between the Manager and the Sub-
Advisor, each for a one-year term ending June 30, 2010. The Board
Members of each Fund present at the pertinent meeting, including the
Independent Board Members present at the meeting, also considered
the continuation of the pertinent Agreements and found the Agreements
to be satisfactory. The Boards considered all factors they believed rele-
vant with respect to each Fund and/or Master LLC, as applicable, includ-
ing, among other factors: (a) the nature, extent and quality of the
services provided by BlackRock; (b) the investment performance of the
Fund, the Master LLC and BlackRock portfolio management; (c) the
advisory fee and the cost of the services and profits to be realized by
BlackRock and certain affiliates from the relationship with the Fund and
the Master LLC; (d) economies of scale; and (e) other factors.

The Boards also considered other matters they deemed important to
the approval process with respect to each relevant Fund and Master LLC,
such as payments made to BlackRock or its affiliates relating to the dis-
tribution of the Fund’s shares, services related to the valuation and pric-
ing of portfolio holdings of the Master LLC, direct and indirect benefits to
BlackRock and its affiliates and significant shareholders from their rela-
tionship with the Fund and the Master LLC and advice from independent
legal counsel with respect to the review process and materials submitted
for the Boards’ review. The Boards noted the willingness of BlackRock
personnel to engage in open, candid discussions with the Boards. The
Boards did not identify any particular information as controlling, and
each Board Member may have attributed different weights to the
various items considered.

A. Nature, Extent and Quality of the Services: The Boards, including
the Independent Board Members, reviewed the nature, extent and quality
of services provided by BlackRock, including the investment advisory
services and the resulting performance of each relevant Fund and
Master LLC. Throughout the year, the Boards compared each Fund’s
performance to the performance of a comparable group of mutual
funds, and the performance of a relevant benchmark, if any. The Boards
met with BlackRock’s senior management personnel responsible for
investment operations, including the senior investment officers. The
Boards also reviewed the materials provided by each Master LLC’s
portfolio management team discussing the Master LLC’s performance
and investment objective, strategies and outlook.

The Boards considered, among other factors, the number, education
and experience of BlackRock’s investment personnel generally and
each Master LLC’s portfolio management team, investments by portfolio
managers in the funds they manage, BlackRock’s portfolio trading

capabilities, BlackRock’s use of technology, BlackRock’s commitment to
compliance and BlackRock’s approach to training and retaining portfolio
managers and other research, advisory and management personnel. The
Boards also reviewed a general description of BlackRock’s compensation
structure with respect to the portfolio management team of each Master
LLC and BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, the Boards considered the quality of
the administrative and non-investment advisory services provided to the
Funds and the Master LLCs. BlackRock and its affiliates and significant
shareholders provide the Funds and the Master LLCs with certain admin-
istrative, transfer agency, shareholder and other services (in addition to
any such services provided to the Funds and the Master LLCs by third
parties) and officers and other personnel as are necessary for the oper-
ations of the Funds and the Master LLCs. In addition to investment advi-
sory services, BlackRock and its affiliates provide the Funds and the
Master LLCs with other services, including, as pertinent, (i) preparing
disclosure documents, such as the prospectus, the statement of addi-
tional information and periodic shareholder reports; (ii) assisting with
daily accounting and pricing; (iii) overseeing and coordinating the
activities of other service providers; (iv) organizing Board meetings
and preparing the materials for such Board meetings; (v) providing
legal and compliance support; and (vi) performing other administrative
functions necessary for the operation of the Funds and the Master LLCs,
such as tax reporting, fulfilling regulatory filing requirements, and call
center services. The Boards reviewed the structure and duties of
BlackRock’s fund administration, accounting, legal and compliance
departments and considered BlackRock’s policies and procedures
for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Funds, the Master LLCs and
BlackRock: The Boards, including the Independent Board Members, also
reviewed and considered the performance history of each relevant Fund
and Master LLC. In preparation for the April 16, 2009 meetings, the
Boards were provided with reports with respect to each Fund, independ-
ently prepared by Lipper, which included a comprehensive analysis of
the Fund’s performance. The Boards also reviewed a narrative and statis-
tical analysis of the Lipper data that was prepared by BlackRock, which
analyzed various factors that affect Lipper’s rankings. In connection with
their review, the Boards received and reviewed information regarding the
investment performance of the Fund as compared to a representative
group of similar funds as determined by Lipper and to all funds in the
Fund’s applicable Lipper category. The Boards were provided with a
description of the methodology used by Lipper to select peer funds. The
Boards regularly review the performance of the relevant Fund and Master
LLC throughout the year. The Boards attach more importance to perform-
ance over relatively long periods of time, typically three to five years.

