Bif Tax Exempt Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-03111 and 811-21301

Name of Fund: CMA Tax-Exempt Fund and Master Tax-Exempt LLC

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, CMA Tax-
Exempt Fund and Master Tax-Exempt LLC, 40 East 52^nd Street, New York, NY 10022.

Registrant’s telephone number, including area code: (800) 221-7210

Date of fiscal year end: 03/31/2010

Date of reporting period: 09/30/2009

Item 1 – Report to Stockholders

Semi-Annual Report (Unaudited)

September 30, 2009

CMA Tax-Exempt Fund

Table of Contents
	Page
Dear Shareholder	3
Semi-Annual Report:
Fund Information	4
Disclosure of Expenses	4
Fund Financial Statements:
Statement of Assets and Liabilities	5
Statement of Operations	5
Statements of Changes in Net Assets	6
Fund Financial Highlights	7
Fund Notes to Financial Statements	8
Master LLC Portfolio Information	9
Master LLC Financial Statements:
Schedule of Investments	10
Statement of Assets and Liabilities	21
Statement of Operations	21
Statements of Changes in Net Assets	22
Master LLC Financial Highlights	22
Master LLC Notes to Financial Statements	23
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement	25
Officers and Directors	29
Additional Information	30

2 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Dear Shareholder

The past 12 months saw a seismic shift in market sentiment — from fear and pessimism during the worst economic decline and crisis of confidence in

financial markets since The Great Depression, to exuberance and increasing optimism amid emerging signs of recovery. The period began on the heels

of the infamous collapse of Lehman Brothers, which triggered an intensifying deterioration in global economic activity in the final months of 2008 and

the early months of 2009 and resulted in massive government intervention (on a global scale) in the financial system and the economy. The tide turned

dramatically in March 2009, however, on the back of new US government initiatives, as well as better-than-expected economic data and upside surprises

in corporate earnings.

Not surprisingly, US equities endured extreme volatility in this environment — steep declines and heightened risk aversion in the early part of the report-

ing period gave way to an impressive seven-month rally that began in March. This rally has pushed all major indexes well into positive territory for 2009.

Stocks did experience modest setbacks in June and then again in late September and early October, but the overall trajectory was up. The experience in

international markets was similar to that in the United States. Prominent in the rally have been emerging markets, which were less affected by the global

credit crunch and are experiencing faster economic growth rates when compared to the developed world.

In fixed income markets, the flight-to-safety premium in Treasury securities prevailed during the equity market downturn, but concerns about deficit spend-

ing, debt issuance, inflation and dollar weakness have kept Treasury yields range bound in recent months. At the same time, near-zero interest rates on

risk-free assets, coupled with an improving macro environment, prompted many investors to reallocate money from cash investments into higher-yielding

and riskier non-Treasury assets, bidding those prices higher. The high yield sector was the greatest beneficiary of this move, having decisively outpaced all

other taxable asset classes since the start of 2009. Similarly, the municipal bond market is on pace for its best performance year ever in 2009, following

one of its worst years in 2008. Investor demand remains strong while the Build America Bonds program has alleviated supply pressures, creating a highly

favorable technical backdrop. Municipal bond mutual funds are seeing record inflows, reflecting the renewed investor interest in the asset class.

Total Returns as of September 30, 2009	6-month	12-month
US equities (S&P 500 Index)	34.02%	(6.91)%
Small cap US equities (Russell 2000 Index)	43.95	(9.55)
International equities (MSCI Europe, Australasia, Far East Index)	49.85	3.23
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index*)	(3.77)	7.66
Taxable fixed income (Barclays Capital US Aggregate Bond Index)	5.59	10.56
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)	9.38	14.85
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	40.25	22.51
* Formerly a Merrill Lynch Index.
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

The market environment has visibly improved since the beginning of the year, but a great deal of uncertainty and risk remain. Through periods of

market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and

investment insight, visit the most recent issue of our award-winning Shareholder® magazine at www.blackrock.com/shareholdermagazine. We thank

you for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.

Announcement to Shareholders

On June 16, 2009, BlackRock, Inc. announced that it received written notice from Barclays PLC (“Barclays”) in which Barclays’ Board of Directors

had accepted BlackRock’s offer to acquire Barclays Global Investors (“BGI”). At a special meeting held on August 6, 2009, BlackRock’s proposed

purchase of BGI was approved by an overwhelming majority of Barclays’ voting shareholders, an important step toward closing the transaction. The

combination of BlackRock and BGI will bring together market leaders in active and index strategies to create the preeminent asset management firm.

The transaction is scheduled to be completed in the fourth quarter of 2009, subject to important fund shareholder and regulatory approvals.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Information
Yields
	7-Day	7-Day
	SEC Yield	Yield
As of September 30, 2009	0.04%	0.04%
Past performance is not indicative of future results

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 administration fees,
distribution fees including 12b-1 fees, and other Fund expenses. The
expense example below (which is based on a hypothetical investment
of $1,000 invested on April 1, 2009 and held through September 30,
2009) 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
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
hypothetical example is useful in comparing ongoing expenses only, and
will not help shareholders determine the relative total expenses of owning
different funds. If these transactional expenses were included, shareholder
expenses would have been higher.

		Actual			Hypothetical2
		Ending			Ending
	Beginning	Account Value		Beginning	Account Value
	Account Value	September 30,	Expenses Paid	Account Value	September 30,	Expenses Paid
	April 1, 2009	2009	During the Period1	April 1, 2009	2009	During the Period1
CMA Tax-Exempt Fund	$1,000	$1,001.20	$2.91	$1,000	$1,022.19	$2.94
1 Expenses are equal to the Fund’s annualized expense ratio of 0.58%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half
year period shown). Because the Fund is a feeder fund, the expense table example reflects the expenses of both the feeder fund and the Master LLC in which it invests.
2 Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.

4 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Statement of Assets and Liabilities
September 30, 2009 (Unaudited)	CMA Tax-Exempt Fund
Assets
Investment at value — Master Tax-Exempt LLC
(the “Master LLC”) (cost — $7,612,675,023)	$ 7,612,675,023
Withdrawals receivable from the Master LLC		2,383
Prepaid expenses		482,619
Other assets		55,606
Total assets		7,613,215,631
Liabilities
Administration fees payable		1,643,766
Distribution fees payable		476,626
Capital shares redeemed payable		2,383
Officer’s and Directors’ fees payable		1,023
Transfer agent fees payable		313,137
Other accrued expenses payable		83,320
Total liabilities		2,520,255
Net Assets	$ 7,610,695,376
Net Assets Consist of
Paid-in capital	$ 7,610,548,013
Accumulated net realized gain allocated from the Master LLC		147,363
Net Assets, $1,00 net asset value per share,
7,610,824,354 shares outstanding, unlimited number
of shares authorized, par value $0.10 per share	$ 7,610,695,376

Statement of Operations
Six Months Ended September 30, 2009 (Unaudited)	CMA Tax-Exempt Fund
Investment Income
Net investment income allocated from the Master LLC:
Interest	$ 32,323,514
Expenses	(6,951,673)
Total income	25,371,841
Expenses
Administration	11,476,491
Distribution	5,707,982
Federal insurance	1,953,008
Transfer agent	770,354
Registration	295,049
Printing	71,544
Professional	22,195
Officer and Directors	2,061
Miscellaneous	17,642
Total expenses	20,316,326
Less fees waived by administrator	(53,836)
Less distribution fees waived	(762,620)
Total expenses after fees waived	19,499,870
Net investment income	5,871,971
Realized Gain Allocated from the Master LLC
Net realized gain from investments	116,895
Net Increase in Net Assets Resulting from Operations	$ 5,988,866

See Notes to Financial Statements.

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 5

Statements of Changes in Net Assets	CMA Tax-Exempt Fund
	Six Months Ended
	September 30,	Year Ended
	2009	March 31,
Increase (Decrease) in Net Assets:	(Unaudited)	2009
Operations
Net investment income	$ 5,871,971	$ 134,154,635
Net realized gain	116,895	176,154
Net increase in net assets resulting from operations	5,988,866	134,330,789
Dividends to Shareholders From
Net investment income	(5,871,971)	(134,154,635)
Capital Share Transactions
Net proceeds from sale of shares	20,221,015,092	63,269,474,201
Reinvestment of dividends	5,871,971	134,148,823
Cost of shares redeemed	(22,895,852,590)	(64,127,859,887)
Net decrease in net assets derived from capital share transactions	(2,668,965,527)	(724,236,863)
Net Assets
Total decrease in net assets	(2,668,848,632)	(724,060,709)
Beginning of period	10,279,544,008	11,003,604,717
End of period	$ 7,610,695,376	$10,279,544,008

See Notes to Financial Statements.

6 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Financial Highlights							CMA Tax-Exempt Fund
	Six Months
	Ended
	September 30,
	2009		Year Ended March 31,
	(Unaudited)	2009	2008		2007		2006	2005
Per Share Operating Performance
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00		$ 1.00		$ 1.00
Net investment income	0.0006	0.0125	0.0290		0.0302		0.0222	0.0092
Net realized gain (loss)	—	—	0.0002		0.0001		(0.0000)	(0.0001)
Net increase from investment operations	0.0006	0.0125	0.0292		0.0303		0.0222	0.0091
Dividends from net investment income	(0.0006)	(0.0125)	(0.0290)		(0.0302)		(0.0222)	(0.0092)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00		$ 1.00		$ 1.00
Total Investment Return1
Total investment return	0.06%2	1.26%	2.94%		3.05%		2.24%	0.93%
Ratios to Average Net Assets3
Total expenses	0.59%4	0.57%	0.55%		0.55%		0.55%	0.55%
Total expenses after fees waived	0.58%4	0.57%	0.55%		0.55%		0.55%	0.55%
Net investment income	0.13%4	1.24%	2.87%		3.03%		2.21%	0.91%
Supplemental Data
Net assets, end of period (000)	$ 7,610,695	$ 10,279,544	$ 11,003,605	$ 9,257,629		$ 8,761,108		$ 9,029,274
1 Where applicable, total returns include the reinvestment of dividends and distributions.
2 Aggregate total investment return.
3 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income and net realized gain (loss).
4 Annualized.

See Notes to Financial Statements.

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 7

Notes to Financial Statements (Unaudited) CMA Tax-Exempt Fund

1. Organization and 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 is
organized as a Massachusetts business trust. The Fund seeks to achieve
its investment objective by investing all of its assets in Master Tax-Exempt
LLC (the “Master LLC”), which has the same investment objective and
strategies as the Fund. The Master LLC is organized as a Delaware lim-
ited liability company. The value of the Fund’s investment in the Master
LLC reflects the Fund’s proportionate interest in the net assets of the
Master LLC. The percentage of the Master LLC owned by the Fund at
September 30, 2009 was 88.6%. 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 Board of Trustees of the Fund
and the Board of Directors of the Master LLC are referred to throughout
this report as the “Board of Directors” or the “Board.” The Fund’s financial
statements are prepared in conformity with accounting principles gener-
ally accepted in the United States of America, which may require the use
of management accruals and estimates. Actual results may differ from
these estimates.

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

Valuation: The Fund records its investment in the Master LLC at fair
value. Valuation of securities held by the Master LLC is discussed in Note
1 of the Master LLC’s Notes to Financial Statements, which are included
elsewhere in this report. The Fund seeks to maintain the net asset value
per share at $1.00, although there is no assurance that it will be able to
do so on a continuing basis.

Fair Value Measurements: Various inputs are used in determining the
fair value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

• Level 2 — other observable inputs (including, but not limited to:
quoted prices for similar assets or liabilities in markets that are
active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are
observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks
and default rates) or other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information avail-
able in the circumstances, to the extent observable inputs are not
available (including the Fund’s own assumptions used in determining
the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in these securities.

As of September 30, 2009, the Fund’s investment in the Master LLC was
classified as Level 2. The Fund believes more relevant disclosure regard-
ing fair value measurements relate to the Master LLC, which is disclosed
in Note 1 of the Master LLC’s Notes to Financial Statements included
elsewhere in the report.

Investment Transactions and Net Investment Income: For financial
reporting purposes, investment transactions in the Master LLC are
accounted for on a trade date basis. The Fund records daily its propor-
tionate share of the Master LLC’s income, expenses and realized gains
and losses. In addition, the Fund accrues its own expenses.

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

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

The Fund files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Fund’s US federal tax returns remains open for each of the
four years ended March 31, 2009. The statutes of limitations on the
Fund’s state and local tax returns may remain open for an additional
year depending upon the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was
issued by the Financial Accounting Standards Board for transfers of
financial assets. This guidance is intended to improve the relevance,
representational faithfulness and comparability of the information that
a reporting entity provides in its financial statements about a transfer of
financial assets; the effects of a transfer on its financial position, finan-
cial performance, and cash flows; and a transferor’s continuing involve-
ment, if any, in transferred financial assets. The amended guidance is
effective for financial statements for fiscal years and interim periods
beginning after November 15, 2009. Earlier application is prohibited.
The recognition and measurement provisions of this guidance must be
applied to transfers occurring on or after the effective date. Additionally,
the enhanced disclosure provisions of the amended guidance should
be applied to transfers that occurred both before and after the effective
date of this guidance. The impact of this guidance on the Fund’s finan-
cial statements and disclosures, if any, is currently being assessed.

Other: Expenses directly related to the Fund are charged to that 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.

8 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Notes to Financial Statements (concluded) CMA Tax-Exempt Fund

2. Administration Agreement and other Transactions
with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”) and Bank of America
Corporation (“BAC”) are the largest stockholders of BlackRock, Inc.
(“BlackRock”). Due to the ownership structure, PNC is an affiliate for
1940 Act purposes, but BAC is not.

The Fund has entered into an Administration Agreement with BlackRock
Advisors, LLC (the “Administrator”), an indirect, wholly owned subsidiary
of BlackRock, 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.

The Fund has entered into a Distribution Agreement and a Distribution
and Shareholder Servicing Plan (the “Distribution Plan”) with BlackRock
Investments, LLC (“BRIL”), which is an affiliate of BlackRock.

Pursuant to the Distribution Plan adopted by the Fund in accordance
with Rule 12b-1 under the 1940 Act, the Fund pays BRIL an ongoing
distribution fee. The fee is accrued daily and paid monthly at the annual
rate of 0.125% of the Fund’s average daily net assets.

The Administrator and BRIL voluntarily agreed to waive a portion of
their respective administration and distribution fees and reimburse oper-
ating expenses to enable the Fund to maintain minimum levels of net
investment income. These amounts are shown as fees waived by admin-
istrator and distribution fees waived in the Statement of Operations. The
Administrator and BRIL may discontinue this waiver or reimbursement
at any time.

Certain officers and/or directors of the Fund are officers and/or directors
of BlackRock or its affiliates. The Fund reimburses the Administrator for
compensation paid to the Fund’s Chief Compliance Officer.

3. Capital Share Transactions:

The number of shares sold, reinvested and redeemed during the past
two years corresponds to the amounts included in the Statements of
Changes in Net Assets for net proceeds from sale of shares, reinvest-
ment of dividends and cost of shares redeemed, respectively, since
shares are recorded at $1.00 per share.

