Cma Treasury Money Fund - Certified annual shareholder report for management investment companies (N-CSR)

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
                                                                   811-21298

Name of Fund: CMA Treasury Fund
                           Master Treasury LLC

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, CMA Treasury
Fund and Master Treasury LLC, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing
address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: [phone]

Date of fiscal year end: 03/31/2008

Date of reporting period: 04/01/2007 – 03/31/2008

Item 1 – Report to Stockholders

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Annual Report

March 31, 2008

CMA Treasury Fund

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Table of Contents
		Page
A Letter to Shareholders		3
Annual Report:
Disclosure of Expenses		4
Current Seven-Day Yield		4
Fund Financial Statements:
Statement of Assets and Liabilities		5
Statement of Operations		5
Statements of Changes in Net Assets		6
Fund Financial Highlights		7
Fund Notes to Financial Statements		8
Fund Report of Independent Registered Public Accounting Firm		10
Fund Important Tax Information (Unaudited)		10
Master LLC Portfolio Summary		11
Master LLC Financial Statements:
Schedule of Investments		11
Statement of Assets and Liabilities		12
Statement of Operations		12
Statements of Changes in Net Assets		13
Master LLC Financial Highlights		13
Master LLC Notes to Financial Statements		14
Master LLC Report of Independent Registered Public Accounting Firm		15
Officers and Directors		16
Additional Information		19

2 CMA TREASURY FUND

MARCH 31, 2008

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A Letter to Shareholders

Dear Shareholder

Financial markets endured severe bouts of volatility during the reporting period, particularly as the calendar turned to

2008. It was then that fears of an economic recession swelled and credit market strains intensified, producing calamity

in the financial system and, ultimately, the demise of major Wall Street firm Bear Stearns.

The Federal Reserve Board (the “Fed”), after cutting the target federal funds rate 100 basis points (1%) between

September 2007 and year-end, stepped up its efforts to support the ailing financial sector in the first three months of

2008. The central bank cut interest rates 125 basis points in January alone, and followed with another 75-basis-point

cut on March 18, bringing the target rate to 2.25% . In an unprecedented move, the Fed also extended its financing

operations directly to broker/dealers and assisted JPMorgan in its buyout of ill-fated Bear Stearns.

Against this backdrop, investor anxiety has been acute and equity markets have struggled. The S&P 500 Index of U.S.

stocks was down in March, marking the fifth consecutive month of negative returns. International markets outperformed

the U.S. for much of 2007, but that trend changed in more recent months as investors grew increasingly reluctant to

take on the risks of foreign investing.

In fixed income markets, an ongoing investor flight to quality continued to drive Treasury yields lower and their prices

higher. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to

4.04% by year-end and to 3.45% by March 31. Investors largely shunned bonds associated with the housing and credit

markets, and the riskier high yield sector landed in negative territory year-to-date. Meanwhile, the municipal bond market

has struggled with concerns around the creditworthiness of monoline bond insurers and the failure of auctions for

auction rate securities, driving yields higher and prices lower across the curve. At period-end, municipal bonds were

trading at higher yields than their Treasury counterparts, a very unusual occurrence by historical standards.

Overall, the major benchmark indexes posted mixed results for the current reporting period, generally reflecting height-

ened investor risk aversion:

Total Returns as of March 31, 2008		6-month	12-month
U.S. equities (S&P 500 Index)		–12.46%		–   5.08%
Small cap U.S. equities (Russell 2000 Index)		–14.02	–13.00
International equities (MSCI Europe, Australasia, Far East Index)		–10.50	– 2.70
Fixed income (Lehman Brothers U.S. Aggregate Index)		+5.23	+ 7.67
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index)		+0.75	+ 1.90
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index)		–4.01	– 3.47

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index. As you navigate today’s volatile markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead.

THIS PAGE NOT PART OF YOUR FUND REPORT

3

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Disclosure of Expenses Shareholders of this Fund may incur the following charges: (a) expenses related to transactions, including sales charges, redemption fees and exchange fees; and (b) operating expenses including advisory fees, distri- bution 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, 2007 and held through March 31, 2008) is intended to assist shareholders both in calculating expenses based on an investment in the 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 in the first line under the heading entitled “Expenses Paid During the Period.”

The table also provides information about hypothetical account values and hypothetical expenses based on the 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 this Fund 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 second table is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning differ- ent funds. If these transactional expenses were included, shareholder expenses would have been higher.

* Expenses are equal to the annualized expense ratio of 0.59%, multiplied by the average account value over the period, multiplied by 185/366 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table example reflects the expenses of both the feeder fund and the master fund in which it invests. ** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.

Current Seven-Day Yield As of March 31, 2008 .

