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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06196
811-21298

Name of Fund: CMA Treasury Fund and Master Treasury LLC

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: 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: (800) 221-7210

Date of fiscal year end: 03/31/2009

Date of reporting period: 04/01/2008 – 06/30/2008

Item 1 – Schedule of Investments

CMA Treasury Fund              
Schedule of Investments June 30, 2008 (Unaudited)     (Percentages shown are based on Net Assets)  
 
Beneficial              
Interest              
(000)     Mutual Fund         Value  
 
 
 
$ 1,723,375     Master Treasury LLC         $ 1,815,603,607  
 
 
 
    Total Investments (Cost - $1,815,603,607) - 100.0%     1,815,603,607  
    Liabilities in Excess of Other Assets - (0.0%)     (898,732)  
       
    Net Assets - 100.0%         $ 1,814,704,875  
           

    		• Effective April 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of 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 securities
     
     
    		• Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Fund's own assumption used in determining the fair value of investments)
     
      The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report.
     

    The following table summarizes the inputs used as of June 30, 2008 in determining the fair valuation of the Fund's investments:

    Valuation     Investments in  
    Inputs     Securities  
    		 
    Level 1     -  
    Level 2     $ 1,815,603,607  
    Level 3     -  
    		 
    Total     $ 1,815,603,607  
    		 

    Master Treasury LLC                  
    Schedule of Investments June 30, 2008 (Unaudited)         (Percentages shown are based on Net Assets)  
    		 
    		 
          Interest       Maturity     Par      
    Issue       Rate(s)     Date     (000)     Value  
    		 
    		 
    		 
    		 
    U.S. Government Obligations - 108.3%                  
    		 
    		 
    		 
    		 
    U.S. Treasury Bills*       1.21 - 3.192 %     7/03/2008     $ 344,583     $ 344,541,186  
        1.44 - 1.957     7/10/2008     295,332     295,192,472  
        0.90 - 1.85     7/17/2008     253,191     252,975,766  
        1.205 - 2.386     7/24/2008     418,951     418,530,911  
        1.395 - 1.41     7/31/2008     80,000     79,903,513  
        1.801     8/07/2008     68,000     67,870,728  
        1.80     8/14/2008     30,000     29,932,500  
        1.872     8/21/2008     180,000     179,513,280  
        1.89 - 1.897     8/28/2008     281,000     280,129,029  
        1.866 - 1.869     9/04/2008     200,000     199,315,571  
        1.47 - 1.84     9/11/2008     348,000     346,738,669  
        1.841 - 1.85     9/25/2008     123,000     122,451,392  
        1.892 - 1.90     10/02/2008     218,000     216,954,431  
        1.72     10/30/2008     20,000     19,883,422  
        1.941     12/04/2008     30,000     29,746,052  
        2.25     12/26/2008     26,000     25,709,125  
        2.125     1/02/2009     12,000     11,870,375  
    		 
    		 
    		 
    		 
    Total Investments (Cost - $2,921,258,422**) - 108.3%                 2,921,258,422  
    Liabilities in Excess of Other Assets - (8.3%)                 (223,220,897)  
                   
    Net Assets - 100.0%                 $ 2,698,037,525  
                   

    * The interest rates shown reflect the discount rates at the time of purchase.

    ** The cost and unrealized appreciation (depreciation) of investments as of June 30, 2008, as
    computed for federal income tax purposes, were as follows:

    Aggregate cost     $ 2,921,259,855  
       
    Gross unrealized appreciation     -  
    Gross unrealized depreciation     $ (1,433)  
       
    Net unrealized depreciation     $ (1,433)  
       

    1

      Master Treasury LLC
     
      Schedule of Investments June 30, 2008 (Unaudited)
     
    		• Effective April 1, 2008, the Master LLC adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of 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 securities
     
     
    		• Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Master LLC's own assumption used in determining the fair value of investments)
     

    The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Master LLC's policy regarding valuation of investments and other significant accounting policies, please refer to the Master LLC's most recent financial statements as contained in its annual report.

    The following table summarizes the inputs used as of June 30, 2008 in determining the fair valuation of the Master LLC's investments:

    Valuation     Investments in  
    Inputs     Securities  
    		 
    Level 1     -  
    Level 2     $ 2,921,258,422  
    Level 3     -  
    		 
    Total     $ 2,921,258,422  
    		 

    2

    Item 2 – Controls and Procedures

    2(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.

    2(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 registrant’s last fiscal
    quarter that have materially affected, or are reasonably likely to materially affect, the
    registrant’s internal control over financial reporting.

    Item 3 – Exhibits

    Certifications – Attached hereto

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

    CMA Treasury Fund and Master Treasury LLC

    By: /s/ Donald C. Burke
    Donald C. Burke
    Chief Executive Officer of
    CMA Treasury Fund and Master Treasury LLC

    Date: August 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: August 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: August 22, 2008

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