UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-03111
811-21301
Name of Fund: CMA Tax-Exempt Fund
Master Tax-Exempt LLC
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive
Officer (principal executive officer), CMA Tax-Exempt Fund and Master
Tax-Exempt LLC, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing
address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (800) 221-7210
Date of fiscal year end: 03/31/2008
Date of reporting period: 04/01/2007 - 09/30/2007
Item 1 - Report to Stockholders
Semi-Annual Report (Unaudited)
September 30, 2007
CMA Tax-Exempt Fund
This report is transmitted to shareholders only. It is not authorized for use
as an offer of sale or a solicitation of an offer to buy shares of the Fund
unless accompanied or preceded by the Fund's current prospectus. An investment
in the Fund is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other 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. Performance data quoted represents past
performance and does not guarantee future results. Total return information
assumes reinvestment of all distributions. Current performance may be higher
or lower than the performance data quoted. For current month-end performance
information, call 800-882-0052. The Fund's current 7-day yield more closely
reflects the current earnings of the Fund than the total returns quoted.
Statements and other information herein are as dated and are subject to change.
A description of the policies and procedures that the Fund uses to determine
how to vote proxies relating to portfolio securities is available (1)
without charge, upon request, by calling toll-free 1-800-441-7762; (2) at
www.blackrock.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.blackrock.com and (2)
on the Securities and Exchange Commission's Web site at http://www.sec.gov.
CMA Tax-Exempt Fund
P.O. Box 9011
Princeton, NJ 08543-9011
(GO PAPERLESS... logo)
It's Fast, Convenient, & Timely!
CMA Tax-Exempt Fund
Table of Contents Page
A Letter to Shareholders 3
Semi-Annual Report:
Disclosure of Expenses 4
Current Seven-Day Yield 4
Fund Financial Statements:
Statement of Assets and Liabilities 5
Statement of Operations 5
Statements of Changes in Net Assets 6
Fund Financial Highlights 7
Fund Notes to Financial Statements 8
Master Portfolio Summary 10
Master Schedule of Investments 11
Master Financial Statements:
Statement of Assets and Liabilities 30
Statement of Operations 30
Statements of Changes in Net Assets 31
Master Financial Highlights 31
Master Notes to Financial Statements 32
Officers and Directors 34
Proxy Results 34
BlackRock Privacy Principles 35
Availability of Quarterly Schedule of Investments 35
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
A Letter to Shareholders
Dear Shareholder
The September reporting period took financial markets on a wild ride. While
subprime mortgage woes dominated headlines for much of 2007, troubles
intensified in the final months of the period, spawning a widespread "credit
crunch" that crept into other areas of the market. The U.S. Federal Reserve
Board (the "Fed") and other countries' central banks stepped in to inject
liquidity into the markets and bolster investor confidence. The Fed cut the
discount rate, the rate banks pay to borrow money directly from the Fed, from
6.25% to 5.25% in two moves in August and September. The central bankers also
cut the more widely followed federal funds target rate, which had remained
unchanged at 5.25% for over a year, to 4.75% in September. After a tumultuous
summer, the dust began to settle toward period-end amid speculation that the
worst of the credit crunch had passed.
Although heightened volatility and a weakening U.S. economy have been
recurring themes throughout the past year, equity markets have displayed
surprising resilience. Most recently, the credit turmoil dampened corporate
merger-and-acquisition activity, a key source of strength for equity markets.
However, market fundamentals have held firm, dividend payouts and share
buybacks have continued to grow, and valuations remain attractive. These
tailwinds generally have prevailed over the headwinds created by the slowing
U.S. economy and troubled housing market.
In fixed income markets, mixed economic signals and the credit market debacle
resulted in a flight to quality. At the height of the uncertainty, investors
shunned bonds associated with the housing and credit markets in favor of
higher-quality Treasury issues. The yield on 10-year Treasury issues, which
touched 5.30% in June (its highest level in five years), fell to 4.59% by
period-end, while prices correspondingly rose.
Against this backdrop, financial markets posted generally positive results for
the six-month period, and relatively stronger returns for the full year ended
September 30, 2007:
Total Returns as of September 30, 2007 6-month 12-month
U.S. equities (S&P 500 Index) +8.44% +16.44%
Small cap U.S. equities (Russell 2000 Index) +1.19 +12.34
International equities (MSCI Europe, Australasia, Far East Index) +8.72 +24.86
Fixed income (Lehman Brothers U.S. Aggregate Bond Index) +2.31 + 5.14
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) +1.15 + 3.10
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index) +0.56 + 7.62
Past performance is no guarantee of future results. Index performance shown
for illustrative purposes only. You cannot invest directly in an index.
As you navigate market volatility, we encourage you to review your
investment goals with your financial professional and to make portfolio
changes, as needed. For more market insight, we invite you to view "What's
Ahead in 2007: Third Quarter Update" and "Are You Prepared for Volatility?"
at www.blackrock.com/funds. We thank you for entrusting BlackRock with your
investment assets, and we look forward to continuing to serve you in the
months and years ahead.
Sincerely,
/s/ Robert C. Doll, Jr.
- -----------------------
Robert C. Doll, Jr.
Vice Chairman, BlackRock, Inc.
THIS PAGE NOT PART OF YOUR FUND REPORT
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 expense example below
(which is based on a hypothetical investment of $1,000 invested on April 30,
2007 and held through September 30, 2007) is intended to assist shareholders
both in calculating expenses based on an investment in the Fund and in
comparing these expenses with similar costs of investing in other mutual funds.
The table provides information about actual account values and actual
expenses. In order to estimate the expenses a shareholder paid during the
period covered by this report, shareholders can divide their account value by
$1,000 and then multiply the result by the number in the first line under the
heading entitled "Expenses Paid During the Period."
The table also provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses. In order to assist shareholders
in comparing the ongoing expenses of investing in this Fund and other funds,
compare the 5% hypothetical example with the 5% hypothetical examples that
appear in other funds' shareholder reports.
The expenses shown in the table are intended to highlight shareholders'
ongoing costs only and do not reflect any transactional expenses, such as
sales charges, redemption fees or exchange fees. Therefore, the second table
is useful in comparing ongoing expenses only, and will not help shareholders
determine the relative total expenses of owning different funds. If these
transactional expenses were included, shareholder expenses would have been
higher.
Expense Example
Actual Hypothetical**
Beginning Ending Expenses Beginning Ending Expenses
Account Value Account Value Paid During Account Value Account Value Paid During
April 1, 2007 Sept. 30, 2007 the Period* April 1, 2007 Sept. 30, 2007 the Period*
CMA Tax-Exempt Fund $1,000 $1,016.10 $2.76 $1,000 $1,022.16 $2.77
* Expenses are equal to the Fund's annualized expense ratio of .55%, 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 and the master 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.
Current Seven-Day Yield
As of September 30, 2007 3.26%
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Statement of Assets and Liabilities CMA Tax-Exempt Fund
As of September 30, 2007 (Unaudited)
Assets
Investment in Master Tax-Exempt LLC (the "Master LLC"), at value
(identified cost--$9,516,609,033) $ 9,516,609,033
Prepaid expenses and other assets 573,218
---------------
Total assets 9,517,182,251
---------------
Liabilities
Payables:
Distributor $ 2,312,363
Administrator 1,859,525
Other affiliates 123,276 4,295,164
---------------
Other liabilities 36
---------------
Total liabilities 4,295,200
---------------
Net Assets
Net assets $ 9,512,887,051
===============
Net Assets Consist of
Shares of beneficial interest, $.10 par value, unlimited number of shares authorized $ 951,466,198
Paid-in capital in excess of par 8,562,225,727
Accumulated realized capital losses allocated from the Master LLC--net (804,874)
---------------
Net Assets--Equivalent to $1.00 per share based on 9,514,661,976 shares of beneficial
interest outstanding $ 9,512,887,051
===============
See Notes to Financial Statements.
