CMTXX Cma Treasury Fund (MM)

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

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

Name of Fund: 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, 40 East 52 ^nd Street, New York, NY 10022

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

Date of fiscal year end: 03/31/2011

Date of reporting period: 09/30/2010

Item 1 – Report to Stockholders

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Semi-Annual Report (Unaudited)

BIF Government Securities Fund

BIF Treasury Fund

September 30, 2010

Not FDIC Insured • No Bank Guarantee • May Lose Value

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2 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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Dear Shareholder

The global economic recovery that began in 2009 has continued on its choppy course this year, delivering mixed economic data and gradual if uneven
improvement of investor sentiment. The risks of a double-dip recession continue to recede, but the economy remains mired in a slow-growth environ-
ment. The major short-term ambiguities that kept market participants on the fence — the US financial reform bill, political uncertainty, European bank
stress test results, and European sovereign funding — have all abated to some degree, allowing market conditions to regain some degree of normalcy
and demonstrate growth. In the United States, the National Bureau of Economic Research declared that the “Great Recession” ended in June 2009.
Spanning December 2007 to June 2009, this marked the longest reported recession since the Great Depression. Structural problems of ongoing
deleveraging and weak spending among businesses and households weigh heavily on the pace of economic growth. The Federal Reserve Board has
made it clear that additional policy action will be needed to combat the slow pace of growth, high unemployment, and deflation risks.

The high levels of volatility experienced in global equity markets throughout 2009 continued into 2010 as uncertainty driven by mixed economic data
and lingering credit issues caused stocks to trade in both directions, but by the end of the first quarter, most markets had managed to post gains. The
second quarter, in contrast, brought higher levels of volatility and a “flight to quality” as investor sentiment was dominated by fears of a double-dip reces-
sion. Global equity markets saw negative quarterly returns — and for many markets, the first significant downturn since the bull market began in March
2009. As the end of the 12-month period drew near, economic data turned less negative and strong corporate earnings reports became increasingly
consistent. These factors along with the anticipation of further quantitative easing drove equity markets higher in the third quarter, with most markets
recapturing their second quarter losses and moving into positive territory year-to-date. International equities turned positive, posting gains on both a
six- and 12-month basis. In the US, both large and small cap equities posted robust gains for the 12-month period; however large cap stocks remain
negative on a six-month basis while small caps turned positive.

In fixed income markets, yields fluctuated but generally declined over the past 12 months amid heightened uncertainty. Weak economic data, lingering
credit problems and, near the end of the period, the expectation of additional quantitative easing drove interest rates lower and bond prices higher.
Treasuries rallied over the period, modestly outperforming the credit spread sectors of the market. Corporate credit spreads benefited from the low inter-
est rate environment and high yield fixed income became increasingly attractive due to declining default rates and better-than-expected results on
European bank stress tests. Tax-exempt municipal bonds performed well over the 12-month period, driven primarily by technical factors including favor-
able supply-and-demand dynamics.

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.

 

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

As global economic conditions continue to improve, investors across the world continue to face uncertainty about the future of economic growth. Through
periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. 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 ® maga-
zine, as well as its quarterly companion newsletter, Shareholder Perspectives . 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

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Fund Information

Current Seven-Day Yields

 

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the
fact that the 7-Day SEC Yields exclude 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, service and distribution fees including 12b-1 fees and other Fund
expenses. The expense example below (which is based on a hypothetical
investment of $1,000 invested on April 1, 2010 and held through
September 30, 2010) is intended to assist shareholders both in calcu-
lating expenses based on an investment in each Fund and in comparing
these expenses with similar costs of investing in other mutual funds.

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

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

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

 

¹ For each Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/365 (to reflect
the one-half year period shown). Because the Funds are feeder funds, the expense table example reflects the expenses of both the Funds and the Master LLCs in which
it invests.
² Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365.

4 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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See Notes to Financial Statements.

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See Notes to Financial Statements.