4. Federal Insurance:

The Fund participated in the US Treasury Department’s Temporary
Guarantee Program for Money Market Funds (the “Program”). As a
result of the Fund’s participation in the Program, in the event a Fund’s
net asset value fell below $0.995 per share, shareholders in that Fund
would have federal insurance of $1.00 per share up to the lesser of
shareholders’ balances in the Fund as of the close of business on
September 19, 2008, or the remaining balances of such shareholder
accounts as of the date the guarantee is triggered. Any increase in the
number of shares in a shareholder’s balance after the close of business
on September 19, 2008 and any future investments after a shareholder
had closed their account would not be guaranteed. As a participant of
the Program, which expired September 18, 2009, the Fund paid a par-
ticipation fee of 0.03% for the period December 19, 2008 through
September 18, 2009 of the Fund’s shares outstanding value as of
September 19, 2008.The participation fee for the period April 1, 2009
to September 18, 2009 is included in federal insurance in the
Statement of Operations.

5. Subsequent Events:

Management has evaluated the impact of all subsequent events on the
Fund through November 24, 2009, the date the financial statements
were issued, and has determined that there were no subsequent events
requiring adjustment or disclosure in the financial statements.

Portfolio Summary		Master Tax-Exempt LLC
As of September 30, 2009
	Percent of
Portfolio Compositon	Net Assets
Variable Rate Demand Obligations	77%
Fixed Rate Notes	15
Tax-Exempt Commercial Paper	5
Put Bonds	3
Total	100%

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 9

Schedule of Investments September 30, 2009 (Unaudited) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

	Par
Municipal Bonds	(000)	Value
Alabama — 2.4%
Lower Alabama Gas District, RB, VRDN, Series A,
0.37%, 10/07/09 (a)	$113,050 $	113,050,000
Mobile IDB Alabama, RB, VRDN, Alabama Power Co.,
Barry Plant (a):
1.40%, 10/07/09	16,500	16,500,000
1st Series, 1.40%, 10/07/09	5,800	5,800,000
Spanish Fort Redevelopment Authority, RB, Macon
Trust, VRDN, Bank of America, Series 2007-306,
0.90%, 10/07/09 (a)(b)	15,450	15,450,000
University of Alabama, RB, ROCS,
VRDN, Series II R 12295 (BHAC),
0.36%, 10/07/09 (a)(b)(c)	28,710	28,710,000
West Jefferson IDB, Alabama, RB, VRDN,
Alabama Power Co. Miller Plant Project, AMT,
2.00%, 10/07/09 (a)	30,000	30,000,000
		209,510,000
Alaska — 0.8%
Alaska Housing Finance Corp., RB, VRDN, State
Capital Project, Series C, 0.27%, 10/07/09 (a)	4,955	4,955,000
Alaska International Airports System, Refunding RB,
VRDN, System, Series A, 0.37%, 10/07/09 (a)	4,000	4,000,000
City of Valdez Alaska, Refunding RB, VRDN, Phillips (a):
Series A, 0.37%, 10/07/09	38,000	38,000,000
Series B, 0.40%, 10/07/09	20,000	20,000,000
		66,955,000
Arizona — 3.3%
Ak-Chin Indian Community, RB, VRDN,
0.37%, 10/07/09 (a)	20,000	20,000,000
Apache County IDA, Arizona, RB, VRDN,
FLOATS, Tucson Electric Power, Series 83A,
0.40%, 10/07/09 (a)(b)	55,575	55,575,000
Arizona Health Facilities Authority, Arizona, RB,
VRDN (a):
Banner Health, Series C, 0.40%, 10/07/09	4,220	4,220,000
Banner Health, Series F, 0.40%, 10/07/09	101,205	101,205,000
FLOATS, Series 1782, 0.35%, 10/01/09 (b)	21,025	21,025,000
Health Facilities, Catholic West, Series B,
0.40%, 10/07/09	4,600	4,600,000
Maricopa County IDA, Arizona, Refunding RB, VRDN,
Villas Solanas Apartments, Series A, AMT (FNMA),
0.45%, 10/07/09 (a)	6,200	6,200,000

	Par
Municipal Bonds	(000)	Value
Arizona (concluded)
Maricopa County Public Finance Corp.,
Arizona, RB, VRDN, FLOATS, Series 1863,
0.34%, 10/07/09 (a)(b)	$ 8,440 $	8,440,000
Pima County IDA, RB, VRDN, Industrial Development,
Tucson Electric Power, 0.40%, 10/07/09 (a)	4,100	4,100,000
Salt River Pima-Maricopa Indian Community, RB,
VRDN (a):
0.35%, 10/07/09	15,829	15,829,000
0.37%, 10/07/09	33,015	33,015,000
Tempe IDA Arizona, RB, VRDN, Friendship Village
Project, Series C, 0.33%, 10/07/09 (a)	9,300	9,300,000
		283,509,000
California — 7.7%
California Communities Note Program, Revenue
Notes, Series A5, Tulare County, 2.00%, 6/30/10	12,000	12,131,220
California Communities Note Program, TRAN,
2.00%, 6/30/10	45,500	45,887,757
California HFA, RB, Austin Trust, VRDN, Bank of America,
Series 2008-1100, AMT, 0.90%, 10/07/09 (a)(b)	3,290	3,290,000
California HFA, RB, VRDN, Home Mortgage, AMT (a):
Series B, 2.70%, 10/07/09	15,000	15,000,000
Series B, 2.75%, 10/07/09	23,490	23,490,000
Series D, 1.40%, 10/07/09	41,200	41,200,000
Series E, 0.50%, 10/07/09	54,200	54,200,000
Series F, 1.20%, 10/07/09	4,500	4,500,000
Series M, 0.70%, 10/07/09	24,400	24,400,000
California HFA, RB, VRDN, Series A, AMT,
0.60%, 10/07/09 (a)	80,500	80,500,000
California Home Mortgage Finance Authority,
Refunding RB, VRDN, AMT, 0.50%, 10/07/09 (a)	39,112	39,111,600
California Municipal Finance Authority,
RB, VRDN, PUTTERS, Series 2410, AMT,
0.55%, 10/07/09 (a)(b)	2,300	2,300,000
California School Cash Reserve Program Authority,
California, Revenue Notes, Senior, 2009-10,
Series A, 2.50%, 7/01/10	88,500	89,754,212
City of Los Angeles California, GO, TRAN:
2.50%, 4/28/10	28,500	28,834,825
2.50%, 5/28/10	61,600	62,423,413
County of Los Angeles California, Revenue Notes,
TRAN, Series A, 2.50%, 6/30/10	60,000	60,756,450

Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to
the following list:
AGC	Assured Guaranty Corp.	FSA	Financial Security Assurance Inc.	MSTR	Municipal Securities Trust Receipts
AMBAC	American Municipal Bond Assurance Corp.	GNMA	Government National Mortgage Association	PUTTERS	Puttable Tax-Exempt Receipts
AMT	Alternative Minimum Tax (subject to)	GO	General Obligation Bonds	RAN	Revenue Anticipation Notes
BAN	Bond Anticipation Notes	HDA	Housing Development Authority	RB	Revenue Bonds
BHAC	Berkshire Hathaway Insurance Corp.	HFA	Housing Finance Agency	ROCS	Reset Option Certificates
COP	Certificates of Participation	IDA	Industrial Development Authority	SAVRS	Select Auction Variable Rate Securities
DRIVERS	Derivative Inverse Tax-Exempt Receipts	IDB	Industrial Development Board	S/F	Single-Family
EDA	Economic Development Authority	ISD	Independent School District	SO	Special Obligation
ERS	Extendible Reset Securities	LIFERS	Long Inverse Floating Exempt Receipts	SPEARS	Short-Puttable Exempt Adjustable Receipts
FHLMC	Federal Home Loan Mortgage Corp.	MERLOTS	Municipal Exempt Receipts Liquidity	TECP	Tax-Exempt Commercial Paper
FLOATS	Floating Rate Securities		Optional Tenders	TRAN	Tax Revenue Anticipation Notes
FNMA	Federal National Mortgage Association	M/F	Multi-Family	VRDN	Variable Rate Demand Notes

10 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Schedule of Investments (continued)	Master Tax-Exempt LLC
	(Percentages shown are based on Net Assets)

	Par
Municipal Bonds	(000)	Value
California (concluded)
Golden State Tobacco Securitization Corp., California,
RB, VRDN, FLOATS (a)(b):
Series 2040, 0.47%, 10/07/09	$ 8,000 $	8,000,000
Series 2215, 0.47%, 10/07/09	22,500	22,500,000
Series 2954, 0.47%, 10/07/09	2,000	2,000,000
Los Angeles California Unified School District, GO,
TRAN, 2.00%, 8/12/10	22,200	22,463,455
San Francisco City & County Airports Commission,
Refunding RB, VRDN, 2nd Series A,
0.75%, 10/07/09 (a)	9,300	9,300,000
San Mateo Union High School District California,
GO, ROCS, VRDN, Series II R 11578 PB (AGC),
0.43%, 10/07/09 (a)(b)(c)	9,490	9,490,000
		661,532,932
Colorado — 2.4%
City of Aurora Colorado, COP, VRDN, Refunding,
0.45%, 10/07/09 (a)	19,100	19,100,000
City of Colorado Springs Colorado, Refunding RB,
VRDN, Subordinate Lien, Series A,
0.40%, 10/07/09 (a)	34,875	34,875,000
Colorado Educational & Cultural Facilities Authority,
RB, VRDN, Nature Conservancy, Series A, 0.35%,
10/07/09 (a)	8,400	8,400,000
Colorado Health Facilities Authority, RB, VRDN (a):
Catholic Health, Series B-1, 0.35%, 10/07/09	3,335	3,335,000
Catholic Health, Series B-6, 0.35%, 10/07/09	7,900	7,900,000
Sisters of Charity, 0.43%, 10/07/09	18,800	18,800,000
Colorado Housing & Finance Authority, Colorado, RB,
VRDN, Class I (a):
M/F, Series C-4, 0.35%, 10/07/09	10,710	10,710,000
Series B-2, 0.35%, 10/07/09	5,000	5,000,000
Series B-2, AMT, 0.45%, 10/07/09	25,000	25,000,000
Series B-3, AMT, 0.40%, 10/07/09	27,500	27,500,000
Colorado School of Mines, Colorado, Refunding RB,
VRDN, Series A, 0.43%, 10/07/09 (a)	8,000	8,000,000
Colorado Springs School District No. 11 Facilities
Corp., Colorado, COP, VRDN, Refunding (FSA),
0.45%, 10/07/09 (a)	8,290	8,290,000
County of Moffat Colorado, RB, VRDN, PacifiCorp.,
0.40%, 10/07/09 (a)	7,500	7,500,000
County of Pitkin Colorado, Refunding RB, VRDN,
Aspen Skiing Co. Project, Series B, AMT,
0.45%, 10/07/09 (a)	4,500	4,500,000
El Paso County School District No. 49 Falcon, COP,
VRDN, Eclipse Funding Trust, Series 2006-0101,
Solar Eclipse, 0.34%, 10/07/09 (a)(b)	11,165	11,165,000
Fiddlers Business Improvement District, Colorado,
GO, VRDN, Refunding, 1.30%, 10/07/09 (a)	4,200	4,200,000
Town of Telluride Colorado, RB, VRDN, Valley Floor
Open Space Project, 3.50%, 10/07/09 (a)	5,315	5,315,000
		209,590,000
Connecticut — 1.5%
City of Milford Connecticut, GO, BAN,
1.25%, 11/05/09	10,410	10,418,636
City of New Haven Connecticut, TECP,
0.40%, 12/03/09	3,402	3,402,000

		Par
Municipal Bonds		(000)	Value
Connecticut (concluded)
Connecticut State Health & Educational Facility
Authority, RB, Austin Trust, VRDN, Bank of America,
Series 2008-352, 0.85%, 10/07/09 (a)(b)	$ 14,870 $		14,870,000
Connecticut State Health & Educational Facility
Authority, RB, VRDN (a):
Danbury Hospital, Series J, 0.31%, 10/07/09		13,100	13,100,000
Health Care Capital Asset, Series A-1,
0.32%, 10/07/09		13,700	13,700,000
State of Connecticut, GO, BAN, Series A,
2.00%, 4/28/10		70,000	70,613,038
			126,103,674
District of Columbia — 1.2%
District of Columbia, GO, Deutsche Bank SPEARS/
LIFERS Trust, VRDN, Series DB-463 (FSA),
0.35%, 10/07/09 (a)(b)		8,429	8,429,000
District of Columbia, GO, VRDN, FLOATS, Series 1920,
0.34%, 10/07/09 (a)(b)		15,790	15,790,000
District of Columbia, GO, VRDN, Refunding (a):
Series C, 0.40%, 10/07/09		24,000	24,000,000
Series D, 0.44%, 10/07/09		8,285	8,285,000
District of Columbia, GO, VRDN, Series C,
0.35%, 10/07/09 (a)		6,300	6,300,000
District of Columbia, RB, VRDN, American University,
0.37%, 10/07/09 (a)		7,400	7,400,000
District of Columbia, Refunding RB, VRDN,
Series B (a):
0.37%, 10/07/09		6,110	6,110,000
Howard, 0.35%, 10/07/09		4,800	4,800,000
Washington D.C. Convention Center Authority, RB,
VRDN, FLOATS (a)(b):
Series 1730, 0.37%, 10/07/09		6,665	6,665,000
Series 1731, 0.37%, 10/07/09		6,665	6,665,000
Series 1736, 0.37%, 10/07/09		7,830	7,830,000
			102,274,000
Florida — 5.6%
Brevard County HFA, RB, VRDN, Timber Trace
Apartments Project, AMT, 0.46%, 10/07/09 (a)		10,000	10,000,000
City of Pembroke Pines Florida, RB, VRDN,
Series 2038 (AGC), 0.36%, 10/07/09 (a)		10,000	10,000,000
County of Escambia Florida, RB, VRDN, Gulf Power Co.
Project, First Series, 1.75%, 10/07/09 (a)		10,000	10,000,000
County of Saint Johns Florida, RB, ROCS, VRDN,
Series II R-755PB, 0.43%, 10/07/09 (a)(b)		13,250	13,250,000
County of Saint Johns, RB, Deutsche Bank SPEARS/
LIFERS Trust, VRDN, Series DB-486, 0.35%,
10/07/09 (a)(b)		8,948	8,948,000
Florida Housing Finance Corp., RB, VRDN,
Mortgage, Wexford Apartments, Series P, AMT,
0.43%, 10/07/09 (a)		5,955	5,955,000
Florida Housing Finance Corp., RB, VRDN,
Savannah Springs Apartments, Series N, AMT,
0.50%, 10/07/09 (a)		6,800	6,800,000
Florida Hurricane Catastrophe Fund Finance
Corp., RB, VRDN, ROCS, Series II R-11549,
0.36%, 10/07/09 (a)(b)		6,970	6,970,000

See Notes to Financial Statements.