1.31%

4 CMA TREASURY FUND

MARCH 31, 2008

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Statement of Assets and Liabilities

March 31, 2008

CMA Treasury Fund

Assets
Investments at value — Master Treasury LLC (the “Master LLC”)
(cost — $2,435,365,674)		$2,435,365,674
Prepaid expenses and other assets		46,339
Total assets		2,435,412,013
Liabilities
Administration fees payable		475,281
Distribution fees payable		285,191
Other affiliates payable		7,184
Other accrued expenses payable		61,126
Total liabilities		828,782
Net Assets
Net Assets		$2,434,583,231
Net Assets Consist of
Shares of beneficial interest, $0.10 par value, unlimited
number of shares authorized		$ 243,450,416
Paid-in capital in excess of par		2,191,053,741
Accumulated net realized gain allocated from the
Master LLC		79,074
Net Assets — Equivalent to $1.00 per share based on
2,434,504,159 shares of beneficial interest outstanding		$2,434,583,231
See Notes to Financial Statements.

Statement of Operations
Year Ended March 31, 2008		CMA Treasury Fund
Investment Income
Interest from affiliates		$ 9,875
Net investment income allocated from the Master LLC:
Interest		31,729,163
Expenses		(1,824,755)
Total income		29,914,283
Expenses
Administration		2,249,456
Distribution		1,115,213
Registration				115,657
Transfer agent				63,320
Printing				31,328
Professional				25,730
Miscellaneous				8,196
Total expenses		3,608,900
Net investment income		26,305,383
Realized and Unrealized Gain (Loss) Allocated from the Master LLC
Net realized gain on investments				75,736
Net change in unrealized appreciation/depreciation
on investments				(237,480)
Total net realized and unrealized loss				(161,744)
Net Increase in Net Assets Resulting from Operations		$ 26,143,639

CMA TREASURY FUND

MARCH 31, 2008

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Statements of Changes in Net Assets		CMA Treasury Fund
		Year Ended
		March 31,
Increase (Decrease) in Net Assets:		2008		2007
Operations
Net investment income		$ 26,305,383		$ 18,950,769
Net realized gain		75,736		8,128
Net change in unrealized appreciation/depreciation		(237,480)		156,002
Net increase in net assets resulting from operations		26,143,639		19,114,899
Dividends and Distributions to Shareholders from
Net investment income		(26,305,383)		(18,950,769)
Net realized gain		—		(4,790)
Decrease in net assets resulting from dividends and distributions to shareholders		(26,305,383)		(18,955,559)
Beneficial Interest Transactions
Net proceeds from sale of shares		6,787,124,671		1,430,663,508
Reinvestment of dividends and distributions		26,305,383		18,955,792
Total shares issued		6,813,430,054		1,449,619,300
Cost of shares redeemed		(4,841,539,372)		(1,468,554,071)
Net increase (decrease) in net assets derived from beneficial interest transactions		1,971,890,682		(18,934,771)
Net Assets
Total increase (decrease) in net assets		1,971,728,938		(18,775,431)
Beginning of year		462,854,293		481,629,724
End of year		$2,434,583,231		$ 462,854,293

See Notes to Financial Statements.

6 CMA TREASURY FUND

MARCH 31, 2008

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Financial Highlights								CMA Treasury Fund
				Year Ended March 31,
		2008		2007		2006		2005		2004
Per Share Operating Performance
Net asset value, beginning of year		$ 1.00		$ 1.00		$ 1.00		$ 1.00		$ 1.00
Net investment income		0.0343		0.0421		0.0277		0.0094		0.0040
Net realized and unrealized gain (loss)		(0.0002)		0.0003		0.0001		(0.0004)		(0.0001)
Net increase from investment operations		0.0341		0.0424		0.0278		0.0090		0.0039
Dividends and distributions from:
Net investment income		(0.0343)		(0.0421)		(0.0277)		(0.0094)		(0.0040)
Net realized gain		—		— 1		(0.0001)		— 1		(0.0001)
Total dividends and distributions		(0.0343)		(0.0421)		(0.0278)		(0.0094)		(0.0041)
Net asset value, end of year		$ 1.00		$ 1.00		$ 1.00		$ 1.00		$ 1.00
Total Investment Return
Total investment return		3.48%		4.28%		2.81%		0.95%		0.41%
Ratios to Average Net Assets 2
Total expenses		0.60%		0.68%		0.67%		0.66%		0.63%
Net investment income and net realized gain		2.92%		4.22%		2.76%		0.94%		0.43%
Supplemental Data
Net assets, end of year (000)		$ 2,434,583		$ 462,854		$ 481,630		$ 602,207		$ 673,375

1	Amount is less than $(0.0001) per share.
2	Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income and net realized gain.

See Notes to Financial Statements.

