Bbif Treasury Fund NCSRS Certified semi-annual shareholder report (management investment company)

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

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES

Investment Company Act file number 811-21199 and 811-21298

Name of Fund: WCMA 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, WCMA 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 – 09/30/2008

Item 1 – Report to Stockholders

Semi-Annual Report (Unaudited)

September 30, 2008

WCMA Government Securities Fund

WCMA Treasury Fund

Table of Contents

	Page

A Letter to Shareholders	3
Semi-Annual Report:
Disclosure of Expenses	4
Current Seven-Day Yields	4
Fund Financial Statements:
Statements of Assets and Liabilities	5
Statements of Operations	6
Statements of Changes in Net Assets	7
Fund Financial Highlights	8
Fund Notes to Financial Statements	16
Master LLC Portfolio Summary	20
Master LLC Financial Statements:
Schedules of Investments	21
Statements of Assets and Liabilities	24
Statements of Operations	25
Statements of Changes in Net Assets	26
Master LLC Financial Highlights	27
Master LLC Notes to Financial Statements	28
Disclosure of Investment Advisory Agreement and Subadvisory Agreement	30
Officers and Directors	34
Additional Information	35

2 SEMI-ANNUAL REPORT SEPTEMBER 30, 2008

A Letter to Shareholders

Dear Shareholder

It has been a tumultuous period for investors, marked by almost daily headlines related to the housing market turmoil, volatile energy prices, and the

escalating credit crisis. The news took an extraordinarily heavy tone in September as the credit crisis boiled over and triggered unprecedented failures

and consolidation in the financial sector, stoking fears of a market and economic collapse and prompting the largest government rescue plan since

the Great Depression.

Through it all, the Federal Reserve Board (the “Fed”) has taken decisive action to restore liquidity and bolster financial market stability. Key moves

included slashing the target federal funds rate 275 basis points (2.75%) between October 2007 and April 2008 and providing massive cash injections

and lending programs. As the credit crisis took an extreme turn for the worse, the Fed, in concert with five other global central banks, cut interest rates

by 50 basis points in early October in a rare move intended to stave off worldwide economic damage from the intensifying financial market turmoil.

The U.S. economy managed to grow at a slow-but-positive pace through the second quarter of the year, though recent events almost certainly portend

a global economic recession.

Against this backdrop, U.S. stocks experienced intense volatility and generally posted losses for the current reporting period, with small-cap stocks

faring noticeably better than their larger counterparts. Non-U.S. markets followed the U.S. on the way down and, notably, decelerated at a faster pace

than domestic equities — a stark reversal of recent years’ trends, when international stocks generally outpaced U.S. stocks.

Treasury securities also traded in a volatile fashion, but rallied overall (yields fell and prices correspondingly rose) amid an ongoing flight to quality.

The yield on 10-year Treasury issues, which fell to 3.34% in March, climbed to the 4.20% range in mid-June as investors temporarily shifted out of

Treasury issues in favor of riskier assets (such as stocks and other high-quality fixed income sectors), then declined again to 3.85% by period-end as

the financial market contagion widened. Tax-exempt issues underperformed overall, as problems among municipal bond insurers and the collapse in

the market for auction rate securities pressured the group throughout the course of the past year. At the same time, the above mentioned economic

headwinds and malfunctioning credit markets led to considerable weakness in the high yield sector.

Facing unprecedented volatility and macro pressures, the major benchmark indexes generally recorded losses over the six- and 12-month

reporting periods:

Total Returns as of September 30, 2008	6-month	12-month

U.S. equities (S&P 500 Index)	(10.87)%	(21.98)%

Small cap U.S. equities (Russell 2000 Index)	(0.54)	(14.48)

International equities (MSCI Europe, Australasia, Far East Index)	(22.35)	(30.50)

Fixed income (Barclays Capital U.S. Aggregate Index)*	(1.50)	3.65

Tax-exempt fixed income (Barclays Capital Municipal Bond Index)*	(2.59)	(1.87)

High yield bonds (Barclays Capital U.S. Corporate High Yield 2% Issuer Capped Index)*	(6.77)	(10.51)

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

Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For our most current

views 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 investments, and we look forward to continuing to serve you in the months and years ahead.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Disclosure of Expenses

Shareholders of the Funds 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,
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, 2008 and held through September 30, 2008)
is intended to assist shareholders both in calculating expenses based on
an investment in the Funds 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 Funds’ 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’ share-
holder 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 owning
different funds. If these transactional expenses were included, shareholder
expenses would have been higher.

Expense Example


		Actual			Hypothetical²

	Beginning	Ending		Beginning	Ending
	Account Value	Account Value	Expenses Paid	Account Value	Account Value	Expenses Paid
	April 1, 2008	September 30, 2008	During the Period¹	April 1, 2008	September 30, 2008	During the Period¹

WCMA Government Securities Fund
Class 1	$1,000	$1,001.60	$7.88	$1,000	$1,017.23	$7.94
Class 2	$1,000	$1,004.70	$4.87	$1,000	$1,020.24	$4.91
Class 3	$1,000	$1,006.40	$3.22	$1,000	$1,021.89	$3.24
Class 4	$1,000	$1,006.40	$3.22	$1,000	$1,021.89	$3.24
WCMA Treasury Fund
Class 1	$1,000	$1,001.20	$7.02	$1,000	$1,018.08	$7.08
Class 2	$1,000	$1,003.90	$4.62	$1,000	$1,020.49	$4.66
Class 3	$1,000	$1,005.70	$2.82	$1,000	$1,022.29	$2.84
Class 4	$1,000	$1,005.70	$2.82	$1,000	$1,022.29	$2.84

¹For each class of WCMA Government Securities Fund, expenses are equal to the annualized expense ratio for the class (1.57% for Class 1, 0.97%, for Class 2, 0.64% for
Class 3 and 0.64% for Class 4), and for each class of WCMA Treasury Fund, expenses are equal to the annualized expense ratio for the class (1.40% for Class 1, 0.92% for
Class 2, 0.56% for Class 3 and 0.56% for Class 4), 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 feeder fund and the master fund in which it invests.
²Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.

Current Seven-Day Yields


	WCMA	WCMA
	Government	Treasury
As of September 30, 2008	Securities Fund	Fund

Class 1	0.07%	0.07%
Class 2	0.48%	0.10%
Class 3	0.81%	0.44%
Class 4	0.81%	0.44%

4 SEMI-ANNUAL REPORT SEPTEMBER 30, 2008

Statements of Assets and Liabilities

	WCMA	WCMA
	Government	Treasury
September 30, 2008 (Unaudited)	Securities Fund	Fund

Assets

Investments at value — Master Government Securities LLC and Master Treasury LLC (individually “Government LLC” and
“Treasury LLC,” or collectively the “Master LLCs”), respectively¹	$ 512,579,763	$1,566,630,198
Capital shares sold receivable	2,003,660	—
Receivable from investment advisor	128,854	—
Withdrawals receivable from Master LLCs	—	466
Prepaid expenses	26,764	41,166
Other assets	155,820	121,078

Total assets	514,894,861	1,566,792,908

Liabilities

Contributions payable to Master LLCs	2,003,660	—
Administration fees payable	98,129	236,777
Distribution fees payable	183,241	153,349
Other affiliates payable	1,736	5,812
Officer’s and Directors’ fees payable	45	75
Capital shares redeemed payable	—	466

Total liabilities	2,286,811	396,479

Net Assets	$ 512,608,050	$1,566,396,429

Net Assets Consist of

Class 1, $0.10 par value per share, unlimited number of shares authorized	$ 899,409	$ 4,630,250
Class 2, $0.10 par value per share, unlimited number of shares authorized	8,368,177	23,713,152
Class 3, $0.10 par value per share, unlimited number of shares authorized	16,617,757	64,242,987
Class 4, $0.10 par value per share, unlimited number of shares authorized	25,371,655	64,046,759
Paid-in capital in excess of par	461,312,983	1,409,698,334
Accumulated net realized gain allocated from the Master LLCs	38,069	64,947

Net Assets	$ 512,608,050	$1,566,396,429

Net Assets Value

Class 1:
Net assets	$ 8,994,794	$ 46,304,173

Shares outstanding	8,994,093	46,302,500

Net asset value	$ 1.00	$ 1.00

Class 2:
Net assets	$ 83,688,175	$ 237,142,011

Shares outstanding	83,681,774	237,131,520

Net asset value	$ 1.00	$ 1.00

Class 3:
Net assets	$ 166,190,503	$ 642,453,533

Shares outstanding	166,177,568	642,429,873

Net asset value	$ 1.00	$ 1.00

Class 4:
Net assets	$ 253,734,578	$ 640,496,712

Shares outstanding	253,716,548	640,467,590

Net asset value	$ 1.00	$ 1.00

¹Investments at cost — affiliated	$ 512,579,763	$1,566,630,198

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Statements of Operations

	WCMA	WCMA
	Government	Treasury
Six Months Ended September 30, 2008 (Unaudited)	Securities Fund	Fund

Investment Income

Income from affiliates	$ 16,356	$ 1,535
Net investment income allocated from the Master LLCs:
Interest	4,834,815	8,440,164
Expenses	(586,312)	(867,232)

Total income	4,264,859	7,574,467

Expenses

Administration	635,602	1,267,468
Service and distribution — Class 1	56,885	87,421
Service and distribution — Class 2	277,010	501,058
Service and distribution — Class 3	304,410	701,573
Service and distribution — Class 4	457,643	844,363
Registration	199,245	190,581
Transfer agent — Class 1	2,639	3,364
Transfer agent — Class 2	3,573	5,640
Transfer agent — Class 3	2,249	4,144
Transfer agent — Class 4	2,728	4,082
Printing	17,414	16,653
Professional	10,762	13,640
Officer and Directors	108	331
Miscellaneous	6,544	5,437

Total expenses	1,976,812	3,645,755
Less fees waived by administrator	(740,850)	(1,332,678)

Total expenses after waiver	1,235,962	2,313,077

Net investment income	3,028,897	5,261,390

Realized Gain Allocated from the Master LLCs

Net realized gain from investments	4,894	6,734

Net Increase in Net Assets Resulting from Operations	$ 3,033,791	$ 5,268,124

See Notes to Financial Statements.