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 11

Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

		Par
Municipal Bonds		(000)	Value
Florida (concluded)
Florida State Board of Education, GO, ROCS,
VRDN (a)(b)(c):
Series II R-12281, 0.36%, 10/07/09	$ 15,500 $		15,500,000
Series II R-12288, 0.36%, 10/07/09		8,000	8,000,000
Florida State Turnpike Authority, RB, VRDN, PUTTERS,
Series 2539, 0.33%, 10/07/09 (a)(b)		3,555	3,555,000
Fort Pierce Redevelopment Agency, Tax Allocation
Bonds, Eclipse Funding Trust, VDRN, Series
2006-0130, Solar Eclipse, 0.34%, 10/07/09 (a)		3,920	3,920,000
Highlands County Health Facilities Authority, RB,
VRDN, Hospital, Adventist Health System (a):
Series A, 0.28%, 10/07/09		13,500	13,500,000
Series C, 0.28%, 10/07/09		6,000	6,000,000
Hillsborough County HFA, M/F, RB, VRDN,
Housing, Brandon, Series A, AMT (FNMA),
0.45%, 10/07/09 (a)		5,680	5,680,000
Jacksonville Economic Development Commission,
RB, VRDN, Lee & Cates Glass Inc. Project, AMT,
0.64%, 10/07/09 (a)		8,065	8,065,000
Jacksonville Electric Authority, RB, VRDN (a):
Series 3-B-1, 0.32%, 10/07/09		6,065	6,065,000
Series 3-B-3, 0.31%, 10/07/09		14,855	14,855,000
Series A-1, 0.40%, 10/07/09		30,400	30,400,000
Sub-Series A-2, 0.45%, 10/07/09		6,980	6,980,000
Jacksonville Electric Authority, TECP:
0.38%, 10/01/09		2,500	2,500,000
0.42%, 10/01/09		2,500	2,500,000
0.55%, 10/08/09		50,300	50,300,000
0.40%, 11/02/09		13,900	13,900,000
0.45%, 11/02/09		25,100	25,100,000
Jacksonville Port Authority, RB, VRDN (a):
Deutsche Bank SPEARS/LIFERS Trust,
Series DB-642 (AGC), 0.40%, 10/07/09 (b)		28,725	28,725,000
Mitsui OSK Lines Ltd., AMT, 0.45%, 10/07/09		14,660	14,660,000
Manatee County HFA, RB, VRDN, Housing, Village
at Cortez Apartments, Series A, AMT (FNMA),
0.45%, 10/07/09 (a)		11,600	11,600,000
Orlando & Orange County Expressway Authority, RB,
VRDN, Eagle Tax-Exempt Trust, Series 2007-0145,
Class A (FSA), 0.38%, 10/07/09 (a)(b)		11,300	11,300,000
Orlando Utilities Commission, Revenue Notes,
Refunding, VRDN, Series B-1, 2.00%, 10/07/09 (a)		43,000	43,443,736
Palm Beach County Educational Facilities Authority,
RB, VRDN, Educational Facilities, Atlantic
University Inc., 0.37%, 10/07/09 (a)		9,800	9,800,000
Palm Beach County School Board Florida, COP,
VRDN, Series B (FSA), 0.40%, 10/07/09 (a)		28,300	28,300,000
Sunshine State Governmental Financing
Commission, RB, VRDN, 0.43%, 10/07/09 (a)		19,320	19,320,000
University South Florida Research Foundation Inc.,
Florida, RB, VRDN, University Technology Center
Research, 0.39%, 10/07/09 (a)		8,100	8,100,000
Volusia County IDA, Refunding RB, VRDN, Retirement
Housing Foundation, 0.33%, 10/07/09 (a)		9,200	9,200,000
Volusia County School Board, Refunding COP, Eclipse
Funding Trust, VDRN, Series 2007-0036, Solar
Eclipse (FSA), 0.30%, 10/07/09 (a)(b)		7,360	7,360,000
			480,551,736

		Par
Municipal Bonds		(000)	Value
Georgia — 1.6%
Bartow County Development Authority, RB, VRDN,
Georgia Power Co., 0.33%, 10/07/09 (a)	$ 18,000 $		18,000,000
Gwinnett County Hospital Authority, RB, VRDN,
Gwinnett Hospital System Project, Series C,
0.32%, 10/07/09 (a)		7,430	7,430,000
Metropolitan Atlanta Rapid Transit Authority, RB,
VRDN, Series A, 0.40%, 10/07/09 (a)		11,830	11,830,000
Monroe County Development Authority, Georgia, RB,
VRDN, Georgia Power Co. Plant Scherer Project,
1.95%, 10/07/09 (a)		11,700	11,700,000
Municipal Electric Authority of Georgia, RB, VRDN (a):
Certificates, Macon Trust, Series E (FSA),
0.45%, 10/07/09 (b)		6,815	6,815,000
Project 1 Sub-Series B, 0.43%, 10/07/09		35,750	35,750,000
Municipal Electric Authority of Georgia,
Revenue Notes, BAN, Plant Vogtle, Series A,
1.50%, 5/25/10		14,000	14,081,295
State of Georgia, GO, VRDN, ROCS,
Series II R-11536PB, 0.36%, 10/07/09 (a)(b)		26,175	26,175,000
Whitfield County Development Authority
Solid Waste Disposal Revenue, RB, VRDN,
Aladdin Manufacturing Corp. Project, AMT,
0.71%, 10/07/09 (a)		3,100	3,100,000
			134,881,295
Hawaii — 0.1%
Hawaii State Department of Budget & Finance, RB,
VRDN, Hawaii Pacific Health, Series A-2,
0.35%, 10/07/09 (a)		5,500	5,500,000
Idaho — 0.2%
Idaho State Building Authority, Refunding
RB, VRDN, Prison Facilities Project, Series A,
0.38%, 10/07/09 (a)		13,490	13,490,000
Illinois — 8.5%
City of Chicago Illinois, GO, VRDN, Series B,
0.25%, 10/07/09 (a)		4,785	4,785,000
City of Chicago Illinois, RB, VRDN (a):
ROCS, Series II R 239, AMT (FSA),
0.88%, 10/07/09 (b)		3,700	3,700,000
Second Lien, Series B, AMT, 0.48%, 10/07/09		19,189	19,189,000
Sub-Series 04-2, 0.40%, 10/07/09		14,850	14,850,000
Sub-Series 04-3, 0.40%, 10/07/09		3,225	3,225,000
City of Chicago, RB, Deutsche Bank SPEARS/LIFERS
Trust, VDRN (a)(b):
Series DB-502 (FSA), 0.35%, 10/07/09		41,185	41,185,000
Series DBE-534, 0.35%, 10/07/09		2,260	2,260,000
City of Chicago, Refunding GO, Eclipse Funding Trust,
VRDN, Series 2006-0038, Solar Eclipse Certificates,
0.34%, 10/07/09 (a)(b)		10,700	10,700,000
City of Elmhurst Illinois, RB, VRDN, Joint Commission
Accreditation, 0.35%, 10/07/09 (a)		12,950	12,950,000
County of Cook Illinois, GO, ROCS, VRDN,
Series II R-10359, 0.38%, 10/07/09 (a)(b)(c)		30,920	30,920,000
Illinois Educational Facilities Authority, RB, VRDN (a):
Art Institute of Chicago, 0.45%, 10/07/09		23,600	23,600,000
Demand, Art Institute of Chicago,
0.45%, 10/07/09		11,450	11,450,000

See Notes to Financial Statements.

12 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

	Par
Municipal Bonds	(000)	Value
Illinois (concluded)
Illinois Finance Authority, RB, VRDN (a):
Art Institute Chicago, Series B-1,
0.37%, 10/07/09	$ 6,545 $	6,545,000
Eagle Tax-Exempt Trust, Series 2006-0118,
Class A, 0.36%, 10/07/09 (b)	3,150	3,150,000
Elmhurst Memorial Healthcare, Series C,
0.48%, 10/07/09	11,320	11,320,000
Evanston Northwestern, Series A,
0.35%, 10/07/09	29,085	29,085,000
Illinois Wesleyan University, 0.40%, 10/07/09	2,325	2,325,000
Landing at Plymouth Place, Series C,
0.33%, 10/07/09	17,295	17,295,000
North Park University Project, 0.40%, 10/07/09	4,800	4,800,000
Northwest Community Hospital, Series C,
0.30%, 10/07/09	5,505	5,505,000
Northwestern University, Sub-Series A,
0.50%, 10/07/09	23,460	23,460,000
Riverside, Series A, 0.35%, 10/07/09	15,175	15,175,000
Rush University Medical Center, Series A,
0.40%, 10/07/09	4,000	4,000,000
Southern Ill Healthcare, 0.40%, 10/07/09	6,780	6,780,000
Revolving Fund Pooled, Series D,
0.45%, 10/07/09	38,000	38,000,000
Illinois State Toll Highway Authority, RB, VRDN, Senior
Priority, Series A-1, Tender, 0.32%, 10/07/09 (a)	45,700	45,700,000
Illinois State Toll Highway Authority, Refunding RB,
VRDN (a):
Senior Priority, Series A-2, 0.40%, 10/07/09	5,700	5,700,000
Series B (FSA), 0.40%, 10/07/09	12,235	12,235,000
Regional Transit Authority, Refunding RB, ERS, VRDN,
Series B, 0.75%, 7/01/10 (a)(b)	31,500	31,500,000
State of Illinois, GO, VRDN, Series B,
3.00%, 10/07/09 (a)	198,800	198,800,000
University of Illinois, COP, VRDN, Utility Infrastructure
Projects, 0.35%, 10/07/09 (a)	83,785	83,785,000
University of Illinois, RB, VRDN, Eagle Tax-Exempt Trust,
Series 2006-0124, Class A, 0.42%, 10/07/09 (a)(b) 10,000		10,000,000
		733,974,000
Indiana — 4.8%
City of Indianapolis Indiana, RB, VRDN, New Bridges
Apartments Project, 1.55%, 10/07/09 (a)	3,690	3,690,000
City of Michigan City, Indiana, RB, VRDN, Palatek
Project, AMT, 0.55%, 10/07/09 (a)	5,000	5,000,000
City of Portage Indiana, RB, VRDN, Breckenridge
Apartments Project, AMT, 0.55%, 10/07/09 (a)	4,650	4,650,000
Hartford City Indiana, RB, VRDN, Petoskey
Plastics Inc., AMT, 0.55%, 10/07/09 (a)	6,020	6,020,000
IPS Multi-School Building Corp., Indiana, RB, ROCS,
Series II R-885WF (FSA), 0.50%, 10/07/09 (a)(b)	7,490	7,490,000
Indiana Development Finance Authority, Indiana,
RB, VRDN, Educational Facilities, Indianapolis
Museum of Art, 0.45%, 10/07/09 (a)	43,000	43,000,000
Indiana Development Finance Authority, RB,
VRDN, PSI Energy Inc. Projects, Series A, AMT,
0.55%, 10/07/09 (a)	32,550	32,550,000
Indiana Finance Authority, RB, VRDN, Lease
Appropriation (a):
Series A-1, 0.45%, 10/07/09	85,850	85,850,000
Series A-2, 0.45%, 10/07/09	57,300	57,300,000
Series A-3, 0.45%, 10/07/09	60,800	60,800,000

	Par
Municipal Bonds	(000)	Value
Indiana (concluded)
Indiana Finance Authority, RB, VRDN, Lease
Appropriation (concluded)
Series A-4, 0.45%, 10/07/09	$ 21,000 $	21,000,000
Series A-5, 0.45%, 10/07/09	52,000	52,000,000
Indiana Finance Authority, Refunding RB, VRDN,
Duke Energy Indiana Project (a):
Series A-1, AMT, 0.45%, 10/07/09	6,000	6,000,000
Series A-5, 0.31%, 10/07/09	7,000	7,000,000
Sisters Saint Francis, Series B, 0.32%, 10/07/09	3,700	3,700,000
Indianapolis Local Public Improvement Bond Bank,
RB, VRDN, ROCS, Series II-R-11779 (AGC),
0.50%, 10/07/09 (a)(b)(c)	17,325	17,325,000
		413,375,000
Iowa — 0.8%
City of Clear Lake Iowa, RB, VRDN, Joe Corbis Pizza
Project, AMT, 0.55%, 10/07/09 (a)	3,380	3,380,000
County of Louisa Iowa, Refunding RB, FLOATS,
VRDN, Iowa-Illinois Gas & Electric Co., Series A,
0.50%, 10/07/09 (a)(b)	10,000	10,000,000
Iowa Finance Authority, RB, VRDN (a):
Edgewater A Wesley, Series E, 0.35%, 10/07/09	10,000	10,000,000
Mortgage, Series H, AMT (GNMA),
0.43%, 10/07/09	23,000	23,000,000
Iowa Finance Authority, Revenue Notes, Senior RAN,
Iowa School, Series A, 2.50%, 6/23/10	14,900	15,110,508
State of Iowa, RB, Barclays Capital Municipal Trust
Receipts, VRDN, FLOATS (a)(b)(c):
Series 13B-B, 0.35%, 10/07/09	4,700	4,700,000
Series 13B-C, 0.35%, 10/07/09	6,200	6,200,000
		72,390,508
Kansas — 0.5%
City of Wichita Kansas, GO, Temporary Notes,
Series 232, 0.75%, 8/19/10	18,400	18,424,165
Counties of Sedgwick & Shawnee Kansas, RB, VRDN,
FLOATS, AMT (GNMA) (a)(b):
Series 2480, 0.42%, 10/07/09	9,905	9,905,000
Series 2816, 0.42%, 10/07/09	5,095	5,095,000
Counties of Sedwick & Shawnee, Refunding RB,
JP Morgan Chase PUTTERS/DRIVERS
Trust, VRDN, Series 3206, AMT (GNMA),
0.48%, 10/07/09 (a)(b)	7,600	7,600,000
		41,024,165
Kentucky — 1.5%
Campbell & Kenton Counties Sanitation District
No. 1, Kentucky, RB, VRDN, MSTR, Series SGA-130
(FSA), 0.50%, 10/07/09 (a)(b)	11,000	11,000,000
Carroll County Kentucky Solid Waste, TECP,
1.10%, 12/08/09	20,930	20,930,000
County of Boyd Kentucky, RB, VRDN, Air Products &
Chemicals Project, AMT, 0.45%, 10/07/09 (a)	3,775	3,775,000
County of Jefferson, Kentucky, TECP,
1.20%, 10/07/09	35,000	35,000,000
Kentucky Higher Education Student Loan Corp.,
Kentucky, RB, VRDN, Senior, Series A-1, AMT,
0.40%, 10/07/09 (a)	15,700	15,700,000
Kentucky Metropolitan Government Health System,
RB, VRDN, ROCS, Series II R-662CE, Louisville,
0.60%, 10/07/09 (a)(b)	16,875	16,875,000

See Notes to Financial Statements.

