UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21198 and 811-21301
Name of Fund: WCMA Tax-Exempt Fund and Master Tax-Exempt LLC
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, WCMA Tax-
Exempt Fund and Master Tax-Exempt 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: 03/31/2009
Item 1 – Report to Stockholders
Annual Report
March 31, 2009
WCMA Tax-Exempt Fund
Table of Contents | |
Page | |
A Letter to Shareholders | 3 |
Annual Report: | |
Fund Information | 4 |
Disclosure of Expenses | 4 |
Fund Financial Statements: | |
Statement of Assets and Liabilities | 5 |
Statement of Operations | 5 |
Statements of Changes in Net Assets | 6 |
Fund Financial Highlights | 7 |
Fund Notes to Financial Statements | 9 |
Fund Report of Independent Registered Public Accounting Firm | 12 |
Fund Important Tax Information (Unaudited) | 12 |
Master LLC Portfolio Information | 12 |
Master LLC Financial Statements: | |
Schedule of Investments | 13 |
Statement of Assets and Liabilities | 30 |
Statement of Operations | 30 |
Statements of Changes in Net Assets | 31 |
Master LLC Financial Highlights | 31 |
Master LLC Notes to Financial Statements | 32 |
Master LLC Report of Independent Registered Public Accounting Firm | 34 |
Officers and Directors | 35 |
Additional Information | 38 |
2 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
A Letter to Shareholders
The past 12 months have been a period investors would like to forget, but instead will vividly remember, as the global financial crisis erupted into
the worst recession in decades. Daily headlines recounted the downfalls of storied financial firms, volatile swings in the world’s financial markets and
monumental government actions, including the recent passage of the nearly $800 billion American Recovery and Reinvestment Act of 2009.
The economic data generally deteriorated throughout the reporting period. US gross domestic product (“GDP”) contracted at an annual rate of 6.3% in
the fourth quarter of 2008, and economic activity appears on pace to be negative in the first quarter of 2009 as well. The Federal Reserve Board (the
“Fed”) took forceful action to revive the global economy and ailing financial system. In addition to slashing the federal funds target rate from 3.0% to
a record low range of 0% to 0.25%, the central bank provided enormous cash infusions and radically expanded its balance sheet through a range of
lending and acquisition programs.
Against this backdrop, US equities contended with high levels of volatility and posted steep losses, notwithstanding a powerful rally in the final month
of the reporting period. International markets also experienced sharp downturns, with some regions declining as much or more than the United States.
Risk aversion remained the dominant theme in fixed income markets, as investors sought out the haven of Treasury issues at the expense of virtually
all other asset classes. High yield issues, in particular, faced unprecedented challenges and posted severe underperformance; that said, the sector
pared its losses in the first quarter of 2009, as both liquidity and investor sentiment toward lower-quality debt improved. At the same time, the start of
the new year brought somewhat of a return to normalcy for the tax-exempt market, which registered one of its worst years on record in 2008.
In all, investors continued to gravitate toward relative safety, as evidenced in the six- and 12-month returns of the major benchmark indexes:
Total Returns as of March 31, 2009 | 6-month | 12-month |
US equities (S&P 500 Index) | (30.54)% | (38.09)% |
Small cap US equities (Russell 2000 Index) | (37.17) | (37.50) |
International equities (MSCI Europe, Australasia, Far East Index) | (31.11) | (46.50) |
US Treasury securities (Merrill Lynch 10-Year US Treasury Index) | 11.88 | 10.46 |
Taxable fixed income (Barclays Capital US Aggregate Bond Index) | 4.70 | 3.13 |
Tax-exempt fixed income (Barclays Capital Municipal Bond Index) | 5.00 | 2.27 |
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index) | (12.65) | (18.56) |
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. We thank you for
entrusting BlackRock with your investments and look forward to continuing to serve you in the months and years ahead.
Sincerely,
![](https://capedge.com/proxy/N-CSR/0000900092-09-000275/wcmataxexemptar0309x3x1.jpg)
President, BlackRock Advisors, LLC
Seeking additional investment insights?
Visit BlackRock’s award-winning Shareholder® magazine, now available exclusively online at www.blackrock.com/shareholdermagazine.
In this issue:
•Discover why portfolio diversification still matters — even as nearly every financial asset class lost value over the past year.
•Learn how adding commodities to a more traditional mix of assets can help you to balance risks and access new potential rewards.
•Assuage your fears about higher taxes and discover how municipal bonds may offer some relief.
•Find out if there’s still value to be found in dividend-paying stocks.
THIS PAGE NOT PART OF YOUR FUND REPORT
3
Fund Information | |
Current Seven-Day Yields | |
As of March 31, 2009 | |
Class 1 | 0.04% |
Class 2 | 0.04 |
Class 3 | 0.25 |
Class 4 | 0.25 |
Disclosure of Expenses | ||||||
Shareholders of this Fund may incur the following charges: (a) expenses | The table also provides information about hypothetical account values | |||||
related to transactions, including sales charges, redemption fees and | and hypothetical expenses based on the Fund’s actual expense ratio | |||||
exchange fees; and (b) operating expenses including advisory fees, | and an assumed rate of return of 5% per year before expenses. In order | |||||
distribution fees including 12b-1 fees, and other Fund expenses. The | to assist shareholders in comparing the ongoing expenses of investing in | |||||
expense example below (which is based on a hypothetical investment | this Fund and other funds, compare the 5% hypothetical example with | |||||
of $1,000 invested on October 1, 2008 and held through March 31, | the 5% hypothetical examples that appear in other funds’ shareholder | |||||
2009) is intended to assist shareholders both in calculating expenses | reports. | |||||
based on an investment in the Fund and in comparing these expenses | ||||||
with similar costs of investing in other mutual funds. | The expenses shown in the table are intended to highlight shareholders’ | |||||
ongoing costs only and do not reflect any transactional expenses, such | ||||||
The table below provides information about actual account values and | as sales charges, redemption fees or exchange fees. Therefore, the | |||||
actual expenses. In order to estimate the expenses a shareholder paid | hypothetical example is useful in comparing ongoing expenses only, and | |||||
during the period covered by this report, shareholders can divide their | will not help shareholders determine the relative total expenses of own- | |||||
account value by $1,000 and then multiply the result by the number | ing different funds. If these transactional expenses were included, share- | |||||
corresponding to their share class under the heading entitled “Expenses | holder expenses would have been higher. | |||||
Paid During the Period.” | ||||||
Actual | Hypothetical2 | |||||
Beginning | Ending | Beginning | Ending | |||
Account Value | Account Value | Expenses Paid | Account Value | Account Value | Expenses Paid | |
October 1, 2008 | March 31, 2009 | During the Period1 | October 1, 2008 | March 31, 2009 | During the Period1 | |
Class 1 | $1,000 | $1,001.90 | $5.34 | $1,000 | $1,019.56 | $5.39 |
Class 2 | $1,000 | $1,002.80 | $4.49 | $1,000 | $1,020.41 | $4.53 |
Class 3 | $1,000 | $1,004.30 | $3.05 | $1,000 | $1,021.86 | $3.07 |
Class 4 | $1,000 | $1,004.30 | $3.05 | $1,000 | $1,021.86 | $3.07 |
1 For each class of the Fund, expenses are equal to the expense ratio for the class (1.07% for Class 1, 0.90% for Class 2, 0.61% for Class 3, and 0.61% for Class 4),
multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense
table example reflects the expenses of both the feeder fund and the master fund in which it invests.
2 Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.
4 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Statement of Assets and Liabilities | ||
March 31, 2009 | WCMA Tax-Exempt Fund | |
Assets | ||
Investment at value — Master Tax-Exempt LLC (the “Master LLC”), | ||
(cost — $1,080,838,795) | $1,080,838,795 | |
Capital shares sold receivable | 10,345 | |
Prepaid expenses | 189,405 | |
Total assets | 1,081,038,545 | |
Liabilities | ||
Distribution fees payable | 173,683 | |
Administration fees payable | 236,865 | |
Contributions payable to the Master LLC | 9,066 | |
Capital shares redeemed payable | 1,279 | |
Other accrued expenses payable | 132,105 | |
Total liabilities | 552,998 | |
Net Assets | ||
Net Assets | $1,080,485,547 | |
Net Assets Consist of | ||
Class 1 Shares, $0.10 par value per share, unlimited number of | ||
shares authorized | $ | 3,592,813 |
Class 2 Shares, $0.10 par value per share, unlimited number of | ||
shares authorized | 16,865,708 | |
Class 3 Shares, $0.10 par value per share, unlimited number of | ||
shares authorized | 48,025,140 | |
Class 4 Shares, $0.10 par value per share, unlimited number of | ||
shares authorized | 39,552,539 | |
Paid-in capital in excess of par | 972,334,189 | |
Undistributed net investment income | 115,158 | |
Net Assets | $1,080,485,547 | |
Net Asset Value | ||
Class 1 — Based on net assets of $35,936,871 and | ||
35,928,132 shares outstanding | $ | 1.00 |
Class 2 — Based on net assets of $168,665,348 and | ||
168,657,077 shares outstanding | $ | 1.00 |
Class 3 — Based on net assets of $480,247,496 and | ||
480,251,402 shares outstanding | $ | 1.00 |
Class 4 — Based on net assets of $395,635,832 and | ||
395,525,391 shares outstanding | $ | 1.00 |
Statement of Operations | ||
Year Ended March 31, 2009 | WCMA Tax-Exempt Fund | |
Investment Income | ||
Income (including $6,393 from affiliates) | $ | 6,625 |
Net investment income allocated from the Master LLC: | ||
Interest | 20,782,751 | |
Expenses | (1,705,892) | |
Total income | 19,083,484 | |
Expenses | ||
Service and distribution — Class 1 | 434,455 | |
Service and distribution — Class 2 | 1,272,878 | |
Service and distribution — Class 3 | 1,836,327 | |
Service and distribution — Class 4 | 1,490,183 | |
Administration | 2,874,856 | |
Registration | 1,364,428 | |
Federal insurance | 236,306 | |
Transfer agent — Class 1 | 17,547 | |
Transfer agent — Class 2 | 20,096 | |
Transfer agent — Class 3 | 19,851 | |
Transfer agent — Class 4 | 21,368 | |
Printing | 60,762 | |
Professional | 23,202 | |
Officer and Directors | 1,086 | |
Miscellaneous | 13,706 | |
Total expenses | 9,687,051 | |
Less service and distribution fees waived — Class 1 | (113,143) | |
Less service and distribution fees waived — Class 2 | (613,866) | |
Less service and distribution fees waived — Class 3 | (1,693,415) | |
Less service and distribution fees waived — Class 4 | (1,371,852) | |
Total expenses after waivers | 5,894,775 | |
Net investment income | 13,188,709 | |
Realized Gain Allocated from the Master LLC | ||
Net realized gain from investments | 18,851 | |
Net Increase in Net Assets Resulting from Operations | $ | 13,207,560 |
See Notes to Financial Statements.
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
5
Statements of Changes in Net Assets | WCMA Tax-Exempt Fund | |
Year Ended | ||
March 31, | ||
Increase (Decrease) in Net Assets: | 2009 | 2008 |
Operations | ||
Net investment income | $ 13,188,709 | $ 26,259,863 |
Net realized gain | 18,851 | 141,915 |
Net increase in net assets resulting from operations | 13,207,560 | 26,401,778 |
Dividends to Shareholders From | ||
Net investment income: | ||
Class 1 | (204,862) | (757,183) |
Class 2 | (1,788,660) | (4,360,556) |
Class 3 | (6,196,645) | (11,949,026) |
Class 4 | (4,998,542) | (9,193,098) |
Decrease in net assets resulting from dividends to shareholders | (13,188,709) | (26,259,863) |
Capital Share Transactions | ||
Net increase (decrease) in net assets derived from capital share transactions | (25,123,672) | 222,579,532 |
Net Assets | ||
Total increase (decrease) in net assets | (25,104,821) | 222,721,447 |
Beginning of year | 1,105,590,368 | 882,868,921 |
End of year | $1,080,485,547 | $1,105,590,368 |
End of year undistributed net investment income | $ 115,158 | $ 115,158 |
See Notes to Financial Statements.
6 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Financial Highlights | WCMA Tax-Exempt Fund | ||||||||||||
Class 1 | Class 2 | ||||||||||||
Year Ended March 31, | Year Ended March 31, | ||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2009 | 2008 | 2007 | 2006 | 2005 | ||||
Per Share Operating Performance | |||||||||||||
Net asset value, beginning of year | $ | 1.00 | $ 1.00 | $ | 1.00 | $ 1.00 | $ | 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Net investment income | 0.0051 | 0.0188 | 0.0208 | 0.0127 | 0.0019 | 0.0093 | 0.0254 | 0.0266 | 0.0186 | 0.0056 | |||
Net realized gain (loss) | 0.0000 | 0.0001 | 0.0001 | (0.0000) | (0.0001) | 0.0000 | 0.0001 | 0.0001 | (0.0000) | (0.0001) | |||
Total increase from investment operations | 0.0051 | 0.0189 | 0.0209 | 0.0127 | 0.0018 | 0.0093 | 0.0255 | 0.0267 | 0.0186 | 0.0055 | |||
Dividends from net investment income | (0.0051) | (0.0188) | (0.0208) | (0.0127) | (0.0019) | (0.0093) | (0.0254) | (0.0266) | (0.0186) | (0.0056) | |||
Net asset value, end of year | $ | 1.00 | $ 1.00 | $ | 1.00 | $ 1.00 | $ | 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Investment Return | |||||||||||||
Total investment return | 0.51% | 1.90% | 2.09% | 1.28% | 0.19% | 0.93% | 2.57% | 2.68% | 1.88% | 0.57% | |||
Ratios to Average Net Assets1 | |||||||||||||
Total expenses after waiver | 1.30% | 1.56% | 1.49% | 1.51% | 1.30% | 0.90% | 0.91% | 0.91% | 0.92% | 0.91% | |||
Total expenses | 1.55% | 1.56% | 1.49% | 1.51% | 1.52% | 1.22% | 1.23% | 1.19% | 1.19% | 1.20% | |||
Net investment income and | |||||||||||||
net realized gain | 0.46% | 1.89% | 2.10% | 1.29% | 0.18% | 0.94% | 2.53% | 2.67% | 1.85% | 0.55% | |||
Supplemental Data | |||||||||||||
Net assets, end of year (000) | $ | 35,937 | $ 42,837 | $ | 50,188 | $ 38,770 | $ | 41,469 | $168,665 | $190,316 | $157,909 | $156,442 | $174,094 |
1 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income and net realized gain (loss). |
See Notes to Financial Statements.
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
7
Financial Highlights (concluded) | WCMA Tax-Exempt Fund | |||||||||
Class 3 | Class 4 | |||||||||
Year Ended March 31, | Year Ended March 31, | |||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2009 | 2008 | 2007 | 2006 | 2005 | |
Per Share Operating Performance | ||||||||||
Net asset value, beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Net investment income | 0.0125 | 0.0289 | 0.0302 | 0.0222 | 0.0092 | 0.0125 | 0.0289 | 0.0302 | 0.0222 | 0.0092 |
Net realized gain (loss) | 0.0000 | 0.0001 | 0.0001 | (0.0000) | (0.0001) | 0.0000 | 0.0001 | 0.0001 | (0.0000) | (0.0001) |
Total increase from investment operations | 0.0125 | 0.0290 | 0.0303 | 0.0222 | 0.0091 | 0.0125 | 0.0290 | 0.0303 | 0.0222 | 0.0091 |
Dividends from net investment income | (0.0125) | (0.0289) | (0.0302) | (0.0222) | (0.0092) | (0.0125) | (0.0289) | (0.0302) | (0.0222) | (0.0092) |
Net asset value, end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Investment Return | ||||||||||
Total investment return | 1.26% | 2.92% | 3.05% | 2.24% | 0.93% | 1.26% | 2.92% | 3.05% | 2.24% | 0.93% |
Ratios to Average Net Assets1 | ||||||||||
Total expenses after waiver | 0.58% | 0.57% | 0.55% | 0.56% | 0.56% | 0.58% | 0.57% | 0.56% | 0.56% | 0.55% |
Total expenses | 0.92% | 0.92% | 0.89% | 0.89% | 0.90% | 0.91% | 0.92% | 0.89% | 0.89% | 0.90% |
Net investment income and | ||||||||||
net realized gain | 1.24% | 2.86% | 3.03% | 2.23% | 0.91% | 1.22% | 2.85% | 3.05% | 2.28% | 0.88% |
Supplemental Data | ||||||||||
Net assets, end of year (000) | $480,247 | $479,041 | $394,877 | $408,672 | $367,434 | $395,636 | $393,396 | $279,895 | $156,657 | $133,924 |
1 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income and net realized gain (loss). |
See Notes to Financial Statements.
8 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Notes to Financial Statements WCMA Tax-Exempt Fund
1. Organization and Significant Accounting Policies:
WCMA Tax-Exempt Fund the (“Fund”) is registered under the Investment
Company Act of 1940, as amended (the “1940 Act”), as a no load,
diversified, open-end management investment company. The Fund is
organized as a Massachusetts business trust. The Fund seeks to achieve
its investment objective by investing all of its assets in Master Tax-Exempt
LLC (the “Master LLC”), which has the same investment objective and
strategies as the Fund. The Master LLC is organized as a Delaware lim-
ited liability company. The value of the Fund’s investment in the Master
LLC reflects the Fund’s proportionate interest in the net assets of the
Master LLC. The performance of the Fund is directly affected by the per-
formance of the Master LLC. The financial statements of the Master LLC,
including the Schedule of Investments, are included elsewhere in this
report and should be read in conjunction with the Fund’s financial state-
ments. The Board of Trustees of the Fund and the Board of Directors of
the Master LLC are referred to throughout this report as the “Board of
Directors” or the “Board.” The Fund’s financial statements are prepared
in conformity with accounting principles generally 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 per-
centage of the Master LLC owned by the Fund at March 31, 2009 was
9.5%. The Fund is 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
represents an interest in the same assets of the Fund and has identical
voting, dividend, liquidation and other rights and the same terms and
conditions, except that each class bears certain expenses related to the
service and distribution of such shares and the additional incremental
transfer agency costs resulting from the conversion of shares and has
exclusive voting rights with respect to matters relating to such share-
holder services and distribution expenditures.
The following is a summary of significant accounting policies followed by
the Fund:
Valuation of Investments: The Fund records its investment in the Master
LLC at fair value. Valuation of securities held by the Master LLC is dis-
cussed in Note 1 of the Master LLC’s Notes to Financial Statements,
which are included elsewhere in this report. The Fund seeks 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, the Fund adopted Financial Accounting Standards
Board Statement of Financial Accounting Standards No. 157, “Fair Value
Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair
value, establishes a framework for measuring fair values and requires
additional disclosures about the use of fair value measurements. Various
inputs are used in determining the fair value of investments, which are
as follows:
•Level 1 — price quotations in active markets/exchanges for identical
securities
•Level 2 — other observable inputs (including, but not limited to:
quoted prices for similar assets or liabilities in markets that are
active, quoted prices for identical or similar assets 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 the Fund’s own assumptions used in determining
the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities.
The following table summarizes the inputs used as of March 31, 2009 in
determining the fair valuation of the Fund’s investments:
Valuation | Investments in |
Inputs | Securities |
Assets | |
Level 1 | — |
Level 2 | $1,080,838,795 |
Level 3 | — |
Total | $1,080,838,795 |
Investment Transactions and Net Investment Income: Investment trans-
actions in the Master LLC are accounted for on a trade date basis. The
Fund records daily its proportionate share of the Master LLC’s income,
expenses and realized gains and losses. In addition, the Fund accrues
its own income and expenses. Income and realized gains and losses are
allocated daily to each class based on its relative net assets.
Dividends and Distributions to Shareholders: Dividends from net invest-
ment income are declared and reinvested daily and paid monthly. Distri-
butions of realized gains, if any, are recorded on the ex-dividend dates.
Income Taxes: It is the Fund’s policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies
and to distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.
The Fund files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of
limitations on the Fund’s US federal tax returns remains open for the
four years ended March 31, 2009. The statutes of limitations on the
Fund’s 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
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
9
Notes to Financial Statements (continued) WCMA Tax-Exempt Fund
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.
FAS 161 is effective for financial statements issued for fiscal years and
interim periods beginning after November 15, 2008. The impact on the
Fund’s financial statement disclosures, if any, is currently being assessed.
Other: Expenses directly related to the 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 Fund are allocated daily to
each class based on its relative net assets.
2. Transactions with Affiliates:
The Fund has 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, the Fund
pays the Administrator a monthly fee at an annual rate of 0.25% of the
average daily value of the Fund’s net assets. The PNC Financial Services
Group, Inc. (“PNC”) and Bank of America Corporation (“BAC”) are the
largest stockholders of BlackRock, Inc. (“BlackRock”). BAC became a
stockholder of BlackRock following its acquisition of Merrill Lynch & Co.,
Inc. (“Merrill Lynch”) on January 1, 2009. Prior to that date, both PNC
and Merrill Lynch were considered affiliates of the Fund under the 1940
Act. Subsequent to the acquisition, PNC remains an affiliate, but due to
the restructuring of Merrill Lynch’s ownership interest of BlackRock, BAC
is not deemed to be an affiliate under the 1940 Act.
Effective October 1, 2008, the Fund entered into a Distribution Agreement
and Distribution Plans with BlackRock Investments, LLC (“BIL”), which
replaced Merrill Lynch, Pierce, Fenner and Smith Incorporated (“MLPF&S)
(collectively, the “Distributor”) as the sole distributor of the Fund. MLPF&S
is a wholly owned subsidiary of Merrill Lynch. BIL is an affiliate of
BlackRock. The service and distribution fees did not change as a
result of the transaction.
Pursuant to the Distribution Plans adopted by the Fund in accordance
with Rule 12b-1 under the 1940 Act, the Fund pays the Distributor serv-
ice 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 Fund 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 the Distributor
for providing shareholder servicing and/or distribution-related services to
shareholders. The Fund has entered into a contractual arrangement with
the Administrator and BIL to waive and/or reimburse a portion of the
Fund’s fees and expenses to ensure that the net expenses for the Fund’s
Class 2 Shares is 0.35% higher than that of CMA Tax-Exempt Fund, and
Class 3 and Class 4 Shares is equal to that of CMA Tax- Exempt Fund
as applicable. The fee/expense waiver or reimbursement includes serv-
ice and distribution fees. This arrangement has a one-year term and is
renewable. These amounts are included in service and distribution fees
waived on the Statement of Operations.
The Distributor has voluntarily agreed to waive its distribution fees to
enable each class of the Fund to maintain a minimum daily net invest-
ment income dividend. These amounts are included in service and distri-
bution fees waived on the Statement of Operations. The Distributor may
discontinue the waiver at any time.
