CMTXX Cma Treasury Fund (MM)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

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

Name of Fund: BIF Treasury Fund and Master Treasury LLC

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BIF Treasury
Fund and Master Treasury LLC, 55 East 52 ^nd Street, New York, NY 10055

Registrants’ telephone number, including area code: (800) 626-1960

Date of fiscal year end: 03/31/2011

Date of reporting period: 03/31/2011

Item 1 – Report to Stockholders

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March 31, 2011

Annual Report

BIF Government Securities Fund

BIF Treasury Fund

Not FDIC Insured • No Bank Guarantee • May Lose Value

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2 ANNUAL REPORT MARCH 31, 2011

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Dear Shareholder

Over the past 12 months, we have seen a sluggish, stimulus-driven economic recovery at long last gain real traction, accelerate, and transition into a
consumption-driven expansion. For the most part, 2010 was plagued with widely fluctuating economic data, but as the year drew to a close, it became
clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets showed
signs of continuing improvement. Although the sovereign debt crises and emerging market inflation that troubled the global economy in 2010 remain a
challenge today, overall investor sentiment had improved considerably. In the first quarter of 2011, significant global events gave rise to new concerns
about the future of the global economy. Political turmoil spread across the Middle East/North Africa (“MENA”) region, oil and other commodity prices
soared, and markets recoiled as the nuclear crisis unfolded in the wake of a 9.0-magnitude earthquake and tsunami that struck Japan in March. These
events shook investor confidence, but the global economic recovery would not be derailed.

In the United States, strength from the corporate sector and increasing consumer spending have been key drivers of economic growth, while the housing
and labor markets have been the heaviest burdens. While housing has yet to show any meaningful sign of improvement, labor statistics have become
increasingly positive in recent months.

Global equity markets experienced uneven growth and high volatility over the course of 2010, but ended the year strong. Following a strong start to
2011, the aforementioned headwinds brought high volatility back to equity markets. A pick up in inflationary pressures caused emerging market equities
to underperform developed markets, where threats of inflation remained relatively subdued. Overall, equities posted strong returns for the 12-month
period. US stocks outpaced most international markets and small cap stocks outperformed large caps as investors moved into higher-risk assets.

Fixed income markets saw yields trend lower over most of 2010, until the fourth quarter brought an abrupt reversal in sentiment and risk tolerance that
drove yields sharply upward (pushing bond prices down) through year end. Improving economic data continued to pressure fixed income yields in 2011;
however, escalating geopolitical risks have acted as a counterweight, restoring relative stability to yield movements. Global credit markets were surpris-
ingly resilient in the face of major headwinds during the first quarter. Yield curves globally remained steep by historical standards and higher-risk sectors
continued to outperform higher-quality assets.

The tax-exempt municipal market enjoyed a powerful rally during the period of low interest rates in 2010; however, when the yield trend reversed, the
market was dealt an additional blow as it became evident that the Build America Bond program would expire at year end. In addition, negative headlines
regarding fiscal challenges faced by state and local governments damaged investor confidence and further heightened volatility in the municipal market.
Tax-exempt mutual funds experienced heavy outflows, resulting in wider quality spreads and further downward pressure on municipal bond prices. These
headwinds began to abate in 2011 and the tax-exempt municipal market staged a mild rebound in the first quarter.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates
remained low. Yields on money market securities remain near all-time lows.

 

While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock
can offer investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us
to identify trends early and capitalize on market opportunities. For additional market perspective and investment insight, visit www.blackrock.com/
shareholdermagazine , where you’ll find the most recent issue of our award-winning Shareholder ® magazine, as well as its quarterly companion
newsletter, Shareholder Perspectives . As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued
partnership in the months and years ahead.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

