UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-03111
811-21301
Name of Fund: CMA Tax-Exempt Fund
Master Tax-Exempt Trust
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, CMA Tax-Exempt Fund and Master Tax-Exempt Trust, 800 Scudders
Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011,
Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 03/31/06
Date of reporting period: 04/01/05 - 03/31/06
Item 1 - Report to Stockholders
Annual Report
March 31, 2006
CMA Tax-Exempt Fund
(BULL LOGO) Merrill Lynch Investment Managers
www.mlim.ml.com
Mercury Advisors
A Division of Merrill Lynch Investment Managers
www.mercury.ml.com
This report 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
government 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, which will fluctuate.
Refer to www.mlim.ml.com to obtain performance data current to the most
recent month-end. Statements and other information herein are as dated and
are subject to change.
A description of the policies and procedures that the Fund uses to determine
how to vote proxies relating to portfolio securities is available (1)
without charge, upon request, by calling toll-free 1-800-637-3863; (2) at
www.mutualfunds.ml.com; and (3) on the Securities and Exchange Commission's
Web site at http://www.sec.gov. Information about how the Fund voted proxies
relating to securities held in the Fund's portfolio during the most recent
12-month period ended June 30 is available (1) at www.mutualfunds.ml.com and
(2) on the Securities and Exchange Commission's Web site at http://www.sec.gov.
CMA Tax-Exempt Fund
Box 9011
Princeton, NJ 08543-9011
(GO PAPERLESS LOGO)
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CMA Tax-Exempt Fund
Announcement to Shareholders
On February 15, 2006, BlackRock, Inc. ("BlackRock") and Merrill Lynch & Co.,
Inc. ("Merrill Lynch") entered into an agreement to contribute Merrill Lynch's
investment management business, Merrill Lynch Investment Managers, L.P. and
certain affiliates (including Fund Asset Management, L.P. and Merrill Lynch
Investment Managers International Limited), to BlackRock to create a new
independent company that will be one of the world's largest asset management
firms with over $1 trillion in assets under management (based on combined
assets under management as of March 31, 2006). The transaction is expected to
close in the third quarter of 2006, at which time the new company will operate
under the BlackRock name. If approved by the Fund's Board of Trustees and Fund
shareholders, the combined company that results from the transaction is
expected to become the investment adviser of the Fund.
Portfolio Holdings*
Put Bonds--8.8%
Fixed Rate Notes--15.0%
Tax-Exempt Commercial Paper--9.2%
Variable Rate Demand Obligations--67.0%
* Based on total market value of Master Tax-Exempt Trust as of March 31, 2006.
Investments are valued at amortized cost, which approximates market value.
CMA TAX-EXEMPT FUND MARCH 31, 2006
A Letter From the President
Dear Shareholder
You may be aware that changes are on the horizon at Merrill Lynch Investment
Managers ("MLIM"). On February 15, 2006, Merrill Lynch announced plans to
combine the firm's investment advisory business, including MLIM, with another
highly regarded investment manager - BlackRock, Inc. ("BlackRock").
We believe this merger of asset management strength will benefit our
investors. MLIM is a leading investment management organization with over
$576 billion in assets under management globally and 2,757 employees in 17
countries. It offers over 100 investment strategies in vehicles ranging
from mutual funds to institutional portfolios. BlackRock is one of the
largest publicly traded investment management firms in the United States with
$463.1 billion in assets under management and 1,839 employees. It manages
assets on behalf of institutional and individual investors worldwide through a
variety of equity, fixed income, liquidity and alternative investment products.
At the completion of the transaction, which is expected in the third quarter
of this year, the resultant firm will be a top-10 investment manager worldwide
with over $1 trillion in assets under management.* The combined company will
provide a wider selection of high-quality investment solutions across a
range of asset classes and investment styles. MLIM and BlackRock possess
complementary capabilities that together create a well-rounded organization
uniting some of the finest money managers in the industry. At the same time,
the firms share similar values and beliefs - they are focused on delivering
excellence on behalf of clients, and both make investment performance their
single most important mission. In short, the merger only reinforces our
commitment to shareholders.
Most of MLIM's investment products - including mutual funds, separately
managed accounts, annuities and variable insurance funds - eventually will
carry the "BlackRock" name. As a shareholder in one or more MLIM-advised
mutual funds, you will receive a proxy package in the coming weeks in
connection with this transaction. After you receive this information, should
you have any questions or concerns, do not hesitate to contact your financial
advisor.
As always, we thank you for entrusting us with your investment assets, and we
look forward to continuing to serve your investment needs with even greater
strength and scale as the new BlackRock.
Sincerely,
(Robert C. Doll, Jr.)
Robert C. Doll, Jr.
President and Chief Investment Officer
Merrill Lynch Investment Managers
* $1.039 trillion in assets under management as of March 31, 2006.
Data, including assets under management, are as of March 31, 2006.
CMA TAX-EXEMPT FUND MARCH 31, 2006
A Discussion With Your Fund's Portfolio Manager
We maintained a relatively conservative investment strategy throughout the
period in light of the Federal Reserve Board's continued program of interest
rate increases.
How did the Fund perform during the fiscal year in light of the existing
market conditions?
For the 12-month period ended March 31, 2006, CMA Tax-Exempt Fund paid
shareholders a net annualized yield of 2.22%. For the six-month period ended
March 31, 2006, the Fund paid shareholders a net annualized yield of 2.51%. As
of March 31, 2006, the Fund's seven-day yield was 2.67%.
During the 12-month period, CMA Tax-Exempt Fund provided a competitive yield
relative to its iMoneyNet peers. In light of the Federal Reserve Board's (the
Fed's) continued program of interest rate hikes, we maintained a conservative
investment strategy by maintaining a relatively short average portfolio
maturity. With this strategy, we were able to provide our shareholders with a
stable net asset value, strong credit quality and attractive yield.
The U.S. economy continued to record strong growth, despite higher energy
prices and a softening housing market. The Fed - which welcomed its new
chairman, Ben Bernanke, on January 31 - continued to raise the federal funds
rate in an effort to keep inflation in check. During the past year, the Fed's
Open Market Committee met eight times and increased the target short-term
interest rate by one quarter percentage point at each meeting. By period-end,
the U.S. central bank had raised interest rates for the 15th consecutive time
since June 2004, pushing the federal funds rate to 4.75% - its highest level
since April 2001. The Fed also continued to express concern that high energy
costs and tight labor markets could drive inflation above acceptable levels -
concerns that indicate the potential for a few more rate increases.
In both the U.S. Treasury and municipal bond markets, yield spreads - the
difference in yields offered by shorter-maturity and longer-maturity
securities - narrowed significantly during the past 12 months. In fact, in
early 2006, the Treasury yield curve temporarily inverted when the yield on
the 10-year Treasury note fell below that of the two-year Treasury note.
This unusual situation, in which shorter-term bonds outyield their longer
counterparts, can occur when the Fed is actively raising short-term interest
rates. In the municipal market, the Fed's rate increases led fixed rate note
and variable rate demand note yields to trend higher as well. The yield on
fixed rate notes with one-year maturities rose from 2.50% to 3.50% during the
period, while variable rate yields, as measured by the BMA Municipal Swap
Index, averaged 2.77% during the past 12 months, compared to 1.47% in the
prior 12-month period.
How did you manage the portfolio during the period?
As part of our generally conservative approach, we kept the Fund's weighted
average portfolio maturity shorter than neutral for the majority of the past
12 months. We continued to favor shorter-dated variable rate demand securities
over longer-dated fixed rate notes. Given the rising interest rate
environment, variable rate securities, whose rates are reset on a daily or
weekly basis, helped us to limit the portfolio's interest rate risk while
providing a high degree of credit quality and the flexibility to adapt to
changing market conditions. We also saw tax-exempt commercial paper and term
structured products as attractive investment alternatives to one-year fixed
rate notes. These securities, which have flexible effective maturities ranging
from 30 days to 180 days, allowed us to lock in attractive rates during
periods when variable rate demand yields were temporarily low because of
seasonal asset inflows into the short-term municipal market. July 2005 and
January 2006 were two such periods of strong asset growth in money funds due
to interest payments, maturities and bond defeasance (setting aside funds to
cover future debt obligations).
CMA TAX-EXEMPT FUND MARCH 31, 2006
How would you characterize the Fund's position at the close of the period?
As of March 31, 2006, it appeared that the Fed may continue to push short-term
interest rates higher in the coming months. For the near future, short-term
municipal yields will likely be driven not only by Fed monetary policy but
also by some important technical factors. First, April tax time historically
has meant an increase in shareholder redemptions and, in turn, a sharp move
higher in variable rate demand yields as assets leave the short-term municipal
market. Because the Fund ended the period overweighted in this sector, we
believe we are well positioned to take advantage of higher yields if past
trends repeat themselves. Second, by summer 2006, short-term notes issued by
states and municipalities will come to market to satisfy the issuers'
borrowing needs for the upcoming fiscal year. However, short-term note
issuance has declined in recent years because of the strength of the U.S.
economy and improvements in state and local balance sheets. This reduced
supply might cause short-term municipal issues to trade at a premium relative
to a period of time when there was more ample supply.
We will closely monitor the credit quality of the portfolio's investments and
continue to strive to preserve net asset value for our shareholders while
attempting to offer an attractive return.
Peter J. Hayes
Vice President and Portfolio Manager
April 12, 2006
CMA TAX-EXEMPT FUND MARCH 31, 2006
Disclosure of Expenses
Shareholders of this Fund may incur the following charges: (a) expenses
related to transactions, including sales charges, redemption fees and exchange
fees; and (b) operating expenses including advisory fees, distribution fees
including 12b-1 fees, and other Fund expenses. The following example (which is
based on a hypothetical investment of $1,000 invested on October 1, 2005 and
held through March 31, 2006) 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 first table below provides information about actual account values and
actual expenses. In order to estimate the expenses a shareholder paid during
the period covered by this report, shareholders can divide their account value
by $1,000 and then multiply the result by the number in the first line under
the heading entitled "Expenses Paid During the Period."
The second table below provides information about hypothetical account values
and hypothetical expenses based on the Fund's actual expense ratio and an
assumed rate of return of 5% per year before expenses. In order to assist
shareholders in comparing the ongoing expenses of investing in this Fund and
other funds, compare the 5% hypothetical example with the 5% hypothetical
examples that appear in other funds' shareholder reports.
The expenses shown in the table are intended to highlight shareholders'
ongoing costs only and do not reflect any transactional expenses, such as
sales charges, redemption fees or exchange fees. Therefore, the second table
is useful in comparing ongoing expenses only, and will not help shareholders
determine the relative total expenses of owning different funds. If these
transactional expenses were included, shareholder expenses would have been
higher.
Expenses Paid
Beginning Ending During the Period*
Account Value Account Value October 1, 2005
October 1, March 31, to March 31,
2005 2006 2006
Actual
CMA Tax-Exempt Fund $1,000 $1,012.40 $2.81
Hypothetical (5% annual return before expenses)**
CMA Tax-Exempt Fund $1,000 $1,022.11 $2.82
* Expenses are equal to the Fund's annualized expense ratio of .56%, multiplied by the average
account value over the period, multiplied by 182/365 (to reflect the one-half year period shown).
Because the Fund is a feeder fund, the expense table example reflects the expenses of both the
feeder fund and the master trust in which it invests.
** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in
the most recent fiscal half year divided by 365.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Statement of Assets and Liabilities CMA Tax-Exempt Fund
As of March 31, 2006
Assets
Investment in Master Tax-Exempt Trust (the "Trust"), at value
(identified cost--$8,764,078,712) $ 8,764,078,712
Prepaid expenses 280,518
---------------
Total assets 8,764,359,230
---------------
Liabilities
Payables:
Administrator $ 1,707,523
Distributor 1,301,516
Other affiliates 207,590 3,216,629
---------------
Accrued expenses and other liabilities 34,211
---------------
Total liabilities 3,250,840
---------------
Net Assets
Net assets $ 8,761,108,390
===============
Net Assets Consist of
Shares of beneficial interest, $.10 par value, unlimited number of shares authorized $ 876,380,341
Paid-in capital in excess of par 7,886,453,018
Accumulated realized capital losses allocated from the Trust--net (1,724,969)
---------------
Net Assets--Equivalent to $1.00 per share based on 8,763,803,410 shares of beneficial
interest outstanding $ 8,761,108,390
===============
See Notes to Financial Statements.
Statement of Operations CMA Tax-Exempt Fund
For the Year Ended March 31, 2006
Investment Income
Interest from affiliates $ 21,222
Net investment income allocated from the Trust:
Interest and amortization of premium and discount earned 240,933,955
Expenses (13,354,726)
---------------
Total income 227,600,451
---------------
Expenses
Administration fees $ 21,749,642
Distribution fees 10,597,343
Transfer agent fees 1,325,061
Registration fees 847,669
Printing and shareholder reports 126,259
Professional fees 82,218
Other 31,309
---------------
Total expenses 34,759,501
---------------
Investment income--net 192,840,950
---------------
Realized Loss Allocated from the Trust--Net
Realized loss on investments--net (386,763)
---------------
Net Increase in Net Assets Resulting from Operations $ 192,454,187
===============
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Statements of Changes in Net Assets CMA Tax-Exempt Fund
For the Year Ended March 31,
Increase (Decrease) in Net Assets: 2006 2005
Operations
Investment income--net $ 192,840,950 $ 84,800,519
Realized loss--net (386,763) (873,498)
---------------- ----------------
Net increase in net assets resulting from operations 192,454,187 83,927,021
---------------- ----------------
Dividends to Shareholders
Dividends to shareholders from investment income--net (192,840,950) (84,800,519)
---------------- ----------------
Beneficial Interest Transactions
Net proceeds from sale of shares 42,771,723,313 35,503,093,560
Value of shares issued to shareholders in reinvestment of dividends 192,841,208 84,796,054
---------------- ----------------
Total shares issued 42,964,564,521 35,587,889,614
Cost of shares redeemed (43,232,343,557) (36,079,796,531)
---------------- ----------------
Net decrease in net assets derived from beneficial interest transactions (267,779,036) (491,906,917)
---------------- ----------------
Net Assets
Total decrease in net assets (268,165,799) (492,780,415)
Beginning of year 9,029,274,189 9,522,054,604
---------------- ----------------
End of year $ 8,761,108,390 $ 9,029,274,189
================ ================
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Financial Highlights CMA Tax-Exempt Fund
The following per share data and ratios have been derived For the Year Ended March 31,
from information provided in the financial statements. 2006 2005 2004 2003++++++ 2002
Per Share Operating Performance
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- -----------
Investment income--net .02 .01 .01 .01 .02
Realized gain (loss)--net --++++ --++++ --++++ --++++ --++
----------- ----------- ----------- ----------- -----------
Total from investment operations .02 .01 .01 .01 .02
----------- ----------- ----------- ----------- -----------
Less dividends from investment income--net (.02) (.01) (.01) (.01) (.02)
----------- ----------- ----------- ----------- -----------
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== ===========
Total investment return 2.24% .93% .54% .93% 1.76%
=========== =========== =========== =========== ===========
Ratios to Average Net Assets
Expenses .55%+++ .55%+++ .55%+++ .55%+++ .55%
=========== =========== =========== =========== ===========
Investment income and realized gain (loss)--net 2.21%+++ .91%+++ .55%+++ .93%+++ 1.78%
=========== =========== =========== =========== ===========
Supplemental Data
Net assets, end of year (in thousands) $ 8,761,108 $ 9,029,274 $ 9,522,055 $10,587,794 $10,545,626
=========== =========== =========== =========== ===========
++ Amount is less than $.01 per share.
++++ Amount is less than $(.01) per share.
++++++ On February 13, 2003, the Fund converted from a stand-alone investment company to a "feeder" fund
that seeks to achieve its investment objective by investing all of its assets in the Trust, which
has the same investment objective as the Fund. All investments will be made at the Trust level.
This structure is sometimes called a "master/feeder" structure.
+++ Includes the Fund's share of the Trust's allocated expenses and/or investment income and realized
gain (loss)--net.
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Notes to Financial Statements CMA Tax-Exempt Fund
1. Significant Accounting Policies:
CMA Tax-Exempt Fund (the "Fund") is registered under the Investment Company
Act of 1940, as amended, as a no load, diversified, open-end management
investment company. The Fund seeks to achieve its investment objective by
investing all of its assets in the Master Tax-Exempt Trust (the "Trust"),
which has the same investment objective and strategies as the Fund. The value
of the Fund's investment in the Trust reflects the Fund's proportionate
interest in the net assets of the Trust. The performance of the Fund is
directly affected by the performance of the Trust. The financial statements of
the Trust, including the Schedule of Investments, are included elsewhere in
this report and should be read in conjunction with the Fund's financial
statements. The Fund's financial statements are prepared in conformity with
U.S. generally accepted accounting principles, which may require the use of
management accruals and estimates. Actual results may differ from these
estimates. The percentage of the Trust owned by the Fund at March 31, 2006 was
92%. The following is a summary of significant accounting policies followed by
the Fund.
(a) Valuation of investments--The Fund records its investment in the Trust at
fair value. Valuation of securities held by the Trust is discussed in Note
1(a) of the Trust's Notes to Financial Statements, which are included
elsewhere in this report.
(b) Investment income and expenses--The Fund records daily its proportionate
share of the Trust's income, expenses and realized and unrealized gains and
losses. In addition, the Fund accrues its own income and expenses.
(c) Income taxes--It is the Fund's policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.
(d) Prepaid registration fees--Prepaid registration fees are charged to
expense as the related shares are issued.