CMA TREASURY FUND

MARCH 31, 2008

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Notes to Financial Statements CMA Treasury Fund

1. Significant Accounting Policies: CMA Treasury Fund (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a no load, diversified, open-end management investment company. The Fund seeks to achieve its investment objective by investing all of its assets in Master Treasury LLC (the “Master LLC”), which has the same investment objective and strategies as the Fund. Effective June 15, 2007, the Master LLC was converted from a Delaware statutory trust to a Delaware limited liability company. The value of the Fund’s investment in the Master LLC reflects the Fund’s proportionate interest in the net assets of the Master LLC. The performance of the Fund is directly affected by the performance of the Master LLC. The financial statements of the Master LLC, including the Schedule of Investments, are included else- where in this report and should be read in conjunction with the Fund’s financial statements. The Fund’s 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 percentage of the Master LLC owned by the Fund at March 31, 2008 was 69.9% . The following is a summary of significant accounting policies followed by the Fund: Valuation of Investments: The Fund records its investment in the Master LLC at fair value. Valuation of securities held by the Master LLC is dis- cussed in Note 1 of the Master LLC’s Notes to Financial Statements, which are included elsewhere in this report. Investment Transactions and Net Investment Income: Investment trans- actions in the Master LLC are accounted for on a trade date basis. The Fund records daily its proportionate share of the Master LLC’s income, expenses and realized gains and losses. In addition, the Fund accrues its 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 the 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.

Effective September 28, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition thresh- old a tax position must meet in connection with accounting for uncer- tainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. The administrator has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 did not have a material impact on the Fund’s finan- cial statements. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns remains open for the years ended March 31, 2005 through March 31, 2007. The statute of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. Recent Accounting Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a frame- work for measuring fair value and expands disclosures about fair value measurements. The impact on the Fund’s financial statement disclo- sures, if any, is currently being assessed. In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Fund’s financial statement disclosures, if any, is currently being assessed. In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. The administrator is currently evaluating the impli- cations of FAS 161 and the impact on the Fund’s financial statement disclosures, if any, is currently being assessed.

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MARCH 31, 2008

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Notes to Financial Statements (concluded) CMA Treasury Fund

Other: Expenses directly related to the Fund are charged to the Fund. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or appropriate methods. 2. Transactions with Affiliates: The Fund has entered into an Administration Agreement with BlackRock Advisors, LLC (the “Administrator”), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide administrative services (other than invest- ment advice and related portfolio activities). For such services, the Fund pays a monthly fee at an annual rate of 0.25% of the Fund’s average daily net assets. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. (“PNC”) are principal owners of BlackRock, Inc. The Fund has entered into a Distribution Agreement and a Distribution and Shareholder Servicing Plan (the “Distribution Plan”) with Merrill Lynch, Pierce, Fenner and Smith Incorporated (“MLPF&S”), a wholly owned subsidiary of Merrill Lynch, and/or affiliates of PNC or Merrill Lynch (including BlackRock, Inc.). Pursuant to the Distribution Plan adopted by the Fund in accordance with Rule 12b-1 under the 1940 Act, the Fund pays MLPF&S a distribu- tion fee. The fee is accrued daily and paid monthly at an annual rate of 0.125% of average daily net assets of the Fund for shareholders whose Fund accounts are serviced by MLPF&S or directly with the Fund’s transfer agent. Financial Data Services, Inc. (“FDS”), a wholly owned subsidiary of Merrill Lynch and an affiliate of the Administrator, serves as transfer agent. Interest is earned by the Fund from FDS based on the difference, if any, between estimated and actual daily beneficial share activity, which results in uninvested net proceeds from sales of Fund shares. Certain officers and/or directors of the Fund are officers and/or directors of BlackRock, Inc. or its affiliates. 3. Shares of Beneficial Interest: 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, reinvestment of dividends and distributions and cost of shares redeemed, respectively, since shares are recorded at $1.00 per share.

4. Income Tax Information: The tax character of distributions paid during the fiscal years ended March 31, 2008 and March 31, 2007 was as follows:

		3/31/2008		3/31/2007
Distributions paid from:
Ordinary income		$ 26,305,383		$ 18,955,559
Total taxable distributions		$ 26,305,383		$ 18,955,559

As of March 31, 2008, the components of accumulated earnings on a tax basis were as follows:

Undistributed net ordinary income		$ 80,083
Total undistributed net earnings		80,083
Net unrealized losses		(1,009)*
Total accumulated net earnings		$ 79,074

*	The difference between book-basis and tax-basis net unrealized losses is attributable primarily to the tax deferral of losses on wash sales.

