UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-03111
811-21301
Name of Fund: CMA Tax-Exempt Fund
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, CMA 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: 03/31/2008
Date of reporting period: 04/01/2007 – 03/31/2008
Item 1 – Report to Stockholders
Annual Report
March 31, 2008
CMA Tax-Exempt Fund
Table of Contents | ||
Page | ||
A Letter to Shareholders | 3 | |
Annual Report: | ||
Disclosure of Expenses | 4 | |
Current Seven-Day Yield | 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 | 8 | |
Fund Report of Independent Registered Public Accounting Firm | 10 | |
Fund Important Tax Information (Unaudited) | 10 | |
Master LLC Portfolio Summary | 11 | |
Master LLC Financial Statements: | ||
Schedule of Investments | 12 | |
Statement of Assets and Liabilities | 31 | |
Statement of Operations | 31 | |
Statements of Changes in Net Assets | 32 | |
Master LLC Financial Highlights | 32 | |
Master LLC Notes to Financial Statements | 33 | |
Master LLC Report of Independent Registered Public Accounting Firm | 35 | |
Officers and Directors | 36 | |
Additional Information | 39 |
2 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
A Letter to Shareholders |
Dear Shareholder
Financial markets endured severe bouts of volatility during the reporting period, particularly as the calendar turned to
2008. It was then that fears of an economic recession swelled and credit market strains intensified, producing calamity
in the financial system and, ultimately, the demise of major Wall Street firm Bear Stearns.
The Federal Reserve Board (the “Fed”), after cutting the target federal funds rate 100 basis points (1%) between
September 2007 and year-end, stepped up its efforts to support the ailing financial sector in the first three months of
2008. The central bank cut interest rates 125 basis points in January alone, and followed with another 75-basis-point
cut on March 18, bringing the target rate to 2.25% . In an unprecedented move, the Fed also extended its financing
operations directly to broker/dealers and assisted JPMorgan in its buyout of ill-fated Bear Stearns.
Against this backdrop, investor anxiety has been acute and equity markets have struggled. The S&P 500 Index of U.S.
stocks was down in March, marking the fifth consecutive month of negative returns. International markets outperformed
the U.S. for much of 2007, but that trend changed in more recent months as investors grew increasingly reluctant to
take on the risks of foreign investing.
In fixed income markets, an ongoing investor flight to quality continued to drive Treasury yields lower and their prices
higher. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to
4.04% by year-end and to 3.45% by March 31. Investors largely shunned bonds associated with the housing and credit
markets, and the riskier high yield sector landed in negative territory year-to-date. Meanwhile, the municipal bond market
has struggled with concerns around the creditworthiness of monoline bond insurers and the failure of auctions for
auction rate securities, driving yields higher and prices lower across the curve. At period-end, municipal bonds were
trading at higher yields than their Treasury counterparts, a very unusual occurrence by historical standards.
Overall, the major benchmark indexes posted mixed results for the current reporting period, generally reflecting height-
ened investor risk aversion:
Total Returns as of March 31, 2008 | 6-month | 12-month | ||||||
U.S. equities (S&P 500 Index) | –12.46% | – 5.08% | ||||||
Small cap U.S. equities (Russell 2000 Index) | –14.02 | –13.00 | ||||||
International equities (MSCI Europe, Australasia, Far East Index) | –10.50 | – 2.70 | ||||||
Fixed income (Lehman Brothers U.S. Aggregate Index) | + 5.23 | + 7.67 | ||||||
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) | + 0.75 | + 1.90 | ||||||
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index) | – 4.01 | – 3.47 | ||||||
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index. As you navigate today’s volatile markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead. |
![](https://capedge.com/proxy/N-CSR/0000900092-08-000179/cmataxexemptar03081x3x1.jpg)
THIS PAGE NOT PART OF YOUR FUND REPORT
3
Disclosure of Expenses Shareholders of this Fund may incur the following charges: (a) expenses related to transactions, including sales charges, redemption fees and exchange fees; and (b) operating expenses including advisory fees, distri- bution fees including 12b-1 fees, and other Fund expenses. The expense example below (which is based on a hypothetical investment of $1,000 invested on October 1, 2007 and held through March 31, 2008) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds. The table below provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period.” |
The table also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in this Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds’ shareholder reports. The expenses shown in the table are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the second table is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning differ- ent funds. If these transactional expenses were included, shareholder expenses would have been higher. |
Expense Example | ||||||||||||
Actual | Hypothetical** | |||||||||||
Beginning | Ending | Beginning | Ending | |||||||||
Account Value | Account Value | Expenses Paid | Account Value | Account Value | Expenses Paid | |||||||
October 1, 2007 | March 31, 2008 | During the Period* | October 1, 2007 | March 31, 2008 | During the Period* | |||||||
CMA Tax-Exempt Fund | $1,000 | $1,012.90 | $2.80 | $1,000 | $1,022.52 | $2.81 | ||||||
* Expenses are equal to the Fund’s annualized expense ratio of 0.55%, multiplied by the average account value over the period, multiplied by 185/366 (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. ** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. |
Current Seven-Day Yield |
As of March 31, 2008 . |
1.73% |
4 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Statement of Assets and Liabilities
March 31, 2008 | CMA Tax-Exempt Fund | |||
Assets | ||||
Investment at value — Master Tax-Exempt LLC | ||||
(the “Master LLC”), (cost — $11,007,278,123) | $11,007,278,123 | |||
Prepaid expenses and other assets | 317,407 | |||
Total assets | 11,007,595,530 | |||
Liabilities | ||||
Administration fees payable | 2,348,417 | |||
Distribution fees payable | 1,472,975 | |||
Other affiliates payable | 127,256 | |||
Other accrued expenses payable | 42,165 | |||
Total liabilities | 3,990,813 | |||
Net Assets | ||||
Net Assets | $11,003,604,717 | |||
Net Assets Consist of | ||||
Shares of beneficial interest, $0.10 par value, unlimited | ||||
number of shares authorized | $ 1,100,402,674 | |||
Paid-in capital in excess of par | 9,902,654,019 | |||
Accumulated net realized gain allocated from the | ||||
Master LLC | 548,024 | |||
Net Assets — Equivalent to $1.00 per share based on | ||||
11,004,026,744 shares of beneficial interest outstanding | $11,003,604,717 | |||
See Notes to Financial Statements. |
Statement of Operations | ||
Year Ended March 31, 2008 | CMA Tax-Exempt Fund | |
Investment Income | ||
Interest from affiliates | $ 10,751 | |
Net investment income allocated from the Master LLC: | ||
Interest | 342,084,216 | |
Expenses | (14,798,376) | |
Total income | 327,296,591 | |
Expenses | ||
Administration | 25,011,684 | |
Distribution | 12,430,938 | |
Transfer agent | 1,552,676 | |
Registration | 1,214,781 | |
Printing | 137,369 | |
Professional | 103,472 | |
Miscellaneous | 19,558 | |
Total expenses | 40,470,478 | |
Net investment income | 286,826,113 | |
Realized Gain Allocated from the Master LLC | ||
Net realized gain on investments | 1,483,829 | |
Net Increase in Net Assets Resulting from Operations | $ 288,309,942 | |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
5 |
Statements of Changes in Net Assets | CMA Tax-Exempt Fund | |||
Year Ended | ||||
March 31, | ||||
Increase (Decrease) in Net Assets: | 2008 | 2007 | ||
Operations | ||||
Net investment income | $ 286,826,113 | $ 263,606,567 | ||
Net realized gain | 1,483,829 | 789,164 | ||
Net increase in net assets resulting from operations | 288,309,942 | 264,395,731 | ||
Dividends to Shareholders from | ||||
Net investment income | (286,826,113) | (263,606,567) | ||
Beneficial Interest Transactions | ||||
Net proceeds from sale of shares | 63,109,695,273 | 48,483,788,131 | ||
Reinvestment of dividends | 286,826,113 | 263,607,070 | ||
Total shares issued | 63,396,521,386 | 48,747,395,201 | ||
Cost of shares redeemed | (61,652,029,689) | (48,251,663,564) | ||
Net increase in net assets derived from beneficial interest transactions | 1,744,491,697 | 495,731,637 | ||
Net Assets | ||||
Total increase in net assets | 1,745,975,526 | 496,520,801 | ||
Beginning of year | 9,257,629,191 | 8,761,108,390 | ||
End of year | $11,003,604,717 | $9,257,629,191 | ||
See Notes to Financial Statements. |
6 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Financial Highlights | CMA Tax-Exempt Fund | |||||||||||
Year Ended March 31, | ||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||
Per Share Operating Performance | ||||||||||||
Net asset value, beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||||
Net investment income | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | |||||||
Net realized gain (loss) | —1 | —1 | —2 | —2 | —2 | |||||||
Net increase from investment operations | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | |||||||
Dividends from net investment income | (0.03) | (0.03) | (0.02) | (0.01) | (0.01) | |||||||
Net asset value, end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||||
Total Investment Return | ||||||||||||
Total investment return | 2.94% | 3.05% | 2.24% | 0.93% | 0.54% | |||||||
Ratios to Average Net Assets3 | ||||||||||||
Total expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | |||||||
Net investment income and net realized gain (loss) | 2.87% | 3.03% | 2.21% | 0.91% | 0.55% | |||||||
Supplemental Data | ||||||||||||
Net assets, end of year (000) | $11,003,605 | $ 9,257,629 | $ 8,761,108 | $ 9,029,274 | $ 9,522,055 | |||||||
1 | Amount is less than $0.01 per share. |
2 | Amount is less than $(0.01) per share. |
3 | 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. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
7 |
Notes to Financial Statements CMA Tax-Exempt Fund
1. Significant Accounting Policies: CMA 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 seeks to achieve its investment objective by investing all of its assets in Master Tax-Exempt LLC (the “Master LLC”), which has the same invest- ment objective and strategies as the Fund. Effective June 15, 2007, the Master LLC was converted from a Delaware statutory trust to a Delaware limited 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 performance 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 statements. 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 esti- mates. Actual results may differ from these estimates. The percentage of the Master LLC owned by the Fund at March 31, 2008 was 90.9% . 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. 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. Dividends and Distributions to Shareholders: Dividends from net investment income are declared and reinvested daily and paid monthly. Distributions of realized gains, if any, are recorded on the ex-dividend dates. Income Taxes: It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment compa- nies and to distribute substantially all of its taxable income to its share- holders. Therefore, no federal income tax provision is required. |
Effective September 28, 2007, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition thresh- old a tax position must meet in connection with accounting for uncer- tainties in income tax positions taken, or expected to be taken, by an entity, including investment companies, before being measured and recognized in the financial statements. The administrator has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 did not have a material impact on the Fund’s finan- cial statements. The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns remains open for the years ended March 31, 2005 through March 31, 2007. 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 Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a frame- work for measuring fair value and expands disclosures about fair value measurements. The impact on the Fund’s financial statement disclo- sures, if any, is currently being assessed. In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Fund’s financial statement disclosures, if any, is currently being assessed. 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 and is effective for fiscal years beginning after November 15, 2008. 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. The administrator is currently evaluating the impli- cations of FAS 161 and the impact on the Fund’s financial statement disclosures, if any, is currently being assessed. |
8 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Notes to Financial Statements (concluded) CMA Tax-Exempt Fund
Other: Expenses directly related to the Fund are charged to the Fund. Other operating expenses shared by several Funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods. 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 investment advice and related portfolio activities). For such services, the Fund pays a monthly fee at an annual rate of 0.25% of the Fund’s average daily net assets. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. (“PNC”) are principal owners of BlackRock, Inc. The Fund has entered into a Distribution Agreement and a Distribution and Shareholder Servicing Plan (the “Distribution Plan”) with Merrill Lynch, Pierce, Fenner and Smith Incorporated (“MLPF&S”), a wholly owned sub- sidiary of Merrill Lynch, and/or affiliates of PNC or Merrill Lynch (including BlackRock, Inc.). Pursuant to the Distribution Plan adopted by the Fund in accordance with Rule 12b-1 under the 1940 Act, the Fund pays MLPF&S a distribu- tion fee. The fee is accrued daily and paid monthly at an annual rate of 0.125% of average daily net assets of the Fund for shareholders whose Fund accounts are serviced by MLPF&S or directly with the Fund’s transfer agent. Financial Data Services, Inc. (“FDS”), a wholly owned subsidiary of Merrill Lynch and an affiliate of the Administrator, serves as transfer agent. Interest is earned by the Fund from FDS based on the difference, if any, between estimated and actual daily beneficial share activity, which results in uninvested net proceeds from sales of Fund shares. Certain officers and/or directors of the Fund are officers and/or directors of BlackRock, Inc. or its affiliates. 3. Shares of Beneficial Interest: The number of shares sold, reinvested and redeemed during the past two years corresponds to the amounts included in the Statements of Changes in Net Assets for net proceeds from the sale of shares, reinvestment of dividends and cost of shares redeemed, respectively, since shares are recorded at $1.00 per share. |
4. Income Tax Information: The tax character of distributions paid during the fiscal years ended March 31, 2008 and March 31, 2007 was as follows: |
3/31/2008 | 3/31/2007 | |||
Distributions paid from: | ||||
Tax-Exempt income | $ 286,826,113 | $ 263,606,567 | ||
Total non-taxable distributions | $ 286,826,113 | $ 263,606,567 | ||
As of March 31, 2008, there were no significant differences between the book and tax components of net assets. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
9 |
Report of Independent Registered Public Accounting Firm CMA Tax-Exempt Fund |
To the Shareholders and Board of Directors of CMA Tax-Exempt Fund: We have audited the accompanying statement of assets and liabilities of CMA Tax-Exempt Fund (the “Fund”) as of March 31, 2008, 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 peri- od 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 finan- cial 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 |
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. 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 CMA Tax-Exempt Fund as of March 31, 2008, 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 27, 2008 |
Important Tax Information (Unaudited) All of the net investment income distributions paid by CMA Tax-Exempt Fund during the taxable year ended March 31, 2008 qualify as tax-exempt interest dividends for federal income tax purposes. |
10 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Portfolio Summary | Master Tax-Exempt LLC | |
Portfolio Composition* | ||
* | Based on total market value of Master Tax-Exempt LLC as of March 31, 2008. Investments are valued at amortized cost, which approximates market value. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
11 |
Schedule of Investments March 31, 2008 Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Alabama — 1.8% | ||||||
Alabama, HFA, S/F Mortgage Revenue Bonds, VRDN, | ||||||
AMT, Series H (a): | ||||||
2.47%, 6/01/09 | $ 6,415 | $ 6,415,000 | ||||
2.47%, 5/01/10 | 50,000 | 50,000,000 | ||||
Bank of America Macon Trust, Spanish Fort | ||||||
Redevelopment Authority, Alabama, Revenue Bonds, | ||||||
VRDN, Series 2007-306, 2.25%, 3/01/12 (a)(b) | 15,450 | 15,450,000 | ||||
Birmingham, Alabama, Waterworks and Sewer | ||||||
Board, Water and Sewer Revenue Refunding | ||||||
Bonds, PUTTERS, VRDN, Series 1737, | ||||||
4%, 1/01/15 (a)(b)(c) | 3,995 | 3,995,000 | ||||
Columbia, Alabama, IDB, Revenue Bonds | ||||||
(Alabama Power Company Project), VRDN, AMT, | ||||||
1.24%, 11/01/21 (a) | 20,000 | 20,000,000 | ||||
Decatur, Alabama, IDB, Environmental Facilities | ||||||
Revenue Bonds (BP Amoco Chemical Company | ||||||
Project), VRDN, AMT, 1.35%, 11/01/35 (a) | 1,000 | 1,000,000 | ||||
Lehman Municipal Trust Receipts, Alabama, | ||||||