(e) Dividends and distributions to shareholders--The Fund declares dividends
daily and reinvests daily such dividends (net of non-resident alien tax and
backup withholding tax withheld) in additional fund shares at net asset value.
Dividends and distributions are declared from the total of net investment
income and net realized gain or loss on investments.
(f) Investment transactions--Investment transactions are accounted for on a
trade date basis.
(g) Reclassification--U.S. generally accepted accounting principles require
that certain components of net assets be adjusted to reflect permanent
differences between financial and tax reporting. Accordingly, during the
current year, $4,977 has been reclassified between paid-in capital in excess
of par and accumulated net realized capital losses as a result of a permanent
difference attributable to the allocation of partnership tax adjustments. This
reclassification has no effect on net assets or net asset values per share.
2. Transactions with Affiliates:
The Fund has entered into an Administration Agreement with Fund Asset
Management, L.P. ("FAM"). The general partner of FAM is Princeton Services,
Inc. ("PSI"), a wholly-owned subsidiary of Merrill Lynch & Co., Inc.
("ML & Co."), which is the limited partner. The Fund pays a monthly fee at
an annual rate of .25% of the Fund's average daily net assets for the
performance of administrative services (other than investment advice and
related portfolio activities) necessary for the operation of the Fund.
Pursuant to the Distribution and Shareholder Servicing Plan in compliance with
Rule 12b-1 under the Investment Company Act of 1940, Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("MLPF&S"), an affiliate of FAM, receives a
distribution fee from the Fund. The fee is accrued daily and paid monthly at
the annual rate of .125% of average daily net assets of the Fund for
shareholders whose Fund accounts are serviced by MLPF&S financial advisors,
whether maintained through MLPF&S or directly with each Fund's transfer agent.
The distribution fee is to compensate MLPF&S for providing, or arranging for
the provision of, account maintenance and sales and promotional activities and
services with respect to shares of the Fund.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Notes to Financial Statements (concluded) CMA Tax-Exempt Fund
Financial Data Services, Inc. ("FDS"), a wholly-owned subsidiary of ML & Co.,
is the Fund's transfer agent. Interest is earned by the Fund from FDS based on
the difference, if any, between estimated and actual beneficial share
activity, which results in uninvested net proceeds from the sales of Fund
shares.
Certain officers and/or trustees of the Fund are officers and/or directors of
FAM, PSI, FDS, and/or ML & Co.
In February 2006, ML & Co. and BlackRock, Inc. entered into an agreement to
contribute ML & Co.'s investment management business, including FAM, to the
investment management business of BlackRock, Inc. The transaction is expected
to close in the third quarter of 2006.
3. Transactions in Shares of Beneficial Interest:
The number of shares sold, reinvested and redeemed during the periods
corresponds to the amounts included in the Statements of Changes in Net Assets
for net proceeds from sale of shares, value of shares reinvested and cost of
shares redeemed, respectively, since shares are recorded at $1.00 per share.
4. Distributions to Shareholders:
The tax character of distributions paid during the fiscal years ended March
31, 2006 and March 31, 2005 was as follows:
3/31/2006 3/31/2005
Distributions paid from:
Tax-exempt income $ 192,840,950 $ 84,800,519
-------------- --------------
Total distributions $ 192,840,950 $ 84,800,519
============== ==============
As of March 31, 2006, there were no significant differences between book
and tax components of net assets.
5. Capital Loss Carryforward:
On March 31, 2006, the Fund had a net capital loss carryforward of $1,725,003,
of which $72,081 expires in 2008, $144,287 expires in 2011, $220,231 expires
in 2012, $232,331 expires in 2013 and $1,056,073 expires in 2014. This amount
will be available to offset like amounts of any future taxable gains.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Report of Independent Registered Public Accounting Firm CMA Tax-Exempt Fund
To the Shareholders and Board of Trustees
of CMA Tax-Exempt Fund:
We have audited the accompanying statement of assets and liabilities of CMA
Tax-Exempt Fund as of March 31, 2006, and the related statement of operations
for the year then ended, the statements of changes in net assets for each of
the two years in the period then ended, and the financial highlights for each
of the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. The Fund is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Fund's internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of CMA
Tax-Exempt Fund as of March 31, 2006, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in
the period then ended, and its financial highlights for each of the five years
in the period then ended, in conformity with U.S. generally accepted
accounting principles.
Deloitte & Touche LLP
Princeton, New Jersey
May 22, 2006
Important Tax Information (unaudited)
All of the net investment income distributions paid by CMA Tax-Exempt Fund
during the taxable year ended March 31, 2006 qualify as tax-exempt interest
dividends for federal income tax purposes.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Alabama--2.9%
$ 59,405 Alabama Special Care Facilities Financing Authority,
Mobile Revenue Refunding Bonds (Ascension
Health Credit), VRDN, Series B, 3.17%
due 11/15/2039 (j) $ 59,405
53,200 Birmingham, Alabama, Special Care Facilities,
Financing Authority, Revenue Refunding Bonds
(Ascension Health Credit), VRDN, Series B, 3.15%
due 11/15/2039 (j) 53,200
22,000 Columbia, Alabama, IDB, PCR, Refunding (Alabama
Power Company Project), VRDN, Series E, 3.12%
due 10/01/2022 (j) 22,000
20,000 Columbia, Alabama, IDB, Revenue Bonds (Alabama
Power Company Project), VRDN, AMT, 3.17%
due 11/01/2021 (j) 20,000
12,200 Daphne, Alabama, Special Care Facilities Financing
Authority, Revenue Refunding Bonds (Presbyterian),
VRDN, Series B, 3.27% due 8/15/2023 (a)(j) 12,200
1,000 Decatur, Alabama, IDB, Environmental Facilities
Revenue Bonds (BP Amoco Chemical Company
Project), VRDN, AMT, 3.17% due 11/01/2035 (j) 1,000
4,255 Eagle Tax-Exempt Trust, Birmingham, Alabama, Water
and Sewer, VRDN, Series 2002-6009, Class A,
3.21% due 1/01/2043 (f)(j) 4,255
Eagle Tax-Exempt Trust, Jefferson County, Alabama,
Sewer Revenue Refunding Bonds, VRDN,
Series 2002 (b)(j):
7,835 Class 6015, 3.20% due 2/01/2032 7,835
3,000 Class 6016, 3.20% due 2/01/2038 3,000
91,600 Jefferson County, Alabama, Limited Obligation
School Warrants, VRDN, Series B, 3.19%
due 1/01/2027 (a)(j) 91,600
5,000 Jefferson County, Alabama, Sewer Revenue
Refunding Bonds, VRDN, Series C-6, 3.18%
due 2/01/2040 (i)(j) 5,000
Alaska--2.2%
19,400 Alaska Industrial Development and Export Authority
Revenue Bonds, ROCS, VRDN, Series II-R-320, 3.21%
due 4/01/2034 (e)(j) 19,400
80,000 Alaska State Housing Financing Corporation,
Collateralized Revenue Bonds (Veterans Mortgage
Program), VRDN, AMT, 3.43% due 12/01/2006 (j)(n) 80,000
2,215 Anchorage, Alaska, Electric Utility Revenue Refunding
Bonds, PUTTERS, VRDN, Series 1128, 3.21%
due 6/01/2013 (f)(j) 2,215
Face
Amount Municipal Bonds Value
Alaska (concluded)
Anchorage, Alaska, GO:
$ 6,230 PUTTERS, VRDN, Series 552, 3.21%
due 6/01/2012 (f)(j) $ 6,230
18,700 TAN, 4.50% due 12/28/2006 18,856
Valdez, Alaska, Marine Terminal Revenue Refunding
Bonds VRDN (j):
7,510 (BP Pipelines Inc. Project), Series A, 3.13%
due 6/01/2037 7,510
32,200 (BP Pipelines Inc. Project), Series B, 3.13%
due 7/01/2037 32,200
19,450 (BP Pipelines Inc. Project), Series C, 3.19%
due 7/01/2037 19,450
2,300 (ConocoPhillips Transportation Project), 3.03%
due 5/01/2006 2,300
24,800 (Phillips Petroleum Company Project), Series C,
3% due 6/01/2006 24,800
Arizona--2.8%
33,000 Apache County, Arizona, IDA, IDR (Tucson Electric
Power Co.), VRDN, Series 83-A, 3.16%
due 12/15/2018 (j) 33,000
Arizona Health Facilities Authority, Revenue Refunding
Bonds (Banner Health System), VRDN (j):
5,000 Series A, 3.17% due 1/01/2029 (f) 5,000
4,440 Series B, 3.16% due 1/01/2035 (b) 4,440
10,000 Maricopa County, Arizona, IDA, Health Facilities
Revenue Bonds, PUTTERS, VRDN, Series 420, 3.22%
due 1/01/2010 (j) 10,000
46,057 Maricopa County, Arizona, IDA, S/F Mortgage Revenue
Bonds, FLOATS, VRDN, AMT, Series 1165, 3.24%
due 8/01/2006 (j) 46,057
20,000 McAllister Academic Village, LLC, Arizona, Revenue
Bonds (Arizona State University Project), VRDN,
Series A, 3.18% due 7/01/2045 (a)(j) 20,000
32,290 Morgan Keegan Municipal Products, Inc., Maricopa
County, Arizona, IDA, VRDN, AMT, Series A, 3.27%
due 2/02/2009 (j) 32,290
4,775 Phoenix, Arizona, Civic Improvement Corporation,
State of Arizona, Distribution Revenue Bonds, TOCS,
VRDN, Series Z-11, 3.24% due 5/08/2034 (b)(j) 4,775
4,095 Phoenix, Arizona, IDA, Government Office Lease
Revenue Refunding Bonds, PUTTERS, VRDN,
Series 1119, 3.21% due 9/15/2013 (a)(j) 4,095
65,785 Phoenix, Arizona, IDA, S/F Mortgage Revenue Bonds,
VRDN, Series A, 4.829% due 5/01/2006 (j) 65,785
Portfolio Abbreviations for Master Tax-Exempt Trust
ACES (SM) Adjustable Convertible Extendible Securities
AMT Alternative Minimum Tax (subject to)
BAN Bond Anticipation Notes
COP Certificates of Participation
CP Commercial Paper
EDA Economic Development Authority
EDR Economic Development Revenue Bonds
FLOATS Floating Rate Securities
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
M/F Multi-Family
MERLOTS Municipal Exempt Receipts Liquidity
Optional Tenders
MSTR Municipal Securities Trust Receipts
PCR Pollution Control Revenue Bonds
PUTTERS Puttable Tax-Exempt Receipts
RAN Revenue Anticipation Notes
ROCS Reset Option Certificates
S/F Single-Family
TAN Tax Anticipation Notes
TOCS Tender Option Certificates
TRAN Tax Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Arizona (concluded)
$ 10,590 Pima County, Arizona, IDA, S/F Mortgage Revenue
Bonds, VRDN, 4.77% due 2/04/2012 (j) $ 10,590
29,400 Salt River Project Agricultural Improvement and
Power District, Arizona, CP, 3.45% due 6/02/2006 29,400
Arkansas--1.3%
7,000 Arkansas State Development Finance Authority,
Environmental Facilities Revenue Bonds (Teris LLC
Project), VRDN, AMT, 3.23% due 3/01/2021 (j) 7,000
Arkansas State Development Finance Authority, VRDN,
S/F Mortgage Revenue Bonds (j):
47,980 4.87% due 9/01/2006 47,980
58,506 FLOATS, AMT, Series 1139, 3.24% due 2/01/2008 58,506
10,520 Morgan Keegan Municipal Products, Inc., VRDN, AMT,
3.27% due 9/01/2006 (j) 10,520
California--2.2%
4,964 California Health Facilities Financing Authority Revenue
Bonds, FLOATS, VRDN, Series 591, 3.21%
due 3/01/2014 (f)(j) 4,964
32,250 California School Cash Reserve Program Authority,
Pooled Revenue Bonds, Series A, 4%
due 7/06/2006 32,367
41,250 California State Department of Water Resources,
Power Supply Revenue Refunding Bonds, VRDN,
Sub-Series G-6, 3.17% due 5/01/2017 (e)(j) 41,250
California State Economic Recovery, GO, FLOATS,
VRDN (j):
11,295 Series 956, 3.18% due 7/01/2012 (f) 11,295
17,500 Series L27, 3.18% due 7/01/2017 17,500
8,155 California State, GO, MERLOTS, VRDN, Series B-45,
3.20% due 10/01/2029 (j) 8,155
24,210 California Statewide Communities Development
Authority, COP, Refunding, FLOATS, VRDN, Series
909, 3.18% due 8/15/2023 (f)(j) 24,210
37,300 Los Angeles, California, S/F Home Mortgage Revenue
Bonds, VRDN, AMT, 4.10% due 12/01/2006 (j) 37,300
28,490 Municipal Securities Trust Certificates, California, Tax
Allocation Refunding Bonds, VRDN, Series 2005-242,
Class A, 3.14% due 10/02/2013 (e)(j)(m) 28,490
4,800 San Francisco, California, City and County Airport
Commission, International Airport Revenue
Refunding Bonds, VRDN, Second Series, Issue 33J,
3.10% due 5/01/2026 (i)(j) 4,800
Colorado--1.7%
7,760 Adams County, Colorado, School District Number 012,
GO, ROCS, VRDN, Series II-R-1045, 3.21%
due 12/15/2022 (e)(j) 7,760
3,210 Colorado Department of Transportation Revenue
Bonds, ROCS, VRDN, Series II-R-4046, 3.21%
due 12/15/2016 (a)(j) 3,210
10,070 Colorado Department of Transportation Revenue
Refunding Bonds, PUTTERS, VRDN, Series 318, 3.21%
due 6/15/2015 (f)(j) 10,070
Colorado Educational and Cultural Facilities Authority,
Revenue Refunding Bonds (National Jewish Federation
Bond Program Project), VRDN (j):
7,025 Series A-1, 3.12% due 9/01/2033 7,025
11,590 Series A-6, 3.12% due 2/01/2025 11,590
22,600 Series A-8, 3.12% due 9/01/2035 22,600
10,000 Series C-1, 3.12% due 9/01/2035 10,000
Face
Amount Municipal Bonds Value
Colorado (concluded)
$ 3,795 Colorado Health Facilities Authority, Revenue
Refunding Bonds (Catholic Health Initiatives),
VRDN, Series B-1, 3.17% due 3/01/2023 (j) $ 3,795
7,000 Colorado School Mines Development Corporation,
Revenue Refunding Bonds, VRDN, 3.34%
due 9/01/2026 (j) 7,000
12,870 Dawson Ridge Metropolitan District Number 1,
Colorado, GO, Refunding, FLOATS, VRDN,
Series Z-12, 3.24% due 6/07/2019 (j) 12,870
5,855 Denver, Colorado, City and County Airport Revenue
Refunding Bonds, MERLOTS, VRDN, AMT, Series A61,
3.26% due 11/15/2012 (b)(j) 5,855
10,242 Denver, Colorado, City and County S/F Mortgage
Revenue Refunding Bonds, VRDN, AMT, Series A,
4.751% due 10/25/2006 (j) 10,242
2,900 E-470 Public Highway Authority, Colorado, Revenue
Bonds, TOCS, VRDN, Series Z-9, 3.24%
due 10/01/2021 (f)(j) 2,900
2,835 E-470 Public Highway Authority, Colorado, Revenue
Refunding Bonds, FLOATS, VRDN, Series 997, 3.24%
due 3/01/2036 (f)(j) 2,835
1,523 El Paso County, Colorado, S/F Mortgage Revenue
Bonds, FLOATS, VRDN, AMT, Series 1136, 3.24%
due 11/01/2008 (j) 1,523
Pitkin County, Colorado, IDR, Refunding (Aspen Skiing
Company Project), VRDN (j):
7,900 AMT, Series B, 3.20% due 4/01/2014 7,900
14,700 Series A, 3.12% due 4/01/2016 14,700
18,200 Platte River Power Authority, Colorado, Electric Revenue
Refunding Bonds, VRDN, Sub-Lien, Series S-1, 3.17%
due 6/01/2018 (j) 18,200
Connecticut--0.4%
13,070 Connecticut State Health and Educational Facilities
Authority, Revenue Refunding Bonds (Ascension
Health Credit), VRDN, Series B, 3.15%
due 11/15/2029 (j) 13,070
14,800 Eagle Tax-Exempt Trust, Connecticut, GO,
Series 96-0701, 3.20% due 11/15/2007 (j) 14,800
9,000 Meriden, Connecticut, GO, BAN, 4% due 8/04/2006 9,032
Delaware--0.6%
2,135 Delaware State Housing Authority, Revenue Bonds,
ROCS, VRDN, AMT, Series II-R-359, 3.25%
due 7/01/2035 (e)(j) 2,135
16,460 Delaware Transportation Authority, Senior
Transportation System, Revenue Refunding
Bonds, 5% due 7/01/2006 16,543
37,089 GS Pool Trust, Delaware, FLOATS, VRDN, Series 1,
3.29% due 6/02/2012 (j) 37,089
District of Columbia--2.0%
District of Columbia, GO, Refunding, VRDN (j):
17,350 MSTR, Series SGA-62, 3.16% due 6/01/2017 (a) 17,350
13,040 Series C, 3.19% due 6/01/2026 (b) 13,040
96,600 District of Columbia, GO, TRAN, 4% due 9/29/2006 96,968