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 13

Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

		Par
Municipal Bonds		(000)	Value
Kentucky (concluded)
Lexington-Fayette Urban County Airport Board,
Refunding RB, VRDN, Series A, AMT,
0.45%, 10/07/09 (a)	$ 8,675 $		8,675,000
Louisville & Jefferson County Metropolitan
Sewer District, Kentucky, RB, VRDN, Eagle Tax-Exempt
Trust, Series 2006-0053, Class A (FSA),
0.36%, 10/07/09 (a)(b)		14,000	14,000,000
Louisville & Jefferson County Regional Airport
Authority, Kentucky, RB, VRDN, UPS Worldwide
Forwarding, Series B, AMT, 0.45%, 10/07/09 (a)		5,900	5,900,000
			131,855,000
Louisiana — 0.7%
Louisiana Local Government Environmental
Facilities & Community Development Authority, RB,
VRDN, AMT (a):
BASF Corp. Project, 0.85%, 10/07/09		4,000	4,000,000
Honeywell International Inc. Project,
0.60%, 10/07/09		6,000	6,000,000
Louisiana Local Government Environmental
Facilities & Community Development Authority,
Refunding RB, VRDN, BASF Corp. Project, Series B,
0.80%, 10/07/09 (a)		7,500	7,500,000
Louisiana Public Facilities Authority, RB, VRDN (a):
Air Products & Chemicals Project, AMT,
0.45%, 10/07/09		2,850	2,850,000
Equipment & Capital Facilities Pooled Loan,
Series C, 0.60%, 10/07/09		985	985,000
Louisiana State Municipal Natural Gas Purchasing &
District Authority, RB, VRDN, PUTTERS, Series 1411Q,
0.40%, 10/07/09 (a)(b)		11,191	11,191,000
Parish of Ascension Louisiana, RB, VRDN, BASF Corp.
Project, AMT, 0.85%, 10/07/09 (a)		10,100	10,100,000
Parish of Saint James Louisiana, RB, VRDN, NuStar
Logistics LP Project, 0.33%, 10/07/09 (a)		10,000	10,000,000
South Louisiana Port Commission, Louisiana,
Refunding RB, VRDN, Occidental Petrol,
0.32%, 10/07/09 (a)		4,400	4,400,000
			57,026,000
Maine — 0.1%
Maine Health & Higher Educational Facilities
Authority, RB, Eclipse Funding Trust,
Series 2007-0104, Solar Eclipse,
0.34%, 10/07/09 (a)(b)		3,185	3,185,000
Maine Health & Higher Educational Facilities
Authority, Refunding RB, Barclays Capital Municipal
Trust Receipts, VRDN, FLOATS, Series 5B, 0.35%,
10/07/09 (a)(b)		6,665	6,665,000
			9,850,000
Maryland — 1.4%
City of Baltimore Maryland, RB, VRDN, Occidental
Petroleum, 0.42%, 10/07/09 (a)		35,700	35,700,000
County of Baltimore Maryland, Refunding RB, VRDN,
Paths at Loveton, 0.36%, 10/07/09 (a)		4,455	4,455,000
County of Montgomery Maryland, RB,
VRDN, Riderwood Village Inc. Project,
0.43%, 10/07/09 (a)		13,405	13,405,000

		Par
Municipal Bonds		(000)	Value
Maryland (concluded)
County of Prince George’s Maryland, Refunding RB,
VRDN, Collington Episcopal, Series A,
0.33%, 10/07/09 (a)	$ 6,880 $		6,880,000
Maryland Community Development Administration,
RB, AMT, VRDN (a):
Clipper Tax-Exempt Certificate Trust,
Series 2007-19, Partner Multi-State,
0.55%, 10/07/09 (b)		2,943	2,943,000
FLOATS, Series 2997, 0.42%, 10/07/09 (b)(c)		8,475	8,475,000
Residential, Series C, 0.39%, 10/07/09		13,630	13,630,000
Maryland Economic Development Corp., RB,
VRDN (a):
Bakery De France Facilities, AMT,
0.70%, 10/07/09		10,000	10,000,000
Garrett Community College Facilities,
0.40%, 10/07/09		6,955	6,955,000
Linemark Printing Project, AMT, 0.60%, 10/07/09		3,700	3,700,000
Pharmaceutics International Inc., Series A, AMT,
0.55%, 10/07/09		4,455	4,455,000
Maryland Health & Higher Educational Facilities
Authority, RB, VRDN, University Maryland Medical
System, Series B, 0.34%, 10/07/09 (a)		7,200	7,200,000
Maryland State Stadium Authority Lease Revenue,
Refunding RB, VRDN, Baltimore Convention,
0.35%, 10/07/09 (a)		3,175	3,175,000
			120,973,000
Massachusetts — 2.8%
Commonwealth of Massachusetts, GO, VRDN,
Refunding, Series B, 0.35%, 10/07/09 (a)		15,300	15,300,000
Commonwealth of Massachusetts, RB, FLOATS, VDRN,
1.31%, 10/07/09 (a)(b)		24,030	24,030,000
Commonwealth of Massachusetts, TECP,
1.05%, 11/09/09		10,500	10,500,000
Massachusetts Bay Transportation Authority, RB,
VRDN, Senior, Series A-2, 0.37%, 10/07/09 (a)		17,500	17,500,000
Massachusetts Development Finance Agency, RB,
VRDN (a):
Macon Trust, Bank of America, Series 2007-344,
0.90%, 10/07/09 (b)		89,083	89,083,000
Suffolk University, Series A (AGC),
0.37%, 10/07/09		13,575	13,575,000
Massachusetts Health & Educational Facilities
Authority, RB, VRDN (a):
Dana-Farber Cancer Institute, Series L2,
0.30%, 10/07/09		7,800	7,800,000
Macon Trust, Bank of America, Series 2007-310,
0.90%, 10/07/09 (b)		7,700	7,700,000
ROCS, Series II R-11577PB,
0.36%, 10/07/09 (b)		31,750	31,750,000
Massachusetts State Turnpike Authority, RB, VRDN,
Clipper Tax-Exempt Certificate Trust, Series
2007-48, 0.35%, 10/07/09 (a)(b)		15,000	15,000,000
Massachusetts Water Resources Authority, RB,
VRDN, Eagle Tax-Exempt Trust, Series 2006-0054,
Class A (FSA), 0.36%, 10/07/09 (a)(b)		7,495	7,495,000
			239,733,000

See Notes to Financial Statements.

14 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

		Par
Municipal Bonds		(000)	Value
Michigan — 1.6%
City of Detroit Michigan, RB, VRDN, ROCS,
Series II R-719PB, 0.55%, 10/07/09 (a)(b)	$ 12,485 $		12,485,000
Kalamazoo Hospital Finance Authority, Michigan,
Refunding RB, VRDN, Bronson Methodist, Series A,
0.35%, 10/07/09 (a)		4,990	4,990,000
Michigan State HDA, RB, VRDN, Series A, AMT,
0.35%, 10/07/09 (a)		35,000	35,000,000
Michigan Strategic Fund, RB, VRDN, Livonia Tool Inc.
Project, AMT, 0.55%, 10/07/09 (a)		2,000	2,000,000
Michigan Water Supply System, RB, VRDN,
ROCS, Series II R-665PB Detroit, Michigan,
0.43%, 10/07/09 (a)(b)		20,720	20,720,000
RBC Municipal Products Inc. Trust, RB, FLOATS, VRDN,
Series L-24, AMT, 0.49%, 10/07/09 (a)(b)		40,045	40,045,000
Wayne County Airport Authority, Refunding RB,
VRDN, Detroit Metropolitan, Series C1, AMT,
0.37%, 10/07/09 (a)		25,685	25,685,000
			140,925,000
Minnesota — 1.2%
City of Minneapolis Minnesota, RB, VRDN, Fairview
Health Services, Series D, 0.35%, 10/07/09 (a)		2,300	2,300,000
Minnesota HFA, RB, VRDN, Residential Housing
Finance, Series C, AMT, 0.42%, 10/07/09 (a)		7,500	7,500,000
Rochester Healthcare Facilities, TECP,
0.40%, 10/07/09		82,500	82,500,000
State of Minnesota, GO, VRDN (a)(b):
JP Morgan Chase PUTTERS/DRIVERS Trust,
Series 3265, 0.33%, 10/07/09		1,995	1,995,000
ROCS, Series II R-11538PB, 0.36%, 10/07/09		10,495	10,495,000
			104,790,000
Mississippi — 0.7%
Mississippi Development Bank, SO, RB, VRDN,
Municipal Gas Authority, Natural Gas Project,
0.31%, 10/07/09 (a)		45,753	45,753,000
Mississippi Development Bank, SO, Refunding
RB, VRDN, Walnut Grove Youth, Series A,
0.35%, 10/07/09 (a)		8,000	8,000,000
State of Mississippi, GO, VRDN, Capital Improvement,
Series E, 0.37%, 10/07/09 (a)		3,000	3,000,000
			56,753,000
Missouri — 0.8%
Kansas City IDA, Missouri, RB, VRDN, Kansas
City Downtown Redevelopment, Series B,
0.37%, 10/07/09 (a)		11,820	11,820,000
Missouri Joint Municipal Electric Utility
Commission, RB, VRDN, ROCS, Series II R-620PB,
0.43%, 10/07/09 (a)(b)		12,395	12,395,000
Missouri State Health & Educational Facilities
Authority, Missouri, RB, VRDN (a):
Ascension Health, Series C-1, 0.56%, 10/07/09		4,250	4,250,000
Ascension Health, Series C-2, 0.73%, 10/07/09		17,000	17,000,000
Saint Lukes Health System, Series A,
0.40%, 10/07/09		8,325	8,325,000

		Par
Municipal Bonds		(000)	Value
Missouri (concluded)
Missouri State Health & Educational Facilities
Authority, Missouri, Refunding RB, VRDN, Sisters	��
Mercy Health, Series C, 0.37%, 10/07/09 (a)	$ 8,225 $		8,225,000
Palmyra IDA, RB, VRDN, BASF Corp. Project, AMT,
0.85%, 10/07/09 (a)		6,000	6,000,000
			68,015,000
Multi-State — 0.2%
Multi-State, RB, BB&T Municipal Trust, FLOATS, VRDN,
Series 5001, 0.49%, 10/07/09 (a)(b)(c)		14,477	14,476,680
Nebraska — 0.6%
City of Lincoln Nebraska, RB, VRDN, FLOATS,
Series 2900, 0.37%, 10/07/09 (a)(b)		16,000	16,000,000
Omaha Public Power District, RB, VRDN, Eclipse
Funding Trust, Series 2006-0025, Solar Eclipse,
Omaha, 0.34%, 10/07/09 (a)(b)		5,815	5,815,000
Public Power Generation Agency, RB, VRDN, ROCS,
Series II R-11019, PB, 0.43%, 10/07/09 (a)(b)		26,150	26,150,000
			47,965,000
Nevada — 1.2%
County of Clark Nevada, RB, VRDN, Subordinate Lien,
Series A, 2.50%, 10/07/09 (a)		90,000	91,164,006
Truckee Meadows Water Authority, RB, VRDN, FLOATS,
Series 51TP (FSA), 0.30%, 10/07/09 (a)(b)		11,790	11,790,000
			102,954,006
New Hampshire — 0.4%
New Hampshire Health & Education Facilities
Authority, RB, Eclipse Funding Trust, VRDN, Series
2007-0018, Solar Eclipse, New Hampshire,
0.34%, 10/07/09 (a)(b)		10,445	10,445,000
New Hampshire Health & Education Facilities
Authority, RB, VRDN, ROCS, Series II R-783PB,
0.43%, 10/07/09 (a)(b)		20,245	20,245,000
New Hampshire Health & Education Facilities
Authority, RB, VRDN, River College,
0.40%, 10/07/09 (a)		6,745	6,745,000
			37,435,000
New Jersey — 4.9%
Borough of Allendale New Jersey, GO, BAN,
2.25%, 2/26/10		5,178	5,208,135
Borough of Edgewater New Jersey, GO, BAN,
1.50%, 8/20/10		6,866	6,905,847
City of Margate City New Jersey, GO, BAN,
1.50%, 7/13/10		3,200	3,218,907
County of Passaic New Jersey, GO, BAN,
1.50%, 4/13/10		8,300	8,337,829
New Jersey EDA, Revenue Notes, VDRN, Series 2009A,
Construction Notes, 2.50%, 10/07/09 (a)		78,800	79,926,948
New Jersey EDA, RB, FLOATS, VDRN (a)(b):
1.28%, 10/07/09		18,700	18,700,000
1.28%, 10/07/09		14,000	14,000,000
New Jersey EDA, TECP, 1.00%, 10/06/09		22,000	22,000,000
New Jersey Health Care Facilities Financing Authority,
RB, VRDN, Robert Wood Johnson, Series A-3,
0.29%, 10/07/09 (a)		7,500	7,500,000

See Notes to Financial Statements.

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 15

Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

	Par
Municipal Bonds	(000)	Value
New Jersey (concluded)
New Jersey State Housing & Mortgage Finance
Agency, RB, VRDN, S/F Housing, Series O, AMT,
0.48%, 10/07/09 (a)	$ 20,000 $	20,000,000
New Jersey State Turnpike Authority, RB, VRDN (a):
FLOATS, 1.28%, 10/07/09 (b)	14,000	14,000,000
Series C-1 (FSA), 0.50%, 10/07/09	73,890	73,890,000
State of New Jersey, GO, TRAN, 2.50%, 6/24/10	98,000	99,409,338
Tobacco Settlement Financing Corp., New
Jersey, RB, FLOATS, VRDN, Series 2959,
0.95%, 10/07/09 (a)(b)(c)	11,150	11,150,000
Township of Readington New Jersey, GO, BAN,
1.50%, 2/04/10	15,000	15,039,353
Township of Woodbridge New Jersey, GO, BAN,
1.50%, 7/02/10	20,000	20,112,110
		419,398,467
New Mexico — 0.7%
City of Rio Rancho, RB, Eclipse Funding Trust, VRDN,
Series 2007-0019, Solar Eclipse, Rio Rancho,
0.34%, 10/07/09 (a)(b)	14,500	14,500,000
New Mexico Hospital Equipment Loan Council,
RB, VRDN, Presbyterian Healthcare, Series D,
0.30%, 10/07/09 (a)	10,615	10,615,000
New Mexico Mortgage Finance Authority, RB, VRDN,
S/F Mortgage Program, Short-Term, Series 1, AMT,
1.03%, 10/07/09 (a)	31,191	31,190,685
		56,305,685
New York — 4.9%
City of New York New York, GO, VRDN (a):
ROCS, Series II R 251A, 0.68%, 10/07/09 (b)	25,000	25,000,000
Series F-4, 0.30%, 10/07/09	140	140,000
Sub-Series H-3, 0.35%, 10/07/09	3,800	3,800,000
Sub-Series L-6, 0.26%, 10/07/09	12,000	12,000,000
Port Authority of New York & New Jersey, RB, VRDN,
JP Morgan Chase PUTTERS/DRIVERS Trust,
Series 3192, AMT, 0.46%, 10/07/09 (a)(b)	25,325	25,325,000
New York City Housing Development Corp., RB,
VRDN (a):
Balton, Series A, 0.35%, 10/07/09	9,875	9,875,000
Beekman Tower, Series A, 0.95%, 10/07/09	24,300	24,300,000
Brittany Development, Series A, AMT (FNMA),
0.36%, 10/07/09	13,000	13,000,000
Series I-2, AMT, 0.72%, 10/07/09	12,500	12,500,000
Series J-1, AMT, 0.40%, 10/07/09	81,960	81,960,000
New York City Housing Development Corp.,
Refunding RB, VRDN, M/F, The Crest, Series A,
0.40%, 10/07/09 (a)	2,700	2,700,000
New York City Industrial Development Agency, RB,
VRDN, New York Law School Project, Series A,
0.35%, 10/07/09 (a)	18,300	18,300,000
New York City Municipal Water Finance Authority, RB,
VRDN (a):
2nd General Resolution, Series AA-2,
0.35%, 10/07/09	4,000	4,000,000
ROCS, Series II R-11756,
0.35%, 10/07/09 (b)(c)	10,000	10,000,000
New York City New York, Municipal Water Finance
Authority, TECP, 0.42%, 11/12/09	25,000	25,000,000