The Boards noted that each Fund’s performance was below the median
of its Lipper Performance Universe for the one-, three- and five-year peri-
ods reported. The Boards and BlackRock reviewed the reasons for the
relevant Fund’s underperformance during these periods compared with
its Peers. The Boards were informed that, among other things, the client
base of each Fund is composed primarily of investors “sweeping” into
the Fund and that due to the unknown nature of these investors’ cash

SEMI-ANNUAL REPORT SEPTEMBER 30, 2009 21

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

movements, the Fund typically carries more liquidity than money market
funds with direct client investments. Part of the underperformance can
be attributed to each Fund’s need to carry additional liquidity because
of this uncertainty.

Each Fund is included within the Lipper U.S. Government Money Market
Funds indices. In accordance with its investment strategy, each Fund
is permitted only to invest in direct obligations of the U.S. Government
or repurchase agreements collateralized by obligations of the U.S.
Government or explicitly guaranteed by the U.S. Government. This limits
the Funds to investments in securities issued by or repurchase agree-
ments collateralized by securities issued by the U.S. Treasury and sec-
urities guaranteed by the Government National Mortgage Association
(“GNMAs”). Because the Funds may invest in GNMAs, the Funds cannot
be included within the Lipper Treasury Money Market Fund Index.
Additional fundamental investment restrictions (which may be changed
only by a shareholder vote) limit the Funds’ use of repurchase agree-
ments. Therefore, the Funds are included in indices that include money
market funds that may invest in Government Agency obligations (such as
obligations of the Federal National Mortgage Association and the Federal
Home Loan Mortgage Corporation), which offer higher yields.

The Boards and BlackRock discussed BlackRock’s commitment to
providing the resources necessary to assist the portfolio managers and
to improve each Fund’s performance.

C. Consideration of the Advisory Fees and the Cost of the Services and
Profits to be Realized by BlackRock and its Affiliates from their
Relationship with the Funds and the Master LLCs: The Boards, includ-
ing the Independent Board Members, reviewed each Master LLC’s con-
tractual advisory fee rates compared with the other funds in the relevant
Fund’s Lipper category. They also compared each Fund’s total expenses,
as well as actual management fees, to those of other comparable funds.
The Boards considered the services provided and the fees charged by
BlackRock to other types of clients with similar investment mandates,
including separately managed institutional accounts.

The Boards received and reviewed statements relating to BlackRock’s
financial condition and profitability with respect to the services it prov-
ided the Master LLCs. The Boards were also provided with a profitability
analysis that detailed the revenues earned and the expenses incurred
by BlackRock for services provided to each pertinent Fund and/or
Master LLC. The Boards reviewed BlackRock’s profitability with respect
to each Master LLC and other funds the Boards currently oversee for
the year ended December 31, 2008 compared to available aggregate
profitability data provided for the year ended December 31, 2007. The
Boards reviewed BlackRock’s profitability with respect to other fund
complexes managed by the Manager and/or its affiliates. The Boards
reviewed BlackRock’s assumptions and methodology of allocating
expenses in the profitability analysis, noting the inherent limitations in
allocating costs among various advisory products. The Boards recognized
that profitability may be affected by numerous factors including, among
other things, fee waivers and expense reimbursements by the Manager,
the types of funds managed, expense allocations and business mix, and
therefore comparability of profitability is somewhat limited.