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See Notes to Financial Statements.

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¹ Where applicable, total investment returns include the reinvestment of dividends and distributions.
² Aggregate total investment return.
³ Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
⁴ Annualized.
⁵ Amount is less than 0.01%.

See Notes to Financial Statements.

8 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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¹ Where applicable, total investment returns include the reinvestment of dividends and distributions.
² Aggregate total investment return.
³ Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
⁴ Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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

1. Organization and Significant Accounting Policies:

BIF Government Securities Fund and BIF Treasury Fund (formerly CMA
Government Securities Fund and CMA Treasury Fund, respectively) (col-
lectively 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, (collectively the
“Master LLCs”), which have the same investment objective and strategies
as the Funds. Each Master LLC is organized as a Delaware limited liabil-
ity company. The value of each Fund’s investment in the Master LLCs
reflect each Fund’s proportionate interest in the net assets of the
respective Master LLCs. The percentage of the Master LLCs owned by the
applicable Fund at September 30, 2010 was 41.3% for BIF Government
Securities Fund and 58.9% 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 elsewhere in this report and should be read in
conjunction with the Funds’ financial statements. The Boards of Trustees
of the Funds and the Boards of Directors of the Master LLCs are referred
to throughout this report as the “Board of Directors” or the “Board.” The
Funds’ financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America ("US
GAAP"), which may require management 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: The Fund’s policy is to fair value their financial instruments at
market value. 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, including categorization of fair value measurements, is dis-
cussed in Note 1 of the Master LLC’s Notes to Financial Statements,
which are included elsewhere in this report. Each Fund seeks to main-
tain its net asset value per share at $1.00, although there is no assur-
ance that they will be able to do so on a continuing basis.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions in the Master LLCs are accounted for
on a trade date basis. Each Fund records daily its proportionate share of
the applicable Master LLC’s income, expenses and realized gains and
losses. In addition, the Funds accrue their own 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 regu-
lated investment companies and to distribute substantially all of its tax-
able 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, 2010. The statutes of limitations on the
Funds' state and local tax returns may remain open for an additional
year depending upon the jurisdiction. There are no uncertain tax posi-
tions that require recognition of a tax liability.

Other: Expenses directly related to each Fund are charged to that Fund.
Other operating expenses shared by several funds are pro rated among
those funds on the basis of relative net assets or other appropriate
methods. The Funds 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. 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 the Funds' net assets. Average daily net assets is
the average daily value of each Fund’s total assets minus the sum of it’s
accrued liabilities. The Funds do not pay an investment advisory fee or
investment management fee.

10 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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

Each Fund has entered into a Distribution Agreement and Distribution
and Shareholder Servicing Plan (the “Distribution Plan”) with BlackRock
Investments, LLC (”BRIL“), an affiliate of BlackRock. Pursuant to the
Distribution Plan and in accordance with Rule 12b-1 under the 1940
Act, the Funds pay BRIL ongoing service and distribution fees. The fees
are accrued daily and paid monthly at annual rate of 0.125% of each
Fund’s average daily net assets. The ongoing distribution fee compen-
sates BRIL for providing distribution related services to shareholders.

In addition to the contractual agreement described above, the
Administrator and BRIL voluntarily agreed to waive a portion of their
respective administration and distribution fees and/or reimburse operat-
ing expenses to enable the Funds to maintain minimum levels of net
investment income. These amounts are shown as fees waived by admin-
istrator and distribution fees waived in the Statements of Operations. The
Adminidtrator and BRIL may discontinue the waiver or reimbursement at
any time.