6 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Statements of Changes in Net Assets

	WCMA		WCMA
	Government		Treasury
	Securities Fund		Fund

	Six Months Ended		Six Months Ended
	September 30,	Year Ended	September 30,	Year Ended
	2008	March 31,	2008	March 31,
Increase (Decrease) in Net Assets:	(Unaudited)	2008	(Unaudited)	2008

Operations

Net investment income	$ 3,028,897	$ 17,111,582	$ 5,261,390	$ 19,662,846
Net realized gain	4,894	31,548	6,734	55,011
Net change in unrealized appreciation/depreciation	—	289,536	—	51,414

Net increase in net assets resulting from operations	3,033,791	17,432,666	5,268,124	19,769,271


Dividends to Shareholders From

Net investment income:
Class 1	(19,809)	(315,273)	(19,949)	(372,698)
Class 2	(391,111)	(2,758,865)	(563,937)	(3,381,360)
Class 3	(1,043,103)	(6,009,348)	(2,111,442)	(7,701,692)
Class 4	(1,574,874)	(8,028,096)	(2,566,062)	(8,207,096)

Decrease in net assets resulting from dividends to shareholders	(3,028,897)	(17,111,582)	(5,261,390)	(19,662,846)


Capital Share Transactions

Net increase in net assets derived from share transactions	2,711,085	48,665,561	515,748,475	638,946,525


Net Assets

Total increase in net assets	2,715,979	48,986,645	515,755,209	639,052,950
Beginning of period	509,892,071	460,905,426	1,050,641,220	411,588,270

End of period	$ 512,608,050	$ 509,892,071	$1,566,396,429	$1,050,641,220

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Financial Highlights					WCMA Government Securities Fund

				Class 1
	Six Months Ended
	September 30,
	2008			Year Ended March 31,
	(Unaudited)		2008	2007	2006	2005	2004

Per Share Operating Performance

Net asset value, beginning of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00	$ 1.00	$ 1.00

Net investment income	0.0016		0.0274	0.0351	0.0199	0.0027	0.0004
Net realized and unrealized gain (loss)	0.0000¹		0.0013	0.0003	0.0001	(0.0012)	(0.0002)

Net increase from investment operations	0.0016		0.0287	0.0354	0.0200	0.0015	0.0002

Dividends and distributions from:
Net investment income	(0.0016)		(0.0274)	(0.0351)	(0.0199)	(0.0027)	(0.0004)
Net realized gain	—		—	(0.0000)²	(0.0000)²	(0.0000)²	(0.0001)

Total dividends and distributions	(0.0016)		(0.0274)	(0.0351)	(0.0199)	(0.0027)	(0.0005)

Net asset value, end of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00	$ 1.00	$ 1.00


Total Investment Return


Total investment return	0.16%³		2.77%	3.55%	2.01%	0.27%	0.05%


Ratios to Average Net Assets⁴


Total expenses after waiver	1.57%⁵		1.62%	1.59%	1.59%	1.41%	1.09%

Total expenses	1.58%⁵		1.62%	1.59%	1.59%	1.60%	1.58%

Net investment income	0.33%⁵		2.68%	3.51%	1.99%	0.24%	0.04%


Supplemental Data

Net assets, end of period (000)	$ 8,995	$ 10,544		$ 11,122	$ 18,837	$ 16,718	$ 22,260

¹Amount is less than $0.0001 per share.
²Amount is less than $(0.0001) per share.
³Aggregate total investment return.
⁴Includes the Fund’s share of the Government LLC’s allocated expenses and/or net investment income.
⁵Annualized.

See Notes to Financial Statements.

8 SEMI-ANNUAL REPORT SEPTEMBER 30, 2008

Financial Highlights (continued)				WCMA Government Securities Fund

			Class 2
	Six Months Ended
	September 30,
	2008		Year Ended March 31,
	(Unaudited)	2008	2007	2006	2005	2004

Per Share Operating Performance

Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00

Net investment income	0.0047	0.0336	0.0407	0.0259	0.0070	0.0015
Net realized and unrealized gain (loss)	0.0000¹	0.0011	0.0004	0.0001	(0.0011)	(0.0001)

Net increase from investment operations	0.0047	0.0347	0.0411	0.0260	0.0059	0.0014

Dividends and distributions from:
Net investment income	(0.0047)	(0.0336)	(0.0407)	(0.0259)	(0.0070)	(0.0015)
Net realized gain	—	—	(0.0000)²	(0.0000)²	(0.0000)²	(0.0001)

Total dividends and distributions	(0.0047)	(0.0336)	(0.0407)	(0.0259)	(0.0070)	(0.0016)

Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00


Total Investment Return


Total investment return	0.47%³	3.41%	4.13%	2.63%	0.70%	0.16%


Ratios to Average Net Assets⁴


Total expenses after waiver	0.97%⁵	1.00%	1.03%	0.99%	0.98%	0.97%

Total expenses	1.25%⁵	1.26%	1.28%	1.27%	1.28%	1.26%

Net investment income	0.95%⁵	3.32%	4.07%	2.58%	0.68%	0.15%


Supplemental Data

Net assets, end of period (000)	$ 83,688	$ 88,881	$ 82,655	$ 115,872	$ 119,718	$ 137,566

¹Amount is less than $0.0001 per share.
²Amount is less than $(0.0001) per share.
³Aggregate total investment return.
⁴Includes the Fund’s share of the Government LLC’s allocated expenses and/or net investment income.
⁵Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2008 9

Financial Highlights (continued)						WCMA Government Securities Fund

				Class 3
	Six Months Ended
	September 30,
	2008			Year Ended March 31,
	(Unaudited)		2008	2007		2006		2005	2004

Per Share Operating Performance

Net asset value, beginning of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00

Net investment income	0.0064		0.0368	0.0439		0.0291		0.0102	0.0047
Net realized and unrealized gain (loss)	0.0000¹		0.0010	0.0004		0.0001		(0.0010)	(0.0001)

Net increase from investment operations	0.0064		0.0378	0.0443		0.0292		0.0092	0.0046

Dividends and distributions from:
Net investment income	(0.0064)		(0.0368)	(0.0439)		(0.0291)		(0.0102)	(0.0047)
Net realized gain	—		—	(0.0000)²		(0.0000)²		(0.0000)²	(0.0001)

Total dividends and distributions	(0.0064)		(0.0368)	(0.0439)		(0.0291)		(0.0102)	(0.0048)

Net asset value, end of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00


Total Investment Return


Total investment return	0.64%³		3.74%	4.47%		2.96%		1.03%	0.48%


Ratios to Average Net Assets⁴


Total expenses after waiver	0.64%⁵		0.68%	0.71%		0.67%		0.66%	0.65%

Total expenses	0.95%⁵		0.96%	0.98%		0.97%		0.98%	0.96%

Net investment income	1.27%⁵		3.67%	4.41%		2.88%		1.01%	0.48%


Supplemental Data

Net assets, end of period (000)	$ 166,191	$ 154,833		$ 158,327	$ 158,500		$ 193,195		$ 224,278

¹Amount is less than $0.0001 per share.
²Amount is less than $(0.0001) per share.
³Aggregate total investment return.
⁴Includes the Fund’s share of the Government LLC’s allocated expenses and/or net investment income.
⁵Annualized.

See Notes to Financial Statements.