		Par
Municipal Bonds		(000)	Value
New York (concluded)
New York City Transitional Finance Authority, RB,
VRDN, Future Tax Secured (a):
Series A-1, 0.35%, 10/07/09	$ 17,980 $		17,980,000
Sub-Series C-3, 0.40%, 10/07/09		13,545	13,545,000
New York Mortgage Agency, New York, RB, VRDN,
Homeowner Mortgage, Series 125, AMT,
0.38%, 10/07/09 (a)		3,000	3,000,000
New York Mortgage Agency, RB, VRDN, Mortgage,
37th Series, AMT, 0.45%, 10/07/09 (a)		15,200	15,200,000
New York State Dormitory Authority, RB, VRDN (a):
City University, Consolidated 5th, Series D,
0.28%, 10/07/09		4,000	4,000,000
Cornell University, Series B, 0.35%, 10/07/09		9,260	9,260,000
Mental Health Services, Sub-Series D-2F,
0.30%, 10/07/09		22,970	22,970,000
North Shore-Long Island Jewish Health System
Project, Series D, 0.35%, 10/07/09		12,500	12,500,000
Rochester Friendly Home, 0.40%, 10/07/09		8,545	8,545,000
New York State HFA, RB, VRDN, Housing,
363 West 30th Street, Series A, AMT (FHLMC),
0.36%, 10/07/09 (a)		2,800	2,800,000
New York State HFA, Refunding RB, VRDN, Series G,
0.45%, 10/07/09 (a)		10,700	10,700,000
Triborough Bridge & Tunnel Authority, New York, RB,
VRDN, Series B, 0.37%, 10/07/09 (a)		18,145	18,145,000
Triborough Bridge & Tunnel Authority, New York,
Refunding RB, VRDN, Sub-Series B-2, 0.35%,
10/07/09 (a)		17,000	17,000,000
			423,545,000
North Carolina — 5.9%
Charlotte Housing Authority, North Carolina, RB,
VRDN (a):
Oak Park Project, 0.40%, 10/07/09		7,500	7,500,000
Stonehaven East Project, 0.40%, 10/07/09		5,695	5,695,000
City of Charlotte North Carolina, Refunding RB, VRDN,
Charlotte Douglas, Series D, 0.35%, 10/07/09 (a)		675	675,000
City of Raleigh North Carolina, COP:
Downtown, VDRN, Series B, 0.38%, 10/07/09 (a)		11,000	11,000,000
Governmental Facilities Project, 3.00%, 10/07/09		3,500	3,509,011
City of Winston-Salem North Carolina, COP, VRDN,
Series C, 0.39%, 10/07/09 (a)		16,000	16,000,000
County of Wake North Carolina, GO:
BAN, 3.50%, 10/15/09 (d)		6,000	6,004,364
VRDN, Series A, 0.50%, 10/07/09 (a)		45,350	45,350,000
VRDN, Series B, 0.35%, 10/07/09 (a)		1,800	1,800,000
Fayetteville, North Carolina, Public Works Commission,
Refunding RB, VRDN, 0.42%, 10/07/09 (a)		2,000	2,000,000
Martin County Industrial Facilities & Pollution Control
Financing Authority, North Carolina, RB, VRDN,
Industrial Development, Penco Products
Project, AMT, 0.65%, 10/07/09 (a)		9,000	9,000,000
Mecklenburg County North Carolina, COP, VRDN,
0.34%, 10/07/09 (a)		26,860	26,860,000
Mecklenburg County North Carolina, GO, VRDN,
Refunding, Series D, 0.50%, 10/07/09 (a)		6,000	6,000,000
North Carolina, BB&T Municipal Trust, RB, VRDN,
FLOATS (a)(b):
Series 1009, 0.35%, 10/07/09		1,970	1,970,000
Series 1011, 0.35%, 10/07/09		860	860,000

See Notes to Financial Statements.

16 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

		Par
Municipal Bonds		(000)	Value
North Carolina (concluded)
North Carolina Capital Facilities Finance
Agency, RB, VRDN, Aquarium Society Project,
0.37%, 10/07/09 (a)	$ 13,445 $		13,445,000
North Carolina Capital Facilities Finance Agency,
Refunding RB, VRDN, Duke Energy Carolina, AMT (a):
Series A, 0.31%, 10/07/09		16,300	16,300,000
Series B, 0.47%, 10/07/09		6,000	6,000,000
North Carolina Combined Enterprise System,
RB, VRDN, ROCS, Series II R-645, Raleigh,
0.36%, 10/07/09 (a)(b)		6,400	6,400,000
North Carolina HFA, North Carolina, RB, VRDN, AMT (a):
Home Ownership, Series 17-C, 0.45%, 10/07/09		3,950	3,950,000
Home Ownership, Series 18-C, 0.45%, 10/07/09		7,400	7,400,000
MERLOTS, Series B-12, 0.42%, 10/07/09 (b)(c)		4,730	4,730,000
North Carolina Medical Care Commission, North
Carolina, GO, VRDN, Duke University Hospital
Project, Series A, 0.27%, 10/07/09 (a)		22,850	22,850,000
North Carolina Medical Care Commission, North
Carolina, RB, VRDN (a):
Aldersgate Project, 0.32%, 10/07/09		1,280	1,280,000
Duke University Hospital, Series B,
0.27%, 10/07/09		2,250	2,250,000
Moses Cone Health System, Series A,
0.40%, 10/07/09		39,450	39,450,000
Moses Cone Health System, Series B,
0.40%, 10/07/09		32,300	32,300,000
Novant Health Group, Series A, 0.40%, 10/07/09		59,750	59,750,000
Novant Health Group, Series B, 0.32%, 10/07/09		8,300	8,300,000
ROCS, Series II R-10313, 0.36%, 10/07/09 (b)		99,605	99,605,000
Transylvania Regional Hospital, 0.34%, 10/07/09		13,240	13,240,000
North Carolina Medical Care Commission, North
Carolina, Refunding RB, VRDN, University Health
System Eastern, Series A 1, 0.29%, 10/07/09 (a)		7,600	7,600,000
North Carolina State Education Assistance Authority,
Refunding RB, VRDN, Student Loan, Series A-2,
AMT, 0.45%, 10/07/09 (a)		14,000	14,000,000
North Carolina State University at Raleigh, RB, VRDN,
Series B, 0.27%, 10/07/09 (a)		2,000	2,000,000
University of North Carolina at Chapel Hill, RB, VRDN,
Series B, 0.30%, 10/07/09 (a)		500	500,000
			505,573,375
North Dakota — 0.1%
County of Cass North Dakota, RB, VRDN, Health Care,
Essentia, Series A-1 (AGC), 0.30%, 10/07/09 (a)		10,185	10,185,000
Ohio — 1.8%
City of Beachwood Ohio, GO, BAN, Building
Acquisition, 2.25%, 12/03/09		1,000	1,000,948
City of Cuyahoga Falls Ohio, GO, Various Purpose
Notes, Limited Tax, 2.75%, 10/07/09		1,750	1,754,299
City of Solon Ohio, Notes, BAN, 2.75%, 11/19/09		5,700	5,707,668
City of Willoughby, Ohio, GO, Ltd. Notes, BANS,
Purpose Improvement, 1.00%, 10/08/10		6,950	6,981,762
County of Cuyahoga Ohio, GO, BAN,
2.50%, 12/23/09		15,000	15,049,503
County of Franklin Ohio, Refunding RB,
VRDN, Nationwide Hospital, Series F,
0.29%, 10/07/09 (a)		10,680	10,680,000
County of Union Ohio, GO, BAN, Main Street,
2.38%, 12/09/09 (d)		1,000	1,000,988

	Par
Municipal Bonds	(000)	Value
Ohio (concluded)
County of Wood Ohio, RB, VRDN, GHT
Property Management LLC Project, AMT,
1.80%, 10/07/09 (a)	$ 1,075 $	1,075,000
Lancaster Port Authority, RB, VRDN,
0.40%, 10/07/09 (a)	16,730	16,730,000
Ohio Air Quality Development Authority, Refunding RB,
VRDN (a):
Cincinnati Gas & Electric, Series A,
0.60%, 10/07/09	7,900	7,900,000
Cincinnati Gas & Electric, Series B,
0.60%, 10/07/09	16,300	16,300,000
Pollution Control, FirstEnergy, Series A,
1.30%, 10/07/09	32,000	32,000,000
Ohio State Water Development Authority,
Refunding RB, VRDN, FirstEnergy Project,
Series A, AMT, 0.45%, 10/07/09 (a)	30,000	30,000,000
Princeton City School District, GO, MSTR, VRDN,
Series SGB 50-A, 0.32%, 10/07/09 (a)(b)	2,370	2,370,000
State of Ohio, GO, VRDN, Refunding & Improvement,
Infrastructure, Series D, 0.40%, 10/07/09 (a)	10,200	10,200,000
		158,750,168
Oklahoma — 0.2%
Oklahoma Development Finance Authority, RB, VRDN,
AMT (a):
Conoco Project, Series B, 0.42%, 10/07/09	2,500	2,500,000
ConocoPhillips Co. Project, 0.42%, 10/07/09	5,000	5,000,000
Oklahoma Turnpike Authority, Refunding RB, VRDN,
Second Senior Series D, 0.38%, 10/07/09 (a)	12,650	12,650,000
		20,150,000
Oregon — 0.1%
Clackamas County Hospital Facility Authority,
Oregon, RB, VRDN, Legacy Health System,
0.40%, 10/07/09 (a)	8,580	8,580,000
Pennsylvania — 1.9%
Allegheny County Hospital Development
Authority, RB, VRDN, PUTTERS, Series 2327,
0.40%, 10/01/09 (a)(b)	5,770	5,770,000
Delaware County Authority, Pennsylvania, RB, VRDN,
Haverford, 0.27%, 10/07/09 (a)	18,200	18,200,000
Delaware River Joint Toll Bridge Commission, RB,
VRDN, Series B-2, 0.45%, 10/07/09 (a)	22,465	22,465,000
Emmaus General Authority, RB, VRDN, Pennsylvania
Loan Program, Series A, 0.35%, 10/07/09 (a)	21,500	21,500,000
Pennsylvania HFA, RB, VRDN, Series 99C, AMT,
0.40%, 10/07/09 (a)	5,100	5,100,000
Pennsylvania State, GO, Clipper Tax-Exempt
Certificate Trust, RB, VRDN, Series 2007-30,
0.43%, 10/07/09 (a)(b)	25,000	25,000,000
Pennsylvania Turnpike Commission, RB, VRDN,
Series U, 0.45%, 10/07/09 (a)	39,415	39,415,000
Southcentral General Authority, Pennsylvania, RB,
VRDN, Wellspan Health Obligation Group, Series C,
0.39%, 10/07/09 (a)	5,800	5,800,000
Venango, Pennsylvania, IDA, TECP:
1.85%, 10/06/09	12,048	12,048,000
2.00%, 10/02/09	900	900,000
2.00%, 10/05/09	5,100	5,100,000
		161,298,000

See Notes to Financial Statements.

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 17

Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

		Par
Municipal Bonds		(000)	Value
Puerto Rico — 0.3%
Puerto Rico Highway & Transportation Authority, RB,
VRDN, FLOATS, 1.29%, 10/07/09 (a)(b)	$ 26,200 $		26,200,000
Rhode Island — 0.4%
Narragansett Bay Commission, RB, VRDN, ROCS,
Series II, R-780PB, 0.41%, 10/07/09 (a)(b)		17,565	17,565,000
Rhode Island Housing & Mortgage Finance Corp.,
Rhode Island, RB, VRDN, Groves at Johnston
Project, AMT, 1.15%, 10/07/09 (a)		17,500	17,500,000
			35,065,000
South Carolina — 1.8%
City of Spartanburg South Carolina, RB,
VRDN, ROCS, Series II R 11020PB (FSA),
0.80%, 10/07/09 (a)(b)		13,290	13,290,000
County of Beaufort South Carolina, GO, BAN,
1.75%, 5/28/10		28,755	28,897,438
County of Berkeley South Carolina, GO, BAN,
1.25%, 5/28/10		9,100	9,145,834
County of Greenwood South Carolina, Refunding
RB, VRDN, Fuji Photo Film Project, AMT,
0.44%, 10/07/09 (a)		12,200	12,200,000
Greenville Hospital System Board, Refunding RB,
VRDN, Series C, 0.35%, 10/07/09 (a)		4,500	4,500,000
Piedmont Municipal Power Agency, South Carolina,
RB, VRDN, Series B (AGC), 0.45%, 10/07/09 (a)		8,200	8,200,000
South Carolina Jobs, EDA, RB, Macon Trust, VRDN
Certificates, Bank of America, Series 2007-303,
0.90%, 10/07/09 (a)(b)		9,080	9,080,000
South Carolina Jobs, EDA, RB, VRDN (a):
Sisters of Charity Providence Hospital,
0.34%, 10/07/09		44,825	44,825,000
UMA Refinance Project, 0.31%, 10/07/09		4,985	4,985,000
South Carolina State Public Service Authority,
RB, VRDN, Eagle Tax-Exempt Trust, Series 2006-0007,
Class A, 0.36%, 10/07/09 (a)(b)		11,500	11,500,000
South Carolina Transportation Infrastructure Bank,
South Carolina, Refunding RB, VRDN (a):
Series B-1, 0.34%, 10/07/09		5,290	5,290,000
Series B-2, 0.28%, 10/07/09		4,785	4,785,000
Series B-3, 0.25%, 10/07/09		25	25,000
			156,723,272
Tennessee — 2.7%
City of Memphis Tennessee, GO, BAN,
2.00%, 5/18/10		8,790	8,870,979
Clarksville Public Building Authority, Tennessee, RB,
VRDN, Pooled Financing, Tennessee Municipal
Bond Fund, 0.37%, 10/07/09 (a)		44,975	44,975,000
County of Shelby Tennessee, GO, VRDN,
Public Improvement, School, Series B,
0.32%, 10/07/09 (a)		10,000	10,000,000
Metropolitan Government Nashville & Davidson
County Health & Educational Facilities Board, RB,
FLOATS, VRDN (a)(b)(c):
Series 3012, 0.37%, 10/07/09		5,305	5,305,000
Series 3013, 0.35%, 10/07/09		10,000	10,000,000
Metropolitan Government Nashville & Davidson
County IDB, RB, VRDN, Nashville Symphony Hall
Project, 0.37%, 10/07/09 (a)		13,038	13,038,000