Statement of Operations CMA Tax-Exempt Fund
For the Six Months Ended September 30, 2007 (Unaudited)
Investment Income
Interest from affiliates $ 10,338
Net investment income allocated from the Master LLC:
Interest 175,970,785
Expenses (6,949,844)
---------------
Total income 169,031,279
---------------
Expenses
Administration fees $ 11,708,295
Distribution fees 5,813,962
Transfer agent fees 714,634
Registration fees 477,569
Printing and shareholder reports 80,170
Professional fees 44,611
Other 11,738
---------------
Total expenses 18,850,979
---------------
Investment income--net 150,180,300
---------------
Realized Gain Allocated from the Master LLC--Net
Realized gain on investments--net 130,931
---------------
Net Increase in Net Assets Resulting from Operations $ 150,311,231
===============
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Statements of Changes in Net Assets CMA Tax-Exempt Fund
For the Six
Months Ended For the
September 30, Year Ended
2007 March 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007
Operations
Investment income--net $ 150,180,300 $ 263,606,567
Realized gain--net 130,931 789,164
---------------- ----------------
Net increase in net assets resulting from operations 150,311,231 264,395,731
---------------- ----------------
Dividends to Shareholders
Dividends to shareholders from investment income--net (150,180,300) (263,606,567)
---------------- ----------------
Beneficial Interest Transactions
Net proceeds from sale of shares 30,372,709,166 48,483,788,131
Value of shares issued to shareholders in reinvestment of dividends 150,180,300 263,607,070
---------------- ----------------
Total shares issued 30,522,889,466 48,747,395,201
Cost of shares redeemed (30,267,762,537) (48,251,663,564)
---------------- ----------------
Net increase in net assets derived from beneficial interest transactions 255,126,929 495,731,637
---------------- ----------------
Net Assets
Total increase in net assets 255,257,860 496,520,801
Beginning of period 9,257,629,191 8,761,108,390
---------------- ----------------
End of period $ 9,512,887,051 $ 9,257,629,191
================ ================
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Financial Highlights CMA Tax-Exempt Fund
For the Six
Months Ended
The following per share data and ratios September 30,
have been derived from information 2007 For the Year Ended March 31,
provided in the financial statements. (Unaudited) 2007 2006 2005 2004 2003++++++
Per Share Operating Performance
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- ----------- ----------- ----------- -----------
Investment income--net .02 .03 .02 .01 .01 .01
Realized gain (loss)--net --++++ --++++ --++ --++ --++ --++
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations .02 .03 .02 .01 .01 .01
----------- ----------- ----------- ----------- ----------- -----------
Less dividends from investment income--net (.02) (.03) (.02) (.01) (.01) (.01)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== =========== =========== =========== ===========
Total investment return 1.62%+++ 3.05% 2.24% .93% .54% .93%
=========== =========== =========== =========== =========== ===========
Ratios to Average Net Assets**
Expenses .55%* .55% .55% .55% .55% .55%
=========== =========== =========== =========== =========== ===========
Investment income and realized
gain (loss)--net 3.20%* 3.03% 2.21% .91% .55% .93%
=========== =========== =========== =========== =========== ===========
Supplemental Data
Net assets, end of period (in thousands) $ 9,512,887 $ 9,257,629 $ 8,761,108 $ 9,029,274 $ 9,522,055 $10,587,794
=========== =========== =========== =========== =========== ===========
* Annualized.
** Includes the Fund's share of the Master LLC's allocated expenses and/or investment income and
realized gain (loss)--net.
++ 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 Master LLC,
which has the same investment objective as the Fund. All investments will be made at the Master LLC
level. This structure is sometimes called a "master/feeder" structure.
+++ Aggregate total investment return.
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Notes to Financial Statements (Unaudited) 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 LLC (the "Master LLC"),
which has the same investment objective and strategies as the Fund. Effective
June 15, 2007, the Master LLC was converted from a Delaware statutory trust to
a Delaware limited liability company. The value of the Fund's investment in
the Master LLC reflects the Fund's proportionate interest in the net assets of
the Master LLC. The performance of the Fund is directly affected by the
performance of the Master LLC. The financial statements of the Master LLC,
including the Schedule of Investments, are included elsewhere in this report
and should be read in conjunction with the Fund's financial statements. The
Fund's financial statements are prepared in conformity with U.S. generally
accepted accounting principles, which may require the use of management
accruals and estimates. Actual results may differ from these estimates. These
unaudited financial statements reflect all adjustments, which are, in the
opinion of management, necessary to present a fair statement of the results
for the interim period. All such adjustments are of a normal, recurring
nature. The percentage of the Master LLC owned by the Fund at September 30,
2007 was 90.8%. The following is a summary of significant accounting policies
followed by the Fund.
(a) Valuation of investments--The Fund records its investment in the Master
LLC at fair value. Valuation of securities held by the Master LLC is discussed
in Note 1(a) of the Master LLC'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 Master LLC'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 are declared from the total of net investment income. Distributions
of net realized gain, if any, on investments are paid at least annually.
(f) Investment transactions--Investment transactions in the Master LLC are
accounted for on a trade date basis.
(g) Recent accounting pronouncements--Effective September 30, 2007, the Fund
implemented Financial Accounting Standards Board ("FASB") Interpretation No.
48, "Accounting for Uncertainty in Income Taxes - an interpretation of FASB
Statement No. 109" ("FIN 48"). FIN 48 prescribes the minimum recognition
threshold a tax position must meet in connection with accounting for
uncertainties in income tax positions taken or expected to be taken by an
entity, including investment companies, before being measured and recognized
in the financial statements. Management has evaluated the application of FIN
48 to the Fund, and has determined that the adoption of FIN 48 does not have a
material impact on the Fund's financial statements. The Fund files U.S. and
various state tax returns. No income tax returns are currently under
examination. The statute of limitations on the Fund's tax returns remains open
for the years ended March 31, 2004 through March 31, 2007.
In September 2006, Statement of Financial Accounting Standards No. 157, "Fair
Value Measurements" ("FAS 157"), was issued and is effective for fiscal years
beginning after November 15, 2007. FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. At this time, management is evaluating the implications of FAS
157 and its impact on the Fund's financial statements, if any, has not been
determined.
In addition, in February 2007, FASB "Statement of Financial Accounting
Standards No. 159, The Fair Value Option for Financial Assets and Financial
Liabilities" ("FAS 159"), was issued and is effective for fiscal years
beginning after November 15, 2007. Early adoption is permitted as of the
beginning of a fiscal year that begins on or before November 15, 2007,
provided the entity also elects to apply the provisions of FAS 157. FAS 159
permits entities to choose to measure many financial instruments and certain
other items at fair value that are not currently required to be measured at
fair value. FAS 159 also establishes presentation and disclosure requirements
designed to facilitate comparisons between entities that choose different
measurement attributes for similar types of assets and liabilities. At this
time, management is evaluating the implications of FAS 159 and its impact on
the Fund's financial statements, if any, has not been determined.
2. Transactions with Affiliates:
The Fund has entered into an Administration Agreement with BlackRock
Advisors, LLC (the "Administrator"), an indirect, wholly owned subsidiary of
BlackRock, Inc. 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 port-folio activities)
necessary for the operation of the Fund. Merrill Lynch & Co., Inc. ("Merrill
Lynch") and The PNC Financial Services Group, Inc. ("PNC") are the principal
owners of BlackRock, Inc.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Notes to Financial Statements (concluded) CMA Tax-Exempt Fund
Pursuant to the Distribution Plan in compliance with Rule 12b-1 under the
Investment Company Act of 1940, the Fund may pay Merrill Lynch, Pierce, Fenner
& Smith Incorporated ("MLPF&S"), a wholly owned subsidiary of Merrill Lynch,
and/or affiliates of PNC or Merrill Lynch (including BlackRock, Inc.) a
distribution fee. 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 the Fund's transfer agent. The distribution fee is to
compensate MLPF&S for providing, or arranging for the provision of,
shareholder services and sales and promotional activities and services with
respect to shares of the Fund.
Financial Data Services, Inc. ("FDS"), a wholly owned subsidiary of Merrill
Lynch, is the Fund's transfer agent. Interest is earned by the Fund from FDS
based on the difference, if any, between estimated and actual daily beneficial
share activity, which results in uninvested net proceeds from sales of Fund
shares.