10 SEMI-ANNUAL REPORT SEPTEMBER 30, 2008

Financial Highlights (continued)						WCMA Government Securities Fund

				Class 4
	Six Months Ended
	September 30,
	2008			Year Ended March 31,
	(Unaudited)		2008	2007		2006		2005	2004

Per Share Operating Performance

Net asset value, beginning of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00

Net investment income	0.0064		0.0368	0.0439		0.0291		0.0102	0.0047
Net realized and unrealized gain (loss)	0.0000¹		0.0003	0.0003		0.0002		(0.0012)	0.0000¹

Net increase from investment operations	0.0064		0.0371	0.0442		0.0293		0.0090	0.0047

Dividends and distributions from:
Net investment income	(0.0064)		(0.0368)	(0.0439)		(0.0291)		(0.0102)	(0.0047)
Net realized gain	—		—	(0.0000)²		(0.0000)²		(0.0000)²	(0.0000)²

Total dividends and distributions	(0.0064)		(0.0368)	(0.0439)		(0.0291)		(0.0102)	(0.0047)

Net asset value, end of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00


Total Investment Return


Total investment return	0.64%³		3.74%	4.47%		2.96%		1.03%	0.47%


Ratios to Average Net Assets⁴


Total expenses after waiver	0.64%⁵		0.68%	0.71%		0.67%		0.66%	0.65%

Total expenses	0.94%⁵		0.95%	0.98%		0.98%		0.97%	0.96%

Net investment income	1.27%⁵		3.59%	4.41%		3.10%		0.91%	0.48%


Supplemental Data

Net assets, end of period (000)	$ 253,735	$ 255,634		$ 208,801	$ 207,778		$ 81,344		$ 157,203

¹Amount is less than $0.0001 per share.
²Amount is less than $(0.0001) per share.
³Aggregate total investment return.
⁴Includes the Fund’s share of the Government LLC’s allocated expenses and/or net investment income.
⁵Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2008 11

Financial Highlights (continued)								WCMA Treasury Fund

				Class 1
	Six Months Ended
	September 30,
	2008			Year Ended March 31,
	(Unaudited)		2008	2007		2006		2005	2004

Per Share Operating Performance

Net asset value, beginning of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00

Net investment income	0.0012		0.0251	0.0331		0.0184		0.0025	0.0003
Net realized and unrealized gain (loss)	0.0000¹		0.0006	0.0002		0.0002		(0.0004)	(0.0002)

Net increase from investment operations	0.0012		0.0257	0.0333		0.0186		0.0021	0.0001

Dividends and distributions from:
Net investment income	(0.0012)		(0.0251)	(0.0331)		(0.0184)		(0.0025)	(0.0003)
Net realized gain	—		—	(0.0000)²		(0.0001)		(0.0000)²	(0.0001)

Total dividends and distributions	(0.0012)		(0.0251)	(0.0331)		(0.0185)		(0.0025)	(0.0004)

Net asset value, end of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00


Total Investment Return


Total investment return	0.12%³		2.53%	3.35%		1.87%		0.26%	0.04%


Ratios to Average Net Assets⁴


Total expenses after waiver	1.40%⁵		1.53%	1.57%		1.55%		1.32%	0.96%

Total expenses	1.48%⁵		1.53%	1.57%		1.55%		1.56%	1.58%

Net investment income	0.23%⁵		2.29%	3.32%		3.82%		0.25%	0.04%


Supplemental Data

Net assets, end of period (000)	$ 46,304	$ 33,561		$ 14,251	$ 17,407		$ 23,145		$ 26,768

¹Amount is less than $0.0001 per share.
²Amount is less than $(0.0001) per share.
³Aggregate total investment return.
⁴Includes the Fund’s share of the Treasury LLC’s allocated expenses and/or net investment income.
⁵Annualized.

See Notes to Financial Statements.

12 SEMI-ANNUAL REPORT SEPTEMBER 30, 2008

Financial Highlights (continued)								WCMA Treasury Fund

				Class 2

	Six Months Ended
	September 30,
	2008			Year Ended March 31,
	(Unaudited)		2008	2007		2006		2005	2004

Per Share Operating Performance

Net asset value, beginning of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00

Net investment income	0.0039		0.0307	0.0385		0.0241		0.0060	0.0007
Net realized and unrealized gain (loss)	0.0000¹		0.0003	0.0003		0.0001		(0.0004)	0.0000¹

Net increase from investment operations	0.0039		0.0310	0.0388		0.0242		0.0056	0.0007

Dividends and distributions from:
Net investment income	(0.0039)		(0.0307)	(0.0385)		(0.0241)		(0.0060)	(0.0007)
Net realized gain	—		—	(0.0000)²		(0.0001)		(0.0000)²	(0.0001)

Total dividends and distributions	(0.0039)		(0.0307)	(0.0385)		(0.0242)		(0.0060)	(0.0008)

Net asset value, end of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00


Total Investment Return


Total investment return	0.39%³		3.10%	3.91%		2.45%		0.61%	0.08%


Ratios to Average Net Assets⁴


Total expenses after waiver	0.92%⁵		0.98%	1.04%		0.98%		0.99%	0.92%

Total expenses	1.14%⁵		1.21%	1.26%		1.24%		1.24%	1.25%

Net investment income	0.75%⁵		2.98%	3.85%		2.42%		0.59%	0.08%


Supplemental Data

Net assets, end of period (000)	$ 237,142	$ 141,916		$ 98,905	$ 118,142		$ 123,994		$ 157,800

¹Amount is less than $0.0001 per share.
²Amount is less than $(0.0001) per share.
³Aggregate total investment return.
⁴Includes the Fund’s share of the Treasury LLC’s allocated expenses and/or net investment income.
⁵Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2008 13

Financial Highlights (continued)								WCMA Treasury Fund

				Class 3

	Six Months Ended
	September 30,
	2008			Year Ended March 31,
	(Unaudited)		2008	2007		2006		2005	2004

Per Share Operating Performance

Net asset value, beginning of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00

Net investment income	0.0056		0.0343	0.0421		0.0277		0.0094	0.0035
Net realized and unrealized gain (loss)	0.0000¹		0.0002	0.0003		0.0001		(0.0004)	0.0000¹

Net increase from investment operations	0.0056		0.0345	0.0424		0.0278		0.0090	0.0035

Dividends and distributions from:
Net investment income	(0.0056)		(0.0343)	(0.0421)		(0.0277)		(0.0094)	(0.0035)
Net realized gain	—		—	(0.0000)²		(0.0001)		(0.0000)²	(0.0001)

Total dividends and distributions	(0.0056)		(0.0343)	(0.0421)		(0.0278)		(0.0094)	(0.0036)

Net asset value, end of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00


Total Investment Return


Total investment return	0.57%³		3.48%	4.28%		2.81%		0.95%	0.36%


Ratios to Average Net Assets⁴


Total expenses after waiver	0.56%⁵		0.62%	0.68%		0.63%		0.65%	0.64%

Total expenses	0.83%⁵		0.89%	0.96%		0.94%		0.94%	0.95%

Net investment income	1.10%⁵		3.22%	4.23%		2.80%		0.95%	0.36%


Supplemental Data

Net assets, end of period (000)	$ 642,454	$ 375,727		$ 171,739	$ 167,197		$ 162,092		$ 168,710

¹Amount is less than $0.0001 per share.
²Amount is less than $(0.0001) per share.
³Aggregate total investment return.
⁴Includes the Fund’s share of the Treasury LLC’s allocated expenses and/or net investment income.
⁵Annualized.

See Notes to Financial Statements.

14 SEMI-ANNUAL REPORT SEPTEMBER 30, 2008

Financial Highlights (concluded)								WCMA Treasury Fund

				Class 4

	Six Months Ended
	September 30,
	2008			Year Ended March 31,
	(Unaudited)		2008	2007		2006		2005	2004

Per Share Operating Performance

Net asset value, beginning of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00

Net investment income	0.0056		0.0343	0.0421		0.0277		0.0094	0.0035
Net realized and unrealized gain (loss)	0.0000¹		0.0001	0.0002		0.0001		(0.0003)	0.0000¹

Net increase from investment operations	0.0056		0.0344	0.0423		0.0278		0.0091	0.0035

Dividends and distributions from:
Net investment income	(0.0056)		(0.0343)	(0.0421)		(0.0277)		(0.0094)	(0.0035)
Net realized gain	—		—	(0.0000)²		(0.0001)		(0.0000)²	(0.0001)

Total dividends and distributions	(0.0056)		(0.0343)	(0.0421)		(0.0278)		(0.0094)	(0.0036)

Net asset value, end of period	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00		$ 1.00


Total Investment Return


Total investment return	0.57%³		3.48%	4.28%		2.81%		0.95%	0.36%


Ratios to Average Net Assets⁴


Total expenses after waiver	0.56%⁵		0.61%	0.68%		0.63%		0.65%	0.65%

Total expenses	0.83%⁵		0.89%	0.95%		0.93%		0.93%	0.96%

Net investment income	1.11%⁵		3.06%	4.24%		2.86%		0.91%	0.36%


Supplemental Data

Net assets, end of period (000)	$ 640,497	$ 499,438		$ 126,693	$ 88,886		$ 57,539		$ 88,849

¹	Amount is less than $0.0001 per share.

²	Amount is less than $(0.0001) per share.

³	Aggregate total investment return.

⁴	Includes the Fund’s share of the Treasury LLC’s allocated expenses and/or net investment income.

⁵	Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

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

1. Significant Accounting Policies:

WCMA Government Securities Fund and WCMA Treasury Fund (the
“Funds” or individually the “Fund”) are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), as no load,
diversified, open-end management investment companies. WCMA
Government Securities Fund and WCMA Treasury Fund seek to achieve
their investment objectives by investing all of their assets in Master
Government Securities LLC and Master Treasury LLC (individually
“Government LLC” and “Treasury LLC,” or collectively the “Master LLCs”),
respectively, each of which has the same investment objective and strate-
gies as the related Fund. The value of each Fund’s investment in the
related Master LLC reflects each Fund’s proportionate interest in the
net assets of the respective Master LLC. The performance of each Fund
is directly affected by the performance of the related Master LLC. 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 Funds’ financial
statements are prepared in conformity with accounting principles gener-
ally 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 percentages of Government LLC and Treasury
LLC owned by WCMA Government Securities Fund and WCMA Treasury
Fund at September 30, 2008 were 39.2% and 24.5%, respectively. The
Funds are divided into four classes, designated Class 1, Class 2, Class 3
and Class 4. Each Class 1, Class 2, Class 3 and Class 4 share repre-
sents interests in the same assets of the Funds and has identical voting,
dividend, liquidation and other rights and the same terms and condi-
tions, except that each class bears certain expenses related to service
and the distribution of such shares and the additional incremental trans-
fer agency costs resulting from the conversion of shares and has exclu-
sive voting with respect to matters relating to such shareholder servicing
and distribution expenditures.