Financial Data Services, Inc. (“FDS”), a wholly owned subsidiary of Merrill
Lynch, serves as transfer agent. The Fund may earn interest on positive
cash balances in demand deposit accounts that are maintained by FDS
on behalf of the Fund. This amount is shown as interest — affiliated on
the Statement of Operations.
Certain officers and/or directors of the Fund are officers and/or directors
of BlackRock, Inc. or its affiliates. The Fund reimburses the Administrator
for compensation paid to the Fund’s Chief Compliance Officer.
3. Capital Share Transactions:
The number of shares sold, reinvested and redeemed correspond to the
net proceeds from sale of shares, reinvestments of dividends and cost of
shares redeemed, respectively, since shares are sold and redeemed at
$1.00 per share.
Transactions in shares for each class were as follows:
Year Ended | ||
March 31, | ||
Class 1 | 2009 | 2008 |
Shares sold | 972,737,809 | 824,946,155 |
Shares issued to shareholders in | ||
reinvestment of dividends | 204,862 | 757,183 |
Total issued | 972,942,671 | 825,703,338 |
Shares redeemed | (979,849,923) | (833,059,335) |
Net decrease | (6,907,252) | (7,355,997) |
10 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Notes to Financial Statements (concluded) WCMA Tax-Exempt Fund
Year Ended | ||
March 31, | ||
Class 2 | 2009 | 2008 |
Shares sold | 1,846,245,409 | 1,858,510,422 |
Shares issued to shareholders in | ||
reinvestment of dividends | 1,788,660 | 4,360,556 |
Total issued | 1,848,034,069 | 1,862,870,978 |
Shares redeemed | (1,869,680,338) | (1,830,489,777) |
Net increase (decrease) | (21,646,269) | 32,381,201 |
Class 3 | ||
Shares sold | 6,056,457,648 | 5,689,125,187 |
Shares issued to shareholders in | ||
reinvestment of dividends | 6,196,577 | 11,949,026 |
Total issued | 6,062,654,225 | 5,701,074,213 |
Shares redeemed | (6,061,404,812) | (5,616,972,197) |
Net increase | 1,249,413 | 84,102,016 |
Class 4 | ||
Shares sold | 6,952,972,748 | 7,312,416,997 |
Shares issued to shareholders in | ||
reinvestment of dividends | 4,998,371 | 9,193,098 |
Total issued | 6,957,971,119 | 7,321,610,095 |
Shares redeemed | (6,955,790,683) | (7,208,157,783) |
Net increase | 2,180,436 | 113,452,312 |
4. Federal Insurance: |
The Fund participates in the US Treasury Department’s Temporary
Guarantee Program for Money Market Funds (the “Program”). As a result
of the Fund’s participation in the Program, in the event the Fund’s net
asset value falls below $0.995 per share, shareholders in the Fund will
have federal insurance of $1.00 per share up to the lesser of sharehold-
ers’ balances in the Fund as of the close of business on September 19,
2008, or the remaining balances of such shareholder accounts as of the
date the guarantee is triggered. 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 September 18, 2009, the Fund paid a participation fee of
0.01% for the period September 19, 2008 through December 18, 2008
and 0.03% for the period December 19, 2008 through September 18,
2009 of the Fund’s shares outstanding value as of September 19, 2008.
The participation fee for the period September 19, 2008 to March 31,
2009 is included in federal insurance on the Statement of Operations.
5. Income Tax Information:
Reclassification: Accounting principles generally accepted in the United
States of America require that certain components of net assets be
adjusted to reflect permanent differences between financial and tax
reporting. The following permanent differences as of March 31, 2009
attributable to the use of equalization were reclassed to the following
accounts:
Paid-in capital in excess of par | $ 118,570 |
Accumulated net realized gain allocated from the Master LLC | $(118,570) |
The tax character of distributions paid during the fiscal years ended
March 31, 2009 and March 31, 2008 were as follows:
3/31/2009 | 3/31/2008 | |
Distributions paid from: | ||
Tax-exempt income | $ 13,188,709 | $26,259,863 |
Net long-term capital gains | 118,570 | — |
Total distributions | $ 13,307,279 | $26,259,863 |
As of March 31, 2009, there were no significant differences between the
book and tax components of net assets.
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
11
Report of Independent Registered Public Accounting Firm WCMA Tax-Exempt Fund
To the Shareholders and Board of Directors of
WCMA Tax-Exempt Fund:
We have audited the accompanying statement of assets and liabilities
of WCMA Tax-Exempt Fund (the “Fund”) as of March 31, 2009, and the
related statement of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the
period then ended. These financial statements and financial highlights
are the responsibility of the Fund’s management. Our responsibility is to
express an opinion on these financial statements and financial high-
lights based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial highlights are
free of material misstatement. The Fund is not required to have, nor were
we engaged to perform, an audit of its internal control over financial
reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Fund’s internal control over finan-
cial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
WCMA Tax-Exempt Fund as of March 31, 2009, the results of its opera-
tions for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of
America.
Deloitte & Touche LLP
Princeton, New Jersey
May 21, 2009
Important Tax Information (Unaudited)
All of the net investment income distributions paid by WCMA Tax-Exempt
Fund during the taxable year ended March 31, 2009 qualify
as tax-exempt interest dividends for federal income tax purposes.
Portfolio Information as of March 31, 2009 | Master Tax-Exempt LLC | |
Portfolio Composition | ||
Percent of | ||
Net Assets | ||
Variable Rate Demand Obligations | 82% | |
Fixed Rate Notes | 12 | |
Tax-Exempt Commercial Paper | 5 | |
Put Bonds | 1 | |
Total | 100% |
12 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Schedule of Investments March 31, 2009 | Master Tax-Exempt LLC | ||||||
(Percentages shown are based on Net Assets) | |||||||
Par | Par | ||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | ||
Alabama — 2.5% | Arizona (concluded) | ||||||
Columbia, Alabama, IDB, PCR, Refunding (Alabama | Arizona Health Facilities Authority Revenue Bonds | ||||||
Power Company Project), VRDN, Series C, | (Banner Health System), VRDN (a): | ||||||
0.55%, 4/01/09 (a) | $ 11,100 | $ 11,100,000 | Series C, 0.43%, 4/07/09 | $ 4,220 | $ 4,220,000 | ||
Lower Alabama Gas District, Gas Supply Revenue | Series F, 0.43%, 4/07/09 | 101,205 | 101,205,000 | ||||
Bonds, VRDN, Series A, 0.55%, 4/07/09 (a) | 104,950 | 104,950,000 | Maricopa County, Arizona, Public Finance Corporation, | ||||
Mobile, Alabama, IDB, PCR (Alabama Power | Lease Revenue Bonds, FLOATS, VRDN, Series 1863, | ||||||
Company-Barry Plant Project), VRDN, | 0.54%, 4/07/09 (a)(b)(d) | 8,440 | 8,440,000 | ||||
2%, 4/07/09 (a) | 10,100 | 10,100,000 | Salt River Pima-Maricopa Indian Community, Arizona, | ||||
Southeast Alabama Gas District, Alabama, Supply | Revenue Bonds, VRDN (a): | ||||||
Project Revenue Bonds, VRDN, Series A, | 0.55%, 4/07/09 | 15,829 | 15,829,000 | ||||
0.30%, 4/01/09 (a) | 87,099 | 87,099,000 | 0.55%, 4/07/09 | 32,715 | 32,715,000 | ||
Spanish Fort Redevelopment Authority, Alabama, | Scottsdale, Arizona, IDA, Hospital Revenue Refunding | ||||||
Revenue Bonds, Bank of America Macon Trust, | Bonds (Scottsdale Healthcare), VRDN, Series C, | ||||||
VRDN, Series 2007-306, 0.64%, 4/07/09 (a)(b) | 15,450 | 15,450,000 | 1.25%, 4/07/09 (a)(e) | 5,900 | 5,900,000 | ||
University of Alabama, General Revenue | 248,484,000 | ||||||
Bonds, ROCS, VRDN, Series II-R-12035, | |||||||
1.24%, 4/07/09 (a)(c) | 28,710 | 28,710,000 | California — 5.2% | ||||
West Jefferson, Alabama, IDB, Solid Waste Disposal | California HFA, Home Mortgage Revenue Bonds, | ||||||
Revenue Bonds (Alabama Power Company Project), | VRDN, AMT (a): | ||||||
VRDN, AMT, 2%, 4/07/09 (a) | 30,000 | 30,000,000 | Series B, 0.50%, 4/07/09 | 25,910 | 25,910,000 | ||
Series B, 0.50%, 4/07/09 | 15,000 | 15,000,000 | |||||
287,409,000 | Series C, 1.50%, 4/01/09 | 75,670 | 75,670,000 | ||||
Alaska — 0.5% | Series D, 5.25%, 4/07/09 | 41,200 | 41,200,000 | ||||
Alaska State International Airports, Revenue | Series M, 0.40%, 4/01/09 | 15,800 | 15,800,000 | ||||
Refunding Bonds, VRDN, AMT, Series A, | California HFA, Home Mortgage Revenue | ||||||
0.60%, 4/07/09 (a) | 4,000 | 4,000,000 | Refunding Bonds, VRDN, AMT, Series E, | ||||
Valdez, Alaska, Marine Terminal Revenue Bonds | 0.40%, 4/01/09 (a) | 56,300 | 56,300,000 | ||||
(ConocoPhillips Project), VRDN, Series A, | California HFA, M/F Housing Revenue Bonds, VRDN, | ||||||
0.50%, 4/07/09 (a) | 38,000 | 38,000,000 | AMT, Series C, 3.50%, 4/01/09 (a) | 12,330 | 12,330,000 | ||
Valdez, Alaska, Marine Terminal Revenue Refunding | California Home Mortgage Financing Authority, | ||||||
Bonds (ConocoPhillips Project), VRDN, Series B, | Homebuyers Fund S/F Revenue Refunding Bonds, | ||||||
0.65%, 4/07/09 (a) | 20,000 | 20,000,000 | VRDN, AMT, 0.50%, 4/07/09 (a) | 28,543 | 28,543,400 | ||
62,000,000 | California Municipal Finance Authority, M/F Housing | ||||||
Revenue Bonds, PUTTERS, VRDN, AMT, Series 2410, | |||||||
Arizona — 2.2% | 0.69%, 4/07/09 (a)(b) | 2,305 | 2,305,000 | ||||
AK-Chin Indian Community, Arizona, Revenue Bonds, | California State, GO, MERLOTS, VRDN, Series B-45, | ||||||
VRDN, 0.55%, 4/07/09 (a) | 20,000 | 20,000,000 | 0.53%, 4/07/09 (a)(b) | 7,715 | 7,715,000 | ||
Apache County, Arizona, IDA, IDR (Tucson | California State, GO, Refunding, VRDN, Series A-1, | ||||||
Electric Power Co.), VRDN, Series 83-A, | 0.30%, 4/01/09 (a) | 22,225 | 22,225,000 | ||||
0.43%, 4/07/09 (a) | 55,575 | 55,575,000 | Golden State Tobacco Securitization Corporation | ||||
Arizona Health Facilities Authority, Health Facility | of California, Tobacco Settlement Revenue | ||||||
Revenue Bonds (Catholic Healthcare West Project), | Bonds, FLOATS, VRDN, Series 2215, | ||||||
VRDN, Series B, 0.43%, 4/07/09 (a) | 4,600 | 4,600,000 | 0.69%, 4/07/09 (a) | 22,500 | 22,500,000 | ||
Portfolio Abbreviations | |||||||
To simplify the portfolio holdings in the Schedule of | HDA | Housing Development Authority | PUTTERS | Puttable Tax-Exempt Receipts | |||
Investments, the names and descriptions of many of | HFA | Housing Finance Agency | RAN | Revenue Anticipation Notes | |||
the securities have been abbreviated according to the | IDA | Industrial Development Authority | ROCS | Reset Option Certificates | |||
following list: | IDB | Industrial Development Board | S/F | Single-Family | |||
AMT | Alternative Minimum Tax (subject to) | IDR | Industrial Development Revenue Bonds | SPEARS | Short Puttable Exempt Adjustable | ||
ARS | Auction Rate Securities | LIFERS | Long Inverse Floating Exempt Receipts | Receipts | |||
BAN | Bond Anticipation Notes | M/F | Multi-Family | STARS | Short-Term Adjustable Rate Securities | ||
COP | Certificates of Participation | MERLOTS | Municipal Exempt Receipts Liquidity | TAN | Tax Anticipation Notes | ||
EDA | Economic Development Authority | Optional Tenders | TECP | Tax-Exempt Commercial Paper | |||
EDR | Economic Development Revenue Bonds | MSTR | Municipal Securities Trust Receipts | TRAN | Tax Revenue Anticipation Notes | ||
FLOATS | Floating Rate Securities | PCR | Pollution Control Revenue Bonds | VRDN | Variable Rate Demand Notes | ||
GO | General Obligation Bonds | ||||||
See Notes to Financial Statements. |
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
13
Schedule of Investments (continued) | Master Tax-Exempt LLC | ||||
(Percentages shown are based on Net Assets) | |||||
Par | Par | ||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value |
California (concluded) | Colorado (concluded) | ||||
Golden State Tobacco Securitization Corporation of | El Paso County, Colorado, School District, | ||||
California, Tobacco Settlement Revenue Refunding | COP, Eclipse Funding Trust, Solar Eclipse | ||||
Bonds, FLOATS, VRDN (a): | Certificates, VRDN, Series 2006-0101, | ||||
Series 1500, 0.69%, 4/07/09 | $ 4,000 | $ 4,000,000 | 0.44%, 4/07/09 (a)(b) | $ 11,175 | $ 11,175,000 |
Series 2040, 0.69%, 4/07/09 | 8,000 | 8,000,000 | Moffat County, Colorado, PCR, Refunding (PacifiCorp | ||
Series 2954, 0.69%, 4/07/09 | 30,000 | 30,000,000 | Projects), VRDN, 0.43%, 4/07/09 (a) | 7,500 | 7,500,000 |
Los Angeles, California, GO, TRAN, 3%, 6/30/09 | 57,100 | 57,303,242 | Pitkin County, Colorado, IDR, Refunding (Aspen | ||
Sacramento County, California, GO, TRAN, | Skiing Company Project), VRDN, AMT, Series B, | ||||
2.50%, 8/07/09 | 107,100 | 107,439,313 | 0.75%, 4/01/09 (a) | 4,500 | 4,500,000 |
San Jose, California, Airport Revenue Refunding | Telluride, Colorado, Excise Tax Revenue Bonds | ||||
Bonds, ROCS, VRDN, AMT, Series II-R-10364, | (Valley Floor Open Space Project), VRDN, | ||||
0.89%, 4/07/09 (a)(c)(d)(e)(o) | 60,000 | 60,000,000 | 1.45%, 4/07/09 (a) | 5,315 | 5,315,000 |
592,240,955 | 308,652,354 | ||||
Colorado — 2.7% | Connecticut — 0.6% | ||||
Aurora, Colorado, COP, Refunding, VRDN, | Connecticut State Health and Educational Facilities | ||||
0.43%, 4/07/09 (a) | 19,100 | 19,100,000 | Authority Revenue Bonds, VRDN (a): | ||
Colorado Educational and Cultural Facilities Authority | Bank of America Austin Trust, Series 2008-352, | ||||
Revenue Bonds (The Nature Conservancy Project), | 0.66%, 4/07/09 (b) | 14,870 | 14,870,000 | ||
VRDN, Series A, 0.55%, 4/07/09 (a) | 8,600 | 8,600,000 | (Greenwich Hospital), Series C, 0.28%, 4/07/09 | 11,755 | 11,755,000 |
Colorado HFA, S/F Mortgage Revenue Bonds, VRDN, | (Yale University), Series U-2, 0.20%, 4/07/09 | 28,420 | 28,420,000 | ||
AMT, Series B-2, Class I, 2%, 4/07/09 (a) | 25,000 | 25,000,000 | Connecticut State Health and Educational Facilities | ||
Colorado Health Facilities Authority Revenue Bonds, | Authority, Revenue Refunding Bonds, VRDN (a): | ||||
VRDN (a): | (Danbury Hospital), Series J, 0.44%, 4/07/09 | 5,000 | 5,000,000 | ||
(Catholic Health Initiatives), Series B, | (Pierce Memorial Baptist Home), Series A, | ||||
0.40%, 4/07/09 | 32,400 | 32,400,000 | 0.33%, 4/07/09 | 6,515 | 6,515,000 |
(Sisters of Charity of Leavenworth Health | 66,560,000 | ||||
System), 0.48%, 4/07/09 | 18,800 | 18,800,000 | |||
Colorado Health Facilities Authority, Revenue | District of Columbia — 1.3% | ||||
Refunding Bonds, VRDN (a): | District of Columbia, GO, Deutsche Bank SPEARS/ | ||||
(Catholic Health Initiatives), Series B-1, | LIFERS Trust, SPEARS, VRDN, AMT, Series DB-463, | ||||
0.37%, 4/07/09 | 3,335 | 3,335,000 | 0.49%, 4/07/09 (a)(b)(e) | 8,447 | 8,447,000 |
(Catholic Health Initiatives), Series B-6, | District of Columbia, GO, FLOATS, VRDN, Series 1920, | ||||
0.32%, 4/07/09 | 7,900 | 7,900,000 | 0.54%, 4/07/09 (a)(f) | 15,730 | 15,730,000 |
(Sisters of Charity of Leavenworth Health | District of Columbia, GO, Refunding, VRDN (a): | ||||
System), Series A, 0.48%, 4/07/09 | 23,805 | 23,805,000 | Series A, 1.60%, 4/07/09 | 4,295 | 4,295,000 |
Colorado Housing and Finance Authority, | Series B, 0.55%, 4/07/09 | 6,120 | 6,120,000 | ||
S/F Mortgage Revenue Bonds, VRDN, AMT, | Series C, 0.40%, 4/07/09 | 6,555 | 6,555,000 | ||
Class I, Series B-2, 0.45%, 4/07/09 (a) | 10,780 | 10,780,000 | Series C, 2%, 4/07/09 | 24,000 | 24,000,000 |
Colorado Housing and Finance Authority, S/F | Series D, 1.22%, 4/07/09 | 8,390 | 8,390,000 | ||
Mortgage Revenue Refunding Bonds, VRDN, | District of Columbia, Revenue Refunding | ||||
AMT, Class I, Series B-3, 0.60%, 4/07/09 (a) | 15,000 | 15,000,000 | Bonds (Howard University), VRDN, Series B, | ||
Colorado School of Mines Development | 0.49%, 4/07/09 (a) | 4,800 | 4,800,000 | ||
Corporation, Revenue Refunding Bonds, VRDN, | District of Columbia, TECP, 0.50%, 4/01/09 | 35,900 | 35,900,000 | ||
0.64%, 4/07/09 (a) | 6,300 | 6,300,000 | District of Columbia, University Revenue | ||
Colorado School of Mines, Enterprise | Bonds (American University), VRDN, | ||||
Revenue Refunding Bonds, VRDN, Series A, | 0.55%, 4/07/09 (a)(f) | 7,400 | 7,400,000 | ||
0.65%, 4/07/09 (a) | 8,000 | 8,000,000 | Washington, D.C., Convention Center Authority, | ||
Colorado Springs, Colorado, School District | Dedicated Tax Revenue Refunding Bonds, FLOATS, | ||||
Number 11 Facilities Corporation, COP, Refunding, | VRDN (a)(c)(d): | ||||
VRDN, 1.50%, 4/07/09 (a)(e) | 8,290 | 8,290,000 | Series 1730, 0.59%, 4/07/09 | 6,665 | 6,665,000 |
Colorado Springs, Colorado, Utilities Revenue | Series 1731, 0.59%, 4/07/09 | 6,665 | 6,665,000 | ||
Refunding Bond, Sub-Lien, VRDN, Series A, | Series 1736, 0.59%, 4/07/09 | 7,830 | 7,830,000 | ||
1.50%, 4/07/09 (a) | 34,875 | 34,875,000 | 142,797,000 | ||
Colorado State, General Fund, GO, TRAN, | |||||
3%, 6/26/09 | 57,800 | 57,977,354 |
See Notes to Financial Statements.