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

3. Capital Share Transactions:

The number of shares sold, reinvested and redeemed corresponds 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. 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.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

11

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Portfolio Information as of September 30, 2010

Master Government Securities LLC
and Master Treasury LLC

Portfolio Composition

 

 

12 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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Schedule of Investments September 30, 2010 (Unaudited)

Master Government Securities LLC
(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, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for 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 invest-
ments)
The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For infor-
mation about the Master LLC's policy regarding valuation of investments and
other significant accounting policies, please refer to Note 1 of the Notes to
Financial Statements.
The following table summarizes the inputs used as of September 30, 2010
in determining the fair valuation of the Master LLC's investments:

 

See Notes to Financial Statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2010 13

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Schedule of Investments September 30, 2010 (Unaudited)

Master Treasury LLC
(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, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for 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 invest-
ments)
The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For infor-
mation about the Master LLC’s policy regarding valuation of investments and
other significant accounting policies, please refer to Note 1 of the Notes to
Financial Statements.
The following table summarizes the inputs used as of September 30, 2010 in
determining the fair valuation of the Master LLC’s investments:

 

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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See Notes to Financial Statements.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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16 SEMI-ANNUAL REPORT

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¹ Aggregate total investment return.
² Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

17

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

1. Organization and Significant Accounting Policies:

Master Government Securities LLC and Master Treasury LLC (collectively
the “Master LLCs” or individually a “Master LLC”) are registered under
the Investment Company Act of 1940, as amended (the “1940 Act”),
and are each organized as a Delaware limited liability company. The
Limited Liability Company Agreement of each Master LLC permits the
Board of Directors (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 gener-
ally accepted in the United States of America, 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: The Master LLCs fair value their financial instruments at mar-
ket value. 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 accre-
tion and amortization of any discount or premium is recorded until the
maturity of the security.

Repurchase Agreements: The Master LLCs may invest in repurchase
agreements. In a repurchase agreement, the Master LLCs purchases 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 and accretion of premiums and
discounts 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 the Master LLC is treated
as the owner of its proportionate share of 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

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.
No income tax returns are currently under examination. The statute of
limitations on each Master LLC’s US federal tax returns remain open for
each of the four years ended Mach 31, 2010. 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.

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

 

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

18 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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

The Manager entered into a separate sub-advisory agreement with
BlackRock Investment Management, LLC (“BIM”), an affiliate of the
Manager. The Manager pays BIM 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 six months ended September 30, 2010, the Master LLCs reim-
bursed the Manager for certain accounting services, which are included
in accounting services in the Statements of Operations. The reimburse-
ments 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 risk by entering into transactions only
with counterparties that it believes have the financial resources to honor
their obligations and by monitoring the financial stability of those coun-
terparties. Financial assets, which potentially expose the Master LLCs to
market, issuer and counterparty credit risks, consist principally of finan-
cial 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.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

19

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

BIF Government Securities Fund (“Government Securities Fund”) cur-
rently invests all of its investable assets in Master Government Securities
LLC (“Master Government Securities”). BIF Treasury Fund (“Treasury
Fund”, and together with Government Securities Fund, the “Funds,” and
individually, a “Fund”) currently invests all of its investable assets in
Master Treasury LLC (together with Master Government Securities, the
“Master LLCs,” and individually, a “Master LLC”). The Board of Directors
of each Master LLC met on April 20, 2010 and May 18–19, 2010 to
consider the approval of the Master LLC’s investment advisory agreement
(each, an “Advisory Agreement”) with BlackRock Advisors, LLC (the
“Manager”), each Master LLC’s investment advisor. The Board of
Directors of each Master LLC also considered the approval of the sub-
advisory agreement (each, a “Sub-Advisory Agreement”) between the
Manager and BlackRock Institutional Management Corporation (the
“Sub-Advisor”), with respect to the relevant Master LLC. Since each Fund
invests all of its investable assets in the relevant Master LLC, the Board
of Trustees of each Fund also considered the approval of the pertinent
Agreements. The Funds do not require investment advisory services since
all investments are made at the Master LLC level.

The Manager and the Sub-Advisor are referred to herein as “BlackRock.”
The Advisory Agreements and the Sub-Advisory Agreements are referred
to herein as the “Agreements.” For simplicity, the Board of Directors of
each Master LLC and together with the Board of Trustees of the related
Fund, are herein referred to individually as the “Board” and collectively
as the “Boards” and the members are referred to as “Board Members.”