The following is a summary of significant accounting policies followed by
the Funds:

Valuation of Investments: The Funds record their investment in the appli-
cable Master LLC at fair value. Valuation of securities held by the Master
LLCs is discussed in Note 1 of the Master LLCs’ Notes to Financial
Statements, which are included elsewhere in this report. The Funds seek
to maintain the net asset value per share at $1.00, although there is no
assurance that it will be able to do so on a continuing basis.

Effective April 1, 2008, each 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 measure-
ments. Various inputs are used in determining the fair value of invest-
ments, 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 avail-}
able in the circumstance, to the extent observable inputs are not
available (including a Fund’s own assumption used in determining
the fair value of investments)

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

	Investments in Securities


	WCMA
	Government	WCMA
	Securities	Treasury
Valuation Inputs	Fund	Fund

Level 1	—	—
Level 2	$ 512,579,763	$1,566,630,198
Level 3	—	—

Total	$ 512,579,763	$1,566,630,198

Investment Transactions and Net Investment Income: Investment trans-
actions in the Master LLCs are accounted for on a trade date basis.
The Funds record daily their proportionate share of the related Master
LLC’s income, expenses and realized gains and losses. In addition, the
Funds accrue their own income and expenses. Income and realized
gains and losses on investments are allocated daily to each class based
on its relative net assets.

Dividends and Distributions to Shareholders: Dividends from net
investment income are declared and reinvested daily and paid
monthly. Distributions of realized gains, if any, are recorded on the
ex-dividend dates.

Income Taxes: It is each Fund’s policy to comply with the requirements
of the Internal Revenue Code applicable to regulated investment compa-
nies and to distribute substantially all of its taxable income to its share-
holders. Therefore, no federal income tax provision is required.

16 SEMI-ANNUAL REPORT SEPTEMBER 30, 2008

Notes to Financial Statements (continued) WCMA Government Securities Fund and WCMA Treasury Fund

The Funds file U.S. federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Funds’ U.S. federal tax returns remains open for the years
ended March 31, 2005 through March 31, 2007. The statute of limita-
tions on the Funds’ state and local tax returns may remain open for an
additional year depending upon the jurisdiction.

Recent Accounting Pronouncement: 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. FAS 161 is intended to improve
financial reporting for derivative instruments by requiring enhanced dis-
closure that enables investors to understand how and why an entity uses
derivatives, how derivatives are accounted for, and how derivative instru-
ments affect an entity’s results of operations and financial position. In
September 2008, FASB Staff Position No. 133-1 and FASB Interpretation
No. 45-4 (the “FSP”), “Disclosures about Credit Derivatives and Certain
Guarantees: An Amendment of FASB Statement No. 133 and FASB
Interpretation No. 45; and Clarification of the Effective Date of FASB
Statement No. 161” was issued and is effective for fiscal years and inter-
im periods ending after November 15, 2008. The FSP amends FASB
Statement No. 133, “Accounting for Derivative Instruments and Hedging
Activities,” to require disclosures by sellers of credit derivatives, including
credit derivatives embedded in hybrid instruments. The FSP also clarifies
the effective date of FAS 161, whereby disclosures required by FAS 161
are effective for financial statements issued for fiscal years and interim
periods beginning after November 15, 2008. The impact on the Funds’
financial statement disclosures, if any, is currently being assessed.

Other: Expenses directly related to each Fund or its classes are
charged to that Fund or class. Other operating expenses shared by
several funds are pro-rated among those funds on the basis of relative
net assets or other appropriate methods. Other expenses of the Funds
are allocated daily to each class based on its relative net assets or
other appropriate methods.

2. Transactions with Affiliates:

The Funds have 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, each
Fund pays the Administrator a monthly fee at an annual rate of 0.25%
of the average daily value of each Fund’s net assets. Merrill Lynch & Co.,
Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. (“PNC”)
are principal owners of BlackRock, Inc.

The Funds have also 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.

Pursuant to the Distribution Plan adopted by each Fund in accordance
with Rule 12b-1 under the 1940 Act, each Fund pays MLPF&S ongoing
service and distribution fees. The fees are accrued daily and paid
monthly at annual rates based upon the average daily net assets of
the shares of the Funds as follows:

	Service	Distribution
	Fee	Fee

Class 1	0.25%	0.750%
Class 2	0.25%	0.425%
Class 3	0.25%	0.125%
Class 4	0.25%	0.125%

The ongoing service and/or distribution fee compensates MLPF&S
for providing shareholder servicing and/or distribution related services
to shareholders. The Funds have entered into a contractual arrangement
with the Administrator and MLPF&S to waive and/or reimburse a portion
of each Fund’s fees and expenses to ensure that the net expenses for
WCMA Government Securities Fund’s Class 2 Shares is 0.32% higher
than that of CMA Government Securities Fund and the net expenses for
WCMA Treasury Fund’s Class 2 Shares is 0.35% higher than that of CMA
Treasury Fund. In addition, the net expenses of the Class 3 and Class 4
Shares of each Fund are equal to those of CMA Government Securities
Fund and CMA Treasury Fund, as applicable. The fee/expense waiver or
reimbursement includes service and distribution fees. This arrangement
has a one-year term and is renewable. For the six months ended
September 30, 2008, MLPF&S earned and waived fees for each Fund
as follows, which are shown as fees waived by administrator on the
Statements of Operations:

	Fees	Fees
	Earned	Waived

WCMA Government Securities Fund	$1,095,948	$ 740,850
WCMA Treasury Fund	$2,134,415	$1,332,678

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 Funds from FDS based on the difference,
if any, between estimated and actual daily share activity, which results in
uninvested net proceeds from sales of Fund shares. This is shown as
income from affiliates on the Statements of Operations.

Certain officers and/or directors of the Funds are officers and/or directors
of BlackRock, Inc. or its affiliates. The Funds reimburse the Administrator
for compensation paid to the Funds’ Chief Compliance Officer.

SEMI-ANNUAL REPORT SEPTEMBER 30, 2008 17

Notes to Financial Statements (continued)		WCMA Government Securities Fund and WCMA Treasury Fund

3. Capital Share Transactions:
Transactions in shares for each class were as follows:
	Six Months Ended		Year Ended
	September 30, 2008		March 31, 2008

WCMA Government Securities Fund	Shares	Amount	Shares	Amount

Class 1

Shares sold	145,798,149	$ 145,798,149	121,626,056	$ 121,626,056
Shares issued to shareholders in reinvestment of dividends	19,809	19,809	315,273	315,273

Total issued	145,817,958	145,817,958	121,941,329	121,941,329
Shares redeemed	(147,366,678)	(147,366,678)	(122,533,816)	(122,533,816)

Net decrease	(1,548,720)	$ (1,548,720)	(592,487)	$ (592,487)


Class 2

Shares sold	200,636,750	$ 200,636,750	527,715,700	$ 527,715,700
Shares issued to shareholders in reinvestment of dividends	391,111	391,111	2,758,865	2,758,865

Total issued	201,027,861	201,027,861	530,474,565	530,474,565
Shares redeemed	(206,221,408)	(206,221,408)	(524,336,137)	(524,336,137)

Net increase (decrease)	(5,193,547)	$ (5,193,547)	6,138,428	$ 6,138,428


Class 3

Shares sold	569,318,964	$ 569,318,964	1,037,700,677	$ 1,037,700,677
Shares issued to shareholders in reinvestment of dividends	1,043,103	1,043,103	6,009,348	6,009,348

Total issued	570,362,067	570,362,067	1,043,710,025	1,043,710,025
Shares redeemed	(559,007,032)	(559,007,032)	(1,047,361,189)	(1,047,361,189)

Net increase (decrease)	11,355,035	$ 11,355,035	(3,651,164)	$ (3,651,164)


Class 4

Shares sold	715,921,866	$ 715,921,866	1,722,710,820	$ 1,722,710,820
Shares issued to shareholders in reinvestment of dividends	1,574,874	1,574,874	8,028,096	8,028,096

Total issued	717,496,740	717,496,740	1,730,738,916	1,730,738,916
Shares redeemed	(719,398,423)	(719,398,423)	(1,683,968,132)	(1,683,968,132)

Net increase (decrease)	(1,901,683)	$ (1,901,683)	46,770,784	$ 46,770,784

18 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

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



	Six Months Ended		Year Ended
	September 30, 2008		March 31, 2008

WCMA Treasury Fund	Shares	Amount	Shares		Amount

Class 1

Shares sold	224,099,975	$ 224,099,975	325,720,232	$ 325,720,232
Shares issued to shareholders in reinvestment of dividends	19,949	19,949	372,698		372,698

Total issued	224,119,924	224,119,924	326,092,930		326,092,930
Shares redeemed	(211,377,441)	(211,377,441)	(306,790,960)		(306,790,960)

Net increase	12,742,483	$ 12,742,483	19,301,970	$ 19,301,970


Class 2

Shares sold	542,533,072	$ 542,533,072	655,086,353	$ 655,086,353
Shares issued to shareholders in reinvestment of dividends	563,937	563,937	3,381,360		3,381,360

Total issued	543,097,009	543,097,009	658,467,713		658,467,713
Shares redeemed	(447,872,097)	(447,872,097)	(615,487,930)		(615,487,930)