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Money Market Overview

For the Period Ended March 31, 2011

Throughout the 12-month period ended March 31, 2011, the Federal Open Market Committee (FOMC) maintained the target range for the federal
funds rate at 0.00% to 0.25% while remaining consistent in its position that economic conditions were likely to warrant “exceptionally low levels of
the federal funds rate for an extended period.” At its March 15, 2011 meeting, the FOMC acknowledged that labor markets “appear to be improving
gradually” and that household spending and business investment continue to expand. The FOMC also confirmed its intention to continue the policy
it announced in November 2010 to purchase $600 billion of longer-term Treasury securities by the end of June 2011. While these large-scale asset
purchases have the intent of keeping interest rates low, they also result in a reduced supply of overnight repurchase agreements due to the limited
amount of longer-term Treasury securities available to collateralize them. As the United States approached its national debt ceiling in early 2011, the
US Treasury announced its intention to gradually reduce the balance of its Supplementary Financing Program account from $200 billion to $5 billion
by letting currently outstanding Treasury bills mature without rolling them over. This action has the effect of increasing reserves in the banking system
while reducing the supply of Treasury bills. The tightening in supply of Treasury bills and overnight repurchase agreements drove rates down on those
instruments toward the end of the period.

Early in May 2010, heightened concerns about sovereign risk in certain peripheral European countries led to increased financial market volatility
and upward pressure on the London Interbank Offered Rates (LIBOR settings). To improve liquidity conditions in US dollar short-term credit markets
in Europe, the US Federal Reserve Bank reestablished temporary US dollar liquidity swap facilities with the European Central Bank (ECB), while the
ECB established long-term financing operations of various tenors to provide additional liquidity to the market. The European Union (EU), the ECB
and the International Monetary Fund announced a coordinated package of financial aid totaling Euro 750 billion (close to $1 trillion in US dollar terms).
Ultimately, the tone of the short-term credit markets improved, and LIBOR settings stabilized, by the end of June 2010. In a continued effort to further
strengthen the Euro-zone financial system, at its summit held in March 2011, the European Union adopted a preliminary framework to address the
size and scope of financial stability mechanisms, bank stress tests, fiscal reform, and surveillance of macroeconomic imbalances. Short-dated LIBOR
settings finished the period unchanged on a year-over-year basis. The slope of the LIBOR curve as measured from one month to one year, flattened by
14 basis points, led by a decline in the one-year LIBOR setting.

In the tax-exempt space, historically low rates resulted in an overall decline in money fund assets over the past 12 months. The seven-day Securities
Industry and Financial Markets Association Index remained in a tight range around 0.28%, its average rate for the annual period. While tax-exempt
money market funds, which are comprised primarily of municipal variable rate demand notes (VRDNs), experienced declining assets during the period,
non-traditional buyers stepped into the tax-exempt market, which kept dealer inventories low and manageable throughout the year. Non-traditional buy-
ers were drawn to the favorable yields offered on VRDNs, which served as an attractive alternative to asset-backed commercial paper, where supply
had dwindled. Demand for VRDNs was further supported by recent regulatory amendments requiring higher levels of liquidity in money market funds.

Although municipal issuers have limited the new supply of VRDNs, the market has turned its focus to the expiration of bank commitments enhancing
over $100 billion of outstanding municipal VRDNs in 2011. As of this writing, issuers have been replacing the expiring commitments according to
schedule and without difficulty. Additional banks are increasing their participation in the space, which provides better diversification for municipal
money market funds.

State and local governments continued to struggle with budget shortfalls and reduced their overall issuance of municipal notes. The one-year municipal
yield remained relatively stable throughout the year, hovering around 0.38%, as measured by Thomson Municipal Market Data.

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

4 ANNUAL REPORT MARCH 31, 2011

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Fund Information as of March 31, 2011

BIF Government Securities Fund

BIF Government Securities Fund's (formerly CMA Government Securities Fund) (the “Fund”) investment objective is to seek preservation of capital, cur-
rent income and liquidity.

 

BIF Treasury Fund

BIF Treasury Fund's (formerly CMA Treasury Fund) (the “Fund”) investment objective is to seek preservation of capital, liquidity and current income.

The 7-Day SEC Yield may differ from the 7-Day Yield shown above due to the fact that the 7-Day SEC Yield excludes distributed capital gains.
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 October 1, 2010 and held through March 31,
2011) 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, if any. 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.

¹ For each Fund, expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half
year period shown). Because the Funds are feeder funds, the expense table example reflects the expenses of both the Fund and the Master LLC 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.

ANNUAL REPORT MARCH 31, 2011 5

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See Notes to Financial Statements.

6 ANNUAL REPORT MARCH 31, 2011

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See Notes to Financial Statements.