Activities and Composition of the Board

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

The Agreements

Pursuant to the 1940 Act, the Boards are required to consider the con-
tinuation of the Agreements on an annual basis. In connection with this
process, each Board assessed, among other things, the nature, scope
and quality of the services provided to the relevant Master LLC and/or

Fund by the personnel of BlackRock and its affiliates, including invest-
ment management, administrative and shareholder services, oversight
of fund accounting and custody, marketing services and assistance
in meeting applicable legal and regulatory requirements.

From time to time throughout the year, the Boards, acting directly and
through their committees, consider at each of their meetings factors
that are relevant to their annual consideration of the renewal of the
Agreements, including the services and support provided by BlackRock
to the relevant Master LLC and/or Fund and their shareholders and/or
interest holders, as applicable (collectively referred to herein as the
“shareholders”). Among the matters the Boards considered, with respect
to each Master LLC and/or Fund, were: (a) investment performance for
one-, three- and five-year periods, as applicable, against peer funds,
and applicable benchmarks, if any, as well as senior management’s and
portfolio managers’ analysis of the reasons for any over performance or
underperformance against its peers and/or benchmark, as applicable;
(b) fees, including advisory, administration, if applicable, and other
amounts paid to BlackRock and its affiliates by the Master LLC and/or
the Fund for services, such as transfer agency, marketing and distribu-
tion, call center and fund accounting; (c) Master LLC’s and/or the Fund’s
operating expenses; (d) the resources devoted to and compliance
reports relating to the Master LLC’s and the Fund’s investment objective,
policies and restrictions, (e) the Master LLC’s and the Fund’s compliance
with its respective Code of Ethics and compliance policies and proce-
dures; (f) the nature, cost and character of non-investment management
services provided by BlackRock and its affiliates; (g) BlackRock’s and
other service providers’ internal controls; (h) BlackRock’s implementation
of the proxy voting policies approved by the Board; (i) execution quality
of portfolio transactions; (j) BlackRock’s implementation of the Master
LLC’s and/or the Fund’s valuation and liquidity procedures; (k) an
analysis of contractual and actual management fees for products with
similar investment objectives across the open-end fund and institutional
account product channels, as applicable; and (l) periodic updates on
BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 20, 2010 meeting, the Boards
requested and received materials specifically relating to the Agreements.
The Boards are engaged in a process with BlackRock to periodically
review the nature and scope of the information provided to better assist
their deliberations. The materials provided in connection with the April
meeting included (a) information independently compiled and prepared
by Lipper, Inc. (“Lipper”) on fees and expenses of the relevant Master
LLC and/or Fund, as applicable, and the investment performance of the
relevant Fund as compared with a peer group of funds as determined
by Lipper (collectively, “Peers”); (b) information on the profitability of
the Agreements to BlackRock and a discussion of fall-out benefits to
BlackRock and its affiliates and significant shareholders; (c) a general
analysis provided by BlackRock concerning investment advisory fees

20 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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

charged to other clients, such as institutional clients, under similar
investment mandates, as well as the performance of such other clients,
as applicable; (d) the impact of economies of scale; (e) a summary
of aggregate amounts paid by the relevant Master LLC and/or Fund
to BlackRock; (f) sales and redemption data regarding the relevant
Fund’s shares; and (g) if applicable, a comparison of management
fees to similar BlackRock open-end funds, as classified by Lipper.

At an in-person meeting held on April 20, 2010, the Boards reviewed
materials relating to their consideration of the Agreements. As a result
of the discussions that occurred during the April 20, 2010 meeting, the
Boards presented BlackRock with questions and requests for additional
information and BlackRock responded to these requests with additional
written information in advance of the May 18–19, 2010 Board meeting.