17,025 District of Columbia, Hospital Revenue Bonds, FLOATS,
VRDN, Series 712, 3.24% due 7/15/2019 (j) 17,025
26,335 District of Columbia, Water and Sewer Authority,
Public Utility Revenue Bonds, FLOATS, VRDN,
Series 1125, 3.45% due 10/01/2033 (b)(j) 26,335
17,500 Metropolitan Washington Airports Authority, CP,
3.44% due 5/16/2006 17,500
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Florida--3.1%
$ 13,885 Broward County, Florida, Professional Sports Facilities,
Tax Revenue Bonds, MSTR, VRDN, Series SGA-38,
3.23% due 9/01/2021 (f)(j) $ 13,885
15,500 Eagle Tax-Exempt Trust, Florida State Board of
Education, GO, VRDN, Series 2005-0057, Class A,
3.21% due 6/01/2035 (j) 15,500
5,000 Eclipse Funding Trust, Solar Eclipse Certificates,
Gainesville, Florida, Utilities System Revenue
Refunding Bonds, VRDN, Series 2006-0027,
3.20% due 10/01/2013 (e)(j) 5,000
8,000 Florida State Board of Education, GO, MSTR, VRDN,
Series SGA-139, 3.23% due 6/01/2032 (f)(j) 8,000
Florida State Board of Education, Lottery Revenue
Bonds VRDN (j):
6,220 FLOATS, Series 858, 3.20% due 1/01/2017 (f) 6,220
2,845 ROCS, Series II-R-4521, 3.21% due 7/01/2020 (b) 2,845
20,915 Florida State Department of Environmental Protection,
Preservation Revenue Refunding Bonds, Series B,
5% due 7/01/2006 (f) 21,020
27,985 Florida State, Revenue Refunding Bonds, MERLOTS,
VRDN, Series A-22, 3.35% due 7/01/2027 (j) 27,985
4,100 Gainesville, Florida, Utilities System Revenue Refunding
Bonds, VRDN, Series C, 3.12% due 10/01/2026 (j) 4,100
6,000 Highlands County, Florida, Health Facilities Authority,
Hospital Revenue Refunding Bonds (Adventist
Health System), VRDN, Series C, 3.19%
due 11/15/2021 (j) 6,000
3,965 Hillsborough County, Florida, Aviation Authority,
Revenue Refunding Bonds, MERLOTS, VRDN, AMT,
Series A18, 3.26% due 10/01/2013 (f)(j) 3,965
15,000 Jacksonville, Florida, Electric Authority, CP, 3.22%
due 7/07/2006 15,000
4,595 Jacksonville, Florida, Sales Tax Revenue Bonds,
MERLOTS, VRDN, Series B26, 3.21%
due 10/01/2027 (f)(j) 4,595
4,700 Lakeland, Florida, Energy System Revenue Bonds,
VRDN, Series A, 3.20% due 10/01/2035 (j) 4,700
24,100 Martin County, Florida, PCR, Refunding (Florida
Power & Light Company Project), VRDN, 3.16%
due 7/15/2022 (j) 24,100
5,855 Miami-Dade County, Florida, GO, ROCS, VRDN,
Series II-R-387, 3.43% due 6/01/2006 (b)(j) 5,855
6,000 Miami-Dade County, Florida, Special Obligation
Revenue Bonds, TOCS, VRDN, Series Z-9, 3.24%
due 4/17/2015 (f)(j) 6,000
15,700 North Broward, Florida, Hospital District Revenue
Refunding Bonds, VRDN, Series B, 3.17%
due 1/15/2031 (g)(j) 15,700
Orange County, Florida, Health Facilities Authority
Revenue Bonds, FLOATS, VRDN (j):
32,195 Series 532, 3.21% due 11/15/2015 (a) 32,195
17,245 Series 830, 3.20% due 11/15/2022 (e) 17,245
2,250 Orlando-Orange County Expressway Authority,
Florida, Expressway Revenue Bonds, VRDN,
Sub-Series A-2, 3.16% due 7/01/2040 (a)(j) 2,250
10,000 Palm Beach County, Florida, Health Facilities
Authority, CP, 3.35% due 4/28/2006 10,000
Reedy Creek Improvement District, Florida, Utilities
Revenue Bonds, ROCS, VRDN, Series II-R-4027 (f)(j):
1,885 3.52% due 7/13/2006 1,885
2,820 3.52% due 10/01/2023 2,820
Face
Amount Municipal Bonds Value
Florida (concluded)
$ 18,000 Sunshine State Governmental Finance Commission,
Florida, CP, 3.23% due 4/05/2006 $ 18,000
17,000 Sunshine State Governmental Financing Commission,
Florida, Revenue Bonds, VRDN, 3.16%
due 7/01/2016 (a)(j) 17,000
Volusia County, Florida, School Board, COP,
VRDN (f)(j):
2,135 PUTTERS, Series 970, 3.21% due 2/01/2013 2,135
5,500 ROCS, Series II-R-2212, 3.21% due 8/01/2023 5,500
Georgia--1.8%
4,215 Albany-Dougherty County, Georgia, Hospital Authority,
Revenue Refunding Bonds, FLOATS, VRDN, Series L3J,
3.23% due 9/01/2020 (a)(j) 4,215
16,300 Appling County, Georgia, Development Authority,
PCR (Georgia Power Plant Hatch), VRDN, Second
Series, 3.18% due 12/01/2018 (j) 16,300
4,000 Atlanta, Georgia, Urban Residential Finance Authority,
M/F Housing Revenue Bonds (Lindbergh City
Center Apartment Project), AMT, VRDN, 3.24%
due 11/01/2044 (j) 4,000
3,000 Atlanta, Georgia, Water and Wastewater Revenue
Bonds, MSTR, VRDN, SGA-145, 3.23%
due 11/01/2033 (f)(j) 3,000
8,000 Augusta, Georgia, Water and Sewer Revenue
Refunding Bonds, MSTR, VRDN, Series SGS-140,
3.23% due 10/01/2032 (e)(j) 8,000
Clayton County, Georgia, Development Authority,
Special Facilities Revenue Bonds (Delta Air Lines
Project), VRDN (j):
10,545 AMT, Series B, 3.31% due 5/01/2035 10,545
6,500 AMT, Series C, 3.31% due 5/01/2035 6,500
10,135 Series A, 3.25% due 6/01/2029 10,135
50,000 Cobb County, Georgia, School District, 4.50%
due 12/29/2006 50,473
Eagle Tax-Exempt Trust, Atlanta, Georgia, Water and
Wastewater Revenue Bonds, VRDN (e)(j):
9,100 Series 2005-0009, Class A, 3.21% due 11/01/2043 9,100
4,475 Series A, 3.21% due 11/01/2028 4,475
10,585 Eagle Tax-Exempt Trust, Georgia, GO, VRDN, Series 01,
Class 1001, 3.21% due 11/01/2017 (j) 10,585
6,815 Georgia Municipal Electric Authority, Power Revenue
Bonds (Macon Trust), VRDN, Series E, 3.25%
due 1/01/2017 (j) 6,815
2,585 Gwinnett County, Georgia, Development Authority,
COP, ROCS, VRDN, Series II-R-6009, 3.21%
due 1/01/2021 (f)(j) 2,585
13,000 Macon-Bibb County, Georgia, Urban Development
Authority Revenue Bonds, (Bibb County Law
Enforcement Center Project), VRDN, 3.18%
due 7/01/2025 (j) 13,000
11,000 Monroe County, Georgia, Development Authority,
PCR (Georgia Power Company-Scherer), VRDN,
Second Series 95, 2.83% due 5/05/2006 (j) 11,000
Hawaii--0.5%
7,930 Eagle Tax-Exempt Trust, Hawaii, VRDN, Series 2001,
Class 1101, 3.21% due 7/01/2011 (e)(j) 7,930
7,500 Hawaii Pacific Health, Special Purpose Revenue
Refunding Bonds (Wilcox Memorial Hospital),
VRDN, Series B-2, 3.27% due 7/01/2033 (h)(j) 7,500
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Hawaii (concluded)
$ 17,365 Hawaii State, GO, ROCS, VRDN, Series II-R-1044,
3.52% due 7/01/2015 (e)(j) $ 17,365
1,995 Hawaii State, Revenue Bonds, ROCS, VRDN,
Series II-R-6504, 3.21% due 10/01/2024 (f)(j) 1,995
15,995 Municipal Securities Trust Certificates Revenue Bonds,
VRDN, AMT, Series 2002-186, Class A, 3.23%
due 2/25/2021 (f)(j) 15,995
Idaho--0.2%
15,000 Idaho State, GO, TAN, 4% due 6/30/2006 15,050
Illinois--9.2%
14,285 ABN AMRO MuniTops Certificates Trust, Chicago,
Illinois, GO, VRDN, Series 2001-31, 3.20%
due 1/01/2009 (b)(j) 14,285
Aurora, Illinois, S/F Mortgage Revenue Bonds,
FLOATS, VRDN, AMT (j):
45,400 Series 1152, 3.24% due 6/01/2040 45,400
6,118 Series 1154, 3.24% due 6/01/2040 6,118
17,285 Aurora (Kane, DuPage and Will Counties) and
Springfield (Sangamon County), Illinois, S/F
Mortgage Revenue Bonds, FLOATS, VRDN, AMT,
Series 1021, 3.21% due 9/01/2006 (j) 17,285
4,760 Boone, McHenry & DeKalb Counties, Illinois, Community
Unit School District Number 100, GO, FLOATS, VRDN,
Series 1138, 3.24% due 12/01/2020 (f)(j) 4,760
6,000 Chicago, Illinois, Board of Education, GO, TOCS, VRDN,
Series Z-8, 3.24% due 10/28/2025 (b)(j) 6,000
Chicago, Illinois, GO, VRDN (j):
10,100 3.35% due 12/07/2006 10,100
9,635 Series B, 3.17% due 1/01/2012 9,635
3,100 TOCS, Series Z-10, 3.24% due 6/29/2029 (b) 3,100
17,250 Chicago, Illinois, Metropolitan Water Reclamation
District, Greater Chicago Area, GO, Refunding, VRDN,
Series A, 3.18% due 12/01/2031 (j) 17,250
5,775 Chicago, Illinois, Motor Fuel Tax Revenue Refunding
Bonds, ROCS, VRDN, Series II-R-2021, 3.21%
due 1/01/2020 (a)(j) 5,775
Chicago, Illinois, O'Hare International Airport Revenue
Bonds, VRDN (j):
6,330 (Macon Trust), Series A, 3.21%
due 1/01/2018 (f) 6,330
2,700 ROCS, AMT, Series II-R-239, 3.25%
due 1/01/2022 (e) 2,700
5,995 ROCS, AMT, Series II-R-250, 3.25%
due 1/01/2034 (g) 5,995
6,740 Chicago, Illinois, Park District, GO, Refunding, ROCS,
VRDN, Series II-R-4002, 3.21% due 1/01/2023 (b)(j) 6,740
75,475 Chicago, Illinois, Second Lien Water Revenue Refunding
Bonds, VRDN, 3.17% due 11/01/2031 (f)(j) 75,475
3,360 Cook County, Illinois, GO, Refunding, ROCS, VRDN,
Series II-R-2063, 3.21% due 11/15/2021 (f)(j) 3,360
11,000 Eagle Tax-Exempt Trust, Chicago Board of Education,
VRDN, Series 01, Class 1309, 3.21%
due 12/01/2026 (j) 11,000
Eagle Tax-Exempt Trust, Chicago, Illinois, GO, VRDN (j):
9,900 Series 98, Class 1301, 3.20% due 1/01/2017 9,900
7,155 Series 2006-0001 Class-A, 3.21%
due 1/01/2034 (e) 7,155
30,000 Eagle Tax-Exempt Trust, Cook County, Illinois, VRDN,
Series 02, Class 1303, 3.21% due 11/15/2025 (a)(j) 30,000
Face
Amount Municipal Bonds Value
Illinois (continued)
$ 14,355 Eagle Tax-Exempt Trust, Illinois Metropolitan Expo
Center, VRDN, Series 98, Class 1306, 3.21%
due 6/15/2029 (j) $ 14,355
Eagle Tax-Exempt Trust, Illinois State, GO, VRDN (j):
11,000 Series 01, Class 1307, 3.21% due 11/01/2022 11,000
11,100 Series 02, Class 1302, 3.20% due 2/01/2027 11,100
3,000 Eagle Tax-Exempt Trust, Metropolitan Pier and
Exposition Authority, Illinois, Dedicated State Tax
Revenue Bonds, VRDN, Series 2004-0030, Class A,
3.21% due 6/15/2042 (f)(j) 3,000
3,400 Eagle Tax-Exempt Trust, Metropolitan Pier and
Exposition Authority, Illinois, Hospitality Facilities
Revenue Bonds, VRDN, Class 49, Series A, 3.21%
due 7/01/2026 (j) 3,400
5,000 Eagle Tax-Exempt Trust, Metropolitan Pier and
Exposition Authority, Illinois, VRDN, Series 2002-6001,
Class A, 3.21% due 12/15/2028 (j) 5,000
2,000 Eagle Tax-Exempt Trust, Regional Transportation
Authority, Illinois, Revenue Bonds, VRDN, Series
2005-0003, Class A, 3.21% due 6/01/2034 (e)(j) 2,000
10,750 Eclipse Funding Trust, Solar Eclipse Certificates,
Illinois, GO, Refunding, VRDN, Series 2006-0038,
3.20% due 1/01/2028 (e)(j) 10,750
5,000 Illinois Development Finance Authority, Water Facilities
Revenue Refunding Bonds (Illinois American Water
Company), VRDN, AMT, 3.29% due 3/01/2032 (f)(j) 5,000
Illinois Educational Facilities Authority Revenue Bonds,
VRDN (j):
8,450 (Art Institute of Chicago), 3.28%
due 3/01/2027 8,450
4,600 (Chicago Historical Society), 3.28%
due 12/01/2025 4,600
Illinois HDA, M/F Housing Revenue Bonds (Danbury
Court Apartments), VRDN, AMT (j):
6,265 Series A, 3.26% due 5/01/2037 6,265
450 Series B, 3.33% due 5/01/2037 450
50,000 Illinois Health Facilities Authority, CP, 3.18%
due 5/18/2006 50,000
10,000 Illinois Health Facilities Authority Revenue Bonds,
Revolving Fund, Pooled, VRDN, Series B, 3.19%
due 8/01/2020 (j) 10,000
2,940 Illinois State Dedicated Tax (Macon Trust), VRDN,
Series N, 3.27% due 12/15/2020 (a)(j) 2,940
12,500 Illinois State Finance Authority, Revenue Refunding
Bonds (Central DuPage Health System), VRDN,
Series B, 3.20% due 11/01/2038 (j) 12,500
Illinois State, GO:
50,000 COP, 4.50% due 4/28/2006 50,052
40,000 COP, 4.50% due 5/30/2006 40,087
1,750 (Macon Trust), VRDN, Series L, 3.21%
due 1/01/2031 (j) 1,750
8,975 MERLOTS, VRDN, Series B04, 3.21%
due 12/01/2024 (e)(j) 8,975
Illinois State, GO, Refunding, VRDN (f)(j):
16,435 FLOATS, Series 743D, 3.20% due 8/01/2015 (i) 16,435
5,820 MERLOTS, Series A49, 3.21% due 8/01/2013 5,820
16,605 Illinois Student Assistance Commission, Student Loan
Revenue Bonds, VRDN, AMT, Series A-I, 3.22%
due 9/01/2034 (f)(j) 16,605
5,720 Kane County, Illinois, School District Number 129
(Aurora West Side), GO, Refunding, PUTTERS,
VRDN, Series 1113, 3.21% due 2/01/2013 (b)(j) 5,720
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Illinois (concluded)
$ 2,000 Metropolitan Pier and Exposition Authority, Illinois,
Dedicated State Tax, Revenue Refunding
Bonds, FLOATS, VRDN, Series Z-1, 3.24%
due 10/08/2010 (f)(j) $ 2,000
6,250 Municipal Securities Trust Certificates, Chicago,
Illinois, Board of Education, GO, VRDN,
Series 2005-237, Class A, 3.30%
due 1/04/2024 (b)(j)(m) 6,250
29,950 Municipal Securities Trust Certificates, Chicago
O'Hare Airport, Illinois, Revenue Bonds, VRDN,
AMT, Series 2001-151, Class A, 3.19%
due 6/30/2015 (a)(j)(m) 29,950
Municipal Securities Trust Certificates, Cook County,
Illinois, GO, Refunding, VRDN, Class A (b)(j):
29,085 Series 2001-145, 3.23% due 11/15/2029 29,085
33,895 Series 2002-191, 3.23% due 3/18/2019 33,895
31,615 Municipal Securities Trust Certificates, Metropolitan
Pier and Exposition Authority, Illinois, Revenue
Refunding Bonds, VRDN, Series 2001-157, Class A,
3.23% due 10/05/2017 (b)(j) 31,615
26,045 Municipal Securities Trust Certificates, Revenue
Refunding Bonds, Chicago O'Hare International
Airport, Illinois, VRDN, AMT, Series 2000-93,
Class A, 3.19% due 10/04/2012 (a)(j) 26,045
7,815 Municipal Securities Trust Certificates, Revenue
Refunding Bonds, Illinois, VRDN, Series 2006-253,
Class A, 3.23% due 5/12/2014 (a)(j)(m) 7,815
Regional Transportation Authority, Illinois, GO,
MERLOTS, VRDN (j):
19,810 Series A24, 3.21% due 7/01/2032 (f) 19,810
4,910 Series A41, 3.21% due 6/01/2017 (b) 4,910
2,755 Regional Transportation Authority, Illinois, Revenue
Bonds (Macon Trust), VRDN, Series K, 3.21%
due 7/01/2026 (f)(j) 2,755
32,908 Regional Transportation Authority, Illinois, Revenue
Refunding Bonds, FLOATS, VRDN, Series 818-D,
3.20% due 7/01/2033 (b)(j) 32,907
22,000 University of Illinois, University Revenue Refunding
Bonds (South Campus Project), VRDN, Series A,
3.17% due 1/15/2022 (b)(j) 22,000
2,045 Will County, Illinois, Community Unit School District
Number 365-U (Valley View), GO, Refunding, TOCS,
VRDN, Series Z-10, 3.24% due 4/15/2020 (e)(j) 2,045
Will County, Illinois, Exempt Facilities Revenue Bonds
(BP Amoco Chemical Company Project), VRDN, AMT (j):
5,300 3.17% due 3/01/2028 5,300
6,000 3.17% due 7/01/2031 6,000
10,000 Will County, Illinois, M/F Housing Redevelopment,
Revenue Refunding Bonds (Woodlands Crest Hill),
VRDN, AMT, 3.24% due 2/15/2031 (d)(j) 10,000
Indiana--4.4%
7,320 Benton, Indiana, School Improvement Building
Corporation, Revenue Bonds, PUTTERS, VRDN,
Series 903, 3.21% due 1/15/2013 (f)(j) 7,320
5,380 Carmel, Indiana, School Building Corporation Revenue
Bonds, ROCS, VRDN, Series II-R-2065, 3.21%
due 7/15/2020 (f)(j) 5,380
13,000 Goshen, Indiana, EDR, Refunding (Goshen College
Project), VRDN, 3.22% due 10/01/2037 (j) 13,000
23,400 Indiana Bond Bank, Advance Funding Program
Revenue Notes, Series A, 4.50% due 2/01/2007 23,625
Face
Amount Municipal Bonds Value
Indiana (concluded)
Indiana Health Facilities Financing Authority, Hospital
Revenue Bonds, VRDN (j):
$ 54,400 (Clarian Health Obligation Group), Series C,
3.20% due 3/01/2030 $ 54,400
37,100 (Clarian Health Partners), Series H, 3.20%
due 3/01/2033 37,100
Indiana Health Facilities Financing Authority, Hospital
Revenue Refunding Bonds, (Clarian Health Partners),
VRDN (j):
51,800 Series B, 3.20% due 2/15/2026 51,800
50,800 Series C, 3.20% due 2/15/2026 50,800
150 Indiana Health Facilities Financing Authority, Revenue
Bonds (Capital Access Designated Pool), VRDN,
3.19% due 1/01/2012 (j) 150
Indiana Health Facilities Financing Authority, Revenue
Refunding Bonds (Ascension Health Credit Group),
VRDN (j):
14,500 Series A-2, 2.72% due 6/01/2006 14,500
9,000 Series A-3, 3.35% due 1/30/2007 9,000
17,700 Series B, 3.15% due 11/15/2039 17,700
40,250 Indiana State Development Finance Authority,
Environmental Revenue Bonds (PSI Energy Inc.