The Boards noted that, in general, individual fund or product line prof-
itability of other advisors is not publicly available. Nevertheless, to the
extent such information is available, the Boards considered BlackRock’s
operating margin, in general, compared to the operating margin for lead-
ing investment management firms whose operations include advising
open-end funds, among other product types. The comparison indicated
that operating margins for BlackRock with respect to its registered funds
are generally consistent with margins earned by similarly situated pub-
licly traded competitors. In addition, the Boards considered, among
other things, certain third party data comparing BlackRock’s operating
margin with that of other publicly-traded asset management firms, which
concluded that larger asset bases do not, in themselves, translate to
higher profit margins.

In addition, the Boards considered the cost of the services provided
to the Funds and the Master LLCs by BlackRock, and BlackRock’s and
its affiliates’ profits relating to the management and distribution of the
Funds and the Master LLCs and the other funds advised by BlackRock
and its affiliates. As part of their analysis, the Boards reviewed
BlackRock’s methodology in allocating its costs to the management
of each pertinent Fund and Master LLC. The Boards also considered
whether BlackRock has the financial resources necessary to attract
and retain high quality investment management personnel to perform
its obligations under the Agreements and to continue to provide the
high quality of services that is expected by the Boards.

The Boards noted that with respect to each Fund and respective Master
LLC, the contractual advisory fees, which do not take into account any
expense reimbursement or fee waivers, were lower than or equal to the
median contractual advisory fees paid by the relevant Fund’s Peers. The
Boards also noted that each Master LLC has an advisory fee arrange-
ment that includes breakpoints that adjust the fee rate downward as
the size of the Master LLC increases, thereby allowing shareholders the
potential to participate in economies of scale.

D. Economies of Scale: The Boards, including the Independent Board
Members, considered the extent to which economies of scale might be
realized as the assets of each relevant Fund and Master LLC increase
and whether there should be changes in the advisory fee rate or struc-
ture in order to enable the Fund and the Master LLC to participate in
these economies of scale, for example through the use of revised break-
points in the advisory fee based upon the assets of the Master LLC. The
Boards considered that the funds in the BlackRock fund complex share
some common resources and, as a result, an increase in the overall size
of the complex could permit each fund to incur lower expenses than it
would otherwise as a stand-alone entity. The Boards also considered
BlackRock’s overall operations and its efforts to expand the scale of,
and improve the quality of, its operations.

E. Other Factors: The Boards also took into account other ancillary or
“fall-out” benefits that BlackRock or its affiliates and significant share-
holders may derive from its relationship with the Funds and the Master
LLCs, both tangible and intangible, such as BlackRock’s ability to lever-
age its investment professionals who manage other portfolios, an
increase in BlackRock’s profile in the investment advisory community,

22 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded)

and the engagement of BlackRock’s affiliates and significant sharehold-
ers as service providers to the Funds and the Master LLCs, including
for administrative, transfer agency and distribution services. The Boards
also noted that BlackRock may use third party research obtained by soft
dollars generated by certain mutual fund transactions to assist itself in
managing all or a number of its other client accounts.

In connection with their consideration of the Agreements, the Boards
also received information regarding BlackRock’s brokerage and soft
dollar practices. The Boards received reports from BlackRock which
included information on brokerage commissions and trade execution
practices throughout the year.