HFA, Revenue Bonds, FLOATS, VRDN, AMT, | ||||||
Series 2006-K41, 2.40%, 10/01/37 (a)(b)(d) | 8,050 | 8,050,000 | ||||
Lower Alabama Gas District, Gas Supply Revenue | ||||||
Bonds, VRDN, Series A, 1.80%, 11/01/27 (a) | 50,000 | 50,000,000 | ||||
Millport, Alabama, IDA, Revenue Bonds (Steel | ||||||
Dust Recycling LLC Project), VRDN, AMT, | ||||||
2.30%, 12/01/37 (a) | 10,000 | 10,000,000 | ||||
Southeast Alabama Gas District, Alabama, Supply | ||||||
Project Revenue Bonds, VRDN, Series A, | ||||||
1.80%, 8/01/27 (a) | 55,200 | 55,200,000 | ||||
220,110,000 | ||||||
Alaska — 0.8% | ||||||
Alaska Industrial Development and Export Authority | ||||||
Revenue Bonds, ROCS, VRDN, Series II-R-10311, | ||||||
2.34%, 4/01/08 (a)(b)(e) | 19,400 | 19,400,000 | ||||
Valdez, Alaska, Marine Terminal Revenue Bonds | ||||||
(ConocoPhillips Project), VRDN, Series A, | ||||||
2.03%, 5/01/31 (a) | 38,000 | 38,000,000 | ||||
Valdez, Alaska, Marine Terminal Revenue Refunding | ||||||
Bonds, VRDN (a): | ||||||
(BP Pipelines, Inc. Project), 1.25%, 7/01/37 | 11,100 | 11,100,000 | ||||
(BP Pipelines, Inc. Project), Series B, | ||||||
1.25%, 7/01/37 | 3,100 | 3,100,000 | ||||
(ConocoPhillips Project), Series B, | ||||||
1.70%, 5/01/31 | 20,000 | 20,000,000 | ||||
91,600,000 | ||||||
Par | ||||
Municipal Bonds | (000) | Value | ||
Arizona — 1.6% | ||||
Apache County, Arizona, IDA, IDR (Tucson Electric | ||||
Power Co.), VRDN, Series 83-A, 2%, 12/15/18 (a) | $ 33,000 | $33,000,000 | ||
Clipper Tax-Exempt Certificates Trust, Arizona, | ||||
Revenue Bonds, VRDN, Series 2007-1, | ||||
2.51%, 2/01/20 (a)(b) | 49,055 | 49,055,000 | ||
Maricopa County, Arizona, IDA, Health Facilities | ||||
Revenue Bonds, PUTTERS, VRDN, Series 420, | ||||
2.29%, 1/01/10 (a)(b) | 10,000 | 10,000,000 | ||
Maricopa County, Arizona, Public Finance Corporation, | ||||
Lease Revenue Bonds, FLOATS, VRDN, Series 1863, | ||||
2.31%, 7/01/31 (a)(b)(c) | 8,440 | 8,440,000 | ||
Maricopa County, Arizona, School District Number 4, | ||||
GO (Mesa Unified Project of 1995), Series E, | ||||
4.50%, 7/01/08 (e)(f) | 7,370 | 7,411,413 | ||
Morgan Keegan Municipal Products, Inc., Maricopa | ||||
County, Arizona, IDA, VRDN, AMT, Series A, | ||||
2.35%, 2/02/09 (a)(b) | 23,135 | 23,135,000 | ||
Salt River Pima-Maricopa Indian Community, Arizona, | ||||
Revenue Bonds, VRDN (a): | ||||
2.10%, 10/01/25 | 16,419 | 16,419,000 | ||
2.10%, 10/01/26 | 34,650 | 34,650,000 | ||
Salt River Project, Arizona, Agricultural | ||||
Improvement and Power District, Electric System | ||||
Revenue Bonds, FLOATS, VRDN, Series 1840, | ||||
2.16%, 1/01/37 (a)(b) | 2,283 | 2,282,500 | ||
Scottsdale, Arizona, IDA, Hospital Revenue Refunding | ||||
Bonds (Scottsdale Healthcare), VRDN, Series C, | ||||
2.05%, 9/01/35 (a)(e) | 5,900 | 5,900,000 | ||
190,292,913 | ||||
Arkansas — 0.7% | ||||
Arkansas State Development Finance Authority, | ||||
M/F Housing Revenue Bonds (Chapelridge Benton | ||||
Project), VRDN, AMT, Series C, 2.29%, 6/01/32 (a) | 7,800 | 7,800,000 | ||
Morgan Keegan Municipal Products, Inc., Arkansas | ||||
State Development Finance Authority, VRDN (a)(b): | ||||
AMT, Series D, 2.35%, 2/01/10 | 61,280 | 61,280,000 | ||
S/F Mortgage Revenue Bonds, VRDN, Series C, | ||||
2.35%, 6/01/11 | 1,835 | 1,835,000 | ||
Northwest Arkansas Regional Airport Authority, Airport | ||||
Revenue Refunding Bonds, VRDN, AMT, Series A, | ||||
2.26%, 2/01/21 (a) | 12,280 | 12,280,000 | ||
83,195,000 | ||||
Portfolio Abbreviations | ||||||||||
AMT | Alternative Minimum Tax (subject to) | HFA | Housing Finance Agency | PUTTERS | Puttable Tax-Exempt Receipts | |||||
BAN | Bond Anticipation Notes | IDA | Industrial Development Authority | RAN | Revenue Anticipation Notes | |||||
COP | Certificates of Participation | IDB | Industrial Development Board | ROCS | Reset Option Certificates | |||||
CP | Commercial Paper | IDR | Industrial Development Revenue Bonds | S/F | Single-Family | |||||
EDA | Economic Development Authority | LIFERS | Long Inverse Floating Exempt Receipts | SPEARS | Short Puttable Exempt Adjustable | |||||
EDR | Economic Development Revenue Bonds | M/F | Multi-Family | Receipts | ||||||
FLOATS | Floating Rate Securities | MERLOTS | Municipal Exempt Receipts Liquidity | STARS | Short-Term Adjustable Rate Securities | |||||
GAN | Grant Anticipation Notes | Optional Tenders | TAN | Tax Anticipation Notes | ||||||
GO | General Obligation Bonds | MSTR | Municipal Securities Trust Receipts | TOCS | Tender Option Certificates | |||||
HDA | Housing Development Authority | PCR | Pollution Control Revenue Bonds | TRAN | Tax Revenue Anticipation Notes | |||||
VRDN | Variable Rate Demand Notes | |||||||||
See Notes to Financial Statements. | ||||||||||
12 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
California — 4.4% | ||||
California HFA, Home Mortgage Revenue Bonds, | ||||
VRDN, AMT, Series F (a): | ||||
1.25%, 8/01/40 | $ 16,600 | $ 16,600,000 | ||
1.25%, 2/01/41 | 24,825 | 24,825,000 | ||
California HFA, M/F Housing Revenue Bonds, VRDN, | ||||
AMT, Series C, 1.37%, 2/01/33 (a) | 18,500 | 18,500,000 | ||
California Home Mortgage Financing Authority, | ||||
Homebuyers Fund S/F Revenue Refunding Bonds, | ||||
VRDN, AMT, 3.11%, 6/01/08 (a) | 14,015 | 14,015,000 | ||
California Municipal Finance Authority, M/F Housing | ||||
Revenue Bonds, PUTTERS, VRDN, AMT, Series 2410, | ||||
2.39%, 1/01/20 (a)(b) | 7,130 | 7,130,000 | ||
California State, GO, FLOATS, VRDN (a)(b): | ||||
Series 2002, 2.32%, 8/01/30 | 66,840 | 66,840,000 | ||
Series 2003, 2.32%, 8/01/30 | 7,725 | 7,725,000 | ||
Series 2189, 2.35%, 12/01/17 | 10,240 | 10,240,000 | ||
California State, GO, MERLOTS, VRDN, Series B-45, | ||||
2.23%, 10/01/29 (a)(b) | 7,870 | 7,870,000 | ||
California State, GO, RAN, 4%, 6/30/08 | 315,000 | 315,484,462 | ||
Los Angeles, California, S/F Home Mortgage Revenue | ||||
Bonds, VRDN, AMT, 3.05%, 10/01/40 (a) | 23,186 | 23,185,600 | ||
San Francisco, California, City and County | ||||
Redevelopment Agency, M/F Housing Revenue | ||||
Bonds (Notre Dame Apartments), VRDN, AMT, | ||||
Series G, 2.10%, 12/01/33 (a) | 14,840 | 14,840,000 | ||
Southern California Home Financing Authority, S/F | ||||
Revenue Bonds, FLOATS, VRDN, AMT, Series 2145, | ||||
2.35%, 11/01/52 (a)(b) | 10,375 | 10,375,000 | ||
537,630,062 | ||||
Colorado — 3.3% | ||||
Colorado Department of Transportation Revenue | ||||
Refunding Bonds, PUTTERS, VRDN, Series 318, | ||||
2.41%, 6/15/15 (a)(b)(g) | 9,905 | 9,905,000 | ||
Colorado HFA, S/F Mortgage Revenue Bonds, VRDN, | ||||
AMT, Series B-2, Class I, 2.25%, 5/01/38 (a) | 25,000 | 25,000,000 | ||
Colorado Health Facilities Authority Revenue Bonds, | ||||
VRDN (a): | ||||
(Catholic Health Initiatives), Series B, | ||||
2.15%, 12/01/20 | 34,600 | 34,600,000 | ||
(Sisters of Charity of Leavenworth Health System), | ||||
2.05%, 12/01/32 | 19,300 | 19,300,000 | ||
Colorado Health Facilities Authority, Revenue | ||||
Refunding Bonds (Catholic Health Initiatives), | ||||
VRDN (a): | ||||
Series B-1, 2.15%, 3/01/23 | 3,490 | 3,490,000 | ||
Series B-3, 2.15%, 3/01/23 | 17,870 | 17,870,000 | ||
Series B-6, 2.15%, 3/01/44 | 7,900 | 7,900,000 | ||
Colorado Health Facilities Authority, Revenue | ||||
Refunding Bonds (Sisters of Charity of | ||||
Leavenworth Health System), VRDN, Series A, | ||||
2.05%, 12/01/38 (a) | 24,470 | 24,470,000 | ||
Colorado Housing and Finance Authority Revenue | ||||
Refunding Bonds, VRDN, Class I, Series AA-2, | ||||
2.10%, 5/01/31 (a) | 6,360 | 6,360,000 |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Colorado (concluded) | ||||||
Colorado Housing and Finance Authority, S/F | ||||||
Mortgage Revenue Bonds, VRDN, AMT, Class I, | ||||||
Series B-3, 2.25%, 11/01/26 (a) | $ 45,300 | $45,300,000 | ||||
Colorado Housing and Finance Authority, S/F | ||||||
Mortgage Revenue Refunding Bonds, VRDN, AMT, | ||||||
Class I, Series B-3, 2.25%, 11/01/36 (a) | 44,000 | 44,000,000 | ||||
Colorado School of Mines Development | ||||||
Corporation, Revenue Refunding Bonds, VRDN, | ||||||
2.58%, 9/01/26 (a) | 6,900 | 6,900,000 | ||||
Colorado School of Mines, Enterprise | ||||||
Revenue Refunding Bonds, VRDN, Series A, | ||||||
2%, 12/01/37 (a) | 8,000 | 8,000,000 | ||||
Colorado Springs, Colorado, Utilities Revenue | ||||||
Refunding Bond, Sub-Lien, VRDN, Series A, | ||||||
2.25%, 11/01/23 (a) | 24,300 | 24,300,000 | ||||
Deutsche Bank SPEARS/LIFERS Trust, Denver, | ||||||
Colorado, City and County Airport Revenue | ||||||
Bonds, SPEARS, VRDN, Series DBE-535, | ||||||
2.27%, 11/15/32 (a)(b)(c) | 3,400 | 3,400,000 | ||||
E-470 Public Highway Authority, Colorado, Revenue | ||||||
Bonds, ROCS, VRDN, Series II-R-10019Z, | ||||||
4.30%, 9/01/24 (a)(b)(g) | 11,325 | 11,325,000 | ||||
Eclipse Funding Trust, Solar Eclipse Certificates, | ||||||
El Paso County, Colorado, School District, COP, VRDN, | ||||||
Series 2006-0101, 2.27%, 12/15/28 (a)(b)(g) | 11,205 | 11,205,000 | ||||
El Paso County, Colorado, S/F Mortgage Revenue | ||||||
Bonds, ROCS, VRDN, AMT, (a)(b)(i): | ||||||
Series II-R-10220, 2.32%, 6/01/16 | 5,255 | 5,255,000 | ||||
Series II-R-10222, 2.32%, 10/01/18 | 18,045 | 18,045,000 | ||||
Lower Colorado River Authority, Texas, CP, | ||||||
1.65%, 4/04/08 | 15,000 | 15,000,000 | ||||
University of Colorado Hospital Authority Revenue | ||||||
Bonds, VRDN (a): | ||||||
ROCS, Series II-R-573CE, 2.27%, 11/15/40 (b) | 6,500 | 6,500,000 | ||||
Series A, 2.05%, 11/15/33 (e) | 51,200 | 51,200,000 | ||||
399,325,000 | ||||||
Connecticut — 0.1% | ||||||
Bank of America Austin Trust, Connecticut State | ||||||
Revenue Bonds, VRDN, Series 2008-1080, | ||||||
2.22%, 7/01/42 (a)(b) | 1,375 | 1,375,000 | ||||
Greenwich, Connecticut, GO, BAN, | ||||||
3.50%, 01/29/2009 | 10,000 | 10,122,100 | ||||
11,497,100 | ||||||
Delaware — 1.2% | ||||||
Delaware State, EDA, Revenue Bonds (Hospital | ||||||
Billing and Collection), VRDN (a): | ||||||
Series A, 2.05%, 12/01/15 | 30,550 | 30,550,000 | ||||
Series C, 1.80%, 12/01/15 | 103,950 | 103,950,000 | ||||
Goldman Sachs Pool Trust, Delaware, FLOATS, | ||||||
VRDN, Series 1, 2.34%, 6/02/12 (a)(b) | 14,750 | 14,750,527 | ||||
149,250,527 | ||||||
District of Columbia — 0.7% | ||||||
Deutsche Bank SPEARS/LIFERS Trust, District of | ||||||
Columbia, GO, SPEARS, VRDN, AMT, Series DB-463, | ||||||
2.27%, 12/01/17 (a)(b)(c) | 8,490 | 8,490,000 |
See Notes to Financial Statements. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
13 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
District of Columbia (concluded) | ||||
Deutsche Bank SPEARS/LIFERS Trust, Metropolitan | ||||
Washington Airports Authority, District of Columbia, | ||||
Airport System Revenue Bonds, SPEARS, VRDN, | ||||
AMT, Series DB-505, 2.30%, 10/01/32 (a)(b)(c) | $ 10,910 | $10,910,000 | ||
District of Columbia, CP, 2.67%, 4/04/08 | 28,000 | 28,000,000 | ||
District of Columbia, GO, MERLOTS, VRDN, | ||||
Series D75, 2.35%, 12/01/17 (a)(b)(e) | 9,620 | 9,620,000 | ||
District of Columbia, HFA, S/F Mortgage Revenue | ||||
Bonds, VRDN, AMT, Series B, 3.55%, 11/03/08 (a) | 6,000 | 6,000,000 | ||
District of Columbia, Hospital Revenue Bonds, | ||||
FLOATS, VRDN, Series 2411, 2.31%, 7/15/19 (a)(j) | 21,540 | 21,540,000 | ||
84,560,000 | ||||
Florida — 6.5% | ||||
Alachua County, Florida, Health Facilities Authority, | ||||
Health Facilities Revenue Bonds (Shands Teaching | ||||
Hospital and Clinics, Inc. Project), VRDN, Series A, | ||||
1.25%, 12/01/32 (a) | 5,700 | 5,700,000 | ||
Brevard County, Florida, Health Facilities Authority, | ||||
Healthcare Facilities Revenue Refunding | ||||
Bonds (Health First Inc. Project), VRDN, | ||||
1.25%, 8/01/14 (a) | 4,540 | 4,540,000 | ||
Collier County, Florida, Educational Facilities | ||||
Authority, Limited Obligation Revenue Bonds | ||||
(Ave Maria University), VRDN, 1.69%, 10/01/36 (a) | 14,770 | 14,770,000 | ||
Dade County, Florida, IDA, Exempt Facilities Revenue | ||||
Refunding Bonds (Florida Power and Light Co.), | ||||
VRDN, 1.35%, 6/01/21 (a) | 15,250 | 15,250,000 | ||
Deutsche Bank SPEARS/LIFERS Trust, Saint Johns | ||||
County, Florida, Revenue Bonds, SPEARS, VRDN, | ||||
Series DB-486, 2.29%, 10/01/16 (a)(b) | 8,985 | 8,985,000 | ||
Eagle Tax-Exempt Trust, Orlando-Orange County | ||||
Expressway Authority, Florida, Expressway Revenue | ||||
Bonds, VRDN (a)(b)(e): | ||||
Series 2007-0081, Class A, 2.28%, 7/01/42 | 15,000 | 15,000,000 | ||
Series 2007-0145, Class A, 2.29%, 7/01/17 | 11,300 | 11,300,000 | ||
Eagle Tax-Exempt Trust, South Florida Water | ||||
Management District, COP, VRDN, Series | ||||
2006-0136, Class A, 2.28%, 10/01/36 (a)(b)(c) | 19,730 | 19,730,000 | ||
Eclipse Funding Trust, Solar Eclipse Certificates, | ||||
Fort Pierce, Florida, Redevelopment Agency, Tax | ||||
Allocation Bonds, VRDN, Series 2006-0130, | ||||
2.27%, 5/01/31 (a)(h)(k) | 3,945 | 3,945,000 | ||
Eclipse Funding Trust, Solar Eclipse Certificates, | ||||
Volusia County, Florida, School Board, COP, VRDN, | ||||
Series 2007-0036, 3.78%, 8/01/32 (a)(b)(e) | 7,405 | 7,405,000 | ||
Florida Gas Utility Revenue Bonds (Gas Supply | ||||
Project Number 2), VRDN (a): | ||||
Series A-1, 1.95%, 11/01/26 | 49,300 | 49,300,000 | ||
Series A-3, 1.90%, 11/01/26 | 123,735 | 123,735,000 | ||
Florida Housing Finance Corporation, M/F Mortgage | ||||
Revenue Bonds, ROCS, VRDN, Series II-R-600CE, | ||||
2.35%, 7/01/43 (a)(b) | 5,480 | 5,480,000 | ||
Florida Hurricane Catastrophe Fund Financing | ||||
Corporation Revenue Bonds, Series A, | ||||
5%, 7/01/08 | 7,830 | 7,853,865 |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Florida (continued) | ||||||
Florida State Board of Education, GO, | ||||||
Refunding, ROCS, VRDN, Series II-R-6087, | ||||||
2.24%, 6/01/14 (a)(b) | $ 3,460 | $3,460,000 | ||||
Florida State Board of Education, GO, ROCS, | ||||||
VRDN (a)(b): | ||||||
Series II-R-12067, 2.25%, 6/01/15 | 15,500 | 15,500,000 | ||||
Series II-R-12211, 2.27%, 6/01/13 | 8,000 | 8,000,000 | ||||
Florida State, GO, MERLOTS, VRDN, Series C07, | ||||||
2.03%, 7/01/25 (a)(b) | 22,130 | 22,130,000 | ||||
Florida State Turnpike Authority, Turnpike Revenue | ||||||
Refunding Bonds, PUTTERS, VRDN, Series 2539, | ||||||
2.29%, 7/01/15 (a)(b) | 4,000 | 4,000,000 | ||||
Gainesville, Florida, Utilities System Revenue | ||||||
Refunding Bonds, VRDN, Series C, | ||||||
1.25%, 10/01/26 (a) | 4,100 | 4,100,000 | ||||
Highlands County, Florida, Health Facilities Authority, | ||||||
Hospital Revenue Bonds (Adventist Health System), | ||||||
VRDN, Series A-2, 2.15%, 11/15/37 (a) | 13,500 | 13,500,000 | ||||
Highlands County, Florida, Health Facilities | ||||||
Authority, Hospital Revenue Refunding Bonds | ||||||
(Adventist Health System), VRDN, Series C, | ||||||
2.15%, 11/15/21 (a) | 6,000 | 6,000,000 | ||||
Hillsborough County, Florida, Aviation Authority, | ||||||
Revenue Refunding Bonds, MERLOTS, VRDN, AMT, | ||||||
Series A18, 3.30%, 10/01/13 (a)(b)(g) | 3,935 | 3,935,000 | ||||
Jacksonville Electric Authority, Florida, Electric System | ||||||
Revenue Refunding Bonds, VRDN (a): | ||||||
Series 3-B-1, 2.07%, 10/01/40 | 6,095 | 6,095,000 | ||||
Series 3-B-2, 2.07%, 10/01/40 | 6,135 | 6,135,000 | ||||
Series 3-C-2, 2%, 10/01/34 | 15,000 | 15,000,000 | ||||
Series B, 1.99%, 10/01/31 | 20,000 | 20,000,000 | ||||
Jacksonville Electric Authority, Florida, Water and | ||||||
Sewer System Revenue Bonds, VRDN, Series A-1, | ||||||
1.80%, 10/01/36 (a) | 13,800 | 13,800,000 | ||||
Jacksonville, Florida, Port Authority Revenue Bonds | ||||||
(Mitsui O.S.K. Lines, Ltd. Project), VRDN, AMT, | ||||||
2%, 11/01/32 (a) | 15,000 | 15,000,000 | ||||
Lehman Municipal Trust Receipts, Columbia County, | ||||||
Florida, School Board, COP, FLOATS, VRDN, | ||||||
Series 2007-K86W, 2.20%, 7/01/17 (a)(b) | 3,895 | 3,895,000 | ||||
Miami-Dade County, Florida, Special Obligation | ||||||
Revenue Bonds, TOCS, VRDN, Series Z-9, | ||||||
4%, 4/17/15 (a)(b)(g) | 4,095 | 4,095,000 | ||||
Miami-Dade County, Florida, Water and Sewer | ||||||
Revenue Refunding Bonds, VRDN (a): | ||||||
ROCS, Series II-R-1092, 2.32%, 10/01/22 (b) | 9,000 | 9,000,000 | ||||
2.21%, 10/01/25 (e)(k) | 40,000 | 40,000,000 | ||||
Orange County, Florida, Health Facilities Authority, | ||||||
Hospital Revenue Bonds, VRDN (a): | ||||||
(Adventist Health System), 2.15%, 11/15/14 | 1,300 | 1,300,000 | ||||
(Orlando Regional Healthcare), Series A-10, | ||||||
1.35%, 10/01/41 (e) | 5,000 | 5,000,000 | ||||
Orange County, Florida, Health Facilities Authority | ||||||
Revenue Bonds, FLOATS, VRDN, Series 830, | ||||||
2.21%, 11/15/22 (a)(b)(e) | 17,245 | 17,245,000 |
See Notes to Financial Statements. |
14 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
Florida (concluded) | ||||
Orlando, Florida, Utilities Commission, Water | ||||
and Electric Revenue Bonds, VRDN, Series B, | ||||
2.09%, 10/01/22 (a) | $ 25,300 | $ 25,300,000 | ||
Orlando-Orange County Expressway Authority, | ||||
Florida, Expressway Revenue Refunding Bonds, | ||||
VRDN (a)(e): | ||||
Series C-1, 2.15%, 7/01/25 | 27,575 | 27,575,000 | ||
Series C-4, 1.90%, 7/01/25 | 18,790 | 18,790,000 | ||
Series D, 1.95%, 7/01/32 | 50,150 | 50,150,000 | ||
Palm Beach County, Florida, Health Facilities | ||||
Authority, CP, 2.60%, 5/06/08 | 10,000 | 10,000,000 | ||
Pembroke Pines, Florida, Charter School Revenue | ||||
Refunding Bonds, VRDN, 2.20%, 7/01/38 (a) | 10,000 | 10,000,000 | ||
Pinellas County, Florida, Health Facilities | ||||
Authority, Revenue Refunding Bonds (BayCare | ||||
Health System Project), VRDN, Series B-1, | ||||
2%, 11/15/33 (a)(e) | 35,300 | 35,300,000 | ||
Polk County, Florida, IDA, IDR, Refunding (Winter | ||||
Haven Hospital Project), VRDN, Series B, | ||||
1.20%, 9/01/34 (a) | 4,000 | 4,000,000 | ||
Saint Johns County, Florida, Sales Tax Revenue | ||||
Bonds, ROCS, VRDN, Series II-R-755PB, | ||||
2.27%, 10/01/36 (a)(b)(g) | 6,080 | 6,080,000 | ||
Sunshine State Governmental Finance Commission, | ||||
Florida, CP, 2.67%, 4/09/08 | 70,000 | 70,000,000 | ||
787,378,865 | ||||