Projects), VRDN, AMT, Series A, 3.34%
due 12/01/2038 (j) 40,250
5,285 Indiana State Office Building Commission, Facilities
Revenue Bonds, ROCS, VRDN, Series II-R-4534,
3.21% due 7/01/2020 (j) 5,285
1,988 Indiana Transportation Finance Authority, Highway
Revenue Refunding Bonds, FLOATS, VRDN,
Series 942D, 3.20% due 12/01/2022 (b)(j) 1,988
4,240 Indianapolis, Indiana, Local Public Improvement Bond
Bank, Revenue Refunding Bonds (Macon Trust),
VRDN, Series S, 3.21% due 1/01/2021 (f)(j) 4,240
34,995 Municipal Securities Trust Certificates, Indianapolis,
Indiana, Local Tax-Exempt, GO, VRDN, Series
2002-192, Class A, 3.21% due 6/18/2014 (f)(j) 34,995
11,785 New Albany-Floyd County, Indiana, Independent
School Building Corporation, Revenue Refunding
Bonds, VRDN, PUTTERS, Series 879, 3.21%
due 6/01/2013 (e)(j) 11,785
6,585 Pike County, Indiana, Multi-School Building
Corporation, Revenue Refunding Bonds, PUTTERS,
VRDN, Series 1122, 3.21% due 7/15/2012 (f)(j) 6,585
25,000 Trustees of Indiana University, CP, 3.22%
due 5/15/2006 25,000
Whiting, Indiana, Environmental Facilities Revenue
Refunding Bonds (Amoco Oil Company Project),
VRDN, AMT (j):
2,400 3.17% due 1/01/2026 2,400
1,000 3.17% due 7/01/2031 1,000
Iowa--1.3%
19,735 Iowa Finance Authority, Health Care Facilities, Revenue
Refunding Bonds (Iowa Health System), VRDN,
Series B-3, 3.17% due 2/15/2035 (a)(j) 19,735
22,000 Iowa Finance Authority, Revenue Refunding Bonds
(Trinity Health Credit Group), VRDN, Series D, 3.17%
due 12/01/2030 (j) 22,000
1,250 Iowa Higher Education Loan Authority, Revenue Bonds
(University of Dubuque), RAN, Series C, 4.75%
due 5/24/2006 1,252
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Iowa (concluded)
$ 73,655 Iowa State, TRAN, 4.50% due 6/30/2006 $ 73,887
10,000 Louisa County, Iowa, PCR, Refunding (Iowa-Illinois
Gas and Electric), VRDN, Series A, 3.25%
due 9/01/2016 (j) 10,000
Kansas--0.3%
3,975 Kansas State Department of Transportation, Highway
Revenue Bonds, ROCS, VRDN, Series II-R-6020,
3.21% due 3/01/2019 (e)(j) 3,975
19,700 Kansas State Department of Transportation, Highway
Revenue Refunding Bonds, VRDN, Series C-1, 3.12%
due 9/01/2019 (j) 19,700
2,775 Reno and Labette Counties, Kansas, S/F Mortgage
Revenue Bonds, FLOATS, VRDN, Series 915, 3.24%
due 12/01/2015 (j) 2,775
Kentucky--2.7%
2,500 Boyd County, Kentucky, Sewer and Solid Waste
Revenue Bonds (Air Products and Chemicals Project),
VRDN, AMT, 3.26% due 6/01/2021 (j) 2,500
19,614 Breckinridge County, Kentucky, Lease Program
Revenue Bonds (Kentucky Association of Counties
Leasing Trust), VRDN, Series A, 3.12%
due 2/01/2032 (j) 19,614
20,930 Carroll County, Kentucky, Solid Waste, CP, 3.42%
due 5/15/2006 20,930
14,000 Eagle Tax-Exempt Trust, Louisville and Jefferson
Counties, Kentucky, Metropolitan Sewer District,
Sewer and Drain System Revenue Bonds,
VRDN, Series 2006-0053 Class A, 3.21%
due 5/15/2033 (b)(j) 14,000
Jefferson County, Kentucky, CP:
12,500 3.20% due 5/01/2006 12,500
35,000 3.25% due 5/01/2006 35,000
2,200 Kenton County, Kentucky, Airport Board, Special
Facilities Revenue Refunding Bonds, VRDN, Series B,
3.25% due 10/01/2030 (j) 2,200
30,000 Kentucky Asset/Liability Commission, General Fund
Revenue Bonds, TRAN, Series A, 4% due 6/28/2006 30,095
16,505 Kentucky State Property and Buildings Commission,
Revenue Refunding Bonds, PUTTERS, VRDN,
Series 739, 3.45% due 6/15/2006 (f)(j) 16,505
36,475 Kentucky State Turnpike Authority, Resource Recovery
Road Revenue Bonds, FLOATS, VRDN, Series 488,
3.20% due 7/01/2007 (e)(j) 36,475
4,395 Louisville and Jefferson Counties, Kentucky,
Metropolitan Sewer District, Sewer and Drain
System Revenue Bonds, ROCS, VRDN, Series II-R-304,
3.21% due 5/15/2037 (b)(j) 4,395
48,285 Louisville and Jefferson Counties, Kentucky,
Metropolitan Sewer District, Sewer and Drain
System Revenue Refunding Bonds, VRDN, Series B,
3.16% due 5/15/2023 (e)(j) 48,285
14,665 Shelby County, Kentucky, Lease Revenue Bonds, VRDN,
Series A, 3.12% due 9/01/2034 (j) 14,665
Louisiana--2.2%
17,700 Ascension Parish, Louisiana, Revenue Bonds
(BASF Corporation Project), VRDN, AMT, 3.30%
due 3/01/2025 (j) 17,700
3,625 East Baton Rouge, Louisiana, Mortgage Finance
Authority, S/F Revenue Bonds, FLOATS, VRDN, AMT,
Series 996, 3.27% due 6/02/2008 (j) 3,625
Face
Amount Municipal Bonds Value
Louisiana (concluded)
$ 31,536 Jefferson Parish, Louisiana, Home Mortgage
Authority, S/F Mortgage Revenue Bonds, VRDN,
Series B, 4.105% due 12/03/2007 (j) $ 31,536
Jefferson Parish, Louisiana, Hospital Service District
Number 001, Hospital Revenue Bonds, VRDN (j):
10,000 PUTTERS, Series 522, 3.23% due 12/01/2008 10,000
25,000 (West Jefferson Medical Center), Series B, 3.20%
due 1/01/2028 (e) 25,000
Louisiana HFA, Mortgage Revenue Refunding Bonds,
FLOATS, VRDN, AMT (j):
8,925 Series 1066, 3.27% due 3/01/2036 8,925
44,344 Series 1069, 3.27% due 12/01/2047 44,343
4,182 Louisiana HFA, S/F Mortgage Revenue Refunding
Bonds, VRDN, AMT, 4.856% due 4/28/2006 (j) 4,182
6,000 Louisiana Local Government, Environmental Facilities,
Community Development Authority Revenue Bonds
(Honeywell International Inc. Project), VRDN, AMT,
3.37% due 12/01/2037 (j) 6,000
Louisiana Public Facilities Authority, Advanced Funding
Revenue Bonds:
4,965 Series A, 4.50% due 10/19/2006 5,005
3,475 Series D, 4.50% due 10/19/2006 3,503
300 Series E, 4.50% due 10/19/2006 302
Louisiana Public Facilities Authority Revenue Bonds,
VRDN (j):
2,850 (Air Products and Chemicals Project), AMT, 3.26%
due 12/01/2039 2,850
13,210 (Equipment and Capital Facilities Loan Program),
Series C, 3.67% due 7/01/2024 13,210
New Orleans, Louisiana, Ernest N. Morial Exhibit Hall
Authority, Special Tax, VRDN (a)(j):
5,085 MERLOTS, Series A46, 3.21% due 7/15/2028 5,085
8,100 ROCS, Series II-R-4038, 3.24% due 7/15/2023 8,100
New Orleans, Louisiana, Finance Authority,
S/F Mortgage Revenue Bonds, FLOATS,
VRDN, AMT (j):
11,500 Series 990, 3.27% due 6/02/2008 11,500
3,150 Series 1185, 3.30% due 6/01/2006 3,150
3,000 New Orleans, Louisiana, Finance Authority,
S/F Mortgage Revenue Refunding Bonds,
FLOATS, VRDN, AMT, Series 1137, 3.32%
due 12/01/2044 (j) 3,000
4,400 South Louisiana Port Commission, Port Revenue
Refunding Bonds (Occidental Petroleum), VRDN,
3.17% due 7/01/2018 (j) 4,400
Maryland--1.6%
35,700 Baltimore, Maryland, Port Facilities Revenue Bonds
(Occidental Petroleum), FLOATS, VRDN, 3.25%
due 10/14/2011 (j) 35,700
8,900 Maryland State Community Development
Administration, Revenue Refunding Bonds
(Department of Housing and Community
Development), VRDN, Series F, 3.12%
due 11/24/2006 (j) 8,900
36,360 Maryland State Health and Higher Educational
Facilities Authority, Revenue Refunding
Bonds, FLOATS, VRDN, Series 867, 3.20%
due 7/01/2019 (b)(j) 36,360
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Maryland (concluded)
$ 48,670 Metropolitan Washington Airports Authority, D.C.,
Airport System Revenue Refunding Bonds,
MERLOTS, VRDN, AMT, Series C35, 2.98%
due 10/01/2014 (f)(j)(m) $ 48,670
9,225 Metropolitan Washington Airports Authority, D.C.,
System Revenue Bonds, ROCS, VRDN,
Series II-R-195, 3.25% due 10/01/2032 (b)(j) 9,225
14,000 Montgomery County, Maryland, EDR (Riderwood
Village Inc. Project), Refunding, VRDN, 3.19%
due 3/01/2034 (j) 14,000
Massachusetts--1.8%
10,000 Eagle Tax-Exempt Trust, Massachusetts Commuter
Facilities, VRDN, Series 2001, Class 2101, 3.20%
due 6/15/2033 (j) 10,000
7,495 Eagle Tax-Exempt Trust, Massachusetts State Water
Resources Authority, Revenue Refunding Bonds,
VRDN, Series 2006-0054 Class A, 3.21%
due 8/01/2036 (a)(j) 7,495
20,000 Easton, Massachusetts, GO, BAN, 4.25%
due 10/20/2006 20,128
12,000 Lawrence, Massachusetts, GO, BAN, 4.50%
due 12/22/2006 12,090
8,000 Massachusetts State Development Finance Agency,
Revenue Bonds (Suffolk University), VRDN, Series A,
3.21% due 7/01/2035 (j)(k) 8,000
Massachusetts State, GO, Refunding, VRDN (j):
29,625 FLOATS, Series 716D, 3.20% due 8/01/2018 (f) 29,625
2,700 Series A, 3.14% due 9/01/2016 2,700
Massachusetts State, GO, VRDN (j):
13,335 (Central Artery), Series A, 3.12%
due 12/01/2030 13,335
5,000 (Consolidated Loan of 2006), Series B, 3.09%
due 3/01/2026 5,000
Massachusetts State Heritage, CP:
10,500 3.29% due 4/03/2006 10,500
39,250 3.20% due 5/10/2006 39,250
15,000 Pembroke, Massachusetts, GO, Refunding, BAN,
4% due 8/03/2006 15,055
Michigan--3.9%
Detroit, Michigan, City School District, VRDN (j):
4,615 GO, Series A, 3.25% due 5/01/2029 (e) 4,615
48,450 MERLOTS, Series A113, 2.96% due 7/26/2006 48,450
6,260 Detroit, Michigan, Sewage Disposal System Revenue
Refunding Bonds, MERLOTS, VRDN, Series B-02,
3.21% due 7/01/2028 (e)(j) 6,260
9,755 Detroit, Michigan, Sewer Disposal Revenue
Refunding Bonds, MSTR, VRDN, SGB 47-A,
3.21% due 7/01/2028 (e)(j) 9,755
8,200 Eagle Tax-Exempt Trust, Detroit, Michigan, City School
District, GO, Refunding, VRDN, Series 2005-0072,
Class A, 3.21% due 5/01/2032 (e)(j) 8,200
6,900 Eagle Tax-Exempt Trust, Grand Rapids Michigan,
Sanitation Sewer System, VRDN, Series A, 3.21%
due 1/01/2022 (b)(j)(m) 6,900
20,000 Kent, Michigan, Hospital Finance Authority, Revenue
Refunding Bonds (Spectrum Health), VRDN, Series A,
3.16% due 1/15/2029 (b)(j) 20,000
60,000 Michigan Municipal Bond Authority, Revenue
Refunding Bonds, Series B-2, 4% due 8/18/2006 60,210
Face
Amount Municipal Bonds Value
Michigan (concluded)
$ 25,000 Michigan State Building Authority, Multi-Modal
Revenue Refunding Bonds (Facilities Program),
VRDN, Series I, 3.17% due 10/15/2039 (j) $ 25,000
4,265 Michigan State Building Authority, Revenue
Refunding Bonds, ROCS, VRDN, Series II-R-2064,
3.21% due 10/15/2021 (f)(j) 4,265
71,000 Michigan State, GO, Series A, 4.50% due 9/29/2006 71,427
42,900 Michigan State Hospital Finance Authority Revenue
Bonds (Ascension Health), VRDN, Series B-1, 3.15%
due 11/15/2033 (j) 42,900
Michigan State Hospital Finance Authority, Revenue
Refunding Bonds, VRDN (j):
22,000 MERLOTS, Series K, 3.21% due 11/15/2023 (f) 22,000
25,000 (Trinity Health Credit Group), Series E, 3.18%
due 12/01/2030 (a) 25,000
15,515 University of Michigan, University Hospital Revenue
Bonds, VRDN, Series B, 3.16% due 12/01/2025 (j) 15,515
3,565 Whitmore Lake, Michigan, Public School District,
GO, ROCS, VRDN, Series II-R-4515, 3.21%
due 5/01/2023 (j) 3,565
Minnesota--1.5%
29,750 City of Rochester, Minnesota, CP, 3.23%
due 4/13/2006 29,750
16,757 Duluth, Minnesota, EDA, Health Care Facilities
Revenue Refunding Bonds, FLOATS, VRDN,
Series 895, 3.20% due 2/15/2020 (a)(j) 16,757
4,990 Minneapolis and St. Paul, Minnesota, Metropolitan
Airports Commission, Airport Revenue Refunding
Bonds, PUTTERS, VRDN, AMT, Series 928, 3.24%
due 1/01/2013 (a)(j) 4,990
14,000 Minneapolis, Minnesota, Health Care System, Revenue
Refunding Bonds (Fairview Health Services Project),
VRDN, Series B, 3.18% due 11/15/2029 (a)(j) 14,000
2,500 Minnesota Rural Water Finance Authority, Public
Projects Construction Revenue Notes, 4.25%
due 9/15/2006 2,513
Minnesota State, CP:
66,500 3.23% due 4/13/2006 66,500
4,500 3.26% due 4/13/2006 4,500
1,690 Minnesota State, GO, ROCS, VRDN, Series II-R-4065,
3.21% due 8/01/2023 (j) 1,690
Mississippi--1.9%
3,520 Mississippi Business Finance Corporation, Mississippi,
Solid Waste Disposal Revenue Refunding Bonds
(Mississippi Power Company Project), VRDN, AMT,
3.17% due 5/01/2028 (j) 3,520
29,649 Mississippi Development Bank, Special Obligation
Revenue Bonds (Municipal Gas Authority of
Mississippi--Natural Gas Supply Project), VRDN,
3.19% due 7/01/2015 (j) 29,649
12,500 Mississippi Home Corporation, Lease Purpose
Revenue Bonds, VRDN, 3.32% due 10/01/2007 (j) 12,500
95,330 Mississippi Home Corporation, S/F Revenue Bonds,
FLOATS, VRDN, AMT, Series 1212, 3.30%
due 12/01/2008 (j) 95,330
25,900 Mississippi Hospital Equipment and Facilities Authority
Revenue Bonds (Mississippi Baptist Medical Center),
VRDN, 3.20% due 7/01/2012 (j) 25,900
7,000 Mississippi State, Capital Improvement, GO, VRDN,
3.17% due 9/01/2025 (j) 7,000
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Mississippi (concluded)
$ 5,450 University of Mississippi Educational Building
Corporation Revenue Bonds (The University
of Mississippi Medical Center Pediatric and
Research Facilities Project), VRDN, 3.18%
due 6/01/2034 (a)(j) $ 5,450
Missouri--0.3%
6,305 Kansas City, Missouri, Municipal Assistance
Corporation Revenue Bonds, FLOATS, VRDN,
Series Z-15, 3.24% due 11/12/2025 (a)(j) 6,305
9,500 Missouri-Illinois Bi-State Development Agency,
Subordinate Mass Transit Revenue Bonds (Metrolink
Cross County Extension Project), VRDN, Series A,
3.20% due 10/01/2035 (j) 9,500
5,400 Missouri State Health and Educational Facilities
Authority, Health Facilities Revenue Bonds
(BJC Health System), VRDN, Series B, 3.12%
due 5/15/2034 (j) 5,400