14 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Schedule of Investments (continued) | Master Tax-Exempt LLC | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Florida — 5.3% | Florida (concluded) | |||||
Brevard County, Florida, HFA, M/F Housing Revenue | Jacksonville, Florida, Economic Development | |||||
Bonds (Timber Trace Apartments), VRDN, AMT, | Commission, IDR (Lee and Cates Glass, Inc. | |||||
0.70%, 4/07/09 (a) | $ 10,000 | $ 10,000,000 | Project), VRDN, AMT, 0.67%, 4/07/09 (a) | $ | 8,285 | $ 8,285,000 |
Escambia County, Florida, Solid Waste Disposal, | Jacksonville, Florida, Electric Authority Revenue | |||||
System Revenue Bonds (Gulf Power Company | Bonds (Electric System), VRDN, Series B, | |||||
Project), VRDN, First Series, 1.75%, 4/07/09 (a) | 10,000 | 10,000,000 | 0.50%, 4/01/09 (a) | 15,565 | 15,565,000 | |
Florida Gas Utility Revenue Bonds (Gas Supply | Jacksonville, Florida, Health Facilities Authority, | |||||
Project Number 2), VRDN, Series A-3, 1%, | Hospital Revenue Bonds (Southern Baptist | |||||
4/07/09 (a) | 84,430 | 84,430,000 | Hospital), VRDN, Series A, 0.34%, 4/01/09 (a) | 11,320 | 11,320,000 | |
Florida Housing Finance Corporation, M/F Mortgage | Jacksonville, Florida, Port Authority Revenue Bonds | |||||
Revenue Bonds, VRDN, AMT (a): | (Mitsui O.S.K. Lines, Ltd. Project), VRDN, AMT, | |||||
(Savannah Springs Apartments Limited), | 0.65%, 4/07/09 (a) | 14,660 | 14,660,000 | |||
Series N, 0.67%, 4/07/09 | 7,000 | 7,000,000 | Jacksonville, Florida, Transit Revenue Refunding | |||
(Wexford Apartments), Series P, 0.63%, 4/07/09 | 6,000 | 6,000,000 | Bonds, VRDN (a): | |||
Florida Hurricane Catastrophe Fund Finance | Series A, 0.39%, 4/07/09 | 54,035 | 54,035,000 | |||
Corporation Revenue Bonds, ROCS, VRDN, | Series B, 1.50%, 4/07/09 | 3,000 | 3,000,000 | |||
Series II-R-11549, 0.60%, 4/07/09 (a)(b) | 6,985 | 6,985,000 | Lakeland, Florida, Energy System Revenue Refunding | |||
Florida State Board of Education, GO, VRDN (a): | Bonds, VRDN, Series A, 0.32%, 4/07/09 (a) | 5,000 | 5,000,000 | |||
MSTR, Series SGA 102, 0.55%, 4/01/09 (o) | 2,000 | 2,000,000 | Lee County, Florida, IDA, IDR (Raymond Building Supply | |||
ROCS, Series II-R-12067, 1.02%, 4/07/09 (b) | 15,500 | 15,500,000 | Corporation), VRDN, AMT, 1.20%, 4/07/09 (a) | 65 | 65,000 | |
ROCS, Series II-R-12211, 1.04%, 4/07/09 (b) | 8,000 | 8,000,000 | Manatee County, Florida, HFA, M/F Housing Revenue | |||
Florida State Turnpike Authority, Turnpike Revenue | Bonds (Village at Cortez Apartments), VRDN, AMT, | |||||
Refunding Bonds, VRDN (a): | Series A, 0.62%, 4/07/09 (a)(h) | 11,700 | 11,700,000 | |||
FLOATS, Series 2854, 0.59%, 4/07/09 | 2,300 | 2,300,000 | Miami-Dade County, Florida, Aviation Revenue | |||
PUTTERS, Series 2539, 0.47%, 4/07/09 (b) | 3,555 | 3,555,000 | Bonds, Eagle Tax-Exempt Trust, VRDN, AMT, Series | |||
Fort Pierce, Florida, Redevelopment Agency, Tax | 2007-0108, Class A, 0.91%, 4/07/09 (a)(c)(i) | 14,380 | 14,380,000 | |||
Allocation Bonds, Eclipse Funding Trust, Solar | Orlando-Orange County Expressway Authority, Florida, | |||||
Eclipse Certificates, VRDN, Series 2006-0130, | Expressway Revenue Bonds, Eagle Tax-Exempt | |||||
0.44%, 4/07/09 (a)(b)(g) | 3,930 | 3,930,000 | Trust, VRDN, Series 2007-0145, Class A, | |||
Highlands County, Florida, Health Facilities Authority, | 0.83%, 4/07/09 (a)(b)(c)(e) | 11,300 | 11,300,000 | |||
Hospital Revenue Bonds (Adventist Health System), | Palm Beach County, Florida, Educational Facilities | |||||
VRDN, Series A-2, 0.55%, 4/07/09 (a) | 13,500 | 13,500,000 | Authority Revenue Bonds (Atlantic University Inc. | |||
Highlands County, Florida, Health Facilities Authority, | Project), VRDN, 0.55%, 4/07/09 (a) | 9,900 | 9,900,000 | |||
Hospital Revenue Refunding Bonds (Adventist Health | Pembroke Pines, Florida, Charter School Revenue | |||||
System), VRDN, Series C, 0.55%, 4/07/09 (a) | 6,000 | 6,000,000 | Refunding Bonds, VRDN, 0.50%, 4/07/09 (a)(j) | 10,000 | 10,000,000 | |
Hillsborough County, Florida, HFA, M/F Housing | Saint Johns County, Florida, Revenue Bonds, | |||||
Revenue Bonds (Brandon Crossing Apartments), | Deutsche Bank SPEARS/LIFERS Trust, | |||||
VRDN, AMT, 0.62%, 4/07/09 (a)(h) | 5,680 | 5,680,000 | SPEARS, VRDN, Series DB-486, | |||
Jacksonville Electric Authority, Florida, Electric System | 0.51%, 4/07/09 (a)(b)(d) | 8,963 | 8,963,000 | |||
Revenue Refunding Bonds, VRDN (a): | Saint Johns County, Florida, Sales Tax Revenue | |||||
Series 3-B-1, 1.50%, 4/07/09 | 6,065 | 6,065,000 | Bonds, ROCS, VRDN, Series II-R-755PB, | |||
Series 3-B-2, 1.50%, 4/07/09 | 6,105 | 6,105,000 | 0.94%, 4/07/09 (a)(b)(c)(i) | 6,050 | 6,050,000 | |
Series 3-B-3, 1.50%, 4/07/09 | 8,750 | 8,750,000 | South Florida Water Management District, COP, Eagle | |||
Series 3-C-1, 0.33%, 4/07/09 | 14,720 | 14,720,000 | Tax-Exempt Trust, VRDN, Series 2006-0136, Class A, | |||
Series 3-C-2, 0.33%, 4/07/09 | 14,720 | 14,720,000 | 0.89%, 4/07/09 (a)(b)(e) | 19,730 | 19,730,000 | |
Jacksonville Electric Authority, Florida, TECP: | Sunshine State Governmental Finance | |||||
0.50%, 4/01/09 | 30,300 | 30,300,000 | Commission, Florida, Revenue Bonds, VRDN, | |||
0.60%, 4/02/09 | 50,300 | 50,300,000 | 1.50%, 4/07/09 (a) | 23,000 | 23,000,000 | |
Jacksonville Electric Authority, Florida, Water and | University of South Florida Foundation, Inc. Revenue | |||||
Sewer System Revenue Bonds, VRDN, Series A-1, | Bonds, VRDN, 0.57%, 4/07/09 (a) | 8,100 | 8,100,000 | |||
0.34%, 4/07/09 (a) | 30,400 | 30,400,000 | Volusia County, Florida, IDA, Revenue Refunding | |||
Jacksonville Electric Authority, Florida, Water and | Bonds (Retirement Housing Foundation), VRDN, | |||||
Sewer System, Revenue Refunding Bonds, VRDN, | 0.48%, 4/07/09 (a) | 7,500 | 7,500,000 | |||
Sub-Series A-2, 0.47%, 4/07/09 (a) | 6,980 | 6,980,000 | Volusia County, Florida, School Board, COP, Eclipse | |||
Funding Trust, Solar Eclipse Certificates, VRDN, | ||||||
Series 2007-0036, 0.47%, 4/07/09 (a)(b)(e) | 7,375 | 7,375,000 | ||||
603,148,000 |
See Notes to Financial Statements.
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
15
Schedule of Investments (continued) | Master Tax-Exempt LLC | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Georgia — 1.2% | Illinois (continued) | |||||
Atlanta, Georgia, Water and Wastewater | Chicago, Illinois, Metropolitan Water Reclamation | |||||
Revenue Bonds, Eagle Tax-Exempt Trust, | District of Greater Chicago, BB&T Municipal Trust, | |||||
VRDN, Series 2006-0130, Class A, | GO, Refunding, FLOATS, VRDN, Series 2007, | |||||
0.84%, 4/07/09 (a)(b)(c)(e) | $ | 5,000 | $ 5,000,000 | 0.44%, 4/07/09 (a) | $ 2,395 | $ 2,395,000 |
Atlanta, Georgia, Water and Wastewater | Chicago, Illinois, O’Hare International Airport Revenue | |||||
Revenue Refunding Bonds, VRDN, Series B, | Bonds, Deutsche Bank SPEARS/LIFERS Trust, | |||||
3.15%, 4/07/09 (a)(e) | 3,530 | 3,530,000 | SPEARS, VRDN (a)(b): | |||
Burke County, Georgia, Development Authority, PCR, | Series DB-502, 0.52%, 4/07/09 (e) | 41,235 | 41,235,000 | |||
Refunding (Georgia Power Company Vogtle Project), | Series DBE-534, 0.49%, 4/07/09 (d) | 2,275 | 2,275,000 | |||
VRDN, 1st Series, 2.10%, 4/07/09 (a) | 5,100 | 5,100,000 | Chicago, Illinois, O’Hare International Airport | |||
Gainesville and Hall County, Georgia, Hospital | Revenue Bonds, ROCS, VRDN, AMT, Series II-R-239, | |||||
Authority, Revenue Refunding Bonds (Northeast | 1.71%, 4/07/09 (a)(b)(e) | 3,700 | 3,700,000 | |||
Georgia Health System), VRDN, Series E, | Chicago, Illinois, O’Hare International Airport | |||||
0.50%, 4/07/09 (a) | 16,600 | 16,600,000 | Revenue Bonds, VRDN, AMT, Second Lien, Series B, | |||
Georgia Municipal Electric Authority, Power Revenue | 0.65%, 4/07/09 (a) | 19,189 | 19,189,000 | |||
Bonds, Bank of America Macon Trust, VRDN, | Chicago, Illinois, Wastewater Transmission, Revenue | |||||
Series E, 0.89%, 4/07/09 (a)(b)(e) | 6,815 | 6,815,000 | Refunding Bonds, VRDN, Sub-Series C-1, | |||
Georgia State, GO, ROCS, VRDN, Series II-R-11536PB, | 0.50%, 4/01/09 (a) | 6,000 | 6,000,000 | |||
0.71%, 4/07/09 (a)(b) | 26,225 | 26,225,000 | Chicago, Illinois, Water Revenue Bonds, | |||
Gwinnett County, Georgia, Hospital Authority, Revenue | Second Lien, VRDN, Sub-Series 2000-1, | |||||
Refunding Bonds (Gwinnett Hospital System | 0.20%, 4/01/09 (a) | 33,000 | 33,000,000 | |||
Project), VRDN, Series C, 0.47%, 4/07/09 (a) | 7,625 | 7,625,000 | Chicago, Illinois, Water Revenue Refunding Bonds, | |||
Metropolitan Atlanta Rapid Transit Authority, Georgia, | VRDN (a): | |||||
Sales Tax Revenue Bonds, VRDN, Series A, | Sub-Series 04-2, 0.46%, 4/07/09 | 14,850 | 14,850,000 | |||
0.70%, 4/07/09 (a) | 11,830 | 11,830,000 | Sub-Series 04-3, 0.46%, 4/07/09 | 3,225 | 3,225,000 | |
Monroe County, Georgia, Development Authority, PCR, | Cook County, Illinois, GO, ROCS, VRDN, | |||||
Refunding (Georgia Power Company — Scherer), | Series II-R-10359, 0.88%, 4/07/09 (a)(d)(e)(o) | 30,920 | 30,920,000 | |||
VRDN, 1.95%, 4/07/09 (a) | 11,700 | 11,700,000 | Elmhurst, Illinois, Revenue Bonds (Joint Commission | |||
Municipal Electric Authority, Georgia, Revenue | on Accreditation of Healthcare Organizations), | |||||
Refunding Bonds (Project One), VRDN, | VRDN, 0.40%, 4/07/09 (a) | 13,890 | 13,890,000 | |||
Sub-Series B, 1.53%, 4/07/09 (a) | 35,750 | 35,750,000 | Illinois Development Finance Authority, Revenue | |||
Putnam County, Georgia, Development Authority, PCR | Refunding Bonds (Evanston Northwestern | |||||
(Georgia Power Company), VRDN, First Series 97, | Healthcare Corporation), VRDN, Series A, | |||||
2.10%, 4/07/09 (a) | 4,000 | 4,000,000 | 0.50%, 4/07/09 (a) | 29,885 | 29,885,000 | |
Whitfield County, Georgia, Development Authority, | Illinois Educational Facilities Authority Revenue | |||||
Solid Waste Disposal Revenue Bonds (Aladdin | Bonds (Art Institute of Chicago), VRDN, | |||||
Manufacturing Corporation Project), VRDN, AMT, | 0.50%, 4/07/09 (a) | 11,450 | 11,450,000 | |||
1.48%, 4/07/09 (a) | 3,100 | 3,100,000 | Illinois Educational Facilities Authority, Revenue | |||
137,275,000 | Refunding Bonds (The Art Institute of Chicago), | |||||
VRDN, 0.50%, 4/07/09 (a) | 23,600 | 23,600,000 | ||||
Idaho — 0.3% | Illinois Health Facilities Authority Revenue Bonds, | |||||
Idaho State Building Authority, Revenue Refunding | VRDN (a): | |||||
Bonds (Prison Facilities Project), VRDN, Series A, | (Northwestern Memorial Hospital), | |||||
0.50%, 4/07/09 (a) | 14,000 | 14,000,000 | 0.48%, 4/07/09 | 28,870 | 28,870,000 | |
Idaho State, GO, TAN, 3%, 6/30/09 | 18,000 | 18,056,430 | (Revolving Fund Pooled Program), Series D, | |||
32,056,430 | 0.50%, 4/07/09 | 39,850 | 39,850,000 | |||
Illinois — 7.3% | Revolving Fund, Pooled, Series B, | |||||
Chicago, Illinois, GO, Refunding, Eclipse Funding | 0.50%, 4/01/09 | 30,000 | 30,000,000 | |||
Trust, Solar Eclipse Certificates, VRDN, | Illinois State, Educational Facilities Authority | |||||
Series 2006-0038, 0.44%, 4/07/09 (a)(b)(e) | 10,700 | 10,700,000 | Revenue Bonds, FLOATS, VRDN, Series 1097, | |||
Chicago, Illinois, GO, Refunding, ROCS, VRDN, | 0.59%, 4/07/09 (a) | 2,678 | 2,677,500 | |||
Series II-R-10406, 0.88%, 4/07/09 (a)(e)(o) | 14,305 | 14,305,000 | Illinois State Finance Authority, PCR, Refunding | |||
Chicago, Illinois, GO, Refunding, VRDN, Series F, | (Commonwealth Edison Company Project), VRDN, | |||||
0.40%, 4/01/09 (a) | 14,695 | 14,695,000 | Series F, 0.50%, 4/07/09 (a) | 6,200 | 6,200,000 | |
Chicago, Illinois, GO, VRDN, Series B, | ||||||
0.20%, 4/07/09 (a) | 4,785 | 4,785,000 |
See Notes to Financial Statements.
16 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Schedule of Investments (continued) | Master Tax-Exempt LLC | ||||
(Percentages shown are based on Net Assets) | |||||
Par | Par | ||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value |
Illinois (continued) | Illinois (concluded) | ||||
Illinois State Finance Authority Revenue Bonds, | Will County, Illinois, Exempt Facilities Revenue Bonds | ||||
VRDN (a): | (BP Amoco Chemical Company Project), VRDN, | ||||
(Carle Foundation), Series D, 0.40%, 4/07/09 $ | 6,875 | $ 6,875,000 | AMT (a): | ||
(Illinois Wesleyan University Project), | 0.29%, 4/01/09 | $ 6,025 | $ 6,025,000 | ||
0.32%, 4/07/09 | 2,415 | 2,415,000 | 0.29%, 4/01/09 | 3,800 | 3,800,000 |
(Landing at Plymouth Place), Series C, | 0.29%, 4/01/09 | 2,600 | 2,600,000 | ||
0.48%, 4/07/09 | 19,675 | 19,675,000 | 825,818,500 | ||
(North Park University Project), 0.39%, 4/07/09 | 4,800 | 4,800,000 | |||
(Northwestern University), Sub-Series A, | Indiana — 3.2% | ||||
0.40%, 4/07/09 | 13,975 | 13,975,000 | IPS Multi-School Building Corporation, Indiana, | ||
(Northwestern University), Sub-Series A, | Revenue Bonds, ROCS, VRDN, Series II-R-885WF, | ||||
0.26%, 4/07/09 | 4,075 | 4,075,000 | 0.59%, 4/07/09 (a)(b)(e) | 7,470 | 7,470,000 |
(Rush University Medical Center), Series A, | Indiana Bond Bank, Advance Funding Program | ||||
0.32%, 4/07/09 | 4,000 | 4,000,000 | Revenue Notes, Series A, 3%, 5/28/09 | 40,700 | 40,774,519 |
(The Art Institute of Chicago), Series B-1, | Indiana State Development Finance Authority, | ||||
0.50%, 4/07/09 | 7,000 | 7,000,000 | Educational Facilities Revenue Bonds | ||
(University of Chicago), Series B, 0.27%, 4/07/09 | 54,817 | 54,817,000 | (Indianapolis Museum of Art, Inc. Project), VRDN, | ||
Illinois State Finance Authority, Revenue Refunding | 0.50%, 4/07/09 (a) | 43,000 | 43,000,000 | ||
Bonds, VRDN (a): | Indiana State Development Finance Authority, | ||||
(Central DuPage Health System), Series C, | Environmental Revenue Bonds (PSI Energy | ||||
0.45%, 4/01/09 | 49,830 | 49,830,000 | Inc. Projects), VRDN, AMT, Series A, | ||
Eagle Tax-Exempt Trust, Series 2006-0118, | 0.95%, 4/07/09 (a) | 32,550 | 32,550,000 | ||
Class A, 0.61%, 4/07/09 (b) | 3,150 | 3,150,000 | Indiana State Financing Authority, Environmental | ||
(Elmhurst Memorial Healthcare Project), Series B, | Revenue Refunding Bonds, (Duke Energy | ||||
0.50%, 4/01/09 | 3,100 | 3,100,000 | Indiana, Inc. Project), VRDN (a): | ||
(Northwest Community Hospital), Series C, | Series A-1, 0.70%, 4/07/09 | 6,000 | 6,000,000 | ||
0.37%, 4/07/09 | 5,700 | 5,700,000 | Series A-5, 0.58%, 4/01/09 | 7,000 | 7,000,000 |
(Northwestern Memorial Hospital), Series A-1, | Indiana State Financing Authority, Health System | ||||
0.40%, 4/01/09 | 6,125 | 6,125,000 | Revenue Bonds (Sisters of St. Francis Health | ||
(Northwestern Memorial Hospital), Series B-1, | Service, Inc. Project), VRDN, Series B, | ||||
0.50%, 4/07/09 | 6,950 | 6,950,000 | 0.45%, 4/07/09 (a) | 3,700 | 3,700,000 |
(Northwestern Memorial Hospital), Series B-1, | Indiana State Financing Authority, Lease | ||||
0.45%, 4/07/09 | 12,500 | 12,500,000 | Appropriation Revenue Bonds, VRDN (a): | ||
(Riverside Health System), Series A, | Series A-1, 2%, 4/07/09 | 62,000 | 62,000,000 | ||
0.47%, 4/07/09 (k) | 15,175 | 15,175,000 | Series A-4, 0.75%, 4/07/09 | 82,000 | 82,000,000 |
(Riverside Health System), Series B, | Series A-5, 2.50%, 4/07/09 | 25,000 | 25,000,000 | ||
0.47%, 4/07/09 (k) | 14,950 | 14,950,000 | Indiana State Financing Authority, Revenue Refunding | ||
(Southern Illinois Healthcare Enterprise), | Bonds (Ascension Health), VRDN, Series E-3, | ||||
0.47%, 4/07/09 | 6,780 | 6,780,000 | 0.25%, 4/07/09 (a) | 7,000 | 7,000,000 |
Illinois State, GO, Bank of America Macon Trust, | Indiana University Revenue Bonds, PUTTERS, VRDN, | ||||
VRDN, Series L, 0.49%, 4/07/09 (a)(b) | 1,750 | 1,750,000 | Series 2494, 0.47%, 4/07/09 (a)(b) | 1,115 | 1,115,000 |
Illinois State, GO, Eagle Tax-Exempt Trust, | Indianapolis, Indiana, EDR (New Bridges Apartments | ||||
VRDN, Series 2008-0021, Class A, | Project), VRDN, 1.05%, 4/07/09 (a) | 3,720 | 3,720,000 | ||
1.36%, 4/07/09 (a)(b)(e)(f) | 11,260 | 11,260,000 | Portage, Indiana, EDR (Breckenridge Apartments | ||
Illinois State, GO, MERLOTS, VRDN, Series B04, | Project), VRDN, AMT, 0.80%, 4/07/09 (a) | 4,650 | 4,650,000 | ||
1.05%, 4/07/09 (a)(b)(e) | 8,930 | 8,930,000 | Saint Joseph County, Indiana, Industrial Educational | ||
Illinois State, GO, ROCS, VRDN, Series II-R-12080, | Facilities Revenue Bonds (University of Notre Dame | ||||
0.88%, 4/07/09 (a)(b)(e)(f) | 9,470 | 9,470,000 | du Lac Project), VRDN, 0.24%, 4/07/09 (a) | 6,900 | 6,900,000 |
Illinois State Toll Highway Authority, Toll Highway | Whiting, Indiana, Environmental Facilities Revenue | ||||
Revenue Refunding Bonds, VRDN, Series B, | Refunding Bonds, VRDN, AMT (a): | ||||
1.50%, 4/07/09 (a)(e) | 12,235 | 12,235,000 | (Amoco Oil Company Project), 0.29%, 4/01/09 | 6,085 | 6,085,000 |
Illinois State Toll Highway Authority, Toll Highway | (BP Products Project), Series C, 0.29%, 4/01/09 | 4,900 | 4,900,000 | ||
Senior Priority Revenue Bonds, VRDN, Series A-1, | Whiting, Indiana, Environmental Facilities, TECP, | ||||
3%, 4/07/09 (a) | 45,700 | 45,700,000 | 1.15%, 6/01/09 | 16,000 | 16,000,000 |
University of Illinois, COP (Utility Infrastructure | Whiting, Indiana, Industrial Sewer and Solid | ||||
Projects), Refunding, VRDN, 0.60%, 4/07/09 (a) | 84,460 | 84,460,000 | Waste Disposal Revenue Refunding Bonds | ||
University of Illinois, University Revenue Refunding | (Amoco Oil Company Project), VRDN, AMT, | ||||
Bonds, Eagle Tax-Exempt Trust, VRDN, Series | 0.29%, 4/01/09 (a) | 10,000 | 10,000,000 | ||
2006-0124, Class A, 0.74%, 4/07/09 (a)(b)(i) | 10,000 | 10,000,000 | 369,864,519 | ||
See Notes to Financial Statements. |
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
17
Schedule of Investments (continued) | Master Tax-Exempt LLC | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Iowa — 0.7% | Kentucky (concluded) | |||||
Clear Lake, Iowa, Development Revenue Bonds | Lexington-Fayette Urban County Airport | |||||
(Joe Corbis Pizza Project), VRDN, AMT, | Board, Kentucky, General Airport Revenue | |||||
0.69%, 4/07/09 (a) | $ | 3,460 | $ 3,460,000 | Refunding Bonds, VRDN, AMT, Series A, | ||
Iowa Finance Authority, Health Facilities Revenue | 0.75%, 4/01/09 (a) | $ 8,870 | $ 8,870,000 | |||
Bonds (Central Iowa Health System), VRDN, | Louisville and Jefferson Counties, Kentucky, | |||||
Series A1, 0.50%, 4/07/09 (a)(j) | 8,970 | 8,970,000 | Metropolitan Government Health System, Revenue | |||
Iowa Finance Authority, Health Facilities Revenue | Refunding Bonds, ROCS, VRDN, Series II-R-662CE, | |||||
Refunding Bonds (Iowa Health System), | 0.84%, 4/07/09 (a)(b) | 16,875 | 16,875,000 | |||
VRDN (a): | Louisville and Jefferson Counties, Kentucky, | |||||
Series B, 0.40%, 4/01/09 | 6,900 | 6,900,000 | Metropolitan Sewer District, Sewer and Drain | |||
Series D, 0.30%, 4/01/09 | 5,000 | 5,000,000 | System Revenue Bonds, Eagle Tax-Exempt | |||
Iowa Finance Authority, Retirement Community | Trust, VRDN, Series 2006-0053 Class A, | |||||
Revenue Bonds (Edgewater — A Wesley Active Life | 0.83%, 4/07/09 (a)(b)(c)(e)(f) | 14,000 | 14,000,000 | |||
Community), VRDN, Series E, | Louisville and Jefferson Counties, Kentucky, Regional | |||||
0.50%, 4/07/09 (a) | 10,000 | 10,000,000 | Airport Authority, Special Facilities Revenue Bonds | |||
Iowa Finance Authority, S/F Mortgage | (UPS Worldwide Forwarding, Inc.), VRDN, AMT (a): | |||||
Revenue Bonds, VRDN, AMT, Series H, | Series B, 0.75%, 4/01/09 | 5,900 | 5,900,000 | |||
0.63%, 4/07/09 (a)(h) | 23,000 | 23,000,000 | Series C, 0.30%, 4/01/09 | 7,200 | 7,200,000 | |
Iowa Higher Education Loan Authority, Education | Public Energy Authority of Kentucky, Inc., Gas Supply | |||||
Facilities Revenue Bonds (Saint Ambrose | Revenue Bonds (BP Corporation of North America), | |||||
University), VRDN, 0.40%, 4/01/09 (a) | 10,000 | 10,000,000 | VRDN, Series A, 0.30%, 4/01/09 (a) | 20,548 | 20,548,000 | |
Louisa County, Iowa, PCR, Refunding (Iowa- | Shelby County, Kentucky, Lease Revenue Bonds, | |||||
Illinois Gas and Electric), VRDN, Series A, | VRDN, Series A, 0.40%, 4/01/09 (a) | 2,915 | 2,915,000 | |||
0.90%, 4/07/09 (a) | 10,000 | 10,000,000 | Trimble County, Kentucky, Association of Counties | |||
77,330,000 | Leasing Trust, Lease Program Revenue Bonds, | |||||
VRDN, Series A, 0.40%, 4/01/09 (a) | 5,575 | 5,575,000 | ||||
Kansas — 0.6% | ||||||