ANNUAL REPORT MARCH 31, 2011 7

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See Notes to Financial Statements.

8 ANNUAL REPORT MARCH 31, 2011

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¹ Where applicable, total investment returns include the reinvestment of dividends and distributions.
² Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
³ Ratio includes the Fund’s share of the Master LLC’s allocated fees waived of 0.22%.
⁴ Amount is less than 0.01%.

See Notes to Financial Statements.

ANNUAL REPORT MARCH 31, 2011 9

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¹ Where applicable, total investment returns include the reinvestment of dividends and distributions.
² Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
³ Ratio includes the Fund’s share of the Master LLC’s allocated fees waived of 0.08%.
⁴ Amount is less than 0.01%.

See Notes to Financial Statements.

10 ANNUAL REPORT MARCH 31, 2011

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BIF Government Securities Fund and BIF Treasury Fund
Notes to Financial Statements

1. Organization and Significant Accounting Policies:

BIF Government Securities Fund and BIF Treasury Fund (formerly CMA
Government Securities Fund and CMA Treasury Fund, respectively)
(collectively the “Funds” or individually a “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. BIF
Government Securities Fund and BIF Treasury Fund seek to achieve
their investment objectives by investing all of their assets in Master
Government Securities LLC and Master Treasury LLC, respectively, (collec-
tively the “Master LLCs” or individually a “Master LLC”), which have the
same investment objectives and strategies as the Funds. Each Master
LLC is organized as a Delaware limited liability company. The value of
each Fund’s investment in the respective Master LLC reflects each Fund’s
proportionate interest in the net assets of the respective Master LLC. The
percentage of the Master LLCs owned by the applicable Fund at March
31, 2011 was 42.0% for BIF Government Securities Fund and 61.9% for
BIF Treasury Fund. 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 else-
where in this report and should be read in conjunction with the Funds'
financial statements. The Board of Trustees of the Funds and Board 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 (“US GAAP”), which may require manage-
ment to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results
could differ from those estimates.

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

Valuation: US GAAP defines fair value as the price the Funds would
receive to sell an asset or pay to transfer a liability in an orderly transac-
tion between market participants at the measurement date. The Funds
record their investment in the respective Master LLC at fair value based
on the Funds' proportionate interest in the net assets of the respective
Master LLC. Valuation of securities held by the Master LLCs 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 they
will be able to do so on a continuing basis.

Investment Transactions and Investment Income: For financial reporting
purposes, contributions to and withdrawals from the Master LLCs are
accounted for on a trade date basis. Each Fund records daily its
proportionate share of the Master LLC’s income, expenses and realized
gains and losses. In addition, the Funds accrue their own income
and expenses.

Dividends and Distributions: Dividends from net investment income are
declared and reinvested daily. Distributions of realized gains, if any, are
recorded on the ex-dividend date. The amount and timing of dividends
and distributions are determined in accordance with federal income tax
regulations, which may differ from US GAAP.

Income Taxes: It is each Fund's policy to comply with the requirements
of the Internal Revenue Code of 1986, as amended, applicable to
regulated investment companies and to distribute substantially all of
its taxable income to its shareholders. Therefore, no federal income
tax provision is required.

Each Fund files 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’ US federal tax returns remains open for each of the
four years ended March 31, 2011. The statutes of limitations on each
Fund’s state and local tax returns may remain open for an additional
year depending upon the jurisdiction. Management does not believe
there are any uncertain tax positions that require recognition of a
tax liability.

Other: Expenses directly related to a 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. The Funds may earn interest on positive cash balances in
demand deposit accounts that are maintained by the transfer agent on
behalf of the Funds. This amount is shown as income on the Statements
of Operations.

2. Administration Agreement and Other Transactions with
Affiliates:

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

Each Fund 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 the
average daily value of each Fund’s respective net assets. The Funds do
not pay an investment advisory fee or investment management fee.

ANNUAL REPORT MARCH 31, 2011 11

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

Each Fund has entered into a Distribution Agreement and Distribution
and Service Plan with BlackRock Investments, LLC (”BRIL“), an affiliate
of BlackRock. Pursuant to the Distribution and Service Plan and in
accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL
ongoing distribution fees. The fees are accrued daily and paid monthly
at the annual rate of 0.125% of each Fund’s respective average daily
net assets.