Georgia — 1.6% | ||||
Appling County, Georgia, Development Authority, | ||||
PCR (Georgia Power Plant Hatch), VRDN, Second | ||||
Series, 1.40%, 12/01/18 (a) | 16,300 | 16,300,000 | ||
Athens-Clarke County, Georgia, Development | ||||
Authority of the Unified Government, Revenue | ||||
Bonds (University of Georgia Athletic Association | ||||
Project), VRDN, 1.25%, 9/01/31 (a) | 30,400 | 30,400,000 | ||
Atlanta, Georgia, Airport Revenue Refunding Bonds, | ||||
VRDN, Series C-2, 3%, 1/01/30 (a)(g) | 19,760 | 19,760,000 | ||
Atlanta, Georgia, Subordinate Lien Tax | ||||
Allocation Bonds (Atlantic Station), VRDN, | ||||
2.10%, 12/01/24 (a) | 12,500 | 12,500,000 | ||
Atlanta, Georgia, Urban Residential Finance | ||||
Authority, M/F Housing Revenue Bonds | ||||
(Lindbergh City Center Apartment Project), VRDN, | ||||
AMT, 2.27%, 11/01/44 (a) | 4,000 | 4,000,000 | ||
Atlanta, Georgia, Water and Wastewater | ||||
Revenue Refunding Bonds, VRDN, Series B, | ||||
2.25%, 11/01/38 (a)(e) | 3,530 | 3,530,000 | ||
Bank of America Macon Trust, Georgia Municipal | ||||
Electric Authority, Power Revenue Bonds, VRDN, | ||||
Series E, 2.24%, 1/01/17 (a)(b)(e) | 6,815 | 6,815,000 | ||
Clayton County, Georgia, Housing Authority, M/F | ||||
Housing Revenue Bonds (Provence Place | ||||
Apartments Project), VRDN, 2.27%, 10/01/41 (a) | 2,025 | 2,025,000 | ||
DeKalb County, Georgia, Public Safety and | ||||
Judicial Facilities Authority, Special Tax | ||||
Revenue Bonds, FLOATS, VRDN, Series 1459, | ||||
2.16%, 12/01/34 (a)(b) | 2,410 | 2,410,000 |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Georgia (concluded) | ||||||
DeKalb Private Hospital Authority, Georgia, Revenue | ||||||
Bonds (Children’s Healthcare of Atlanta), VRDN, | ||||||
2.07%, 7/01/42 (a) | $ 8,350 | $8,350,000 | ||||
Eagle Tax-Exempt Trust, Atlanta, Georgia, Water and | ||||||
Wastewater Revenue Bonds, VRDN (a)(b)(e): | ||||||
Series 2005-0009, Class A, 2.26%, 11/01/43 | 9,100 | 9,100,000 | ||||
Series 2006-0130, Class A, 2.28%, 11/01/34 | 5,000 | 5,000,000 | ||||
Fulton County, Georgia, Development Authority | ||||||
Revenue Bonds, VRDN (a): | ||||||
(Children’s Healthcare of Atlanta), | ||||||
2.08%, 7/01/42 | 5,685 | 5,685,000 | ||||
(Robert W. Woodruff Arts Center Project), | ||||||
Series B, 2.09%, 4/01/34 | 21,200 | 21,200,000 | ||||
Hall County, Georgia, Gainesville Hospital Authority, | ||||||
Revenue Anticipation Certificates (Northeast | ||||||
Georgia Health System, Inc. Project), VRDN, | ||||||
Series B, 3.15%, 5/15/29 (a)(g) | 24,650 | 24,650,000 | ||||
Lehman Municipal Trust Receipts, Georgia | ||||||
State, GO, FLOATS, VRDN, Series 2008-K5W, | ||||||
2.25%, 7/01/20 (a)(b) | 6,100 | 6,100,000 | ||||
Macon-Bibb County, Georgia, Hospital Authority | ||||||
Revenue Bonds (Central Georgia Senior | ||||||
Health, Inc. — Carlyle Place Project), VRDN, | ||||||
1.25%, 5/01/30 (a) | 18,390 | 18,390,000 | ||||
Whitfield County, Georgia, Development Authority, | ||||||
Solid Waste Disposal Revenue Bonds (Aladdin | ||||||
Manufacturing Corporation Project), VRDN, AMT, | ||||||
2.36%, 6/01/19 (a) | 3,100 | 3,100,000 | ||||
199,315,000 | ||||||
Hawaii — 0.1% | ||||||
Hawaii State, Highway Revenue Bonds, ROCS, VRDN, | ||||||
Series II-R-10096, 2.27%, 7/01/11 (a)(b)(e) | 7,170 | 7,170,000 | ||||
Hawaii State, Revenue Bonds, ROCS, VRDN, | ||||||
Series II-R-6504, 2.29%, 10/01/24 (a)(b)(g) | 1,975 | 1,975,000 | ||||
9,145,000 | ||||||
Idaho — 0.3% | ||||||
Idaho State, GO, TAN, 4.50%, 6/30/08 | 30,400 | 30,456,088 | ||||
Illinois — 6.6% | ||||||
ABN AMRO MuniTops Certificates Trust, Du Page and | ||||||
Will Counties, Illinois, Community School District | ||||||
Number 204 (Indian Prairie), GO, VRDN, | ||||||
Series 2006-33, 2.26%, 6/30/14 (a)(b) | 12,180 | 12,180,000 | ||||
Bank of America Macon Trust, Chicago, Illinois, | ||||||
O’Hare International Airport Revenue Bonds, VRDN, | ||||||
Series A, 3.01%, 1/01/18 (a)(b)(g) | 9,330 | 9,330,000 | ||||
Bank of America Macon Trust, Illinois State Dedicated | ||||||
Tax, VRDN, Series N, 3.01%, 12/15/20 (a)(b)(c) | 2,940 | 2,940,000 | ||||
Bank of America Macon Trust, Illinois State, GO, | ||||||
VRDN, Series L, 2.24%, 1/01/31 (a)(b) | 1,750 | 1,750,000 | ||||
Bank of America Macon Trust, Regional Transportation | ||||||
Authority, Illinois, Revenue Bonds, VRDN, Series K, | ||||||
2.26%, 7/01/26 (a)(b)(g) | 2,755 | 2,755,000 | ||||
Chicago, Illinois, Board of Education, GO, VRDN (a)(b): | ||||||
FLOATS, Series 2275, 2.21%, 12/01/28 | 10,520 | 10,520,000 | ||||
ROCS,Series II-R-10097, 2.29%, 12/01/11 (e) | 10,215 | 10,215,000 | ||||
Series C-1, 1.25%, 3/01/31 (e) | 3,300 | 3,300,000 |
See Notes to Financial Statements. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
15 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Illinois (continued) | ||||||
Chicago, Illinois, GO, ROCS, VRDN, Series II-R-12174, | ||||||
2.28%, 1/01/14 (a)(b)(e) | $ 7,155 | $7,155,000 | ||||
Chicago, Illinois, GO, VRDN, Series B, | ||||||
2.25%, 1/01/12 (a) | 6,490 | 6,490,000 | ||||
Chicago, Illinois, Motor Fuel Tax Revenue Refunding | ||||||
Bonds, ROCS, VRDN, Series II-R-2021, | ||||||
2.79%, 1/01/20 (a)(b)(c) | 5,710 | 5,710,000 | ||||
Chicago, Illinois, O’Hare International Airport Revenue | ||||||
Bonds, VRDN (a)(b): | ||||||
PUTTERS, Series 2504, 2.29%, 1/01/15 | 1,800 | 1,800,000 | ||||
ROCS, AMT, Series II-R-239, 2.37%, | ||||||
1/01/22 (e) | 3,700 | 3,700,000 | ||||
Chicago, Illinois, O’Hare International Airport Revenue | ||||||
Refunding Bonds, PUTTERS, VRDN, Series 2501, | ||||||
2.29%, 1/01/15 (a)(b)(e) | 1,850 | 1,850,000 | ||||
Cook County, Illinois, Forest Preserve | ||||||
District, GO, PUTTERS, VRDN, Series 566, | ||||||
2.29%, 11/15/12 (a)(b)(c)(e) | 5,185 | 5,185,000 | ||||
Cook County, Illinois, GO, Refunding, ROCS, VRDN, | ||||||
Series II-R-2063, 2.29%, 11/15/21 (a)(b)(g) | 3,315 | 3,315,000 | ||||
Cook County, Illinois, GO, ROCS, VRDN, | ||||||
Series II-R-12030, 2.33%, 11/15/12 (a)(b)(c)(e) | 30,920 | 30,920,000 | ||||
Deutsche Bank SPEARS/LIFERS Trust, Chicago, Illinois, | ||||||
O’Hare International Airport Revenue Bonds, | ||||||
SPEARS, VRDN (a)(b): | ||||||
Series DB-502, 2.27%, 1/01/33 (e) | 15,560 | 15,560,000 | ||||
Series DBE-534, 2.27%, 1/01/22 (c) | 2,280 | 2,280,000 | ||||
Eagle Tax-Exempt Trust, Illinois State Finance | ||||||
Authority, Revenue Refunding Bonds, | ||||||
VRDN, Series 2006-0118, Class A, | ||||||
2.25%, 12/01/42 (a)(b) | 3,150 | 3,150,000 | ||||
Eagle Tax-Exempt Trust, University of Illinois, | ||||||
University Revenue Refunding Bonds, | ||||||
VRDN, Series 2006-0124, Class A, | ||||||
2.30%, 4/01/35 (a)(b)(g) | 10,000 | 10,000,000 | ||||
Eclipse Funding Trust, Solar Eclipse Certificates, | ||||||
Chicago, Illinois, GO, Refunding, VRDN, | ||||||
Series 2006-0038, 2.20%, 1/01/28 (a)(b)(e) | 10,700 | 10,700,000 | ||||
Elmhurst, Illinois, Revenue Bonds (Joint Commission | ||||||
on Accreditation of Healthcare Organizations), | ||||||
VRDN, 2%, 7/01/18 (a) | 14,750 | 14,750,000 | ||||
Illinois Development Finance Authority, Revenue | ||||||
Refunding Bonds (Evanston Northwestern | ||||||
Healthcare Corporation), VRDN, Series A, | ||||||
2.15%, 5/01/31 (a) | 20,000 | 20,000,000 | ||||
Illinois Educational Facilities Authority, CP, | ||||||
3.66%, 5/06/08 | 24,000 | 24,000,000 | ||||
Illinois Educational Facilities Authority Revenue | ||||||
Bonds (Art Institute of Chicago), VRDN, | ||||||
2.05%, 3/01/27 (a) | 11,450 | 11,450,000 | ||||
Illinois Educational Facilities Authority, Revenue | ||||||
Refunding Bonds (The Art Institute of Chicago), | ||||||
VRDN, 2.05%, 3/01/27 (a) | 23,600 | 23,600,000 | ||||
Illinois HDA, Homeowner Mortgage Revenue | ||||||
Refunding Bonds, VRDN, AMT, Sub-Series H-2, | ||||||
3.48%, 2/01/39 (a) | 3,390 | 3,390,000 |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Illinois (continued) | ||||||
Illinois HDA, M/F Housing Revenue Bonds (Danbury | ||||||
Court Apartments), VRDN, AMT, Series B, | ||||||
2.20%, 5/01/37 (a) | $ 445 | $445,000 | ||||
Illinois Health Facilities Authority, CP, 2.10%, 5/22/08 | 50,000 | 50,000,000 | ||||
Illinois Health Facilities Authority Revenue Bonds, | ||||||
Revolving Fund, Pooled, Series B, 1.25%, | ||||||
8/01/20 (a) | 60,000 | 60,000,000 | ||||
Illinois Health Facilities Authority Revenue Bonds, | ||||||
VRDN (a): | ||||||
(Northwestern Memorial Hospital), | ||||||
2.15%, 8/15/25 | 16,570 | 16,570,000 | ||||
(Revolving Fund Pooled Program), Series D, | ||||||
3.50%, 8/01/15 | 39,850 | 39,850,000 | ||||
Illinois State Finance Authority Revenue | ||||||
Bonds, FLOATS, VRDN, Series 1489, | ||||||
2.16%, 12/01/42 (a)(b) | 4,190 | 4,190,000 | ||||
Illinois State Finance Authority Revenue Bonds | ||||||
(University of Chicago), VRDN, Series B, | ||||||
2%, 7/01/34 (a) | 55,972 | 55,972,000 | ||||
Illinois State Finance Authority Revenue Bonds, | ||||||
VRDN (a): | ||||||
(Landing at Plymouth Place), Series C, | ||||||
2.05%, 5/15/37 | 32,500 | 32,500,000 | ||||
(North Park University Project), 2.10%, 7/01/35 | 4,800 | 4,800,000 | ||||
(Northwestern University), Sub-Series A, 1.95%, | ||||||
12/01/34 | 13,975 | 13,975,000 | ||||
Illinois State Finance Authority, Revenue Refunding | ||||||
Bonds, VRDN (a): | ||||||
(Central DuPage Health System), Series B, | ||||||
1.27%, 11/01/38 | 47,500 | 47,500,000 | ||||
(Northwestern Memorial Hospital), Series A-1, | ||||||
2.05%, 8/15/42 | 11,000 | 11,000,000 | ||||
(Riverside Health System), Series A, | ||||||
2.05%, 11/15/22 (l) | 15,275 | 15,275,000 | ||||
(Riverside Health System), Series B, | ||||||
2.05%, 11/15/20 (l) | 16,225 | 16,225,000 | ||||
Illinois State, GO, MERLOTS, VRDN, Series B04, | ||||||
2.30%, 12/01/24 (a)(b)(e) | 8,945 | 8,945,000 | ||||
Illinois State, GO, Refunding, FLOATS, VRDN, | ||||||
Series 743D, 2.21%, 8/01/15 (a)(b)(g)(k) | 16,180 | 16,180,000 | ||||
Illinois State, GO, ROCS, VRDN (a)(b)(e)(j): | ||||||
Series II-R-12080, 2.26%, 11/01/11 | 9,470 | 9,470,000 | ||||
Series II-R-12127, 2.33%, 2/01/12 | 11,260 | 11,260,000 | ||||
Illinois State Toll Highway Authority, Toll Highway | ||||||
Revenue Refunding Bonds, VRDN, Series B, | ||||||
2.25%, 1/01/17 (a)(e) | 12,235 | 12,235,000 | ||||
Illinois State Toll Highway Authority, Toll Highway | ||||||
Senior Priority Revenue Bonds, VRDN, Series A-2, | ||||||
2.05%, 7/01/30 (a)(e) | 10,000 | 10,000,000 | ||||
Illinois State Toll Highway Authority, Toll Highway | ||||||
Senior Priority Revenue Refunding Bonds, VRDN (a): | ||||||
Series A-1, 2.06%, 1/01/31 | 11,710 | 11,710,000 | ||||
Series A-2, 2.10%, 1/01/31 | 11,710 | 11,710,000 | ||||
Lehman Municipal Trust Receipts, Chicago, | ||||||
Illinois, Board of Education, GO, FLOATS, VRDN, | ||||||
Series 2008-F30W, 2.40%, 12/01/22 (a)(b) | 5,000 | 5,000,000 |
See Notes to Financial Statements. |
16 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Illinois (concluded) | ||||||
Lehman Municipal Trust Receipts, Illinois State Toll | ||||||
Highway Authority Revenue Bonds, FLOATS, VRDN, | ||||||
Series 2008-P21W, 2.25%, 1/01/24 (a)(b)(e) | $ 13,000 | $ 13,000,000 | ||||
Southwestern Development Authority, Illinois, Revenue | ||||||
Refunding Bonds, FLOATS, VRDN, Series 2359, | ||||||
2.21%, 12/01/26 (a)(b)(e) | 3,365 | 3,365,000 | ||||
University of Illinois, COP, FLOATS, VRDN, Series 2208, | ||||||
2.21%, 10/01/23 (a)(b)(e) | 9,900 | 9,900,000 | ||||
University of Illinois, COP (Utility Infrastructure | ||||||
Projects), Refunding, VRDN, 1.90%, 8/15/21 (a) | 20,665 | 20,665,000 | ||||
Will County, Illinois, Community High School District | ||||||
Number 210 (Lincoln-Way), GO, FLOATS, VRDN, | ||||||
Series 2287, 2.21%, 1/01/22 (a)(b)(e) | 15,135 | 15,135,000 | ||||
Will County, Illinois, Exempt Facilities Revenue Bonds | ||||||
(BP Amoco Chemical Company Project), VRDN, | ||||||
AMT (a): | ||||||
1.35%, 3/01/28 | 6,025 | 6,025,000 | ||||
1.35%, 7/01/31 | 3,800 | 3,800,000 | ||||
1.35%, 7/01/32 | 2,600 | 2,600,000 | ||||
797,297,000 | ||||||
Indiana — 3.4% | ||||||
Bank of America Macon Trust, Indianapolis, | ||||||
Indiana, Local Public Improvement Bond Bank, | ||||||
Revenue Refunding Bonds, VRDN, Series S, | ||||||
3.01%, 1/01/21 (a)(b)(g) | 4,240 | 4,240,000 | ||||
Fort Wayne, Indiana, Waterworks Utility Revenue | ||||||
Notes, BAN, 1.80%, 2/11/09 | 17,840 | 17,840,000 | ||||
IPS Multi-School Building Corporation, Indiana, | ||||||
Revenue Bonds, ROCS, VRDN, Series II-R-885WF, | ||||||
2.26%, 1/15/30 (a)(b)(e) | 9,535 | 9,535,000 | ||||
Indiana Bond Bank, Advance Funding Program | ||||||
Revenue Notes, Series A, 3%, 1/30/09 | 50,000 | 50,368,089 | ||||
Indiana Bond Bank, Midyear Funding Program | ||||||
Revenue Notes, Series A, 4.50%, 5/20/08 | 44,800 | 44,844,391 | ||||
Indiana Health and Educational Facilities Financing | ||||||
Authority Revenue Bonds, FLOATS, VRDN, | ||||||
Series 2138, 2.16%, 11/15/16 (a)(b) | 18,690 | 18,690,000 | ||||
Indiana Health Facilities Financing Authority, Revenue | ||||||
Refunding Bonds (Ascension Health Credit Group), | ||||||
VRDN, Series A-2, 1.70%, 11/15/36 (a) | 75,000 | 75,000,000 | ||||
Indiana State Development Finance Authority, | ||||||
Educational Facilities Revenue Bonds | ||||||
(Indianapolis Museum of Art, Inc. Project), VRDN, | ||||||
3.50%, 2/01/39 (a) | 43,000 | 43,000,000 | ||||
Indiana State Development Finance Authority, | ||||||
Environmental Revenue Bonds (PSI Energy | ||||||
Inc. Projects), VRDN, AMT, Series A, | ||||||
2.75%, 12/01/38 (a) | 32,550 | 32,550,000 | ||||
Indiana State Development Finance Authority, IDR | ||||||
(Republic Services, Inc. Project), VRDN, AMT, | ||||||
3.09%, 11/01/35 (a) | 3,700 | 3,700,000 | ||||
Indiana State Financing Authority, Lease Appropriation | ||||||
Revenue Bonds, VRDN (a): | ||||||
Series A-2, 2%, 2/01/37 | 5,700 | 5,700,000 | ||||
Series A-4, 2%, 2/01/35 | 18,000 | 18,000,000 | ||||
Series A-5, 2%, 2/01/35 | 20,000 | 20,000,000 |
See Notes to Financial Statements. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
17 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Indiana (concluded) | ||||||
Indiana Transportation Finance Authority, Highway | ||||||
Revenue Refunding Bonds, FLOATS, VRDN, | ||||||
Series 942D, 2.31%, 12/01/22 (a)(b)(j) | $ 17,070 | $17,070,000 | ||||
Indiana University Revenue Bonds, PUTTERS, VRDN, | ||||||
Series 2494, 2.29%, 12/15/15 (a)(b) | 1,490 | 1,490,000 | ||||
New Albany-Floyd County, Indiana, Independent | ||||||
School Building Corporation, Revenue | ||||||
Refunding Bonds, PUTTERS, VRDN, Series 879, | ||||||
2.29%, 6/01/13 (a)(b)(e) | 7,660 | 7,660,000 | ||||
Pike County, Indiana, Multi-School Building | ||||||
Corporation, Revenue Refunding Bonds, PUTTERS, | ||||||
VRDN, Series 1122, 2.41%, 7/15/12 (a)(b)(g) | 6,545 | 6,545,000 | ||||
Portage, Indiana, EDR (Breckenridge Apartments | ||||||
Project), VRDN, AMT, 2.36%, 5/01/25 (a) | 4,650 | 4,650,000 | ||||
Whiting, Indiana, Environmental Facilities Revenue | ||||||
Refunding Bonds, VRDN, AMT (a): | ||||||
(Amoco Oil Company Project), 1.35%, 7/01/31 | 6,085 | 6,085,000 | ||||
(BP Products Project), Series C, 1.35%, 7/01/34 | 17,900 | 17,900,000 | ||||
Whiting, Indiana, Industrial Sewer and Solid Waste | ||||||
Disposal Revenue Refunding Bonds (Amoco Oil | ||||||
Company Project), VRDN, AMT, 1.35%, 1/01/26 (a) | 10,000 | 10,000,000 | ||||
414,867,480 | ||||||
Iowa — 0.5% | ||||||
Clear Lake, Iowa, Development Revenue Bonds | ||||||
(Joe Corbis Pizza Project), VRDN, AMT, | ||||||
2.36%, 4/01/31 (a) | 3,535 | 3,535,000 | ||||
Iowa Finance Authority, Retirement Community | ||||||
Revenue Bonds (Edgewater — A Wesley Active Life | ||||||
Community), VRDN, Series E, 2.07%, 11/01/42 (a) | 10,000 | 10,000,000 | ||||
Iowa Finance Authority, Revenue Refunding Bonds | ||||||
(Trinity Health Credit Group), VRDN, Series D, | ||||||
1.95%, 12/01/30 (a) | 3,400 | 3,400,000 | ||||
Iowa Higher Education Loan Authority, Private College | ||||||
Facility, Revenue Refunding Bonds (Loras College), | ||||||
VRDN, 1.20%, 11/01/36 (a) | 22,035 | 22,035,000 | ||||
Iowa State School Cash Anticipation Program, GAN, | ||||||
Series A, 4.50%, 6/27/08 (e) | 14,000 | 14,024,977 | ||||
Louisa County, Iowa, PCR, Refunding (Iowa- | ||||||
Illinois Gas and Electric), VRDN, Series A, | ||||||
2.30%, 9/01/16 (a) | 10,000 | 10,000,000 | ||||
62,994,977 | ||||||
Kansas — 0.5% | ||||||
Kansas State Department of Transportation, Highway | ||||||
Revenue Bonds, ROCS, VRDN, Series II-R-6020, | ||||||
2.27%, 3/01/19 (a)(b)(e) | 3,935 | 3,935,000 | ||||
Kansas State Department of Transportation, Highway | ||||||
Revenue Refunding Bonds, VRDN, Series C-1, | ||||||
2.15%, 9/01/19 (a) | 19,700 | 19,700,000 | ||||
Kansas State Development Financing Authority, | ||||||
M/F Housing Revenue Bonds (Delaware | ||||||
Highlands Assistant Living), VRDN, AMT, Series C, | ||||||
2.31%, 12/01/36 (a) | 4,290 | 4,290,000 | ||||
Kansas State Development Financing Authority, | ||||||
Revenue Bonds (Sisters of Charity of | ||||||
Leavenworth Health System), VRDN, Series C, | ||||||
1.30%, 12/01/19 (a) | 1,665 | 1,665,000 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
Kansas (concluded) | ||||
Lehman Municipal Trust Receipts, Sedgwick and | ||||
Shawnee Counties, Kansas, FLOATS, VRDN, | ||||
Series 2006-P33U, 2.45%, 6/01/38 (a)(b)(h)(i) | $ 6,940 | $6,940,000 | ||
Sedgwick and Shawnee Counties, Kansas, S/F | ||||
Mortgage Revenue Bonds, FLOATS, VRDN, AMT, | ||||
Series 2480, 2.36%, 6/01/39 (a)(b)(h)(i) | 23,595 | 23,595,000 | ||
60,125,000 | ||||
Kentucky — 1.8% | ||||
Boyd County, Kentucky, Sewer and Solid Waste | ||||
Revenue Bonds (Air Products and Chemicals | ||||
Project), VRDN, AMT, 2.35%, 7/01/21 (a) | 3,775 | 3,775,000 | ||
Carroll County, Kentucky, PCR, CP, 1.20%, 4/07/08 | 20,930 | 20,930,000 | ||
Eagle Tax-Exempt Trust, Louisville and Jefferson | ||||
Counties, Kentucky, Metropolitan Sewer | ||||
District, Sewer and Drain System Revenue | ||||
Bonds, VRDN, Series 2006-0053 Class A, | ||||
2.28%, 5/15/33 (a)(b)(e)(j) | 14,000 | 14,000,000 | ||