Conclusion

The Board Members of the Master LLCs present at the meetings,
including the Independent Board Members present at the meetings,
unanimously approved, with respect to each pertinent Master LLC, the
continuation of the Advisory Agreement between the Manager and the
Master LLC and the related Sub-Advisory Agreement between the
Manager and the Sub-Advisor, each for a one-year term ending June 30,
2010. Based upon their evaluation of all these factors in their totality,
the Board Members of the Master LLCs present at the meetings, includ-
ing the Independent Board Members present at the meetings, were sat-
isfied that the terms of the Agreements were fair and reasonable and in
the best interest of the pertinent Master LLC and its shareholders. The
Board Members of the Funds present at the meetings, including the
Independent Board Members present at the meetings, also considered
the continuation of the pertinent Agreements and found the Agreements
to be satisfactory. In arriving at a decision to approve the Agreements,
the Boards did not identify any single factor or group of factors as all-
important or controlling, but considered all factors together, and different
Board Members may have attributed different weights to the various fac-
tors considered. The Independent Board Members were also assisted by
the advice of independent legal counsel in making this determination.
The contractual fee arrangements for each Master LLC reflect the results
of several years of review by the Board Members and predecessor Board
Members, and discussions between such Board Members (and prede-
cessor Board Members) and BlackRock. Certain aspects of the arrange-
ments may be the subject of more attention in some years than in
others, and the Board Members’ conclusions may be based in part on
their consideration of these arrangements in prior years.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2009 23

Officers and Directors

Ronald W. Forbes, Co-Chair of the Board of Directors and Director
Rodney D. Johnson, Co-Chair of the Board of Directors and Director
David O. Beim, Director
Richard S. Davis, Director
Henry Gabbay, Director
Dr. Matina Horner, Director
Herbert I. London, Director and Member of the Audit Committee
Cynthia A. Montgomery, Director
Joseph P. Platt, Jr., Director
Robert C. Robb, Jr., Director
Toby Rosenblatt, Director
Kenneth L. Urish, Chair of the Audit Committee and Director
Frederick W. Winter, Director and Member of the Audit Committee
Anne F. Ackerley, President and Chief Executive Officer
Richard Hoerner, Vice President
Jeffrey Holland, Vice President
Brendan Kyne, Vice President
Simon Mendelson, Vice President
Brian Schmidt, Vice President
Christopher Stavrakos, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian P. Kindelan, Chief Compliance Officer
Howard B. Surloff, Secretary

Investment Advisor
and Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor
BlackRock Institutional Management Corporation
Wilmington, DE 19809

Custodian
State Street Bank and Trust Company
Boston, MA 02111

Transfer Agent
Financial Data Services, Inc.
Jacksonville, FL 32246

Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540

Distributor
BlackRock Investments, LLC
New York, NY 10022

Independent Registered
Public Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540

Legal Counsel
Sidley Austin LLP
New York, NY 10019

Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809

Effective July 31, 2009, Donald C. Burke, President and Chief Executive Officer of the Funds and Master LLCs, retired.
The Funds’ and Master LLCs’ Boards wish Mr. Burke well in his retirement.

Effective August 1, 2009, Anne F. Ackerley became President and Chief Executive Officer of the Funds and Master LLCs,
and Jeffrey Holland and Brian Schmidt became Vice Presidents of the Funds and Master LLCs.

Effective September 17, 2009, Richard Hoerner, Brendan Kyne, Simon Mendelson and Christopher Stavrakos became
Vice Presidents of the Funds and Master LLCs.

24 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009


Additional Information
Section 19 Notices
These amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts
and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to
changes based on the tax regulations. The Funds will send you a Form 1099-DIV each calendar year that will tell you how to report these distributions
for federal income tax purposes.
		Total Cumulative Distributions				% Breakdown of the Total Cumulative
		for the Fiscal Year-to-Date		Distributions for the Fiscal Year-to-Date
	Net	Net		Total Per	Net	Net		Total Per
	Investment	Realized	Return of	Common	Investment	Realized	Return of	Common
	Income	Capital Gains	Capital	Share	Income	Capital Gains	Capital	Share
CMA Government Securities Fund	$ —	$0.000006	$ —	$0.000006	0%	100%	0%	100%
CMA Treasury Fund	$0.000174	$0.000006	$ —	$0.000180	97%	3%	0%	100%

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available
on the Funds’ website or shareholders can sign up for e-mail notifications
of quarterly statements, annual and semi-annual reports and prospec-
tuses by enrolling in the Funds’ electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:

Please contact your financial advisor to enroll. Please note that not
all investment advisors, banks or brokerages may offer this service.