CMA TREASURY FUND

MARCH 31, 2008

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Report of Independent Registered Public Accounting Firm CMA Treasury Fund

To the Shareholders and Board of Directors of CMA Treasury Fund: We have audited the accompanying statement of assets and liabilities of CMA Treasury Fund (the “Fund”) as of March 31, 2008, and the relat- ed statement 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 peri- od then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial high- lights 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 Fund is not required to have, nor were we engaged to perform, an audit of its internal control over finan- cial 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 Fund’s internal control over finan- cial 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 management, 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 position of CMA Treasury Fund as of March 31, 2008, the results of its operations for the year then ended, the changes in its 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 27, 2008

Important Tax Information (unaudited)
The following information is provided with respect to the ordinary income distributions paid by CMA Treasury Fund for the fiscal year ended
March 31, 2008:
Federal Obligation Interest
Months Paid:		April 2007 — March 2008		99.73%*
Interest-Related Dividends for Non-U.S. Residents
Months Paid:		April 2007 — March 2008		100.00%**

* 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. Additionally, at least 50% of the assets of the Fund were invested in Federal obligations at the end of each fiscal quarter. ** Represents the portion of the taxable ordinary income dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.

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MARCH 31, 2008

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Portfolio Summary Master Treasury LLC

Portfolio Composition as a Percent of Net Assets

		3/31/08		3/31/07
U.S. Government Obligations		106%		100%
Liabilities in Excess of Other Assets		(6)		—
Total		100%		100%

Schedule of Investments March 31, 2008 Master Treasury LLC (Percentages shown are based on Net Assets)

		Interest		Maturity		Par
Issue		Rate(s)		Date		(000)		Value
U.S. Government Obligations — 105.9%
U.S. Treasury Bills*		0.10 — 3.30%		4/03/2008		$370,250		$ 370,188,681
		0.05 — 3.201		4/10/2008		286,326		286,184,120
		2.00 — 3.031		4/17/2008		149,780		149,566,486
		1.305 — 2.345		4/24/2008		320,977		320,594,551
		0.46 — 2.32		5/01/2008		67,582		67,460,904
		1.26 — 2.20		5/08/2008		79,653		79,472,645
		0.50 — 2.271		5/15/2008		375,353		374,778,809
		1.220 — 2.212		5/22/2008		417,264		415,957,999
		2.195		5/29/2008		302,800		301,710,719
		1.85 — 1.855		6/05/2008		280,000		279,048,683
		1.43 — 2.33		6/12/2008		117,472		117,122,513
		0.812 — 3.24		6/19/2008		420,000		418,943,333
		1.025 — 1.211		6/26/2008		66,000		65,818,532
		1.21 — 3.192		7/03/2008		321,333		320,124,658
		2.386		7/24/2008		75,000		74,428,354
		1.47 — 1.481		9/11/2008		50,000		49,663,864
Total Investments (Cost — $3,691,064,851**) — 105.9%								3,691,064,851
Liabilities in Excess of Other Assets — (5.9%)								(204,746,311)
Net Assets — 100.0%								$ 3,486,318,540

* U.S. Treasury Bills are traded on a discount basis; the interest rates shown are the range of discount rates paid at the time of purchase. ** The cost and unrealized appreciation (depreciation) of investments as of March 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost		$ 3,691,066,294
Gross unrealized appreciation		$ —
Gross unrealized depreciation		(1,443)
Net unrealized depreciation		$ (1,443)

See Notes to Financial Statements.

CMA TREASURY FUND

MARCH 31, 2008

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Statement of Assets and Liabilities

March 31, 2008		Master Treasury LLC
Assets
Investments at value — unaffiliated
(cost — $3,691,064,851)		$3,691,064,851
Cash		942
Contributions receivable		82,299
Prepaid expenses and other assets		31,723
Total assets		3,691,179,815
Liabilities
Investments purchased payable		204,326,347
Investment advisory fees payable		417,708
Other affiliates payable		15,173
Other accrued expenses payable		102,047
Total liabilities		204,861,275
Net Assets
Net Assets		$3,486,318,540
Net Assets Consist of
Investors’ capital		$3,486,318,540

See Notes to Financial Statements.

Statement of Operations
Year Ended March 31, 2008		Master Treasury LLC
Investment Income
Interest		$ 55,825,937
Expenses
Investment advisory		2,779,861
Accounting services		224,659
Professional		49,421
Custodian		42,754
Directors		32,662
Printing		1,097
Miscellaneous		28,980
Total expenses		3,159,434
Net investment income		52,666,503
Net Realized and Unrealized Gain (Loss)
Net realized gain on investments		130,747
Net change in unrealized appreciation/depreciation
on investments		(186,066)
Total net realized and unrealized loss		(55,319)
Net Increase in Net Assets Resulting from Operations		$ 52,611,184