Net increase	95,224,912	$ 95,224,912	42,979,783	$ 42,979,783


Class 3

Shares sold	1,876,706,206	$ 1,876,706,206	2,051,372,888	$ 2,051,372,888
Shares issued to shareholders in reinvestment of dividends	2,111,442	2,111,442	7,701,692		7,701,692

Total issued	1,878,817,648	1,878,817,648	2,059,074,580	2,059,074,580
Shares redeemed	(1,612,093,709)	(1,612,093,709)	(1,855,118,228)	(1,855,118,228)

Net increase	266,723,939	$ 266,723,939	203,956,352	$ 203,956,352


Class 4

Shares sold	2,217,213,969	$ 2,217,213,969	3,141,057,047	$ 3,141,057,047
Shares issued to shareholders in reinvestment of dividends	2,566,062	2,566,062	8,207,096		8,207,096

Total issued	2,219,780,031	2,219,780,031	3,149,264,143	3,149,264,143
Shares redeemed	(2,078,722,890)	(2,078,722,890)	(2,776,555,723)	(2,776,555,723)

Net increase	141,057,141	$ 141,057,141	372,708,420	$ 372,708,420

4. Subsequent Events:

On September 15, 2008, Bank of America Corporation announced that it has agreed to acquire Merrill Lynch, one of the principal owners of BlackRock, Inc. The purchase has been approved by the directors of both companies. Subject to shareholder and regulatory approvals, the transaction is expected to close on or before December 31, 2008.

Effective October 1, 2008, BlackRock Investments, Inc., an affiliate of the Administrator, replaced MLPF&S as the sole distributor of the Funds. The service and distribution fees will not change as a result of this transaction.

On October 9, 2008, the Board approved the Funds’ participation in the U.S. Treasury Department Temporary Guarantee Program for Money Market Funds (the “Program”). As a result of the Funds’ participating in the Program, shareholders will have Federal insurance up to the lesser of the amount of a shareholder’s balance in the Funds as of the close of business on September 19, 2008, or the amount held in the Funds on the date that a claim is filed for payment under the Program. Any increase in the number of shares in a shareholder’s balance after the close of business on September 19, 2008 and any future investments after a shareholder has closed their account will not be guaranteed.

As a participant of the program, which expires December 18, 2008, the Funds have paid a participation fee of 0.01% of the Funds’ shares outstanding as of September 19, 2008.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Portfolio Summary


Portfolio Composition as a Percent of Net Assets

	As of			As of

Master Government Securities LLC	9/30/08	3/31/08	Master Treasury LLC	9/30/08	3/31/08

Repurchase Agreements	54%	71%	U.S. Government Obligations	102%	106%
U.S. Government Obligations	46	33	Liabilities in Excess of Other Assets	(2)	(6)

Liabilities in Excess of Other Assets	—	(4)	Total	100%	100%

Total	100%	100%

20 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Schedule of Investments September 30, 2008 (Unaudited) Master Government Securities LLC
(Percentages shown are based on Net Assets)

	Par
Issue	(000)	Value


U.S. Government Obligations — 46.3%
U.S. Treasury Bills (a):
1.83%, 10/02/08	$ 3,834	$ 3,833,610
0.20% — 1.86%, 10/09/08	66,142	66,122,945
0.38%, 10/16/08	20,000	19,996,622
0.05%, 10/30/08	3,030	3,029,874
1.45% — 1.70%, 11/06/08	76,290	76,165,930
0.40%, 11/13/08	35,000	34,982,889
0.10% — 0.15%, 11/20/08	24,140	24,136,205
1.68% — 1.70%, 11/28/08	39,448	39,338,411
0.23% — 1.65%, 12/04/08	77,546	77,470,028
1.48% — 1.58%, 12/11/08	49,009	48,860,088
2.25%, 12/26/08	10,000	9,945,625
0.76% — 1.10%, 1/02/09	31,404	31,336,126
1.97%, 1/08/09	9,380	9,328,671
1.81%, 1/15/09	40,000	39,784,811
1.89% — 1.90%, 1/29/09	8,000	7,949,046
1.88% — 1.89%, 2/05/09	15,000	14,899,538
1.99% — 2.00%, 2/12/09	20,000	19,850,637
1.94%, 2/19/09	7,828	7,768,206
1.91%, 2/26/09	10,000	9,920,947
0.69%, 3/19/09	60,000	59,804,500

Total U.S. Government Obligations		604,524,709


Repurchase Agreements — 53.5%
Banc of America Securities Corp., purchased on
9/24/08 to yield 0.50% to 10/01/08, repurchase
price $63,706,193, collateralized by GNMA, 6.50%
due 9/20/38	63,700	63,700,000

Barclays Capital Inc., purchased on 7/28/08
to yield 2.20% to 10/27/08, repurchase price
$56,210,866, collateralized by U.S. Treasury Inflation
Bonds, 2.63% due 5/31/10	55,900	55,900,000

Citigroup Global Markets Inc., purchased on 9/24/08
to yield 1.20% to 10/01/08, repurchase price
$63,714,863, collateralized by GNMA, 6%
due 9/20/38	63,700	63,700,000

Credit Suisse Securities (USA) LLC, purchased on
8/01/08 to yield 2.25% to 11/03/08, repurchase
price $55,323,125, collateralized by GNMA,
5% to 7.50% due 9/15/13 to 9/15/38	55,000	55,000,000

Deutsche Bank Securities Inc., purchased on 9/24/08
to yield 2.25% to 10/01/08, repurchase price
$63,727,869, collateralized by GNMA, 5.50% to 7%
due 7/15/36 to 9/15/38	63,700	63,700,000

		Par
Issue		(000)	Value


Repurchase Agreements (concluded)
Goldman Sachs & Co., Inc., purchased on 7/15/08
to yield 2.04% to 10/14/08, repurchase price
$58,399,602, collateralized by GNMA, 4.50% to 6%
due 6/15/18 to 7/15/38		$ 58,100	$ 58,100,000

Greenwich Capital Markets, Inc., purchased on
9/24/08 to yield 1.25% to 10/01/08, repurchase
price $63,715,483, collateralized by GNMA,
4.85% to 7% due 3/15/38 to 3/15/48		63,700	63,700,000

HSBC Securities (USA) Inc., purchased on 9/30/08
to yield 0.20% to 10/01/08, repurchase price
$62,500,347, collateralized by U.S. Treasury Inflation
Bonds, 2% due 1/15/26		62,500	62,500,000

J Morgan Securities Inc., purchased on 9/30/08
to yield 1% to 10/07/08, repurchase price
$62,512,153, collateralized by GNMA, 4.50% to 13%
due 10/15/08 to 2/15/49		62,500	62,500,000

Merrill Lynch Government Securities Inc., purchased
on 9/24/08 to yield 1.20% to 10/01/08,
repurchase price $63,714,863, collateralized by
GNMA, 5% to 7.50% due 12/20/21 to 2/20/38 (b)		63,700	63,700,000

Mizuho Securities USA LLC, purchased on 9/30/08
to yield 0.25% to 10/01/08, repurchase price
$28,000,194, collateralized by U.S. Treasury Bills,
due 9/24/09		28,000	28,000,000

UBS Securities LLC, purchased on 7/16/08 to yield
2.15% to 10/15/08, repurchase price 59,320,649,
collateralized by GNMA, 3.50% to 13.50%
due 12/15/08 to 9/15/38		59,000	59,000,000


Total Repurchase Agreements			699,500,000

*Total Investments (Cost — $1,304,024,709) — 99.8%**			1,304,024,709
Other Assets Less Liabilities — 0.2%			2,794,270

Net Assets — 100.0%		$ 1,306,818,979



* Cost for federal income tax purposes.
(a) Traded on a discount basis. Rates shown are the discount rates or range of
discount rates paid at the time of purchase.
(b) Investments in companies considered to be an affiliate of the Master LLC, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were
as follows:

		Net
		Activity
Affiliate		(000)	Income


Merrill Lynch Government Securities Inc.	$ (4,800)		$ 611,530

SEMI-ANNUAL REPORT SEPTEMBER 30, 2008 21

Schedule of Investments (concluded) Master Government Securities LLC

_•_{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 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, 2008
in determining the fair valuation of the Master LLC’s investments:

Valuation		Investments in
Inputs		Securities

Level 1		—
Level 2		$1,304,024,709
Level 3		—

Total		$1,304,024,709

See Notes to Financial Statements.