Kansas State Department of Transportation, | 151,439,121 | |||||
Highway Revenue Refunding Bonds, VRDN (a): | Louisiana — 1.2% | |||||
Series B-2, 2%, 4/07/09 | 11,400 | 11,400,000 | Ascension Parish, Louisiana, Revenue Bonds | |||
Series C-1, 2.50%, 4/07/09 | 19,700 | 19,700,000 | (BASF Corporation Project), VRDN, AMT, | |||
Kansas State Development Financing Authority, | 1.15%, 4/01/09 (a) | 10,100 | 10,100,000 | |||
Revenue Bonds (Sisters of Charity of | Calcasieu Parish, Louisiana, IDB, Environmental | |||||
Leavenworth Health System), VRDN, Series C, | Revenue Refunding Bonds (Citgo Petroleum Corp.), | |||||
0.50%, 4/01/09 (a) | 16,520 | 16,520,000 | VRDN, AMT, 0.30%, 4/01/09 (a) | 35,600 | 35,600,000 | |
Sedgwick and Shawnee Counties, Kansas, | Louisiana Local Government Environmental Facilities | |||||
S/F Mortgage Revenue Bonds, FLOATS, VRDN, | and Community Development Authority, Revenue | |||||
AMT (a): | Bonds, VRDN, AMT (a): | |||||
Series 2480, 0.59%, 4/07/09 (b)(h)(l)(m) | 8,190 | 8,190,000 | (BASF Corporation Project), 1.60%, 4/07/09 | 4,000 | 4,000,000 | |
Series 2816, 0.59%, 4/07/09 | 5,510 | 5,510,000 | (Honeywell International Inc. Project), | |||
Sedgwick and Shawnee Counties, Kansas, | 0.74%, 4/07/09 | 6,000 | 6,000,000 | |||
S/F Mortgage Revenue Refunding Bonds, JPMorgan | Louisiana Local Government Environmental Facilities | |||||
Securities, Inc., PUTTERS, VRDN, AMT, Series 3206, | and Community Development Authority, Revenue | |||||
0.62%, 4/07/09 (a)(h)(l)(m)(o) | 8,235 | 8,235,000 | Refunding Bonds (BASF Corporation Project), | |||
69,555,000 | VRDN, Series B, 1.55%, 4/07/09 (a) | 7,500 | 7,500,000 | |||
Louisiana Public Facilities Authority Revenue Bonds, | ||||||
Kentucky — 1.3% | VRDN (a): | |||||
Boyd County, Kentucky, Sewer and Solid Waste | (Air Products and Chemicals Project), AMT, | |||||
Revenue Bonds (Air Products and Chemicals | 0.67%, 4/07/09 | 2,850 | 2,850,000 | |||
Project), VRDN, AMT, 0.67%, 4/07/09 (a) | 3,775 | 3,775,000 | (Equipment and Capital Facilities Loan Program), | |||
Campbell and Kenton Counties, Kentucky, Sanitation | Series C, 0.79%, 4/07/09 | 1,150 | 1,150,000 | |||
District Number 1 Revenue Bonds, Municipal | Louisiana State Gas and Fuels Tax Revenue Bonds, | |||||
Securities Trust Certificates, VRDN, Series SGA 130, | Eagle Tax-Exempt Trust, VRDN, Class A (a)(b)(e): | |||||
0.85%, 4/07/09 (a)(b)(e) | 11,000 | 11,000,000 | Series 2006-0129, Class A, 0.89%, 4/07/09 (f) | 27,225 | 27,225,000 | |
Carroll County, Kentucky, TECP, 1.10%, 5/06/09 | 20,930 | 20,930,000 | Series 2006-137, Class A, 0.99%, 4/07/09 | 4,020 | 4,020,000 | |
Kentucky Asset/Liability Commission, General Fund | Louisiana State, GO, Refunding, VRDN, Series A, | |||||
Revenue Notes, TRAN, Series A, 3%, 6/25/09 | 18,100 | 18,151,121 | 0.40%, 4/07/09 (a) | 8,300 | 8,300,000 | |
Kentucky Higher Education Student Loan Corporation, | Louisiana State Municipal Natural Gas Purchasing | |||||
Student Loan Revenue Refunding Bonds, VRDN, | and Distribution Authority, Gas Revenue | |||||
AMT, Senior Series A-1, 0.80%, 4/07/09 (a) | 15,700 | 15,700,000 | Bonds, PUTTERS, VRDN, Series 1411Q, | |||
0.54%, 4/07/09 (a) | 12,787 | 12,787,000 | ||||
See Notes to Financial Statements. |
18 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Schedule of Investments (continued) | Master Tax-Exempt LLC | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Louisiana (concluded) | Maryland (concluded) | |||||
Saint Bernard Parish, Louisiana, Exempt Facilities | Prince Georges County, Maryland, Revenue Refunding | |||||
Revenue Bonds (Exxon Mobil Corporation), VRDN, | Bonds (Collington Episcopal Life Center), VRDN, | |||||
AMT, 0.15%, 4/01/09 (a) | $ 12,000 | $ 12,000,000 | Series A, 0.48%, 4/07/09 (a) | $ | 6,880 | $ 6,880,000 |
South Louisiana Port Commission, Port Revenue | 192,330,000 | |||||
Refunding Bonds (Occidental Petroleum), VRDN, | ||||||
0.43%, 4/07/09 (a) | 4,400 | 4,400,000 | Massachusetts — 3.2% | |||
Massachusetts Bay Transportation Authority | ||||||
135,932,000 | Revenue Bonds, FLOATS, VRDN, Series SG-156, | |||||
Maine — 0.1% | 0.50%, 4/01/09 (a)(b)(o) | 23,000 | 23,000,000 | |||
Maine Health and Higher Educational Facilities | Massachusetts Bay Transportation Authority, Sales | |||||
Authority Revenue Bonds, Eclipse Funding Trust, | Tax Revenue Refunding Bonds, VRDN, Senior | |||||
Solar Eclipse Certificates, VRDN, Series 2007-0104, | Series A-2, 0.37%, 4/07/09 (a) | 17,500 | 17,500,000 | |||
0.44%, 4/07/09 (a)(b) | 3,190 | 3,190,000 | Massachusetts State Development Finance | |||
Maine State Housing Authority, Mortgage | Agency Revenue Bonds, Bank of America | |||||
Purpose Revenue Bonds, VRDN, AMT, Series H, | Macon Trust, VRDN, Series 2007-344, | |||||
0.50%, 4/01/09 (a) | 5,500 | 5,500,000 | 0.65%, 4/07/09 (a)(b) | 92,300 | 92,300,000 | |
8,690,000 | Massachusetts State Development Finance Agency | |||||
Revenue Bonds (Suffolk University), VRDN, Series A, | ||||||
Maryland — 1.7% | 0.60%, 4/07/09 (a)(j) | 13,710 | 13,710,000 | |||
Baltimore County, Maryland, Revenue Refunding | Massachusetts State, GO, RAN: | |||||
Bonds (The Paths at Loveton Farms Apartments | Series B, 4%, 4/30/09 | 10,500 | 10,515,336 | |||
Facility Project), VRDN, 0.62%, 4/07/09 (a) | 4,455 | 4,455,000 | Series C, 4%, 5/29/09 | 10,500 | 10,530,129 | |
Baltimore, Maryland, Port Facilities Revenue | Massachusetts State, GO, Refunding, VRDN, Series B, | |||||
Bonds (Occidental Petroleum), FLOATS, VRDN, | 0.52%, 4/07/09 (a) | 15,300 | 15,300,000 | |||
0.80%, 4/07/09 (a)(b) | 35,700 | 35,700,000 | Massachusetts State Health and Educational | |||
Maryland State Community Development | Facilities Authority Revenue Bonds, VRDN (a): | |||||
Administration, Department of Housing and | (Dana-Farber Cancer Institute), Series L-1, | |||||
Community Development, Residential | 0.30%, 4/07/09 | 6,800 | 6,800,000 | |||
Revenue Bonds, VRDN, AMT, Series C, | (Dana-Farber Cancer Institute), Series L-2, | |||||
0.65%, 4/07/09 (a) | 13,630 | 13,630,000 | 0.40%, 4/07/09 | 7,800 | 7,800,000 | |
Maryland State Community Development | (Harvard Vanguard Medical Associates Project), | |||||
Administration, Department of Housing and | Bank of America Macon Trust, Series 2007-310, | |||||
Community Development, Revenue Refunding | 0.64%, 4/07/09 (b) | 7,700 | 7,700,000 | |||
Bonds, FLOATS, VRDN, Series 2997, | ROCS, Series II-R-11577PB, 0.78%, 4/07/09 | 31,790 | 31,790,000 | |||
0.64%, 4/07/09 (a)(o) | 8,475 | 8,475,000 | Massachusetts State Industrial Finance Agency, TECP, | |||
Maryland State Economic Development Corporation | 0.65%, 5/11/09 | 30,000 | 30,000,000 | |||
Revenue Bonds, VRDN, AMT (a): | Massachusetts State, TECP, 1.10%, 4/21/09 | 10,500 | 10,500,000 | |||
(Bakery de France Facility Project), | Massachusetts State Turnpike Authority, Metropolitan | |||||
0.84%, 4/07/09 | 10,000 | 10,000,000 | Highway System, Revenue Refunding Bonds, | |||
(Linemark Printing, Inc. Project), | Municipal Securities Trust Certificates, VRDN, | |||||
0.74%, 4/07/09 | 3,700 | 3,700,000 | Series SGC 28, Class A, 0.53%, 4/07/09 (a)(d) | 6,665 | 6,665,000 | |
(Pharmaceutics International, Inc. Project), | Massachusetts State Turnpike Authority, Western | |||||
Series A, 0.69%, 4/07/09 | 4,715 | 4,715,000 | Turnpike System Revenue Bonds, Clipper Tax- | |||
Maryland State Economic Development Corporation, | Exempt Certificates Trust, VRDN, Series 2007-48, | |||||
Revenue Refunding Bonds (Garrett Community | 0.59%, 4/07/09 (a) | 15,000 | 15,000,000 | |||
College), VRDN, 0.54%, 4/07/09 (a) | 7,005 | 7,005,000 | Massachusetts State Water Resource Authority, | |||
Maryland State Health and Higher Educational | Revenue Refunding Bonds, Eagle Tax-Exempt | |||||
Facilities Authority, Revenue Refunding Bonds, | Trust, VRDN, Series 2006-0054 Class A, | |||||
VRDN, Series B (a): | 0.88%, 4/07/09 (a)(b)(e) | 7,495 | 7,495,000 | |||
(Johns Hopkins University), 0.24%, 4/07/09 | 14,765 | 14,765,000 | University of Massachusetts Building Authority | |||
(University of Maryland Medical System), | Revenue Bonds, VRDN, Senior Series A, | |||||
0.55%, 4/07/09 | 7,200 | 7,200,000 | 0.35%, 4/07/09 (a)(n) | 16,080 | 16,080,000 | |
Maryland State Health and Higher Educational | University of Massachusetts Building Authority, | |||||
Facilities Authority, TECP, 0.60%, 5/01/09 | 59,225 | 59,225,000 | Revenue Refunding Bonds, VRDN (a): | |||
Maryland State Stadium Authority, Lease Revenue | Senior Series 3, 0.48%, 4/07/09 | 19,815 | 19,815,000 | |||
Refunding Bonds (Baltimore Convention Center), | Senior Series 4, 0.48%, 4/07/09 | 14,940 | 14,940,000 | |||
VRDN, AMT, 0.43%, 4/07/09 (a) | 3,175 | 3,175,000 | ||||
Montgomery County, Maryland, EDR (Riderwood | 357,440,465 | |||||
Village Inc. Project), Refunding, VRDN, | ||||||
0.53%, 4/07/09 (a) | 13,405 | 13,405,000 | ||||
See Notes to Financial Statements. |
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
19
Schedule of Investments (continued) | Master Tax-Exempt LLC | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Michigan — 3.0% | Minnesota (concluded) | |||||
Detroit, Michigan, City School District, GO, Refunding, | Minnesota State, GO, JPMorgan Securities, | |||||
Bank of America Macon Trust, VRDN, Series J, | Inc., PUTTERS, VRDN, Series 3265, | |||||
0.89%, 4/07/09 (a)(b)(e) | $ | 5,100 | $ 5,100,000 | 0.47%, 4/07/09 (a)(o) | $ 5,000 | $ 5,000,000 |
Detroit, Michigan, City School District, GO, VRDN, | Minnesota State, GO, ROCS, VRDN, | |||||
Series A, 0.89%, 4/07/09 (a)(e) | 4,615 | 4,615,000 | Series II-R-11538PB, 0.71%, 4/07/09 (a) | 10,520 | 10,520,000 | |
Detroit, Michigan, Sewage Disposal Revenue | Minnesota State, HFA, Residential Housing Finance | |||||
Refunding Bonds, Senior Lien, VRDN, Series C-1, | Revenue Refunding Bonds, VRDN, AMT, Series C, | |||||
5%, 4/07/09 (a)(e) | 19,700 | 19,700,000 | 0.60%, 4/07/09 (a) | 7,500 | 7,500,000 | |
Detroit, Michigan, Water Supply System, Revenue | Rochester, Minnesota, Healthcare Facilities, TECP: | |||||
Refunding Bonds, ROCS, VRDN, Series II-R-665PB, | 0.65%, 4/06/09 | 82,500 | 82,500,000 | |||
0.94%, 4/07/09 (a)(b)(c)(e) | 20,765 | 20,765,000 | 0.65%, 4/07/09 | 25,750 | 25,750,000 | |
Kalamazoo, Michigan, Hospital Finance Authority, | Saint Cloud, Minnesota, Health Care Revenue | |||||
Hospital Facility Revenue Refunding Bonds | Bonds (CentraCare Health System Project), VRDN, | |||||
(Bronson Methodist Hospital), VRDN, Series A, | Series A, 0.48%, 4/07/09 (a)(j) | 7,780 | 7,780,000 | |||
0.50%, 4/07/09 (a) | 5,000 | 5,000,000 | 153,100,000 | |||
Michigan Higher Education Student Loan Authority, | ||||||
Revenue Refunding Bonds, RBC Municipal | Mississippi — 0.8% | |||||
Products, Inc., FLOATS, VRDN, AMT, Series L-24, | Mississippi Business Finance Corporation, Gulf | |||||
0.69%, 4/07/09 (a)(b) | 44,945 | 44,945,000 | Opportunity Zone, IDR (Chevron U.S.A. Inc. Project), | |||
Michigan Municipal Bond Authority Revenue Notes, | VRDN, Series E, 0.24%, 4/01/09 (a) | 7,900 | 7,900,000 | |||
Series A-1, 3%, 8/20/09 | 28,600 | 28,749,986 | Mississippi Business Finance Corporation Revenue | |||
Michigan State Building Authority, Revenue | Bonds (Mississippi Power Company), AMT, | |||||
Refunding Bonds, Eagle Tax-Exempt Trust, | 0.45%, 4/01/09 (a) | 4,100 | 4,100,000 | |||
VRDN, Series 2006-156, Class A, | Mississippi Business Finance Corporation, Solid | |||||
1.64%, 4/07/09 (a)(b)(e)(f)(o) | 7,100 | 7,100,000 | Waste Disposal Revenue Refunding Bonds | |||
Michigan State, HDA, Rental Housing Revenue | (Mississippi Power Company Project), VRDN, AMT, | |||||
Refunding Bonds, VRDN, AMT, Series A, | 0.33%, 4/01/09 (a) | 12,600 | 12,600,000 | |||
0.75%, 4/01/09 (a) | 39,000 | 39,000,000 | Mississippi Development Bank, Special Obligation | |||
Michigan State Hospital Finance Authority, Revenue | Revenue Bonds (Municipal Gas Authority of | |||||
Refunding Bonds (McLaren Health Care), VRDN, | Mississippi — Natural Gas Supply Project), VRDN, | |||||
Series B (a): | 0.55%, 4/07/09 (a) | 49,655 | 49,655,000 | |||
0.45%, 4/07/09 | 4,720 | 4,720,000 | Mississippi Development Bank, Special Obligation | |||
0.45%, 4/07/09 | 12,300 | 12,300,000 | Revenue Refunding Bonds (Walnut Grove | |||
Michigan State Strategic Fund, Limited Obligation | Youth Facility Project), VRDN, Series A, | |||||
Revenue Bonds (Livonia Tool Inc. Project), VRDN, | 0.55%, 4/07/09 (a) | 8,000 | 8,000,000 | |||
AMT, 0.90%, 4/07/09 (a) | 500 | 500,000 | Mississippi Hospital Equipment and Facilities | |||
Michigan State University, General Revenue Bonds, | Authority, Revenue Refunding Bonds (North | |||||
VRDN, 0.40%, 4/07/09 (a) | 37,765 | 37,765,000 | Mississippi Health Services), VRDN (a): | |||
Michigan State University, General Revenue Refunding | Series 1, 0.40%, 4/07/09 | 4,524 | 4,524,000 | |||
Bonds, VRDN, Series A, 0.40%, 4/07/09 (a) | 7,135 | 7,135,000 | Series 2, 0.40%, 4/07/09 | 9,725 | 9,725,000 | |
Oakland University, Michigan, Revenue Refunding | 96,504,000 | |||||
Bonds, VRDN, 1.25%, 4/07/09 (a) | 8,000 | 8,000,000 | Missouri — 0.7% | |||
University of Michigan, University Hospital Revenue | Kansas, City, Missouri, IDA, Revenue Bonds | |||||
Bonds, VRDN, Series A, 0.33%, 4/07/09 (a) | 61,000 | 61,000,000 | (Downtown Redevelopment District Project), VRDN, | |||
University of Michigan, University Hospital | Series B, 0.50%, 4/07/09 (a) | 11,820 | 11,820,000 | |||
Revenue Refunding Bonds, VRDN, Series B, | Missouri Joint Municipal Electric Utility Commission, | |||||
0.20%, 4/07/09 (a) | 12,000 | 12,000,000 | Power Project Revenue Bonds, ROCS, VRDN, | |||
Wayne County, Michigan, Airport Authority, Revenue | Series II-R-620PB, 0.94%, 4/07/09 (a)(b)(c)(d) | 5,720 | 5,720,000 | |||
Refunding Bonds, VRDN, AMT, Series C1, | Missouri State Health and Educational Facilities | |||||
0.48%, 4/07/09 (a) | 25,685 | 25,685,000 | Authority, Health Facilities Revenue Refunding | |||
344,079,986 | Bonds, VRDN (a): | |||||
Minnesota — 1.3% | (Saint Luke’s Health System), Series A, | |||||
Minneapolis, Minnesota, Health Care System Revenue | 0.44%, 4/07/09 | 8,325 | 8,325,000 | |||
Bonds (Fairview Health Services Project), VRDN (a): | (Sisters of Mercy Health System), Series A, | |||||
Series D, 0.38%, 4/07/09 | 2,300 | 2,300,000 | 0.50%, 4/01/09 | 7,300 | 7,300,000 | |
Series E, 0.25%, 4/07/09 | 6,500 | 6,500,000 | (Sisters of Mercy Health System), Series C, | |||
Minnesota Agriculture and Economic Development | 0.45%, 4/07/09 | 8,925 | 8,925,000 | |||
Board, Revenue Refunding Bonds (Essentia Health), | (Sisters of Mercy Health System), Series D-3, | |||||
VRDN, Series C-4B, 0.35%, 4/01/09 (a)(j) | 5,250 | 5,250,000 | 2.75%, 4/07/09 (f) | 1,315 | 1,315,000 | |
See Notes to Financial Statements. |
20 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Schedule of Investments (continued) | Master Tax-Exempt LLC | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Missouri (concluded) | New Hampshire — 0.2% | |||||
Missouri State Health and Educational Facilities | New Hampshire Health and Education Facilities | |||||
Authority Revenue Bonds (Ascension Health), | Authority Revenue Bonds, Eclipse Funding Trust, | |||||
VRDN, Series C-2, 0.73%, 4/07/09 (a) | $ 17,000 | $ 17,000,000 | Solar Eclipse Certificates, VRDN, Series 2007-0018, | |||
Missouri-Illinois Bi-State Development Agency, | 0.44%, 4/07/09 (a)(b)(d) | $ | 10,470 | $ 10,470,000 | ||
Subordinate Mass Transit Revenue Bonds | New Hampshire Health and Education Facilities | |||||
(Metrolink Cross County Extension Project), VRDN, | Authority Revenue Bonds (River College), VRDN, | |||||
Series A, 0.45%, 4/07/09 (a) | 3,160 | 3,160,000 | 0.50%, 4/07/09 (a) | 6,745 | 6,745,000 | |
Palmyra, Missouri, IDA, Solid Waste Disposal Revenue | 17,215,000 | |||||
Bonds (BASF Corporation Project), VRDN, AMT, | ||||||
1.60%, 4/07/09 (a) | 6,000 | 6,000,000 | New Jersey — 0.6% | |||
Saint Louis, Missouri, General Fund, TRAN, | New Jersey EDA, TECP, 2.50%, 4/07/09 | 17,000 | 17,000,000 | |||
3.25%, 6/30/09 | 5,300 | 5,319,213 | New Jersey State Housing and Mortgage Finance | |||
Agency, S/F Housing Revenue Refunding Bonds, | ||||||
74,884,213 | VRDN, AMT, Series O, 1.65%, 4/07/09 (a) | 20,000 | 20,000,000 | |||
Multi-State — 0.2% | New Jersey State Transportation Trust Fund | |||||
Multi-State Revenue Bonds, BB&T Municipal | Revenue Bonds, Deutsche Bank SPEARS/LIFERS | |||||
Trust, FLOATS, VRDN, Series 5001, | Trust, SPEARS, VRDN, AMT, Series DB-452, | |||||
0.69%, 4/07/09 (a)(o) | 15,000 | 15,000,000 | 0.48%, 4/07/09 (a)(b)(e) | 2,595 | 2,595,000 | |
Multi-State Revenue Bonds, Clipper Tax-Exempt | New Jersey State Turnpike Authority, Turnpike Revenue | |||||
Certificates Trust, VRDN, AMT, Series 2007-19, | Bonds, VRDN, Series C-1, 2.25%, 4/07/09 (a)(e) | 15,000 | 15,000,000 | |||
0.69%, 4/07/09 (a)(b)(o) | 3,187 | 3,187,000 | Readington Township, New Jersey, GO, BAN, | |||
18,187,000 | 1.50%, 2/04/10 | 15,000 | 15,096,058 | |||
Nebraska — 1.3% | 69,691,058 | |||||
American Public Energy Agency, Nebraska, Gas | New Mexico — 0.5% | |||||
Supply Revenue Bonds, VRDN (a): | New Mexico Mortgage Finance Authority, S/F Mortgage | |||||
(National Public Gas Agency Project), Series B, | Program, Revenue Refunding Bonds, VRDN, AMT, | |||||
0.35%, 4/07/09 | 49,000 | 49,000,000 | Series 1, 1.03%, 4/07/09 (a) | 31,191 | 31,190,685 | |
Series A, 0.55%, 4/07/09 | 40,063 | 40,063,000 | New Mexico State Hospital Equipment Loan Council, | |||
Lincoln, Nebraska, Electric System Revenue | Hospital Revenue Refunding Bonds (Presbyterian | |||||
Bonds, FLOATS, VRDN, Series 2900, | Healthcare Services), VRDN, Series D, | |||||
0.54%, 4/07/09 (a) | 16,000 | 16,000,000 | 0.40%, 4/07/09 (a) | 10,700 | 10,700,000 | |
Omaha, Nebraska, Public Power District Revenue | Rio Rancho, New Mexico, Water and Waste Water | |||||
Bonds, Eclipse Funding Trust, Solar Eclipse | Revenue Bonds, Eclipse Funding Trust, Solar | |||||
Certificates, VRDN, Series 2006-0025, | Eclipse Certificates, VRDN, Series 2006-0019, | |||||
0.44%, 4/07/09 (a)(b) | 5,830 | 5,830,000 | 0.44%, 4/07/09 (a)(b) | 14,505 | 14,505,000 | |
Public Power Generation Agency, Nebraska, Revenue | 56,395,685 | |||||
Bonds, Eagle Tax-Exempt Trust, VRDN, Series A, | ||||||
0.79%, 4/07/09 (a)(c)(d)(j) | 11,000 | 11,000,000 | New York — 7.0% | |||
Public Power Generation Agency, Nebraska, Revenue | Albany, New York, City School District, GO, BAN, | |||||
Bonds, ROCS, VRDN, Series II-R-11019PB, | Series A, 3%, 6/26/09 | 32,665 | 32,757,516 | |||
0.94%, 4/07/09 (a)(c)(d) | 26,215 | 26,215,000 | Babylon, New York, IDA Residential Recovery Revenue | |||
Refunding Bonds (Ogden Martin Project), VRDN, | ||||||
148,108,000 | 2.90%, 4/07/09 (a)(e) | 6,290 | 6,290,000 | |||
Nevada — 0.8% | Eagle Tax-Exempt Trust, Hudson Yards Infrastructure | |||||
Clark County, Nevada, Airport System Revenue Bonds, | Corporation, New York, Revenue Bonds, | |||||
VRDN, AMT, 3%, 4/07/09 (a) | 36,600 | 36,695,374 | VRDN, Series 2007-0030, Class A, | |||
Clark County, Nevada, Airport System Revenue | 0.87%, 4/07/09 (a)(b)(e)(f) | 44,115 | 44,115,000 | |||
Refunding Bonds, Sub-Lien, VRDN, Series D-1, | Jefferson County, New York, TECP, 0.95%, 4/06/09 | 35,000 | 35,000,000 | |||
0.50%, 4/07/09 (a) | 6,600 | 6,600,000 | New York City, New York, City Housing Development | |||
Reno, Nevada, Sales Tax Revenue Refunding Bonds | Corporation, M/F Housing Revenue Bonds, VRDN, | |||||
(Reno Transportation Rail Access Corridor Project), | AMT, Series J-1, 0.50%, 4/07/09 (a) | 81,960 | 81,960,000 | |||
Senior Lien, VRDN, 0.25%, 4/01/09 (a) | 47,300 | 47,300,000 | New York City, New York, City Housing Development | |||
Truckee Meadows, Nevada, Water Authority, Water | Corporation, M/F Mortgage Revenue | |||||
Revenue Refunding Bonds, FLOATS, VRDN, | Bonds (Beekman Tower), VRDN, Series A, | |||||
Series 51TP, 0.49%, 4/07/09 (a)(b)(e) | 5,895 | 5,895,000 | 3%, 4/07/09 (a) | 24,300 | 24,300,000 | |
96,490,374 | New York City, New York, City Housing Development | |||||
Corporation, M/F Mortgage Revenue Refunding | ||||||
Bonds (The Crest Project), VRDN, Series A, | ||||||
0.50%, 4/07/09 (a) | 2,700 | 2,700,000 |
See Notes to Financial Statements.