3,340 Missouri State Housing Development Commission,
S/F Mortgage Revenue Refunding Bonds,VRDN,
Series A, 4.514% due 5/15/2006 (j) 3,340
Nebraska--1.8%
American Public Energy Agency, Nebraska, Gas
Supply Revenue Bonds, VRDN (j):
72,200 (National Public Gas Agency Project), Series B,
3.19% due 2/01/2014 72,200
20,000 Series A, 3.19% due 12/01/2015 20,000
2,000 Eagle Tax-Exempt Trust, Nebraska Public Power District
Revenue Bonds, VRDN, Series 1016, Class A, 3.21%
due 1/01/2035 (a)(j) 2,000
6,000 Eclipse Funding Trust, Solar Eclipse Certificates,
Omaha, Nebraska, Public Power District Revenue
Bonds, VRDN, Series 2006-0025, 3.20%
due 2/01/2036 (a)(j) 6,000
4,365 Municipal Energy Agency of Nebraska, Power
Supply System Revenue Bonds, ROCS, VRDN,
Series II-R-2051, 3.21% due 4/01/2022 (e)(j) 4,365
3,935 Nebhelp Inc., Nebraska, Revenue Bonds, ROCS, VRDN,
AMT, Series II-R-205, 3.25% due 6/01/2013 (f)(j) 3,935
36,000 Nebraska Public Power District, CP, 3.22%
due 5/02/2006 36,000
4,995 Nebraska Public Power District, Revenue Refunding
Bonds, ROCS, VRDN, Series II-R-209, 3.21%
due 1/01/2012 (f)(j) 4,995
20,500 Omaha, Nebraska, Public Power District, CP, 3.22%
due 5/02/2006 20,500
Nevada--0.8%
29,185 ABN AMRO MuniTops Certificates Trust, Clark County,
Nevada, Airport Revenue Bonds, VRDN, Series
1999-15, 3.20% due 1/02/2008 (f)(j) 29,185
5,700 Clark County, Nevada, Airport System Subordinate
Lien Revenue Refunding Bonds, VRDN, Series C,
3.17% due 7/01/2029 (b)(j) 5,700
10,000 Clark County, Nevada, CP, 3.15% due 5/19/2006 10,000
2,495 Clark County, Nevada, IDR, Refunding,
PUTTERS, VRDN, AMT, Series 722, 3.24%
due 12/01/2012 (b)(j) 2,495
9,035 Las Vegas Valley, Nevada, Water District, GO,
Refunding, MERLOTS, VRDN, Series B 10, 3.21%
due 6/01/2024 (f)(j) 9,035
Face
Amount Municipal Bonds Value
Nevada (concluded)
$ 6,500 Nevada Housing Division Revenue Bonds
(Multi-Unit Housing--Mesquite), VRDN, AMT,
Series B, 3.35% due 5/01/2028 (j) $ 6,500
5,850 Nevada State Department of Business and
Industry, Solid Waste Disposal Revenue Bonds
(Republic Services Inc. Project), VRDN, AMT,
3.52% due 12/01/2034 (j) 5,850
7,240 Washoe County, Nevada, School District, GO,
ROCS, VRDN, Series II-R-2012, 3.21%
due 6/01/2020 (b)(j) 7,240
New Hampshire--1.6%
43,100 New Hampshire Health and Educational Facilities
Authority, Revenue Refunding Bonds (Dartmouth
Hitchcock Obligation), VRDN, Series A, 3.16%
due 8/01/2031 (e)(j) 43,100
New Hampshire Higher Educational and Health
Facilities Authority, Revenue Refunding Bonds,
FLOATS, VRDN (b)(j):
5,139 Series 772, 3.20% due 1/01/2017 5,138
10,120 Series 866, 3.19% due 8/15/2021 10,120
7,415 New Hampshire State Business Finance Authority,
Resource Recovery Revenue Refunding Bonds
(Wheelabrator), VRDN, Series A, 3.19%
due 1/01/2018 (j) 7,415
New Hampshire State Business Fund, CP:
20,000 3.30% due 5/01/2006 20,000
50,600 3.23% due 5/03/2006 50,600
Strafford County, New Hampshire, GO, TAN:
4,650 4% due 12/28/2006 4,672
10,500 4.50% due 12/28/2006 10,587
New Jersey--1.4%
16,754 East Brunswick Township, New Jersey, GO, BAN,
4.25% due 1/05/2007 16,867
16,735 Hudson County, New Jersey, Improvement Authority
Revenue Bonds (Essential Purpose Pooled
Government), VRDN, 3.10% due 7/15/2026 (j) 16,735
14,740 New Jersey EDA, Revenue Bonds (Presbyterian Homes),
VRDN, Series B, 3.17% due 12/01/2032 (j) 14,740
8,370 New Jersey Health Care Facilities Financing Authority
Revenue Bonds, FLOATS, VRDN, Series 702, 3.21%
due 7/01/2014 (f)(j) 8,369
25,000 New Jersey State, TRAN, Series A, 4% due 6/23/2006 25,041
New Jersey State Turnpike Authority, Turnpike Revenue
Bonds, VRDN (e)(j):
20,050 Series C-1, 3.14% due 1/01/2024 20,050
35,595 Series C-2, 3.14% due 1/01/2024 35,595
New Mexico--0.7%
7,370 New Mexico Finance Authority, Revenue Refunding
Bonds, ROCS, VRDN, Series II-R-7509, 3.21%
due 6/15/2023 (a)(j) 7,370
48,320 New Mexico Mortgage Finance Authority, S/F
Mortgage Program Revenue Bonds, VRDN, AMT,
4.829% due 6/01/2006 (j) 48,320
15,000 New Mexico State, Severance Tax Refunding Bonds,
Series A, 5% due 7/01/2006 15,075
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
New York--7.1%
$ 86,105 Albany, New York, City School District, GO, BAN,
Series B, 4% due 6/30/2006 $ 86,377
6,000 Chautauqua County, New York, GO, TAN, 4%
due 7/28/2006 6,022
24,000 Commack, New York, Union Free School District,
GO, Refunding, BAN, 4.25% due 11/17/2006 24,162
24,700 Eagle Tax-Exempt Trust, New York State Dormitory
Authority (Memorial Sloan), VRDN, Series 98,
Class 3202, 3.20% due 7/01/2023 (j) 24,700
14,850 Eagle Tax-Exempt Trust, New York State Dormitory
Authority, Revenue Refunding Bonds,
VRDN, Series 2006-0003, Class A, 3.20%
due 3/15/2030 (a)(j) 14,850
30,000 Erie County, New York, GO, RAN, 3.75%
due 7/13/2006 30,040
20,000 Metropolitan Transportation Authority, New York,
CP, 3.50% due 6/28/2006 20,000
69,200 Metropolitan Transportation Authority, New York,
Dedicated Tax Fund, Revenue Refunding Bonds,
VRDN, Series B, 3.13% due 11/01/2022 (e)(j) 69,200
4,000 Mineola, New York, Union Free School District, GO,
TAN, 4% due 6/30/2006 4,012
8,000 Monticello, New York, Central School District, GO,
BAN, 4% due 7/28/2006 8,028
13,995 Municipal Securities Trust Certificates Revenue Bonds,
New York City, New York, City Transitional Finance
Authority, VRDN, Series 2002-202, Class A, 3.20%
due 10/21/2010 (b)(j)(m) 13,995
24,000 New York City, New York, City IDA, Liberty Revenue
Bonds (One Bryant Park LLC Project), VRDN, Series A,
3.20% due 11/01/2039 (j) 24,000
15,000 New York City, New York, City Municipal Water
Finance Authority, CP, 3.45% due 6/01/2006 15,000
21,500 New York City, New York, City Municipal Water
Finance Authority, Water and Sewer System Revenue
Refunding Bonds, MSTR, VRDN, Series SGB-27,
3.20% due 6/15/2024 (e)(j) 21,500
21,755 New York City, New York, City Municipal Water
Finance Authority, Water and Sewer System,
Second General Resolution Revenue Refunding
Bonds, VRDN, Series AA-1, 3.11% due 6/15/2032 (j) 21,755
15,000 New York City, New York, City Transitional Finance
Authority Revenue Bonds (New York City Recovery),
VRDN, Series 3, Sub-Series 3G, 3.12%
due 11/01/2022 (j) 15,000
11,500 New York City, New York, City Transitional Finance
Authority, Special Tax Revenue Refunding Bonds,
VRDN, Series C, 3.12% due 2/01/2032 (j) 11,500
25,000 New York City, New York, GO, ROCS, VRDN,
Series II-R-251A, 3.56% due 7/13/2006 (j) 25,000
30,770 New York City, New York, Trust for Cultural Resources,
Revenue Bonds (Manhattan School of Music), VRDN,
3.17% due 10/01/2029 (h)(j) 30,770
21,070 New York State Dormitory Authority, Revenue
Refunding Bonds, MERLOTS, VRDN, Series A-09,
2.78% due 5/15/2031 (a)(j) 21,070
6,500 New York State, HFA, Service Contract Revenue
Refunding Bonds, VRDN, Series G, 3.16%
due 3/15/2028 (j) 6,500
Face
Amount Municipal Bonds Value
New York (concluded)
$ 18,200 New York State Local Government Assistance
Corporation Revenue Bonds, VRDN, Series B,
3.10% due 4/01/2025 (j) $ 18,200
6,500 New York State Local Government Assistance
Corporation, Revenue Refunding Bonds, Sub-Lien,
VRDN, Series 3V, 3.14% due 4/01/2024 (b)(j) 6,500
60,000 Suffolk County, New York, GO, TAN, Series I, 4.25%
due 8/16/2006 60,232
Triborough Bridge and Tunnel Authority, New York,
General Purpose Revenue Bonds, VRDN (j):
47,100 Series A, 3.14% due 11/01/2035 47,100
18,985 Series B, 3.17% due 1/01/2033 18,985
Triborough Bridge and Tunnel Authority, New York,
Special Obligation Revenue Refunding Bonds,
VRDN (e)(j):
5,300 Series C, 3.15% due 1/01/2031 5,300
20,280 Series D, 3.15% due 1/01/2031 20,280
7,000 William Floyd Union Free School District,
Mastics-Moriches-Shirley, GO, BAN, 3.75%
due 6/27/2006 7,017
North Carolina--2.1%
38,500 Chapel Hill University, North Carolina, Hospital
Revenue Refunding Bonds, VRDN, Series B, 3.12%
due 2/15/2031 (j) 38,500
19,995 Municipal Securities Trust Certificates, North Carolina
Eastern Municipal Power Agency, GO, Refunding,
VRDN, Series 2002-201, Class A, 3.21%
due 4/12/2017 (j) 19,995
8,165 North Carolina Eastern Municipal Power Agency,
Power System Revenue Bonds, MERLOTS, VRDN,
Series A22, 3.21% due 1/01/2024 (j) 8,165
49,500 North Carolina Medical Care Commission, Health Care
Facilities Revenue Bonds (Novant Health Group),
VRDN, Series A, 3.18% due 11/01/2034 (j) 49,500
38,525 North Carolina Medical Care Commission, Health Care
Facilities, Revenue Refunding Bonds (University
Health Systems of Eastern Carolina), VRDN, Series C1,
3.17% due 12/01/2036 (a)(j) 38,525
North Carolina Medical Care Commission, Hospital
Revenue Bonds, VRDN (j):
32,550 (Moses H. Cone Memorial Health System), Series A,
3.16% due 10/01/2035 32,550
3,000 (Moses H. Cone Memorial Health System), Series B,
3.16% due 10/01/2035 3,000
4,100 (Pooled Equipment Financing Project), ACES,
3.25% due 12/01/2025 (f) 4,100
4,500 North Carolina State, GO, MERLOTS, VRDN, Series A23,
3.21% due 3/01/2027 (j) 4,500
3,500 Wake County, North Carolina, Industrial Facilities and
Pollution Control Financing Authority Revenue Bonds
(Solid Waste Disposal--Highway 55), VRDN, AMT,
3.28% due 9/01/2013 (j) 3,500
Ohio--1.6%
12,425 Dublin, Ohio, City School District, School Construction,
GO, Refunding, BAN, 4.25% due 11/16/2006 12,481
4,000 Eagle Tax-Exempt Trust, Cincinnati, Ohio, City School
District, GO, VRDN, Series 2004-34, Class A, 3.21%
due 12/01/2031 (e)(j) 4,000
22,275 Eagle Tax-Exempt Trust, Ohio State Turnpike, VRDN,
Series 98, Class 3503, 3.21% due 2/15/2026 (j) 22,275
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Ohio (concluded)
$ 6,000 Greene County, Ohio, GO, BAN, 4.50%
due 12/14/2006 $ 6,045
28,000 Hamilton County, Ohio, Health Care Facilities
Revenue Bonds (Twin Towers and Twin Lakes),
VRDN, Series A, 3.19% due 7/01/2023 (j) 28,000
9,000 Hamilton County, Ohio, Student Housing
Revenue Bonds (Block 3 Community Urban
Redevelopment Corporation Project), VRDN,
3.21% due 8/01/2036 (j) 9,000
14,500 Marysville, Ohio, Wastewater Treatment System
Revenue Bonds, BAN, 4.50% due 12/21/2006 14,614
3,500 Montgomery County, Ohio, Revenue Refunding
Bonds (Miami Valley Hospital), VRDN, Series A,
3.12% due 11/15/2022 (j) 3,500
2,370 Municipal Securities Trust Certificates, Princeton,
Ohio, City School District, GO, VRDN, Series
SGB 50-A, 3.21% due 12/01/2030 (f)(j) 2,370
Ohio State Air Quality Development Authority,
Revenue Refunding Bonds (Cincinnati Gas and
Electric), VRDN (j):
7,900 Series A, 3.28% due 9/01/2030 7,900
16,300 Series B, 3.39% due 9/01/2030 16,300
23,955 Ohio State, GO, Common Schools, VRDN, Series A,
3.17% due 3/15/2025 (j) 23,955
2,500 Ohio State Solid Waste Revenue Bonds (Republic
Services, Inc. Project), VRDN, AMT, 3.45%
due 11/01/2035 (j) 2,500
3,000 Shaker Heights, Ohio, GO, BAN, 4.50%
due 12/08/2006 3,022
Oklahoma--1.0%
1,630 Cleveland County, Oklahoma, Development Authority,
Family Mortgage Revenue Refunding Bonds, VRDN,
4.26% due 5/25/2006 (j) 1,630
3,300 Cleveland County, Oklahoma, Home Loan Authority,
S/F Mortgage Revenue Refunding Bonds, VRDN,
Series A, 3.01% due 4/25/2006 (j) 3,300
Comanche County, Oklahoma, Home Finance Authority,
S/F Mortgage Revenue Bonds, VRDN, Series A (j):
16,293 4.613% due 4/03/2006 16,293
3,584 3.42% due 5/01/2006 3,584
36,333 Oklahoma County, Oklahoma, HFA, S/F Mortgage
Revenue Bonds, VRDN, Series A, 4.856%
due 5/01/2006 (j) 36,333
Oklahoma State Development Finance Authority
Revenue Bonds (ConocoPhillips Company Project),
VRDN, AMT (j):
7,500 3.45% due 12/01/2006 7,500
2,500 Series B, 3.36% due 8/01/2037 2,500
8,623 Oklahoma State, HFA, S/F Mortgage Revenue Bonds,
VRDN, AMT, 4.10% due 8/31/2006 (j) 8,623
10,465 Oklahoma State Industries Authority, Revenue
Refunding Bonds (Integris Baptist), VRDN, Series B,
3.12% due 8/15/2029 (f)(j) 10,465
2,870 Tulsa County, Oklahoma, Home Finance Authority,
S/F Mortgage Revenue Bonds, FLOATS, VRDN, AMT,
Series 1068, 3.24% due 12/01/2038 (j) 2,870
Oregon--0.1%
11,730 ABN AMRO MuniTops Certificates Trust, Portland,
Oregon, GO, VRDN, Series 2001-4, 3.21%
due 6/01/2009 (f)(j) 11,730
Face
Amount Municipal Bonds Value
Pennsylvania--3.2%
$ 37,320 Allegheny County, Pennsylvania, GO, Refunding,
VRDN, Series C-50, 3.22% due 5/01/2027 (j) $ 37,320
Allegheny County, Pennsylvania, Hospital
Development Authority Revenue Bonds, VRDN (j):
27,490 PUTTERS, Series 1281, 3.21% due 1/15/2011 (b) 27,490
7,500 (University of Pittsburgh Medical Center),
Series B-1, 3.29% due 12/01/2016 7,500
7,800 Arkansas State Development Finance Authority,
M/F Housing Revenue Bonds (Chapelridge
Benton Project), VRDN, AMT, Series C, 3.25%
due 6/01/2032 (j) 7,800
2,500 Butler County, Pennsylvania, IDA, IDR, Refunding
(Wetterau Finance Co. Project), VRDN, 3.21%
due 12/01/2014 (j) 2,500