Householding

The Funds will mail only one copy of shareholder documents, including ,
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and it is intended to reduce expenses and elimi-
nate duplicate mailings of shareholder documents. Mailings of your
shareholder documents may be householded indefinitely unless you
instruct us otherwise. If you do not want the mailing of these documents
to be combined with those for other members of your household, please
contact the Fund at (800) 221-7210.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds/
Master LLCs uses to determine how to vote proxies relating to portfolio
securities is available (1) without charge, upon request, by calling
toll-free (800) 221-7210; (2) at www.blackrock.com; and (3) on
the Securities and Exchange Commission’s (the “SEC”) website
at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds/Master LLCs voted proxies relating
to securities held in the Funds’/Master LLCs’ portfolio during the most
recent 12-month period ended June 30 is available upon request and
without charge (1) at www.blackrock.com or by calling (800) 221-7210
and (2) on the SEC’s website at http://www.sec.gov.

Availability of Quarterly Portfolio Schedule

The Funds/Master LLCs file their complete schedules of portfolio holdings
with the SEC for the first and third quarters of each fiscal year on Form
N-Q. The Funds’/Master LLCs’ Forms N-Q are available on the SEC’s
website at http://www.sec.gov and may also be reviewed and copied
at the SEC’s Public Reference Room in Washington, D.C. Information on
the operation of the Public Reference Room may be obtained by calling
(202) 551-8090. The Funds’/Master LLCs’ Forms N-Q may also be
obtained upon request and without charge by calling (800) 221-7210.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2009 25

Additional Information (concluded)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and for-
mer fund investors and individual clients (collectively, “Clients”) and to
safeguarding their non-public personal information. The following infor-
mation is provided to help you understand what personal information
BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-
related rights beyond what is set forth below, then BlackRock will comply
with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information
we receive from you or, if applicable, your financial intermediary, on appli-
cations, forms or other documents; (ii) information about your transac-
tions with us, our affiliates, or others; (iii) information we receive from a
consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any
non-public personal information about its Clients, except as permitted by
law or as is necessary to respond to regulatory requests or to service
Client accounts. These non-affiliated third parties are required to protect
the confidentiality and security of this information and to use it only for
its intended purpose.

We may share information with our affiliates to service your account
or to provide you with information about other BlackRock products or
services that may be of interest to you. In addition, BlackRock restricts
access to non-public personal information about its Clients to those
BlackRock employees with a legitimate business need for the informa-
tion. BlackRock maintains physical, electronic and procedural safeguards
that are designed to protect the non-public personal information of its
Clients, including procedures relating to the proper storage and disposal
of such information.

26 SEMI-ANNUAL REPORT SEPTEMBER 30, 2009

This report is transmitted to shareholders only. It is not authorized
for use as an offer of sale or a solicitation of an offer to buy shares
of the Funds unless accompanied or preceded by each Fund’s
current prospectus. An investment in the Funds is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. Although the Funds seek to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in the Funds. Past performance results shown
in this report should not be considered a representation of future
performance. Total return information assumes reinvestment of
all distributions. Current performance may be higher or lower than
the performance data quoted. For current month-end performance
information, call (800) 221-7210. Each Fund’s current 7-day yield
more closely reflects the current earnings of the Fund than the total
returns quoted. Statements and other information herein are as
dated and are subject to change.

#CMAGOTVR-9/09

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to
Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since
the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a
nominee should send nominations that include biographical information and set forth the
qualifications of the proposed nominee to the registrant’s Secretary. There have been no
material changes to these procedures.

Item 11 – Controls and Procedures

11(a) – The registrant’s principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.

11(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) that occurred during the second fiscal quarter
of the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

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.

CMA Treasury Fund and Master Treasury LLC

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
CMA Treasury Fund and Master Treasury LLC

Date: November 20, 2009

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: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
CMA Treasury Fund and Master Treasury LLC

Date: November 20, 2009

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
CMA Treasury Fund and Master Treasury LLC

Date: November 20, 2009

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