	Par
Municipal Bonds	(000)	Value
Tennessee (concluded)
Montgomery County Public Building Authority,
Tennessee, RB, VRDN, Tennessee County Loan Pool,
0.37%, 10/07/09 (a)	$ 1,800 $	1,800,000
Municipal Energy Acquisition Corp., Tennessee,
RB, VRDN, PUTTERS, Series 1578,
0.40%, 10/07/09 (a)(b)	48,635	48,635,000
Shelby County Health Educational & Housing
Facilities Board, RB, VRDN, Methodist Le Bonheur,
(AGC) (a):
Series A, 0.30%, 10/07/09	10,000	10,000,000
Series B, 0.33%, 10/07/09	10,000	10,000,000
Shelby County Tennessee, TECP, 0.40%, 10/14/09	10,000	10,000,000
Tennergy Corp., Tennessee, RB, VRDN,
Stars Certificates BNP, Series 2006-001,
0.40%, 10/07/09 (a)	56,090	56,090,000
		228,713,979
Texas — 13.7%
Brazos Harbor Industrial Development Corp., RB,
VRDN, AMT (a):
BASF Corp. Project, 0.80%, 10/07/09	25,000	25,000,000
BASF Corp. Project, 0.85%, 10/07/09	50,000	50,000,000
ConocoPhillips Co. Project, 0.42%, 10/07/09	4,500	4,500,000
Brazos River Harbor Navigation District, RB, VRDN,
AMT (a):
BASF Corp. Project, 0.85%, 10/07/09	18,400	18,400,000
Multi-Mode, BASF Corp., 0.85%, 10/07/09	15,800	15,800,000
Calhoun County Naval IDA, Texas, RB, VRDN, British
Petroleum Co., AMT, 0.39%, 10/07/09 (a)	9,000	9,000,000
City of Austin Texas, Refunding RB, VRDN, AMT
(FSA) (a):
Sub-Series 3, 0.50%, 10/07/09	52,035	52,035,000
Sub-Series 4, 0.50%, 10/07/09	54,750	54,750,000
City of Brownsville, RB, Deutsche Bank SPEARS/
LIFERS Trust, VRDN, Series DBE-533,
0.35%, 10/07/09 (a)(b)	1,765	1,765,000
City of Houston Texas, RB, VRDN, ROCS,
Series II R-12046 (FSA), 0.80%, 10/07/09 (a)(b)	13,200	13,200,000
City of Houston Texas, Refunding RB, VRDN,
First Lien (a):
Combined, Series A-1, 0.35%, 10/07/09	10,000	10,000,000
Combined, Series A-2, 0.37%, 10/07/09	6,200	6,200,000
Series B-2, 0.50%, 10/07/09	15,000	15,000,000
City of Midland Texas, GO, VRDN, ROCS,
Series II R-810PB, 0.41%, 10/07/09 (a)(b)	10,750	10,750,000
County of Collin Texas, GO, VRDN, FLOATS,
Series 42-TP, 0.30%, 10/07/09 (a)(b)	10,925	10,925,000
County of Fort Bend Texas, GO, VRDN, MSTR,
Series SGB-46-A, 0.36%, 10/07/09 (a)(b)	4,500	4,500,000
County of Harris Texas, VRDN (a)(b):
GO, ROCS, Series II R-10360,
0.36%, 10/07/09 (c)	16,255	16,255,000
RB, MSTR, Series SGC-31, Class A,
0.35%, 10/07/09	11,280	11,280,000
Cypress-Fairbanks ISD, GO, FLOATS, VRDN,
Series 86-TP, 0.30%, 10/07/09 (a)(b)	2,555	2,555,000
Dallas Area Rapid Transit, Refunding RB, Eagle
Tax-Exempt Trust, VRDN, Series 2009-0035,
Class A, 0.36%, 10/07/09 (a)(b)(c)	7,700	7,700,000

See Notes to Financial Statements.

18 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Schedule of Investments (continued) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

		Par
Municipal Bonds		(000)	Value
Texas (continued)
Denton ISD, Texas, GO, VRDN, Building,
Series 2005-A, 0.38%, 10/07/09 (a)	$ 2,500 $		2,500,000
Galena Park ISD, Texas, GO, VRDN, Floating Rate
Receipts, Series SG-153, 0.35%, 10/07/09 (a)(b)		12,250	12,250,000
Grapevine Industrial Development Corp., Texas,
Refunding RB, VRDN, Southern Air Transport,
0.32%, 10/07/09 (a)		5,300	5,300,000
Gulf Coast Waste Disposal Authority, RB, VRDN,
AMT (a):
Air Products Project, 0.45%, 10/07/09		2,200	2,200,000
American Aeryl LP Project, 0.50%, 10/07/09		19,000	19,000,000
Waste Management Inc., Series A,
0.35%, 10/07/09		2,500	2,500,000
Harris County Health Facilities Development Corp.,
RB, VRDN, Refunding, Saint Lukes Episcopal,
Series A, 0.50%, 10/07/09 (a)		45,500	45,500,000
Houston ISD, GO, VRDN, Schoolhouse,
0.35%, 10/07/09 (a)		14,625	14,625,000
Katy ISD, Texas, GO, VRDN, School Building,
0.35%, 10/07/09 (a)		5,800	5,800,000
Mesquite Industrial Development Corp., Texas, RB,
VRDN, Industrial Development, Morrison Products,
AMT, 1.60%, 10/07/09 (a)		1,300	1,300,000
North East ISD, Texas, GO, VRDN, FLOATS,
Series SG-143, 0.35%, 10/07/09 (a)(b)		17,000	17,000,000
North Texas Municipal Water District, Texas, RB, VRDN,
ROCS, Series II R-593PB, 0.41%, 10/07/09 (a)(b)		8,420	8,420,000
North Texas Tollway Authority, Refunding RB, Deutsche
Bank SPEARS/LIFERS Trust, VRDN, Series DB-626
(AGC), 0.35%, 10/07/09 (a)(b)		11,487	11,487,000
Port Arthur Navigation District, Texas, RB, VRDN,
Air Products & Chemicals Project, AMT,
0.45%, 10/07/09 (a)		10,000	10,000,000
Port of Corpus Christi Authority of Nueces County
Texas, RB, VRDN, Flint Hills Resource, Series A,
AMT, 0.70%, 10/07/09 (a)		22,650	22,650,000
Port of Port Arthur Navigation District, RB, VRDN,
AMT (a):
Motiva Enterprises, 0.50%, 10/07/09		4,800	4,800,000
Multi-Mode, Atofina, Series B, 0.40%, 10/07/09		10,000	10,000,000
Port of Port Arthur Navigation District, Refunding
RB, VRDN, Motiva Enterprises Project, AMT,
0.45%, 10/07/09 (a)		17,335	17,335,000
San Antonio ISD, Refunding GO, Eagle Tax-Exempt
Trust, VRDN, Series 2009-0037, Class A,
0.36%, 10/07/09 (a)(b)(c)		5,000	5,000,000
Sheldon ISD, Texas, GO, PUTTERS, VRDN, Series
2009, 0.43%, 10/07/09 (a)(b)		5,195	5,195,000
Socorro ISD, Texas, GO, VRDN, ROCS,
Series II R-11540PB, 0.41%, 10/07/09 (a)(b)(c)		12,685	12,685,000
State of Texas, GO, Clipper Tax-Exempt Certificate
Trust, VRDN, Series 2007-46, Certificates Partner
Texas, 0.43%, 10/07/09 (a)(b)(c)		10,000	10,000,000
State of Texas, GO, VRDN, Veterans Housing
Assistance Fund II, AMT (a):
Series A, 0.39%, 10/07/09		32,765	32,765,000
Series A, 0.42%, 10/07/09		12,765	12,765,000
Series B, 0.30%, 10/07/09		48,270	48,270,000
Series B, 0.45%, 10/07/09		21,600	21,600,000

	Par
Municipal Bonds	(000)	Value
Texas (concluded)
State of Texas, Revenue Notes,TRAN,
2.50%, 8/31/10	$350,000 $	356,516,427
Tarrant County Cultural Education Facilities Finance
Corp., RB, FLOATS, VRDN (a)(b)(c):
Series 2973, 0.35%, 10/07/09	36,000	36,000,000
Series 2974, 0.35%, 10/07/09	12,000	12,000,000
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB, VRDN, Scott White Memorial,
Series B, 0.30%, 10/07/09 (a)	11,000	11,000,000
Texas Municipal Gas Acquisition & Supply
Corp. II, RB, VRDN, ROCS, Series II R-10014,
0.65%, 10/07/09 (a)(b)	61,000	61,000,000
Weslaco Health Facilities Development Corp., RB,
VRDN, Refunding & Improvement, Knapp Medical
Center, Series A, 1.00%, 10/07/09 (a)	4,780	4,780,000
		1,181,858,427
Utah — 0.5%
State of Utah, GO, FLOATS, VRDN, Series 2987,
0.35%, 10/07/09 (a)(b)(c)	6,000	6,000,000
Utah State Board of Regents, Utah, RB, VRDN,
Series A, AMT, 0.49%, 10/07/09 (a)	30,000	30,000,000
Utah Transit Authority, Utah, RB, VRDN, PUTTERS,
Series 1107B (FSA), 0.45%, 10/07/09 (a)(b)	4,995	4,995,000
		40,995,000
Vermont — 0.2%
Vermont Student Assistance Corp.,
Refunding RB, VRDN, Senior Series C-1, AMT,
0.38%, 10/07/09 (a)	17,000	17,000,000
Virginia — 0.7%
Alexandria Industrial Development Authority, RB,
VRDN, YMCA, 0.45%, 10/07/09 (a)	500	500,000
Arlington County IDA Virginia, Refunding RB, VRDN,
Housing, Woodbury Park Project, Series A (FHLMC),
0.40%, 10/07/09 (a)	2,500	2,500,000
Capital Beltway Funding Corp., RB, VRDN, Senior
Lien, I-495 Hot Lanes Project, Series D, AMT,
0.31%, 10/07/09 (a)	5,000	5,000,000
City of Richmond Virginia, RB, VRDN,
ROCS, Series II R-10410 (FSA),
0.38%, 10/07/09 (a)(b)(c)	6,055	6,055,000
County of Henrico Virginia, RB, VRDN, ROCS,
Series II R-753 PB, 0.41%, 10/07/09 (a)(b)	3,715	3,715,000
University of Virginia, Refunding RB, VRDN, ROCS,
Series II R 11776, 0.36%, 10/07/09 (a)(b)(c)	7,685	7,685,000
Virginia Commonwealth Transportation Board,
RB, VRDN, Clipper Tax-Exempt Certificate
Trust, Series 2009-38, Partner Virginia,
0.40%, 10/07/09 (a)(b)(c)	12,560	12,560,000
Virginia HDA, RB, VRDN, MERLOTS, Series B-19, AMT,
2.32%, 10/07/09 (a)(b)	3,000	3,000,000
Virginia HDA, Refunding RB, VRDN, MERLOTS,
Series C-42, AMT, 0.42%, 10/07/09 (a)(b)	2,880	2,880,000
Virginia Port Authority, Virginia, Revenue Notes, BAN,
Subordinated, 2.00%, 5/18/10	11,000	11,105,042
Virginia Resources Authority, Refunding RB, FLOATS,
VRDN, Series 1860, 0.34%, 10/07/09 (a)(b)	3,000	3,000,000
		58,000,042

See Notes to Financial Statements.

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 19

Schedule of Investments (concluded) Master Tax-Exempt LLC
(Percentages shown are based on Net Assets)

		Par
Municipal Bonds		(000)	Value
Washington — 2.1%
Chelan County Public Utility District No. 1,
RB, FLOATS, VRDN, Series 2969, AMT,
0.50%, 10/07/09 (a)(b)(c)	$ 6,770 $		6,770,000
City of Bellevue, GO, VRDN, Eagle Tax-Exempt
Trust, Series 2008-0025, Class A (FSA),
0.41%, 10/07/09 (a)(b)		15,100	15,100,000
City of Seattle Washington, RB, FLOATS, VRDN,
Series 2170 (FSA), 0.34%, 10/07/09 (a)(b)		2,530	2,530,000
County of King Washington, RB, VRDN,
ROCS, Series II R 12290 (FSA),
0.38%, 10/07/09 (a)(b)(c)		12,575	12,575,000
Energy Northwest, Refunding RB, VRDN (a):
Project No. 3, Series E, 0.30%, 10/07/09		7,000	7,000,000
Series 1A-1, 0.40%, 10/07/09		5,325	5,325,000
FYI Properties, RB, VRDN, Barclays Capital Municipal
Trust Receipts, FLOATS, Series 14W-A (Barclays
Bank PLC), 0.35%, 10/07/09 (a)(b)(c)		4,000	4,000,000
King County, Washington, TECP, 0.40%, 10/28/09		7,000	7,000,000
Pierce County EDC, Washington, RB, VRDN, PNW
Commercial LLC Project, AMT, 1.75%, 10/07/09 (a)		2,065	2,065,000
Port of Seattle Washington, RB, FLOATS, VRDN,
Series 3003, AMT, 0.40%, 10/07/09 (a)(b)(c)		10,425	10,425,000
State of Washington, GO, VRDN, ROCS,
Series II R-11308, 0.36%, 10/07/09 (a)(b)(c)		2,975	2,975,000
State of Washington, GO, VRDN, Refunding, Various
Purpose, Series R-2010A, 1.75%, 10/07/09 (a)		9,810	9,844,071
University of Washington, Washington, RB, FLOATS,
VRDN, Series 3005, 0.37%, 10/07/09 (a)(b)(c)		4,500	4,500,000
Washington Health Care Facilities Authority,
RB, VRDN, PeaceHealth, Series C,
0.30%, 10/07/09 (a)		4,365	4,365,000
Washington Health Care Facilities Authority,
Washington, RB, VRDN (a):
Overlake Hospital Medical Center, Series C-2,
1.30%, 10/07/09		10,000	10,000,000
SAVRS, 1.30%, 10/07/09		59,950	59,950,000
Washington State University, Washington, RB, ROCS,
VRDN, Series II R-595PB, 0.47%, 10/07/09 (a)(b)		16,145	16,145,000
			180,569,071
West Virginia — 0.3%
Monongalia County Building Commission, RB, VRDN,
Refunding & Improvement, General Hospital,
Series A, 0.40%, 10/07/09 (a)		15,505	15,505,000
West Virginia EDA, Refunding RB, VRDN,
Ohio Power Co., Sporn Project, Series C,
0.34%, 10/07/09 (a)		8,000	8,000,000
			23,505,000
Wisconsin — 2.1%
State of Wisconsin, Operating Notes,
2.50%, 6/15/10		35,000	35,499,414
State of Wisconsin, TECP:
0.50%, 10/02/09		30,000	30,000,000
0.50%, 10/09/09		15,000	15,000,000
0.42%, 11/12/09		16,300	16,300,000
0.45%, 12/07/09		15,800	15,800,000
0.45%, 12/11/09		7,941	7,942,000
Village of Kohler Wisconsin, RB, VRDN, Kohler Co.
Project, AMT, 0.58%, 10/07/09 (a)		4,000	4,000,000

	Par
Municipal Bonds	(000)		Value
Wisconsin (concluded)
Wisconsin Health & Educational Facilities Authority,
RB, VRDN (a):
Ascension Health, Series D, 0.60%, 10/07/09 $	19,225	$ 19,225,000
Goodwill Industries, 0.33%, 10/07/09	5,000		5,000,000
Wheaton Franciscan System, 0.34%, 10/07/09	2,405		2,405,000
Wisconsin Housing & EDA, Wisconsin, RB, VRDN,
Series A, AMT, 0.60%, 10/07/09 (a)	34,430		34,430,000
			185,601,414
Wyoming — 0.0%
County of Sweetwater Wyoming, RB, VRDN,
PacifiCorp., 0.40%, 10/07/09 (a)	3,750		3,750,000
Total Investments (Cost — $8,589,178,896*) — 99.9%			8,589,178,896
Other Assets Less Liabilities — 0.1%			4,908,640
Net Assets — 100.0%		$ 8,594,087,536
* Cost for federal income tax purposes.
(a) Variable rate security. Rate shown is as of report date and maturity shown is date
the principal owed can be recovered through demand.
(b) These securities are short-term floating rate certificates issued by tender option
bond trusts and are secured by the underlying municipal bond securities.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration to quali-
fied institutional investors.
(d) Security is collateralized by Municipal or U.S. Treasury Obligations.
• Fair Value Measurements — Various inputs are used in determining the fair value
of investments, which are as follows:
• Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for
identical or similar assets or liabilities in markets that are not active, inputs
other than quoted prices that are observable for the assets or liabilities (such
as interest rates, yield curves, volatilities, prepayment speeds, loss severities,
credit risks and default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Master LLC’s own assumptions used in determining the fair
value of investments)
The inputs or methodology used for valuing securities are not necessarily an indica-
tion of the risk associated with investing in those securities. For information about
the Master LLC’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of September 30, 2009 in
determining the fair valuation of the Master LLC’s investments:
Valuation		Investments in
Inputs			Securities
			Assets
Level 1			—
Level 21		$ 8,589,178,896
Level 3			—
Total		$ 8,589,178,896
1 See above Schedule of Investments for values in each state.