At an in-person meeting held on May 18–19, 2010, the Board of each
Master LLC, including the Independent Board Members, unanimously
approved the continuation of the Advisory Agreement between the
Manager and the pertinent Master LLC and the Sub-Advisory Agreement
between the Manager and the Sub-Advisor with respect to the pertinent
Master LLC, each for a one-year term ending June 30, 2011. The Board
of each Fund, including the Independent Board Members, also consid-
ered the continuation of the Agreements and found the Agreements to
be satisfactory. In approving the continuation of the Agreements, the
Boards considered, with respect to each Fund and/or Master LLC, as
applicable: (a) the nature, extent and quality of the services provided by
BlackRock; (b) the investment performance of the Master LLC, the Fund
and BlackRock; (c) the advisory fee and the cost of the services and
profits to be realized by BlackRock and its affiliates from their relation-
ship with the Master LLC and the Fund; (d) economies of scale; and
(e) other factors deemed relevant by the Board Members.

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

A. Nature, Extent and Quality of the Services Provided by BlackRock:
The Boards, including the Independent Board Members, reviewed the
nature, extent and quality of services provided by BlackRock, including
the investment advisory services and the resulting performance of each
relevant Fund. Throughout the year, the Boards compared each Fund’s

performance to the performance of a comparable group of mutual
funds, and the performance of a relevant benchmark, if any. The Boards
met with BlackRock’s senior management personnel responsible for
investment operations, including the senior investment officers. The
Boards also reviewed the materials provided by each Master LLC’s port-
folio management team discussing the Master LLC’s performance and
the Master LLC’s investment objective, strategies and outlook.

The Boards considered, among other factors, the number, education
and experience of BlackRock’s investment personnel generally and
the Master LLC’s portfolio management team, investments by portfolio
managers in the funds they manage, BlackRock’s portfolio trading capa-
bilities, BlackRock’s use of technology, BlackRock’s commitment to
compliance, BlackRock’s credit analysis capabilities, BlackRock’s risk
analysis capabilities and BlackRock’s approach to training and retaining
portfolio managers and other research, advisory and management per-
sonnel. The Boards also reviewed a general description of BlackRock’s
compensation structure with respect to each Master LLC’s portfolio
management team and BlackRock’s ability to attract and retain high-
quality talent.

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

B. The Investment Performance of the Master LLCs, the Funds and
BlackRock: The Boards, including the Independent Board Members, also
reviewed and considered the performance history of each relevant Fund
and Master LLC, as applicable. The Boards noted that each Master LLC’s
investment results correspond directly to the investment results of the
relevant Fund. In preparation for the April 20, 2010 meeting, the Boards

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

21

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

were provided with reports with respect to each Fund, independently
prepared by Lipper, which included a comprehensive analysis of the
Fund’s performance. The Boards also reviewed a narrative and statistical
analysis of the Lipper data that was prepared by BlackRock, which ana-
lyzed various factors that affect Lipper’s rankings. In connection with
their review, the Boards received and reviewed information regarding the
investment performance of each Fund as compared to a representative
group of similar funds as determined by Lipper and to all funds in the
Fund’s applicable Lipper category. The Boards were provided with a
description of the methodology used by Lipper to select peer funds.
The Boards regularly review the performance of the relevant Fund and
Master LLC, as applicable, throughout the year. The Boards attach more
importance to performance over relatively long periods of time, typically
three to five years.

The Board noted that the Government Securities Fund performed
below the median of its Lipper Performance Universe in each of the
one-, three- and five-year periods reported. The Board and BlackRock
reviewed the reasons for the Fund’s underperformance during these
periods compared with its Peers. The Board was informed that, among
other things, Master Government Securities may invest in short-term
securities issued or guaranteed by the U.S. Government and repurchase
agreements with respect to such obligations, including securities issued
by the Government National Mortgage Association (“GNMA”). The ability
to invest in GNMA securities excludes the Fund from the Lipper Treasury
Money Market Funds classification. Therefore, the Fund is included in the
Lipper U.S. Government Money Market Funds classification, which also
includes money market funds investing in U.S. Government Agency obli-
gations (such as those of Federal National Mortgage Association and
the Federal Home Loan Mortgage Corporation), that typically offer much
higher yields. The Board and BlackRock discussed BlackRock’s strategy
for improving the Fund’s performance and BlackRock’s commitment to
providing the resources necessary to assist the Master LLC’s portfolio
managers and to improve the Fund's performance.