19,850 Delaware Valley, Pennsylvania, Regional Finance
Authority, Local Government Revenue Bonds,
VRDN, Series D, 3.18% due 12/01/2020 (j) 19,850
Emmaus, Pennsylvania, General Authority Revenue
Bonds, VRDN, Series A (j):
11,925 3.20% due 3/01/2024 11,925
13,200 (Pennsylvania Loan Program), 3.20%
due 3/01/2030 (e) 13,200
9,897 Erie County, Pennsylvania, Hospital Authority Revenue
Bonds, FLOATS, VRDN, Series 820, 3.20%
due 7/01/2022 (f)(j) 9,897
12,000 Geisinger Health System, Pennsylvania, Revenue
Refunding Bonds, VRDN, Series B, 3.12%
due 8/01/2022 (j) 12,000
12,000 Lackawanna County, Pennsylvania, GO, MSTR, VRDN,
Series SGB-38, 3.21% due 9/15/2020 (j) 12,000
4,995 Mount Lebanon, Pennsylvania, School District,
GO, MERLOTS, VRDN, Series B19, 3.21%
due 2/15/2027 (f)(j) 4,995
6,700 Pennsylvania Economic Development Financing
Authority, Wastewater Treatment Revenue Refunding
Bonds (Sunoco Inc.--R & M Project), VRDN, AMT,
Series B, 3.37% due 10/01/2034 (j) 6,700
8,290 Pennsylvania State Turnpike Commission, Turnpike
Revenue Refunding Bonds, VRDN, Series B, 3.17%
due 12/01/2012 (j) 8,290
5,000 Philadelphia, Pennsylvania, Gas Works Revenue
Refunding Bonds, VRDN, Series 6, 3.17%
due 8/01/2031 (e)(j) 5,000
Philadelphia, Pennsylvania, Water and Wastewater
Revenue Refunding Bonds, VRDN (e)(j):
72,765 3.17% due 6/15/2023 72,765
15,000 Series B, 3.16% due 8/01/2018 15,000
28,800 Southcentral General Authority, Pennsylvania,
Revenue Refunding Bonds (Wellspan
Health--York Hospital), VRDN, Series A,
3.16% due 6/07/2023 (a)(j) 28,800
Rhode Island--0.6%
12,500 Lincoln, Rhode Island, GO, BAN, 4.25%
due 8/01/2006 12,551
Rhode Island State and Providence Plantations, GO,
FLOATS, VRDN (j):
26,035 Series 568, 3.20% due 9/01/2017 (f) 26,035
15,940 Series 720, 3.20% due 11/01/2022 (b) 15,940
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
South Carolina--1.2%
$ 12,195 ABN AMRO MuniTops Certificates Trust, Lexington
County, South Carolina, GO, VRDN, Series 2001-37,
3.21% due 2/01/2010 (b)(j) $ 12,195
2,625 Charleston Educational Excellence Financing
Corporation, South Carolina, ROCS, VRDN,
Series II-R-515, 3.20% due 12/01/2030 (j)(k) 2,625
11,500 Eagle Tax-Exempt Trust, South Carolina State
Public Service Authority Revenue Bonds,
VRDN, Series 2006-0007, Class A, 3.21%
due 1/01/2036 (f)(j) 11,500
9,500 Eagle Tax-Exempt Trust, South Carolina State Public
Service Authority, Revenue Refunding Bonds, VRDN,
Series 2006-0019, Class A, 3.21%
due 1/01/2039 (f)(j) 9,500
6,380 Florence County, South Carolina, Solid Waste
Disposal and Wastewater Treatment Revenue
Bonds (Roche Carolina Inc. Project), VRDN, AMT,
3.18% due 4/01/2027 (j) 6,380
Greenville Hospital System, South Carolina,
Hospital Facilities Revenue Bonds, VRDN (a)(j):
23,700 Series A, 3.16% due 5/01/2035 23,700
22,750 Series B, 3.16% due 5/01/2035 22,750
8,035 Medical University Hospital Authority, South Carolina,
Hospital Facilities, Revenue Refunding Bonds,
VRDN, Series A-5, 3.22% due 8/15/2027 (f)(j)(l) 8,035
2,100 South Carolina Housing Finance and Development
Authority, Mortgage Revenue Bonds, ROCS, VRDN,
AMT, Series II-R-398, 3.25% due 7/01/2034 (e)(j) 2,100
6,250 South Carolina Jobs EDA, EDR (Holcim (US) Inc.
Project), VRDN, AMT, 3.34% due 12/01/2033 (j) 6,250
12,500 South Carolina Transportation Infrastructure Bank
Revenue Bonds, FLOATS, VRDN, Series 728, 3.20%
due 10/01/2022 (a)(j) 12,500
Tennessee--4.7%
3,100 Blount County, Tennessee, Public Building Authority,
Local Government Public Improvement Revenue
Bonds, VRDN, Series D1F, 3.19% due 6/01/2030 (a)(j) 3,100
Clarksville, Tennessee, Public Building Authority
Revenue Bonds, Pooled Financing (Tennessee
Municipal Bond Fund), VRDN (j):
34,300 3.18% due 11/01/2027 34,300
62,025 3.18% due 6/01/2029 62,025
21,400 3.12% due 7/01/2034 21,400
9,200 3.12% due 11/01/2035 9,200
1,460 Jackson, Tennessee, Health, Educational and Housing
Facilities Board, M/F Housing Revenue Bonds
(Villages at Old Hickory Project), VRDN, AMT,
3.58% due 12/01/2006 (j) 1,460
8,100 Loudon, Tennessee, IDB, PCR, Refunding (A.E. Staley
Manufacturing Company Project), VRDN, 3.18%
due 6/01/2023 (j) 8,100
6,450 Memphis, Tennessee, Health, Educational and
Housing Facility Board, M/F Housing Revenue
Bonds (Chickasaw Place Apartments), VRDN, AMT,
3.27% due 6/01/2033 (j) 6,450
6,020 Memphis, Tennessee, Health, Educational and Housing
Facility Board Revenue Bonds (Not-for-Profit M/F
Program), VRDN, 3.33% due 8/01/2032 (j) 6,020
Face
Amount Municipal Bonds Value
Tennessee (concluded)
Montgomery County, Tennessee, Public Building
Authority, Pooled Financing Revenue Bonds,
VRDN (j):
$ 2,980 (Montgomery County Loan Pool), 3.18%
due 7/01/2019 $ 2,980
16,350 (Tennessee County Loan Pool), 3.12%
due 4/01/2032 16,350
9,550 (Tennessee County Loan Pool), 3.12%
due 7/01/2034 9,550
Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement Revenue
Bonds, VRDN (j):
7,100 Series II-A-1, 3.19% due 6/01/2024 (a) 7,100
10,000 Series III-D-2, 3.19% due 6/01/2017 (a) 10,000
4,165 Series III-D-6, 3.19% due 6/01/2020 (a) 4,165
18,900 Series III-E-1, 3.19% due 6/01/2025 18,900
10,000 Series III-E-4, 3.19% due 6/01/2025 (a) 10,000
6,030 Series IV-A-4, 3.12% due 6/01/2020 (e) 6,030
6,500 Series IV-F-2, 3.12% due 6/01/2020 (a) 6,500
17,500 Series VI-A-1, 3.11% due 6/01/2029 17,500
6,700 Series VI-B-1, 3.12% due 6/01/2024 6,700
16,000 Series VI-C-1, 3.12% due 6/01/2034 (a) 16,000
10,000 Series VI-C-2, 3.12% due 6/01/2039 (a) 10,000
10,000 Series VI-D-2, 3.12% due 6/01/2024 (a) 10,000
7,400 Series VI-E-1, 3.12% due 6/01/2020 (a) 7,400
5,850 Series VI-F-3, 3.12% due 6/01/2030 (i) 5,850
4,135 Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement, Revenue
Refunding Bonds, VRDN, Series II-E-2, 3.19%
due 6/01/2021 (a)(j) 4,135
Shelby County, Tennessee, CP:
12,250 3.25% due 5/04/2006 12,250
4,750 3.24% due 5/05/2006 4,750
4,595 Shelby County, Tennessee, GO, Refunding, ROCS,
VRDN, Series II-R-3023, 3.21% due 4/01/2020 (f)(j) 4,595
38,290 The Tennergy Corporation, Tennessee, Gas Revenue
Bonds, PUTTERS, VRDN, Series 1258Q, 3.23%
due 11/01/2013 (j) 38,290
Tennessee HDA, S/F Mortgage Revenue Bonds, VRDN,
AMT, Series CN-1 (j):
14,020 4.189% due 8/10/2006 14,020
15,225 4.476% due 8/10/2006 15,225
34,600 Tennessee State Local Development Authority, Revenue
Bonds (Student Loan Program), BAN, Series A, 4%
due 5/25/2006 34,663
Texas--12.5%
15,750 ABN AMRO MuniTops Certificates Trust, Houston,
Texas, Airport Revenue Bonds, VRDN, AMT, Series
1998-15, 3.27% due 7/05/2006 (b)(j) 15,750
13,500 ABN AMRO MuniTops Certificates Trust, San Antonio,
Texas, Electric and Gas Revenue Bonds, VRDN,
Series 1998-22, 3.22% due 1/03/2007 (f)(j)(m) 13,500
29,950 ABN AMRO MuniTops Certificates Trust, San Antonio,
Texas, Independent School District, VRDN, Series
1999-10, 3.20% due 3/07/2007 (j) 29,950
9,030 ABN AMRO MuniTops Certificates Trust, Texas
Permanent School Fund, Independent School District,
GO, VRDN, Series 2001-8, 3.22% due 2/15/2007 (j) 9,030
9,075 Alamo Heights, Texas Independent School District, GO,
PUTTERS, VRDN, Series 980, 3.21% due 2/01/2012 (j) 9,075
24,000 Austin, Texas, Utility System, CP, 3.26% due 5/05/2006 24,000
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Texas (continued)
$ 4,495 Austin, Texas, Water and Wastewater System, Revenue
Refunding Bonds, ROCS, VRDN, Series II-R-6029,
3.21% due 11/15/2024 (a)(j) $ 4,495
Bell County, Texas, Health Facilities Development
Corporation, Hospital Revenue Bonds (Scott &
White Memorial Hospital), VRDN (f)(j):
22,315 Series 2001-1, 3.12% due 8/15/2031 22,315
9,900 Series 2001-2, 3.12% due 8/15/2031 9,900
10,000 Brazos River Authority, Texas, Harbor Navigational
District, Brazoria County Revenue Bonds
(BASF Corp.), VRDN, AMT, 3.25% due 4/01/2032 (j) 10,000
Brazos River Harbor Navigation District, Texas,
Brazoria County Environmental Revenue Bonds
(Dow Chemical Company), VRDN (j):
4,200 Series A-2, 3.29% due 5/15/2033 4,200
2,400 Series B-1, 3.23% due 5/15/2033 2,400
25,000 Brazos River, Texas, Harbor Industrial Development
Corporation Revenue Bonds (BASF Corporation
Project), VRDN, AMT, 3.25% due 5/01/2038 (j) 25,000
1,995 Brownsville, Texas, Utility System Revenue Refunding
Bonds, ROCS, VRDN, Series II-R-4074, 3.21%
due 9/01/2024 (a)(j) 1,995
5,340 Central Texas Housing Finance Corporation, VRDN,
4.809% due 7/03/2006 (j) 5,340
7,315 Corpus Christi, Texas, Business and Job Development
Corporation, Sales Tax Revenue Refunding
Bonds, ROCS, VRDN, Series II-R-2001, 3.21%
due 9/01/2017 (a)(j) 7,315
3,720 Corpus Christi, Texas, Utility System Revenue
Refunding Bonds, ROCS, VRDN, Series II-R-2149,
3.21% due 7/15/2024 (e)(j) 3,720
Dallas-Fort Worth, Texas, International Airport
Revenue Bonds, VRDN, AMT (j):
4,407 FLOATS, Series 824, 3.24% due 11/01/2015 (a) 4,407
7,140 PUTTERS, Series 350, 3.24% due 5/01/2011 (f) 7,140
2,500 PUTTERS, Series 351, 3.24% due 5/01/2008 (e) 2,500
4,995 PUTTERS, Series 385, 3.24% due 5/01/2008 (b) 4,995
3,000 ROCS, Series II-R-268, 3.25% due 11/01/2033 (f) 3,000
3,425 Dallas-Fort Worth, Texas, International Airport Revenue
Refunding Bonds, PUTTERS, VRDN, AMT, Series 1019,
3.24% due 5/01/2010 (b)(j) 3,425
Dallas-Fort Worth, Texas, Regional Airport Revenue
Bonds, MSTR, VRDN, AMT (f)(j):
25,300 Series SGB-49, 3.19% due 11/01/2023 25,300
9,495 Series SGB-52, 3.25% due 11/01/2017 9,495
Dallas-Fort Worth, Texas, Regional Airport Revenue
Refunding Bonds, MSTR, VRDN (j):
23,885 AMT, Series SGB-46, 3.25% due 11/01/2020 (f) 23,885
6,600 Series SGB-52, 3.21% due 11/01/2015 (b) 6,600
Dallas, Texas, Area Rapid Transit, CP:
10,000 3.34% due 5/01/2006 10,000
30,195 3.30% due 5/09/2006 30,195
2,830 Dallas, Texas, Area Rapid Transit Revenue Refunding
Bonds, ROCS, Series II-R-2078, 3.21%
due 12/01/2022 (a)(j) 2,830
2,500 Denton, Texas, Independent School District, GO,
VRDN, Series 2005-A, 3.23% due 8/01/2035 (j) 2,500
8,435 Eagle Tax-Exempt Trust, Dallas-Fort Worth, Texas,
International Airport Revenue Bonds, AMT,
VRDN, Series 2003-0020, Class A, 3.24%
due 11/01/2032 (a)(j) 8,435
6,000 Eagle Tax-Exempt Trust, Dallas, Texas, VRDN,
Series 01, Class 4310, 3.21% due 12/01/2026 (a)(j) 6,000
Face
Amount Municipal Bonds Value
Texas (continued)
$ 4,915 Eagle Tax-Exempt Trust, San Antonio, Texas, VRDN,
Series 01, Class 4311, 3.20% due 8/15/2026 (j) $ 4,915
14,500 Eagle Tax-Exempt Trust, San Antonio, Texas, Water
Revenue Refunding Bonds, VRDN, Series
2006-0005, Class A, 3.21% due 5/15/2040 (f)(j) 14,500
4,500 Fort Bend County, Texas, GO, MSTR, VRDN, SGB-46-A,
3.21% due 3/01/2032 (f)(j) 4,500
5,300 Grapevine, Texas, Industrial Development Corporation,
Airport Revenue Refunding Bonds (Southern Air
Transport), VRDN, 3.22% due 3/01/2010 (j) 5,300
19,000 Gulf Coast Waste Disposal Authority, Texas,
Environmental Facilities Revenue Bonds (American
Aeryl LP Project), VRDN, AMT, 3.25%
due 5/01/2038 (j) 19,000
Gulf Coast Waste Disposal Authority, Texas, Revenue
Bonds, VRDN, AMT (j):
2,200 (Air Products Project), 3.26% due 12/01/2039 2,200
2,500 (Waste Management Inc.), Series A, 3.23%
due 4/01/2019 2,500
10,470 Harris County-Houston, Texas, Sports Authority, Special
Revenue Refunding Bonds, TOCS, VRDN, Series Z-3,
3.24% due 11/15/2025 (f)(j) 10,470
Harris County, Texas, Health Facilities Development
Corporation, Revenue Refunding Bonds, VRDN (j):
37,950 (Methodist Hospital), Series B, 3.11%
due 12/01/2032 37,950
14,000 (Saint Luke's Episcopal Hospital), Series A, 3.22%
due 2/15/2032 (b) 14,000
5,340 Harris County, Texas, Health Facilities Development
Corporation, Special Facilities Revenue Bonds
(Texas Medical Center Project), VRDN, Series B,
3.12% due 5/15/2029 (e)(j) 5,340
31,350 Harris County, Texas, Industrial Development
Corporation, Solid Waste Disposal Revenue Bonds
(Deer Park Limited Partnership), VRDN, AMT, 3.20%
due 2/01/2023 (j) 31,350
10,245 Harris County, Texas, Revenue Refunding Bonds, ROCS,
VRDN, Series II-R-1030, 3.21% due 8/15/2017 (e)(j) 10,245
15,000 Houston, Texas, CP, 3.30% due 5/01/2006 15,000
41,000 Houston, Texas, Independent School District, GO,
VRDN, 2.77% due 6/14/2006 (j) 41,000
Houston, Texas, Utility System Revenue Refunding
Bonds, VRDN (e)(j):
5,355 ROCS, Series II-R-4063, 3.21% due 5/15/2021 5,355
6,000 TOCS, Series A, 3.21% due 5/25/2012 6,000
7,785 Houston, Texas, Water and Sewer System Revenue
Bonds, MERLOTS, VRDN, Series A-128, 3.21%
due 12/01/2029 (f)(j) 7,785
3,355 Irving, Texas, Independent School District, GO,
Refunding, ROCS, VRDN, Series II-R-2028, 3.21%
due 2/15/2022 (j) 3,355
4,975 Lewisville, Texas, Independent School District, GO,
Refunding, PUTTERS, VRDN, Series 701, 3.21%
due 8/15/2010 (b)(j) 4,975
10,395 Municipal Securities Trust Certificates, Austin, Texas,
Water Revenue Refunding Bonds, VRDN, Series
2001-134, Class A, 3.23% due 5/15/2010 (e)(j) 10,395