The Administrator and BRIL voluntarily agreed to waive their respective
administration and distribution fees and/or reimburse operating
expenses to enable the Funds to maintain a minimum daily net invest-
ment income dividend. These amounts are reported in the Statements of
Operations as fees waived by administrator and distribution fees waived.
The Administrator and BRIL may discontinue the waiver or reimburse-
ment 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 correspond to the
net proceeds from the sale of shares, reinvestment of dividends and dis-
tributions and cost of shares redeemed, respectively, since shares are
sold and redeemed at $1.00 per share.

4. Income Tax Information:

The tax character of distributions paid during the years ended March 31, 2011 and March 31, 2010 was as follows:

 

As of March 31, 2011, there were no significant differences between book and tax components of net assets.

5. Subsequent Events:

Management has evaluated the impact of all subsequent events on each
Fund through the date the financial statements were issued and has
determined that there were no subsequent events requiring adjustment
or additional disclosure in the financial statements.

12 ANNUAL REPORT MARCH 31, 2011

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BIF Government Securities Fund and BIF Treasury Fund
Report of Independent Registered Public Accounting Firm

To the Shareholders and Boards of Trustees of BIF
Government Securities Fund and BIF Treasury Fund:

We have audited the accompanying statements of assets and liabilities
of BIF Government Securities Fund and BIF Treasury Fund (formerly CMA
Government Securities Fund and CMA Treasury Fund, respectively) (the
“Funds”) as of March 31, 2011, and the related statements of opera-
tions for the year then ended, the statements of changes in net assets
for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended. These
financial statements and financial highlights are the responsibility of the
Funds’ management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial highlights
are free of material misstatement. The Funds are not required to have,
nor were we engaged to perform, an audit of their internal control over
financial reporting. Our audits included consideration of internal control
over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Funds’ internal control
over financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by manage-
ment, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial positions of
BIF Government Securities Fund and BIF Treasury Fund as of March 31,
2011, the results of their operations for the year then ended, the
changes in their net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the
period then ended, in conformity with accounting principles generally
accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
May 26, 2011

Important Tax Information (Unaudited)

The following information is provided with respect to the ordinary income distributions paid by the Funds during the fiscal year ended March 31, 2011:

* The law varies in each state as to whether and what percentage of dividend income attributable to federal obligations is exempt from state income tax. We recommend
that you consult your tax advisor to determine if any portion of the dividends you received is exempt from state income taxes.
** Represents the portion of the taxable ordinary income dividends eligible for exemption from US withholding tax for nonresident aliens and foreign corporations.

ANNUAL REPORT MARCH 31, 2011 13

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Master Government Securities LLC and Master Treasury LLC
Portfolio Information as of March 31, 2011

 

 

14 ANNUAL REPORT MARCH 31, 2011

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Master Government Securities LLC
Schedule of Investments March 31, 2011
(Percentages shown are based on Net Assets)

 

* Cost for Federal Income tax purposes.
† Separately Traded Registered Interest and Principal of Securities (STRIPS).
(a) Rates shown are discount rates or a range of discount rates paid at the time of
purchase.

• Fair Value Measurements — Various inputs are used in determining the fair value
of investments. These inputs are summarized in three broad levels for financial
statement purposes 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 iden-
tical 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 methodologies used for valuing securities are not necessarily
an indication 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 March 31, 2011 in deter-
mining the fair valuation of the Master LLC’s investments:

 

See Notes to Financial Statements.

ANNUAL REPORT MARCH 31, 2011 15

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Master Treasury LLC
Schedule of Investments March 31, 2011
(Percentages shown are based on Net Assets)

* Cost for federal income tax purposes.
(a) Rates shown are discount rates or a range of discount rates paid at the time
of purchase.

• Fair Value Measurements — Various inputs are used in determining the fair value
of investments. These inputs are summarized in three broad levels for financial
statement purposes 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 iden-
tical 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 methodologies used for valuing securities are not necessarily
an indication 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 March 31, 2011 in deter-
mining the fair valuation of the Master LLC's investments:

 

See Notes to Financial Statements.

16 ANNUAL REPORT MARCH 31, 2011

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See Notes to Financial Statements.