See Notes to Financial Statements.

20 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Statement of Assets and Liabilities
September 30, 2009 (Unaudited)	Master Tax-Exempt LLC
Assets
Investments at value — unaffiliated
(cost — $8,589,178,896)	$ 8,589,178,896
Cash	58,227
Interest receivable	13,020,691
Prepaid expenses	215,956
Total assets	8,602,473,770
Liabilities
Investments purchased payable	6,981,762
Investment advisory fees payable	995,630
Other affiliates payable	54,300
Officer’s and Directors’ fees payable	3,178
Withdrawals payable to investors	2,497
Other accrued expenses payable	348,867
Total liabilities	8,386,234
Net Assets	$ 8,594,087,536
Net Assets Consist of
Investors’ capital	$ 8,594,087,536

Statement of Operations
Six Months Ended September 30, 2009 (Unaudited)	Master Tax-Exempt LLC
Investment Income
Interest	$ 35,983,044
Expenses
Investment advisory	6,831,462
Accounting services	518,485
Custodian	124,309
Officer and Directors	73,839
Professional	63,255
Printing	8,885
Miscellaneous	124,985
Total expenses	7,745,220
Net investment income	28,237,824
Realized Gain
Realized gain from investments	129,844
Net Increase in Net Assets Resulting from Operations	$ 28,367,668

See Notes to Financial Statements.

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 21

Statements of Changes in Net Assets	Master Tax-Exempt LLC
	Six Months Ended
	September 30,	Year Ended
	2009	March 31,
Increase (Decrease) in Net Assets:	(Unaudited)	2009
Operations
Net investment income	$ 28,237,824	$ 199,310,157
Net realized gain	129,844	195,005
Net increase in net assets resulting from operations	28,367,668	199,505,162
Capital Transactions
Proceeds from contributions	25,805,872,203	79,097,894,440
Fair value of withdrawals	(28,603,630,750)	(80,046,967,072)
Net decrease in net assets derived from capital transactions	(2,797,758,547)	(949,072,632)
Net Assets
Total decrease in net assets	(2,769,390,879)	(749,567,470)
Beginning of period	11,363,478,415	12,113,045,885
End of period	$ 8,594,087,536	$11,363,478,415

Financial Highlights					Master Tax-Exempt LLC
	Six Months Ended
	September 30,
	2009		Year Ended March 31,
	(Unaudited)	2009	2008	2007	2006	2005
Total Investment Return
Total investment return	0.28%1	1.68%	3.34%	3.45%	2.64%	1.33%
Ratios to Average Net Assets
Total expenses	0.15%2	0.15%	0.15%	0.15%	0.15%	0.15%
Net investment income	0.55%2	1.67%	3.28%	3.44%	2.61%	1.31%
Supplemental Data
Net assets, end of period (000)	$8,594,088	$11,363,478	$12,113,046	$10,143,538	$ 9,524,737	$ 9,749,807
1 Aggregate total investment return.
2 Annualized.

See Notes to Financial Statements.

22 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Notes to Financial Statements (Unaudited) Master Tax-Exempt LLC

1. Organization and Significant Accounting Policies:

Master Tax-Exempt LLC (the “Master LLC”) is registered under the
Investment Company Act of 1940, as amended (the “1940 Act”), and
is organized as a Delaware limited liability company. The Limited Liability
Company Agreement permits the Directors to issue non-transferable
interests in the Master LLC, subject to certain limitations. The Board of
Directors of the Master LLC is referred to throughout this report as the
“Board of Directors” or the “Board”. The Master LLC’s financial state-
ments are prepared in conformity with accounting principles generally
accepted in the United States of America, which may require the use of
management accruals and estimates. Actual results may differ from
these estimates.

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

Valuation: 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, securities are val-
ued at cost when purchased and thereafter, a constant proportionate
amortization of any discount or premium is recorded until the maturity
of the security.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the trans-
actions are entered into (the trade dates). Realized gains and losses on
investment transactions are determined on the identified cost basis.
Interest income is recognized on the accrual basis. The Master LLC
amortizes all premiums and discounts on debt securities.

Income Taxes: The Master LLC is classified as a partnership for federal
income tax purposes. As such, each investor in the Master LLC is
treated as owner of its proportionate share of the net assets, income,
expenses and realized and unrealized gains and losses of the Master
LLC. Therefore, no federal income tax provision is required. It is intended
that the Master LLC’s assets will be managed so an investor in the
Master LLC can satisfy the requirements of Subchapter M of the Internal
Revenue Code.

The Master LLC files US federal and various state and local tax returns.
No income tax returns are currently under examination. The statutes of
limitations on the Master LLC’s US federal tax returns remain open for
each of the four years ended March 31, 2009. The statutes of limitations
on the Master LLC’s state and local tax returns may remain open for an
additional year depending upon the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was
issued by the Financial Accounting Standards Board for transfers of
financial assets. This guidance is intended to improve the relevance,
representational faithfulness and comparability of the information that
a reporting entity provides in its financial statements about a transfer of
financial assets; the effects of a transfer on its financial position, finan-
cial performance, and cash flows; and a transferor’s continuing involve-
ment, if any, in transferred financial assets. The amended guidance is
effective for financial statements for fiscal years and interim periods
beginning after November 15, 2009. Earlier application is prohibited.
The recognition and measurement provisions of this guidance must be
applied to transfers occurring on or after the effective date. Additionally,
the enhanced disclosure provisions of the amended guidance should be
applied to transfers that occurred both before and after the effective
date of this guidance. The impact of this guidance on the Master LLC’s
financial statements and disclosures, if any, is currently being assessed.

Other: Expenses directly related to the Master LLC are charged to that
Master LLC. Other operating expenses shared by several funds are pro-
rated among those funds on the basis of relative net assets or other
appropriate methods.

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”) and Bank of America
Corporation (“BAC”) are the largest stockholders of BlackRock, Inc.
(“BlackRock”). Due to the ownership structure, PNC is an affiliate for
1940 Act purposes, but BAC is not.

The Master LLC entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Manager”), the Master LLC’s investment
advisor, an indirect, wholly owned subsidiary of BlackRock, to provide
investment advisory and administration services.

The Manager is responsible for the management of the Master LLC’s
investments and provides the necessary personnel, facilities, equipment
and certain other services necessary to the operations of the Master
LLC. For such services, the Master LLC pays the Manager 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.

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 23

Notes to Financial Statements (concluded) Master Tax-Exempt LLC

The Manager has entered into a separate sub-advisory agreement with
BlackRock Investment Management, LLC (“BIM”), an affiliate of the
Manager, under which the Manager pays BIM for services it provides,
a monthly fee that is a percentage of the investment advisory fee paid
by the Master LLC to the Manager.

For the six months ended September 30, 2009, the Master LLC
reimbursed the Manager $118,201 for certain accounting services,
which is included in accounting services in the Statement of Operations.

Certain officers and/or directors of the Master LLC are officers
and/or directors of BlackRock or its affiliates. The Master LLC
reimburses the Manager for compensation paid to the Master LLC’s
Chief Compliance Officer.

3. Market and Credit Risk:

In the normal course of business, the Master LLC invests in securities
and enters into transactions where risks exist due to fluctuations in the
market (market risk) or failure of the issuer of a security to meet all its
obligations (credit risk). The value of securities held by the Master LLC
may decline in response to certain events, including those directly
involving the issuers whose securities are owned by the Master LLC;
conditions affecting the general economy; overall market changes;
local, regional or global political, social or economic instability; and
currency and interest rate and price fluctuations. Similar to credit risk,
the Master LLC may be exposed to counterparty risk, or the risk that
an entity with which the Master LLC has unsettled or open transactions
may default. Financial assets, which potentially expose the Master LLC
to credit and counterparty risks, consist principally of investments and
cash due from counterparties. The extent of the Master LLC’s exposure
to credit and counterparty risks with respect to these financial assets
is approximated by their value recorded in the Master LLC’s Statement
of Assets and Liabilities.

4. Subsequent Events:

Management has evaluated the impact of all subsequent events on the
Master LLC through November 24, 2009, the date the financial state-
ments were issued, and has determined that there were no subsequent
events requiring adjustment or disclosure in the financial statements.

24 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Directors of Master Tax-Exempt LLC (the “Master LLC”) met
on April 16, 2009 and May 21 – 22, 2009 to consider the approval of
the Master LLC’s investment advisory agreement (the “Advisory Agree-
ment”) with BlackRock Advisors, LLC (the “Manager”), the Master
LLC’s investment advisor. The Board of Directors of the Master LLC
also considered the approval of the sub-advisory agreement (the “Sub-
Advisory Agreement”) between the Manager and BlackRock Investment
Management, LLC (the “Sub-Advisor”) with respect to the Master LLC.
CMA Tax-Exempt Fund (the “Fund”) currently invests all of its investable
assets in the Master LLC. Accordingly, the Board of Trustees of the Fund
also considered the approval of the Advisory Agreement and the Sub-
Advisory Agreement. The Fund does not require investment advisory
services since all investments are made at the Master LLC level.

The Manager and the Sub-Advisor are referred to herein as “BlackRock.”
The Advisory Agreement and the Sub-Advisory Agreement are referred
to herein as the “Agreements.” For ease and clarity of presentation, the
Board of Directors of the Master LLC and the Board of Trustees of the
Fund, each of which is comprised of the same thirteen individuals, are
herein referred to individually as a “Board” and collectively as the “Boards”
and the members of the Boards are referred to as the “Board Members.”

Activities and Composition of the Boards

Each Board consists of thirteen individuals, eleven of whom are not
“interested persons” of either the Fund or the Master LLC as defined
in the Investment Company Act of 1940, as amended (the “1940 Act”)
(the “Independent Board Members”). The Board Members are responsi-
ble for the oversight of the operations of the Fund or the Master LLC,
as pertinent, and perform the various duties imposed on the directors
of investment companies by the 1940 Act. The Independent Board
Members have retained independent legal counsel to assist them in
connection with their duties. The Co-Chairs of the Boards are each
Independent Board Members. Each Board has established five stand-
ing committees: an Audit Committee, a Governance and Nominating
Committee, a Compliance Committee, a Performance Oversight and
Contract Committee and an Executive Committee, each of which is
composed of Independent Board Members (except for the Performance
Oversight and Contract Committee and the Executive Committee,
which each have one interested Board Member) and is chaired by
Independent Board Members.

The Agreements

Pursuant to the 1940 Act, the Boards are required to consider the con-
tinuation of the Agreements on an annual basis. In connection with this
process, the Boards assessed, among other things, the nature, scope
and quality of the services provided to the Fund and/or the Master LLC
by the personnel of BlackRock and its affiliates, including investment
management, administrative and shareholder services, oversight of fund
accounting and custody, marketing services and assistance in meeting
applicable legal and regulatory requirements.

Throughout the year, the Boards, acting directly and through their com-
mittees, consider at each of their meetings factors that are relevant to
their annual consideration of the renewal of the Agreements, including
the services and support provided by BlackRock to the Fund and/or the
Master LLC and their shareholders and/or interest holders, as applicable
(collectively referred to herein as the “shareholders”). Among the matters
the Boards considered were: (a) investment performance for one-, three-
and five-year periods, as applicable, against peer funds, and applicable
benchmarks, if any, as well as senior management and portfolio man-
agers’ analysis of the reasons for any out performance or underperfor-
mance against its peers; (b) fees, including advisory, administration, if
applicable, and other amounts paid to BlackRock and its affiliates by
the Fund and/or the Master LLC for services, such as transfer agency,
marketing and distribution, call center and fund accounting; (c) Fund
and/or Master LLC operating expenses; (d) the resources devoted to
and compliance reports relating to the Fund’s and the Master LLC’s
investment objective, policies and restrictions, (e) each of the Fund’s
and the Master LLC’s compliance with its respective Code of Ethics
and compliance policies and procedures; (f) the nature, cost and char-
acter of non-investment management services provided by BlackRock
and its affiliates; (g) BlackRock’s and other service providers’ internal
controls; (h) BlackRock’s implementation of the proxy voting policies
approved by the Boards; (i) execution quality of portfolio transactions;
(j) BlackRock’s implementation of the Fund’s and the Master LLC’s
respective valuation and liquidity procedures; and (k) periodic updates
on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 16, 2009 meeting, the Boards
requested and received materials specifically relating to the Agreements.
The Boards are engaged in an ongoing process with BlackRock to con-
tinuously review the nature and scope of the information provided to
better assist their deliberations. The materials provided in connection
with the April meeting included (a) information independently compiled
and prepared by Lipper, Inc. (“Lipper”) on Fund fees and expenses, and
the investment performance of the Fund as compared with a peer group
of funds as determined by Lipper (collectively, “Peers”); (b) information
on the profitability of the Agreements to BlackRock and a discussion of
fall-out benefits to BlackRock and its affiliates and significant sharehold-
ers; (c) a general analysis provided by BlackRock concerning investment
advisory fees charged to other clients, such as institutional clients, under
similar investment mandates, as well as the performance of such other
clients; (d) the impact of economies of scale; (e) a summary of aggre-
gate amounts paid by the Fund and/or the Master LLC to BlackRock;
(f) sales and redemption data regarding the Fund’s shares; and
(g) an internal comparison of management fees classified by Lipper,
if applicable.

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 25

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

At an in-person meeting held on April 16, 2009, the Boards reviewed
materials relating to their consideration of the Agreements. As a result of
the discussions that occurred during the April 16, 2009 meeting, the
Boards presented BlackRock with questions and requests for additional
information and BlackRock responded to these requests with additional
written information in advance of the May 21 – 22, 2009 Board meeting.

At an in-person meeting held on May 21 – 22, 2009, the Board Members
of the Master LLC present at the meeting, including the Independent
Board Members present at the meeting, unanimously approved the
continuation of the Advisory Agreement between the Manager and the
Master LLC and the Sub-Advisory Agreement between the Manager and
the Sub-Advisor with respect to the Master LLC, each for a one-year term
ending June 30, 2010. The Board Members of the Fund present at the
meeting, including the Independent Board Members present at the
meeting, also considered the continuation of the Agreements and found
the Agreements to be satisfactory. The Boards considered all factors they
believed relevant with respect to the Fund and/or the Master LLC, as
applicable, including, among other factors: (a) the nature, extent and
quality of the services provided by BlackRock; (b) the investment per-
formance of the Fund, the Master LLC and BlackRock portfolio manage-
ment; (c) the advisory fee and the cost of the services and profits to
be realized by BlackRock and certain affiliates from the relationship
with the Fund and the Master LLC; (d) economies of scale; and
(e) other factors.