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
21
Schedule of Investments (continued) | Master Tax-Exempt LLC | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
New York (continued) | New York (concluded) | |||||
New York City, New York, City Housing Development | New York State, HFA, Revenue Bonds, VRDN, AMT, | |||||
Corporation, M/F Rental Housing Revenue Bonds | Series A (a): | |||||
(Brittany Development), VRDN, AMT, Series A, | (42nd & 10th Project), 0.60%, 4/07/09 | $ 29,500 | $ 29,500,000 | |||
0.45%, 4/07/09 (a)(h) | $ | 13,000 | $ 13,000,000 | (Worth Street Project), 0.45%, 4/07/09 (h) | 11,800 | 11,800,000 |
New York City, New York, City IDA, Civic Facility | New York State, HFA, Service Contract | |||||
Revenue Bonds (New York Law School Project), | Revenue Refunding Bonds, VRDN, Series G, | |||||
VRDN, Series A, 0.40%, 4/07/09 (a) | 13,300 | 13,300,000 | 0.45%, 4/07/09 (a) | 10,900 | 10,900,000 | |
New York City, New York, City IDA, Liberty Revenue | New York State Mortgage Agency, Homeowner | |||||
Bonds, VRDN (a): | Mortgage Revenue Bonds, VRDN, AMT (a): | |||||
(FC Hanson Office Associates LLC Project), | 37th Series, 1.50%, 4/07/09 | 15,200 | 15,200,000 | |||
0.45%, 4/07/09 | 25,000 | 25,000,000 | Series 144, 1.55%, 4/01/09 | 11,500 | 11,500,000 | |
(One Bryant Park LLC Project), Series B, | New York State Urban Development Corporation, | |||||
0.30%, 4/01/09 | 9,600 | 9,600,000 | Service Contract Revenue Refunding Bonds, VRDN, | |||
New York City, New York, City Municipal Water Finance | Series A-5, 0.30%, 4/07/09 (a) | 11,800 | 11,800,000 | |||
Authority, TECP, 0.60%, 4/02/09 | 50,000 | 50,000,000 | Port Authority of New York and New Jersey, | |||
New York City, New York, City Municipal Water Finance | Consolidated Revenue Bonds, JPMorgan | |||||
Authority, Water and Sewer System, Revenue | Securities, Inc., PUTTERS, VRDN, AMT, Series 3192, | |||||
Refunding Bonds, FLOATS, VRDN, Series 1105, | 0.60%, 4/07/09 (a)(o) | 25,325 | 25,325,000 | |||
0.59%, 4/07/09 (a)(e) | 3,665 | 3,665,000 | Port Authority of New York and New Jersey, Special | |||
New York City, New York, City Municipal Water Finance | Obligation Revenue Refunding Bonds (Versatile | |||||
Authority, Water and Sewer System, Second General | Structure Obligation), VRDN, AMT, Series 6, | |||||
Resolution Revenue Refunding Bonds, VRDN, | 0.45%, 4/01/09 (a) | 9,600 | 9,600,000 | |||
Series AA-2, 1%, 4/01/09 (a) | 4,000 | 4,000,000 | Syracuse, New York, IDA, Civic Facility Revenue | |||
New York City, New York, City Transitional Finance | Bonds (Syracuse University), VRDN, Series A, | |||||
Authority, Future Tax Secured Revenue Bonds, VRDN, | 0.40%, 4/07/09 (a) | 5,400 | 5,400,000 | |||
Series A-1, 0.55%, 4/07/09 (a) | 15,780 | 15,780,000 | Triborough Bridge and Tunnel Authority, New York, | |||
New York City, New York, City Transitional Finance | General Revenue Bonds, VRDN, Series B, | |||||
Authority Revenue Bonds (New York City | 1.40%, 4/07/09 (a) | 18,145 | 18,145,000 | |||
Recovery), VRDN, Series 3, Sub-Series 3-G, | 792,472,516 | |||||
0.27%, 4/07/09 (a) | 18,465 | 18,465,000 | ||||
New York City, New York, City Transitional Finance | North Carolina — 4.9% | |||||
Authority Revenue Refunding Bonds, VRDN, | Beaufort County, South Carolina, GO, BAN, | |||||
Sub-Series C-3, 1.10%, 4/07/09 (a) | 13,545 | 13,545,000 | 1.75%, 3/10/10 | 28,755 | 29,059,340 | |
New York City, New York, City Transitional Finance | Charlotte-Mecklenburg Hospital Authority, North | |||||
Authority, Special Tax Revenue Refunding Bonds, | Carolina, Health Care System Revenue Refunding | |||||
VRDN, Series C, 0.27%, 4/07/09 (a) | 8,100 | 8,100,000 | Bonds (Carolinas Healthcare System), VRDN, | |||
New York City, New York, GO, ROCS, VRDN, | Series D, 0.30%, 4/01/09 (a) | 5,730 | 5,730,000 | |||
Series II-R-251A, 1.43%, 4/07/09 (a)(b) | 25,000 | 25,000,000 | Charlotte, North Carolina, Airport Revenue Refunding | |||
New York City, New York, GO, Refunding, VRDN (a): | Bonds (Charlotte Douglas International Airport | |||||
Sub-Series E-3, 0.25%, 4/01/09 | 19,300 | 19,300,000 | Project), VRDN, Series D, 0.55%, 4/07/09 (a) | 4,700 | 4,700,000 | |
Sub-Series J-9, 0.36%, 4/07/09 | 25,000 | 25,000,000 | Charlotte, North Carolina, Housing Authority, | |||
New York City, New York, GO, VRDN (a): | M/F Housing Revenue Bonds, VRDN (a): | |||||
Series F-4, 0.40%, 4/07/09 | 16,840 | 16,840,000 | (Oak Park Project), 0.47%, 4/07/09 | 7,625 | 7,625,000 | |
Series F-6, 0.40%, 4/07/09 | 27,425 | 27,425,000 | (StoneHaven East Project), 0.47%, 4/07/09 | 5,695 | 5,695,000 | |
Sub-Series H-3, 0.31%, 4/07/09 | 3,800 | 3,800,000 | Charlotte, North Carolina, TECP, 0.65%, 5/06/09 | 5,000 | 5,000,000 | |
Sub-Series I-4, 0.37%, 4/07/09 | 10,550 | 10,550,000 | Martin County, North Carolina, Industrial Facilities | |||
Sub-Series L-5, 0.90%, 4/01/09 | 30,000 | 30,000,000 | and Pollution Control Financing Authority, | |||
New York State Dormitory Authority, Mental Health | IDR (Penco Products Project), VRDN, AMT, | |||||
Services Revenue Bonds, VRDN, Sub-Series D-2F, | 0.90%, 4/07/09 (a) | 9,000 | 9,000,000 | |||
0.40%, 4/07/09 (a) | 22,970 | 22,970,000 | Mecklenburg County, North Carolina, COP, VRDN, | |||
New York State Dormitory Authority, Non-State | 0.48%, 4/07/09 (a) | 29,360 | 29,360,000 | |||
Supported Debt Revenue Bonds (Rochester | North Carolina Capital Facilities Finance Agency | |||||
Friendly Home), VRDN, 0.53%, 4/07/09 (a) | 8,545 | 8,545,000 | Revenue Bonds (Aquarium Society Project), VRDN, | |||
New York State Dormitory Authority, State Supported | 0.55%, 4/07/09 (a) | 14,020 | 14,020,000 | |||
Debt Revenue Bonds (Mental Health Services | North Carolina Capital Facilities Finance | |||||
Facilities), VRDN, 0.50%, 4/01/09 (a) | 49,495 | 49,495,000 | Agency, Revenue Refunding Bonds, JPMorgan | |||
New York State, HFA, Housing Revenue Bonds | Securities, Inc., PUTTERS, VRDN, Series 3248, | |||||
(363 West 30th Street), VRDN, AMT, Series A, | 0.47%, 4/07/09 (a)(o) | 5,545 | 5,545,000 | |||
0.47%, 4/07/09 (a)(m) | 2,800 | 2,800,000 | ||||
See Notes to Financial Statements. |
22 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Schedule of Investments (continued) | Master Tax-Exempt LLC | ||||||
(Percentages shown are based on Net Assets) | |||||||
Par | Par | ||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | ||
North Carolina (continued) | North Carolina (concluded) | ||||||
North Carolina Capital Facilities Finance Agency, | Raleigh, North Carolina, COP: | ||||||
Solid Waste Disposal, Revenue Refunding Bonds | (Downtown Improvement Project), VRDN, | ||||||
(Duke Energy Carolinas LLC), VRDN, AMT (a): | Series B, 0.42%, 4/07/09 (a) | $ | 11,000 | $ 11,000,000 | |||
Series A, 0.48%, 4/07/09 | $ | 11,000 | $ 11,000,000 | (Governmental Facilities Project), 3%, 4/07/09 | 3,500 | 3,538,456 | |
Series B, 0.48%, 4/07/09 | 6,000 | 6,000,000 | Raleigh, North Carolina, Combined Enterprise System | ||||
North Carolina Educational Facilities Finance | Revenue Bonds, ROCS, VRDN, Series II-R-645, | ||||||
Agency Revenue Bonds (Duke University Project), | 0.60%, 4/07/09 (a)(b) | 6,400 | 6,400,000 | ||||
VRDN (a): | University of North Carolina at Chapel Hill, Hospital | ||||||
Series A, 0.20%, 4/07/09 | 8,350 | 8,350,000 | Revenue Refunding Bonds, VRDN, Series A, | ||||
Series A, 0.20%, 4/07/09 | 13,700 | 13,700,000 | 0.25%, 4/07/09 (a) | 6,300 | 6,300,000 | ||
Series B, 0.20%, 4/07/09 | 11,100 | 11,100,000 | University of North Carolina, University | ||||
North Carolina HFA, Home Ownership Revenue | Revenue Refunding Bonds, VRDN, Series B, | ||||||
Bonds, VRDN, AMT (a): | 0.20%, 4/07/09 (a) | 4,185 | 4,185,000 | ||||
MERLOTS, Series 12-B, 0.65%, 4/07/09 (b)(o) | 3,015 | 3,015,000 | Wake County, North Carolina, GO: | ||||
Series 17-C, 0.58%, 4/07/09 | 3,600 | 3,600,000 | BAN, 3.50%, 10/15/09 | 6,000 | 6,057,606 | ||
Series 18-C, 0.58%, 4/07/09 | 3,000 | 3,000,000 | VRDN, Series A, 0.44%, 4/07/09 (a) | 39,350 | 39,350,000 | ||
North Carolina Medical Care Commission, Health | Wake County, North Carolina, Industrial Facilities and | ||||||
Care Facilities Revenue Bonds (Novant Health | Pollution Control Financing Authority Revenue | ||||||
Group), VRDN, Series B, 0.70%, 4/07/09 (a) | 8,300 | 8,300,000 | Bonds (Solid Waste Disposal-Highway 55), VRDN, | ||||
North Carolina Medical Care Commission, Health | AMT, 0.67%, 4/07/09 (a) | 2,300 | 2,300,000 | ||||
Care Facilities Revenue Bonds (Novant Health Inc.), | Winston-Salem, North Carolina, COP, VRDN, Series C, | ||||||
VRDN, Series A, 0.40%, 4/07/09 (a) | 59,750 | 59,750,000 | 1.10%, 4/07/09 (a) | 10,000 | 10,000,000 | ||
North Carolina Medical Care Commission, Health | Winston-Salem, North Carolina, Water and Sewer | ||||||
Care Facilities, Revenue Refunding Bonds, | System, Revenue Refunding Bonds, VRDN, Series C, | ||||||
VRDN (a): | 2%, 4/07/09 (a) | 22,965 | 22,965,000 | ||||
ROCS, Series II-R-10313, 0.79%, 4/07/09 (b) | 45,500 | 45,500,000 | 559,315,402 | ||||
(University Health Systems of Eastern Carolina | |||||||
Project), Series A1, 0.50%, 4/07/09 | 7,600 | 7,600,000 | North Dakota — 0.1% | ||||
(University Health Systems of Eastern Carolina | Cass County, North Dakota, Health Facilities Revenue | ||||||
Project), Series B1, 0.43%, 4/07/09 | 4,900 | 4,900,000 | Bonds (Essentia Health — Saint Mary’s Duluth | ||||
North Carolina Medical Care Commission, Hospital | Clinic), VRDN, Series A-1, 0.45%, 4/07/09 (a)(j) | 10,185 | 10,185,000 | ||||
Revenue Bonds, VRDN (a): | Ohio — 2.1% | ||||||
(Duke University Hospital Project), Series B, | Avon, Ohio, GO, BAN, 2.35%, 5/14/09 | 5,600 | 5,602,348 | ||||
0.47%, 4/07/09 | 2,250 | 2,250,000 | Beachwood, Ohio, GO, BAN, 2.25%, 12/03/09 | 1,000 | 1,003,657 | ||
(Moses H. Cone Memorial Health System), | Canfield, Ohio, Local School District, GO, BAN, | ||||||
Series A, 0.52%, 4/07/09 | 39,450 | 39,450,000 | 2.50%, 9/17/09 | 4,730 | 4,743,387 | ||
(Moses H. Cone Memorial Health System), | Clark County, Ohio, GO, BAN, 2%, 5/06/09 | 1,275 | 1,275,246 | ||||
Series B, 0.52%, 4/07/09 | 32,300 | 32,300,000 | Cuyahoga County, Ohio, GO, BAN, 2.50%, 12/23/09 | 15,000 | 15,157,347 | ||
(Transylvania Regional Hospital), 0.47%, 4/07/09 | 13,240 | 13,240,000 | Cuyahoga Falls, Ohio, GO, Limited Tax Various Purpose | ||||
North Carolina Medical Care Commission, Hospital | Notes, 2.75%, 12/09/09 | 1,750 | 1,765,539 | ||||
Revenue Refunding Bonds, VRDN (a): | Cuyahoga, Ohio, Community College, TAN, Refunding, | ||||||
(Duke University Hospital Project), | Series B, 2.50%, 7/01/09 | 5,000 | 5,015,701 | ||||
0.47%, 4/07/09 | 22,850 | 22,850,000 | Erie County, Ohio, Hospital Facilities Revenue | ||||
(North Carolina Baptist Hospital Project), | Bonds, FLOATS, VRDN, Series 2801, | ||||||
Series B, 0.56%, 4/07/09 | 4,800 | 4,800,000 | 0.54%, 4/07/09 (a) | 5,875 | 5,875,000 | ||
(North Carolina Baptist Hospital Project), | Franklin County, Ohio, Hospital Revenue Refunding | ||||||
Series C, 0.56%, 4/07/09 | 7,400 | 7,400,000 | Bonds (Nationwide Children’s Hospital), VRDN, | ||||
North Carolina Medical Care Commission, Retirement | Series F, 0.47%, 4/07/09 (a) | 4,600 | 4,600,000 | ||||
Facilities Revenue Refunding Bonds (Aldersgate | Lancaster Port Authority, Ohio, Gas Revenue Bonds, | ||||||
Project), VRDN, 0.45%, 4/07/09 (a) | 1,280 | 1,280,000 | VRDN, 0.46%, 4/07/09 (a) | 16,865 | 16,865,000 | ||
North Carolina State Educational Assistance | Muskingum County, Ohio, Sewer District | ||||||
Authority, Revenue Refunding Bonds (Guaranteed | Improvements, GO, BAN, 2.125%, 9/24/09 | 1,900 | 1,905,728 | ||||
Student Loan), VRDN, AMT, Series A-2, | Ohio State Air Quality Development Authority, Revenue | ||||||
0.57%, 4/07/09 (a) | 14,000 | 14,000,000 | Refunding Bonds, VRDN (a): | ||||
North Carolina State, GO, VRDN, Series F, | (Cincinnati Gas and Electric), Series A, | ||||||
0.29%, 4/07/09 (a) | 7,200 | 7,200,000 | 0.75%, 4/07/09 | 7,900 | 7,900,000 | ||
North Carolina, Revenue Bonds, BB&T | (Cincinnati Gas and Electric), Series B, | ||||||
Municipal Trust, FLOATS, VRDN, Series 1011, | 2.50%, 4/07/09 | 16,300 | 16,300,000 | ||||
0.54%, 4/07/09 (a)(b) | 900 | 900,000 | (FirstEnergy Nuclear Generation Corporation | ||||
Project), Series A, 0.65%, 4/07/09 | 32,000 | 32,000,000 | |||||
See Notes to Financial Statements. |
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
23
Schedule of Investments (continued) | Master Tax-Exempt LLC | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Ohio (concluded) | Pennsylvania (concluded) | |||||
Ohio State, GO, Common Schools, VRDN (a): | Delaware River Joint Toll Bridge Commission of | |||||
Series A, 0.20%, 4/07/09 | $ | 21,425 | $ 21,425,000 | New Jersey and Pennsylvania, Bridge Revenue | ||
Series B, 0.20%, 4/07/09 | 29,610 | 29,610,000 | Bonds, VRDN, Series B-2, 2%, 4/07/09 (a) | $ 23,000 | $ 23,000,000 | |
Ohio State, GO, Refunding, VRDN, Series D, | Emmaus, Pennsylvania, General Authority Revenue | |||||
0.29%, 4/07/09 (a) | 10,200 | 10,200,000 | Bonds, VRDN, Series A, 0.47%, 4/07/09 (a) | 121,500 | 121,500,000 | |
Ohio State Higher Educational Facilities Commission, | Lancaster County, Pennsylvania, Hospital Authority, | |||||
Revenue Refunding Bonds (Cleveland Clinic Health | Revenue Refunding Bonds (Masonic Homes | |||||
System), VRDN, Series B-1, 0.30%, 4/01/09 (a) | 12,100 | 12,100,000 | Project), VRDN, Series A, 0.35%, 4/01/09 (a) | 10,000 | 10,000,000 | |
Ohio State Water Development Authority, Pollution | Lehigh County, Pennsylvania, General Purpose | |||||
Control Facilities, Revenue Refunding | Authority, Hospital Revenue Refunding Bonds | |||||
Bonds (FirstEnergy Nuclear Generation | (Lehigh Valley Health Network Project), VRDN, | |||||
Corporation Project), VRDN, AMT, Series A, | Series B, 0.35%, 4/01/09 (a)(j) | 87,790 | 87,790,000 | |||
0.57%, 4/07/09 (a) | 30,000 | 30,000,000 | Pennsylvania HFA, S/F Mortgage Revenue | |||
Princeton, Ohio, City School District, GO, Municipal | Refunding Bonds, VRDN, AMT, Series 99C, | |||||
Securities Trust Certificates, VRDN, Series SGB | 2.75%, 4/07/09 (a) | 5,100 | 5,100,000 | |||
50-A, 0.54%, 4/07/09 (a)(b)(i) | 2,370 | 2,370,000 | Pennsylvania State, GO, Clipper Tax-Exempt | |||
Solon, Ohio, GO, BAN, 2.75%, 11/19/09 | 5,700 | 5,735,731 | Certificates Trust, VRDN, Series 2007-30, | |||
Strongsville, Ohio, GO, BAN, Series 2, | 0.64%, 4/07/09 (a) | 25,000 | 25,000,000 | |||
3.25%, 5/14/09 | 2,750 | 2,751,482 | Pennsylvania State Turnpike Commission, Turnpike | |||
Union County, Ohio, GO, BAN, 2.375%, 12/09/09 | 1,000 | 1,003,573 | Revenue Refunding Bonds, VRDN (a): | |||
Wood County, Ohio, IDR (GHT Property Management | Series A-1, 0.50%, 4/07/09 | 36,765 | 36,765,000 | |||
LLC Project), VRDN, AMT, 1.35%, 4/07/09 (a) | 1,135 | 1,135,000 | Series A-2, 0.45%, 4/07/09 | 19,015 | 19,015,000 | |
236,339,739 | Series A-2, 0.50%, 4/07/09 | 26,000 | 26,000,000 | |||
Oklahoma — 0.6% | Series A-3, 0.50%, 4/07/09 | 10,000 | 10,000,000 | |||
Oklahoma State Capitol Improvement Authority, | Series B, 1.75%, 4/07/09 | 9,030 | 9,030,000 | |||
State Facilities Revenue Bonds (Higher Education | Series U, 2.25%, 4/07/09 | 39,415 | 39,415,000 | |||
Projects), VRDN, Series D-3, 0.25%, 4/01/09 (a) | 3,060 | 3,060,000 | Philadelphia, Pennsylvania, Authority for IDR, | |||
Oklahoma State Development Finance Authority | Refunding, VRDN, Series B, 0.40%, 4/07/09 (a) | 33,000 | 33,000,000 | |||
Revenue Bonds (ConocoPhillips Company Project), | Philadelphia, Pennsylvania, GO, TRAN, Series A, | |||||
VRDN, AMT (a): | 3.50%, 6/30/09 | 17,000 | 17,063,092 | |||
0.55%, 4/07/09 | 5,000 | 5,000,000 | Philadelphia, Pennsylvania, Hospitals and Higher | |||
Series B, 0.55%, 4/07/09 | 2,500 | 2,500,000 | Education Facilities Authority, Hospital Revenue | |||