8,620 Municipal Securities Trust Certificates, Houston, Texas,
Independent School District, GO, Refunding, VRDN,
Series 233, Class A, 3.30% due 1/09/2014 (j) 8,620
4,840 Municipal Securities Trust Certificates, Texas,
VRDN, Series 2005-240, Class A, 3.30%
due 11/06/2024 (a)(j) 4,840
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (continued) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Texas (continued)
$ 567 Nortex Housing Finance Corporation, Texas, S/F
Mortgage Revenue Bonds, VRDN, Series A,
3.28% due 6/01/2036 (j) $ 567
North Central Texas, CP:
20,000 3.20% due 5/05/2006 20,000
32,000 3.24% due 6/01/2006 32,000
17,335 Port Arthur, Texas, Navigation District, Environmental
Facilities Revenue Refunding Bonds (Motiva
Enterprises Project), VRDN, AMT, 3.32%
due 12/01/2027 (j) 17,335
Port Arthur, Texas, Navigation District, Industrial
Development Corporation, Exempt Facilities
Revenue Bonds (Air Products and Chemicals
Project), VRDN, AMT (j):
10,000 3.26% due 4/01/2036 10,000
8,400 3.21% due 5/01/2040 8,400
Port Arthur, Texas, Navigation District Revenue Bonds,
VRDN, AMT (j):
20,000 (BASF Corporation Project), 3.30%
due 4/01/2033 20,000
10,000 Multi-Mode (Atofina Petrochemicals), Series B,
3.35% due 4/01/2027 10,000
6,000 Port of Corpus Christi Authority, Texas, Nueces County
Solid Waste Disposal Revenue Bonds (Flint Hills
Resources LP Project), VRDN, AMT, 3.48%
due 1/01/2030 (j) 6,000
50,000 Port of Corpus Christi Authority, Texas, Nueces
County Solid Waste Disposal, Revenue Refunding
Bonds (Flint Hills Resources LP Project), VRDN, AMT,
Series A, 3.48% due 7/01/2029 (j) 50,000
3,765 Port of Houston Authority, Harris County, Texas, GO,
Refunding, PUTTERS, VRDN, Series 1145, 3.21%
due 10/01/2013 (f)(j) 3,765
5,925 San Antonio, Texas, Convention Center Hotel Finance
Corporation, Contract Revenue Bonds, ROCS, VRDN,
AMT, Series II-R-363, 3.25% due 7/15/2039 (a)(j) 5,925
10,000 San Antonio, Texas, Hotel Occupancy Revenue
Bonds, FLOATS, VRDN, Series SG-51, 3.21%
due 8/15/2019 (j) 10,000
4,990 San Marcos, Texas, Consolidated Independent School
District, GO, MERLOTS, VRDN, Series C-23, 3.21%
due 8/01/2029 (j) 4,990
4,155 Socorro, Texas, Independent School District, GO,
ROCS, VRDN, Series II-R-2222, 3.21%
due 8/15/2022 (j) 4,155
Southeast Texas Housing Finance Corporation,
Revenue Refunding Bonds, VRDN (j):
3,947 4.809% due 3/01/2007 3,947
6,000 AMT, Series A-2, 3.60% due 2/16/2007 (c)(n) 6,000
10,000 Texas Public Finance Authority, CP, 3.30%
due 5/10/2006 10,000
54,160 Texas State, GO (College Student Loan), Refunding,
VRDN, AMT, 2.85% due 7/01/2006 (j) 54,160
275,230 Texas State, GO, TRAN, 4.50% due 8/31/2006 276,898
5,425 University of Texas, Financing System Revenue
Refunding Bonds, ROCS, VRDN, Series II-R-1011,
3.43% due 6/01/2006 (e)(j) 5,425
4,335 Victoria County, Texas, Hospital Revenue Refunding
Bonds, FLOATS, VRDN, Series 959, 3.20%
due 1/01/2016 (a)(j) 4,335
Face
Amount Municipal Bonds Value
Texas (concluded)
$ 6,200 West Side Calhoun County, Texas, Navigation District
Sewer and Solid Waste District Revenue Bonds
(BP Chemicals Inc. Project), VRDN, AMT, 3.17%
due 4/01/2031 (j) $ 6,200
4,745 Williamson County, Texas, GO, Refunding, PUTTERS,
VRDN, Series 410, 3.21% due 2/15/2012 (f)(j) 4,745
Utah--0.9%
15,000 Intermountain Power Agency, Utah, CP, 3.20%
due 5/03/2006 15,000
10,000 Intermountain Power Agency, Utah, Power Supply
Revenue Bonds, VRDN, Series F, 3.20%
due 7/01/2018 (a)(j) 10,000
Murray City, Utah, Hospital Revenue Bonds
(IHC Health Services, Inc.), VRDN (j):
18,050 Series A, 3.12% due 5/15/2037 18,050
9,225 Series B, 3.12% due 5/15/2037 9,225
5,000 Series C, 3.12% due 5/15/2036 5,000
12,900 Salt Lake County, Utah, PCR, Refunding (Service
Station Holdings Project), VRDN, Series B,
3.10% due 8/01/2007 (j) 12,900
8,300 Utah Water Finance Agency, Tender Option
Revenue Bonds, VRDN, Series A-9, 3.21%
due 7/01/2034 (a)(j) 8,300
6,720 Weber County, Utah, Hospital Revenue Bonds
(IHC Health Services), VRDN, Series C, 3.12%
due 2/15/2035 (j) 6,720
Vermont--0.2%
4,050 Vermont Educational and Health Buildings Financing
Agency, Revenue Bonds (Middlebury College Project),
VRDN, Series A, 3.16% due 11/01/2006 (j) 4,050
2,100 Vermont HFA, S/F Revenue Bonds, VRDN, AMT,
Series 16 A, 3.30% due 5/01/2032 (e)(j) 2,100
8,000 Vermont State Student Assistance Corporation, Student
Loan Revenue Bonds, FLOATS, VRDN, 3.25%
due 1/01/2008 (j) 8,000
Virginia--1.5%
6,055 Eagle Tax-Exempt Trust, Richmond, Virginia, Public
Utilities Revenue Bonds, VRDN, Series 2006-0050,
Class A, 3.20% due 1/15/2035 (e)(j) 6,055
13,000 Fairfax County, Virginia, IDA, Revenue Refunding Bonds
(Inova Health System Project), VRDN, Series A-1,
3.15% due 5/15/2035 (j) 13,000
20,000 Morgan Keegan Municipal Products, Inc., Virginia State,
HDA, VRDN, Series E, 3.21% due 12/01/2010 (j) 20,000
Norfolk, Virginia, CP:
38,000 3.34% due 5/01/2006 38,000
36,200 3.30% due 5/09/2006 36,200
25,000 Virginia State, HDA, Commonwealth Mortgage
Revenue Refunding Bonds, VRDN, AMT, Series C,
Sub-Series C-STEM-III, 3.03% due 5/16/2006 (j) 24,999
Washington--2.2%
20,000 ABN AMRO MuniTops Certificates Trust, Port of
Seattle, Washington, Revenue Bonds, VRDN,
Series 1998-16, 3.22% due 10/04/2006 (f)(j) 20,000
12,650 Central Puget Sound, Washington, Regional Transit
Authority, Sales and Use Tax Revenue Bonds, ROCS,
VRDN, Series II-R-7510, 3.21% due 11/01/2023 (a)(j) 12,650
22,900 Clark County, Washington, Public Utility District
Number 001, Generating System Revenue Refunding
Bonds, MSTR, VRDN, Series SGA-118, 3.16%
due 1/01/2025 (e)(j) 22,900
CMA TAX-EXEMPT FUND MARCH 31, 2006
Schedule of Investments (concluded) Master Tax-Exempt Trust
(in Thousands)
Face
Amount Municipal Bonds Value
Washington (continued)
$ 3,000 Eagle Tax-Exempt Trust, Bellevue, Washington, GO,
Refunding, VRDN, Series 2004-1011, Class A,
3.21% due 12/01/2043 (f)(j) $ 3,000
19,000 Energy Northwest, Washington, Electric Revenue
Refunding Bonds (Project Number 3), VRDN,
Series D-3-1, 3.17% due 7/01/2018 (e)(j) 19,000
8,905 Grant County, Washington, Public Utility District
Number 002, Electric Revenue Refunding Bonds,
ROCS, VRDN, Series II-R-2039, 3.21%
due 1/01/2019 (e)(j) 8,905
5,225 King County, Washington, School District Number 410,
Snoqualmie Valley, GO, ROCS, VRDN, Series II-R-4513,
3.21% due 12/01/2020 (e)(j) 5,225
14,745 King County, Washington, Sewer Revenue Refunding
Bonds, FLOATS, VRDN, Series 554, 3.20%
due 7/01/2009 (b)(j) 14,745
2,265 Lewis County, Washington, Public Utility District
Number 001, Cowlitz Falls Hydroelectric Revenue
Refunding Bonds, VRDN, Series II-R-4026, 3.21%
due 10/01/2023 (f)(j) 2,265
14,070 Municipal Securities Trust Certificates, Washington State
Motor Vehicle Fuel Tax, GO, VRDN, Series 2001-112,
Class A, 3.16% due 1/07/2021 (j) 14,070
4,945 Port of Seattle, Washington, Revenue Bonds,
MERLOTS, VRDN, AMT, Series B04, 3.26%
due 9/01/2015 (b)(j) 4,945
4,945 Seattle, Washington, Water System Revenue Refunding
Bonds, ROCS, VRDN, Series II-R-4006, 3.21%
due 9/01/2022 (f)(j) 4,945
3,465 Spokane County, Washington, Spokane School District
Number 081, GO, ROCS, VRDN, Series II-R-4000,
3.21% due 12/01/2019 (e)(j) 3,465
5,600 Tacoma, Washington, Convention Center and
Parking Revenue Bonds, ROCS, VRDN,
Series II-R-2144, 3.21% due 12/01/2022 (f)(j) 5,600
13,975 Tacoma, Washington, Water Revenue Refunding
Bonds, FLOATS, VRDN, Series 555, 3.20%
due 12/01/2009 (b)(j) 13,975
Washington State, GO, Refunding, MERLOTS,
VRDN (f)(j):
5,195 Series A05, 3.21% due 1/01/2013 5,195
12,800 Series A57, 3.21% due 1/01/2011 12,800
Washington State, GO, VRDN (j):
2,615 FLOATS, Series 1140, 3.24% due 6/01/2016 (b) 2,615
15,075 PUTTERS, Series 333, 3.24% due 12/01/2014 (f) 15,075
10,395 ROCS, Series II-R-6061, 3.20%
due 1/01/2022 (a) 10,395
Face
Amount Municipal Bonds Value
Washington (concluded)
$ 6,400 Washington State Housing Finance Commission,
M/F Housing Revenue Bonds (Arbors on the Park
Project), VRDN, AMT, 3.27% due 10/01/2024 (j) $ 6,400
West Virginia--0.2%
10,695 ABN AMRO MuniTops Certificates Trust, West Virginia
State, GO, VRDN, Series 2000-12, 3.20%
due 6/04/2008 (f)(j) 10,695
9,900 Eagle Tax-Exempt Trust, West Virginia Higher
Education Policy Commission, Revenue Refunding
Bonds, VRDN, Series 2005-0018, Class A, 3.21%
due 4/01/2034 (b)(j) 9,900
Wisconsin--0.7%
14,850 Eagle Tax-Exempt Trust, Wisconsin Ball Park, VRDN,
Series 98, Class 4901, 3.21% due 12/15/2026 (j) 14,850
2,595 Hartland, Wisconsin, IDR (Commercial
Communications Inc. Project), VRDN, AMT,
3.50% due 8/01/2009 (j) 2,595
2,685 Manitowoc, Wisconsin, Electric Revenue Bonds,
ROCS, VRDN, Series II-R-2177, 3.21%
due 10/01/2024 (b)(j) 2,685
6,000 Wisconsin Public Power Inc., Power Supply System
Revenue Bonds, PUTTERS, VRDN, Series 1150,
3.21% due 7/01/2013 (a)(j) 6,000
5,145 Wisconsin Rural Water Construction Loan Program,
Commission Revenue Bonds, BAN, 4.25%
due 9/15/2006 5,173
Wisconsin State, GO, CP:
6,595 3.25% due 5/04/2006 6,595
25,000 3.29% due 5/08/2006 25,000
Wyoming--0.5%
24,200 Sweetwater County, Wyoming, PCR, Refunding
(Idaho Power Company Project), VRDN, Series B,
3.23% due 7/15/2026 (j) 24,200
25,000 Wyoming State Education Fund, GO, TRAN, 4%
due 6/28/2006 25,082
Puerto Rico--0.2%
3,005 Puerto Rico Commonwealth Infrastructure Financing
Authority, Special Obligation Revenue Bonds, TOCS,
VRDN, Series Z-6, 3.24% due 6/26/2037 (b)(j) 3,005
12,800 Puerto Rico Electric Power Authority, Power Revenue
Bonds, MSTR, VRDN, Series SGA-43, 3.17%
due 7/01/2022 (f)(j) 12,800
Total Investments (Cost--$9,484,743*)--99.6% 9,484,743
Other Assets Less Liabilities--0.4% 39,994
----------
Net Assets--100.0% 9,524,737
==========
* Cost for federal income tax purposes.
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FHLMC Collateralized.
(d) FNMA Collateralized.
(e) FSA Insured.
(f) MBIA Insured.
(g) CIFG Insured.
(h) Radian Insured.
(i) XL Capital Insured.
(j) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(k) AGC Insured.
(l) FHA Insured.
(m) The security may be offered and sold to "qualified institutional buyers"
under Rule 144A of the Securities Act of 1933.
(n) FNMA/GNMA Collateralized.
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Statement of Assets and Liabilities Master Tax-Exempt Trust
As of March 31, 2006
Assets
Investments in unaffiliated securities, at value (identified cost--$9,484,742,795) $ 9,484,742,795
Cash 41,757
Receivables:
Interest $ 67,352,506
Securities sold 3,376,187
Contributions 972,759 71,701,452
---------------
Prepaid expenses 40,010
---------------
Total assets 9,556,526,014
---------------
Liabilities
Payables:
Securities purchased 30,026,253
Investment adviser 999,152
Other affiliates 96,885 31,122,290
---------------
Accrued expenses and other liabilities 666,871
---------------
Total liabilities 31,789,161
---------------
Net Assets
Net assets $ 9,524,736,853
===============
Net Assets Consist of
Investors' capital $ 9,524,736,853
---------------
Net Assets $ 9,524,736,853
===============
See Notes to Financial Statements.
Statement of Operations Master Tax-Exempt Trust
For the Year Ended March 31, 2006
Investment Income
Interest and amortization of premium and discount earned $ 261,892,365
Expenses
Investment advisory fees $ 12,687,362
Accounting services 1,223,310
Custodian fees 215,518
Professional fees 106,778
Pricing fees 71,426
Trustees' fees and expenses 56,198
Printing and shareholder reports 2,589
Other 143,437
---------------
Total expenses 14,506,618
---------------
Investment income--net 247,385,747
---------------
Realized Loss--Net
Realized loss on investments--net (414,731)
---------------
Net Increase in Net Assets Resulting from Operations $ 246,971,016
===============
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Statements of Changes in Net Assets Master Tax-Exempt Trust
For the Year Ended March 31,
Increase (Decrease) in Net Assets: 2006 2005
Operations
Investment income--net $ 247,385,747 $ 131,362,901
Realized loss--net (414,731) (941,838)
---------------- ----------------
Net increase in net assets resulting from operations 246,971,016 130,421,063
---------------- ----------------
Capital Transactions
Proceeds from contributions 52,632,134,510 42,296,733,453
Fair value of withdrawals (53,104,175,686) (42,929,977,629)
---------------- ----------------
Net decrease in net assets derived from capital transactions (472,041,176) (633,244,176)
---------------- ----------------
Net Assets
Total decrease in net assets (225,070,160) (502,823,113)
Beginning of year 9,749,807,013 10,252,630,126
---------------- ----------------
End of year $ 9,524,736,853 $ 9,749,807,013
================ ================
See Notes to Financial Statements.