The Board noted that although the Treasury Fund underperformed
its Peers in two of the one-, three- and five-year periods reported, un-
derperformance for at least one of the periods was within 5% of the
Lipper Performance Universe median return of its Peers. The Board and
BlackRock discussed BlackRock’s strategy for improving the Fund’s
performance and BlackRock’s commitment to providing the resources
necessary to assist the Master Treasury LLC’s portfolio managers and to
improve the Fund's performance.

C. Consideration of the Advisory Fees and the Cost of the Services
and Profits to be Realized by BlackRock and its Affiliates from their
Relationship with the Master LLCs and the Funds: The Boards, including
the Independent Board Members, reviewed each Master LLC’s contrac-
tual advisory fee rate compared with the other funds in the relevant
Fund’s Lipper category. It also compared each Fund’s total expenses, as

well as actual management fees, to those of other funds in its Lipper
category. The Boards considered the services provided and the fees
charged by BlackRock to other types of clients with similar investment
mandates, including separately managed institutional accounts.

The Boards received and reviewed statements relating to BlackRock’s
financial condition and profitability with respect to the services it pro-
vided to each pertinent Master LLC and/or Fund. The Boards were also
provided with a profitability analysis that detailed the revenues earned
and the expenses incurred by BlackRock for services provided to each
pertinent Master LLC and/or Fund. The Boards reviewed BlackRock’s
profitability with respect each pertinent Master LLC and/or Fund, as
applicable, and other funds the Boards currently oversee for the year
ended December 31, 2009 compared to available aggregate profitability
data provided for the year ended December 31, 2008. The Boards
reviewed BlackRock’s profitability with respect to other fund complexes
managed by the Manager and/or its affiliates. The Boards reviewed
BlackRock’s assumptions and methodology of allocating expenses in the
profitability analysis, noting the inherent limitations in allocating costs
among various advisory products. The Boards recognized that profitability
may be affected by numerous factors including, among other things, fee
waivers and expense reimbursements by the Manager, the types of funds
managed, expense allocations and business mix, and the difficulty of
comparing profitability as a result of those factors.

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

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

22 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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

The Boards noted that with respect to each Master LLC, the contractual
advisory fee rate was lower than or equal to the median contractual
advisory fee rate paid by the relevant Fund's Peers, in each case before
taking into account any expense reimbursements or fee waivers. The
Boards also noted that each Master LLC has an advisory fee arrange-
ment that includes breakpoints that adjust the fee rate downward
as the size of the Master LLC increases above certain contractually
specified levels. The Boards noted that BlackRock and the Funds’ distrib-
utor have voluntarily agreed to waive a portion of their respective fees
and/or reimburse operating expenses to enable the Funds and Master
LLCs to maintain minimum levels of daily net investment income. This
waiver and/or reimbursement may be discontinued at any time
without notice.

D. Economies of Scale: The Boards, including the Independent Board
Members, considered the extent to which economies of scale might be
realized as the assets of each relevant Master LLC and Fund increase.
The Boards also considered the extent to which the Master LLC and
the Fund benefit from such economies and whether there should be
changes in the advisory fee rate or structure in order to enable the
Master LLC and the Fund to participate in these economies of scale,
for example through the use of revised breakpoints in the advisory
fee based upon the asset level of the Master LLC.

