CMA Money Fund
CMA Treasury Fund
CMA Government Securities Fund

      Supplement Dated December 22, 2008 to the
Prospectus of the Funds Listed Above Dated July 25, 2008
(each, a “Fund” and collectively, the “Funds“)

Each Fund has been accepted into the U.S. Treasury Department’s Temporary Guarantee Program (the “Program”) for Money Market Funds, which the U.S. Treasury has announced has been extended through April 30, 2009. The Board of Trustees has elected to extend coverage under the Program on behalf of the Funds.

The Program provides a guarantee to shareholders of each Fund up to the amount held in the Fund as of the close of business on September 19, 2008. If the number of shares an investor holds fluctuates, the investor will be covered for either the number of shares held as of the close of business on September 19, 2008, or the current amount, whichever is less. This means that any increase in the number of shares an investor holds over the amount held after the close of business on September 19, 2008 is not covered under the Program. It also means that if an investor’s balance is below its September 19, 2008 level, the investor can bring it back up to that level and it will be covered. Note that the Program applies only to the account in which the shares were held on September 19, 2008. If an investor closes an account and reinvests in the Fund through a new account, the new balance would not be covered.

The Program is temporary and set to expire on April 30, 2009, at which point the Treasury Department can opt to extend it to no later than September 18, 2009. Each Fund has paid to be covered under the Program. For the initial three months of the Program (ending December 18, 2008), each Fund paid a participation fee of 0.01% of the Fund’s net asset value as of September 19, 2008, and for the extension period (ending April 30, 2009), each Fund paid a participation fee of 0.015% of the Fund’s net asset value as of September 19, 2008. The Program is implemented under the Treasury’s Exchange Stabilization Fund (ESF), and guarantee payments under the Program will not exceed the amount available within the ESF at the date of payment. Currently, ESF assets are about $50 billion. For additional information on the Guarantee Program, you can visit the U.S. Treasury’s website at www.ustreas.gov.

Neither this prospectus supplement, the above-referenced prospectus nor any Fund itself are in any manner approved, endorsed, sponsored or authorized by the U.S. Treasury Department. More specific information or additional information can be obtained by going to www.blackrock.com or the corresponding Fund website.

The section entitled “Fees and Expenses” for the CMA Treasury Fund is replaced in its entirety with the following to reflect the payment of the Program participation fees described above:

This table shows the different fees and expenses that you may pay if you buy and hold shares of the Treasury Fund. Future expenses may be greater or less than those indicated below.

Shareholder Fees (fees paid directly by the shareholder):      
CMA Account Annual Fee(a) $125  
Annual Fund Operating Expenses (expenses that are deducted from Fund assets)(b):    
Management Fee(c) 0.181 %
Distribution (12b-1) Fees(d) 0.125 %
Other expenses (including transfer agency and administration fees)(e)(f)(g) 0.384 %
Total Annual Fund Operating Expenses(g) 0.69 %
(a)     

Merrill Lynch charges this annual account fee to CMA service subscribers. Other programs may charge different or higher fees.

(b)     

Fees and expenses shown in the table and the example that follows include both the expenses of the Treasury Fund and Treasury Fund’s share of expenses of the Treasury LLC.

(c)     

Paid by the Treasury LLC.

(d)     

The Fund has adopted a distribution plan pursuant to rule 12b-1 under the Investment Company Act under which the Fund is authorized to pay the distributor at an annual rate of 0.125% of the average daily net asset value of Fund accounts maintained through the distributor.

(e)     

Includes administration fees, which are payable to the Administrator by the Treasury Fund, at the annual rate of 0.25% of the Fund’s average daily net assets.

(f)     

Financial Data Services, Inc., an affiliate of the Manager, provides transfer agency services to the Treasury Fund. The Treasury Fund pays a fee for these services. The Manager or its affiliates also provide certain accounting services to the Treasury Fund and the Treasury LLC. The Treasury Fund and the Treasury LLC will reimburse the Manager or its affiliates for such services.

(g)     

Other Expenses and Total Annual Fund Operating Expenses have been restated to reflect the payment of the Program participation fees in the aggregate amount of 0.025% of the Fund’s net asset value as of September 19, 2008 as if these fees had been paid during the Fund’s prior fiscal year.

Example:

This example is intended to help you compare the cost of investing in the Treasury Fund with the cost of investing in other money market funds.

This example assumes that you invest $10,000 in the Treasury Fund for the time periods indicated, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. These assumptions are not meant to indicate that you will receive a 5% annual rate of return. Your annual return may be more or less than the 5% used in this example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

EXPENSES IF YOU DID REDEEM YOUR SHARES:

  1 Year
3 Years
5 Years
10 Years
CMA Treasury Fund $70 $221 $384 $859

This example does not take into account the fees charged by Merrill Lynch to CMA service subscribers or other Merrill Lynch central asset account program subscribers. See the relevant account disclosures and agreements for details. Shareholders of the Fund whose accounts are maintained directly with the Transfer Agent and who are not subscribers to the CMA service or other Merrill Lynch central asset account programs will not be charged a program fee but will not receive any of the additional services available to subscribers.

CODE #10117-0708SUP2

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