Certain officers and/or directors of the Fund are officers and/or directors of
BlackRock, Inc. or its affiliates.
3. Beneficial Interest Transactions:
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. Capital Loss Carryforward:
On March 31, 2007, the Fund had a net capital loss carryforward of $935,805,
all of which expires in 2014. This amount will be available to offset like
amounts of any future taxable gains.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Portfolio Summary* Master Tax-Exempt LLC
Portfolio Composition
Put Bonds--2.1%
Fixed Rate Notes--6.7%
Tax-Exempt Commercial Paper--7.4%
Variable Rate Demand Obligations--83.8%
* Based on total market value of Master Tax-Exempt LLC as of
September 30, 2007. Investments are valued at amortized cost,
which approximates market value.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments as of September 30, 2007 (Unaudited)
Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Alabama--2.6%
$ 29,985 Alabama, HFA, S/F Mortgage Revenue Bonds,
VRDN, AMT, Series H, 4.03%
due 6/01/2009 (j) $ 29,985
15,450 Bank of America MACON Trust, Spanish Fort
Redevelopment Authority, Alabama, Revenue
Bonds, VRDN, Series 2007-306, 3.93%
due 3/01/2012 (h)(j) 15,450
3,995 Birmingham, Alabama, Waterworks and Sewer
Board, Water and Sewer Revenue Refunding
Bonds, PUTTERS, VRDN, Series 1737, 3.92%
due 1/01/2015 (a)(h)(j) 3,995
20,000 Columbia, Alabama, IDB, Revenue Bonds (Alabama
Power Company Project), VRDN, AMT, 3.99%
due 11/01/2021 (j) 20,000
11,700 Daphne, Alabama, Special Care Facilities Financing
Authority, Revenue Refunding Bonds (Presbyterian),
VRDN, Series B, 3.89% due 8/15/2023 (a)(j) 11,700
1,000 Decatur, Alabama, IDB, Environmental Facilities
Revenue Bonds (BP Amoco Chemical Company
Project), VRDN, AMT, 4% due 11/01/2035 (j) 1,000
4,105 Jefferson County, Alabama, GO, Refunding, VRDN,
Series B, 3.93% due 4/01/2021 (j) 4,105
89,455 Jefferson County, Alabama, Limited Obligation
School Warrants, VRDN, Series B, 3.88%
due 1/01/2027 (a)(j) 89,455
7,150 Jefferson County, Alabama, Sewer Revenue Bonds,
ROCS, VRDN, Series II-R-10151, 3.91%
due 8/01/2012 (b)(h)(j) 7,150
5,000 Jefferson County, Alabama, Sewer Revenue
Refunding Bonds, VRDN, Series C-6, 3.88%
due 2/01/2040 (j)(n) 5,000
8,100 Lehman Municipal Trust Receipts, Alabama, HFA,
Revenue Bonds, FLOATS, VRDN, AMT,
Series 2006-K41, 4.01% due 10/01/2037 (h)(j)(o) 8,100
79,200 Southeast Alabama Gas District, Alabama, Supply
Project Revenue Bonds, VRDN, Series A, 3.96%
due 8/01/2027 (j) 79,200
Alaska--0.7%
19,400 Alaska Industrial Development and Export Authority
Revenue Bonds, ROCS, VRDN, Series II-R-320,
3.92% due 4/01/2034 (e)(h)(j) 19,400
2,200 Anchorage, Alaska, Electric Utility Revenue Refunding
Bonds, PUTTERS, VRDN, Series 1128, 3.92%
due 6/01/2013 (f)(h)(j) 2,200
6,185 Anchorage, Alaska, GO, PUTTERS, VRDN, Series 552,
3.92% due 6/01/2012 (f)(h)(j) 6,185
38,000 Valdez, Alaska, Marine Terminal Revenue Bonds,
VRDN, Series A, 4% due 5/01/2031 (j) 38,000
Face
Amount Municipal Bonds Value
Alaska (concluded)
Valdez, Alaska, Marine Terminal Revenue
Refunding Bonds, VRDN (j):
$ 7,000 (BP Pipelines (Alaska), Inc. Project),
3.92% due 7/01/2037 $ 7,000
3,600 (BP Pipelines Inc. Project), Series B,
3.92% due 7/01/2037 3,600
Arizona--2.5%
33,000 Apache County, Arizona, IDA, IDR (Tucson Electric
Power Co.), VRDN, Series 83-A, 3.80%
due 12/15/2018 (j) 33,000
Arizona Health Facilities Authority, Revenue Refunding
Bonds (Banner Health System), VRDN (j):
4,970 Series A, 3.87% due 1/01/2029 (f) 4,970
9,775 Series B, 3.87% due 1/01/2035 (b) 9,775
4,390 Series C, 3.78% due 1/01/2035 (b) 4,390
49,055 Clipper Tax-Exempt Certificates Trust, Arizona,
Revenue Bonds, VRDN, Series 2007-1, 3.94%
due 2/01/2020 (h)(j) 49,055
10,000 Maricopa County, Arizona, IDA, Health Facilities
Revenue Bonds, PUTTERS, VRDN, Series 420,
3.85% due 1/01/2010 (h)(j) 10,000
8,440 Maricopa County, Arizona, Public Finance Corporation,
Lease Revenue Bonds, FLOATS, VRDN, Series 1863,
3.91% due 7/01/2031 (a)(h)(j) 8,440
20,000 McAllister Academic Village, LLC, Arizona, Revenue
Bonds (Arizona State University Project), VRDN,
Series A, 3.83% due 7/01/2045 (a)(j) 20,000
40,515 Morgan Keegan Municipal Products, Inc., Maricopa
County, Arizona, IDA, VRDN, AMT, Series A, 3.98%
due 2/02/2009 (j) 40,515
2,400 Phoenix, Arizona, Civic Improvement Corporation,
State of Arizona Distribution Revenue Bonds,
PUTTERS, VRDN, Series 1306, 3.92%
due 1/01/2026 (b)(h)(j) 2,400
4,070 Phoenix, Arizona, IDA, Government Office Lease
Revenue Refunding Bonds, PUTTERS, VRDN,
Series 1119, 3.92% due 9/15/2013 (a)(h)(j) 4,070
Salt River Pima-Maricopa Indian Community, Arizona,
Revenue Bonds, VRDN (j):
16,419 3.87% due 10/01/2025 16,419
36,480 3.87% due 10/01/2026 36,480
2,285 Salt River Project, Arizona, Agricultural Improvement
and Power District, Electric System Revenue
Bonds, FLOATS, VRDN, Series 1840, 3.91%
due 1/01/2037 (h)(j) 2,285
Portfolio Abbreviations for Master Tax-Exempt LLC
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
GAN Grant Anticipation Notes
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 SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Arizona (concluded)
Scottsdale, Arizona, IDA, Hospital Revenue Refunding
Bonds (Scottsdale Healthcare), VRDN (j):
$ 10,160 Series B, 3.86% due 9/01/2026 (b) $ 10,160
5,900 Series C, 3.86% due 9/01/2035 (e) 5,900
4,725 Tucson and Pima County, Arizona, IDA, S/F
Mortgage Revenue Refunding Bonds, VRDN,
AMT, 4.87% due 4/25/2008 (j) 4,725
Arkansas--0.9%
7,800 Arkansas State Development Finance Authority,
M/F Housing Revenue Bonds (Chapelridge Benton
Project), VRDN, AMT, Series C, 3.92%
due 6/01/2032 (j) 7,800
41,190 Arkansas State Development Finance Authority,
S/F Mortgage Revenue Bonds, FLOATS, VRDN, AMT,
Series 1139, 3.96% due 2/01/2008 (h)(j) 41,189
1,965 Morgan Keegan Municipal Products, Inc., Arkansas