E. Other Factors Deemed Relevant by the Board Members: The Boards,
including the Independent Board Members, also took into account other
ancillary or “fall-out” benefits that BlackRock or its affiliates and signifi-
cant shareholders may derive from their respective relationships with
the Master LLCs and the Funds, both tangible and intangible, such as
BlackRock’s ability to leverage its investment professionals who manage
other portfolios, an increase in BlackRock’s profile in the investment
advisory community, and the engagement of BlackRock’s affiliates and
significant shareholders as service providers to the Master LLCs and the
Funds, including for administrative, transfer agency and distribution serv-
ices. The Boards also considered BlackRock’s overall operations and its
efforts to expand the scale of, and improve the quality of, its operations.
The Boards also noted that BlackRock may use and benefit from third
party research obtained by soft dollars generated by certain mutual fund
transactions to assist in managing all or a number of its other client
accounts. The Boards further noted that BlackRock completed the acqui-
sition of a complex of exchange-traded funds (“ETFs”) on December 1,
2009, and that BlackRock’s funds may invest in such ETFs without any
offset against the management fees payable by the funds to BlackRock.

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

The Boards noted the competitive nature of the open-end fund market-
place, and that shareholders of each Fund are able to redeem their
Fund shares if they believe that Fund’s and/or the pertinent Master LLC’s
fees and expenses are too high or if they are dissatisfied with the per-
formance of the Fund.

Conclusion

The Boards of the Master LLCs, including the Independent Board
Members, unanimously approved, with respect to each pertinent Master
LLC, the continuation of the Advisory Agreement between the Manager
and the Master LLC for a one-year term ending June 30, 2011 and the
Sub-Advisory Agreement between the Manager and the Sub-Advisor, with
respect to the Master LLC, for a one-year term ending June 30, 2011.
Based upon their evaluation of all of the aforementioned factors in their
totality, the Boards of the Master LLCs, including the Independent Board
Members, were satisfied that the terms of the Agreements were fair and
reasonable and in the best interest of each Master LLC and its share-
holders. The Boards of the Funds, including the Independent Board
Members, also considered the continuation of the Agreements with
respect to each pertinent Master LLC and found the Agreements to be
satisfactory. In arriving at a decision to approve the Agreements, the
Boards of the Master LLCs did not identify any single factor or group
of factors as all-important or controlling, but considered all factors
together, and different Board Members may have attributed different
weights to the various factors considered. The Independent Board
Members were also assisted by the advice of independent legal counsel
in making this determination. The contractual fee arrangements for the
Master LLCs reflect the results of several years of review by the Board
Members and predecessor Board Members, and discussions between
such Board Members (and predecessor Board Members) and
BlackRock. Certain aspects of the arrangements may be the subject of
more attention in some years than in others, and the Board Members’
conclusions may be based in part on their consideration of these
arrangements in prior years.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

23

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Officers and Directors

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

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

Sub-Advisor
BlackRock Institutional Management
Corporation
Wilmington, DE 19809

Custodian
State Street Bank and Trust Company
Boston, MA 02111

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

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

Distributor
BlackRock Investments, LLC
New York, NY 10022

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

Legal Counsel
Sidley Austin LLP
New York, NY 10019

Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809

Effective September 24, 2010, John M. Perlowski became
President and Chief Executive Officer of the Funds/Master LLCs.

24 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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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 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.

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 Portfolio Schedule

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 the
operation of the Public Reference Room 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.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

25

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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.

26 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2010

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#BBIFGOVTR-9/10

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 – Not Applicable to this semi-annual report

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

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

Item 5 – Audit Committee of Listed Registrants – Not Applicable

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

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

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

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

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

Item 11 – Controls and Procedures

11(a) – The registrant’s principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 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 – Not Applicable to this semi-annual report

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.

BIF Treasury Fund and Master Treasury LLC

By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer of
BIF Treasury Fund and Master Treasury LLC

Date: December 1, 2010

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

Date: December 1, 2010

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

Date: December 1, 2010

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