Jefferson County, Kentucky, CP, 3.24%, 5/05/08 | 35,000 | 35,000,000 | ||
Kentucky Economic Development Finance Authority, | ||||
Solid Waste Disposal Revenue Bonds (Republic | ||||
Services, Inc.), VRDN, AMT, 2.65%, 7/01/35 (a) | 1,750 | 1,750,000 | ||
Kentucky Rural Water Finance Corporation, Public | ||||
Projects Construction Notes, VRDN, Series A-1, | ||||
3.65%, 4/01/08 (a) | 3,000 | 3,000,000 | ||
Kentucky State Turnpike Authority, Resource Recovery | ||||
Road Revenue Bonds, FLOATS, VRDN, Series 488, | ||||
2.21%, 7/01/09 (a)(b)(e) | 56,475 | 56,475,000 | ||
Louisville and Jefferson Counties, Kentucky, | ||||
Metropolitan Government Health System, Revenue | ||||
Refunding Bonds, ROCS, VRDN, Series II-R-662CE, | ||||
2.27%, 10/01/36 (a)(b) | 17,500 | 17,500,000 | ||
Louisville and Jefferson Counties, Kentucky, | ||||
Metropolitan Sewer District, Sewer and Drain | ||||
System, Revenue Refunding Bonds, VRDN, Series B, | ||||
2.05%, 5/15/23 (a)(e) | 8,090 | 8,090,000 | ||
Louisville and Jefferson Counties, Kentucky, Regional | ||||
Airport Authority, Special Facilities Revenue Bonds | ||||
(UPS Worldwide Forwarding, Inc.), VRDN, AMT, | ||||
Series B, 1.35%, 1/01/29 (a) | 5,900 | 5,900,000 | ||
Municipal Securities Trust Certificates, Campbell and | ||||
Kenton Counties, Kentucky, Sanitation District | ||||
Number 1 Revenue Bonds, VRDN, Series SGA 130, | ||||
2.12%, 8/01/11 (a)(b)(e) | 11,000 | 11,000,000 | ||
Public Energy Authority of Kentucky, Inc., Gas Supply | ||||
Revenue Bonds (BP Corporation of North America), | ||||
VRDN, Series A, 1.18%, 8/01/16 (a) | 33,120 | 33,120,000 | ||
Shelby County, Kentucky, Lease Revenue Bonds, | ||||
VRDN, Series A, 1.30%, 9/01/34 (a) | 3,300 | 3,300,000 | ||
213,840,000 | ||||
Louisiana — 2.3% | ||||
Ascension Parish, Louisiana, Revenue Bonds | ||||
(BASF Corporation Project), VRDN, AMT, | ||||
1.26%, 3/01/25 (a) | 17,700 | 17,700,000 | ||
Calcasieu Parish, Louisiana, IDB, Environmental | ||||
Revenue Bonds (Citgo Petroleum Corp.), VRDN, | ||||
AMT, 1.37%, 7/01/26 (a) | 20,000 | 20,000,000 |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Louisiana (concluded) | ||||||
Calcasieu Parish, Louisiana, IDB, Environmental | ||||||
Revenue Refunding Bonds (Citgo Petroleum Corp.), | ||||||
VRDN, AMT, 1.37%, 3/01/25 (a) | $ 35,600 | $ 35,600,000 | ||||
Eagle Tax-Exempt Trust, Louisiana State Gas and Fuel | ||||||
Tax Revenue Bonds, VRDN (a)(b)(e): | ||||||
Series 2006-0129, Class A, 2.28%, 5/01/41(j) | 27,225 | 27,225,000 | ||||
Series 2006-137, Class A, 2.28%, 5/01/36 | 4,020 | 4,020,000 | ||||
Jefferson Parish, Louisiana, Hospital Service District | ||||||
Number 001, Hospital Revenue Bonds, VRDN (a): | ||||||
PUTTERS, Series 522, 2.29%, 12/01/08 (b) | 10,000 | 10,000,000 | ||||
(West Jefferson Medical Center), Series B, | ||||||
2.25%, 1/01/28 (e) | 25,000 | 25,000,000 | ||||
Lake Charles, Louisiana, Harbor and Terminal District | ||||||
Revenue Bonds (Lake Charles Cogeneration | ||||||
Project), VRDN, 2.25%, 3/15/09 (a) | 53,000 | 53,000,000 | ||||
Louisiana Local Government Environmental Facilities | ||||||
and Community Development Authority, Revenue | ||||||
Bonds, VRDN, AMT (a): | ||||||
(BASF Corporation Project), 2.30%, 12/01/36 | 4,000 | 4,000,000 | ||||
(Honeywell International Inc. Project), | ||||||
2.41%, 12/01/37 | 6,000 | 6,000,000 | ||||
Louisiana Local Government Environmental Facilities | ||||||
and Community Development Authority, Revenue | ||||||
Refunding Bonds (BASF Corporation Project), | ||||||
VRDN, Series B, 2.20%, 12/01/30, (a) | 7,500 | 7,500,000 | ||||
Louisiana Public Facilities Authority Revenue Bonds, | ||||||
VRDN (a): | ||||||
(II City Plaza LLC Project), 2.20%, 3/01/40 | 7,280 | 7,280,000 | ||||
(Air Products and Chemicals Project), AMT, | ||||||
2.35%, 12/01/39 | 2,850 | 2,850,000 | ||||
(Equipment and Capital Facilities Loan Program), | ||||||
Series C, 2.46%, 7/01/24 | 1,315 | 1,315,000 | ||||
Louisiana State Municipal Natural Gas Purchasing | ||||||
and Distribution Authority Revenue Bonds, PUTTERS, | ||||||
VRDN, Series 1411Q, 2.29%, 3/15/14 (a)(b) | 14,452 | 14,452,000 | ||||
Morgan Keegan Municipal Products, Inc., East Baton | ||||||
Rouge, Louisiana, Mortgage Finance Authority, | ||||||
S/F Revenue Bonds, VRDN, AMT, Series A, | ||||||
2.35%, 2/01/11 (a)(b) | 8,134 | 8,134,526 | ||||
Morgan Keegan Municipal Products, Inc., New | ||||||
Orleans, Louisiana, Finance Authority, VRDN, | ||||||
Series G, 2.35%, 12/01/41 (a)(b) | 24,125 | 24,125,000 | ||||
South Louisiana Port Commission, Port Revenue | ||||||
Refunding Bonds (Occidental Petroleum), VRDN, | ||||||
2.25%, 7/01/18 (a) | 4,400 | 4,400,000 | ||||
272,601,526 | ||||||
Maine — 0.2% | ||||||
Eclipse Funding Trust, Solar Eclipse Certificates, | ||||||
Maine Health and Higher Educational Facilities | ||||||
Authority Revenue Bonds, VRDN, Series 2007-0104, | ||||||
2.27%, 7/01/37 (a)(b)(j) | 3,195 | 3,195,000 | ||||
Maine State Housing Authority, Mortgage Purpose | ||||||
Revenue Bonds,VRDN, AMT (a)(b): | ||||||
ROCS, Series II-R-10206, 2.32%, 11/15/16 | 3,400 | 3,400,000 | ||||
Series B, 3.75%, 5/15/08 | 4,000 | 4,000,000 |
See Notes to Financial Statements. |
18 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Maine (concluded) | ||||||
Maine State Housing Authority, Mortgage Purpose | ||||||
Revenue Refunding Bonds, VRDN, AMT, Series D, | ||||||
3.82%, 7/18/08 (a) | $ 7,000 | $7,000,000 | ||||
School Administrative District Number 051, Maine, | ||||||
GO, Refunding, BAN, 3.75%, 12/30/08 | 4,500 | 4,521,202 | ||||
22,116,202 | ||||||
Maryland — 1.1% | ||||||
Anne Arundel County, Maryland, CP, 2%, 4/24/08 | 10,000 | 10,000,000 | ||||
Baltimore County, Maryland, EDR, Refunding | ||||||
(Garrison Forest School Project), VRDN, | ||||||
1.25%, 10/01/31 (a) | 6,380 | 6,380,000 | ||||
Baltimore County, Maryland, Revenue Refunding | ||||||
Bonds (The Paths at Loveton Farms Apartments | ||||||
Facility Project), VRDN, 2.38%, 12/01/21 (a) | 4,630 | 4,630,000 | ||||
Baltimore, Maryland, Port Facilities Revenue | ||||||
Bonds (Occidental Petroleum), FLOATS, VRDN, | ||||||
2.30%, 10/14/11 (a)(b) | 35,700 | 35,700,000 | ||||
Maryland State Economic Development Corporation | ||||||
Revenue Bonds (Pharmaceutics International, Inc. | ||||||
Project), VRDN, AMT, Series A, 2.36%, 5/03/21 (a) | 4,960 | 4,960,000 | ||||
Maryland State Economic Development Corporation, | ||||||
Revenue Refunding Bonds, VRDN (a): | ||||||
(Constellation Energy Group Inc. Project), | ||||||
Series A, 1.90%, 4/01/24 | 29,000 | 29,000,000 | ||||
(Garrett Community College), 2.21%, 8/01/38 | 7,005 | 7,005,000 | ||||
Maryland State Health and Higher Educational | ||||||
Facilities Authority, Revenue Refunding Bonds | ||||||
(University of Maryland Medical System), VRDN, | ||||||
Series A, 2.07%, 7/01/34 (a) | 12,500 | 12,500,000 | ||||
Maryland State Stadium Authority, Lease Revenue | ||||||
Refunding Bonds (Baltimore Convention Center), | ||||||
VRDN, AMT, 2%, 12/15/14 (a) | 3,595 | 3,595,000 | ||||
Montgomery County, Maryland, EDR (Riderwood | ||||||
Village Inc. Project), Refunding, VRDN, | ||||||
2.08%, 3/01/34 (a) | 13,610 | 13,610,000 | ||||
127,380,000 | ||||||
Massachusetts — 2.1% | ||||||
Bank of America Macon Trust, Massachusetts State | ||||||
Development Finance Agency Revenue Bonds, | ||||||
VRDN, Series 2007-344, 2.32%, 12/01/12 (a)(b) | 92,300 | 92,300,000 | ||||
Bank of America Macon Trust, Massachusetts | ||||||
State Health and Educational Facilities Authority | ||||||
Revenue Bonds, VRDN, Series 2007-310, | ||||||
2.25%, 6/15/12 (a)(b) | 7,880 | 7,880,000 | ||||
Eagle Tax-Exempt Trust, Massachusetts State | ||||||
Water Resource Authority, Revenue Refunding | ||||||
Bonds, VRDN, Series 2006-0054 Class A, | ||||||
2.27%, 8/01/36 (a)(b)(c) | 7,495 | 7,495,000 | ||||
Lehman Municipal Trust Receipts, Massachusetts | ||||||
State Health and Educational Facilities Authority | ||||||
Revenue Bonds, FLOATS, VRDN, Series 2008-F50W, | ||||||
2.40%, 10/01/35 (a)(b) | 13,885 | 13,885,000 | ||||
Massachusetts State Development Finance Agency | ||||||
Revenue Bonds, VRDN (a): | ||||||
(Harvard University), Series B-2, 1.40%, 7/15/36 | 11,015 | 11,015,000 | ||||
(Suffolk University), Series A, 2.32%, 7/01/35 (n) | 13,850 | 13,850,000 |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Massachusetts (concluded) | ||||||
Massachusetts State, GO, Refunding, VRDN, Series B, | ||||||
2.13%, 1/01/21 (a) | $ 15,300 | $15,300,000 | ||||
Massachusetts State Health and Educational | ||||||
Facilities Authority Revenue Bonds (Tufts University), | ||||||
VRDN, Series N-1, 1.95%, 8/15/40 (a) | 11,000 | 11,000,000 | ||||
Massachusetts State Health and Educational | ||||||
Facilities Authority, Revenue Refunding Bonds | ||||||
(Partners Healthcare System Project), VRDN, | ||||||
Series F-4, 2.10%, 7/01/40 (a) | 63,445 | 63,445,000 | ||||
Massachusetts State Industrial Finance Agency, Solid | ||||||
Waste Disposal, CP, 2.80%, 4/02/08 | 10,500 | 10,500,000 | ||||
Route 3 North Transit Improvement Association, | ||||||
Massachusetts, Lease Revenue Bonds, ROCS, VRDN, | ||||||
Series II-R-10099, 2.53%, 6/15/10 (a)(b)(g) | 8,415 | 8,415,000 | ||||
255,085,000 | ||||||
Michigan — 4.4% | ||||||
Bank of America Macon Trust, Detroit, Michigan, City | ||||||
School District, GO, Refunding, VRDN, Series J, | ||||||
2.24%, 5/01/28 (a)(b)(e) | 5,100 | 5,100,000 | ||||
Detroit, Michigan, City School District, GO, VRDN, | ||||||
Series A, 2.24%, 5/01/29 (a)(e) | 4,615 | 4,615,000 | ||||
Detroit, Michigan, Sewer Disposal, Senior Lien | ||||||
Revenue Refunding Bonds, VRDN, Series C-1, | ||||||
2.25%, 7/01/27 (a)(e) | 19,700 | 19,700,000 | ||||
Detroit, Michigan, Water Supply System, Revenue | ||||||
Refunding Bonds, ROCS, VRDN, Series II-R-665PB, | ||||||
2.27%, 7/01/33 (a)(b)(g) | 20,850 | 20,850,000 | ||||
Eagle Tax-Exempt Trust, Michigan State | ||||||
Building Authority, Revenue Refunding | ||||||
Bonds, VRDN, Series 2006-156, Class A, | ||||||
2.28%, 10/15/36 (a)(b)(e)(i)(j) | 7,100 | 7,100,000 | ||||
Grand Rapids, Michigan, Sanitation Sewer System | ||||||
Revenue Bonds, ROCS, VRDN, Series II-R-12147, | ||||||
2.33%, 1/01/17 (a)(b) | 6,900 | 6,900,000 | ||||
Lehman Municipal Trust Receipts, Western Michigan | ||||||
University Revenue Bonds, FLOATS, VRDN, | ||||||
Series 2008-P6W, 1.45%, 11/15/22 (a)(b)(e) | 17,115 | 17,115,000 | ||||
Michigan Municipal Bond Authority Revenue Notes, | ||||||
Series B-2, 4.50%, 8/20/08 | 35,000 | 35,107,276 | ||||
Michigan State, HDA, Revenue Refunding Bonds, | ||||||
VRDN, AMT (a): | ||||||
Series B, 2.28%, 6/01/38 | 100,200 | 100,200,000 | ||||
Series D, 3.05%, 9/03/08 | 18,000 | 18,000,000 | ||||
Michigan State Hospital Finance Authority Revenue | ||||||
Bonds, VRDN (a): | ||||||
(Ascension Health), Series B-1, | ||||||
1.70%, 11/15/33 | 81,890 | 81,890,000 | ||||
ROCS, Series II-R-10012, 2.27%, 11/01/38 (b) | 18,500 | 18,500,000 | ||||
(Trinity Health Credit Group), Series F, | ||||||
1.25%, 11/01/18 | 4,090 | 4,090,000 | ||||
Michigan State Hospital Finance Authority, Revenue | ||||||
Refunding Bonds (Ascension Health), VRDN, | ||||||
1.70%, 11/15/33 (a) | 39,700 | 39,700,000 | ||||
Michigan State Revenue Bonds, PUTTERS, VRDN, | ||||||
Series 2096, 2.29%, 9/15/17 (a)(b)(e) | 9,985 | 9,985,000 |
See Notes to Financial Statements. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
19 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Michigan (concluded) | ||||||
Michigan State Strategic Fund, Limited Obligation | ||||||
Revenue Bonds (Russell Investment Co. LLC | ||||||
Project), VRDN, AMT, 2.34%, 11/01/31 (a) | $ 2,940 | $2,940,000 | ||||
Michigan State Strategic Fund, Limited Obligation | ||||||
Revenue Refunding Bonds (Dow Chemical Project), | ||||||
VRDN, Series B-1, 2.80%, 6/01/14 (a) | 5,615 | 5,615,000 | ||||
Michigan State University, General Revenue Bonds, | ||||||
VRDN, 2.05%, 2/15/34 (a) | 38,740 | 38,740,000 | ||||
Michigan State University, General Revenue Refunding | ||||||
Bonds, VRDN, Series A, 2.05%, 2/15/33 (a) | 7,315 | 7,315,000 | ||||
Oakland County, Michigan, Economic Development | ||||||
Corporation, Limited Obligation Revenue Bonds, | ||||||
VRDN (a): | ||||||
(Exhibit Enterprises, Inc. Project), AMT, | ||||||
2.40%, 6/01/34 | 6,550 | 6,550,000 | ||||
(Marian High School Inc. Project), | ||||||
2.28%, 5/01/37 | 4,000 | 4,000,000 | ||||
University of Michigan, General Revenue Refunding | ||||||
Bonds, VRDN, Series B, 1.95%, 4/01/28 (a) | 5,500 | 5,500,000 | ||||
University of Michigan, University Hospital Revenue | ||||||
Bonds, VRDN, Series A, 1.75%, 12/01/27 (a) | 61,000 | 61,000,000 | ||||
University of Michigan, University Hospital | ||||||
Revenue Refunding Bonds, VRDN, Series B, | ||||||
2.08%, 12/01/37 (a) | 4,000 | 4,000,000 | ||||
Whitmore Lake, Michigan, Public School | ||||||
District, GO, ROCS, VRDN, Series II-R-4515, | ||||||
2.24%, 5/01/23 (a)(b) | 3,535 | 3,535,000 | ||||
528,047,276 | ||||||
Minnesota — 1.2% | ||||||
Minnesota Agriculture and Economic Development | ||||||
Board, Revenue Refunding Bonds (Essentia Health), | ||||||
VRDN (a)(n): | ||||||
Series C-3, 1.35%, 2/15/32 | 6,775 | 6,775,000 | ||||
Series C-4B, 1.33%, 2/15/20 | 5,250 | 5,250,000 | ||||
Minnesota Rural Water Finance Authority, Public | ||||||
Projects Construction Revenue Notes, | ||||||
4.50%, 7/01/08 | 12,000 | 12,021,936 | ||||
Minnesota State, GO, ROCS, VRDN, Series II-R-4065, | ||||||
2.24%, 8/01/23 (a)(b) | 1,670 | 1,670,000 | ||||
Rochester, Minnesota, Healthcare Facilities, CP: | ||||||
1.75%, 6/06/08 | 41,750 | 41,750,000 | ||||
1.15%, 6/12/08 | 66,500 | 66,500,000 | ||||
Saint Cloud, Minnesota, Health Care Revenue Bonds | ||||||
(CentraCare Health System Project), VRDN, | ||||||
Series A, 2.07%, 5/01/42 (a) | 7,780 | 7,780,000 | ||||
University of Minnesota Revenue Bonds, VRDN (a): | ||||||
Series A, 2.08%, 1/01/34 | 3,820 | 3,820,000 | ||||
Series C, 2.08%, 12/01/36 | 4,935 | 4,935,000 | ||||
150,501,936 | ||||||
Mississippi — 2.1% | ||||||
Mississippi Business Finance Corporation, Gulf | ||||||
Opportunity Zone, IDR, VRDN (a): | ||||||
(Chevron USA, Inc. Project), Series A, | ||||||
2.05%, 12/01/30 | 39,500 | 39,500,000 | ||||
(Chevron USA, Inc. Project), Series C, | ||||||
2.10%, 12/01/30 | 11,500 | 11,500,000 | ||||
(SG Resources Mississippi LLC), | ||||||
2.09%, 5/01/32 | 15,000 | 15,000,000 | ||||
See Notes to Financial Statements. | ||||||
Par | ||||
Municipal Bonds | (000) | Value | ||
Mississippi (concluded) | ||||
Mississippi Business Finance Corporation Revenue | ||||
Bonds (Renaissance at Colony Park LLC Project), | ||||
VRDN, 2.23%, 5/01/35 (a) | $ 12,870 | $12,870,000 | ||
Mississippi Development Bank, Special Obligation | ||||
Revenue Bonds (Municipal Gas Authority of | ||||
Mississippi — Natural Gas Supply Project), VRDN, | ||||
1.80%, 7/01/15 (a) | 53,258 | 53,258,000 | ||
Mississippi Home Corporation, S/F Revenue | ||||
Bonds, FLOATS, VRDN, AMT, Series 1212, | ||||
2.33%, 12/01/08 (a)(b) | 89,191 | 89,191,000 | ||
Mississippi State, Capital Improvement, GO, VRDN, | ||||
1.90%, 9/01/25 (a) | 31,380 | 31,380,000 | ||
252,699,000 | ||||
Missouri — 0.5% | ||||
Lehman Municipal Trust Receipts, St. Louis, | ||||
Missouri, IDA, M/F Housing Revenue Bonds, | ||||
FLOATS, VRDN, AMT, Series 2006-K50, | ||||
2.45%, 12/20/44 (a)(b)(d)(o) | 5,190 | 5,190,000 | ||
Missouri Development Finance Board, Cultural | ||||
Facilities Revenue Bonds (The Kauffman | ||||
Center for the Performing Arts), VRDN, Series A, | ||||
1.15%, 6/01/37 (a) | 35,700 | 35,700,000 | ||
Missouri-Illinois Bi-State Development Agency, | ||||
Subordinate Mass Transit Revenue Bonds | ||||
(Metrolink Cross County Extension Project), | ||||
VRDN, Series A, 2.10%, 10/01/35 (a) | 3,160 | 3,160,000 | ||
Missouri Joint Municipal Electric Utility Commission, | ||||
Power Project Revenue Bonds, ROCS, VRDN, | ||||
Series II-R-620PB, 2.27%, 1/01/34 (a)(b)(c) | 5,740 | 5,740,000 | ||
Palmyra, Missouri, IDA, Solid Waste Disposal | ||||
Revenue Bonds (BASF Corporation Project), | ||||
VRDN, AMT, 2.30%, 12/01/22 (a) | 6,000 | 6,000,000 | ||
55,790,000 | ||||
Montana — 0.2% | ||||
Montana State Board of Housing Revenue | ||||
Bonds, FLOATS, VRDN, AMT, Series 2346, | ||||
2.33%, 12/01/38 (a) | 25,155 | 25,155,000 | ||
Multi-State — 0.0% | ||||
Clipper Tax-Exempt Certificates Trust, Multi-State | ||||
Revenue Bonds, VRDN, AMT, Series 2007-19, | ||||
2.36%, 6/01/11 (a)(b)(p) | 3,266 | 3,266,000 | ||
Nebraska — 1.5% | ||||
ABN AMRO MuniTops Certificates Trust, Omaha | ||||
Public Power District, Nebraska, Revenue Bonds, | ||||
VRDN, Series 2006-65, 3.01%, 2/01/15 (a)(b)(c) | 20,745 | 20,745,000 | ||
American Public Energy Agency, Nebraska, Gas | ||||
Supply Revenue Bonds (National Public Gas | ||||
Agency Project), VRDN, Series B, 2%, 2/01/14 (a) | 85,947 | 85,947,000 | ||
American Public Energy Agency, Nebraska, Gas | ||||
Supply Revenue Bonds, VRDN, Series A, | ||||
1.80%, 12/01/15 (a) | 32,388 | 32,388,000 | ||
Eagle Tax-Exempt Trust, Nebraska Public Power | ||||
District Revenue Bonds, VRDN, Series 2004-1016, | ||||
Class A, 2.28%, 1/01/35 (a)(b)(c)(e) | 2,000 | 2,000,000 |
20 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
Nebraska (concluded) | ||||
Eagle Tax-Exempt Trust, Omaha Public Power | ||||
District, Nebraska, Electric System Revenue | ||||
Bonds, VRDN, Series 2005-3008, Class A, | ||||
2.27%, 2/01/46 (a)(b)(c) | $ 12,760 | $12,760,000 | ||
Eagle Tax-Exempt Trust, Public Power Generation | ||||
Agency, Nebraska, Revenue Bonds, VRDN, Series A, | ||||
2.27%, 1/01/41 (a)(b)(c) | 11,000 | 11,000,000 | ||
Eclipse Funding Trust, Solar Eclipse Certificates, | ||||
Omaha, Nebraska, Public Power District | ||||
Revenue Bonds, VRDN, Series 2006-0025, | ||||
2.27%, 2/01/36 (a)(b)(c) | 5,910 | 5,910,000 | ||
Municipal Energy Agency of Nebraska, Power | ||||
Supply System Revenue Bonds, ROCS, VRDN, | ||||
Series II-R-2051, 2.29%, 4/01/22 (a)(b)(e) | 4,330 | 4,330,000 | ||