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Statements of Changes in Net Assets								Master Treasury LLC
								Year Ended
								March 31,
Increase (Decrease) in Net Assets:								2008		2007
Operations
Net investment income						$ 52,666,503				$ 39,118,232
Net realized gain								130,747		15,471
Net change in unrealized appreciation/depreciation								(186,066)		267,348
Net increase in net assets resulting from operations								52,611,184		39,401,051
Capital Transactions
Proceeds from contributions						12,960,360,648				4,626,183,593
Fair value of withdrawals						(10,401,372,105)				(4,664,402,629)
Net increase (decrease) in net assets derived from capital transactions								2,558,988,543		(38,219,036)
Net Assets
Total increase in net assets								2,611,599,727		1,182,015
Beginning of year								874,718,813		873,536,798
End of year						$ 3,486,318,540				$ 874,718,813
Financial Highlights								Master Treasury LLC
						Year Ended March 31,
		2008		2007		2006		2005		2004
Total Investment Return
Total investment return		3.87%		4.70%		3.22%		1.35%		0.81%
Ratios to Average Net Assets
Total expenses		0.21%		0.26%		0.26%		0.25%		0.23%
Net investment income and net realized gain		3.42%		4.63%		3.14%		1.34%		0.82%
Supplemental Data
Net assets, end of year (000)		$ 3,486,319		$ 874,719		$ 873,537		$ 969,383		$ 1,115,732

See Notes to Financial Statements.

CMA TREASURY FUND

MARCH 31, 2008

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Notes to Financial Statements Master Treasury LLC

1. Significant Accounting Policies: Master Treasury LLC (the “Master LLC”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and is organized as a Delaware limited liability company. Prior to June 15, 2007, the Master LLC was organized as a Delaware statutory trust (the “Trust”). The Limited Liability Company Agreement permits the Directors (and prior to June 15, 2007, the Declaration of Trust permitted the Trustees) to issue non-transferable interests in the Master LLC, subject to certain limitations. Throughout this report, the Trust and the Master LLC are referred to as the Master LLC and the Board of Trustees is referred to as the Board of Directors (the “Board”). The Master LLC’s financial statements are prepared in conformity with accounting princi- ples 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 Master LLC: Valuation of Investments: The Master LLC securities 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 amortization of any discount or premium is recorded until the maturity of the security. Regular review and monitoring of the valua- tion is performed in an attempt to avoid dilution or other unfair results to investors. Investment Transactions and Investment Income: Investment trans- actions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Interest income is recog- nized on the accrual basis. The Master LLC amortizes all premiums and discounts on debt securities. Income Taxes: The Master LLC is classified as a partnership for federal income tax purposes. As such, each investor in the Master LLC is treated as owner of its proportionate share of the net assets, income, expenses and realized and unrealized gains and losses of the Master LLC. Therefore, no federal income tax provision is required. It is intended that the 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. Effective September 28, 2007, the Master LLC implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, in- cluding investment companies, before being measured and recognized

in the financial statements. The investment advisor has evaluated the application of FIN 48 to the Master LLC, and has determined that the adoption of FIN 48 did not have a material impact on the Master LLC’s financial statements. The Master LLC files U.S. federal and various state and local tax returns. No income tax returns are currently under exami- nation. The statute of limitations on the Master LLC’s U.S. federal tax returns remains open for the years ended March 31, 2005 through March 31, 2007. The statute of limitations on the Master LLC’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. Recent Accounting Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a frame- work for measuring fair value and expands disclosures about fair value measurements. The impact on the Master LLC’s financial statement disclosures, if any, is currently being assessed. In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Master LLC’s financial statement disclosures, if any, is currently being assessed. In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. The investment advisor is currently evaluating the implications of FAS 161 and the impact on the Master LLC’s financial statement disclosures, if any, is currently being assessed. Other: Expenses directly related to the Master LLC are charged to the 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.

14 CMA TREASURY FUND

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Notes to Financial Statements (concluded) Master Treasury LLC

2. Investment Advisory Agreement and Other Transactions with Affiliates: The Master LLC entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned sub- sidiary of BlackRock, Inc., to provide investment advisory and adminis- tration services. Merrill Lynch & Co., Inc. and The PNC Financial Services Group, Inc. are principal owners of BlackRock, Inc. The Advisor is responsible for the management of the Master LLC’s port- folio and provides the necessary personnel, facilities and equipment to provide such services to the Master LLC. The Advisor also performs cer- tain administrative services necessary for the operation of the Master LLC. For such services, the Master LLC pays the Advisor a monthly fee based upon the average daily value of the 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 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. In addition, the Advisor has entered into a separate sub-advisory agree- ment with BlackRock Institutional Management Corporation (“BIMC”), an affiliate of the Advisor, under which the Advisor pays BIMC for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by the Master LLC to the Advisor. For the year ended March 31, 2008, the Master LLC reimbursed the Advisor $25,517 for certain accounting services, which is included in accounting services expenses in the Statement of Operations. Certain officers and/or directors of the Master LLC are officers and/or directors of BlackRock, Inc. or its affiliates.