State Development Finance Authority, S/F Mortgage
Revenue Bonds, VRDN, Series C, 3.98%
due 6/01/2011 (j) 1,965
20,595 Morgan Keegan Municipal Products, Inc., Arkansas
State Development Finance Authority, VRDN, AMT,
Series D, 3.98% due 2/01/2010 (j) 20,595
9,000 North Little Rock, Arkansas, Health Facilities Board,
Health Care Revenue Bonds (Baptist Health),
VRDN, Series B, 3.87% due 12/01/2021 (f)(j) 9,000
10,680 University of Arkansas, University Revenue Bonds,
FLOATS, VRDN, Series 1397, 3.91%
due 11/01/2036 (a)(h)(j) 10,680
California--1.9%
2,184 California Health Facilities Financing Authority Revenue
Bonds, FLOATS, VRDN, Series 591, 3.93%
due 3/01/2014 (f)(h)(j) 2,184
17,500 California State, Economic Recovery, GO, FLOATS,
VRDN, Series L27, 3.82% due 7/01/2017(h)(j) 17,500
California State, GO, VRDN (h)(j):
86,920 FLOATS, Series 2002, 3.96% due 8/01/2030 86,920
7,945 MERLOTS, Series B-45, 3.90% due 10/01/2029 7,945
5,350 California State, GO, Refunding, PUTTERS, VRDN,
Series 1695, 4% due 2/01/2012 (h)(j) 5,350
3,430 California Statewide Communities Development
Authority, M/F Housing Revenue Bonds, FLOATS,
VRDN, Series 54TP, 3.94% due 1/01/2049 (h)(j) 3,430
30,485 Los Angeles, California, S/F Home Mortgage Revenue
Bonds, VRDN, AMT, 4.90% due 10/01/2040 (j) 30,485
48,110 Morongo Band of Mission Indians, California, Revenue
Bonds, VRDN, 3.96% due 12/01/2019 (j) 48,110
Colorado--2.7%
7,675 Adams County, Colorado, School District Number 012,
GO, ROCS, VRDN, Series II-R-1045, 3.92%
due 12/15/2022 (e)(h)(j) 7,675
3,180 Colorado Department of Transportation Revenue
Bonds, ROCS, VRDN, Series II-R-4046, 3.92%
due 12/15/2016 (a)(h)(j) 3,180
9,950 Colorado Department of Transportation Revenue
Refunding Bonds, PUTTERS, VRDN, Series 318,
3.92% due 6/15/2015 (f)(h)(j) 9,950
9,470 Colorado Educational and Cultural Facilities Authority,
Revenue Refunding Bonds (National Jewish
Federation Bond Program Project), VRDN, Series A-8,
3.95% due 9/01/2035 (j) 9,470
Face
Amount Municipal Bonds Value
Colorado (concluded)
Colorado Health Facilities Authority Revenue Bonds,
VRDN (j):
$ 26,700 (Catholic Health Initiatives), Series B, 3.91%
due 12/01/2020 $ 26,700
19,800 (Sisters of Charity of Leavenworth Health
System), 3.90% due 12/01/2032 19,800
Colorado Health Facilities Authority, Revenue
Refunding Bonds, VRDN (j):
3,640 (Catholic Health Initiatives), Series B-1, 3.80%
due 3/01/2023 3,640
26,000 (Sisters of Charity of Leavenworth Health
System), Series A, 3.90% due 12/01/2038 26,000
45,300 Colorado Housing and Finance Authority,
S/F Mortgage Revenue Bonds, VRDN, AMT,
Series B-3, 3.93% due 11/01/2026 (j) 45,300
6,900 Colorado School Mines Development Corporation,
Revenue Refunding Bonds, VRDN, 4.01%
due 9/01/2026 (j) 6,900
20,275 Colorado Springs, Colorado, Utilities Revenue
Bonds, Sub-Lien, VRDN, Series A, 3.80%
due 11/01/2029 (j) 20,275
Denver, Colorado, City and County Airport, Revenue
Refunding Bonds, VRDN (b)(h)(j):
9,500 FLOATS, Series 63-TP, 3.90% due 11/15/2025 9,500
5,780 MERLOTS, AMT, Series A61, 3.97%
due 11/15/2012 5,780
11,325 E-470 Public Highway Authority, Colorado, Revenue
Bonds, ROCS, VRDN, Series II-R-10019Z, 3.93%
due 9/01/2024 (f)(h)(j) 11,325
772 E-470 Public Highway Authority, Colorado, Revenue
Refunding Bonds, FLOATS, VRDN, Series 997,
3.92% due 3/01/2036 (f)(h)(j) 772
11,220 Eclipse Funding Trust, Solar Eclipse Certificates,
El Paso County, Colorado, School District,
COP, VRDN, Series 2006-0101, 3.91%
due 12/15/2028 (f)(h)(j) 11,220
El Paso County, Colorado, S/F Mortgage Revenue
Bonds, VRDN, AMT (h)(j):
51 FLOATS, Series 1136, 3.96% due 11/01/2008 51
5,265 ROCS, Series II-R-10220, 3.93%
due 6/01/2016 (i) 5,265
18,105 ROCS, Series II-R-10222, 3.93%
due 10/01/2018 (i) 18,105
15,000 Lower Colorado River Authority, Texas, CP, 3.78%
due 2/06/2008 15,000
University of Colorado Hospital Authority Revenue
Bonds, VRDN (j):
6,500 ROCS, Series II-R-573CE, 3.92%
due 11/15/2040 (h) 6,500
21,840 Series A, 3.86% due 11/15/2033 (e) 21,840
Connecticut--0.0%
4,960 Eagle Tax-Exempt Trust, Connecticut, GO, VRDN,
Series 96-0701, 3.91% due 11/15/2007 (h)(j) 4,960
Delaware--0.9%
54,525 Delaware State, EDA, Revenue Bonds (Hospital
Billing and Collection), VRDN, Series C, 3.80%
due 12/01/2015 (j) 54,525
Delaware State Housing Authority Revenue Bonds,
VRDN (h)(j):
3,680 MERLOTS, Series B10, 3.97% due 7/01/2031 (f) 3,680
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Delaware (concluded)
$ 1,930 ROCS, AMT, Series II-R-359, 4%
due 7/01/2035 (e) $ 1,930
GS Pool Trust, Delaware, FLOATS, VRDN (h)(j):
11,932 AMT, Series 35TP, 3.97% due 8/01/2049 11,932
2,253 AMT, Series 56TP, 3.94% due 7/01/2048 2,253
14,851 Series 1, 3.97% due 6/02/2012 14,851
District of Columbia--1.4%
4,000 District of Columbia, Ballpark Revenue Bonds,
PUTTERS, VRDN, Series 1325, 3.92%
due 2/01/2014 (b)(h)(j) 4,000
20,065 District of Columbia, GO, PUTTERS, VRDN,
Series 2011, 3.92% due 6/01/2015 (b)(h)(j) 20,065
District of Columbia, GO, Refunding, VRDN (j):
3,995 MSTR, Series SGA-62, 4% due 6/01/2017 (a)(h) 3,995
20,290 Series C, 3.88% due 6/01/2026 (b) 20,290
25,790 District of Columbia, Hospital Revenue Bonds,
FLOATS, VRDN, Series 712, 3.91%
due 7/15/2019 (b)(h)(j) 25,790
26,115 District of Columbia, Water and Sewer Authority,
Public Utility Revenue Bonds, FLOATS, VRDN,
Series 1125, 3.91% due 10/01/2033 (b)(h)(j) 26,115
48,095 Metropolitan Washington Airports Authority, D.C.,
Airport System Revenue Refunding Bonds,
MERLOTS, VRDN, AMT, Series C35, 3.97%
due 10/01/2014 (f)(h)(j)(m) 48,095
Florida--8.4%
8,140 Bank of America AUSTIN Trust, Broward County,
Florida, School Board, COP, VRDN, Series 2007-129,
3.92% due 7/01/2032 (b)(h)(j) 8,140
14,770 Collier County, Florida, Educational Facilities
Authority, Limited Obligation Revenue Bonds
(Ave Maria University), VRDN, 3.97%
due 10/01/2036 (j) 14,770