Oklahoma State Turnpike Authority, Second Senior | Refunding Bonds (Children’s Hospital Project), | |||||
Revenue Refunding Bonds, VRDN (a): | VRDN, Series A, 0.35%, 4/01/09 (a) | 4,750 | 4,750,000 | |||
Series B, 0.22%, 4/01/09 | 6,500 | 6,500,000 | Saint Mary Hospital Authority of Bucks County, | |||
Series C, 0.40%, 4/07/09 | 6,300 | 6,300,000 | Pennsylvania, Revenue Bonds (Catholic Health | |||
Series D, 0.43%, 4/07/09 | 12,650 | 12,650,000 | Initiatives), VRDN, Series C, 0.32%, 4/07/09 (a) | 30,000 | 30,000,000 | |
Series E, 0.40%, 4/01/09 | 10,000 | 10,000,000 | Southcentral General Authority, Pennsylvania, Revenue | |||
Series F, 0.40%, 4/01/09 | 25,000 | 25,000,000 | Refunding Bonds (Wellspan Health Obligated Group | |||
Project), VRDN, Series C, 0.55%, 4/07/09 (a) | 5,800 | 5,800,000 | ||||
71,010,000 | ||||||
527,313,092 | ||||||
Oregon — 0.4% | ||||||
Clackamas County, Oregon, Hospital Facility | Puerto Rico — 0.5% | |||||
Authority Revenue Bonds (Legacy Health System), | Puerto Rico Sales Tax Financing Corporation, Sales | |||||
VRDN (a): | Tax Revenue Refunding Bonds, FLOATS, VRDN (a): | |||||
0.57%, 4/07/09 | 8,580 | 8,580,000 | Series 2653, 0.69%, 4/07/09 | 11,250 | 11,250,000 | |
Series C, 0.41%, 4/07/09 | 4,800 | 4,800,000 | Series 2936, 0.69%, 4/07/09 (o) | 47,490 | 47,490,000 | |
Medford, Oregon, Hospital Facilities Authority | 58,740,000 | |||||
Revenue Bonds (Rogue Valley Manor Project), | ||||||
Rhode Island — 0.6% | ||||||
VRDN, 0.50%, 4/01/09 (a) | 17,200 | 17,200,000 | ||||
Oregon State Facilities Authority Revenue | Narragansett Bay Commission, Rhode Island, | |||||
Bonds (PeaceHealth), VRDN, Series B, | Wastewater System Revenue Bonds, ROCS, VRDN, | |||||
0.35%, 4/07/09 (a) | 12,825 | 12,825,000 | Series II-R-780PB, 0.94%, 4/07/09 (a)(b)(c)(i) | 13,860 | 13,860,000 | |
Rhode Island Housing and Mortgage Finance | ||||||
43,405,000 | Corporation, M/F Mortgage Revenue Bonds | |||||
Pennsylvania — 4.6% | (Groves at Johnston Project), VRDN, AMT, | |||||
Allegheny County, Pennsylvania, Hospital Development | 0.65%, 4/07/09 (a) | 17,500 | 17,500,000 | |||
Authority Revenue Bonds, PUTTERS, VRDN, | Rhode Island State and Providence Plantations, GO, | |||||
Series 2327, 0.54%, 4/07/09 (a)(b) | 5,885 | 5,885,000 | TAN, 3.50%, 6/30/09 | 37,000 | 37,118,819 | |
Delaware County, Pennsylvania, Authority, College | 68,478,819 | |||||
Revenue Bonds (Haverford College), VRDN, | ||||||
0.20%, 4/07/09 (a) | 18,200 | 18,200,000 | ||||
See Notes to Financial Statements. |
24 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Schedule of Investments (continued) | Master Tax-Exempt LLC | ||||||
(Percentages shown are based on Net Assets) | |||||||
Par | Par | ||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | ||
South Carolina — 1.9% | Tennessee (concluded) | ||||||
Berkeley County, South Carolina, Exempt | Metropolitan Government of Nashville and Davidson | ||||||
Facilities, Industrial Revenue Bonds (Amoco | County, Tennessee, IDB, Revenue Bonds (Nashville | ||||||
Chemical Company Project), VRDN, AMT, | Symphony Hall Project), VRDN, Series A, | ||||||
0.29%, 4/01/09 (a) | $ | 4,600 | $ 4,600,000 | 0.55%, 4/07/09 (a) | $ | 13,038 | $ 13,038,000 |
Florence County, South Carolina, Solid Waste | Montgomery County, Tennessee, Public Building | ||||||
Disposal and Wastewater Treatment Revenue Bonds | Authority, Pooled Financing Revenue Bonds | ||||||
(Roche Carolina Inc. Project), VRDN, AMT (a): | (Tennessee County Loan Pool), VRDN, | ||||||
0.34%, 4/01/09 | 29,550 | 29,550,000 | 0.55%, 4/07/09 (a) | 2,095 | 2,095,000 | ||
0.34%, 4/01/09 | 9,580 | 9,580,000 | Municipal Energy Acquisition Corporation, Tennessee, | ||||
Greenville Hospital System, South Carolina, Hospital | Gas Revenue Bonds, PUTTERS, VRDN, Series 1578, | ||||||
Facilities Revenue Refunding Bonds, VRDN, | 0.54%, 4/07/09 (a)(b) | 48,635 | 48,635,000 | ||||
Series C, 0.55%, 4/07/09 (a) | 4,500 | 4,500,000 | Shelby County, Tennessee, GO, Refunding, VRDN, | ||||
Greenwood County, South Carolina, Exempt Facility | Series A, 1.75%, 4/07/09 (a) | 7,335 | 7,335,000 | ||||
Industrial Revenue Refunding Bonds (Fuji Photo | Shelby County, Tennessee, Health, Educational and | ||||||
Film Project), VRDN, AMT, 0.70%, 4/07/09 (a) | 12,200 | 12,200,000 | Housing Facility Board, Hospital Revenue Refunding | ||||
Piedmont Municipal Power Agency, South Carolina, | Bonds (Methodist Le Bonheur Healthcare), | ||||||
Electric Revenue Refunding Bonds, VRDN, Series B, | VRDN (a)(j): | ||||||
2%, 4/07/09 (a)(j) | 8,200 | 8,200,000 | Series A, 0.40%, 4/07/09 | 10,000 | 10,000,000 | ||
South Carolina Jobs, EDA, Hospital Facilities Revenue | Series B, 0.45%, 4/07/09 | 10,000 | 10,000,000 | ||||
Bonds, VRDN (a): | Shelby County, Tennessee, Public Improvement | ||||||
(Conway Hospital, Inc.), 0.40%, 4/01/09 (j) | 15,000 | 15,000,000 | and Schools, GO, VRDN, Series B, | ||||
(Sisters of Charity Providence Hospitals), | 0.40%, 4/07/09 (a) | 10,000 | 10,000,000 | ||||
0.47%, 4/07/09 | 45,320 | 45,320,000 | Shelby County, Tennessee, TECP, 0.80%, 5/01/09 | 10,000 | 10,000,000 | ||
South Carolina Jobs EDA, Revenue Bonds, Bank of | The Tennergy Corporation, Tennessee, Gas Revenue | ||||||
America Macon Trust, VRDN, Series 2007-303, | Bonds, BNP Paribas STARS Certificates Trust, VRDN, | ||||||
0.64%, 4/07/09 (a)(b) | 9,080 | 9,080,000 | Series 2006-001, 0.54%, 4/07/09 (a)(b) | 64,780 | 64,780,000 | ||
South Carolina Jobs, EDA, Revenue Refunding | 254,173,000 | ||||||
Bonds (UMA Refinance Project), VRDN, | |||||||
0.35%, 4/01/09 (a) | 40,000 | 40,000,000 | Texas — 15.2% | ||||
South Carolina State Public Service Authority, | Austin, Texas, Airport System Revenue Refunding | ||||||
Revenue Bonds, Eagle Tax-Exempt Trust, | Bonds, VRDN, AMT (a)(e): | ||||||
VRDN, Series 2006-0007, Class A, | Sub-Series 3, 2.75%, 4/07/09 | 52,035 | 52,035,000 | ||||
0.74%, 4/07/09 (a)(b)(i) | 11,500 | 11,500,000 | Sub-Series 4, 2.75%, 4/07/09 | 54,750 | 54,750,000 | ||
South Carolina Transportation Infrastructure Bank, | Brazos Harbor, Texas, Industrial Development | ||||||
Revenue Refunding Bonds, VRDN (a): | Corporation, Environmental Facilities Revenue | ||||||
Series B1, 0.55%, 4/07/09 | 5,290 | 5,290,000 | Bonds (ConocoPhillips Company Project), VRDN, | ||||
Series B2, 0.45%, 4/07/09 | 4,785 | 4,785,000 | AMT, 0.55%, 4/07/09 (a) | 4,500 | 4,500,000 | ||
Series B3, 0.40%, 4/07/09 | 7,890 | 7,890,000 | Brazos River Authority, Texas, Harbor Navigational | ||||
Spartanburg, South Carolina, Waterworks Revenue | District, Brazoria County Revenue Bonds | ||||||
Bonds, ROCS, VRDN, Series II-R-11020PB, | (BASF Corporation Project), VRDN, AMT, | ||||||
1.09%, 4/07/09 (a)(b)(e) | 13,325 | 13,325,000 | 1.15%, 4/01/09 (a) | 15,800 | 15,800,000 | ||
Brazos River Harbor Navigation District, Texas, | |||||||
220,820,000 | Refunding Bonds (BASF Corporation), VRDN, AMT, | ||||||
Tennessee — 2.2% | 1.15%, 4/01/09 (a) | 18,400 | 18,400,000 | ||||
Blount County, Tennessee, Public Building Authority, | Brazos River, Texas, Harbor Industrial Development | ||||||
Local Government Public Improvement, | Corporation Revenue Bonds (BASF Corporation | ||||||
Revenue Refunding Bonds, VRDN, Series E-4-B, | Project), VRDN, AMT (a): | ||||||
0.55%, 4/01/09 (a) | 10,100 | 10,100,000 | 1.60%, 4/07/09 | 50,000 | 50,000,000 | ||
Clarksville, Tennessee, Public Building Authority, | 1.60%, 4/07/09 | 25,000 | 25,000,000 | ||||
Pooled Financing Revenue Bonds (Tennessee | Brownsville, Texas, Utility System Revenue | ||||||
Municipal Bond Fund), VRDN (a): | Bonds, Deutsche Bank SPEARS/LIFERS | ||||||
0.55%, 4/07/09 | 27,120 | 27,120,000 | Trust, SPEARS, VRDN, Series DBE-533, | ||||
0.55%, 4/07/09 | 34,170 | 34,170,000 | 0.49%, 4/07/09 (a)(b)(d) | 1,775 | 1,775,000 | ||
Clarksville, Tennessee, Public Building | Calhoun County, Texas, Navigation IDA, Port | ||||||
Authority Revenue Bonds, Pooled Financing | Revenue Bonds (BP Plc Project), VRDN, AMT, | ||||||
(Tennessee Municipal Bond Fund), VRDN, | 0.50%, 4/01/09 (a) | 9,000 | 9,000,000 | ||||
0.35%, 4/01/09 (a) | 2,700 | 2,700,000 | Collin County, Texas, GO, FLOATS, VRDN, Series 42-TP, | ||||
Knox County, Tennessee, Health, Educational and | 0.49%, 4/07/09 (a)(b) | 10,925 | 10,925,000 | ||||
Housing Facilities Board, Hospital Facilities Revenue | Cypress-Fairbanks, Texas, Independent School | ||||||
Bonds (Catholic Healthcare Partners), VRDN, | District, GO, FLOATS, VRDN, Series 86TP, | ||||||
Series B, 0.55%, 4/07/09 (a) | 4,200 | 4,200,000 | 0.49%, 4/07/09 (a)(b)(h) | 2,555 | 2,555,000 | ||
See Notes to Financial Statements. |
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
25
Schedule of Investments (continued) | Master Tax-Exempt LLC | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Texas (continued) | Texas (continued) | |||||
Dallas-Fort Worth, Texas, International Airport Facility, | Houston, Texas, Airport System Revenue Refunding | |||||
Improvement Corporation Revenue Refunding | Bonds, ROCS, VRDN, Series II-R-12046, | |||||
Bonds (United Parcel Service Inc.), VRDN, | 1.64%, 4/07/09 (a)(b)(e) | $ 13,200 | $ 13,200,000 | |||
0.30%, 4/01/09 (a) | $ | 5,050 | $ 5,050,000 | Houston, Texas, Combined Utility System, First Lien | ||
Dallas-Fort Worth, Texas, International Airport Revenue | Revenue Refunding Bonds, VRDN (a): | |||||
Bonds, ROCS, VRDN, AMT, Series II-R-10358, | Series A-1, 0.55%, 4/07/09 | 10,000 | 10,000,000 | |||
1.71%, 4/07/09 (a)(e)(o) | 8,430 | 8,430,000 | Series A-2, 0.55%, 4/07/09 | 6,200 | 6,200,000 | |
Dallas, Texas, Area Rapid Transit, Sales Tax Revenue | Series B-1, 1.40%, 4/07/09 | 55,000 | 55,000,000 | |||
Refunding Bonds, VRDN (a): | Houston, Texas, GO, TRAN, 3%, 6/30/09 | 24,000 | 24,076,740 | |||
BB&T Municipal Trust, FLOATS, Series 57, | Houston, Texas, Higher Education Finance | |||||
0.44%, 4/07/09 (d)(o) | 18,145 | 18,145,000 | Corporation, Revenue Refunding Bonds | |||
Eagle Tax-Exempt Trust, Series 2008-0017, | (Rice University Project), VRDN, Series B, | |||||
Class A, 1.01%, 4/07/09 (b) | 7,700 | 7,700,000 | 0.40%, 4/01/09 (a) | 36,000 | 36,000,000 | |
Denton, Texas, Independent School District, GO, | Houston, Texas, Independent School District, GO, | |||||
VRDN, Series 2005-A, 0.50%, 4/07/09 (a) | 2,500 | 2,500,000 | VRDN, 1.85%, 4/07/09 (a) | 43,000 | 43,000,000 | |
Fort Bend County, Texas, GO, MSTR, VRDN, SGB-46-A, | Houston, Texas, Utility System Revenue | |||||
0.73%, 4/07/09 (a)(b)(h) | 4,500 | 4,500,000 | Bonds, PUTTERS, VRDN, Series 2493, | |||
Galena Park, Texas, Independent School District, | 0.84%, 4/07/09 (a)(b)(e) | 1,235 | 1,235,000 | |||
GO, Refunding, FLOATS, VRDN, Series SG-153, | Houston, Texas, Utility System Revenue | |||||
0.51%, 4/07/09 (a)(b) | 12,250 | 12,250,000 | Refunding Bonds, First Lien, VRDN, Series B2, | |||
Grapevine, Texas, Industrial Development Corporation, | 1.80%, 4/07/09 (a) | 15,000 | 15,000,000 | |||
Airport Revenue Refunding Bonds (Southern Air | Katy, Texas, Independent School District, School | |||||
Transport), VRDN, 0.50%, 4/07/09 (a) | 5,300 | 5,300,000 | Building, GO, VRDN, 0.47%, 4/07/09 (a) | 6,100 | 6,100,000 | |
Gulf Coast IDA, Texas, Marine Terminal Revenue | Lower Neches Valley Authority, Texas, Industrial | |||||
Bonds (Amoco Oil Company Project), VRDN, AMT, | Development Corporation, Exempt Facilities | |||||
0.29%, 4/01/09 (a) | 3,020 | 3,020,000 | Revenue Refunding Bonds (Exxon Mobil | |||
Gulf Coast IDA, Texas, Solid Waste Disposal Revenue | Corporation Project), VRDN, AMT, Series B, | |||||
Bonds (Citgo Petroleum Corporation Project), | 0.15%, 4/01/09 (a) | 9,200 | 9,200,000 | |||
VRDN, AMT, 0.38%, 4/01/09 (a) | 9,800 | 9,800,000 | Lubbock, Texas, Health Facilities Development | |||
Gulf Coast Waste Disposal Authority, Texas, | Corporation, Revenue Refunding Bonds (Saint | |||||
Environmental Facilities Revenue Bonds, VRDN, | Joseph Health System), VRDN, Series B, | |||||
AMT (a): | 0.15%, 4/01/09 (a) | 10,900 | 10,900,000 | |||
(American Aeryl LP Project), 0.68%, 4/07/09 | 19,000 | 19,000,000 | Mesquite, Texas, Industrial Development Corporation, | |||
(Exxon Mobil Project), Series A, 0.15%, 4/01/09 | 15,000 | 15,000,000 | IDR (Morrison Products, Inc. Project), VRDN, AMT, | |||
Gulf Coast Waste Disposal Authority, Texas, | 1.15% 4/07/09 (a) | 1,300 | 1,300,000 | |||
Environmental Facilities Revenue Refunding Bonds, | North East Independent School District, | |||||
VRDN, AMT (a): | Texas, GO, FLOATS, VRDN, Series SG 143, | |||||
(Amoco Oil Company Project), 0.29%, 4/01/09 | 12,920 | 12,920,000 | 0.54%, 4/07/09 (a) | 17,000 | 17,000,000 | |
(BP Products North America Project), | North Texas Municipal Water District, Texas, Water | |||||
0.29%, 4/01/09 | 24,500 | 24,500,000 | System Revenue Bonds, VRDN (a)(b)(h): | |||
Gulf Coast Waste Disposal Authority, Texas, Revenue | PUTTERS, Series 2488, 0.84%, 4/07/09 | 2,900 | 2,900,000 | |||
Bonds, VRDN, AMT (a): | ROCS, Series II-R-593PB, 0.84%, 4/07/09 | 8,425 | 8,425,000 | |||
(Air Products Project), 0.67%, 4/07/09 | 2,200 | 2,200,000 | North Texas Tollway Authority, Revenue Refunding | |||
(Waste Management Inc.), Series A, | Bonds, Deutsche Bank SPEARS/LIFERS | |||||
0.70%, 4/07/09 | 2,500 | 2,500,000 | Trust, SPEARS, VRDN, Series DB-626, | |||
Harris County, Texas, Cultural Education Facilities | 0.49%, 4/07/09 (a)(b)(j) | 11,487 | 11,487,000 | |||
Finance Corporation, Hospital Revenue Refunding | Port Arthur, Texas, Navigational District, | |||||
Bonds (Memorial Hermann Healthcare System | Environmental Facilities Revenue Refunding | |||||
Project), VRDN, Series D-3, 0.35%, 4/07/09 (a) | 3,625 | 3,625,000 | Bonds (Motiva Enterprises Project), VRDN, AMT (a): | |||
Harris County, Texas, GO, Refunding, ROCS, VRDN, | 1.10%, 4/07/09 | 17,335 | 17,335,000 | |||
Series II-R-10360, 0.60%, 4/07/09 (a)(o) | 16,255 | 16,255,000 | 1.03%, 4/07/09 | 4,800 | 4,800,000 | |
Harris County, Texas, Health Facilities Development | Port Arthur, Texas, Navigation District, Industrial | |||||
Corporation, Revenue Refunding Bonds (Saint | Development Corporation, Exempt Facilities | |||||
Luke’s Episcopal Health System), VRDN, Series A, | Revenue Bonds (Air Products and Chemicals | |||||
0.40%, 4/07/09 (a) | 45,500 | 45,500,000 | Project), VRDN, AMT (a): | |||
Harris County, Texas, Revenue Bonds, Municipal | 0.60%, 4/01/09 | 8,400 | 8,400,000 | |||
Securities Trust Certificates, VRDN, Series SGC 31, | 0.67%, 4/07/09 | 10,000 | 10,000,000 | |||
Class A, 0.54%, 4/07/09 (a) | 11,280 | 11,280,000 | Port Arthur, Texas, Navigation District Revenue Bonds | |||
(Atofina Petrochemicals), VRDN, AMT, Series B, | ||||||
0.57%, 4/07/09 (a) | 10,000 | 10,000,000 | ||||
See Notes to Financial Statements. |
26 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Schedule of Investments (continued) | Master Tax-Exempt LLC | ||||
(Percentages shown are based on Net Assets) | |||||
Par | Par | ||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value |
Texas (continued) | Texas (concluded) | ||||
Port of Corpus Christi Authority, Texas, Nueces County | Texas Water Development Board, Subordinate Lien | ||||
Solid Waste Disposal, Revenue Refunding Bonds | Revenue Refunding Bonds (State Revolving Fund), | ||||
(Flint Hills Resources LP Project), VRDN, AMT, | VRDN, Series A, 0.15%, 4/01/09 (a) | $ 3,860 | $ 3,860,000 | ||
Series A, 0.74%, 4/07/09 (a) | $ 22,650 | $ 22,650,000 | University of Texas, Financing System | ||
Red River Authority, Texas, Solid Waste Disposal | Revenue Refunding Bonds, VRDN, Series B, | ||||
Revenue Bonds (Panda Hereford Ethanol Project), | 0.23%, 4/07/09 (a) | 11,400 | 11,400,000 | ||
VRDN, AMT, 0.73% 4/07/09 (a) | 45,500 | 45,500,000 | University of Texas, Permanent University | ||
Red River, Texas, Education Finance Revenue Bonds | Fund Revenue Bonds, VRDN, Series A, | ||||
(Texas Christian University), VRDN (a): | 0.30%, 4/07/09 (a) | 7,900 | 7,900,000 | ||