Omaha Public Power District, Nebraska, Electric | ||||
System Revenue Bonds, ROCS, VRDN, | ||||
Series II-R-9031, 2.24%, 2/01/39 (a)(b) | 6,555 | 6,555,000 | ||
181,635,000 | ||||
Nevada — 0.3% | ||||
Clark County, Nevada, Airport System Revenue | ||||
Refunding Bonds, Sub-Lien, VRDN, Series D-1, | ||||
2.07%, 7/01/36 (a) | 6,600 | 6,600,000 | ||
Clark County, Nevada, School District, GO, PUTTERS, | ||||
VRDN, Series 1429, 2.29%, 12/15/13 (a)(b)(e) | 5,370 | 5,370,000 | ||
Las Vegas Valley, Nevada, Water District, GO, ROCS, | ||||
VRDN, Series II-R-1098, 2.24%, 2/01/27 (a) | 12,645 | 12,645,000 | ||
Nevada State Department of Business and | ||||
Industry, Solid Waste Disposal Revenue Bonds | ||||
(Republic Services Inc. Project), VRDN, AMT, | ||||
3.10%, 12/01/34 (a) | 5,850 | 5,850,000 | ||
Truckee Meadows, Nevada, Water Authority, Water | ||||
Revenue Refunding Bonds, VRDN (a)(b)(e): | ||||
FLOATS, Series 51TP, 2.27%, 7/01/30 | 5,895 | 5,895,000 | ||
ROCS, Series II-R-6078, 2.27%, 1/01/27 | 4,415 | 4,415,000 | ||
40,775,000 | ||||
New Hampshire — 0.6% | ||||
Eclipse Funding Trust, Solar Eclipse Certificates, | ||||
New Hampshire Health and Educational | ||||
Facilities Authority Revenue Bonds, VRDN, | ||||
Series 2007-0018, 3.82%, 7/01/36 (a)(b)(c) | 10,525 | 10,525,000 | ||
New Hampshire Health and Education Facilities | ||||
Authority Revenue Bonds (River College), VRDN, | ||||
2.32%, 2/01/38 (a) | 6,870 | 6,870,000 | ||
New Hampshire Health and Educational Facilities | ||||
Authority, Revenue Refunding Bonds (Dartmouth | ||||
Hitchcock Obligation), VRDN, Series A, | ||||
1.90%, 8/01/31 (a)(e) | 37,360 | 37,360,000 | ||
New Hampshire Higher Educational and Health | ||||
Facilities Authority Revenue Bonds, FLOATS, VRDN, | ||||
Series 2409, 2.31%, 1/01/17 (a)(j) | 11,160 | 11,160,000 | ||
New Hampshire State Business Finance Authority, | ||||
Resource Recovery Revenue Refunding Bonds | ||||
(Wheelabrator), VRDN, Series A, 2%, 1/01/18 (a) | 7,415 | 7,415,000 | ||
73,330,000 | ||||
Par | ||||
Municipal Bonds | (000) | Value | ||
New Jersey — 0.0% | ||||
Deutsche Bank SPEARS/LIFERS Trust, New Jersey | ||||
State Transportation Trust Fund Revenue | ||||
Bonds, SPEARS, VRDN, AMT, Series DB-452, | ||||
2.28%, 12/15/33 (a)(b)(e) | $ 2,595 | $2,595,000 | ||
New Mexico — 1.2% | ||||
Eclipse Funding Trust, Solar Eclipse Certificates, Rio | ||||
Rancho, New Mexico, Water and Waste Water | ||||
Revenue Bonds, VRDN, Series 2006-0019, | ||||
2.27%, 5/15/32 (a)(b)(g) | 14,505 | 14,505,000 | ||
New Mexico Finance Authority, Revenue | ||||
Refunding Bonds, ROCS, VRDN, | ||||
Series II-R-7509, 2.39%, 6/15/23 (a)(b)(c) | 7,305 | 7,305,000 | ||
New Mexico Mortgage Finance Authority Revenue | ||||
Bonds, FLOATS, VRDN, AMT, Series 56TP, | ||||
2.30%, 3/01/42 (a)(b) | 5,294 | 5,294,901 | ||
New Mexico Mortgage Finance Authority, | ||||
S/F Mortgage Revenue Bonds, VRDN, AMT, | ||||
2.68%, 10/01/08 (a) | 31,298 | 31,298,198 | ||
New Mexico State Hospital Equipment Loan | ||||
Council, Hospital Revenue Refunding Bonds | ||||
(Presbyterian Healthcare Services), VRDN, | ||||
Series A, 1.95%, 8/01/30 (a)(e) | 4,520 | 4,520,000 | ||
New Mexico State, TRAN, 3.75%, 6/30/08 | 83,000 | 83,144,296 | ||
146,067,395 | ||||
New York — 2.8% | ||||
Albany, New York, City School District, GO, | ||||
Refunding, BAN, 4.25%, 6/27/08 | 75,000 | 75,092,038 | ||
New York City, New York, City Housing | ||||
Development Corporation, M/F Mortgage | ||||
Revenue Bonds, VRDN (a): | ||||
(20 Exchange Place Project), VRDN, Series A, | ||||
1.95%, 6/01/39 | 18,000 | 18,000,000 | ||
(Beekman Tower), VRDN, Series A, | ||||
1.80%, 3/01/48 | 11,300 | 11,300,000 | ||
New York City, New York, City Housing | ||||
Development Corporation, M/F Rental Housing | ||||
Revenue Bonds (Brittany Development), VRDN, | ||||
AMT, Series A, 2.17%, 6/15/29 (a)(h) | 13,000 | 13,000,000 | ||
New York City, New York, City IDA, Liberty Revenue | ||||
Bonds (One Bryant Park LLC Project), VRDN, | ||||
Series A, 2.10%, 11/01/39 (a) | 24,000 | 24,000,000 | ||
New York City, New York, City Municipal Water | ||||
Finance Authority, CP: | ||||
2.20%, 4/28/08 | 16,000 | 16,000,000 | ||
2.35%, 4/28/08 | 20,000 | 20,000,000 | ||
New York City, New York, City Transitional Finance | ||||
Authority Revenue Bonds (New York City | ||||
Recovery), VRDN, Series 3, Sub-Series 3-G, | ||||
1.75%, 11/01/22 (a) | 19,585 | 19,585,000 | ||
New York City, New York, City Transitional Finance | ||||
Authority, Special Tax Revenue Refunding | ||||
Bonds, VRDN, Series C, 1.75%, 2/01/32 (a) | 8,100 | 8,100,000 | ||
New York City, New York, GO, ROCS, VRDN, | ||||
Series II-R-251A, 2.28%, 12/15/33 (a)(b) | 25,000 | 25,000,000 | ||
New York City, New York, GO, VRDN, Series F-4, | ||||
1.92%, 2/15/20 (a) | 16,840 | 16,840,000 |
See Notes to Financial Statements. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
21 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
New York (concluded) | ||||||
New York State, HFA, Housing Revenue Bonds | ||||||
(363 West 30th Street), VRDN, AMT, Series A, | ||||||
2.17%, 11/01/32 (a)(m) | $ 2,800 | $2,800,000 | ||||
New York State, HFA, Revenue Bonds (42nd & 10th | ||||||
Project), VRDN, AMT, Series A, 2.15%, 11/01/41 (a) | 29,500 | 29,500,000 | ||||
New York State, HFA, Service Contract | ||||||
Revenue Refunding Bonds, VRDN, Series G, | ||||||
2.10%, 3/15/28 (a) | 6,500 | 6,500,000 | ||||
New York State Mortgage Agency, Homeowner | ||||||
Mortgage Revenue Bonds, VRDN, AMT (a): | ||||||
37th Series, 2.10%, 4/01/35 | 15,200 | 15,200,000 | ||||
Series 139, 1.42%, 10/01/37 | 3,900 | 3,900,000 | ||||
New York State Thruway Authority, Highway and | ||||||
Bridge Trust Fund, Revenue Refunding | ||||||
Bonds, FLOATS, VRDN, Series 1611, | ||||||
2.69%, 4/01/25 (a)(b)(c) | 10,310 | 10,309,500 | ||||
New York State Thruway Authority, State | ||||||
Personal Income Tax, Revenue Refunding | ||||||
Bonds, FLOATS, VRDN, Series 1194, | ||||||
2.19%, 3/15/23 (a)(b)(e) | 10,935 | 10,935,000 | ||||
Triborough Bridge and Tunnel Authority, New York, | ||||||
General Purpose Revenue Bonds, VRDN, Series B, | ||||||
2.02%, 1/01/33 (a) | 18,145 | 18,145,000 | ||||
344,206,538 | ||||||
North Carolina — 4.4% | ||||||
Charlotte, North Carolina, Water and Sewer | ||||||
System Revenue Bonds, VRDN, Series B, | ||||||
2.08%, 7/01/36 (a) | 101,700 | 101,700,000 | ||||
Charlotte-Mecklenburg Hospital Authority, North | ||||||
Carolina, Health Care System Revenue Bonds | ||||||
(Carolinas Healthcare System), VRDN, Series B, | ||||||
2.08%, 1/15/26 (a) | 2,900 | 2,900,000 | ||||
Charlotte-Mecklenburg Hospital Authority, North | ||||||
Carolina, Health Care System Revenue Refunding | ||||||
Bonds (Carolinas Healthcare System), VRDN, | ||||||
Series C, 1.15%, 1/15/26 (a) | 13,920 | 13,920,000 | ||||
Charlotte-Mecklenburg, North Carolina, Hospital | ||||||
Authority Revenue Bonds (Health Care System), | ||||||
VRDN, Series C, 2.10%, 1/15/26 (a) | 6,275 | 6,275,000 | ||||
Eagle Tax-Exempt Trust, North Carolina Capital | ||||||
Facilities Finance Agency, Revenue Refunding | ||||||
Bonds, VRDN, Series 2007-0015, Class A, | ||||||
2.23%, 7/01/42 (a)(b) | 10,890 | 10,890,000 | ||||
Lee County, North Carolina, Industrial Facilities | ||||||
and Pollution Control Financing Authority, IDR | ||||||
(Arden Corporation Project), VRDN, AMT, | ||||||
2.40%, 8/01/34 (a) | 4,800 | 4,800,000 | ||||
Lehman Municipal Trust Receipts, Raleigh-Durham, | ||||||
North Carolina, Airport Authority Revenue | ||||||
Bonds, FLOATS, VRDN, AMT, Series 2008-F60W, | ||||||
2.55%, 5/01/36 (a)(b) | 11,800 | 11,800,000 | ||||
Mecklenburg County, North Carolina, COP, VRDN (a): | ||||||
2.08%, 2/01/25 | 27,420 | 27,420,000 | ||||
2.08%, 2/01/26 | 44,415 | 44,415,000 | ||||
Series A, 1.20%, 2/01/27 | 525 | 525,000 | ||||
Series A, 2.25%, 2/01/28 | 4,000 | 4,000,000 |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
North Carolina (concluded) | ||||||
Mecklenburg County, North Carolina, GO, VRDN, | ||||||
Series A, 2.08%, 2/01/26 (a) | $ 19,920 | $19,920,000 | ||||
Montgomery County, North Carolina, Industrial | ||||||
Facilities and Pollution Control Financing Authority | ||||||
Revenue Bonds (Republic Services Project), VRDN, | ||||||
AMT, 1.35%, 12/01/20 (a) | 1,900 | 1,900,000 | ||||
New Hanover County, North Carolina, COP, VRDN, | ||||||
2.08%, 10/01/32 (a) | 12,000 | 12,000,000 | ||||
North Carolina Eastern Municipal Power Agency, | ||||||
Power System Revenue Bonds, MERLOTS, VRDN, | ||||||
Series A22, 2.25%, 1/01/24 (a)(b) | 4,025 | 4,025,000 | ||||
North Carolina Educational Facilities Finance | ||||||
Agency, Educational Facilities Revenue Bonds | ||||||
(Duke University Project), VRDN, Series A, | ||||||
1.60%, 12/01/17 (a) | 1,900 | 1,900,000 | ||||
North Carolina HFA, Home Ownership Revenue Bonds, | ||||||
VRDN, AMT (a): | ||||||
MERLOTS, Series B12, 2.30%, 7/01/37 (b) | 3,130 | 3,130,000 | ||||
Series 18-C, 2.30%, 1/01/35 | 3,000 | 3,000,000 | ||||
North Carolina HFA, Home Ownership Revenue | ||||||
Refunding Bonds, FLOATS, VRDN, AMT, Series 1784, | ||||||
2.33%, 1/01/39 (a)(b) | 4,947 | 4,947,000 | ||||
North Carolina Medical Care Commission, Health | ||||||
Care Facilities Revenue Bonds (Novant Health Inc.), | ||||||
VRDN, Series A, 2.08%, 11/01/34 (a) | 58,450 | 58,450,000 | ||||
North Carolina Medical Care Commission, Health | ||||||
Care Facilities, Revenue Refunding Bonds (Duke | ||||||
University Health System), VRDN (a): | ||||||
Series B, 2.07%, 6/01/28 | 22,400 | 22,400,000 | ||||
Series C, 2.07%, 6/01/28 | 10,400 | 10,400,000 | ||||
North Carolina Medical Care Commission, Hospital | ||||||
Revenue Bonds (Moses H. Cone Memorial Health | ||||||
System), VRDN (a): | ||||||
Series A, 2%, 10/01/35 | 33,650 | 33,650,000 | ||||
Series B, 2%, 10/01/35 | 26,500 | 26,500,000 | ||||
North Carolina Medical Care Commission, Hospital | ||||||
Revenue Refunding Bonds (Duke University | ||||||
Hospital Project), VRDN, 1.63%, 6/01/23 (a) | 23,550 | 23,550,000 | ||||
North Carolina State, GO, MERLOTS, VRDN, | ||||||
Series A23, 2.25%, 3/01/27 (a)(b) | 4,500 | 4,500,000 | ||||
Raleigh, North Carolina, Combined Enterprise System | ||||||
Revenue Bonds, ROCS, VRDN, Series II-R-645, | ||||||
2.24%, 3/01/36 (a)(b) | 6,400 | 6,400,000 | ||||
Union County, North Carolina, GO, Refunding, VRDN, | �� | |||||
Series A, 2.07%, 3/01/29 (a) | 2,335 | 2,335,000 | ||||
University of North Carolina, University Revenue | ||||||
Bonds, PUTTERS, VRDN, Series 2634, | ||||||
2.29%, 12/01/15 (a) | 12,715 | 12,715,000 | ||||
University of North Carolina, University | ||||||
Revenue Refunding Bonds, VRDN, Series B, | ||||||
2.08%, 12/01/25 (a) | 4,100 | 4,100,000 | ||||
Wake County, North Carolina, GO, VRDN, Series A, | ||||||
2.15%, 4/01/19 (a) | 45,250 | 45,250,000 | ||||
Wake County, North Carolina, Industrial Facilities | ||||||
and Pollution Control Financing Authority Revenue | ||||||
Bonds (Solid Waste Disposal-Highway 55), VRDN, | ||||||
AMT, 2.20%, 9/01/13 (a) | 2,700 | 2,700,000 | ||||
532,417,000 | ||||||
See Notes to Financial Statements. |
22 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
North Dakota — 0.1% | ||||
Cass County, North Dakota, Health Facilities Revenue | ||||
Bonds (Essentia Health — Saint Mary’s Duluth | ||||
Clinic), VRDN, Series A-1, 2.05%, 2/15/37 (a)(n) | $ 10,185 | $10,185,000 | ||
Ohio — 2.2% | ||||
Ashland, Ohio, Various Purpose Improvement Notes, | ||||
GO, 4.25%, 5/22/08 | 2,000 | 2,001,451 | ||
Avon, Ohio, BAN, 3.95%, 5/29/08 | 1,500 | 1,500,558 | ||
Berea, Ohio, BAN (Municipal Court Construction), | ||||
4%, 7/03/08 | 1,500 | 1,500,851 | ||
Brecksville, Ohio, BAN, 4%, 7/03/08 | 975 | 975,554 | ||
Brookville, Ohio, GO, BAN, 4.25%, 4/25/08 | 2,285 | 2,285,797 | ||
Brunswick, Ohio, Special Assessment Improvement, | ||||
BAN, 3.90%, 4/03/08 | 1,930 | 1,930,035 | ||
Buckeye Tobacco Settlement Financing Authority, | ||||
Ohio, Tobacco Settlement Asset-Backed | ||||
Bonds, FLOATS, VRDN, Series 2125, | ||||
2.31%, 6/01/17 (a)(b) | 9,478 | 9,477,500 | ||
Cleveland, Ohio, Water Revenue Refunding Bonds, | ||||
VRDN, Series M, 1.95%, 1/01/33 (a)(e) | 37,195 | 37,195,000 | ||
Columbus, Ohio, City School District, GO, TOCS, VRDN, | ||||
Series H, 2.23%, 10/11/12 (a)(b)(e) | 5,500 | 5,500,000 | ||
Dayton-Montgomery County Port Authority, Ohio, | ||||
Special Airport Facilities Revenue Bonds | ||||
(Wilmington Air Park LLC), VRDN, AMT (a): | ||||
Series B, 2.26%, 2/01/37 | 11,000 | 11,000,000 | ||
Series C, 2.26%, 2/01/37 | 8,000 | 8,000,000 | ||
Deerfield Township, Ohio, GO, BAN, 3.45%, 11/18/08 | 3,050 | 3,050,000 | ||
Dover, Ohio, Municipal Electric System Improvement | ||||
Notes, GO, 4.25%, 6/05/08 | 2,840 | 2,842,614 | ||
Fairfield, Ohio, Golf Course Improvements, GO, BAN, | ||||
4%, 12/05/08 | 2,000 | 2,007,231 | ||
Grove City, Ohio, Construction and Improvement | ||||
Notes, GO, 2.32%, 3/12/09 | 9,530 | 9,530,240 | ||
Hamilton County, Ohio, Sales Tax Revenue | ||||
Refunding Bonds, PUTTERS, VRDN, Series 2555, | ||||
2.29%, 12/01/14 (a)(b)(c)(e) | 10,000 | 10,000,000 | ||
Hamilton County, Ohio, Student Housing Revenue | ||||
Bonds (Block 3 Community Urban Redevelopment | ||||
Corporation Project), VRDN, 2.32%, 8/01/36 (a) | 8,875 | 8,875,000 | ||
Licking County, Ohio, GO, Refunding (Buckeye Lake | ||||
Project), BAN, 4%, 8/27/08 | 4,000 | 4,009,375 | ||
Mahoning County, Ohio, Hospital Facilities Revenue | ||||
Bonds (Mahoning Valley Hospital, Inc. Project), | ||||
VRDN, 2.70%, 12/01/33 (a) | 3,000 | 3,000,000 | ||
Marysville, Ohio, GO, BAN, 4.125%, 6/05/08 | 3,370 | 3,372,608 | ||
Mercer County, Ohio, Detention Facility, GO, BAN, | ||||
2.75%, 3/10/09 | 1,500 | 1,506,904 | ||
Municipal Securities Trust Certificates, Princeton, | ||||
Ohio, City School District, GO, VRDN, | ||||
Series SGB 50-A, 2.28%, 12/01/30 (a)(b)(g) | 2,370 | 2,370,000 | ||
North Olmsted, Ohio, Capital Improvement and | ||||
Equipment, BAN, 3.90%, 4/03/08 | 780 | 780,014 | ||
Ohio State Air Quality Development Authority, | ||||
Revenue Refunding Bonds (Cincinnati Gas and | ||||
Electric), VRDN (a): | ||||
Series A, 2.40%, 9/01/30 | 7,900 | 7,900,000 | ||
Series B, 2.55%, 9/01/30 | 16,300 | 16,300,000 |
Par | ||||
Municipal Bonds | (000) | Value | ||
Ohio (concluded) | ||||
Ohio State, GO, Common Schools, VRDN (a): | ||||
Series A, 1.95%, 3/15/25 | $ 21,785 | $21,785,000 | ||
Series B, 1.95%, 3/15/25 | 31,115 | 31,115,000 | ||
Ohio State, GO, Refunding, VRDN, Series D, | ||||
1.90%, 2/01/19 (a) | 10,200 | 10,200,000 | ||
Ohio State Solid Waste Revenue Bonds | ||||
(Republic Services, Inc. Project), VRDN, AMT, | ||||
2.65%, 11/01/35 (a) | 2,500 | 2,500,000 | ||
Ohio State University, General Receipts Revenue | ||||
Bonds, VRDN, Series B, 1.95%, 6/01/35 (a) | 600 | 600,000 | ||
Ohio State Water Development Authority, Pollution | ||||
Control Facilities, Revenue Refunding Bonds | ||||
(FirstEnergy Nuclear Generation Corporation | ||||
Project), VRDN, AMT, Series A, 2%, 8/01/33 (a) | 30,000 | 30,000,000 | ||
Ohio State Water Development Authority, Revenue | ||||
Refunding Bonds, BAN, 2%, 11/06/08 | 3,810 | 3,815,239 | ||
Strongsville, Ohio, GO, BAN, 2.60%, 12/11/08 | 1,725 | 1,729,112 | ||
Student Loan Funding Corporation, Cincinnati, Ohio, | ||||
Student Loan Revenue Refunding Bonds, VRDN, | ||||
AMT, Senior Series A-2, 2.17%, 8/01/10 (a) | 6,000 | 6,000,000 | ||
Wapakoneta, Ohio, City School District, GO, BAN, | ||||
3.50%, 6/26/08 | 4,100 | 4,105,785 | ||
268,760,868 | ||||
Oklahoma — 0.3% | ||||
Oklahoma State Development Finance Authority | ||||
Revenue Bonds (ConocoPhillips Company Project), | ||||
VRDN, AMT (a): | ||||
2.35%, 12/01/38 | 5,000 | 5,000,000 | ||
Series B, 2.35%, 8/01/37 | 2,500 | 2,500,000 | ||
Oklahoma State, HFA, S/F Mortgage Revenue | ||||
Refunding Bonds, VRDN, 2.70%, 3/01/09 | 10,527 | 10,527,000 | ||
Oklahoma State Turnpike Authority, Second Senior | ||||
Revenue Refunding Bonds, VRDN (a): | ||||
Series C, 2%, 1/01/28 | 9,405 | 9,405,000 | ||
Series E, 2%, 1/01/28 | 14,900 | 14,900,000 | ||
42,332,000 | ||||
Oregon — 0.5% | ||||
ABN AMRO MuniTops Certificates Trust, | ||||
Portland, Oregon, GO, VRDN, Series 2001-4, | ||||
2.26%, 6/01/09 (a)(b)(g) | 11,730 | 11,730,000 | ||
Clackamas County, Oregon, Hospital Facility Authority | ||||
Revenue Bonds (Legacy Health System), VRDN, | ||||
2.07%, 2/15/30 (a) | 8,875 | 8,875,000 | ||
Klamath Falls, Oregon, Electric Revenue Refunding | ||||
Bonds (Klamath Cogeneration Project), Senior Lien, | ||||
VRDN, 6%, 1/01/09 (a)(f) | 30,000 | 31,225,290 | ||
Oregon State, EDR (SP Newsprint Company Project), | ||||
VRDN, AMT, Series 203, 1.40%, 12/01/26 (a) | 9,200 | 9,200,000 | ||
61,030,290 | ||||
Pennsylvania — 4.5% | ||||
Allegheny County, Pennsylvania, Hospital | ||||
Development Authority Revenue Bonds, VRDN (a): | ||||
PUTTERS, Series 2327, 2.29%, 2/01/11 (b) | 6,000 | 6,000,000 | ||
(University of Pittsburgh Medical Center), | ||||
Series B-1, 2.35%, 12/01/16 | 6,293 | 6,293,000 |
See Notes to Financial Statements. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
23 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Pennsylvania (continued) | ||||||
Butler County, Pennsylvania, IDA, Revenue Bonds | ||||||
(Concordia Lutheran Ministers), VRDN, Series A, | ||||||
2.10%, 4/01/30 (a) | $ 5,000 | $5,000,000 | ||||
Delaware Valley Regional Finance Authority, | ||||||
Pennsylvania, Local Government Revenue Bonds, | ||||||
VRDN, Series D, 1.95%, 12/01/20 (a) | 25,000 | 25,000,000 | ||||
Emmaus, Pennsylvania, General Authority Revenue | ||||||
Bonds (Pennsylvania Loan Program), VRDN, | ||||||
Series A, 2.24%, 3/01/30 (a)(e) | 13,200 | 13,200,000 | ||||
Erie County, Pennsylvania, Hospital Authority | ||||||
Revenue Bonds, FLOATS, VRDN, Series 2407, | ||||||
2.31%, 7/01/22 (a)(g) | 15,495 | 15,495,000 | ||||
Moon, Pennsylvania, IDA, First Mortgage Revenue | ||||||
Bonds (Providence Point Project), VRDN, | ||||||
2%, 7/01/38 (a) | 29,400 | 29,400,000 | ||||
Municipal Securities Trust Certificates, Delaware | ||||||