11,665 Collier County, Florida, School Board, COP,
ROCS, VRDN, Series II-R-7032, 4.15%
due 2/15/2024 (e)(h)(j) 11,665
15,650 Dade County, Florida, Water and Sewer
System Revenue Bonds, VRDN, 3.86%
due 10/05/2022 (b)(j) 15,650
Eagle Tax-Exempt Trust, Florida State Board of
Education, GO, VRDN, Class A (h)(j):
15,500 Series 2005-0057, 3.93% due 6/01/2035 15,500
8,000 Series 2005-3013, 3.93% due 6/01/2033 (g) 8,000
Eagle Tax-Exempt Trust, Orlando-Orange County
Expressway Authority, Florida, Expressway
Revenue Bonds, VRDN, Class A (e)(h)(j):
15,000 Series 2007-0081, 3.91% due 7/01/2042 15,000
11,300 Series 2007-0145, 3.85% due 7/01/2017 11,300
19,730 Eagle Tax-Exempt Trust, South Florida Water
Management District, COP, VRDN,
Series 2006-0136, Class A, 3.93%
due 10/01/2036 (a)(h)(j) 19,730
7,425 Eclipse Funding Trust, Solar Eclipse Certificates,
Volusia County, Florida, School Board,
COP, VRDN, Series 2007-0036, 3.78%
due 8/01/2032 (e)(h)(j) 7,425
Face
Amount Municipal Bonds Value
Florida (continued)
Florida Gas Utility Revenue Bonds (Gas
Supply Project Number 2), VRDN (j):
$ 60,445 Series A-1, 3.90% due 11/01/2026 $ 60,445
123,735 Series A-3, 3.83% due 11/01/2026 123,735
5,480 Florida Housing Finance Corporation, M/F
Mortgage Revenue Bonds, ROCS, VRDN,
Series II-R-600CE, 4% due 7/01/2043 (h)(j) 5,480
7,830 Florida Hurricane Catastrophe Fund Financing
Corporation Revenue Bonds, VRDN, Series A,
5% due 7/01/2008 (j) 7,902
16,176 Florida Local Government Finance Commission,
CP, 3.73% due 10/05/2007 16,176
3,465 Florida State Board of Education, GO, Refunding,
ROCS, VRDN, Series II-R-6087 3.92%
due 6/01/2014 (b)(h)(j) 3,465
Florida State Board of Education, Lottery Revenue
Bonds, VRDN (h)(j):
6,220 FLOATS, Series 858, 3.91% due 1/01/2017 (f) 6,220
2,815 ROCS, Series II-R-4521, 3.92%
due 7/01/2020 (b) 2,815
27,765 Florida State, Revenue Refunding Bonds, MERLOTS,
VRDN, Series A-22, 3.78% due 7/01/2027(h)(j) 27,765
4,100 Gainesville, Florida, Utilities System Revenue
Refunding Bonds, VRDN, Series C, 3.95%
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, 3.92%
due 11/15/2021 (j) 6,000
3,940 Hillsborough County, Florida, Aviation Authority,
Revenue Refunding Bonds, MERLOTS, VRDN,
AMT, Series A18, 3.97% due 10/01/2013 (f)(h)(j) 3,940
15,700 Jacksonville, Florida, Electric Authority, CP, 3.67%
due 11/14/2007 15,700
15,075 Jacksonville, Florida, Electric Authority Revenue
Bonds (Electric System), VRDN, Series B, 4.04%
due 10/01/2030 (j) 15,075
15,000 Jacksonville, Florida, Port Authority Revenue
Bonds (Mitsui O.S.K. Lines, Ltd. Project), VRDN,
AMT, 3.95% due 11/01/2032 (j) 15,000
5,733 Miami-Dade County, Florida, Aviation Revenue
Refunding Bonds, FLOATS, VRDN, AMT, Series 1829,
3.94% due 10/01/2039 (f)(h)(j) 5,733
3,755 Miami-Dade County, Florida, Special Obligation
Revenue Bonds, TOCS, VRDN, Series Z-9, 3.90%
due 4/17/2015 (f)(h)(j) 3,755
40,000 Miami-Dade County, Florida, Water and Sewer
Revenue Refunding Bonds, VRDN, 3.86%
due 10/01/2025 (e)(j) 40,000
13,890 Municipal Securities Trust Certificates, Highlands
County, Florida, Health Facilities Authority,
Hospital Revenue Bonds, VRDN, Series 7061,
Class A, 3.92% due 11/15/2035 (h)(j)(m) 13,890
15,600 North Broward, Florida, Hospital District Revenue
Refunding Bonds, VRDN, Series B, 3.87%
due 1/15/2031 (g)(j) 15,600
5,000 Orange County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Orlando Regional
Healthcare), VRDN, Series A-10, 3.95%
due 10/01/2041 (e)(j) 5,000
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Florida (concluded)
Orange County, Florida, Health Facilities Authority
Revenue Bonds, FLOATS, VRDN (h)(j):
$ 29,850 Series 532, 3.91% due 11/15/2015 (a) $ 29,850
17,245 Series 830, 3.91% due 11/15/2022 (e) 17,245
7,465 Orange County, Florida, Tourist Development, Tax
Revenue Refunding Bonds, FLOATS, VRDN,
Series 1806, 3.91% due 10/01/2030 (b)(h)(j) 7,465
Orlando, Florida, Utilities Commission, Water and
Electric Revenue Bonds, VRDN (j):
57,450 Series A, 3.78% due 10/01/2017 57,450
25,300 Series B, 3.87% due 10/01/2022 25,300
Orlando-Orange County Expressway Authority,
Florida, Expressway Revenue Bonds, VRDN (a)(j):
2,250 Sub-Series A-2, 3.83% due 7/01/2040 2,250
30,650 Sub-Series B-1, 3.83% due 7/01/2040 30,650
Orlando-Orange County Expressway Authority,
Florida, Expressway Revenue Refunding Bonds,
VRDN (e)(j):
24,475 Series C-1, 3.77% due 7/01/2025 24,475
18,790 Series C-4, 3.83% due 7/01/2025 18,790
44,350 Series D, 3.83% due 7/01/2032 44,350
10,000 Palm Beach County, Florida, Health Facilities Authority,
CP, 3.74% due 11/15/2007 10,000
6,095 Saint Johns County, Florida, Sales Tax Revenue
Bonds, ROCS, VRDN, Series II-R-755PB, 3.93%
due 10/01/2036 (f)(h)(j) 6,095
18,305 Saint Johns County, Florida, Transportation
Improvement Revenue Bonds, ROCS, VRDN,
Series II-R-9071, 3.92% due 10/01/2016 (a)(h)(j) 18,305
40,000 Sunshine State, Florida, Governmental Finance
Commission, CP, 3.75% due 10/15/2007 40,000
16,240 UBS Municipal CRVS Trust, Miami-Dade County,
Florida, Expressway Authority, Toll System Revenue
Bonds, FLOATS, VRDN, Series 06-1004, 3.92%
due 1/01/2014 (a)(h)(j) 16,240
Volusia County, Florida, School Board, COP,
VRDN (f)(h)(j):
2,120 PUTTERS, Series 970, 3.92% due 2/01/2013 2,120
5,460 ROCS, Series II-R-2212, 4.15% due 8/01/2023 5,460
Georgia--1.7%
3,820 Albany-Dougherty County, Georgia, Hospital
Authority, Revenue Refunding Bonds, FLOATS,
VRDN, Series L3J, 3.93% due 9/01/2020 (a)(h)(j) 3,820
16,300 Appling County, Georgia, Development Authority,
PCR (Georgia Power Plant Hatch), VRDN, Second
Series, 4% due 12/01/2018 (j) 16,300
19,760 Atlanta, Georgia, Airport Revenue Refunding Bonds,
VRDN, Series C-2, 3.84% due 1/01/2030 (f)(j) 19,760
12,500 Atlanta, Georgia, Subordinate Lien Tax Allocation
Bonds (Atlantic Station), VRDN, 3.94%
due 12/01/2024 (j) 12,500
4,000 Atlanta, Georgia, Urban Residential Finance Authority,