0.50%, 4/07/09 | 24,900 | 24,900,000 | Weslaco, Texas, Health Facilities Revenue Refunding | ||
0.50%, 4/07/09 | 14,500 | 14,500,000 | Bonds (Knapp Medical Center), VRDN, Series A, | ||
San Antonio, Texas, Independent School District, | 0.50%, 4/07/09 (a) | 4,780 | 4,780,000 | ||
GO, Refunding, Eagle Tax-Exempt Trust, | 1,723,521,791 | ||||
VRDN, Series 2008-0034, Class A, | |||||
1.12%, 4/07/09 (a)(b) | 5,000 | 5,000,000 | Utah — 1.5% | ||
Sheldon, Texas, Independent School District, | Intermountain Power Agency, Utah, Power Supply | ||||
GO, PUTTERS, VRDN, Series 2009, | Revenue Refunding Bonds, VRDN (a): | ||||
0.57%, 4/07/09 (a)(b) | 5,205 | 5,205,000 | Series E, 0.60%, 4/07/09 | 6,500 | 6,500,000 |
Socorro, Texas, Independent School District, | Series F, 0.63%, 4/07/09 | 14,000 | 14,000,000 | ||
GO, ROCS, VRDN, Series II-R-11540PB, | Murray City, Utah, Hospital Revenue Bonds | ||||
0.71%, 4/07/09 (a)(o) | 12,700 | 12,700,000 | (IHC Health Services, Inc.), VRDN (a): | ||
Southwest Texas Higher Education Authority | Series A, 0.50%, 4/01/09 | 21,400 | 21,400,000 | ||
Incorporated, Revenue Refunding Bonds | Series B, 0.20%, 4/01/09 | 12,600 | 12,600,000 | ||
(Southern Methodist University), VRDN, | Series B, 0.50%, 4/01/09 | 4,890 | 4,890,000 | ||
0.33%, 4/01/09 (a) | 8,900 | 8,900,000 | Series C, 0.40%, 4/01/09 | 3,400 | 3,400,000 |
Tarrant County, Texas, Cultural Education Facilities | Series D, 0.50%, 4/01/09 | 12,550 | 12,550,000 | ||
Finance Corporation, Hospital Revenue Bonds, | Series D, 0.30%, 4/01/09 | 5,000 | 5,000,000 | ||
FLOATS, VRDN (a)(o): | Utah State Board of Regents, Student Loan | ||||
Series 2973, 0.54%, 4/07/09 | 36,000 | 36,000,000 | Revenue Refunding Bonds, VRDN, AMT, Series A, | ||
Series 2974, 0.54%, 4/07/09 | 12,000 | 12,000,000 | 0.57%, 4/07/09 (a) | 30,000 | 30,000,000 |
Tarrant County, Texas, Cultural Education Facilities | Utah State, GO, FLOATS, VRDN, Series 2987, | ||||
Finance Corporation, Hospital Revenue Refunding | 0.54%, 4/07/09 (a)(o) | 6,000 | 6,000,000 | ||
Bonds (Scott and White Memorial Hospital), VRDN, | Utah Transit Authority, Sales Tax Revenue | ||||
Series B, 0.38%, 4/07/09 (a) | 11,000 | 11,000,000 | Bonds, PUTTERS, VRDN, Series 1107B, | ||
Texas Municipal Gas Acquisition and Supply | 0.84%, 4/07/09 (a)(b)(e) | 4,995 | 4,995,000 | ||
Corporation II, Gas Supply Revenue | Weber County, Utah, Hospital Revenue Bonds | ||||
Bonds, ROCS, VRDN, Series II-R-10014, | (IHC Health Services), VRDN (a): | ||||
1.02%, 4/07/09 (a)(b) | 61,000 | 61,000,000 | Series A, 0.50%, 4/01/09 | 4,630 | 4,630,000 |
Texas State Department of Housing and Community | Series C, 0.50%, 4/01/09 | 39,575 | 39,575,000 | ||
Affairs, S/F Mortgage Revenue Refunding Bonds, | 165,540,000 | ||||
VRDN, AMT, Series A, 1.90%, 4/07/09 (a)(e) | 5,020 | 5,020,000 | Vermont — 0.2% | ||
Texas State, GO, PUTTERS, VRDN (a)(b): | Burlington, Vermont, GO, BAN, 2%, 8/24/09 | 4,900 | 4,919,644 | ||
Series 2490, 0.47%, 4/07/09 | 1,850 | 1,850,000 | Vermont HFA, S/F Revenue Bonds, VRDN, AMT, | ||
Series 2491, 0.47%, 4/07/09 | 1,145 | 1,145,000 | Series 16 A, 0.74%, 4/07/09 (a)(e) | 475 | 475,000 |
Texas State, GO, TRAN, 3%, 4/07/09 | 478,000 | 480,678,051 | Vermont State Student Assistance Corporation, | ||
Texas State, GO (Veterans’ Housing Assistance | Education Loan Revenue Refunding Bonds, VRDN, | ||||
Program Fund II), VRDN, AMT (a): | AMT, Senior Series C-1, 0.50%, 4/07/09 (a) | 17,000 | 17,000,000 | ||
Series A, 0.65%, 4/07/09 | 13,110 | 13,110,000 | |||
Series A, 0.55%, 4/07/09 | 33,630 | 33,630,000 | 22,394,644 | ||
Series B, 0.62%, 4/07/09 | 22,200 | 22,200,000 | Virginia — 1.2% | ||
Series B, 2.10%, 4/07/09 | 49,020 | 49,020,000 | Capital Beltway Funding Corporation of Virginia, | ||
Texas, Revenue Bonds, Clipper Tax-Exempt | Senior Lien Toll Revenue Bonds (I-495 | ||||
Certificates Trust, VRDN, Series 2007-46, | Hot Lanes Project), VRDN, AMT, Series D, | ||||
0.57%, 4/07/09 (a)(b)(o) | 10,000 | 10,000,000 | 0.48%, 4/07/09 (a) | 5,000 | 5,000,000 |
Texas State Transportation Commission, | Fairfax County, Virginia, IDA, Revenue Bonds (Inova | ||||
First Tier Revenue Bonds, VRDN, Series B, | Health System Project), VRDN, Series A-2, | ||||
0.47%, 4/07/09 (a) | 23,800 | 23,800,000 | 0.42%, 4/07/09 (a) | 38,745 | 38,745,000 |
See Notes to Financial Statements. |
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
27
Schedule of Investments (continued) | Master Tax-Exempt LLC | |||||
(Percentages shown are based on Net Assets) | ||||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Virginia (concluded) | Washington (concluded) | |||||
Henrico County, Virginia, Water and Sewer Revenue | Seattle, Washington, Drainage & Wastewater Utility | |||||
Bonds, ROCS, VRDN, Series II-R-753 PB, | Revenue Bonds, BB&T Municipal Trust, FLOATS, | |||||
0.84%, 4/07/09 (a)(b)(i) | $ 6,235 | $ 6,235,000 | VRDN, Series 55, 0.44%, 4/07/09 (a)(o) | $ | 3,445 | $ 3,445,000 |
Loudoun County, Virginia, IDA, Revenue Bonds | Seattle, Washington, Water System Revenue | |||||
(Howard Hughes Medical Institute), VRDN (a): | Bonds, FLOATS, VRDN, Series 2170, | |||||
Series B, 0.29%, 4/07/09 | 13,500 | 13,500,000 | 0.44%, 4/07/09 (a)(b)(e) | 2,530 | 2,530,000 | |
Series F, 0.25%, 4/07/09 | 8,305 | 8,305,000 | University of Washington, Revenue Refunding | |||
Montgomery County, Virginia, IDA, Revenue Refunding | Bonds, FLOATS, VRDN, Series 3005, | |||||
Bonds (Virginia Tech Foundation Project), VRDN, | 0.59%, 4/07/09 (a)(o) | 4,500 | 4,500,000 | |||
0.50%, 4/01/09 (a) | 5,605 | 5,605,000 | Washington State, GO, ROCS, VRDN, | |||
Norfolk, Virginia, Redevelopment and Housing | Series II-R-11308, 0.62%, 4/07/09 (a)(b)(o) | 2,980 | 2,980,000 | |||
Authority, Revenue Refunding Bonds (Old Dominion | Washington State, GO, VRDN, Series VR-96B, | |||||
University Project), VRDN, 0.35%, 4/01/09 (a) | 19,155 | 19,155,000 | 0.30%, 4/07/09 (a) | 14,300 | 14,300,000 | |
Richmond, Virginia, Public Utilities Revenue | Washington State Health Care Facilities Authority | |||||
Bonds, ROCS, VRDN, Series II-R-10410, | Revenue Bonds (Overlake Hospital Medical Center), | |||||
0.88%, 4/07/09 (a)(e)(o) | 6,055 | 6,055,000 | ARS, VRDN, Series C-2, 0.65%, 4/07/09 (a) | 10,000 | 10,000,000 | |
Virginia College Building Authority, Educational | Washington State Health Care Facilities Authority, | |||||
Facilities Revenue Bonds (21st Century College | Revenue Refunding Bonds, VRDN (a): | |||||
and Equipment Programs), VRDN, Series B, | (PeaceHealth), Series C, 0.35%, 4/07/09 | 4,365 | 4,365,000 | |||
0.35%, 4/01/09 (a) | 8,000 | 8,000,000 | (Southwest Washington Medical Center Project), | |||
Virginia Commonwealth Transportation Board Revenue | Series A, 0.75%, 4/07/09 | 4,800 | 4,800,000 | |||
Bonds, Clipper Tax-Exempt Certificates Trust, VRDN, | (Swedish Health Services), Series B, | |||||
Series 2007-7, 0.57%, 4/07/09 (a)(b)(o) | 15,460 | 15,460,000 | 0.40%, 4/07/09 | 6,000 | 6,000,000 | |
Virginia State, HDA, Revenue Bonds, MERLOTS, VRDN, | Washington State Housing Finance Commission, | |||||
AMT, Series B-19, 2.65%, 4/07/09 (a)(b) | 3,000 | 3,000,000 | Nonprofit Housing Revenue Refunding | |||
Virginia State, HDA, Revenue Refunding | Bonds (Emerald Heights Project), VRDN, | |||||
Bonds, MERLOTS, VRDN, AMT, Series C-42, | 0.55%, 4/01/09 (a) | 8,570 | 8,570,000 | |||
0.65%, 4/07/09 (a)(b) | 2,880 | 2,880,000 | Washington State Housing Finance Commission, | |||
131,940,000 | Nonprofit Revenue Bonds (Eastside Catholic | |||||
School), VRDN, Series B, 1.04%, 4/07/09 (a) | 32,375 | 32,375,000 | ||||
Washington — 1.8% | Washington State Public Power Supply | |||||
Bellevue, Washington, GO, Refunding, Eagle | Systems Revenue Refunding Bonds (Nuclear | |||||
Tax-Exempt Trust, VRDN, Series 2008-0025, | Project Number One), VRDN, Series 1A-1, | |||||
Class A, 1.34%, 4/07/09 (a)(b)(e) | 3,000 | 3,000,000 | 0.62%, 4/07/09 (a) | 5,805 | 5,805,000 | |
Energy Northwest, Washington, Electric Revenue | ||||||
Refunding Bonds Project Number 3), VRDN, | 200,240,000 | |||||
Series E, 0.35%, 4/07/09 (a) | 7,000 | 7,000,000 | West Virginia — 0.2% | |||
King County, Washington, Sewer Revenue | Monongalia County, West Virginia, Building | |||||
Bonds, Eclipse Funding Trust, Solar Eclipse | Commission, Hospital Improvement | |||||
Certificates, VRDN, Series 2007-0095, | Revenue Refunding Bonds, VRDN, Series A, | |||||
0.44%, 4/07/09 (a)(b) | 3,335 | 3,335,000 | 0.58%, 4/07/09 (a) | 15,800 | 15,800,000 | |
King County, Washington, Sewer Revenue | West Virginia EDA, Solid Waste Disposal Facilities, | |||||
Bonds, ROCS, VRDN, Series II-R-10279, | Revenue Refunding Bonds (Ohio Power | |||||
1.94%, 4/07/09 (a)(b)(e) | 12,575 | 12,575,000 | Company — Sporn Project), VRDN, Series C, | |||
King County, Washington, TECP, 0.30%, 4/01/09 | 7,000 | 7,000,000 | 0.47%, 4/07/09 (a) | 8,000 | 8,000,000 | |
Pierce County, Washington, Economic Development | 23,800,000 | |||||
Corporation Revenue Bonds (PNW Commercial LLC | ||||||
Project), VRDN, AMT, 1.25%, 4/07/09 (a) | 2,135 | 2,135,000 | Wisconsin — 4.1% | |||
Port Bellingham, Washington, Industrial Development | Kohler, Wisconsin, Solid Waste Disposal Revenue | |||||
Corporation, Environmental Facilities Revenue | Bonds (Kohler Company Project), VRDN, AMT, | |||||
Bonds, VRDN, AMT (a): | 0.67%, 4/07/09 (a) | 4,000 | 4,000,000 | |||
(Atlantic Richfield Project), 0.29%, 4/01/09 | 4,800 | 4,800,000 | Milwaukee, Wisconsin, RAN, 3%, 9/03/09 | 3,900 | 3,922,794 | |
(BP West Coast Products LLC Project), | University of Wisconsin, Hospitals and Clinics | |||||
0.29%, 4/01/09 | 18,200 | 18,200,000 | Authority, Revenue Refunding Bonds, VRDN, | |||
(BP West Coast Products LLC Project), | Series B, 0.40%, 4/01/09 (a) | 5,600 | 5,600,000 | |||
0.29%, 4/01/09 | 12,100 | 12,100,000 | Wisconsin Housing and EDA, Home Ownership | |||
(BP West Coast Products LLC Project), | Revenue Refunding Bonds, VRDN, AMT, Series A, | |||||
0.29%, 4/01/09 | 20,000 | 20,000,000 | 0.65%, 4/07/09 (a) | 34,785 | 34,785,000 | |
Port of Seattle, Washington, Revenue Bonds, FLOATS, | Wisconsin State Health and Educational Facilities | |||||
VRDN, AMT, Series 3003, 0.59%, 4/07/09 (a) | 10,425 | 10,425,000 | Authority Revenue Bonds (Ascension Health), | |||
VRDN, Series D, 0.60%, 4/07/09 (a) | 19,225 | 19,225,000 | ||||
See Notes to Financial Statements. |
28 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Schedule of Investments (concluded) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Wisconsin (concluded) | |||
Wisconsin State Health and Educational Facilities | |||
Authority, Revenue Refunding Bonds, VRDN (a): | |||
(Fort Healthcare, Inc.), Series A, | |||
0.43%, 4/01/09 | $ 18,190 | $ 18,190,000 | |
(Medical College of Wisconsin), Series B, | |||
0.35%, 4/07/09 | 9,600 | 9,600,000 | |
(Wheaton Franciscan Services, Inc.), | |||
0.46%, 4/07/09 | 52,510 | 52,510,000 | |
Wisconsin State Operating Notes, 3%, 6/15/09 | 203,600 | 204,148,003 | |
Wisconsin State Petroleum Inspection Fee, TECP, | |||
0.65%, 4/06/09 | 30,000 | 30,000,000 | |
Wisconsin State, TECP: | |||
0.50%, 4/06/09 | 65,319 | 65,319,000 | |
0.70%, 4/06/09 | 7,942 | 7,942,000 | |
0.75%, 5/11/09 | 5,000 | 5,000,000 | |
460,241,797 | |||
Wyoming — 0.0% | |||
Sweetwater County, Wyoming, PCR, Refunding | |||
(PacifiCorp Project), VRDN, 0.55%, 4/07/09 (a) | 3,750 | 3,750,000 | |
Total Investments (Cost — $11,317,358,460*) — 99.6% | 11,317,358,460 | ||
Other Assets Less Liabilities — 0.4% | 46,119,955 | ||
Net Assets — 100.0% | $11,363,478,415 |
* Cost for federal income tax purposes.
(a) Rate shown is as of report date and maturity shown is the final maturity date or
the date the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(c) BHAC Insured.
(d) AMBAC Insured.
(e) FSA Insured.
(f) FGIC Insured.
(g) XL Capital Insured.
(h) FNMA Collateralized.
(i) NPFGC Insured.
(j) Assured Guaranty Insured.
(k) Radian Insured.
(l) GNMA Collateralized.
(m) FHLMC Collateralized.
(n) Commonwealth Guaranteed.
(o) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration
to qualified institutional investors.
•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, estab-
lishes 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 active, quoted prices for
identical or similar assets 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 assumptions used in determining the fair
value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Master LLC’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of March 31, 2009 in deter-
mining the fair valuation of the Master LLC’s investments:
Valuation | Investments in |
Inputs | Securities |
Assets | |
Level 1 | — |
Level 2 | $11,317,358,460 |
Level 3 | — |
Total | $11,317,358,460 |
See Notes to Financial Statements.
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
29
Statement of Assets and Liabilities | |
March 31, 2009 | Master Tax-Exempt LLC |
Assets | |
Investments at value — unaffiliated securities | |
(cost — $11,317,358,460) | $ 11,317,358,460 |
Cash | 5,951,920 |
Interest receivable | 35,018,214 |
Investments sold receivable | 25,900,000 |
Contributions receivable from investors | 9,066 |
Prepaid expenses | 215,956 |
Other assets | 3,939 |
Total assets | 11,384,457,555 |
Liabilities | |
Investments purchased payable | 19,225,000 |
Investment advisory fees payable | 1,304,037 |
Other affiliates payable | 111,137 |
Withdrawals payable to investors | 3,270 |
Officer’s and Directors’ fees payable | 1,058 |
Other accrued expenses payable | 334,638 |
Total liabilities | 20,979,140 |
Net Assets | $ 11,363,478,415 |
Net Assets Consist of | |
Investors’ capital | $ 11,363,478,415 |
Statement of Operations | ||
Year Ended March 31, 2009 | Master Tax-Exempt LLC | |
Investment Income | ||
Income | $ | 217,037,386 |
Expenses | ||
Investment advisory | 15,816,385 | |
Accounting services | 1,091,095 | |
Custodian | 263,391 | |
Officer and Directors | 155,841 | |
Professional | 115,292 | |
Printing | 8,270 | |
Miscellaneous | 278,356 | |
Total expenses | 17,728,630 | |
Less fess paid indirectly | (1,401) | |
Total expenses after fees paid indirectly | 17,727,229 | |
Net investment income | 199,310,157 | |
Realized Gain | ||
Net realized gain from investments | 195,005 | |
Net Increase in Net Assets Resulting from Operations | $ | 199,505,162 |
See Notes to Financial Statements.
30 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Statements of Changes in Net Assets | Master Tax-Exempt LLC | ||||
Year Ended | |||||
March 31, | |||||
Increase (Decrease) in Net Assets: | 2009 | 2008 | |||
Operations | |||||
Net investment income | $ | 199,310,157 | $ 358,549,432 | ||
Net realized gain | 195,005 | 1,625,744 | |||
Net increase in net assets resulting from operations | 199,505,162 | 360,175,176 | |||
Capital Transactions | |||||
Proceeds from contributions | 79,097,894,440 | 78,794,688,150 | |||
Fair value of withdrawals | (80,046,967,072) | (77,185,355,350) | |||
Net increase (decrease) in net assets derived from capital transactions | (949,072,632) | 1,609,332,800 | |||
Net Assets | |||||
Total increase (decrease) in net assets | (749,567,470) | 1,969,507,976 | |||
Beginning of year | 12,113,045,885 | 10,143,537,909 | |||
End of year | $11,363,478,415 | $12,113,045,885 | |||
Financial Highlights | Master Tax-Exempt LLC | ||||
Year Ended March 31, | |||||
2009 | 2008 | 2007 | 2006 | 2005 | |
Total Investment Return | |||||
Total investment return | 1.68% | 3.34% | 3.45% | 2.64% | 1.33% |
Ratios to Average Net Assets | |||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
Net investment income and net realized gain | 1.67% | 3.28% | 3.44% | 2.61% | 1.31% |
Supplemental Data | |||||
Net assets, end of year (000) | $11,363,478 | $12,113,046 | $10,143,538 | $ 9,524,737 | $ 9,749,807 |
See Notes to Financial Statements.