Valley Regional Finance Authority, Pennsylvania, | ||||||
Local Government Revenue Bonds, VRDN, | ||||||
Series SGC 15, Class A, 2.29%, 6/01/27 (a)(b) | 13,230 | 13,230,000 | ||||
New Garden General Authority, Pennsylvania, Revenue | ||||||
Bonds (Municipal Pooled Financing Program II), | ||||||
VRDN, 1.95%, 12/01/33 (a)(e) | 35,895 | 35,895,000 | ||||
Northampton County, Pennsylvania, Higher Education | ||||||
Authority Revenue Bonds (Lehigh University), VRDN, | ||||||
Series A, 1.90%, 11/15/21 (a) | 16,215 | 16,215,000 | ||||
Pennsylvania Economic Development Financing | ||||||
Authority, Wastewater Treatment Revenue Refunding | ||||||
Bonds (Sunoco Inc. — R & M Project), VRDN, AMT, | ||||||
Series B, 2.58%, 10/01/34 (a) | 6,700 | 6,700,000 | ||||
Pennsylvania HFA, S/F Mortgage Revenue Bonds, | ||||||
VRDN, AMT (a): | ||||||
Series 86B, 2.15%, 4/01/35 | 9,640 | 9,640,000 | ||||
Series 87C, 2.25%, 10/01/35 | 17,300 | 17,300,000 | ||||
Series 89, 2.15%, 10/01/35 | 43,970 | 43,970,000 | ||||
Pennsylvania HFA, S/F Mortgage Revenue Refunding | ||||||
Bonds, VRDN, AMT (a): | ||||||
Series 91B, 2.15%, 10/01/36 | 9,200 | 9,200,000 | ||||
Series 99C, 2.15%, 10/01/23 | 5,100 | 5,100,000 | ||||
Pennsylvania State, GO, FLOATS, VRDN, Series 2223, | ||||||
2.16%, 8/01/17 (a)(b) | 5,380 | 5,380,000 | ||||
Pennsylvania State Higher Educational Facilities | ||||||
Authority, Revenue Refunding Bonds (Thomas | ||||||
Jefferson University), VRDN, Series A, | ||||||
2.05%, 2/01/34 (a) | 3,600 | 3,600,000 | ||||
Pennsylvania State Turnpike Commission, Registration | ||||||
Fee Revenue Refunding Bonds, VRDN, Series B, | ||||||
1.95%, 7/15/41 (a)(e) | 10,750 | 10,750,000 | ||||
Pennsylvania State Turnpike Commission, Turnpike | ||||||
Revenue Bonds, FLOATS, VRDN, Series 1402, | ||||||
2.71%, 12/01/24 (a)(b)(c) | 11,920 | 11,920,000 | ||||
Pennsylvania State Turnpike Commission, Turnpike | ||||||
Revenue Refunding Bonds, VRDN (a): | ||||||
Series B, 2.21%, 12/01/12 | 9,030 | 9,030,000 | ||||
Series U, 1.90%, 12/01/19 | 7,900 | 7,900,000 | ||||
Philadelphia, Pennsylvania, Authority for IDR, | ||||||
Refunding (Fox Chase Cancer Center Project), | ||||||
VRDN, Series A, 1.25%, 7/01/31 (a) | 8,200 | 8,200,000 |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Pennsylvania (concluded) | ||||||
Philadelphia, Pennsylvania, Gas Works, CP, | ||||||
1%, 5/12/08 | $ 22,500 | $22,500,000 | ||||
Philadelphia, Pennsylvania, Gas Works | ||||||
Revenue Refunding Bonds, VRDN, Series 6, | ||||||
2.07%, 8/01/31 (a)(e) | 59,200 | 59,200,000 | ||||
Philadelphia, Pennsylvania, School District, GO, TRAN, | ||||||
Series A, 4.50%, 6/27/08 | 19,750 | 19,785,831 | ||||
Philadelphia, Pennsylvania, Water and Wastewater | ||||||
Revenue Refunding Bonds, VRDN, Series B, | ||||||
2.05%, 8/01/18 (a)(e) | 15,115 | 15,115,000 | ||||
Pittsburgh, Pennsylvania, Water and Sewer Authority, | ||||||
Water and Sewer System Revenue Refunding | ||||||
Bonds, First Lien, VRDN, Series B-1, | ||||||
1.78%, 9/01/33 (a)(e) | 30,800 | 30,800,000 | ||||
Saint Mary Hospital Authority of Bucks County, | ||||||
Pennsylvania, Revenue Bonds (Catholic Health | ||||||
Initiatives), VRDN, Series C, 2.05%, 5/01/44 (a) | 30,000 | 30,000,000 | ||||
University of Pittsburgh, Pennsylvania, The | ||||||
Commonwealth System of Higher Education, | ||||||
Revenue Bonds (University Capital Project), | ||||||
VRDN (a): | ||||||
Series A, 2.08%, 9/15/39 | 11,600 | 11,600,000 | ||||
Series C, 2.10%, 9/15/35 | 13,000 | 13,000,000 | ||||
University of Pittsburgh, Pennsylvania, The | ||||||
Commonwealth System of Higher Education, | ||||||
Revenue Refunding Bonds (University Capital | ||||||
Project), VRDN, Series A (a): | ||||||
2.08%, 9/15/15 | 6,000 | 6,000,000 | ||||
2.08%, 9/15/19 | 5,650 | 5,650,000 | ||||
2.08%, 9/15/22 | 3,900 | 3,900,000 | ||||
Washington County, Pennsylvania, Authority Revenue | ||||||
Refunding Bonds (University of Pennsylvania), | ||||||
VRDN, 1.78%, 7/01/34 (a) | 8,000 | 8,000,000 | ||||
539,968,831 | ||||||
Rhode Island — 0.3% | ||||||
East Providence, Rhode Island, GO, TAN, 3%, 7/09/08 | 5,000 | 5,002,021 | ||||
Rhode Island Housing and Mortgage Finance | ||||||
Corporation Revenue Bonds, ROCS, VRDN, | ||||||
Series II-R-599, 2.24%, 4/01/33 (a)(b) | 5,345 | 5,345,000 | ||||
Rhode Island State and Providence Plantations, | ||||||
VRDN (a)(b)(g): | ||||||
COP, PUTTERS, Series 978, 2.41%, 10/01/15 | 5,685 | 5,685,000 | ||||
GO, FLOATS, Series 568, 2.21%, 9/01/17 | 25,895 | 25,895,000 | ||||
41,927,021 | ||||||
South Carolina — 1.9% | ||||||
ABN AMRO MuniTops Certificates Trust, South | ||||||
Carolina Transportation Infrastructure Bank | ||||||
Revenue Bonds, VRDN, Series 2002-32, | ||||||
3.01%, 10/01/10 (a)(b)(c) | 22,575 | 22,575,000 | ||||
Bank of America Macon Trust, South Carolina | ||||||
Jobs EDA, Revenue Bonds, VRDN, Series | ||||||
2007-303, 2.25%, 2/01/12 (a)(b) | 9,080 | 9,080,000 |
See Notes to Financial Statements. |
24 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
South Carolina (concluded) | ||||
Berkeley County, South Carolina, Exempt Facilities, | ||||
Industrial Revenue Bonds (Amoco Chemical | ||||
Company Project), VRDN, AMT (a): | ||||
1.35%, 4/01/27 | $ 1,600 | $ 1,600,000 | ||
1.35%, 4/01/28 | 26,700 | 26,700,000 | ||
1.35%, 5/01/38 | 12,900 | 12,900,000 | ||
Eagle Tax-Exempt Trust, South Carolina | ||||
State Public Service Authority, Revenue | ||||
Bonds, VRDN, Series 2006-0007, Class A, | ||||
2.30%, 1/01/36 (a)(b)(g) | 11,500 | 11,500,000 | ||
Florence County, South Carolina, Solid Waste | ||||
Disposal and Wastewater Treatment Revenue | ||||
Bonds (Roche Carolina Inc. Project), VRDN, | ||||
AMT, 1.40%, 4/01/27 (a) | 6,780 | 6,780,000 | ||
Greenwood County, South Carolina, Exempt | ||||
Facility Industrial Revenue Refunding Bonds | ||||
(Fuji Photo Film Project), VRDN, AMT, | ||||
2.38%, 9/01/11 (a) | 12,200 | 12,200,000 | ||
South Carolina Housing Finance and | ||||
Development Authority, Mortgage Revenue | ||||
Bonds, VRDN, AMT (a)(b): | ||||
PUTTERS, Series 1388, 2.81%, 7/01/10 (c) | 5,110 | 5,110,000 | ||
ROCS,Series II-R-398, 2.35%, 7/01/34 (e) | 2,030 | 2,030,000 | ||
South Carolina Jobs EDA, EDR (Bon | ||||
Secours Health System Inc.), VRDN, | ||||
2.05%, 11/01/42 (a)(e) | 32,425 | 32,425,000 | ||
South Carolina Jobs, EDA, EDR (Holcim (US) Inc. | ||||
Project), VRDN, AMT, 2.40%, 12/01/33 (a) | 12,500 | 12,500,000 | ||
South Carolina Jobs, EDA, Hospital Facilities | ||||
Revenue Bonds (Sisters of Charity Providence | ||||
Hospitals), VRDN, 2.10%, 11/01/31 (a) | 37,255 | 37,255,000 | ||
South Carolina Public Service Authority, CP, | ||||
1.90%, 4/01/08 | 5,600 | 5,600,000 | ||
South Carolina State Ports Authority, Ports | ||||
Revenue Bonds, FLOATS, VRDN, AMT, | ||||
Series 2291, 2.24%, 7/01/26 (a)(b)(e) | 10,425 | 10,425,000 | ||
South Carolina State Public Service Authority | ||||
Revenue Bonds, ROCS, VRDN, Series II-R-6007, | ||||
2.39%, 1/01/22 (a)(b)(c) | 4,495 | 4,495,000 | ||
Spartanburg, South Carolina, Waterworks Revenue | ||||
Bonds, ROCS, VRDN, Series II-R-11020PB, | ||||
2.29%, 6/01/36 (a)(b)(e) | 13,385 | 13,385,000 | ||
226,560,000 | ||||
South Dakota — 0.0% | ||||
Lawrence County, South Dakota, Solid Waste | ||||
Disposal Revenue Bonds (Homestake Mining), | ||||
VRDN, AMT, Series A, 1.21%, 7/01/32 (a) | 4,200 | 4,200,000 | ||
Tennessee — 3.5% | ||||
BNP Paribas STARS Certificates Trust, The | ||||
Tennergy Corporation, Tennessee, Gas | ||||
Revenue Bonds, VRDN, Series 2006-001, | ||||
2.29%, 5/01/16 (a)(b) | 10,000 | 10,000,000 | ||
Blount County, Tennessee, Public Building | ||||
Authority, Local Government Public | ||||
Improvement Revenue Bonds, VRDN, Series D-3-A, | ||||
1.45%, 6/01/34 (a) | 850 | 850,000 |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Tennessee (concluded) | ||||||
Chattanooga, Tennessee, Health, Education | ||||||
and Housing Facility Board Revenue Bonds | ||||||
(The McCallie School Project), VRDN, | ||||||
2.09%, 7/01/25 (a) | $ 15,950 | $ 15,950,000 | ||||
Clarksville, Tennessee, Public Building Authority, | ||||||
Pooled Financing Revenue Bonds (Tennessee | ||||||
Municipal Bond Fund), VRDN (a): | ||||||
2.10%, 11/01/27 | 22,935 | 22,935,000 | ||||
2.10%, 6/01/29 | 37,940 | 37,940,000 | ||||
1.15%, 2/01/38 | 70,000�� | 70,000,000 | ||||
Franklin, Tennessee, Public Building Authority, Local | ||||||
Government Public Improvement Revenue Bonds, | ||||||
VRDN, Series 101-A-1, 1.45%, 6/01/19 (a) | 2,000 | 2,000,000 | ||||
Metropolitan Government of Nashville and Davidson | ||||||
County, Tennessee, Health and Educational | ||||||
Facilities Board Revenue Bonds (Ascension Health), | ||||||
VRDN, 1.70%, 11/15/31 (a) | 33,000 | 33,000,000 | ||||
Metropolitan Government of Nashville and Davidson | ||||||
County, Tennessee, IDB, Revenue Bonds (Nashville | ||||||
Symphony Hall Project), VRDN, Series A, | ||||||
2.10%, 12/01/31 (a) | 13,608 | 13,608,000 | ||||
Montgomery County, Tennessee, Public Building | ||||||
Authority, Pooled Financing Revenue Bonds | ||||||
(Tennessee County Loan Pool), VRDN, | ||||||
1.15%, 2/01/36 (a) | 49,350 | 49,350,000 | ||||
Morgan Keegan Municipal Products, Inc., | ||||||
Tennessee, Revenue Bonds, VRDN, AMT, Series F, | ||||||
2.55%, 8/12/10 (a)(b) | 41,525 | 41,525,000 | ||||
Municipal Energy Acquisition Corporation, Tennessee, | ||||||
Gas Revenue Bonds, PUTTERS, VRDN, Series 1578, | ||||||
2.29%, 2/01/13 (a)(b) | 38,715 | 38,715,000 | ||||
Sevier County, Tennessee, Public Building Authority, | ||||||
Local Government Public Improvement Revenue | ||||||
Bonds, VRDN, Series IV-A-4, 1.40%, 6/01/20 (a)(e) | 6,000 | 6,000,000 | ||||
Shelby County, Tennessee, GO, Refunding, VRDN, | ||||||
Series A, 2.15%, 3/01/22 (a) | 7,355 | 7,355,000 | ||||
Shelby County, Tennessee, Public Improvement and | ||||||
Schools, GO, VRDN, Series B, 2%, 4/01/30 (a) | 10,000 | 10,000,000 | ||||
Tennessee State School Bond Authority, CP, | ||||||
0.75%, 4/07/08 | 17,000 | 17,000,000 | ||||
The Tennergy Corporation, Tennessee, Gas Revenue | ||||||
Bonds, PUTTERS, VRDN, Series 1258Q, | ||||||
2.29%, 11/01/13 (a)(b) | 49,875 | 49,875,000 | ||||
426,103,000 | ||||||
Texas — 17.7% | ||||||
Austin, Texas, Water and Wastewater System, Revenue | ||||||
Refunding Bonds, ROCS, VRDN, Series II-R-6029, | ||||||
2.39%, 11/15/24 (a)(b)(c) | 4,465 | 4,465,000 | ||||
Brazos Harbor, Texas, Industrial Development | ||||||
Corporation, Environmental Facilities Revenue | ||||||
Bonds (ConocoPhillips Company Project), VRDN, | ||||||
AMT, 2.35%, 8/01/38 (a) | 4,500 | 4,500,000 | ||||
Brazos River Authority, Texas, Harbor Navigational | ||||||
District, Brazoria County Revenue Bonds | ||||||
(BASF Corporation Project), VRDN, AMT, | ||||||
1.26%, 4/01/32 (a) | 10,000 | 10,000,000 |
See Notes to Financial Statements. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
25 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Texas (continued) | ||||||
Brazos River Authority, Texas, PCR, Refunding (TXU | ||||||
Energy Company LLC), VRDN, AMT, Series D-1, | ||||||
2.30%, 5/01/33 (a) | $ 64,360 | $64,360,000 | ||||
Brazos River Harbor Navigation District, Texas, | ||||||
Brazoria County Environmental Revenue Bonds | ||||||
(Dow Chemical Company), VRDN (a): | ||||||
Series A-2, 1.45%, 5/15/33 | 4,200 | 4,200,000 | ||||
Series B-1, 1.40%, 5/15/33 | 2,400 | 2,400,000 | ||||
Brazos River, Texas, Harbor Industrial Development | ||||||
Corporation Revenue Bonds (BASF Corporation | ||||||
Project), VRDN, AMT (a): | ||||||
2.30%, 10/01/36 | 25,000 | 25,000,000 | ||||
2.30%, 5/01/38 | 25,000 | 25,000,000 | ||||
Central Texas Housing Finance Corporation, S/F | ||||||
Mortgage Revenue Bonds, VRDN, AMT, Series A, | ||||||
1.81%, 7/01/08 (a) | 4,100 | 4,100,000 | ||||
Clipper Tax-Exempt Certificates Trust, Texas, | ||||||
Revenue Bonds, VRDN, Series 2007-46, | ||||||
2.24%, 8/01/17 (a)(b)(n) | 10,000 | 10,000,000 | ||||
Collin County, Texas, GO, FLOATS, VRDN, Series 42-TP, | ||||||
2.27%, 2/15/26 (a)(b) | 10,925 | 10,925,000 | ||||
Corpus Christi, Texas, Business and Job Development | ||||||
Corporation, Sales Tax Revenue Refunding | ||||||
Bonds, ROCS, VRDN, Series II-R-2001, | ||||||
2.80%, 9/01/17 (a)(b)(c) | 7,210 | 7,210,000 | ||||
Corpus Christi, Texas, Utility System Revenue | ||||||
Refunding Bonds, ROCS, VRDN, Series II-R-2149, | ||||||
2.29%, 7/15/24 (a)(b)(e) | 3,685 | 3,685,000 | ||||
Cypress-Fairbanks, Texas, Independent School | ||||||
District, GO, FLOATS, VRDN, Series 86TP, | ||||||
2.27%, 2/15/30 (a)(b)(g) | 2,555 | 2,555,000 | ||||
Dallas-Fort Worth, Texas, International Airport | ||||||
Revenue Bonds, VRDN, AMT (a)(b): | ||||||
PUTTERS, Series 350, 3.50%, 5/01/11 (g) | 7,140 | 7,140,000 | ||||
PUTTERS, Series 351, 2.39%, 5/01/08 (e) | 2,500 | 2,500,000 | ||||
ROCS, Series II-R-12084, 2.37%, 11/01/13 (c)(e) | 8,430 | 8,430,000 | ||||
Denton, Texas, Independent School District, GO, | ||||||
VRDN, Series 2005-A, 2.13%, 8/01/35 (a) | 2,500 | 2,500,000 | ||||
Deutsche Bank SPEARS/LIFERS Trust, Brownsville, | ||||||
Texas, Utility System Revenue Bonds, SPEARS, | ||||||
VRDN, Series DBE-533, 2.27%, 9/01/21 (a)(b)(c) | 1,900 | 1,900,000 | ||||
Deutsche Bank SPEARS/LIFERS Trust, Dickinson, | ||||||
Texas, Independent School District, GO, SPEARS, | ||||||
VRDN, Series DB-541, 2.27%, 2/15/33 (a)(b) | 1,890 | 1,890,000 | ||||
Eagle Tax-Exempt Trust, San Antonio, Texas, VRDN, | ||||||
Series 01, Class 4311, 2.25%, 8/15/26 (a)(b) | 4,915 | 4,915,000 | ||||
Eagle Tax-Exempt Trust, San Antonio, Texas, Water | ||||||
Revenue Refunding Bonds, VRDN, Series | ||||||
2006-0005, Class A, 2.30%, 5/15/40 (a)(b)(g) | 21,500 | 21,500,000 | ||||
Fort Bend County, Texas, GO, MSTR, VRDN, SGB-46-A, | ||||||
2.28%, 3/01/32 (a)(b)(g) | 4,500 | 4,500,000 | ||||
Galena Park, Texas, Independent School District, | ||||||
GO, Refunding, FLOATS, VRDN, Series SG-153, | ||||||
2.27%, 8/15/23 (a)(b) | 12,250 | 12,250,000 | ||||
Grapevine, Texas, Industrial Development Corporation, | ||||||
Airport Revenue Refunding Bonds (Southern Air | ||||||
Transport), VRDN, 2.20%, 3/01/10 (a) | 5,300 | 5,300,000 |
Par | ||||
Municipal Bonds | (000) | Value | ||
Texas (continued) | ||||
Gulf Coast IDA, Texas, Environmental Facilities | ||||
Revenue Bonds (Citgo Petroleum Corporation | ||||
Project), VRDN, AMT, 1.37%, 10/01/32 (a) | $ 8,400 | $ 8,400,000 | ||
Gulf Coast IDA, Texas, Environmental | ||||
Facilities Revenue Refunding Bonds (Citgo | ||||
Petroleum Corporation Project), VRDN, AMT, | ||||
1.37%, 3/01/31 (a) | 16,200 | 16,200,000 | ||
Gulf Coast IDA, Texas, Exempt Facilities Revenue | ||||
Bonds (BP Global Power Corporation), VRDN, AMT, | ||||
1.35%, 4/01/38 (a) | 8,900 | 8,900,000 | ||
Gulf Coast IDA, Texas, Solid Waste Disposal Revenue | ||||
Bonds (Citgo Petroleum Corporation Project), VRDN, | ||||
AMT, 1.37%, 4/01/26 (a) | 9,800 | 9,800,000 | ||
Gulf Coast Waste Disposal Authority, Texas, | ||||
Environmental Facilities Revenue Bonds, VRDN, | ||||
AMT (a): | ||||
(American Aeryl LP Project), 2.27%, 5/01/38 | 19,000 | 19,000,000 | ||
(BP Products North America Project), | ||||
1.35%, 7/01/34 | 25,000 | 25,000,000 | ||
(BP Products North America Project), | ||||
1.35%, 7/01/42 | 64,700 | 64,700,000 | ||
Gulf Coast Waste Disposal Authority, Texas, | ||||
Environmental Facilities Revenue Refunding Bonds | ||||
(BP Products North America Project), VRDN, AMT, | ||||
1.35%, 7/01/36 (a) | 31,200 | 31,200,000 | ||
Gulf Coast Waste Disposal Authority, Texas, PCR | ||||
(Amoco Oil Company Project), VRDN, AMT, | ||||
1.35%, 5/01/23 (a) | 5,000 | 5,000,000 | ||
Gulf Coast Waste Disposal Authority, Texas, Revenue | ||||
Bonds, VRDN, AMT (a): | ||||
(Air Products Project), 2.35%, 12/01/39 | 2,200 | 2,200,000 | ||
(Waste Management Inc.), Series A, | ||||
2.20%, 4/01/19 | 2,500 | 2,500,000 | ||
Gulf Coast Waste Disposal Authority, Texas, Revenue | ||||
Refunding Bonds (Amoco Oil Company Project), | ||||
VRDN, AMT, 1.35%, 8/01/23 (a) | 21,300 | 21,300,000 | ||
Harris County, Texas, Flood Control District, GO, | ||||
Refunding, VRDN, Series B, 2.15%, 10/01/24 (a) | 14,270 | 14,270,000 | ||
Harris County, Texas, Health Facilities Development | ||||
Corporation, Hospital Revenue Refunding Bonds | ||||
(Memorial Hermann Healthcare System), VRDN, | ||||
Series A, 2.05%, 6/01/27 (a)(e) | 7,100 | 7,100,000 | ||
Harris County, Texas, Health Facilities Development | ||||
Corporation, Revenue Refunding Bonds, VRDN (a): | ||||
(Methodist Hospital System), Series A, | ||||
2.07%, 12/01/32 | 135,600 | 135,600,000 | ||
(Saint Luke’s Episcopal Hospital), Series B, | ||||
1.30%, 2/15/31 | 50,005 | 50,005,000 | ||
Harris County, Texas, Industrial Development | ||||
Corporation, Solid Waste Disposal Revenue Bonds | ||||
(Deer Park Limited Partnership), VRDN, AMT (a): | ||||
1.48%, 2/01/23 | 28,050 | 28,050,000 | ||
Series A, 1.48%, 6/01/17 | 36,600 | 36,600,000 | ||
Harris County, Texas, Revenue Refunding | ||||
Bonds, ROCS, VRDN, Series II-R-1030, | ||||
2.29%, 8/15/17 (a)(b)(e) | 2,365 | 2,365,000 |
See Notes to Financial Statements. |
26 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
Texas (continued) | ||||
Houston, Texas, Airport System, CP, 1%, 6/02/08 | $ 7,500 | $ 7,500,000 | ||
Houston, Texas, Airport System Revenue Refunding | ||||
Bonds, ROCS, VRDN, Series II-R-12046, | ||||
2.30%, 7/01/12 (a)(b) | 13,200 | 13,200,000 | ||
Houston, Texas, Higher Education Finance | ||||
Corporation, Higher Education Revenue | ||||
Bonds, PUTTERS, VRDN, Series 1865, | ||||
2.29%, 5/15/15 (a)(b) | 9,235 | 9,235,000 | ||
Houston, Texas, Independent School District, GO, | ||||
VRDN, 3.75%, 6/15/31 (a) | 42,275 | 42,280,191 | ||
Houston, Texas, Utility System Revenue | ||||
Bonds, PUTTERS, VRDN, Series 2493, | ||||
2.29%, 11/15/15 (a)(b) | 1,650 | 1,650,000 | ||
Houston, Texas, Utility System Revenue Refunding | ||||
Bonds, ROCS, VRDN, Series II-R-4063, | ||||
2.29%, 5/15/21 (a)(b)(e) | 5,330 | 5,330,000 | ||
Houston, Texas, Water and Sewer Enterprise, Revenue | ||||