Report of Independent Registered Public Accounting Firm Master Treasury LLC

To the Investors and Board of Directors of Master Treasury LLC: We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Master Treasury LLC (the “Master LLC”) (formerly Master Treasury Trust) as of March 31, 2008, and the related statement 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 LLC’s 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 LLC is not required to have, nor were we engaged to perform, an audit of its 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 LLC’s 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, 2008, 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 position of Master Treasury LLC as of March 31, 2008, the results of its opera- tions for the year then ended, and the changes in its 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 27, 2008

CMA TREASURY FUND

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15

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Officers and Directors
								Number of
		Position(s)		Length of				BlackRock-
		Held with		Time				Advised Funds
Name, Address		Fund/		Served as				and Portfolios		Public
and Year of Birth		Master LLC		a Director**		Principal Occupation(s) During Past 5 Years		Overseen		Directorships
Non-Interested Directors*
David O. Beim		Director		Since		Professor of Finance and Economics at the Columbia University		35 Funds		None
40 East 52nd Street				2007		Graduate School of Business since 1991; Trustee, Phillips Exeter		81 Portfolios
New York, NY 10022						Academy since 2002; Formerly Chairman, Wave Hill Inc. (public
1940						garden and cultural center) from 1990 to 2006.
Ronald W. Forbes		Director and		Since		Professor Emeritus of Finance, School of Business, State University		35 Funds		None
40 East 52nd Street		Co-Chair of		1991/2002		of New York at Albany since 2000.		81 Portfolios
New York, NY 10022		the Board of
1940		Directors
Dr. Matina Horner		Director		Since		Formerly Executive Vice President of Teachers Insurance and		35 Funds		NSTAR (electric
40 East 52nd Street				2007		Annuity Association and College Retirement Equities Fund		81 Portfolios		and gas utility)
New York, NY 10022						from 1989 to 2003.
1939
Rodney D. Johnson		Director and		Since		President, Fairmount Capital Advisors, Inc. since 1987; Director,		35 Funds		None
40 East 52nd Street		Co-Chair of		2007		Fox Chase Cancer Center since 2002; Member of the Archdiocesan		81 Portfolios
New York, NY 10022		the Board of				Investment Committee of the Archdiocese of Philadelphia since
1941		Directors				2003; Director, the Committee of Seventy (civic) since 2006.
Herbert I. London		Director and		Since		Professor Emeritus, New York University since 2005; John M. Olin		35 Funds		AIMS Worldwide,
40 East 52nd Street		Member of		2007		Professor of Humanities, New York University from 1993 to 2005		81 Portfolios		Inc. (marketing)
New York, NY 10022		the Audit				and Professor thereof from 1980 to 2005; President, Hudson Institute
1939		Committee				(policy research organization) since 1997 and Trustee thereof since
						1980; Chairman of the Board of Trustees for Grantham University
						since 2006; Director, InnoCentive, Inc. (strategic solutions company)
						since 2005; Director of Cerego, LLC (software development and design)
						since 2005.
Cynthia A. Montgomery		Director		Since		Professor, Harvard Business School since 1989; Director, Harvard		35 Funds		Newell Rubbermaid,
40 East 52nd Street				1994/2002		Business School Publishing since 2005; Director, McLean Hospital		81 Portfolios		Inc. (manufacturing)
New York, NY 10022						since 2005.
1952
Joseph . Platt, Jr.		Director		Since		Director, The West Penn Allegheny Health System (a not-for-profit		35 Funds		Greenlight Capital
40 East 52nd Street				2007		health system) since 2008; Partner, Amarna Corporation, LLC		81 Portfolios		Re., Ltd (reinsurance
New York, NY 10022						(private investment company) since 2002; Director, WQED				company)
1947						Multimedia (PBS and Multimedia, a not-for-profit company)
						since 2002; Director, Jones and Brown (Canadian insurance broker)
						since 1998; General Partner, Thorn Partner, LP (private investment)
						since 1998.
Robert C. Robb, Jr.		Director		Since		Partner, Lewis, Eckert, Robb and Company (management and		35 Funds		None
40 East 52nd Street				2007		financial consulting firm) since 1981.		81 Portfolios
New York, NY 10022
1945
Toby Rosenblatt		Director		Since		President, Founders Investments Ltd. (private investments) since		35 Funds		A Pharma, Inc.
40 East 52nd Street				2007		1999; Director of Forward Management, LLC since 2007; Director,		81 Portfolios		(specialty
New York, NY 10022						The James Irvine Foundation (philanthropic foundation) since 1997;				pharmaceuticals)
1938						Formerly Trustee, State Street Research Mutual Funds from 1990
						to 2005; Formerly, Trustee, Metropolitan Series Funds, Inc. from
						2001 to 2005.