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
31
Notes to Financial Statements Master Tax-Exempt LLC
1. Organization and Significant Accounting Policies:
Master Tax-Exempt LLC (the “Master LLC”) is registered under the
Investment Company Act of 1940, as amended (the “1940 Act”), and
is organized as a Delaware limited liability company. The Limited Liability
Company Agreement permits the Directors to issue nontransferable inter-
ests in the Master LLC, subject to certain limitations. The Board of
Trustees of the Fund and the Board of Directors of the Master LLC
are referred to throughout this report as the “Board of Directors” or the
“Board.” The Master LLC’s financial statements are prepared in con-
formity with accounting principles generally 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 LLC:
Valuation of Investments: The Master LLC 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.
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 recognized on
the accrual basis. The Master LLC amortizes all premiums and discounts
on debt securities.
Income Taxes: The Master LLC is classified as a partnership for federal
income tax purposes. As such, each investor in the 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 LLC’s assets will be managed so an investor in the
Master LLC can satisfy the requirements of Subchapter M of the Internal
Revenue Code.
The Master LLC files US federal and various state and local tax returns.
No income tax returns are currently under examination. The statute of
limitations on the Master LLC’s US federal tax returns remains open for
each of the four years ended March 31, 2009. The statutes of limitations
on the Master LLC’s 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 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. FAS 161 is effective for financial statements issued for fiscal
years and interim periods beginning after November 15, 2008. The
impact on the Master LLC’s financial statement disclosures, if any, is cur-
rently being assessed.
Other: Expenses directly related to the 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:
The Master LLC has entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned sub-
sidiary of BlackRock, Inc., to provide investment advisory and adminis-
tration services. The PNC Financial Services Group, Inc. (“PNC”) and
Bank of America Corporation (“BAC”) are the largest stockholders of
BlackRock, Inc. (“BlackRock”). BAC became a stockholder of BlackRock
following its acquisition of Merrill Lynch & Co., Inc. (“Merrill Lynch”) on
January 1, 2009. Prior to that date, both PNC and Merrill Lynch were
considered affiliates of the Master LLC under the 1940 Act. Subsequent
to the acquisition, PNC remains an affiliate, but due to the restructuring
of Merrill Lynch’s ownership interest of BlackRock, BAC is not deemed to
be an affiliate under the 1940 Act.
The Advisor is responsible for the management of the Master LLC’s
investments and provides the necessary personnel, facilities, equipment
and certain other services necessary to the operations of the Master
LLC. For such services, the Master LLC pays the Advisor a monthly fee
based upon the average daily value of the 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
BlackRock Investment Management, LLC (“BIM”), an affiliate of the
Advisor, under which the Advisor pays BIM, for services it provides, a
monthly fee that is a percentage of the investment advisory fee paid by
Master LLC to the Advisor.
For the year ended March 31, 2009, the Master LLC reimbursed the
Advisor $205,886 for certain accounting services, which is included in
accounting services in the Statement of Operations.
Pursuant to the terms of the custody agreement, custodian fees may
be reduced by amounts calculated on uninvested cash balances, which
are shown on the Statement of Operations as fees paid indirectly.
32 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Notes to Financial Statements (concluded)
Master Tax-Exempt LLC
Certain officers and/or directors of the Master LLC are officers
and/or directors of BlackRock, Inc. or its affiliates. The Master LLC
reimburses the Advisor for compensation paid to the Master LLC’s
Chief Compliance Officer.
3. Market and Credit Risk:
In the normal course of business, the Master LLC invests in securities
and enters into transactions where risks exist due to fluctuations in the
market (market risk) or failure of the issuer of a security to meet all its
obligations (credit risk). The value of securities held by the Master LLC
may decline in response to certain events, including those directly
involving the issuers whose securities are owned by the Master LLC;
conditions affecting the general economy; overall market changes;
local, regional or global political, social or economic instability; and
currency and interest rate and price fluctuations. Similar to credit risk,
the Master LLC may be exposed to counterparty risk, or the risk that
an entity with which the Master LLC has unsettled or open transactions
may default. Financial assets, which potentially expose the Master LLC
to credit and counterparty risks, consist principally of investments and
cash due from counterparties. The extent of the Master LLC’s exposure
to credit and counterparty risks with respect to these financial assets
is approximated by their value recorded in the Master LLC’s Statements
of Assets and Liabilities.
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
33
Report of Independent Registered Public Accounting Firm Master Tax-Exempt LLC
To the Investors and Board of Directors of
Master Tax-Exempt LLC:
We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of Master Tax-Exempt LLC (the
“Master LLC”) as of March 31, 2009, and the related statement of oper-
ations for the year then ended, the statements of changes in net assets
for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended. These
financial statements and financial highlights are the responsibility of the
Master LLC’s management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial highlights
are free of material misstatement. The Master LLC is not required to
have, nor were we engaged to perform, an audit of its internal control
over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Master LLC’s internal
control over financial reporting. Accordingly, we express no such opinion.
An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by manage-
ment, as well as evaluating the overall financial statement presentation.
Our procedures included confirmation of securities owned as of March
31, 2009, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing
procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Master Tax-Exempt LLC as of March 31, 2009, the results of its
operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended, in con-
formity with accounting principles generally accepted in the United
States of America.
Deloitte & Touche LLP
Princeton, New Jersey
May 21, 2009
34 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Officers and Directors | |||||
Number of | |||||
Position(s) | Length of | BlackRock- | |||
Held with | Time | Advised Funds | |||
Name, Address | Fund/ | Served as | and Portfolios | Public | |
and Year of Birth | Master LLC | a Director2 | Principal Occupation(s) During Past 5 Years | Overseen | Directorships |
Non-Interested Directors1 | |||||
Ronald W. Forbes | Co-Chair of | Since | Professor Emeritus of Finance, School of Business, State University | 34 Funds | None |
40 East 52nd Street | the Board of | 2002 | of New York at Albany since 2000. | 81 Portfolios | |
New York, NY 10022 | Directors and | ||||
1940 | Director | ||||
Rodney D. Johnson | Co-Chair of | Since | President, Fairmount Capital Advisors, Inc. since 1987; Director, | 34 Funds | None |
40 East 52nd Street | the Board of | 2007 | Fox Chase Cancer Center since 2002; Member of the Archdiocesan | 81 Portfolios | |
New York, NY 10022 | Directors and | Investment Committee of the Archdiocese of Philadelphia since | |||
1941 | Director | 2003; Director, The Committee of Seventy (civic) since 2006. | |||
David O. Beim | Director | Since | Professor of Finance and Economics at the Columbia University | 34 Funds | None |
40 East 52nd Street | 2007 | Graduate School of Business since 1991; Trustee, Phillips Exeter | 81 Portfolios | ||
New York, NY 10022 | Academy since 2002; Formerly Chairman, Wave Hill Inc. (public | ||||
1940 | garden and cultural center) from 1990 to 2006. | ||||
Dr. Matina Horner | Director | Since | Formerly Executive Vice President of Teachers Insurance and | 34 Funds | NSTAR (electric |
40 East 52nd Street | 2007 | Annuity Association and College Retirement Equities Fund | 81 Portfolios | and gas utility) | |
New York, NY 10022 | from 1989 to 2003. | ||||
1939 | |||||
Herbert I. London | Director and | Since | Professor Emeritus, New York University since 2005; John M. Olin | 34 Funds | AIMS Worldwide, |
40 East 52nd Street | Member of | 2007 | Professor of Humanities, New York University from 1993 to 2005 | 81 Portfolios | Inc. (marketing) |
New York, NY 10022 | the Audit | and Professor thereof from 1980 to 2005; President, Hudson Institute | |||
1939 | Committee | (policy research organization) since 1997 and Trustee thereof since | |||
1980; Chairman of the Board of Trustees for Grantham University | |||||
since 2006; Director, InnoCentive, Inc. (strategic solutions company) | |||||
since 2005; Director, Cerego, LLC (software development and | |||||
design) since 2005. | |||||
Cynthia A. Montgomery | Director | Since | Professor, Harvard Business School since 1989; Director, Harvard | 34 Funds | Newell Rubbermaid, |
40 East 52nd Street | 2002 | Business School Publishing since 2005; Director, McLean Hospital | 81 Portfolios | Inc. (manufacturing) | |
New York, NY 10022 | since 2005. | ||||
1952 | |||||
Joseph P. Platt, Jr. | Director | Since | Director, The West Penn Allegheny Health System (a not-for-profit | 34 Funds | Greenlight Capital |
40 East 52nd Street | 2007 | health system) since 2008; Director, Jones and Brown (Canadian | 81 Portfolios | Re, Ltd (reinsurance | |
New York, NY 10022 | insurance broker) since 1998; General Partner, Thorn Partners, | company) | |||
1947 | LP (private investment) since 1998; Formerly Partner, Amarna | ||||
Corporation, LLC (private investment company) from 2002 to 2008. | |||||
Robert C. Robb, Jr. | Director | Since | Partner, Lewis, Eckert, Robb and Company (management and | 34 Funds | None |
40 East 52nd Street | 2007 | financial consulting firm) since 1981. | 81 Portfolios | ||
New York, NY 10022 | |||||
1945 | |||||
Toby Rosenblatt | Director | Since | President, Founders Investments Ltd. (private investments) since | 34 Funds | A.P. Pharma, Inc. |
40 East 52nd Street | 2007 | 1999; Director, Forward Management, LLC since 2007; Director, | 81 Portfolios | (specialty | |
New York, NY 10022 | The James Irvine Foundation (philanthropic foundation) since 1997; | pharmaceuticals) | |||
1938 | Formerly Trustee, State Street Research Mutual Funds from 1990 | ||||
to 2005; Formerly Trustee, Metropolitan Series Funds, Inc. from | |||||
2001 to 2005. |
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
35
Officers and Directors (continued) | |||||
Number of | |||||
Position(s) | Length of | BlackRock- | |||
Held with | Time | Advised Funds | |||
Name, Address | Fund/ | Served as | and Portfolios | Public | |
and Year of Birth | Master LLC | a Director2 | Principal Occupation(s) During Past 5 Years | Overseen | Directorships |
Non-Interested Directors1 (concluded) | |||||
Kenneth L. Urish | Chair of | Since | Managing Partner, Urish Popeck & Co., LLC (certified public | 34 Funds | None |
40 East 52nd Street | the Audit | 2007 | accountants and consultants) since 1976; Member of External | 81 Portfolios | |
New York, NY 10022 | Committee | Advisory Board, The Pennsylvania State University Accounting | |||
1951 | and Director | Department since 2001; Trustee, The Holy Family Foundation | |||
since 2001; Committee Member, Professional Ethics Committee | |||||
of the Pennsylvania Institute of Certified Public Accountants | |||||
since 2007; Formerly President and Trustee, Pittsburgh Catholic | |||||
Publishing Associates from 2003 to 2008; Formerly Director, | |||||
Inter-Tel from 2006 to 2007. | |||||
Frederick W. Winter | Director and | Since | Professor and Dean Emeritus of the Joseph M. Katz School of | 34 Funds | None |
40 East 52nd Street | Member of | 2007 | Business, University of Pittsburgh since 2005 and Dean thereof | 81 Portfolios | |
New York, NY 10022 | the Audit | from 1997 to 2005; Director, Alkon Corporation (pneumatics) | |||
1945 | Committee | since 1992; Director, Tippman Sports (recreation) since 2005; | |||
Formerly Director, Indotronix International (IT services) from | |||||
2004 to 2008. | |||||
1 Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. | |||||
2 Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the | |||||
various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, | |||||
although the chart shows certain directors as joining the Fund’s board in 2007, each director first became a member of the board of directors | |||||
of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim since 1998; Ronald W. Forbes since 1977; Matina Horner since | |||||
2004; Rodney D. Johnson since 1995; Herbert I. London since 1987; Cynthia A. Montgomery since 1994; Joseph P. Platt since 1999; Robert | |||||
C. Robb, Jr. since 1999; Toby Rosenblatt since 2005; Kenneth L. Urish since 1999 and Frederick W. Winter since 1999. | |||||
Interested Directors1 | |||||
Richard S. Davis | Director | Since | Managing Director, BlackRock, Inc. since 2005; Formerly Chief | 175 Funds | None |
40 East 52nd Street | 2007 | Executive Officer, State Street Research & Management Company | 286 Portfolios | ||
New York, NY 10022 | from 2000 to 2005; Formerly Chairman of the Board of Trustees, | ||||
1945 | State Street Research Mutual Funds from 2000 to 2005; Formerly | ||||
Chairman, SSR Realty from 2000 to 2004. | |||||
Henry Gabbay | Director | Since | Formerly Consultant, BlackRock, Inc. from 2007 to 2008; Formerly | 175 Funds | None |
40 East 52nd Street | 2007 | Managing Director, BlackRock, Inc. from 1989 to 2007; Formerly | 286 Portfolios | ||
New York, NY 10022 | Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to | ||||
1947 | 2007; Formerly President of BlackRock Funds and BlackRock Bond | ||||
Allocation Target Shares from 2005 to 2007 and Treasurer of certain | |||||
closed-end funds in the BlackRock fund complex from 1989 to 2006. |
1 Mr. Davis is an “interested person” as defined in the Investment Company Act of 1940, of the Fund/Master LLC based on his position with
BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Fund/Master LLC based on his former positions with BlackRock,
Inc. and its affiliates as well as his ownership of BlackRock, Inc. and PNC securities. Directors serve until their resignation, removal or death,
or until December 31 of the year in which they turn 72.
36 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
Officers and Directors (concluded) | ||||||
Position(s) | ||||||
Held with | ||||||
Name, Address | Fund/ | Length of | ||||
and Year of Birth | Master LLC | Time Served | Principal Occupation(s) During Past 5 Years | |||
Fund/Master LLC Officers1 | ||||||
Donald C. Burke | President | Since | Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director of Merrill Lynch Investment | |||
40 East 52nd Street | and Chief | 2007 | Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. (“FAM”) in 2006, First Vice President thereof from | |||
New York, NY 10022 | Executive | 1997 to 2005, Treasurer thereof from 1999 to 2006 and Vice President thereof from 1990 to 1997. | ||||
1960 | Officer | |||||
Anne F. Ackerley | Vice | Since | Managing Director of BlackRock, Inc. since 2000; Chief Operating Officer of BlackRock’s U.S. Retail Group | |||
40 East 52nd Street | President | 2007 | since 2006; Formerly Head of BlackRock’s Mutual Fund Group from 2000 to 2006. | |||
New York, NY 10022 | ||||||
1962 | ||||||
Neal J. Andrews | Chief | Since | Managing Director of BlackRock, Inc. since 2006; Formerly Senior Vice President and Line of Business Head of | |||
40 East 52nd Street | Financial | 2007 | Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. (formerly PFPC Inc.) from | |||
New York, NY 10022 | Officer | 1992 to 2006. | ||||
1966 | ||||||
Jay M. Fife | Treasurer | Since | Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Formerly Assistant Treasurer of the | |||
40 East 52nd Street | 2007 | MLIM/FAM advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006. | ||||
New York, NY 10022 | ||||||
1970 | ||||||
Brian P. Kindelan | Chief | Since | Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of | |||
40 East 52nd Street | Compliance | 2007 | BlackRock, Inc. since 2005; Formerly Director and Senior Counsel of BlackRock Advisors, Inc. from 2001 to 2004. | |||
New York, NY 10022 | Officer of | |||||
1959 | the Funds | |||||
Howard B. Surloff | Secretary | Since | Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; Formerly | |||
40 East 52nd Street | 2007 | General Counsel (U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006. | ||||
New York, NY 10022 | ||||||
1965 | ||||||
1 Officers of the Fund/Master LLC serve at the pleasure of the Board of Directors. | ||||||
Further information about the Fund’s/Master LLC’s Officers and Directors is available in the Fund’s/Master LLC’s Statement of Additional | ||||||
Information, which can be obtained without charge by calling (800) 637-7762. | ||||||
Custodian | Transfer Agent | Accounting Agent | Independent Registered Public | Legal Counsel | ||
State Street Bank and | Financial Data Services, Inc. | State Street Bank and | Accounting Firm | Sidley Austin LLP | ||
Trust Company | Jacksonville, FL 32246 | Trust Company | Deloitte & Touche LLP | New York, NY 10019 | ||
Boston, MA 02101 | Princeton, NJ 08540 | Princeton, NJ 08540 |
WCMA TAX-EXEMPT FUND
MARCH 31, 2009
37
Additional Information
Availability of Quarterly Schedule of Investments
The Fund/Master LLC files its complete schedule of portfolio holdings
with the Securities and Exchange Commission (“SEC”) for the first and
third quarters of each fiscal year on Form N-Q. The Fund’s/Master LLC’s
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. Information on the operation of the Public
Reference Room may be obtained by calling (800) SEC-0330.The
Fund’s/Master LLC’s 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 Fund’s website or shareholders can sign up for e-mail notifications
of quarterly statements, annual and semi-annual reports and prospec-
tuses by enrolling in the Fund’s electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:
Please contact your financial advisor to enroll. Please note that not
all investment advisors, banks or brokerages may offer this service.
General Information
The Fund 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 Fund
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 informa-
tion. BlackRock maintains physical, electronic and procedural safeguards
that are designedto protect the non-public personal information of its
Clients, including procedures relating to the proper storage and disposal
of such information.
38 WCMA TAX-EXEMPT FUND
MARCH 31, 2009
![](https://capedge.com/proxy/N-CSR/0000900092-09-000275/wcmataxexemptar0309x40x1.jpg)
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 Fund unless accompanied or preceded by the Fund’s current
prospectus. An investment in the Fund is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other govern-
ment agency other than with respect to the Fund’s participation in
the US Treasury Department’s Temporary Guarantee Program for
Money Market Funds disclosed in this annual report. Although the
Fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Fund. 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 Fund’s current
seven-day yields more closely reflect the current earnings of the
Fund than the total returns quoted. Statements and other informa-
tion herein are as dated and are subject to change.
A description of the policies and procedures that the Fund uses
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 Fund voted
proxies relating to securities held in the Fund’s 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 Tax-Exempt Fund
100 Bellevue Parkway
Wilmington, DE, 19809
#WCMATE-3/09
Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end
of the period covered by this report, applicable to the registrant’s principal executive officer,
principal financial officer and principal accounting officer, or persons performing similar
functions. During the period covered by this report, there have been no amendments to or
waivers granted under the code of ethics. A copy of the code of ethics is available without
charge at www.blackrock.com.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors or trustees, as
applicable (the “board of directors”) has determined that (i) the registrant has the following
audit committee financial expert serving on its audit committee and (ii) each audit
committee financial expert is independent:
Kenneth L. Urish
Under applicable securities laws, a person determined to be an audit committee financial
expert will not be deemed an “expert” for any purpose, including without limitation for the
purposes of Section 11 of the Securities Act of 1933, as a result of being designated or
identified as an audit committee financial expert. The designation or identification as an
audit committee financial expert does not impose on such person any duties, obligations, or
liabilities greater than the duties, obligations, and liabilities imposed on such person as a
member of the audit committee and board of directors in the absence of such designation or
identification.
Item 4 – Principal Accountant Fees and Services
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees3 | |||||
Current | Previous | Current | Previous | Current | Previous | Current | Previous | |
Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year | Fiscal Year | |
Entity Name | End | End | End | End | End | End | End | End |
WCMA Tax-Exempt | $6,800 | $6,800 | $0 | $0 | $6,100 | $6,100 | $733 | $749 |
Fund | ||||||||
Master Tax-Exempt | ||||||||
LLC | $31,400 | $31,300 | $0 | $0 | $6,800 | $6,800 | $0 | $0 |
1 The nature of the services include assurance and related services reasonably related to the performance of the audit of
financial statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The registrant’s audit committee (the “Committee”) has adopted policies and
procedures with regard to the pre-approval of services. Audit, audit-related and tax
compliance services provided to the registrant on an annual basis require specific pre-
approval by the Committee. The Committee also must approve other non-audit services
provided to the registrant and those non-audit services provided to the registrant’s affiliated
service providers that relate directly to the operations and the financial reporting of the
registrant. Certain of these non-audit services that the Committee believes are a) consistent
with the SEC’s auditor independence rules and b) routine and recurring services that will
not impair the independence of the independent accountants may be approved by the
Committee without consideration on a specific case-by-case basis (“general pre-approval”).
The term of any general pre-approval is 12 months from the date of the pre-approval, unless
the Committee provides for a different period. Tax or other non-audit services provided to
the registrant which have a direct impact on the operation or financial reporting of the
registrant will only be deemed pre-approved provided that any individual project does not
exceed $10,000 attributable to the registrant or $50,000 for all of the registrants the
Committee oversees. For this purpose, multiple projects will be aggregated to determine if
they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific
pre-approval by the Committee, as will any other services not subject to general pre-
approval (e.g., unanticipated but permissible services). The Committee is informed of each
service approved subject to general pre-approval at the next regularly scheduled in-person
board meeting. At this meeting, an analysis of such services is presented to the Committee
for ratification. The Committee may delegate to one or more of its members the authority to
approve the provision of and fees for any specific engagement of permitted non-audit
services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by
the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) Affiliates’ Aggregate Non-Audit Fees:
Current Fiscal Year | Previous Fiscal Year | |
Entity Name | End | End |
WCMA Tax-Exempt Fund | $414,333 | $411,849 |
Master Tax-Exempt LLC | $414,300 | $411,800 |
(h) The registrant’s audit committee has considered and determined that the provision of
non-audit services that were rendered to the registrant’s investment adviser (not including
any non-affiliated sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by the registrant’s investment adviser), and any entity
controlling, controlled by, or under common control with the investment adviser that
provides ongoing services to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant’s independence.
Regulation S-X Rule 2-01(c)(7)(ii) – $407,500, 0%
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 which 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 15(d)-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 – See Item 2
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 Tax-Exempt Fund and Master Tax-Exempt LLC
By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
WCMA Tax-Exempt Fund and Master Tax-Exempt LLC
Date: May 20, 2009
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 Tax-Exempt Fund and Master Tax-Exempt LLC
Date: May 20, 2009
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
WCMA Tax-Exempt Fund and Master Tax-Exempt LLC
Date: May 20, 2009