Refunding Bonds, ROCS, VRDN, Series II-R-787, | ||||
2.30%, 12/01/28 (a)(b)(e) | 3,370 | 3,370,000 | ||
Houston, Texas, Water and Sewer System, Revenue | ||||
Refunding Bonds, ROCS, VRDN, Series II-R-630, | ||||
2.30%, 12/01/20 (a)(b)(e) | 5,465 | 5,465,000 | ||
Katy, Texas, Independent School District, School | ||||
Building, GO, VRDN, 2.15%, 8/15/33 (a) | 6,300 | 6,300,000 | ||
League City, Texas, Waterworks and Sewer System | ||||
Revenue Bonds, FLOATS, VRDN, Series 2249, | ||||
2.21%, 2/15/28 (a)(b) | 5,465 | 5,465,000 | ||
Lehman Municipal Trust Receipts, Waco, Texas, | ||||
Educational Finance Corporation Revenue | ||||
Bonds, FLOATS, VRDN, Series 2008-F59W, | ||||
2.40%, 2/01/36 (a) | 8,450 | 8,450,000 | ||
Lower Neches Valley Authority, Texas, Industrial | ||||
Development Corporation, Exempt Facilities | ||||
Revenue Refunding Bonds (Exxon Mobil | ||||
Corporation Project), VRDN, AMT, Series B, | ||||
1%, 11/01/29 (a) | 20,655 | 20,655,000 | ||
North Texas Municipal Water District, Texas, Water | ||||
System Revenue Bonds, VRDN (a)(b)(g): | ||||
PUTTERS, Series 2488, 2.41%, 9/01/14 | 3,865 | 3,865,000 | ||
ROCS, Series II-R-593PB, 2.29%, 9/01/35 | 8,435 | 8,435,000 | ||
North Texas Thruway Authority Revenue Bonds, BAN, | ||||
4.125%, 11/19/08 | 510,000 | 510,009,986 | ||
Plano, Texas, Independent School District, | ||||
GO, PUTTERS, VRDN, Series 1428, | ||||
2.29%, 8/15/10 (a)(b) | 3,360 | 3,360,000 | ||
Port Arthur, Texas, Navigation District, Environmental | ||||
Facilities Revenue Refunding Bonds | ||||
(Motiva Enterprises Project), VRDN, AMT, | ||||
2.55%, 12/01/27 (a) | 17,335 | 17,335,000 | ||
Port Arthur, Texas, Navigation District, Industrial | ||||
Development Corporation, Exempt Facilities | ||||
Revenue Bonds (Air Products and Chemicals | ||||
Project), VRDN, AMT (a): | ||||
2.35%, 4/01/36 | 10,000 | 10,000,000 | ||
1.43%, 5/01/40 | 8,400 | 8,400,000 |
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Texas (continued) | ||||||
Port Arthur, Texas, Navigation District Revenue Bonds, | ||||||
VRDN, AMT (a): | ||||||
(Atofina Petrochemicals), Series B, | ||||||
2.20%, 4/01/27 | $ 10,000 | $ 10,000,000 | ||||
(BASF Corporation Project), 1.26%, 4/01/33 | 25,000 | 25,000,000 | ||||
(Fina Oil and Chemical Company Project), | ||||||
1.21%, 5/01/33 | 7,000 | 7,000,000 | ||||
Port Corpus Christi, Texas, Industrial Development | ||||||
Corporation, Environmental Facilities Revenue | ||||||
Bonds (Citgo Petroleum Corporation Project), VRDN, | ||||||
AMT, 1.37%, 8/01/28 (a) | 13,000 | 13,000,000 | ||||
Port of Corpus Christi Authority, Texas, Nueces County | ||||||
Solid Waste Disposal, Revenue Refunding Bonds | ||||||
(Flint Hills Resources LP Project), VRDN, AMT, | ||||||
Series A, 2.51%, 7/01/29 (a) | 22,650 | 22,650,000 | ||||
Port of Houston Authority, Harris County, Texas, CP: | ||||||
1.99%, 4/01/08 | 10,449 | 10,449,000 | ||||
2.25%, 4/01/08 | 19,527 | 19,527,000 | ||||
2.10%, 6/06/08 | 48,405 | 48,405,000 | ||||
1.80%, 6/26/08 | 7,816 | 7,816,000 | ||||
Royal Bank of Canada Municipal Products, Inc., | ||||||
Texas State Affordable Housing Corporation | ||||||
Revenue Bonds, FLOATS, VRDN, AMT, Series S-4, | ||||||
2.34%, 1/01/19 (a)(b)(d)(j)(n) | 5,740 | 5,740,000 | ||||
Red River Authority, Texas, Solid Waste Disposal | ||||||
Revenue Bonds (Panda Hereford Ethanol Project), | ||||||
VRDN, AMT, 2.29%, 7/01/30 (a) | 11,000 | 11,000,000 | ||||
Red River, Texas, Education Finance Revenue Bonds | ||||||
(Texas Christian University), VRDN (a): | ||||||
2.18%, 3/01/30 | 24,900 | 24,900,000 | ||||
2.25%, 3/15/35 | 14,500 | 14,500,000 | ||||
San Antonio, Texas, Independent School District, | ||||||
GO, Refunding, PUTTERS, VRDN, Series 1726, | ||||||
2.29%, 8/15/14 (a)(b) | 3,100 | 3,100,000 | ||||
Sheldon, Texas, Independent School District, | ||||||
GO, PUTTERS, VRDN, Series 2009, | ||||||
2.29%, 2/15/14 (a)(b)(e) | 5,225 | 5,225,000 | ||||
Socorro, Texas, Independent School District, | ||||||
GO, ROCS, VRDN, Series II-R-2222, | ||||||
2.24%, 8/15/22 (a)(b) | 4,110 | 4,110,000 | ||||
Southwest Texas Higher Education Authority | ||||||
Incorporated, Revenue Refunding Bonds | ||||||
(Southern Methodist University), VRDN, | ||||||
1.25%, 7/01/15 (a) | 3,900 | 3,900,000 | ||||
Texas Municipal Gas Acquisition and Supply | ||||||
Corporation II, Gas Supply Revenue Bonds, | ||||||
VRDN (a)(b): | ||||||
FLOATS, Series 85, 2.33%, 9/15/18 | 10,000 | 10,000,000 | ||||
ROCS, Series II-R-10014, 2.31%, 9/15/18 | 11,000 | 11,000,000 | ||||
ROCS, Series II-R-10015, 2.31%, 9/15/18 | 5,900 | 5,900,000 | ||||
Texas State, College Student Loan, GO, Refunding, | ||||||
VRDN, AMT (a): | ||||||
3.85%, 7/01/08 | 54,160 | 54,160,000 | ||||
3.75%, 2/01/13 | 10,000 | 10,000,000 | ||||
Texas State Department of Housing and Community | ||||||
Affairs, S/F Mortgage Revenue Refunding Bonds, | ||||||
VRDN, AMT, Series A, 2.25%, 9/01/36 (a) | 5,250 | 5,250,000 |
See Notes to Financial Statements. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
27 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Texas (concluded) | ||||||
Texas State, GO, FLOATS, VRDN, Series 66TP, | ||||||
2.27%, 4/01/30 (a)(b) | $ 7,965 | $7,965,000 | ||||
Texas State, GO, PUTTERS, VRDN (a)(b): | ||||||
Series 2490, 2.29%, 4/01/15 | 1,850 | 1,850,000 | ||||
Series 2491, 2.29%, 10/01/13 | 1,525 | 1,525,000 | ||||
Texas State, GO, TRAN, 4.50%, 8/28/08 | 220,000 | 220,710,724 | ||||
Texas State, GO (Veterans’ Housing Assistance | ||||||
Program Fund II), VRDN, AMT (a): | ||||||
Series A, 2.20%, 6/01/35 | 13,100 | 13,100,000 | ||||
Series A, 2.25%, 6/01/37 | 6,850 | 6,850,000 | ||||
Series B, 2.20%, 6/01/34 | 23,400 | 23,400,000 | ||||
Series B, 2.30%, 6/01/38 | 20,000 | 20,000,000 | ||||
Texas State Transportation Commission, First | ||||||
Tier Revenue Bonds, VRDN, Series B, | ||||||
2.08%, 4/01/26 (a) | 23,800 | 23,800,000 | ||||
Texas State Turnpike Authority, Central Texas Turnpike | ||||||
System, CP, 1.50%, 5/01/08 | 16,500 | 16,500,000 | ||||
University of Texas, CP, 1.50%, 7/07/08 | 10,000 | 10,000,000 | ||||
University of Texas, Financing System Revenue | ||||||
Refunding Bonds, VRDN, Series B (a): | ||||||
2.07%, 8/01/32 | 8,000 | 8,000,000 | ||||
1.95%, 8/01/33 | 7,000 | 7,000,000 | ||||
2.10%, 8/01/39 | 11,400 | 11,400,000 | ||||
Victoria County, Texas, Hospital Revenue Bonds, | ||||||
FLOATS, VRDN, Series 2399, 2.31%, 1/01/16 (a)(c) | 4,890 | 4,890,000 | ||||
2,139,342,901 | ||||||
Utah — 0.6% | ||||||
Davis County, Utah, School District, GO, TAN, | ||||||
4.50%, 6/30/08 | 12,000 | 12,021,840 | ||||
Murray City, Utah, Hospital Revenue Bonds (IHC | ||||||
Health Services, Inc.), VRDN, Series B (a): | ||||||
2.07%, 5/15/36 | 12,600 | 12,600,000 | ||||
1.30%, 5/15/37 | 4,950 | 4,950,000 | ||||
Utah Transit Authority, Sales Tax Revenue Bonds, | ||||||
VRDN (a)(b)(e): | ||||||
PUTTERS, Series 1107B, 2.29%, 12/15/13 | 5,650 | 5,650,000 | ||||
ROCS, Series II-R-609PB, 2.27%, 6/15/32 | 3,185 | 3,185,000 | ||||
Weber County, Utah, Hospital Revenue Bonds (IHC | ||||||
Health Services), VRDN (a): | ||||||
Series A, 1.25%, 2/15/31 | 10,680 | 10,680,000 | ||||
Series C, 1.30%, 2/15/35 | 25,550 | 25,550,000 | ||||
74,636,840 | ||||||
Vermont — 0.1% | ||||||
Vermont Educational and Health Buildings Financing | ||||||
Agency Revenue Bonds (Middlebury College | ||||||
Project), VRDN, Series B, 3.40%, 11/01/32 (a) | 7,050 | 7,050,000 | ||||
Vermont HFA, S/F Revenue Bonds, VRDN, AMT, | ||||||
Series 16 A, 2.27%, 5/01/32 (a)(e) | 1,000 | 1,000,000 | ||||
8,050,000 | ||||||
Par | ||||
Municipal Bonds | (000) | Value | ||
Virginia — 1.8% | ||||
Alexandria, Virginia, IDA, Revenue Refunding | ||||
Bonds (Goodwin House Inc.), VRDN, | ||||
1.10%, 10/01/35 (a) | $ 7,000 | $ 7,000,000 | ||
Chesterfield County, Virginia, EDA, Revenue | ||||
Refunding Bonds (Bon Secours Health System), | ||||
VRDN, Series C1, 2.05%, 11/01/42 (a)(e) | 13,100 | 13,100,000 | ||
Clipper Tax-Exempt Certificates Trust, Virginia | ||||
Commonwealth Transportation Board | ||||
Revenue Bonds, VRDN, Series 2007-7, | ||||
2.24%, 5/01/15 (a)(b)(n) | 15,460 | 15,460,000 | ||
Fairfax County, Virginia, IDA, Revenue Bonds (Inova | ||||
Health System Project), VRDN, Series A-2, | ||||
2.05%, 5/15/35 (a) | 37,220 | 37,220,000 | ||
Henrico County, Virginia, Water and Sewer Revenue | ||||
Bonds, ROCS, VRDN, Series II-R-753 PB, | ||||
2.29%, 5/01/31 (a)(b)(g) | 6,275 | 6,275,000 | ||
Loudoun County, Virginia, IDA, Revenue Bonds | ||||
(Howard Hughes Medical Institute), VRDN, Series F, | ||||
1.95%, 2/15/38 (a) | 7,105 | 7,105,000 | ||
Montgomery County, Virginia, IDA, Revenue Refunding | ||||
Bonds (Virginia Tech Foundation Project), VRDN, | ||||
1.35%, 6/01/35 (a) | 5,900 | 5,900,000 | ||
Norfolk, Virginia, CP, 1.55%, 5/06/08 | 65,800 | 65,800,000 | ||
Richmond, Virginia, IDA, Educational Facilities | ||||
Revenue Bonds (Church Schools in the Diocese of | ||||
Virginia), VRDN (a): | ||||
1.40%, 12/01/31 | 10,750 | 10,750,000 | ||
1.40%, 5/01/35 | 5,325 | 5,325,000 | ||
Richmond, Virginia, Public Utilities Revenue | ||||
Bonds, ROCS, VRDN, Series II-R-12180, | ||||
2.28%, 1/15/15 (a)(b) | 6,055 | 6,055,000 | ||
Virginia College Building Authority, Educational | ||||
Facilities Revenue Refunding Bonds (University of | ||||
Richmond Project), VRDN, 1.35%, 11/01/36 (a) | 28,600 | 28,600,000 | ||
Virginia State, HDA, Revenue Bonds, MERLOTS, | ||||
VRDN, AMT, Series B-19, 2.30%, 4/01/33 (a)(b) | 3,000 | 3,000,000 | ||
Virginia State, HDA, Revenue Refunding | ||||
Bonds, MERLOTS, VRDN, AMT, Series C-42, | ||||
2.30%, 7/01/23 (a)(b) | 4,000 | 4,000,000 | ||
215,590,000 | ||||
Washington — 2.3% | ||||
Bellevue, Washington, GO, ROCS, VRDN, | ||||
Series II-R-10302, 2.27%, 12/01/14 (a)(b)(d)(e) | 3,000 | 3,000,000 | ||
Central Puget Sound, Washington, Regional | ||||
Transit Authority, Sales and Use Tax Revenue | ||||
Bonds, ROCS, VRDN, Series II-R-7510, | ||||
2.39%, 11/01/23 (a)(b)(c) | 12,525 | 12,525,000 | ||
Chelan County, Washington, Public Utility District | ||||
Number 1, Columbia River-Rock Island | ||||
Hydroelectric Electric System, Revenue | ||||
Refunding Bonds, FLOATS, VRDN (a)(b)(g): | ||||
Series 2327, 2.21%, 6/01/27 | 8,475 | 8,475,000 | ||
Series 2328, 2.21%, 6/01/29 | 8,745 | 8,745,000 |
See Notes to Financial Statements. |
28 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Schedule of Investments (continued) Master Tax-Exempt LLC (Percentages shown are based on Net Assets)
Par | ||||
Municipal Bonds | (000) | Value | ||
Washington (continued) | ||||
Clark County, Washington, Public Utility District | ||||
Number 001, Generating System Revenue | ||||
Refunding Bonds, MSTR, VRDN, Series SGA-118, | ||||
1.30%, 1/01/25 (a)(b)(e) | $ 22,900 | $22,900,000 | ||
Eclipse Funding Trust, Solar Eclipse Certificates, King | ||||
County, Washington, Sewer Revenue Bonds, VRDN, | ||||
Series 2007-0095, 2.20%, 1/01/17 (a)(b)(e) | 3,335 | 3,335,000 | ||
Energy Northwest, Washington, Electric Revenue | ||||
Refunding Bonds (Project Number 3), VRDN, | ||||
Series D-3-1, 2.05%, 7/01/18 (a)(e) | 25,800 | 25,800,000 | ||
Grant County, Washington, Public Utility District | ||||
Number 002, Electric Revenue Refunding | ||||
Bonds, ROCS, VRDN, Series II-R-2039, | ||||
2.27%, 1/01/19 (a)(b)(e) | 8,815 | 8,815,000 | ||
King County, Washington, School District Number | ||||
410, Snoqualmie Valley, GO, ROCS, VRDN, | ||||
Series II-R-4513, 2.27%, 12/01/20 (a)(b)(e) | 5,170 | 5,170,000 | ||
King County, Washington, School District Number | ||||
412 (Shoreline), GO, Refunding, FLOATS, VRDN, | ||||
Series 2440, 2.21%, 12/01/24 (a)(b)(e) | 2,700 | 2,700,000 | ||
King County, Washington, Sewer Revenue | ||||
Bonds, ROCS, VRDN, Series II-R-10279, | ||||
2.29%, 7/01/17 (a)(b) | 12,575 | 12,575,000 | ||
Lehman Municipal Trust Receipts, Washington | ||||
State Health Care Facilities Authority Revenue | ||||
Bonds, FLOATS, VRDN, Series 2008-F26W, | ||||
1.70%, 1/01/32 (a)(b) | 7,700 | 7,700,000 | ||
Lewis County, Washington, Public Utility District | ||||
Number 001, Cowlitz Falls Hydroelectric Revenue | ||||
Refunding Bonds, ROCS, VRDN, Series II-R-4026, | ||||
2.29%, 10/01/23 (a)(b)(g) | 2,245 | 2,245,000 | ||
Port Bellingham, Washington, Industrial Development | ||||
Corporation, Environmental Facilities Revenue | ||||
Bonds (BP West Coast Products LLC Project), | ||||
VRDN, AMT (a): | ||||
1.35%, 12/01/33 | 4,800 | 4,800,000 | ||
1.35%, 3/01/38 | 18,825 | 18,825,000 | ||
1.35%, 7/01/41 | 26,000 | 26,000,000 | ||
Port of Tacoma, Washington, GO, PUTTERS, VRDN, | ||||
Series 2439, 2.29%, 12/01/15 (a)(b)(e) | 2,645 | 2,645,000 | ||
Seattle, Washington, Water System Revenue | ||||
Bonds, FLOATS, VRDN, Series 2170, | ||||
2.21%, 2/01/17 (a)(b)(e) | 2,530 | 2,530,000 | ||
Spokane County, Washington, Spokane School | ||||
District Number 081, GO, ROCS, VRDN, | ||||
Series II-R-4000, 2.27%, 12/01/19 (a)(b)(e) | 3,430 | 3,430,000 | ||
Tacoma, Washington, Convention Center and | ||||
Parking Revenue Bonds, ROCS, VRDN, | ||||
Series II-R-2144, 2.59%, 12/01/22 (a)(b)(g) | 5,550 | 5,550,000 | ||
Washington State, CP, 1%, 5/02/08 | 13,400 | 13,400,000 | ||
Washington State, GO, FLOATS, VRDN, Series 2293, | ||||
2.16%, 7/01/24 (a) | 4,010 | 4,010,000 | ||
Washington State, GO, PUTTERS, VRDN (a)(b): | ||||
Series 1312, 2.29%, 1/01/13 (e) | 9,510 | 9,510,000 | ||
Series 333, 2.41%, 12/01/14 (g) | 15,075 | 15,075,000 | ||
Washington State, GO, ROCS, VRDN (a)(b): | ||||
Series II-R-11308, 2.26%, 1/01/33 | 3,000 | 3,000,000 | ||
Series II-R-6061, 2.39%, 1/01/22 (c) | 10,290 | 10,290,000 | ||
See Notes to Financial Statements. | ||||
Par | ||||
Municipal Bonds | (000) | Value | ||
Washington (concluded) | ||||
Washington State, GO, VRDN, Series VR-96B, | ||||
1.80%, 6/01/20 (a) | $ 15,000 | $15,000,000 | ||
Washington State Housing Finance Commission, | ||||
M/F Housing Revenue Bonds (Park Vista | ||||
Retirement Project), VRDN, AMT, Series A, | ||||
1.27%, 3/01/41 (a) | 10,100 | 10,100,000 | ||
Washington State Housing Finance | ||||
Commission, Nonprofit Revenue Bonds | ||||
(Eastside Catholic School), VRDN, Series B, | ||||
2.11%, 7/01/38 (a) | 6,700 | 6,700,000 | ||
Washington State Public Power Supply Systems | ||||
Revenue Refunding Bonds (Nuclear Project | ||||
Number One), VRDN, Series 1A-1, | ||||
2%, 7/01/17 (a) | 6,300 | 6,300,000 | ||
281,150,000 | ||||
West Virginia — 0.2% | ||||
ABN AMRO MuniTops Certificates Trust, West | ||||
Virginia State, GO, VRDN, Series 2000-12, | ||||
2.26%, 6/04/08 (a)(b)(g) | 10,695 | 10,695,000 | ||
Monongalia County, West Virginia, Building | ||||
Commission, Hospital Improvement | ||||
Revenue Refunding Bonds, VRDN, Series A, | ||||
2.25%, 7/01/40 (a) | 16,000 | 16,000,000 | ||
26,695,000 | ||||
Wisconsin — 2.6% | ||||
D.C. Everest Area School District, Wisconsin, | ||||
GO, MERLOTS, VRDN, Series D84, | ||||
2.38%, 4/01/15 (a)(b)(e) | 5,850 | 5,850,000 | ||
Hartland, Wisconsin, IDR (Commercial | ||||
Communications Inc. Project), VRDN, AMT, | ||||
3.60%, 8/01/09 (a) | 1,365 | 1,365,000 | ||
Kohler, Wisconsin, Solid Waste Disposal Revenue | ||||
Bonds (Kohler Company Project), VRDN, AMT, | ||||
2.31%, 9/01/17 (a) | 4,000 | 4,000,000 | ||
Lehman Municipal Trust Receipts, Wisconsin, GO, | ||||
Refunding, FLOATS, VRDN, AMT, Series 2006-K40, | ||||
2.55%, 5/01/31 (a)(b)(g) | 2,000 | 2,000,000 | ||
Wisconsin Housing and EDA, Home Ownership | ||||
Revenue Refunding Bonds, VRDN, AMT (a): | ||||
Series A, 2.30%, 9/01/22 | 20,000 | 20,000,000 | ||
Series A, 2.30%, 3/01/35 | 21,890 | 21,890,000 | ||
Wisconsin Rural Water Construction Loan Program, | ||||
Commission Revenue Notes, BAN, 4.50%, 8/01/08 | 7,370 | 7,387,963 | ||
Wisconsin School Districts, Cash Flow Management | ||||
Program, COP: | ||||
Series A1, 4.50%, 9/18/08 | 6,985 | 7,012,400 | ||
Series B, 4%, 10/30/08 | 9,400 | 9,449,548 | ||
Wisconsin State, CP: | ||||
2.10%, 4/01/08 | 20,000 | 20,000,000 | ||
2%, 4/04/08 | 10,000 | 10,000,000 | ||
1.63%, 5/02/08 | 9,427 | 9,427,000 | ||
2%, 5/19/08 | 10,000 | 10,000,000 | ||
Wisconsin State Health and Educational Facilities | ||||
Authority Revenue Bonds, FLOATS, VRDN (a)(b): | ||||
Series 2113, 2.31%, 8/15/16 | 77,140 | 77,140,000 | ||
Series 2191, 2.31%, 8/15/34 | 18,000 | 18,000,000 |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
29 |
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 (Wheaton | ||||
Franciscan Services, Inc.), VRDN, | ||||
2.08%, 8/15/36 (a) | $ 52,600 | $52,600,000 | ||
Wisconsin State Operating Notes, 4.50%, 6/16/08 | 44,300 | 44,368,320 | ||
320,490,231 | ||||
Wyoming — 0.4% | ||||
Campbell County, Wyoming, IDR, Refunding (Two | ||||
Elk Generation Partners Project), VRDN, AMT, | ||||
3.65%, 11/01/37 (a) | 38,500 | 38,500,000 | ||
Green River, Wyoming, Revenue Bonds | ||||
(Rhone-Poulenc of Wyoming, L Project), VRDN, | ||||
AMT, 2.50%, 10/01/18 (a) | 11,400 | 11,400,000 | ||
49,900,000 |
Par | ||||
Municipal Bonds | (000) | Value | ||
Puerto Rico — 0.3% | ||||
Puerto Rico Commonwealth, TRAN, 4.25%, | ||||
7/30/08 | $ 32,500 $ | 32,589,493 | ||
Total Municipal Bonds | ||||
(Cost — $12,126,059,360) — 100.1% | 12,126,059,360 | |||
Total Investments (Cost — $12,126,059,360*) — 100.1% | 12,126,059,360 | |||
Liabilities in Excess of Other Assets — (0.1*)% | (13,013,475) | |||
Net Assets — 100.0% | $12,113,045,885 | |||
* Cost for federal income tax purposes. (a) Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. (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) AMBAC Insured. (d) GNMA Collateralized. (e) FSA Insured. (f) U.S.Government Securities held in escrow are used to pay interest on this security, as well as retire the bond in full at the due date indicated, typically at a premium to par. (g) MBIA Insured. |
(h) FHLMC Collateralized. (i) FNMA/GNMA Collateralized. (j) FGIC Insured. (k) XL Capital Insured. (l) Radian insured. (m) FNMA Collateralized. (n) Assured Guaranty Insured. (o) FHA Insured. (p) 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. Unless otherwise indicated, these securities are not considered to be illiquid. |