M/F Housing Revenue Bonds (Lindbergh City
Center Apartment Project), VRDN, AMT, 3.91%
due 11/01/2044 (j) 4,000
6,815 Bank of America MACON Trust, Georgia Municipal
Electric Authority, Power Revenue Bonds, VRDN,
Series E, 3.92% due 1/01/2017 (e)(h)(j) 6,815
28,000 Burke County, Georgia, Development Authority, CP,
3.67% due 1/11/2008 28,000
Face
Amount Municipal Bonds Value
Georgia (concluded)
Clayton County, Georgia, Development Authority,
Special Facilities Revenue Bonds (Delta Air Lines
Project), VRDN (j):
$ 10,545 AMT, Series B, 4% due 5/01/2035 $ 10,545
6,500 AMT, Series C, 4% due 5/01/2035 6,500
10,135 Series A, 3.92% due 6/01/2029 10,135
2,400 Clayton County, Georgia, Housing Authority,
M/F Housing Revenue Bonds (Provence
Place Apartments Project), VRDN, 3.92%
due 10/01/2041 (j) 2,400
4,475 DeKalb County, Georgia, Public Safety and Judicial
Facilities Authority, Special Tax Revenue
Bonds, FLOATS, VRDN, Series 1459, 3.91%
due 12/01/2034 (h)(j) 4,475
Eagle Tax-Exempt Trust, Atlanta, Georgia, Water and
Wastewater Revenue Bonds, VRDN (e)(h)(j):
9,100 Series 2005-0009, Class A, 3.91%
due 11/01/2043 9,100
5,000 Series 2006-0130, Class A, 3.93%
due 11/01/2034 5,000
21,200 Fulton County, Georgia, Development Authority
Revenue Bonds (Robert W. Woodruff Arts
Center Project), VRDN, Series B, 3.87%
due 4/01/2034 (j) 21,200
2,150 Georgia State, GO, PUTTERS, VRDN, Series 1420,
3.92% due 6/01/2012 (h)(j) 2,150
2,570 Gwinnett County, Georgia, Development Authority,
COP, ROCS, VRDN, Series II-R-6009, 3.92%
due 1/01/2021 (f)(h)(j) 2,570
15,995 Municipal Securities Trust Certificates, Atlanta,
Georgia, Water and Wastewater Revenue Bonds,
VRDN, AMT, Series 2002-186, Class A, 3.92%
due 2/25/2021 (f)(h)(j) 15,995
Hawaii--0.1%
7,170 Hawaii State, Highway Revenue Bonds, ROCS, VRDN,
Series II-R-10096, 3.91% due 7/01/2011 (e)(h)(j) 7,170
1,980 Hawaii State, Revenue Bonds, ROCS, VRDN,
Series II-R-6504, 3.92% due 10/01/2024 (f)(h)(j) 1,980
Idaho--0.3%
30,400 Idaho State, GO, TAN, 4.50% due 6/30/2008 30,570
Illinois--8.3%
14,285 ABN AMRO MuniTops Certificates Trust, Chicago,
Illinois, GO, VRDN, Series 2001-31, 3.92%
due 1/01/2009 (b)(h)(j) 14,285
9,330 Bank of America MACON Trust, Chicago, Illinois,
O'Hare International Airport Revenue Bonds, VRDN,
Series A, 3.92% due 1/01/2018 (f)(h)(j) 9,330
2,940 Bank of America MACON Trust, Illinois State
Dedicated Tax, VRDN, Series N, 3.92%
due 12/15/2020 (a)(h)(j) 2,940
1,750 Bank of America MACON Trust, Illinois State, GO,
VRDN, Series L, 3.92% due 1/01/2031 (h)(j) 1,750
2,755 Bank of America MACON Trust, Regional
Transportation Authority, Illinois, Revenue Bonds,
VRDN, Series K, 3.92% due 7/01/2026 (f)(h)(j) 2,755
10,215 Chicago, Illinois, Board of Education, GO, ROCS,
VRDN, Series II-R-10097, 3.91%
due 12/01/2011 (e)(h)(j) 10,215
8,175 Chicago, Illinois, GO, VRDN, Series B, 3.80%
due 1/01/2012 (j) 8,175
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Illinois (continued)
$ 5,730 Chicago, Illinois, Motor Fuel Tax Revenue Refunding
Bonds, ROCS, VRDN, Series II-R-2021, 3.92%
due 1/01/2020 (a)(h)(j) $ 5,730
Chicago, Illinois, O'Hare International Airport
Revenue Bonds, ROCS, VRDN (h)(j):
3,700 AMT, Series II-R-239, 4% due 1/01/2022 (e) 3,700
5,995 AMT, Series II-R-250, 4% due 1/01/2034 (g) 5,995
9,375 Series II-R-556, 3.92% due 1/01/2029 (f) 9,375
5,105 Series II-R-605PB, 3.93% due 1/01/2033 (b) 5,105
41,550 Chicago, Illinois, O'Hare International Airport,
Revenue Refunding Bonds (General Airport Third
Lien), VRDN, Series D, 3.87% due 1/01/2035 (g)(j) 41,550
6,685 Chicago, Illinois, Park District, GO, Refunding,
ROCS, VRDN, Series II-R-4002, 3.92%
due 1/01/2023 (b)(h)(j) 6,685
20,120 Chicago, Illinois, Second Lien Water
Revenue Refunding Bonds, VRDN, 3.84%
due 11/01/2031 (f)(j) 20,120
6,240 Cook County, Illinois, Forest Preserve District,
GO, PUTTERS, VRDN, Series 566, 3.92%
due 11/15/2012 (a)(h)(j) 6,240
3,330 Cook County, Illinois, GO, Refunding, ROCS, VRDN,
Series II-R-2063, 3.92% due 11/15/2021 (f)(h)(j) 3,330
Eagle Tax-Exempt Trust, Chicago, Illinois, GO,
VRDN (h)(j):
9,900 Series 98, Class 1301, 3.93% due 1/01/2017 (b) 9,900
7,155 Series 2006-0001, Class-A, 3.93%
due 1/01/2034 (e) 7,155
30,000 Eagle Tax-Exempt Trust, Cook County, Illinois,
VRDN, Series 02, Class 1303, 3.93%
due 11/15/2025 (a)(h)(j) 30,000
3,150 Eagle Tax-Exempt Trust, Illinois State Finance
Authority, Revenue Refunding Bonds, VRDN,
Series 2006-0118, Class A, 3.93%
due 12/01/2042 (h)(j) 3,150
Eagle Tax-Exempt Trust, Illinois State, GO,
VRDN (h)(j):
11,000 Series 01, Class 1307, 3.91% due 11/01/2022 11,000
11,100 Series 02, Class 1302, 3.93% 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, 3.93% due 6/15/2042 (f)(h)(j) 3,000
5,000 Eagle Tax-Exempt Trust, Metropolitan Pier and Expo-
sition Authority, Illinois, VRDN, Series 2002-6001,
Class A, 3.93% due 12/15/2028 (f)(h)(j) 5,000
10,000 Eagle Tax-Exempt Trust, University of Illinois,
University Revenue Refunding Bonds, VRDN,
Series 2006-0124, Class A, 3.93%
due 4/01/2035 (f)(h)(j) 10,000
10,700 Eclipse Funding Trust, Solar Eclipse Certificates,
Chicago, Illinois, GO, Refunding, VRDN,
Series 2006-0038, 3.91% due 1/01/2028 (e)(h)(j) 10,700
3,315 Illinois Development Finance Authority Revenue
Bonds (Jewish Federation of Metropolitan
Chicago Project), VRDN, Series A, 3.95%
due 9/01/2032 (a)(j) 3,315
20,000 Illinois Development Finance Authority, Revenue
Refunding Bonds (Evanston Northwestern
Healthcare Corporation), VRDN, Series A, 3.93%
due 5/01/2031 (j) 20,000
Face
Amount Municipal Bonds Value
Illinois (continued)
$ 5,000 Illinois Development Finance Authority, Water
Facilities Revenue Refunding Bonds (Illinois
American Water Company), VRDN, AMT,
3.98% due 3/01/2032 (f)(j) $ 5,000
24,000 Illinois Educational Facilities Authority, CP, 3.66%
due 5/06/2008 24,000
9,450 Illinois Educational Facilities Authority Revenue
Bonds (Art Institute of Chicago), VRDN, 3.91%