ANNUAL REPORT MARCH 31, 2011 17

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See Notes to Financial Statements.

18 ANNUAL REPORT MARCH 31, 2011

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See Notes to Financial Statements.

ANNUAL REPORT MARCH 31, 2011 19

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Master Government Securities LLC and Master Treasury LLC
Notes to Financial Statements

1. Organization and Significant Accounting Policies:

Master Government Securities LLC and Master Treasury LLC (collectively
the “Master LLCs” or individually a “Master LLC”) are registered under
the Investment Company Act of 1940, as amended (the “1940 Act”),
and are organized as Delaware limited liability companies. Each
Master LLC’s Limited Liability Company Agreement permits the Board of
Directors (the “Board”) to issue non transferable interests in the Master
LLC, subject to certain limitations. The Master LLCs’ financial statements
are prepared in conformity with accounting principles generally accepted
in the United States of America (“US GAAP”), which may require man-
agement to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results
could differ from those estimates.

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

Valuation: US GAAP defines fair value as the price the Master LLCs
would receive to sell an asset or pay to transfer a liability in an orderly
transaction between market participants at the measurement date. The
Master LLCs fair value their financial instruments at market value under
policies approved by the Board. 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 valued at cost when purchased and thereafter, a constant
proportionate accretion and amortization of any premiums and dis-
counts are recorded until the maturity of the security.

Repurchase Agreements: The Master LLCs may invest in repurchase
agreements. In a repurchase agreement, the Master LLCs purchase a
security from a counterparty who agrees to repurchase the same security
at a mutually agreed upon date and price. On a daily basis, the counter-
party is required to maintain collateral subject to the agreement and
in value no less than the agreed repurchase amount. The agreements are
conditioned upon the collateral being deposited under the Federal
Reserve book entry system or held in a segregated account by the
Master LLCs’ custodian or designated sub-custodians under tri-party
repurchase agreements. 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 trans-
actions are entered into (the trade dates). Realized gains and losses
on investment transactions are determined on the identified cost basis.
Interest income, including amortization of premium and accretion of
discount on debt securities, is recognized on the accrual basis.

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 the 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 of 1986, as amended.

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
remains open for each of the four years ended March 31, 2011. The
statutes of limitations on each Master LLC’s state and local tax returns
may remain open for an additional year depending upon the jurisdiction.
Management does not believe there are any uncertain tax positions that
require recognition of a tax liability.

Other: Expenses directly related to a 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. The Master LLCs have an arrangement with the
custodian whereby fees may be reduced by credits earned on uninvested
cash balances, which if applicable are shown as fees paid indirectly in
the Statements of Operations. The custodian imposes fees on overdrawn
cash balances, which can be offset by accumulated credits earned or
may result in additional custody charges.

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

The PNC Financial Services Group, Inc. ("PNC"), Bank of America
Corporation ("BAC") and Barclays Bank PLC ("Barclays") are the largest
stockholders of BlackRock, Inc. ("BlackRock"). Due to the ownership
structure, PNC is an affiliate of the Master LLCs for 1940 Act purposes,
but BAC and Barclays are 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 respon-
sible for the management of each Master LLC’s portfolio and provides
the necessary personnel, facilities, 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 at the following annual
rates of each Master LLC’s average daily net assets as follows:

 

20 ANNUAL REPORT MARCH 31, 2011

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

The Manager has also voluntarily agreed to waive a portion of the advi-
sory fees and/or reimburse operating expenses of each Master LLC to
enable the feeders that invest in the Master LLCs, respectively, to main-
tain minimum levels of net investment income. These amounts are
reported in the Statements of Operations as fees waived by advisor.

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

For the year ended March 31, 2011, the Master LLCs reimbursed the
Manager for certain accounting services, which are included in account-
ing services in the Statements of Operations. The reimbursements were
as follows:

 

Certain officers and/or directors of the Master LLCs are officers and/or
directors of BlackRock or its affiliates.