16 CMA TREASURY FUND

MARCH 31, 2008

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Officers and Directors (continued)
								Number of
		Position(s)		Length of				BlackRock-
		Held with		Time				Advised Funds
Name, Address		Fund/		Served as				and Portfolios		Public
and Year of Birth		Master LLC		a Director**		Principal Occupation(s) During Past 5 Years		Overseen		Directorships
Non-Interested Directors* (concluded)
Kenneth L. Urish		Director and		Since		Managing Partner, Urish Popeck & Co., LLC (certified public		35 Funds		None
40 East 52nd Street		Chair of		2007		accountants and consultants) since 1976; Member of External		81 Portfolios
New York, NY 10022		the Audit				Advisory Board, The Pennsylvania State University Accounting
1951		Committee				Department since 2001; Trustee, The Holy Family Foundation
						since 2001; Committee Member/Professional Ethics Committee
						of the Pennsylvania Institute of Certified Public Accountants
						since 2007; President and Trustee, Pittsburgh Catholic Publishing
						Associates since 2003; Formerly Director, Inter-Tel from 2006
						to 2007.
Frederick W. Winter		Director and		Since		Professor and Dean Emeritus of the Joseph M. Katz School of		35 Funds		None
40 East 52nd Street		Member of		2007		Business, University of Pittsburgh since 2005 and Dean thereof		81 Portfolios
New York, NY 10022		the Audit				from 1997 to 2005. Director, Alkon Corporation (pneumatics)
1945		Committee				since 1992; Director, Indotronix International (IT services) since
						2004; Director, Tippman Sports (recreation) since 2005.
* Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.
		** Following the combination of Merrill Lynch Investment Managers, L (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the
		various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result,
		although the chart shows certain directors as joining the Fund’s/Master LLC’s board in 2007, those directors first became a member of the
		board of directors of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim since 1998; Ronald W. Forbes since 1977;
		Matina Horner since 2004; Rodney D. Johnson since 1995; Herbert I. London since 1987; Cynthia A. Montgomery since 1994; Joseph . Platt
		since 1999; Robert C. Robb, Jr. since 1999; Toby Rosenblatt since 2005; Kenneth L. Urish since 1999 and Frederick W. Winter since 1999.
Interested Directors*
Richard S. Davis		Director		Since		Managing Director, BlackRock, Inc. since 2005; Formerly Chief		185 Funds		None
40 East 52nd Street				2007		Executive Officer, State Street Research & Management Company		292 Portfolios
New York, NY 10022						from 2000 to 2005; Formerly Chairman of the Board of Trustees,
1945						State Street Research Mutual Funds from 2000 to 2005; Formerly
						Chairman, SSR Realty from 2000 to 2004
Henry Gabbay		Director		Since		Consultant, BlackRock, Inc. since 2007; Formerly Managing Director,		184 Funds		None
40 East 52nd Street				2007		BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative		291 Portfolios
New York, NY 10022						Officer, BlackRock Advisors, LLC from 1998 to 2007; Formerly President
1947						of BlackRock Funds and BlackRock Bond Allocation Target Shares from
						2005 to 2007 and Treasurer of certain closed-end funds in the
BlackRock fund complex from 1989 to 2006.

*	Messrs. Davis and Gabbay are both “interested persons,” as defined in the Investment Company Act of 1940, of the Fund/Master LLC based on their positions with BlackRock, Inc. and its affiliates. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

CMA TREASURY FUND

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17

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Officers and Directors (concluded)

Position(s)

Held with

Name, Address

Fund/

Length of

and Year of Birth

Master LLC

Time Served

Principal Occupation(s) During Past 5 Years

Fund Officers*

Donald C. Burke

Fund

Since

Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director of Merrill Lynch Investment

40 East 52nd Street

President

2007

Managers, L ("MLIM") and Fund Asset Management, L ("FAM") in 2006; First Vice President thereof from

New York, NY 10022

and Chief

1997 to 2005; Treasurer thereof from 1999 to 2006 and Vice President thereof from 1990 to 1997.

1960

Executive

Officer

Anne F. Ackerley

Vice

Since

Managing Director of BlackRock, Inc. since 2000 and First Vice President and Chief Operating Officer of Mergers

40 East 52nd Street

President

2007

and Acquisitions Group from 1997 to 2000; First Vice President and Chief Operating Officer of Public Finance

New York, NY 10022

Group thereof from 1995 to 1997; First Vice President of Emerging Markets Fixed Income Research of Merrill

1962

Lynch & Co., Inc. from 1994 to 1995.

Neal J. Andrews

Chief

Since

Managing Director of BlackRock, Inc. since 2006; Formerly Senior Vice President and Line of Business Head of

40 East 52nd Street

Financial

2007

Fund Accounting and Administration at PFPC Inc. from 1992 to 2006.

New York, NY 10022

Officer

1966

Jay M. Fife

Treasurer

Since

Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Formerly Assistant Treasurer of the

40 East 52nd Street

2007

MLIM/FAM advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.