due 3/01/2027 (j) 9,450
7,800 Illinois Educational Facilities Authority, Revenue
Refunding Bonds (The Art Institute of Chicago),
VRDN, 3.91% due 3/01/2027 (j) 7,800
Illinois HDA, M/F Housing Revenue Bonds (Danbury
Court Apartments), VRDN, AMT (j):
6,225 Series A, 3.94% due 5/01/2037 6,225
445 Series B, 4% due 5/01/2037 445
50,000 Illinois Health Facilities Authority, CP, 3.75%
due 11/15/2007 50,000
39,850 Illinois Health Facilities Authority Revenue Bonds
(Revolving Fund Pooled Program), VRDN, Series D,
3.93% due 8/01/2015 (j) 39,850
9,495 Illinois Municipal Electric Agency, Power Supply
Revenue Bonds, PUTTERS, VRDN, Series 2093,
3.92% due 2/01/2017 (b)(h)(j) 9,495
Illinois State Finance Authority Revenue Bonds,
VRDN (j):
4,190 FLOATS, Series 1489, 3.91%
due 12/01/2042 (h) 4,190
10,000 (Northwestern University), Sub-Series A,
3.75% due 12/01/2034 10,000
55,972 (University of Chicago), Series B, 3.84%
due 7/01/2034 55,972
12,500 Illinois State Finance Authority, Revenue Refunding
Bonds (Central DuPage Health System), VRDN,
Series B, 3.94% due 11/01/2038 (j) 12,500
8,955 Illinois State, GO, MERLOTS, VRDN, Series B04,
3.92% due 12/01/2024 (e)(h)(j) 8,955
Illinois State, GO, Refunding, VRDN (f)(h)(j):
16,250 FLOATS, Series 743D, 3.91%
due 8/01/2015 (n) 16,250
5,755 MERLOTS, Series A49, 3.92%
due 8/01/2013 5,755
5,675 Kane County, Illinois, School District Number 129
(Aurora West Side), GO, Refunding, PUTTERS,
VRDN, Series 1113, 3.92% due 2/01/2013 (b)(h)(j) 5,675
6,395 Municipal Securities Trust Certificates, Chicago,
Illinois, Board of Education, GO, VRDN,
Series 2005-237, Class A, 3.92%
due 1/04/2024 (b)(h)(j)(m) 6,395
26,045 Municipal Securities Trust Certificates, Chicago,
Illinois, O'Hare International Airport, Revenue
Refunding Bonds, VRDN, AMT, Series 2000-93,
Class A, 4.02% due 10/04/2012 (a)(h)(j) 26,045
29,950 Municipal Securities Trust Certificates, Chicago
O'HareAirport, Illinois, Revenue Bonds, VRDN,
AMT, Series 2001-151, Class A, 4.02%
due 6/30/2015 (a)(h)(j)(m) 29,950
29,085 Municipal Securities Trust Certificates, Cook
County, Illinois, GO, Refunding, VRDN,
Series 2001-145, Class A, 3.92%
due 11/15/2029 (b)(h)(j) 29,085
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Illinois (concluded)
$ 33,895 Municipal Securities Trust Certificates, Cook
County, Illinois, GO, Refunding, VRDN,
Series 2002-191, Class A, 3.92%
due 3/18/2019 (b)(h)(j) $ 33,895
7,805 Municipal Securities Trust Certificates, Illinois
Finance Authority, Revenue Refunding Bonds,
VRDN, Series 2006-253, Class A, 3.92%
due 5/12/2014 (a)(h)(j)(m) 7,805
13,210 Municipal Securities Trust Certificates, Kane,
McHenry, Cook and DeKalb Counties, Illinois,
United School District Number 300, GO,
VRDN, Series 2007-309, Class A, 3.92%
due 1/15/2015 (a)(h)(j)(m) 13,210
31,615 Municipal Securities Trust Certificates, Metropolitan
Pier and Exposition Authority, Illinois, Revenue
Refunding Bonds, VRDN, Series 2001-157,
Class A, 3.92% due 10/05/2017 (b)(h)(j) 31,615
18,520 Municipal Securities Trust Certificates, Will
County, Illinois, Community High School
District Number 210, VRDN, Series 2006-265,
Class A, 3.92% due 4/08/2021 (e)(h)(j) 18,520
21,700 Northern Illinois Municipal Power Agency, Power
Project Revenue Bonds, ROCS, VRDN,
Series II-R-9129, 3.92% due 1/01/2018 (f)(h)(j) 21,700
8,720 RBC Municipal Products, Inc., Aurora, Illinois, S/F
Mortgage Revenue Bonds, FLOATS, VRDN, AMT,
Series I-28, 3.94% due 11/01/2014 (c)(h)(i)(j) 8,720
2,160 Regional Transportation Authority, Illinois, GO,
MERLOTS, VRDN, Series A41, 3.92%
due 6/01/2017 (b)(h)(j) 2,160
32,690 Regional Transportation Authority, Illinois, Revenue
Refunding Bonds, FLOATS, VRDN, Series 818-D,
3.91% due 7/01/2033 (b)(h)(j) 32,690
9,900 University of Illinois, COP (Utility Infrastructure
Projects), Refunding, VRDN, 3.84%
due 8/15/2021 (j) 9,900
22,000 University of Illinois, University Revenue Refunding
Bonds (South Campus Project), VRDN, Series A,
3.90% due 1/15/2022 (b)(j) 22,000
Will County, Illinois, Exempt Facilities Revenue
Bonds (BP Amoco Chemical Company Project),
VRDN, AMT (j):
2,025 4% due 3/01/2028 2,025
3,800 4% due 7/01/2031 3,800
2,600 4% due 7/01/2032 2,600
10,000 Will County, Illinois, M/F Housing Redevelopment,
Revenue Refunding Bonds (Woodlands Crest Hill),
VRDN, AMT, 3.91% due 2/15/2031 (d)(j) 10,000
Indiana--3.7%
4,240 Bank of America MACON Trust, Indianapolis, Indiana,
Local Public Improvement Bond Bank, Revenue
Refunding Bonds, VRDN, Series S, 3.92%
due 1/01/2021 (f)(h)(j) 4,240
5,345 Carmel, Indiana, School Building Corporation Revenue
Bonds, ROCS, VRDN, Series II-R-2065, 3.92%
due 7/15/2020 (f)(h)(j) 5,345
4,450 Elkhart County, Indiana, Revenue Refunding
Bonds, PUTTERS, VRDN, Series 1669, 3.92%
due 12/01/2014 (e)(h)(j) 4,450
Face
Amount Municipal Bonds Value
Indiana (concluded)
$ 5,965 Hobart, Indiana, Building Corporation, First
Mortgage Revenue Bonds, MERLOTS, VRDN,
Series D-3, 3.92% due 1/15/2029 (b)(h)(j) $ 5,965
4,110 Huntington, Indiana, School Building Corporation
Revenue Bonds, PUTTERS, VRDN, Series 1648,
3.92% due 7/15/2014 (f)(h)(j) 4,110
9,535 IPS Multi-School Building Corporation, Indiana,
Revenue Bonds, ROCS, VRDN, Series II-R-885WF,
3.91% due 1/15/2030 (e)(h)(j) 9,535
37,900 Indiana Bond Bank, Advance Funding Program
Revenue Notes, Series A, 4.25% due 1/31/2008 37,975
44,800 Indiana Bond Bank, Midyear Funding Program
Revenue Notes, Series A, 4.50% due 5/20/2008 45,009
5,300 Indiana Health and Educational Facilities Financing
Authority, Revenue Refunding Bonds (Parkview
Health System), VRDN, Series A, 3.87%
due 11/01/2033 (a)(j) 5,300
75,000 Indiana Health Facilities Financing Authority,
Revenue Refunding Bonds (Ascension Health
Credit Group), VRDN, Series A-2, 3.78%
due 11/15/2036 (j) 75,000
40,250 Indiana State Development Finance Authority,
Environmental Revenue Bonds (PSI Energy Inc.