3. Market and Credit Risk:

In the normal course of business, the Master LLCs invest in securities
and enter 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 (issuer credit risk). The value of securities held by the Master
LLCs may decline in response to certain events, including those directly
involving the issuers whose securities are owned by the Master LLCs;
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 issuer credit risk, the
Master LLCs may be exposed to counterparty credit risk, or the risk that
an entity with which the Master LLCs have unsettled or open transac-
tions may fail to or be unable to perform on its commitments. The
Master LLCs manage counterparty credit risk by entering into trans-
actions only with counterparties that they believe have the financial
resources to honor their obligations and by monitoring the financial
stability of those counterparties. Financial assets, which potentially
expose the Master LLCs to market, issuer and counterparty credit risks,
consist principally of financial instruments and receivables due from
counterparties. The extent of the Master LLCs’ exposure to market,
issuer and counterparty credit risks with respect to these financial
assets is generally approximated by their value recorded in the Master
LLCs’ Statements of Assets and Liabilities, less any collateral held by
the Master LLCs.

4. Subsequent Events:

Management has evaluated the impact of all subsequent events on each
Master LLC through the date the financial statements were issued and
has determined that there were no subsequent events requiring adjust-
ment or additional disclosure in the financial statements.

ANNUAL REPORT MARCH 31, 2011 21

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Master Government Securities LLC and Master Treasury LLC
Report of Independent Registered Public Accounting Firm

To the Investors and Boards of Directors of Master
Government Securities LLC and Master Treasury LLC:

We have audited the accompanying statements of assets and liabilities
of Master Government Securities LLC and Master Treasury LLC (the
“Master LLCs”), including the schedules of investments, as of March 31,
2011, and the related statements of operations for the year then ended,
the statements of changes in net assets for each of the two years in
the period then ended, and the financial highlights for each of the five
years in the period then ended. These financial statements and financial
highlights are the responsibility of the Master LLCs’ management. Our
responsibility is to express an opinion on these financial statements
and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial highlights
are free of material misstatement. The Master LLCs are not required to
have, nor were we engaged to perform, an audit of their internal control
over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Master LLCs’ internal
control over financial reporting. Accordingly, we express no such opinion.

An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by manage-
ment, as well as evaluating the overall financial statement presentation.
Our procedures included confirmation of securities owned as of March
31, 2011, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing
procedures. We believe that our audits provide a reasonable basis for
our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial positions
of Master Government Securities LLC and Master Treasury LLC as of
March 31, 2011, the results of their operations for the year then ended,
the changes in their net assets for each of the two years in the period
then ended, and the financial highlights for each of the five years in the
period then ended, in conformity with accounting principles generally
accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
May 26, 2011

22 ANNUAL REPORT MARCH 31, 2011

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ANNUAL REPORT MARCH 31, 2011 23

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24 ANNUAL REPORT MARCH 31, 2011

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Effective November 16, 2010, Ira P. Shapiro became Secretary of the Funds/Master LLCs.

ANNUAL REPORT MARCH 31, 2011 25

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Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available
on the Fund’s website or shareholders can sign up for e-mail notifications
of quarterly statements, annual and semi-annual reports and prospectuses
by enrolling in the Fund’s 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
prospectuses, 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 ex-
penses and eliminate duplicate mailings of shareholder documents.
Mailings of your shareholder documents may be householded indefi-
nitely 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 Transfer Agent at (800) 221-7210.

Availability of Quarterly Schedule of Investments

The Funds/Master LLCs file their complete schedule of portfolio
holdings with the Securities and Exchange Commission (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 how
to access documents on the SEC’s website without charge may be
obtained by calling (800) SEC-0330. The Funds’/Master LLCs’ Forms
N-Q may also be obtained upon request and without charge by calling
(800) 626 1960.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds/Master LLCs
use to determine how to vote proxies relating to portfolio securities is
available (1) without charge, upon request, by calling (800) 626-1960;
(2) at http://www.blackrock.com; and (3) on the SEC’s 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 http://www.blackrock.com or by calling
(800) 626-1960 and (2) on the SEC’s website at http://www.sec.gov.

26 ANNUAL REPORT MARCH 31, 2011

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Additional Information (concluded)

BlackRock Privacy Principles

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

If you are located in a jurisdiction where specific laws, rules or regula-
tions require BlackRock to provide you with additional or different pri-
vacy-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
applications, forms or other documents; (ii) information about your
transactions 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 serv-
ices 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.