22 SEMI-ANNUAL REPORT SEPTEMBER 30, 2008

Schedule of Investments September 30, 2008 (Unaudited) Master Treasury LLC
(Percentages shown are based on Net Assets)

	Par
Issue	(000)	Value

U.S. Government Obligations — 102.4%
U.S. Treasury Bills (a):
0.05% — 1.90%, 10/02/08	$ 785,943	$ 785,915,154
0.05% — 1.865%, 10/09/08	695,276	695,167,769
0.05% — 1.505%, 10/16/08	581,014	580,860,561
0.05% — 1.56%, 10/23/08	701,350	701,147,066
0.05% — 1.72%, 10/30/08	501,427	500,942,095
0.10% — 1.71%, 11/06/08	845,607	844,767,596
0.08% — 1.82%, 11/13/08	187,475	187,290,867
0.15% — 1.88%, 11/20/08	546,629	546,082,185
0.11% — 0.403%, 11/28/08	31,318	31,300,370
0.10% — 1.73%, 12/04/08	263,817	263,359,178
1.75%, 12/11/08	150,000	149,475,000
0.25% — 2.25%, 12/26/08	161,410	161,186,815
1.203% — 2.125%, 1/02/09	99,000	98,638,138
2.034% — 2.07%, 1/08/09	26,000	25,851,800
1.81% — 1.935%, 1/15/09	171,485	170,542,990
1.958%, 1/22/09	40,000	39,752,050
1.895% — 1.896%, 2/05/09	60,000	59,595,598
1.986% — 2.002%, 2/12/09	61,000	60,544,052
1.749% — 1.98%, 2/19/09	96,000	95,292,449
1.95%, 2/26/09	100,000	99,192,917
1.815%, 3/12/09	70,000	69,424,746
0.69% — 1.41%, 3/19/09	355,000	353,444,854

		6,519,774,250

U.S. Treasury Notes, 4.75%, 12/31/08	20,000	20,216,594

Total Investments
*(Cost — $6,539,990,844) — 102.4%**		6,539,990,844
Liabilities in Excess of Other Assets — (2.4)%		(150,274,897)

Net Assets — 100.0%		$6,389,715,947

* Cost for federal income tax purposes.
(a) Traded on a discount basis. Rates shown are the discount rates or range of
discount rates paid at the time of purchase.

_•_{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 informa-
tion 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, 2008 in
determining the fair valuation of the Master LLC’s investments:

Valuation		Investments in
Inputs		Securities

Level 1		—
Level 2		$6,539,990,844
Level 3		—

Total		$6,539,990,844

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Statements of Assets and Liabilities

	Master
	Government	Master
September 30, 2008 (Unaudited)	Securities LLC	Treasury LLC


Assets


Investments at value — unaffiliated¹	$ 604,524,709	$6,539,990,844
Repurchase agreements at value — unaffiliated²	635,800,000	—
Repurchase agreements at value — affiliated³	63,700,000	—
Cash	266	707
Investments sold receivable	—	290,541,608
Contributions receivable from investors	2,009,337	—
Interest receivable	1,014,132	232,155
Prepaid expenses	23,159	31,723

Total assets	1,307,071,603	6,830,797,037


Liabilities


Investments purchased payable	—	440,496,903
Investment advisory fees payable	190,960	491,211
Other affiliates payable	9,762	23,858
Withdrawals payable to investors	—	486
Officer’s and Directors’ fees payable	100	230
Other accrued expenses payable	51,802	68,402

Total liabilities	252,624	441,081,090

Net Assets	$1,306,818,979	$6,389,715,947


Net Assets Consist of


Investors’ capital	$1,306,818,979	$6,389,715,947

¹Investments at cost — unaffiliated	$ 604,524,709	$6,539,990,844

²Repurchase agreements at cost — unaffiliated	$ 635,800,000	—

³Repurchase agreements at cost — affiliated	$ 63,700,000	—

See Notes to Financial Statements.

24 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Statements of Operations

	Master
	Government	Master
Six Months Ended September 30, 2008 (Unaudited)	Securities LLC	Treasury LLC

Investment Income

Interest	$ 10,800,281	$ 26,624,665
Income from affiliates	611,530	—

Total Income	11,411,811	26,624,665


Expenses

Investment advisory	1,189,629	2,454,622
Accounting services	114,978	194,989
Custodian	32,280	40,490
Professional	22,813	23,397
Officer and Directors	15,312	22,451
Printing	662	1,381
Miscellaneous	8,767	12,442

Total expenses	1,384,441	2,749,772

Net investment income	10,027,370	23,874,893


Realized Gain

Net realized gain from investments	11,856	7,721

Net Increase in Net Assets Resulting from Operations	$ 10,039,226	$ 23,882,614

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Statements of Changes in Net Assets

	Master Government Securities LLC		Master Treasury LLC

	Six Months Ended		Six Months Ended
	September 30,	Year Ended	September 30,	Year Ended
	2008	March 31,	2008	March 31,
Increase (Decrease) in Net Assets:	(Unaudited)	2008	(Unaudited)	2008

Operations

Net investment income	$ 10,027,370	$ 42,522,869	$ 23,874,893	$ 52,666,503
Net realized gain	11,856	71,881	7,721	130,747
Net change in unrealized appreciation/depreciation	—	(27,831)	—	(186,066)

Net increase in net assets resulting from operations	10,039,226	42,566,919	23,882,614	52,611,184


Capital Transactions

Proceeds from contributions	3,091,226,130	6,967,978,832	13,032,158,513	12,960,360,648
Fair value of withdrawals	(3,102,568,544)	(6,666,836,245)	(10,152,643,720)	(10,401,372,105)

Net increase (decrease) in net assets derived from capital transactions	(11,342,414)	301,142,587	2,879,514,793	2,558,988,543


Net Assets

Total increase (decrease) in net assets	(1,303,188)	343,709,506	2,903,397,407	2,611,599,727
Beginning of period	1,308,122,167	964,412,661	3,486,318,540	874,718,813

End of period	$1,306,818,979	$ 1,308,122,167	$ 6,389,715,947	$ 3,486,318,540

See Notes to Financial Statements.

26 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Financial Highlights				Master Government Securities LLC
	Six Months Ended
	September 30,
	2008		Year Ended March 31,
	(Unaudited)	2008	2007	2006	2005	2004

Total Investment Return

Total investment return	0.85%¹	4.16%	4.90%	3.37%	1.44%	0.94%

Ratios to Average Net Assets

Total expenses	0.23%²	0.24%	0.26%	0.26%	0.25%	0.22%

Net investment income	1.67%²	3.99%	4.84%	3.31%	1.39%	0.94%

Supplemental Data

Net assets, end of period (000)	$ 1,306,819	$ 1,308,122	$ 964,413	$ 968,809 $	936,566	$ 1,194,238

¹Aggregate total investment return.
²Annualized.




					Master Treasury LLC
	Six Months Ended
	September 30,
	2008		Year Ended March 31,
	(Unaudited)	2008	2007	2006	2005	2004

Total Investment Return

Total investment return	0.77%¹	3.87%	4.70%	3.22%	1.35%	0.81%

Ratios to Average Net Assets

Total expenses	0.17%²	0.21%	0.26%	0.26%	0.25%	0.23%

Net investment income	1.48%²	3.42%	4.63%	3.14%	1.34%	0.82%

Supplemental Data

Net assets, end of period (000)	$ 6,389,716	$ 3,486,319	$ 874,719	$ 873,537 $	969,383	$ 1,115,732

¹	Aggregate total investment return.

²	Annualized.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

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

1. Significant Accounting Policies:

Master Government Securities LLC and Master Treasury LLC
(collectively the “Master LLCs”) are registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), and are each
organized as Delaware limited liability companies. The Limited Liability
Company Agreement of each Master LLC permits the Directors to
issue non-transferable interests in the Master LLC, subject to certain
limitations. Throughout this report, the Board of Trustees is referred
to as the Board of Directors (the “Board”). The Master LLCs’ financial
statements are prepared in conformity with accounting principles gen-
erally 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 LLCs:

Valuation of Investments: Master LLCs’ 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, securi-
ties are valued at cost when purchased and thereafter, a constant pro-
portionate amortization of any discount or premium is recorded until the
maturity of the security.

Repurchase Agreements: The Master LLCs may invest in U.S. government
and agency securities pursuant to repurchase agreements. Under such
agreements, the counterparty agrees to repurchase the security at a
mutually agreed upon time and price. The counterparty will be required
on a daily basis to maintain the value of the securities subject to the
agreement at no less than the repurchase price. The agreements are
conditioned upon the collateral being deposited under the Federal
Reserve book entry system or held in a segregated account by each
of the Master LLC’s custodians. If the counterparty defaults and the
fair value of the collateral declines, liquidation of the collateral by
the Master LLCs may be delayed or limited.

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 LLCs amortize all premiums
and discounts on debt securities.

Income Taxes: The Master LLCs are classified as a partnership for
federal income tax purposes. As such, each investor in a 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 LLCs’ assets will be managed so an investor in the Master
LLCs can satisfy the requirements of Subchapter M of the Internal
Revenue Code. The Master LLCs are disregarded as an entity separate
from its owner for tax purposes, therefore they are not required to file
income tax returns.

Recent Accounting Pronouncement: 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. 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. In September 2008, FASB Staff Position No. 133-1 and
FASB Interpretation No. 45-4 (the “FSP”), “Disclosures about Credit
Derivatives and Certain Guarantees: An Amendment of FASB Statement
No. 133 and FASB Interpretation No. 45; and Clarification of the
Effective Date of FASB Statement No. 161” was issued and is effective
for fiscal years and interim periods ending after November 15, 2008.
The FSP amends FASB Statement No. 133, “Accounting for Derivative
Instruments and Hedging Activities,” to require disclosures by sellers of
credit derivatives, including credit derivatives embedded in hybrid instru-
ments. The FSP also clarifies the effective date of FAS 161, whereby
disclosures required by FAS 161 are effective for financial statements
issued for fiscal years and interim periods beginning after November 15,
2008. The impact on each Master LLC’s financial statement disclosures,
if any, is currently being assessed.

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.

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

Each Master LLC has entered into an Investment Advisory Agreement
with BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned
subsidiary of BlackRock, Inc., to provide investment and administration
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 each Master LLC’s
portfolio and provides the necessary personnel, facilities, equipment and
certain other services necessary to the operations of the Master LLCs.
The Advisor also performs certain administrative services necessary for
the operation of the Master LLCs. For such services, the Master LLCs pay

28 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Notes to Financial Statements (concluded)

Master Government Securities LLC and Master Treasury LLC

the Advisor a monthly fee based upon the average daily value of each
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.