New York, NY 10022

1970

Brian P. Kindelan

Chief

Since

Chief Compliance Officer of the Funds since 2007; Anti-Money Laundering Officer of the Funds since 2007;

40 East 52nd Street

Compliance

2007

Managing Director and Senior Counsel thereof since 2005; Director and Senior Counsel of BlackRock Advisors,

New York, NY 10022

Officer of

Inc. from 2001 to 2004and Vice President and Senior Counsel thereof from 1998 to 2000; Senior Counsel of

1959

the Funds

The PNC Bank Corp. from 1995 to 1998.

Howard Surloff

Secretary

Since

Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; Formerly

40 East 52nd Street

2007

General Counsel (U.S.) of Goldman Sachs Asset Management, L from 1993 to 2006.

New York, NY 10022

1965

* Officers of the Fund/Master LLC serve at the pleasure of the Board of Directors.

Further information about the Fund’s/Master LLC’s Officers and Directors is available in the Fund’s/Master LLC’s Statement of Additional

Information, which can be obtained without charge by calling [phone].

Custodian

Transfer Agent

Accounting Agent

Independent Registered Public

Legal Counsel

State Street Bank and

Financial Data Services, Inc.

State Street Bank and

Accounting Firm

Sidley Austin LLP

Trust Company

Jacksonville, FL 32246

Trust Company

Deloitte & Touche LLP

New York, NY 10019

Boston, MA 02101

Princeton, NJ 08540

Princeton, NJ 08540

18 CMA TREASURY FUND

MARCH 31, 2008

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Additional Information Availability of Quarterly Schedule of Investments The Fund files its complete schedule of portfolio holdings with the Securi- ties and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s 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, DC. Informa- tion on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.The Fund’s Forms N-Q may also be obtained upon request and without charge by calling [phone].

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 prospec- tuses 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.

General Information The Fund 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 eliminate duplicate mailings of shareholder documents. Mailings of your shareholder

documents may be householded indefinitely unless you instruct us other- wise. 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 [phone].

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 nonaffiliated 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 information. 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.

CMA TREASURY FUND

MARCH 31, 2008

19

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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 Fund unless accompanied or preceded by the Fund’s current prospectus. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other govern- ment agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Past performance results shown in this report should not be considered a representation of future per- formance. Total return information assumes reinvestment of all distributions. For current month-end performance information, call [phone]. The 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. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll- free [phone]; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s website at http://www.sec.gov. Information about how the Fund voted proxies relating to securities held in the Fund’s portfolio during the most recent 12-month period ended June 30 is available (1) at www.blackrock.com or by calling [phone] and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov. CMA Treasury Fund 100 Bellevue Parkway Wilmington, DE 19809 #16059-3/08

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Item 2 – Code of Ethics – The 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 and principal accounting officer, 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 – The registrant's board of directors or trustees, as applicable (the “board of directors”) has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: Ronald W. Forbes (not reappointed to audit committee, effective November 1, 2007) Kenneth L. Urish (term began, effective November 1, 2007) Richard R. West (term ended, effective November 1, 2007) 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 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

(a) Audit Fees

(b) Audit-Related Fees 1

(c) Tax Fees 2

(d) All Other Fees 3

Current

Previous

Current

Previous

Current

Previous

Current

Previous

Fiscal Year

Fiscal Year

Fiscal Year

Fiscal Year

Fiscal Year

Fiscal Year

Fiscal Year

Fiscal Year

Entity Name

End

End

End

End

End

End

End

End

Master Treasury

$24,300

$28,500

$0

$0

$9,200

$9,200

$0

$0

LLC

CMA Treasury Fund

$6,800

$6,600

$0

$0

$6,100

$6,100

$749

$0

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: The registrant’s audit committee (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 registrant’s affiliated service providers that relate directly to the operations and the financial reporting of the registrant. 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 operation or financial reporting of the

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registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 for all of the registrants the Committee oversees. 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 one or more of its members 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 audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. (f) Not Applicable (g) Affiliates’ Aggregate Non-Audit Fees:

		Current Fiscal Year		Previous Fiscal Year
Entity Name		End		End
Master Treasury LLC		$287,500		$3,023,700
CMA Treasury Fund		$288,249		$3,020,600

(h) The registrant’s audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant’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 any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant 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. Regulation S-X Rule 2-01(c)(7)(ii) – $287,500, 0% 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

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Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which 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 15d-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 – 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, 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/ Donald C. Burke Donald C. Burke Chief Executive Officer of CMA Treasury Fund and Master Treasury LLC Date: May 22, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Donald C. Burke Donald C. Burke Chief Executive Officer (principal executive officer) of CMA Treasury Fund and Master Treasury LLC Date: May 22, 2008 By: /s/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of CMA Treasury Fund and Master Treasury LLC Date: May 22, 2008

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