ANNUAL REPORT MARCH 31, 2011 27

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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. Total return information

assumes reinvestment of all distributions. Past performance results

shown in this report should not be considered a representation of

future performance. For current month-end performance informa-

tion, call (800) 626-1960. 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.

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Item 2 – Code of Ethics – Each registrant (or the “Fund”) has adopted a code of ethics, as of the end
of the period covered by this report, applicable to the registrant’s principal executive officer,
principal financial officer, principal accounting officer, or controller, or persons performing
similar functions. During the period covered by this report, there have been no amendments
to or waivers granted under the code of ethics. A copy of the code of ethics is available
without charge at www.blackrock.com.

Item 3 – Audit Committee Financial Expert – Each registrant’s board of directors (the “board of
directors”), has determined that (i) the registrant has the following audit committee financial
expert serving on its audit committee and (ii) each audit committee financial expert is
independent:
Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial
expert will not be deemed an “expert” for any purpose, including without limitation for the
purposes of Section 11 of the Securities Act of 1933, as a result of being designated or
identified as an audit committee financial expert. The designation or identification of a
person as an audit committee financial expert does not impose on such person any duties,
obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such
person as a member of the audit committee and board of directors in the absence of such
designation or identification.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the
last two fiscal years for the services rendered to the Fund:

 

The following table presents fees billed by D&T that were required to be approved by each
registrant’s audit committee (the “Committee”) for services that relate directly to the
operations or financial reporting of the Fund and that are rendered on behalf of BlackRock
Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled
by, or under common control with BlackRock (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another investment
adviser) that provide ongoing services to the Fund (“Fund Service Providers”):

¹ The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements
not included in Audit Fees.
² The nature of the services include tax compliance, tax advice and tax planning.
³ The nature of the services include a review of compliance procedures and attestation thereto.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

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The Committee has adopted policies and procedures with regard to the pre-approval
of services. Audit, audit-related and tax compliance services provided to the registrant on
an annual basis require specific pre-approval by the Committee. The Committee also must
approve other non-audit services provided to the registrant and those non-audit services
provided to the Fund Service Providers that relate directly to the operations and the financial
reporting of the registrants. Certain of these non-audit services that the Committee believes
are a) consistent with the SEC’s auditor independence rules and b) routine and recurring
services that will not impair the independence of the independent accountants may be
approved by the Committee without consideration on a specific case-by-case basis (“general
pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-
approval, unless the Committee provides for a different period. Tax or other non-audit
services provided to the registrant which have a direct impact on the operations or financial
reporting of the registrant will only be deemed pre-approved provided that any individual
project does not exceed $10,000 attributable to the registrant or $50,000 per project. For
this purpose, multiple projects will be aggregated to determine if they exceed the previously
mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific
pre-approval by the Committee, as will any other services not subject to general pre-
approval (e.g., unanticipated but permissible services). The Committee is informed of each
service approved subject to general pre-approval at the next regularly scheduled in-person
board meeting. At this meeting, an analysis of such services is presented to the Committee
for ratification. The Committee may delegate to the Committee Chairman the authority to
approve the provision of and fees for any specific engagement of permitted non-audit
services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by
the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01
of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees paid to the accountant for services rendered by the
accountant to the registrant and Investment Adviser (not including any non-affiliated sub-
adviser whose role is primarily portfolio management and is sub-contracted with or
overseen by the registrant’s investment adviser) and the Fund Service Providers were:

 

(h) The Committee has considered and determined that the provision of non-audit services
that were rendered to the Fund’s Investment Adviser (not including any non-affiliated sub-
adviser whose role is primarily portfolio management and is subcontracted with or overseen
by the registrant’s investment adviser), and the Fund Service Providers that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant’s independence.

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments
(a) The registrants’ Schedules of Investments are included as part of the Report to

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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 – There have been no material
changes to these procedures.

Item 11 – Controls and Procedures

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

11(b) – There were no changes in the registrants’ internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter
of the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the registrants’ internal control over financial reporting.

Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – See Item 2

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

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

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

BIF Treasury Fund and Master Treasury LLC

By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BIF Treasury Fund and Master Treasury LLC

Date: June 3, 2011

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

By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BIF Treasury Fund and Master Treasury LLC

Date: June 3, 2011

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

Date: June 3, 2011

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