The Advisor has entered into a separate sub-advisory agreement with
respect to each Master LLC 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 six months ended September 30, 2008, the Master LLCs reim-
bursed the Advisor for certain accounting services, which are included in
accounting services in the Statements of Operations. The reimburse-
ments were as follows:

		Reimbursement
		to Advisor

Master Government Securities LLC		$ 9,585
Master Treasury LLC		$24,419

Certain officers and/or directors of the Master LLCs are officers
and/or directors of BlackRock, Inc. or its affiliates. The Master LLCs
reimburse the Advisor for compensation paid to the Master LLCs’
Chief Compliance Officer.

3. Subsequent Event:

On September 15, 2008, Bank of America Corporation announced that
it has agreed to acquire Merrill Lynch, one of the principal owners of
BlackRock, Inc. The purchase has been approved by the directors of
both companies. Subject to shareholder and regulatory approvals,
the transaction is expected to close on or before December 31, 2008.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Disclosure of Investment Advisory Agreement and Subadvisory Agreement

WCMA Government Securities Fund (the “Government Fund”) currently
invests all of its investable assets in Master Government Securities LLC
(the “Master Government LLC”). WCMA Treasury Fund (the “Treasury
Fund,” and together with the Government Fund, the “Funds”) currently
invests all of its investable assets in the Master Treasury LLC (the
“Master Treasury LLC,” and together with the Master Government LLC,
the “Master LLCs”). Accordingly, the Funds do not require investment
advisory services, since all investments are made at the Master
LLC level.

The Board of Directors of each Master LLC met in person in April and
June 2008 to consider the approval of the Master LLC’s investment
advisory agreement entered into with BlackRock Advisors, LLC (the
“Advisor”) with respect to the relevant Fund (each, an “Advisory
Agreement”). The Board of each Master LLC also considered the
approval of the subadvisory agreement between the Advisor and
BlackRock Institutional Management Corporation (the “Subadvisor”)
with respect to the relevant Fund (each, a “Subadvisory Agreement”).
The Advisor and the Subadvisor are referred to herein as “BlackRock.”
The Advisory Agreements and the Subadvisory Agreements are referred
to herein as the “Agreements.” 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.
For ease and clarity of presentation, the Board of Directors of each
Master LLC and the Board of Trustees of each Fund, which are com-
prised of the same thirteen individuals, are herein referred to collectively
as the “Boards,” the members of which are referred to as “Directors.”

Activities and Composition of the Boards

The Boards each consist of thirteen individuals, eleven of whom are
not “interested persons” of either the Funds or the Master LLCs as
defined in the Investment Company Act of 1940, as amended (the
“1940 Act”) (the “Independent Directors”). The Boards are responsible
for the oversight of the operations of relevant Fund and Master LLC and
perform the various duties imposed on the directors of investment com-
panies by the 1940 Act. The Independent Directors have retained inde-
pendent legal counsel to assist them in connection with their duties.
The Co-Chairs of each Board are both Independent Directors. The
Boards established four standing committees: an Audit Committee, a
Governance and Nominating Committee, a Compliance Committee and
a Performance Oversight Committee, each of which is composed of, and
chaired by Independent Directors.

The Agreements

Upon the consummation of the combination of BlackRock’s investment
management business with Merrill Lynch & Co., Inc.’s investment man-
agement business, including Merrill Lynch Investment Managers, L. . and
certain affiliates (the “Transaction”), each Master LLC entered into an

Advisory Agreement with respect to the relevant Fund with the Advisor
with an initial two-year term and the Advisor entered into a Subadvisory
Agreement with respect to the relevant with the Subadvisor with an initial
two-year term. Consistent with the 1940 Act, prior to the expiration of
each Agreement’s initial two-year term, the Boards are required to con-
sider the continuation of the Agreements on an annual basis. In con-
nection with this process, the Boards assessed, among other things,
the nature, scope and quality of the services provided to the relevant
Fund and/or Master LLC by the personnel of BlackRock and its affiliates,
including investment management, administrative services, shareholder
services, oversight of fund accounting and custody, marketing services
and assistance in meeting legal and regulatory requirements. The
Boards also received and assessed information regarding the services
provided to the relevant Fund and/or Master LLC by certain unaffiliated
service providers.

Throughout the year, the Boards, acting directly and through their com-
mittees, 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 to the relevant Fund and/or Master
LLC and their shareholders. Among the matters the Boards considered,
as pertinent, were: (a) investment performance for one, three and five
years, as applicable, against peer funds, as well as senior management’s
and portfolio managers’ analysis of the reasons for underperformance,
if applicable; (b) fees, including advisory, administration, if applicable,
and other fees paid to BlackRock and its affiliates by the Fund and/or
the Master LLC, such as transfer agency fees and fees for marketing and
distribution; (c) Fund and/or Master LLC operating expenses; (d) the
resources devoted to and compliance reports relating to the Fund’s and
the Master LLC’s investment objective, policies and restrictions, (e) the
Master LLC’s and the Fund’s compliance with their respective Code of
Ethics and compliance policies and procedures; (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
guidelines approved by the Boards; (i) valuation and liquidity proce-
dures; and (j) periodic overview of BlackRock’s business, including
BlackRock’s response to the increasing scale of its business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 16, 2008 meeting at which
approval of the Agreements was to be considered, the Boards requested
and received materials specifically relating to the Agreements. The
Boards are engaged in an ongoing process with BlackRock to continu-
ously review the nature and scope of the information provided to better
assist their deliberations. These materials included (a) information inde-
pendently compiled and prepared by Lipper, Inc. (“Lipper”) on the rele-
vant Fund’s fees and expenses and the investment performance of the

30 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)

Fund as compared with a peer group of funds as determined by Lipper
(“Peers”); (b) information on the profitability of the Agreements to
BlackRock and certain affiliates, including their other relationships with
the relevant Fund and/or Master LLC, and a discussion of fall-out bene-
fits; (c) a general analysis provided by BlackRock concerning investment
advisory fees charged to other clients, such as institutional and closed-
end funds, under similar investment mandates, as well as the perform-
ance of such other clients; (d) a report on economies of scale; (e) sales
and redemption data regarding the relevant Fund’s shares and the
Master LLC’s interests; and (f) an internal comparison of management
fees classified by Lipper, if applicable. At the April 16, 2008 meeting,
the Boards requested and subsequently received from BlackRock with
respect to each relevant Fund and Master LLC (i) comprehensive analy-
sis of total expenses on a fund-by-fund basis; (ii) further analysis of
investment performance; (iii) further data regarding Fund and Master
LLC profitability, Fund and Master LLC size and Fund and Master LLC
fee levels; and (iv) additional information on sales and redemptions.

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
pricing of portfolio holdings of the Master LLC, and direct and indirect
benefits to BlackRock and its affiliates from their relationship with the
Fund and the Master LLC. The Boards did not identify any particular
information as controlling, and each Director may have attributed differ-
ent weights to the various items considered.

At an in-person meeting held on April 16, 2008, the Boards discussed
and considered the proposed renewal of the pertinent Agreements. As a
result of the discussions, the Boards requested and BlackRock provided
additional information, as detailed above, in advance of the June 3 – 4,
2008 Board meeting. At the in-person meeting held on June 3 – 4,
2008, the Boards, including the Independent Directors, unanimously
approved, with respect to each pertinent Fund, the continuation of
(a) the Advisory Agreement between the Advisor and the relevant Master
LLC for a one-year term ending June 30, 2009 and (b) the related
Subadvisory Agreement between the Advisor and the Subadvisor for a
one-year term ending June 30, 2009. The Boards considered all factors
they believed relevant with respect to each Fund and Master LLC, as
applicable, including, among other factors: (i) the nature, extent and
quality of the services provided by BlackRock; (ii) the investment per-
formance of the Fund, the Master LLC and BlackRock portfolio manage-
ment; (iii) the advisory fee and the cost of the services and profits to
be realized by BlackRock and certain affiliates from the relationships
with the Fund and the Master LLC; and (iv) economies of scale.

A. Nature, Extent and Quality of the Services: The Boards, including the
Independent Directors, reviewed the nature, extent and quality of services

provided by BlackRock, including the investment advisory services and
the resulting performance of each relevant Fund and Master LLC. The
Boards compared each Fund’s performance to the performance of a
comparable group of mutual funds as classified by Lipper and the per-
formance of at least one relevant index or combination of indices. 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
investment objective, strategies and outlook.

The Boards considered, among other factors, the number, education and
experience of BlackRock’s investment personnel generally, and of each
Master LLC’s portfolio management team; BlackRock’s portfolio trading
capabilities; BlackRock’s use of technology; BlackRock’s commitment to
compliance; and BlackRock’s approach to training and retaining port-
folio managers and other research, advisory and management person-
nel. The Boards also reviewed BlackRock’s compensation structure with
respect to the portfolio management team of each Master LLC 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
Funds and Master LLCs. BlackRock and its affiliates provide the Funds
and the Master LLCs with certain administrative, transfer agency, share-
holder and other services (in addition to any such services provided to
the Funds and the Master LLCs by third parties) and officers and other
personnel as are necessary for the operations of the Funds and the
Master LLCs. In addition to investment advisory services, BlackRock and
its affiliates provide the Funds and the Master LLCs with other services,
including, as pertinent, (a) preparing disclosure documents, such as the
prospectus, the statement of additional information and shareholder
reports; (b) assisting with daily accounting and pricing; (c) overseeing
and coordinating the activities of other service providers; (d) organizing
Board meetings and preparing the materials for such Board meetings;
(e) providing legal and compliance support; and (f) performing other
administrative functions necessary for the operation of the Funds
and the Master LLCs, such as tax reporting and fulfilling regulatory
filing requirements. The Boards reviewed the structure and duties of
BlackRock’s fund administration, accounting, legal and compli-
ance departments.

