CMTXX Cma Treasury Fund (MM)

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

BlackRock BIF Treasury Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in
BlackRock Master Treasury LLC (the "Master LLC"), which has the same investment objective and strategies as the
Fund. As of June 30, 2010, the value of the investment and the percentage owned by the Fund of the Master LLC
was $1,599,214,741 and 59.4%, respectively.

•The Fund records its investment in the Master LLC at fair value. The Fund’s investment in the Master LLC is valued
pursuant to the pricing policy and procedures approved by the Board of Directors of the Master LLC.

•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 identical 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 Fund's own assumptions 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.

As of June 30, 2010, the Fund's investment in the Master LLC was classified as Level 2.

BIF TREASURY FUND

JUNE 30, 2010

1

Schedule of Investments June 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 inactive 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 identical 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
face value of investments)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Portfolio'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, 2010 in
determining the fair valuation of the Master LLC’s investments:

MASTER TREASURY LLC

JUNE 30, 2010

1

Item 2 – Controls and Procedures

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

2(b) – There were no changes in the registrants' internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants' last fiscal quarter
that have materially affected, or are reasonably likely to materially affect, the registrants'
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, each registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

BIF Treasury Fund and Master Treasury LLC

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BIF Treasury Fund and Master Treasury LLC

Date: August 25, 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 each registrant and in the capacities and on the dates indicated.

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BIF Treasury Fund and Master Treasury LLC

Date: August 25, 2010

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

Date: August 25, 2010

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