Financial Highlights Master Tax-Exempt Trust
For the Period
February 13, 2003++
The following per share data and ratios have been derived For the Year Ended March 31, to March 31,
from information provided in the financial statements. 2006 2005 2004 2003
Total Investment Return
Total investment return 2.64% 1.33% .94% .68%*
============ ============ ============ ============
Ratios to Average Net Assets
Expenses .15% .15% .15% .21%*
============ ============ ============ ============
Investment income and realized gain (loss)--net 2.61% 1.31% .94% 1.04%*
============ ============ ============ ============
Supplemental Data
Net assets, end of period (in thousands) $ 9,524,737 $ 9,749,807 $ 10,252,630 $ 10,591,179
============ ============ ============ ============
* Annualized.
++ Commencement of operations.
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Notes to Financial Statements Master Tax-Exempt Trust
1. Significant Accounting Policies:
Master Tax-Exempt Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended, and is organized as a Delaware statutory
trust. The Declaration of Trust permits the Trustees to issue nontransferable
interests in the Trust, subject to certain limitations. The Trust's financial
statements are prepared in conformity with U.S. generally accepted accounting
principles, 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 Trust.
(a) Valuation of investments--Investments are valued at amortized cost, which
approximates market value. For the purpose of valuation, the maturity of a
variable rate demand instrument is deemed to be the demand notice payment
period. In the case of a floating rate instrument, the remaining maturity is
the next coupon date on which the interest rate is to be adjusted.
(b) Income taxes--The Trust is classified as a partnership for federal income
tax purposes. As such, each investor in the Trust is treated as owner of its
proportionate share of the net assets, income, expenses and realized and
unrealized gains and losses of the Trust. Therefore, no federal income tax
provision is required. It is intended that the Trust's assets will be managed
so an investor in the Trust can satisfy the requirements of Subchapter M of
the Internal Revenue Code.
(c) Security transactions and investment income--Security transactions are
recorded on the dates the transactions are entered into (the trade dates).
Realized gains and losses on security transactions are determined on the
identified cost basis. Interest income (including amortization of premium and
discount) is recognized on the accrual basis.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Trust has entered into an Investment Advisory Agreement with Fund Asset
Management, L.P. ("FAM"). The general partner of FAM is Princeton Services,
Inc. ("PSI"), an indirect, wholly-owned subsidiary of Merrill Lynch & Co.,
Inc. ("ML & Co."), which is the limited partner.
FAM is responsible for the management of the Trust's portfolio and provides
the necessary personnel, facilities, equipment and certain other services
necessary to the operations of the Trust. For such services, the Trust pays a
monthly fee based upon the average daily value of the Trust's net assets at
the following annual rates: .25% of the Trust's average daily net assets not
exceeding $500 million; .175% of the average daily net assets in excess of
$500 million but not exceeding $1 billion; and .125% of the average daily net
assets in excess of $1 billion.
For the year ended March 31, 2006, the Trust reimbursed FAM $220,752 for
certain accounting services.
Certain officers and/or trustees of the Trust are officers and/or directors of
FAM, PSI, and/or ML & Co.
In February 2006, ML & Co. and BlackRock, Inc. entered into an agreement to
contribute ML & Co.'s investment management business, including FAM, to the
investment management business of BlackRock, Inc. The transaction is expected
to close in the third quarter of 2006.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Report of Independent Registered Public Accounting Firm
Master Tax-Exempt Trust
To the Investors and Board of Trustees of
Master Tax-Exempt Trust:
We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of Master Tax-Exempt Trust as of March
31, 2006, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the respective periods
then ended. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. The Trust is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Trust's internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. Our
procedures included confirmation of securities owned as of March 31, 2006, by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Master Tax-Exempt Trust as of March 31, 2006, the results of its operations
for the year then ended, the changes in its net assets for each of the two
years in the period then ended, and its financial highlights for each of the
respective periods then ended, in conformity with U.S. generally accepted
accounting principles.
Deloitte & Touche LLP
Princeton, New Jersey
May 22, 2006
CMA TAX-EXEMPT FUND MARCH 31, 2006
Officers and Trustees
Number of
Portfolios in Other Public
Position(s) Length of Fund Complex Directorships
Held with Time Overseen by Held by
Name, Address & Age Fund/Trust Served Principal Occupation(s) During Past 5 Years Trustee Trustee
Interested Trustee
Robert C. Doll, Jr.* President 2005 to President of MLIM/FAM-advised funds since 131 Funds None
P.O. Box 9011 and present 2005; President of MLIM and FAM since 2001; 177 Portfolios
Princeton, Trustee Co-Head (Americas Region) thereof from 2000
NJ 08543-9011 to 2001 and Senior Vice President from 1999
Age: 51 to 2001; President and Director of Princeton
Services, Inc. ("Princeton Services") since
2001; President of Princeton Administrators,
L.P. ("Princeton Administrators") since 2001;
Chief Investment Officer of OppenheimerFunds,
Inc. in 1999 and Executive Vice President
thereof from 1991 to 1999.
* Mr. Doll is a director, trustee or member of an advisory board of certain
other investment companies for which MLIM or FAM acts as investment adviser.
Mr. Doll is an "interested person," as defined in the Investment Company Act,
of the Fund based on his positions with MLIM, FAM, Princeton Services and
Princeton Administrators. Trustees serve until their resignation, removal or
death, or until December 31 of the year in which they turn 72. As Fund/Trust
President, Mr. Doll serves at the pleasure of the Board of Trustees.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Officers and Trustees (continued)
Number of
Portfolios in Other Public
Position(s) Length of Fund Complex Directorships
Held with Time Overseen by Held by
Name, Address & Age Fund/Trust Served Principal Occupation(s) During Past 5 Years Trustee Trustee
Independent Trustees*
Ronald W. Forbes** Trustee 1981/2002 Professor Emeritus of Finance, School of 49 Funds None
P.O. Box 9095 to present Business, State University of New York at 50 Portfolios
Princeton, Albany since 2000 and Professor thereof
NJ 08543-9095 from 1989 to 2000; International Consultant,
Age: 65 Urban Institute, Washington, D.C. from
1995 to 1999.
Cynthia A. Montgomery Trustee 1994/2002 Professor, Harvard Business School since 49 Funds Newell
P.O. Box 9095 to present 1989; Associate Professor, J.L. Kellogg 50 Portfolios Rubbermaid, Inc.
Princeton, Graduate School of Management, Northwestern (manufacturing)
NJ 08543-9095 University from 1985 to 1989; Associate
Age: 53 Professor, Graduate School of Business
Administration, University of Michigan
from 1979 to 1985; Director, Harvard
Business School Publishing since 2005;
Director, McLean Hospital since 2005.
Jean Margo Reid Trustee 2004 to Self-employed consultant since 2001; 49 Funds None
P.O. Box 9095 present Counsel of Alliance Capital Management 50 Portfolios
Princeton, (investment adviser) in 2000; General
NJ 08543-9095 Counsel, Director and Secretary of
Age: 60 Sanford C. Bernstein & Co., Inc. (investment
adviser/broker-dealer) from 1997 to 2000;
Secretary, Sanford C. Bernstein Fund, Inc.
from 1994 to 2000; Director and Secretary
of SCB, Inc. since 1998; Director and
Secretary of SCB Partners, Inc. since 2000; and
Director of Covenant House from 2001 to 2004.
Roscoe S. Suddarth Trustee 2000/2002 President, Middle East Institute from 1995 49 Funds None
P.O. Box 9095 to present to 2001; Foreign Service Officer, United 50 Portfolios
Princeton, States Foreign Service, from 1961 to 1995 and
NJ 08543-9095 Career Minister from 1989 to 1995; Deputy
Age: 70 Inspector General, U.S. Department of State,
from 1991 to 1994; U.S. Ambassador to the
Hashemite Kingdom of Jordan from 1987 to 1990.
Richard R. West Trustee 1981/2002 Professor of Finance from 1984 to 1995, 49 Funds Bowne & Co.,
P.O. Box 9095 to present Dean from 1984 to 1993 and since 1995 50 Portfolios Inc. (financial
Princeton, Dean Emeritus of New York University printers);
NJ 08543-9095 Leonard N. Stern School of Business Vornado Realty
Age: 68 Administration. Trust (real estate
company);
Alexander's, Inc.
(real estate
company)
Edward D. Zinbarg Trustee 2000/2002 Self-employed financial consultant since 49 Funds None
P.O. Box 9095 to present 1994; Executive Vice President of the 50 Portfolios
Princeton, Prudential Insurance Company of America
NJ 08543-9095 from 1988 to 1994; Former Director of
Age: 71 Prudential Reinsurance Company and former
Trustee of the Prudential Foundation.
* Trustees serve until their resignation, removal or death, or until December 31
of the year in which they turn 72.
** Chairman of the Board of Trustees and the Audit Committee.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Officers and Trustees (concluded)
Position(s) Length of
Held with Time
Name, Address & Age Fund/Trust Served Principal Occupation(s) During Past 5 Years
Fund Officers*
Donald C. Burke Vice 1993/2002 First Vice President of MLIM and FAM since 1997 and Treasurer thereof since
P.O. Box 9011 President to present 1999; Senior Vice President and Treasurer of Princeton Services since 1999
Princeton, and and and Director since 2004; Vice President of FAM Distributors, Inc. ("FAMD")
NJ 08543-9011 Treasurer 1999 to since 1999 and Director since 2004; Vice President of MLIM and FAM from 1990
Age: 45 present to 1997; Director of Taxation of MLIM from 1990 to 2001; Vice President,
Treasurer and Secretary of the IQ Funds since 2004.
Kenneth A. Jacob Senior 2002 to Managing Director (Tax-Exempt Fund Management) of MLIM since 2000; Director
P.O. Box 9011 Vice present of MLIM from 1997 to 2000.
Princeton, President
NJ 08543-9011
Age: 55
John M. Loffredo Senior 2002 to Managing Director (Tax-Exempt Fund Management) of MLIM since 2000; Director
P.O. Box 9011 Vice present of MLIM from 1997 to 2000.
Princeton, President
NJ 08543-9011
Age: 42
Peter J. Hayes Vice 1989/2002 Managing Director (Tax-Exempt Fund Management) of MLIM since 2000; Director
P.O. Box 9011 President to present of MLIM from 1997 to 2000.
Princeton,
NJ 08543-9011
Age: 46
Jeffrey Hiller Chief 2004 to Chief Compliance Officer of the MLIM/FAM-advised funds and First Vice
P.O. Box 9011 Compliance present President and Chief Compliance Officer of MLIM (Americas Region) since
Princeton, Officer 2004; Chief Compliance Officer of the IQ Funds since 2004; Global Director
NJ 08543-9011 of Compliance at Morgan Stanley Investment Management from 2002 to 2004;
Age: 54 Managing Director and Global Director of Compliance at Citigroup Asset
Management from 2000 to 2002; Chief Compliance Officer at Soros Fund
Management in 2000; Chief Compliance Officer at Prudential Financial from
1995 to 2000; Senior Counsel in the Commission's Securities and Exchange
Division of Enforcement in Washington, D.C. from 1990 to 1995.
Alice A. Pellegrino Secretary 2004 to Director (Legal Advisory) of MLIM since 2002; Vice President of MLIM from
P.O. Box 9011 present 1999 to 2002; Attorney associated with MLIM since 1997; Secretary of MLIM,
Princeton, FAM, FAMD and Princeton Services since 2004.
NJ 08543-9011
Age: 46
* Officers of the Fund/Trust serve at the pleasure of the Board of Trustees.
Further information about the Fund's Officers and Trustees is available in the
Fund's Statement of Additional Information, which can be obtained without
charge by calling 1-800-637-3863.
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agent
Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
800-221-7210*
* For inquiries regarding your CMA account,
call 800-CMA-INFO (800-262-4636).
CMA TAX-EXEMPT FUND MARCH 31, 2006
Availability of Quarterly Schedule of Investments
The Fund files its complete schedule of portfolio holdings with the Securities
and Exchange Commission ("SEC") for the first and third quarters of each fiscal
year on Form N-Q. The Fund's Forms N-Q are available on the SEC's Web site at
http://www.sec.gov. The Fund's Forms N-Q may also be reviewed and copied at the
SEC's Public Reference Room in Washington, DC. Information on the operation of
the Public Reference Room may be obtained by calling 1-800-SEC-0330.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Electronic Delivery
The Fund offers electronic delivery of communications to its shareholders. In
order to receive this service, you must register your account and provide us
with e-mail information. To sign up for this service, simply access this Web
site at http://www.icsdelivery.com/live and follow the instructions. When you
visit this site, you will obtain a personal identification number (PIN). You
will need this PIN should you wish to update your e-mail address, choose to
discontinue this service and/or make any other changes to the service. This
service is not available for certain retirement accounts at this time.
CMA TAX-EXEMPT FUND MARCH 31, 2006
Item 2 - Code of Ethics - The registrant has adopted a code of ethics, as of
the end of the period covered by this report, that applies to the
registrant's principal executive officer, principal financial
officer and principal accounting officer, or persons performing
similar functions. A copy of the code of ethics is available
without charge upon request by calling toll-free 1-800-MER-FUND
(1-800-637-3863).
Item 3 - Audit Committee Financial Expert - The registrant's board of
directors has determined that (i) the registrant has the following
audit committee financial experts serving on its audit committee
and (ii) each audit committee financial expert is independent: (1)
Ronald W. Forbes, (2) Richard R. West, and (3) Edward D. Zinbarg.
Item 4 - Principal Accountant Fees and Services
CMA Tax-Exempt Fund
(a) Audit Fees - Fiscal Year Ending March 31, 2006 - $6,600
Fiscal Year Ending March 31, 2005 - $6,500
(b) Audit-Related Fees - Fiscal Year Ending March 31, 2006 - $0
Fiscal Year Ending March 31, 2005 - $0
(c) Tax Fees - Fiscal Year Ending March 31, 2006 - $6,000
Fiscal Year Ending March 31, 2005 - $5,700
The nature of the services include tax compliance, tax advice and
tax planning.
(d) All Other Fees - Fiscal Year Ending March 31, 2006 - $0
Fiscal Year Ending March 31, 2005 - $0
Master Tax-Exempt Trust
(a) Audit Fees - Fiscal Year Ending March 31, 2006 - $35,500
Fiscal Year Ending March 31, 2005 - $35,000
(b) Audit-Related Fees - Fiscal Year Ending March 31, 2006 - $0
Fiscal Year Ending March 31, 2005 - $0
(c) Tax Fees - Fiscal Year Ending March 31, 2006 - $6,800
Fiscal Year Ending March 31, 2005 - $6,500
The nature of the services include tax compliance, tax advice and
tax planning.
(d) All Other Fees - Fiscal Year Ending March 31, 2006 - $0
Fiscal Year Ending March 31, 2005 - $0
(e)(1) The registrant's audit committee (the "Committee") has
adopted policies and procedures with regard to the pre-approval of
services. Audit, audit-related and tax compliance services
provided to the registrant on an annual basis require specific pre-
approval by the Committee. The Committee also must approve other
non-audit services provided to the registrant and those non-audit
services provided to the registrant's affiliated service providers
that relate directly to the operations and the financial reporting
of the registrant. Certain of these non-audit services that the
Committee believes are a) consistent with the SEC's auditor
independence rules and b) routine and recurring services that will
not impair the independence of the independent accountants may be
approved by the Committee without consideration on a specific case-
by-case basis ("general pre-approval"). However, such services
will only be deemed pre-approved provided that any individual
project does not exceed $5,000 attributable to the registrant or
$50,000 for all of the registrants the Committee oversees. Any
proposed services exceeding the pre-approved cost levels will
require specific pre-approval by the Committee, as will any other
services not subject to general pre-approval (e.g., unanticipated
but permissible services). The Committee is informed of each
service approved subject to general pre-approval at the next
regularly scheduled in-person board meeting.
(e)(2) 0%
(f) Not Applicable
(g) Fiscal Year Ending March 31, 2006 - $3,754,550
Fiscal Year Ending March 31, 2005 - $10,018,400
(h) The registrant's audit committee has considered and determined
that the provision of non-audit services that were rendered to the
registrant's investment adviser and any entity controlling,
controlled by, or under common control with the investment adviser
that provides ongoing services to the registrant that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Regulation S-X Rule 2-01(c)(7)(ii) - $1,227,000, 0%
Item 5 - Audit Committee of Listed Registrants - Not Applicable
Item 6 - Schedule of Investments - Not Applicable
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 - Not Applicable
Item 11 - Controls and Procedures
11(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others
particularly during the period in which this report is being
prepared. The registrant's certifying officers have determined
that the registrant's disclosure controls and procedures are
effective based on our evaluation of these controls and procedures
as of a date within 90 days prior to the filing date of this
report.
11(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal half-
year of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - See Item 2
12(a)(2) - Certifications - Attached hereto
12(a)(3) - Not Applicable
12(b) - Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
CMA Tax-Exempt Fund and Master Tax-Exempt Trust
By: /s/ Robert C. Doll, Jr.
---------------------------
Robert C. Doll, Jr.,
Chief Executive Officer of
CMA Tax-Exempt Fund and Master Tax-Exempt Trust
Date: May 22, 2006
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/ Robert C. Doll, Jr.
---------------------------
Robert C. Doll, Jr.,
Chief Executive Officer of
CMA Tax-Exempt Fund and Master Tax-Exempt Trust
Date: May 22, 2006
By: /s/ Donald C. Burke
---------------------------
Donald C. Burke,
Chief Financial Officer of
CMA Tax-Exempt Fund and Master Tax-Exempt Trust
Date: May 22, 2006