See Notes to Financial Statements. |
30 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Statement of Assets and Liabilities
March 31, 2008 | Master Tax-Exempt LLC | |
Assets | ||
Investments at value — unaffiliated | ||
(cost — $12,126,059,360) | $ 12,126,059,360 | |
Cash | 19,213,722 | |
Interest receivable | 68,537,613 | |
Investments sold receivable | 3,096 | |
Prepaid expenses | 236,357 | |
Total assets | 12,214,050,148 | |
Liabilities | ||
Investments purchased payable | 98,956,934 | |
Investment advisory fees payable | 1,367,520 | |
Other accrued expenses payable | 327,564 | |
Redemptions payable | 212,652 | |
Other affiliates payable | 104,711 | |
Other liabilities | 34,882 | |
Total liabilities | 101,004,263 | |
Net Assets | ||
Net Assets | $ 12,113,045,885 | |
Net Assets Consist of | ||
Investors’ capital | $ 12,113,045,885 | |
See Notes to Financial Statements. |
Statement of Operations | ||
Year Ended March 31, 2008 | Master Tax-Exempt LLC | |
Investment Income | ||
Interest | $ 374,762,978 | |
Expenses | ||
Investment advisory | 14,579,348 | |
Accounting services | 950,664 | |
Custodian | 229,205 | |
Professional | 106,650 | |
Directors | 89,634 | |
Printing | 4,439 | |
Miscellaneous | 253,606 | |
Total expenses | 16,213,546 | |
Net investment income | 358,549,432 | |
Realized Gain | ||
Net realized gain on investments | 1,625,744 | |
Net Increase in Net Assets Resulting from Operations | $ 360,175,176 | |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
31 |
Statements of Changes in Net Assets | Master Tax-Exempt LLC | |||||||||
Year Ended | ||||||||||
March 31, | ||||||||||
Increase (Decrease) in Net Assets: | 2008 | 2007 | ||||||||
Operations | ||||||||||
Net investment income | $ 358,549,432 | $ 327,744,486 | ||||||||
Net realized gain | 1,625,744 | 864,981 | ||||||||
Net increase in net assets resulting from operations | 360,175,176 | 328,609,467 | ||||||||
Capital Transactions | ||||||||||
Proceeds from contributions | 78,794,688,150 | 61,520,885,054 | ||||||||
Fair value of withdrawals | (77,185,355,350) | (61,230,693,465) | ||||||||
Net increase in net assets derived from capital transactions | 1,609,332,800 | 290,191,589 | ||||||||
Net Assets | ||||||||||
Total increase in net assets | 1,969,507,976 | 618,801,056 | ||||||||
Beginning of year | 10,143,537,909 | 9,524,736,853 | ||||||||
End of year | $12,113,045,885 | $10,143,537,909 | ||||||||
Financial Highlights | Master Tax-Exempt LLC | |||||||||
Year Ended March 31, | ||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||
Total Investment Return | ||||||||||
Total investment return | 3.34% | 3.45% | 2.64% | 1.33% | 0.94% | |||||
Ratios to Average Net Assets | ||||||||||
Total expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | |||||
Net investment income and net realized gain (loss) | 3.28% | 3.44% | 2.61% | 1.31% | 0.94% | |||||
Supplemental Data | ||||||||||
Net assets, end of year (000) | $ 12,113,046 | $ 10,143,538 | $ 9,524,737 | $ 9,749,807 | $ 10,252,630 | |||||
See Notes to Financial Statements. |
32 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Notes to Financial Statements Master Tax-Exempt LLC
1. 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. Prior to June 15, 2007, the Master LLC was organized as a Delaware statutory trust (the “Trust”). The Limited Liability Company Agreement permits the Directors (and prior to June 15, 2007, the Declaration of Trust permitted the Trustees) to issue non-transferable interests in the Master LLC/Trust, subject to certain limitations. Throughout this report, the Trust and the Master LLC are referred to as the Master LLC and the Board of Directors and the Board of Trustees are referred to as the Board of Directors. The Master LLC’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 esti- mates. 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. Regular review and monitoring of the valua- tion is performed in an attempt to avoid dilution or other unfair results to investors. Investment Transactions and Investment Income: Investment transac- tions 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 dis- counts on 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. |
Effective September 28, 2007, the Master LLC implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition thresh- old a tax position must meet in connection with accounting for uncer- tainties in income tax positions taken, or expected to be taken, by an entity, including investment companies, before being measured and recognized in the financial statements. The investment advisor has evalu- ated the application of FIN 48 to the Master LLC, and has determined that the adoption of FIN 48 did not have a material impact on the Master LLC’s financial statements. The Master LLC files U.S. 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 U.S. federal tax returns remains open for the years ended March 31, 2005 through March 31, 2007. 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 Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a frame- work for measuring fair value and expands disclosures about fair value measurements. The impact on the Master LLC’s financial statement dis- closures, if any, is currently being assessed. In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Master LLC’s financial statement disclosures, if any, is currently being assessed. 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 and is effective for fiscal years beginning after November 15, 2008. 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, |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
33 |
Notes to Financial Statements (concluded) Master Tax-Exempt LLC
and how derivative instruments affect an entity’s results of operations and financial position. The investment advisor is currently evaluating the implications of FAS 161 and the impact on the Master LLC’s financial statement disclosures, if any, is currently being assessed. Other: Expenses directly related to the Master LLC are charged to the 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 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 administra- tion services. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc., are principal owners of BlackRock, Inc. The Advisor is responsible for the management of the Master LLC’s port- folio and provides the necessary personnel, facilities and equipment to provide such services to the Master LLC. The Advisor also performs cer- tain administrative services necessary for the operation of the Master LLC. For such services, the Master LLC pays 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. In addition, the Advisor has entered into a separate sub-advisory agree- ment with BlackRock Institutional Management Corp. (“BIMC”), an affiliate of the Advisor, under which the Advisor pays BIMC for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by the Master LLC to the Advisor. For the year ended March 31, 2008, the Master LLC reimbursed the Advisor $206,968 for certain accounting services, which is included in accounting services expenses in the Statement of Operations. Certain officers and/or directors of the Master LLC are officers and/or directors of BlackRock, Inc. or its affiliates. |
34 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
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”) (formerly Master Tax-Exempt Trust) as of March 31, 2008, 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 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, 2008, 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, 2008, 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 27, 2008 |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
35 |
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 Director** | Principal Occupation(s) During Past 5 Years | Overseen | Directorships | |||||
Non-Interested Directors* | ||||||||||
David O. Beim | Director | Since | Professor of Finance and Economics at the Columbia University | 35 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. | |||||||||
Ronald W. Forbes | Director and | Since | Professor Emeritus of Finance, School of Business, State University | 35 Funds | None | |||||
40 East 52nd Street | Co-Chair of | 1981/ | of New York at Albany since 2000. | 81 Portfolios | ||||||
New York, NY 10022 | the Board of | 2002 | ||||||||
1940 | Directors | |||||||||
Dr. Matina Horner | Director | Since | Formerly Executive Vice President of Teachers Insurance and | 35 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 | ||||||||||
Rodney D. Johnson | Director and | Since | President, Fairmount Capital Advisors, Inc. since 1987; Director, | 35 Funds | None | |||||
40 East 52nd Street | Co-Chair of | 2007 | Fox Chase Cancer Center since 2002; Member of the Archdiocesan | 81 Portfolios | ||||||
New York, NY 10022 | the Board of | Investment Committee of the Archdiocese of Philadelphia since | ||||||||
1941 | Directors | 2003; Director, the Committee of Seventy (civic) since 2006. | ||||||||
Herbert I. London | Director and | Since | Professor Emeritus, New York University since 2005; John M. Olin | 35 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 of Cerego, LLC (software development and design) | ||||||||||
since 2005. | ||||||||||
Cynthia A. Montgomery | Director | Since | Professor, Harvard Business School since 1989; Director, Harvard | 35 Funds | Newell Rubbermaid, | |||||
40 East 52nd Street | 1994/ | Business School Publishing since 2005; Director, McLean Hospital | 81 Portfolios | Inc. (manufacturing) | ||||||
New York, NY 10022 | 2002 | since 2005. | ||||||||
1952 | ||||||||||
Joseph P. Platt, Jr. | Director | Since | Director, The West Penn Allegheny Health System (a not-for-profit | 35 Funds | Greenlight Capital | |||||
40 East 52nd Street | 2007 | health system) since 2008; Partner, Amarna Corporation, LLC | 81 Portfolios | Re., Ltd (reinsurance | ||||||
New York, NY 10022 | (private investment company) since 2002; Director, WQED | company) | ||||||||
1947 | Multimedia (PBS and Multimedia, a not-for-profit company) | |||||||||
since 2002; Director, Jones and Brown (Canadian insurance broker) | ||||||||||
since 1998; General Partner, Thorn Partner, LP (private investment) | ||||||||||
since 1998. | ||||||||||
Robert C. Robb, Jr. | Director | Since | Partner, Lewis, Eckert, Robb and Company (management and | 35 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 | 35 Funds | A Pharma, Inc. | |||||
40 East 52nd Street | 2007 | 1999; Director of 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. | ||||||||||
36 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
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 Director** | Principal Occupation(s) During Past 5 Years | Overseen | Directorships | |||||
Non-Interested Directors* (concluded) | ||||||||||
Kenneth L. Urish | Director and | Since | Managing Partner, Urish Popeck & Co., LLC (certified public | 35 Funds | None | |||||
40 East 52nd Street | Chair of | 2007 | accountants and consultants) since 1976; Member of External | 81 Portfolios | ||||||
New York, NY 10022 | the Audit | Advisory Board, The Pennsylvania State University Accounting | ||||||||
1951 | Committee | 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; President and Trustee, Pittsburgh Catholic Publishing | ||||||||||
Associates since 2003; 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 | 35 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, Indotronix International (IT services) since | ||||||||
2004; Director, Tippman Sports (recreation) since 2005. | ||||||||||
* Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. | ||||||||||
** 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/Master LLC’s board in 2007, those directors 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 . 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 Directors* | ||||||||||
Richard S. Davis | Director | Since | Managing Director, BlackRock, Inc. since 2005; Formerly Chief | 185 Funds | None | |||||
40 East 52nd Street | 2007 | Executive Officer, State Street Research & Management Company | 292 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 | Consultant, BlackRock, Inc. since 2007; Formerly Managing Director, | 184 Funds | None | |||||
40 East 52nd Street | 2007 | BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative | 291 Portfolios | |||||||
New York, NY 10022 | Officer, BlackRock Advisors, LLC from 1998 to 2007; Formerly President | |||||||||
1947 | 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. |
* | Messrs. Davis and Gabbay are both “interested persons,” as defined in the Investment Company Act of 1940, of the Fund/Master LLC based on their positions with BlackRock, Inc. and its affiliates. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
37 |
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 Officers* | ||||||||||||
Donald C. Burke | Fund | Since | Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director of Merrill Lynch Investment | |||||||||
40 East 52nd Street | President | 2007 | Managers, L.P. ("MLIM") and Fund Asset Management, L ("FAM") in 2006; First Vice President thereof from | |||||||||
New York, NY 10022 | and Chief | 1997 to 2005; Treasurer thereof from 1999 to 2006 and Vice President thereof from 1990 to 1997. | ||||||||||
1960 | Executive | |||||||||||
Officer | ||||||||||||
Anne F. Ackerley | Vice | Since | Managing Director of BlackRock, Inc. since 2000 and First Vice President and Chief Operating Officer of Mergers | |||||||||
40 East 52nd Street | President | 2007 | and Acquisitions Group from 1997 to 2000; First Vice President and Chief Operating Officer of Public Finance | |||||||||
New York, NY 10022 | Group thereof from 1995 to 1997; First Vice President of Emerging Markets Fixed Income Research of Merrill | |||||||||||
1962 | Lynch & Co., Inc. from 1994 to 1995. | |||||||||||
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 PFPC Inc. from 1992 to 2006. | |||||||||
New York, NY 10022 | Officer | |||||||||||
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 Funds since 2007; Anti-Money Laundering Officer of the Fund since 2007; | |||||||||
40 East 52nd Street | Compliance | 2007 | Managing Director and Senior Counsel thereof since 2005; Director and Senior Counsel of BlackRock | |||||||||
New York, NY 10022 | Officer of | Advisors, Inc. from 2001 to 2004 and Vice President and Senior Counsel thereof from 1998 to 2000; | ||||||||||
1959 | the Funds | Senior Counsel of The PNC Bank Corp. from 1995 to 1998. | ||||||||||
Howard 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 from 1993 to 2006. | ||||||||||
New York, NY 10022 | ||||||||||||
1965 | ||||||||||||
* 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) 441-7762. | ||||||||||||
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 |
38 CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
Additional Information Availability of Quarterly Schedule of Investments The Fund files its complete schedule of portfolio holdings with the Securi- ties and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’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. Informa- tion on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.The Fund’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 nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose. We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information. |
CMA TAX-EXEMPT FUND |
MARCH 31, 2008 |
39 |
![](https://capedge.com/proxy/N-CSR/0000900092-08-000179/cmataxexemptar03081x40x1.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. 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 reinvest- ment of all distributions. Past performance results shown in this report should not be considered a representation of future per- formance. For current month-end performance information, call (800) 882-0052. The Fund’s current seven-day yield more closely reflects the current earnings of the Fund than the total returns quoted. Statements and other information herein are as dated and are subject to change. 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. |
CMA Tax-Exempt Fund 100 Bellevue Parkway Wilmington, DE 19809 |
#11214-3/08
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 experts serving on its audit committee and (ii) each audit committee financial expert is independent: Ronald W. Forbes (not reappointed to audit committee, effective November 1, 2007) Kenneth L. Urish (term began, effective November 1, 2007) Richard R. West (term ended, effective November 1, 2007) 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 | ||||||||
Master Tax-Exempt | $31,300 | $35,500 | $0 | $0 | $6,800 | $6,800 | $0 | $0 | ||||||||
LLC | ||||||||||||||||
CMA Tax-Exempt | $6,800 | $6,600 | $0 | $0 | $6,100 | $6,100 | $749 | $0 | ||||||||
Fund | ||||||||||||||||
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 | ||
Master Tax-Exempt LLC | $287,500 | $3,021,300 | ||
CMA Tax-Exempt Fund | $288,249 | $3,020,600 | ||
(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) – $287,500, 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 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 15d-15(b) under the Securities Exchange Act of 1934, as amended. 11(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. Item 12 – Exhibits attached hereto 12(a)(1) – Code of Ethics – 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. CMA Tax-Exempt Fund and Master Tax-Exempt LLC By: /s/ Donald C. Burke Donald C. Burke Chief Executive Officer of CMA Tax-Exempt Fund and Master Tax-Exempt LLC Date: May 22, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Donald C. Burke Donald C. Burke Chief Executive Officer (principal executive officer) of CMA Tax-Exempt Fund and Master Tax-Exempt LLC Date: May 22, 2008 By: /s/ Neal J. Andrews Neal J. Andrews Chief Financial Officer (principal financial officer) of CMA Tax-Exempt Fund and Master Tax-Exempt LLC Date: May 22, 2008 |