B. The Investment Performance of the Funds, the Master LLCs and
BlackRock: The Boards, including the Independent Directors, also
reviewed and considered the performance history of each relevant Fund.
In preparation for the April 16, 2008 meeting, the Boards were provided
with reports with respect to each Fund, independently prepared by
Lipper, which included a comprehensive analysis of the Fund perform-
ance. The Boards also reviewed a narrative and statistical analysis of

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)

the Lipper data that was prepared by BlackRock, which analyzed various
factors that affect Lipper rankings. In connection with their review, the
Boards received and reviewed information regarding the investment per-
formance of the Fund (and the related performance of the Master LLC)
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 throughout the year. The Boards
attach more importance to performance over relatively long periods of
time, typically three to five years.

The Boards noted with favor that BlackRock had generally avoided signif-
icant credit quality and liquidity issues in the challenging fixed-income
market that prevailed during the past 18 months.

The Boards noted that the Government Fund and the Treasury Fund
each performed below the median of the Fund’s peers for the one- and
three-year periods and since inception. However, the Boards noted that
this underperformance was not significant (underperformance was
not greater than 10% of their respective median return) for any of
these periods.

C. Consideration of the Advisory Fees and the Cost of the Services
and Profits to be Realized by BlackRock and its Affiliates from the
Relationship with Each Fund and Master LLC: The Boards, including
the Independent Directors, reviewed each Master LLC’s contractual
advisory fee rates compared with the other funds in the relevant Fund’s
Lipper category. They also compared each Fund’s total expenses to
those of other comparable funds. 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 provid-
ed to each Master LLC. The Boards were also provided with a profitability
analysis that detailed the revenues earned and the expenses incurred by
BlackRock and certain affiliates that provide services to the Master LLCs.
The Boards reviewed BlackRock’s profitability with respect to each
Master LLC and each fund the Boards currently oversee for the year
ended December 31, 2007 compared to aggregated profitability data
provided for the year ended December 31, 2005.

In addition, the Boards considered the cost of the services provided to
the relevant Fund and Master LLC by BlackRock, and BlackRock’s and
its affiliates’ profits relating to the management and distribution, as
pertinent, of the Fund and the Master LLC 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 manage-
ment of the relevant Fund and Master LLC and concluded that there
was a reasonable basis for the allocation. The Boards also considered
whether BlackRock has the financial resources necessary to attract and
retain high quality investment management personnel to perform its obli-
gations under the Agreements and to continue to provide the high quality
of services that are expected by the Boards.

The Boards noted that each Master LLC was subject to contractual advi-
sory fees, prior to any expense reimbursements, lower than or equal to
the median of its Peers. The Boards also took into account that each
Master LLC’s advisory fee arrangement includes breakpoints that adjust
the fee rate downward as the size of the Master LLC increases, thereby
allowing shareholders the potential to participate in economies of scale.
The Boards also noted that the Advisor and Merrill Lynch, Pierce, Fenner
& Smith Incorporated (“MLPF&S”) had entered into contractual arrange-
ments with each Fund whereby the Advisor and MLPF&S each agreed to
waive all or a portion of its fees and/or reimburse direct expenses of the
Fund to ensure that the operating expense ratio for certain classes of
shares did not exceed specified amounts.

D. Economies of Scale: The Boards, including the Independent Directors,
considered the extent to which economies of scale might be realized as
the assets of each relevant Fund and Master LLC increase and whether
there should be changes in the advisory fee rate or structure in order to
enable the Fund and the Master LLC to participate in these economies
of scale. The Boards, including the Independent Directors, considered
whether the shareholders would benefit from economies of scale and
whether there was potential for future realization of economies with
respect to each relevant Fund and Master LLC. The Boards considered
that the funds in the BlackRock fund complex share common resources
and, as a result, an increase in the overall size of the complex could
permit each fund to incur lower expenses than it would otherwise as a
stand-alone entity. The Boards also considered the anticipated efficien-
cies in the processes of BlackRock’s overall operations as it continues to
add personnel and commit capital to expand the scale of operations.
The Boards found, based on their review of comparable funds, that each
Fund’s/Master LLC’s management fee is appropriate in light of the scale
of the Fund/Master LLC.

32 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (concluded)

E. Other Factors: The Boards also took into account other ancillary or
“fall-out” benefits that BlackRock may derive from its relationship with
each Fund and related Master LLC, 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 as
service providers to the Fund and the Master LLC, including for adminis-
trative, transfer agency and distribution services. The Boards also noted
that BlackRock may use third party research, obtained by soft dollars
generated by certain mutual fund transactions, to assist itself in manag-
ing all or a number of its other client accounts.

In connection with their consideration of the Agreements, the Boards
also received information regarding BlackRock’s brokerage and trade
execution practices throughout the year.

Conclusion

The Boards approved, with respect to each relevant Fund, the continua-
tion of (a) the Advisory Agreement between the Advisor and the relevant
Master LLC with respect to the Fund/Master LLC for a one-year term
ending June 30, 2009 and (b) the related Subadvisory Agreement
between the Advisor and Subadvisor for a one-year term ending June
30, 2009. Based upon their evaluation of all these factors in their
totality, the Boards, including the Independent Directors, were satisfied
that the terms of the Agreements were fair and reasonable and in the
best interest of the relevant Fund and Master LLC and the Fund’s
shareholders. In arriving at a decision to approve the Agreements,
the Boards did not identify any single factor or group of factors as
all-important or controlling, but considered all factors together. The
Independent Directors were also assisted by the advice of independent
legal counsel in making this determination. The contractual fee arrange-
ments for each Fund and related Master LLC reflect the results of several
years of review by the Directors and predecessor Directors, and discus-
sions between the Directors (and predecessor Directors) and BlackRock
(and predecessor advisors). Certain aspects of the arrangements may
be the subject of more attention in some years than in others, and the
Directors’ conclusions may be based in part on their consideration of
these arrangements in prior years.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Officers and Directors

Ronald W. Forbes, Co-Chairman of the Board and Director
Rodney D. Johnson, Co-Chairman of the Board and Director
David O. Beim, Director
Richard S. Davis, Director
Henry Gabbay, Director
Dr. Matina Horner, Director
Herbert I. London, Director
Cynthia A. Montgomery, Director
Joseph . Platt, Jr., Director
Robert C. Robb, Jr., Director
Toby Rosenblatt, Director
Kenneth L. Urish, Chairman of the Audit Committee and Director
Frederick W. Winter, Director
Donald C. Burke, Fund President and Chief Executive Officer
Anne F. Ackerley, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian . Kindelan, Chief Compliance Officer of the Funds
Howard B. Surloff, Secretary

Custodian
State Street Bank and Trust Company
Boston, MA 02101

Transfer Agent
Financial Data Services, Inc.
Jacksonville, FL 32246-6484

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

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

Legal Counsel
Sidley Austin LLP
New York, NY 10019

34 SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

Additional Information

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the Secu-
rities and Exchange Commission (“SEC”) for the first and third quarters
of each fiscal year on Form N-Q. The Funds’ 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 Funds’ Forms N-Q may also be obtained
upon request and without charge by calling (800) 441-7762.

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available
on the Funds’ 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 Funds’ 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 Funds 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 Funds
at (800) 441-7762.

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 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 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.

SEMI-ANNUAL REPORT

SEPTEMBER 30, 2008

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 the Funds’ cur-
rent prospectus. An investment in the Funds is not insured or guar-
anteed by the Federal Deposit Insurance Corporation or any other
government agency other than with respect to the Funds’ participa-
tion in the U.S. Treasury Department Guarantee Program for Money
Market Funds disclosed in this semi-annual report. Although the
Funds seeks 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 per-
formance information, call (800) 882-0052. The Funds’ current 7-
day yield more closely reflects the current earnings of the Funds
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 Funds use
to determine how to vote proxies relating to portfolio securities
is available (1) without charge, upon request, by calling toll-
free (800) 441-7762; (2) at www.blackrock.com; and (3)
on the Securities and Exchange Commission’s website at
http://www.sec.gov. Information about how the Funds voted
proxies relating to securities held in the Funds’ portfolio during
the most recent 12-month period ended June 30 is available
(1) at www.blackrock.com or by calling (800) 441-7762 and
(2) on the Securities and Exchange Commission’s website at
http://www.sec.gov.

WCMA Government Securities Fund

WCMA Treasury Fund

100 Bellevue Parkway

Wilmington, DE 19809

#WCMAGOVTR-9/08

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

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.

WCMA Treasury Fund and Master Treasury LLC

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

Date: November 24, 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
WCMA Treasury Fund and Master Treasury LLC

Date: November 24, 2008

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

Date: November 24, 2008

Bbif Treasury Fund Inactive N-CSRSCertified semi-annual shareholder report (management investment company)