The Boards also considered other matters they deemed important to the
approval process, such as payments made to BlackRock or its affiliates
relating to the distribution of the Fund’s shares, services related to the
valuation and pricing of portfolio holdings of the Master LLC, direct and
indirect benefits to BlackRock and its affiliates and significant share-
holders from their relationship with the Fund and the Master LLC and
advice from independent legal counsel with respect to the review pro-
cess and materials submitted for the Boards’ review. The Boards noted
the willingness of BlackRock personnel to engage in open, candid dis-
cussions with the Boards. The Boards did not identify any particular
information as controlling, and each Board Member may have attri-
buted different weights to the various items considered.

A. Nature, Extent and Quality of the Services: The Boards, including the
Independent Board Members, reviewed the nature, extent and quality
of services provided by BlackRock, including the investment advisory
services and the resulting performance of the Fund and the Master LLC.
Throughout the year, the Boards compared Fund performance to the per-
formance of a comparable group of mutual funds, and the performance
of a relevant benchmark, if any. The Boards met with BlackRock’s senior
management personnel responsible for investment operations, including
the senior investment officers. The Boards also reviewed the materials
provided by the Master LLC’s portfolio management team discussing

Master LLC performance and the Master LLC’s investment objective,
strategies and outlook.

The Boards considered, among other factors, the number, education
and experience of BlackRock’s investment personnel generally and
the Master LLC’s portfolio management team, investments by portfolio
managers in the funds they manage, BlackRock’s portfolio trading capa-
bilities, BlackRock’s use of technology, BlackRock’s commitment to com-
pliance and BlackRock’s approach to training and retaining portfolio
managers and other research, advisory and management personnel.
The Boards also reviewed a general description of BlackRock’s compen-
sation structure with respect to the Master LLC’s portfolio management
team and BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, the Boards considered the quality of
the administrative and non-investment advisory services provided to
the Fund and the Master LLC. BlackRock and its affiliates and significant
shareholders provide the Fund and the Master LLC with certain adminis-
trative, transfer agency, shareholder and other services (in addition to
any such services provided to the Fund and the Master LLC by third par-
ties) and officers and other personnel as are necessary for the opera-
tions of the Fund and the Master LLC. In addition to investment advisory
services, BlackRock and its affiliates provide the Fund and the Master
LLC with other services, including, as pertinent, (i) preparing disclosure
documents, such as the prospectus, the statement of additional infor-
mation and periodic shareholder reports; (ii) assisting with daily
accounting and pricing; (iii) overseeing and coordinating the activities
of other service providers; (iv) organizing Board meetings and preparing
the materials for such Board meetings; (v) providing legal and compli-
ance support; and (vi) performing other administrative functions neces-
sary for the operation of the Fund and the Master LLC, such as tax
reporting, fulfilling regulatory filing requirements, and call center serv-
ices. The Boards reviewed the structure and duties of BlackRock’s fund
administration, accounting, legal and compliance departments and con-
sidered BlackRock’s policies and procedures for assuring compliance
with applicable laws and regulations.

B. The Investment Performance of the Fund, the Master LLC and
BlackRock: The Boards, including the Independent Board Members,
also reviewed and considered the performance history of the Fund
and the Master LLC. In preparation for the April 16, 2009 meeting, the
Boards were provided with reports, independently prepared by Lipper,
which included a comprehensive analysis of the Fund’s performance.
The Boards also reviewed a narrative and statistical analysis of the
Lipper data that was prepared by BlackRock, which analyzed various
factors that affect Lipper’s rankings. In connection with their review, the
Boards received and reviewed information regarding the investment per-
formance of the Fund as compared to a representative group of similar
funds as determined by Lipper and to all funds in the Fund’s applicable

26 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

Lipper category. The Boards were provided with a description of the
methodology used by Lipper to select peer funds. The Boards regularly
review the performance of the Fund and the Master LLC throughout the
year. The Boards attach more importance to performance over relatively
long periods of time, typically three to five years.

The Boards noted that, in general, the Fund performed better than its
Peers in that the Fund’s performance was at or above the median of
its Lipper Performance Universe in two of the one-, three- and five-year
periods reported.

C. Consideration of the Advisory Fees and the Cost of the Services
and Profits to be Realized by BlackRock and its Affiliates from their
Relationship with the Fund and the Master LLC: The Boards, including
the Independent Board Members, reviewed the Master LLC’s contractual
advisory fee rates compared with the other funds in the Fund’s Lipper
category. They also compared the Fund’s total expenses, as well as
actual management fees, to those of other comparable funds. The
Boards considered the services provided and the fees charged by
BlackRock to other types of clients with similar investment mandates,
including separately managed institutional accounts.

The Boards received and reviewed statements relating to BlackRock’s
financial condition and profitability with respect to the services it pro-
vided the Master LLC. The Boards were also provided with a profitability
analysis that detailed the revenues earned and the expenses incurred
by BlackRock for services provided to the Fund and/or the Master LLC.
The Boards reviewed BlackRock’s profitability with respect to the Master
LLC and other funds the Boards currently oversee for the year ended
December 31, 2008 compared to available aggregate profitability data
provided for the year ended December 31, 2007. The Boards reviewed
BlackRock’s profitability with respect to other fund complexes managed
by the Manager and/or its affiliates. The Boards reviewed BlackRock’s
assumptions and methodology of allocating expenses in the profitability
analysis, noting the inherent limitations in allocating costs among various
advisory products. The Boards recognized that profitability may be affect-
ed by numerous factors including, among other things, fee waivers and
expense reimbursements by the Manager, the types of funds managed,
expense allocations and business mix, and therefore comparability of
profitability is somewhat limited.

The Boards noted that, in general, individual fund or product line prof-
itability of other advisors is not publicly available. Nevertheless, to the
extent such information is available, the Boards considered BlackRock’s
operating margin, in general, compared to the operating margin for lead-
ing investment management firms whose operations include advising
open-end funds, among other product types. The comparison indicated
that operating margins for BlackRock with respect to its registered funds
are generally consistent with margins earned by similarly situated pub-

licly traded competitors. In addition, the Boards considered, among
other things, certain third party data comparing BlackRock’s operating
margin with that of other publicly-traded asset management firms, which
concluded that larger asset bases do not, in themselves, translate to
higher profit margins.

In addition, the Boards considered the cost of the services provided
to the Fund and the Master LLC by BlackRock, and BlackRock’s and its
affiliates’ profits relating to the management and distribution of the Fund
and the Master LLC and the other funds advised by BlackRock and its
affiliates. As part of their analysis, the Boards reviewed BlackRock’s
methodology in allocating its costs to the management of the Fund and
the Master LLC. The Boards also considered whether BlackRock has the
financial resources necessary to attract and retain high quality invest-
ment management personnel to perform its obligations under the
Agreements and to continue to provide the high quality of services
that is expected by the Boards.

The Boards noted that the contractual advisory fees, which do not take
into account any expense reimbursement or fee waivers, were lower than
or equal to the median contractual advisory fees paid by the Fund’s
Peers. The Boards also noted that the Master LLC has an advisory fee
arrangement that includes breakpoints that adjust the fee rate down-
ward as the size of the Master LLC increases, thereby allowing share-
holders the potential to participate in economies of scale.

D. Economies of Scale: The Boards, including the Independent Board
Members, considered the extent to which economies of scale might be
realized as the assets of the Fund and the Master LLC increase and
whether there should be changes in the advisory fee rate or structure
in order to enable the Fund and the Master LLC to participate in these
economies of scale, for example through the use of revised breakpoints
in the advisory fee based upon the assets of the Master LLC. The Boards
considered that the funds in the BlackRock fund complex share some
common resources and, as a result, an increase in the overall size of the
complex could permit each fund to incur lower expenses than it would
otherwise as a stand-alone entity. The Boards also considered BlackRock’s
overall operations and its efforts to expand the scale of, and improve the
quality of, its operations.

E. Other Factors: The Boards also took into account other ancillary or
“fall-out” benefits that BlackRock or its affiliates and significant share-
holders may derive from its relationship with the Fund and the Master
LLC, both tangible and intangible, such as BlackRock’s ability to leverage
its investment professionals who manage other portfolios, an increase
in BlackRock’s profile in the investment advisory community, and the
engagement of BlackRock’s affiliates and significant shareholders as
service providers to the Fund and the Master LLC, including for adminis-
trative, transfer agency and distribution services. The Boards also noted

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 27

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (concluded)

that BlackRock may use third party research obtained by soft dollars
generated by certain mutual fund transactions to assist itself in manag-
ing all or a number of its other client accounts.

In connection with their consideration of the Agreements, the Boards
also received information regarding BlackRock’s brokerage and soft dol-
lar practices. The Boards received reports from BlackRock which included
information on brokerage commissions and trade execution practices
throughout the year.

Conclusion

The Board Members of the Master LLC present at the meeting, includ-
ing the Independent Board Members present at the meeting, unani-
mously approved the continuation of the Advisory Agreement between
the Manager and the Master LLC for a one-year term ending June 30,
2010 and the Sub-Advisory Agreement between the Manager and the
Sub-Advisor with respect to the Master LLC for a one-year term ending
June 30, 2010. Based upon their evaluation of all these factors in their
totality, the Board Members of the Master LLC present at the meeting,
including the Independent Board Members present at the meeting, were
satisfied that the terms of the Agreements were fair and reasonable and

in the best interest of the Master LLC and its shareholders. The Board
Members of the Fund present at the meeting, including the Independent
Board Members present at the meeting, also considered the continua-
tion of the Agreements and found the Agreements to be satisfactory. In
arriving at a decision to approve the Agreements, the Boards did not
identify any single factor or group of factors as all-important or control-
ling, but considered all factors together, and different Board Members
may have attributed different weights to the various factors considered.
The Independent Board Members were also assisted by the advice of
independent legal counsel in making this determination. The contractual
fee arrangements for the Master LLC reflect the results of several years
of review by the Board Members and predecessor Board Members, and
discussions between such Board Members (and predecessor Board
Members) and BlackRock. Certain aspects of the arrangements may
be the subject of more attention in some years than in others, and the
Board Members’ conclusions may be based in part on their considera-
tion of these arrangements in prior years.

28 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

Officers and Directors

Ronald W. Forbes, Co-Chair of the Board of Directors and Director
Rodney D. Johnson, Co-Chair of the Board of Directors and Director
David O. Beim, Director
Richard S. Davis, Director
Henry Gabbay, Director
Dr. Matina Horner, Director
Herbert I. London, Director and Member of the Audit Committee
Cynthia A. Montgomery, Director
Joseph P. Platt, Jr., Director
Robert C. Robb, Jr., Director
Toby Rosenblatt, Director
Kenneth L. Urish, Chair of the Audit Committee and Director
Frederick W. Winter, Director and Member of the Audit Committee
Anne F. Ackerley, President and Chief Executive Officer
Richard Hoerner, Vice President
Jeffrey Holland, Vice President
Brendan Kyne, Vice President
Simon Mendelson, Vice President
Brian Schmidt, Vice President
Christopher Stavrakos, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian P. Kindelan, Chief Compliance Officer
Howard B. Surloff, Secretary

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor
BlackRock Investment Management, LLC
Plainsboro, NJ 08536

Custodian
State Street Bank and Trust Company
Boston, MA 02111

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

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

Distributor
BlackRock Investments, LLC
New York, NY 10022

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

Legal Counsel
Sidley Austin LLP
New York, NY 10019

Address of the Fund
100 Bellevue Parkway
Wilmington, DE 19809

Effective July 31, 2009, Donald C. Burke, President and Chief Executive Officer of the Fund and Master LLC, retired.
The Fund’s and Master LLC’s Boards wish Mr. Burke well in his retirement.

Effective August 1, 2009, Anne F. Ackerley became President and Chief Executive Officer of the Fund and Master LLC,
and Jeffrey Holland and Brian Schmidt became Vice Presidents of the Fund and Master LLC.

Effective September 17, 2009, Richard Hoerner, Brendan Kyne, Simon Mendelson and Christopher Stavrakos became
Vice Presidents of the Funds and Master LLCs.

CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009 29

Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are avail-
able on the Fund’s website or shareholders can sign up for e-mail notifi-
cations of quarterly statements, annual and semi-annual reports and
prospectuses 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.

Householding

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 elimi-
nate duplicate mailings of shareholder documents. Mailings of your
shareholder documents may be householded indefinitely unless you
instruct us otherwise. 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) 221-7210.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund/Master LLC
uses to determine how to vote proxies relating to portfolio securities is
available (1) without charge, upon request, by calling toll-free (800)
221-7210; (2) at www.blackrock.com; and (3) on the Securities and
Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Fund/Master LLC voted proxies relating
to securities held in the Fund’s/Master LLC’s portfolio during the
most recent 12-month period ended June 30 is available (1) at
www.blackrock.com or by calling (800) 221-7210 and (2) on the
SEC’s website at http://www.sec.gov.

Availability of Quarterly Portfolio Schedule

The Fund/Master LLC files its complete schedule of portfolio holdings
with the SEC for the first and third quarters of each fiscal year on Form
N-Q. The Fund’s/Master LLC’s Forms N-Q are available on the SEC’s web-
site at http://www.sec.gov and may also be reviewed and copied at the
SEC’s Public Reference Room in Washington, D.C. Information on the
operation of the Public Reference Room may be obtained by calling
(202) 551-8090. The Fund’s N-Q may also be obtained upon request
and without charge by calling (800) 221-7210

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and for-
mer fund investors and individual clients (collectively, “Clients”) and to
safeguarding their non-public personal information. The following infor-
mation is provided to help you understand what personal information
BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-
related rights beyond what is set forth below, then BlackRock will comply
with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information
we receive from you or, if applicable, your financial intermediary, on appli-
cations, forms or other documents; (ii) information about your transac-
tions with us, our affiliates, or others; (iii) information we receive from a
consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any
non-public personal information about its Clients, except as permitted by
law or as is necessary to respond to regulatory requests or to service
Client accounts. These non-affiliated third parties are required to protect
the confidentiality and security of this information and to use it only for
its intended purpose.

We may share information with our affiliates to service your account
or to provide you with information about other BlackRock products or
services that may be of interest to you. In addition, BlackRock restricts
access to non-public personal information about its Clients to those
BlackRock employees with a legitimate business need for the informa-
tion. BlackRock maintains physical, electronic and procedural safeguards
that are designed to protect the non-public personal information of its
Clients, including procedures relating to the proper storage and disposal
of such information.

30 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2009

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. Past performance results shown in this report
should not be considered a representation of future performance.
Total return information assumes reinvestment of all distributions.
Current performance may be higher or lower than the performance
data quoted. For current month-end performance information, call
(800) 221-7210. 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.

#11214-9/09

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to
Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since
the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a
nominee should send nominations that include biographical information and set forth the
qualifications of the proposed nominee to the registrant’s Secretary. There have been no
material changes to these procedures.

Item 11 – Controls and Procedures

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

11(b) – There were no changes in the registrant’s internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter
of the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

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

CMA Tax-Exempt Fund and Master Tax-Exempt LLC

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
CMA Tax-Exempt Fund and Master Tax-Exempt LLC

Date: November 20, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
CMA Tax-Exempt Fund and Master Tax-Exempt LLC

Date: November 20, 2009

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: November 20, 2009