Projects), VRDN, AMT, Series A, 4.10%
due 12/01/2038 (j) 40,250
3,700 Indiana State Development Finance Authority,
IDR (Republic Services, Inc. Project), VRDN, AMT,
4.22% due 11/01/2035 (j) 3,700
7,065 Indiana State Housing and Community Development
Authority, S/F Mortgage Revenue Bonds, VRDN,
AMT, Series E-2, 3.62% due 12/20/2007 (j) 7,065
5,225 Indiana State Office Building Commission, Facilities
Revenue Bonds, ROCS, VRDN, Series II-R-4534,
3.92% due 7/01/2020 (h)(j) 5,225
6,218 Indiana Transportation Finance Authority, Highway
Revenue Refunding Bonds, FLOATS, VRDN,
Series 942D, 3.91% due 12/01/2022 (b)(h)(j) 6,218
34,995 Municipal Securities Trust Certificates, Indianapolis,
Indiana, Local Tax-Exempt, GO, VRDN,
Series 2002-192, Class A, 3.92%
due 6/18/2014 (f)(h)(j) 34,995
7,685 New Albany-Floyd County, Indiana, Independent
School Building Corporation, Revenue Refunding
Bonds, PUTTERS, VRDN, Series 879, 3.92%
due 6/01/2013 (e)(h)(j) 7,685
6,555 Pike County, Indiana, Multi-School Building
Corporation, Revenue Refunding Bonds, PUTTERS,
VRDN, Series 1122, 3.92% due 7/15/2012 (f)(h)(j) 6,555
25,000 Saint Joseph County, Indiana, Industrial Educational
Facilities, Revenue Refunding Bonds (University
of Notre Dame du Lac Project), VRDN, 3.75%
due 3/01/2040 (j) 25,000
19,000 Trustees of Indiana University, CP, 3.60%
due 11/07/2007 18,998
Whiting, Indiana, Environmental Facilities Revenue
Refunding Bonds, VRDN, AMT (j):
6,085 (Amoco Oil Company Project), 4%
due 7/01/2031 6,085
27,900 (BP Products Project), Series C, 4%
due 7/01/2034 27,900
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Iowa--0.4%
$ 15,000 Iowa Finance Authority, Health Care Facilities,
Revenue Refunding Bonds (Iowa Health
System), VRDN, Series B-3, 3.80%
due 2/15/2035 (a)(j) $ 15,000
3,400 Iowa Finance Authority, Revenue Refunding
Bonds (Trinity Health Credit Group), VRDN,
Series D, 3.79% due 12/01/2030 (j) 3,400
14,000 Iowa State School Cash Anticipation Program,
GAN, Series A, 4.50% due 6/27/2008 (e) 14,077
10,000 Louisa County, Iowa, PCR, Refunding (Iowa-Illinois
Gas and Electric), VRDN, Series A, 3.95%
due 9/01/2016 (j) 10,000
Kansas--0.3%
3,945 Kansas State Department of Transportation,
Highway Revenue Bonds, ROCS, VRDN,
Series II-R-6020, 3.92% due 3/01/2019 (e)(h)(j) 3,945
19,700 Kansas State Department of Transportation,
Highway Revenue Refunding Bonds, VRDN,
Series C-1, 3.80% due 9/01/2019 (j) 19,700
1,780 Kansas State Development Financing Authority,
Revenue Bonds (Sisters of Charity of Leavenworth
Health System), VRDN, Series C, 3.95%
due 12/01/2019 (j) 1,780
7,415 Lehman Municipal Trust Receipts, Sedgwick
and Shawnee Counties, Kansas, FLOATS,
VRDN, Series 2006-P33U, 4.06%
due 6/01/2038 (c)(h)(i)(j) 7,415
Kentucky--2.3%
3,775 Boyd County, Kentucky, Sewer and Solid Waste
Revenue Bonds (Air Products and Chemicals
Project), VRDN, AMT, 4.03% due 7/01/2021 (j) 3,775
20,930 Carroll, Kentucky, CP, 3.73% due 11/08/2007 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, 3.93%
due 5/15/2033 (b)(h)(j) 14,000
35,000 Jefferson County, Kentucky, CP, 3.74%
due 12/05/2007 35,000
2,200 Kenton County, Kentucky, Airport Board, Special
Facilities Revenue Refunding Bonds, VRDN,
Series B, 3.92% due 10/01/2030 (j) 2,200
1,000 Kentucky Economic Development Finance Authority,
Hospital Facilities Revenue Refunding Bonds
(Baptist Healthcare), VRDN, Series C, 3.94%
due 8/15/2031 (f)(j) 1,000
1,750 Kentucky Economic Development Finance
Authority, Solid Waste Disposal Revenue Bonds
(Republic Services, Inc.), VRDN, AMT, 4.13%
due 7/01/2035 (j) 1,750
3,000 Kentucky Rural Water Finance Corporation, Public
Projects Construction Notes, VRDN, Series A-1,
3.65% due 4/01/2008 (j) 3,000
56,475 Kentucky State Turnpike Authority, Resource Recovery
Road Revenue Bonds, FLOATS, VRDN, Series 488,
3.91% due 7/01/2009 (e)(h)(j) 56,475
Louisville and Jefferson Counties, Kentucky,
Metropolitan Government Health System, Revenue
Refunding Bonds, ROCS, VRDN (h)(j):
5,625 Series II-R-651CE, 3.92% due 10/01/2036 5,625
17,500 Series II-R-662CE, 3.92% due 10/01/2036 17,500
Face
Amount Municipal Bonds Value
Kentucky (concluded)
$ 4,910 Louisville and Jefferson Counties, Kentucky,
Metropolitan Sewer District, Sewer and Drain
System Revenue Bonds, FLOATS, VRDN,
Series 1517, 3.91% due 5/15/2038 (b)(h)(j) $ 4,910
8,090 Louisville and Jefferson Counties, Kentucky,
Metropolitan Sewer District, Sewer and Drain
System, Revenue Refunding Bonds, VRDN,
Series B, 3.86% due 5/15/2023 (e)(j) 8,090
62,691 Public Energy Authority of Kentucky, Inc., Gas Supply
Revenue Bonds (BP Corporation of North America),
VRDN, Series A, 3.96% due 8/01/2016 (j) 62,691
3,465 Shelby County, Kentucky, Lease Revenue Bonds,
VRDN, Series A, 3.95% due 9/01/2034 (j) 3,465
Louisiana--2.4%
17,700 Ascension Parish, Louisiana, Revenue Bonds (BASF
Corporation Project), VRDN, AMT, 4.05%
due 3/01/2025 (j) 17,700
32,900 Calcasieu Parish, Louisiana, IDB, Environmental
Revenue Bonds (Citgo Petroleum Corp.), VRDN,
AMT, 4.02% due 7/01/2026 (j) 32,900
13,495 Calcasieu Parish, Louisiana, IDB, Environmental
Revenue Refunding Bonds (Citgo Petroleum Corp.),
VRDN, AMT, 4.02% due 3/01/2025 (j) 13,495
Eagle Tax-Exempt Trust, Louisiana State Gas and
Fuel Tax Revenue Bonds, VRDN (e)(h)(j):
27,225 Series 2006-0129, Class A, 3.91%
due 5/01/2041 (b) 27,225
4,020 Series 2006-137, Class A, 3.93%
due 5/01/2036 4,020
3,625 East Baton Rouge, Louisiana, Mortgage Finance
Authority, S/F Revenue Bonds, FLOATS, VRDN,
AMT, Series 996, 3.96% due 6/02/2008 (h)(j) 3,625
Jefferson Parish, Louisiana, Hospital Service District
Number 001, Hospital Revenue Bonds, VRDN (j):
10,000 PUTTERS, Series 522, 3.92%
due 12/01/2008 (h) 10,000
25,000 (West Jefferson Medical Center), Series B,
3.86% due 1/01/2028 (e) 25,000
278 Louisiana HFA, Mortgage Revenue Refunding
Bonds, FLOATS, VRDN, AMT, Series 1069,
3.96% due 12/01/2047 (h)(j) 278
Louisiana Local Government Environmental
Facilities and Community Development Authority,
Revenue Bonds, VRDN, AMT (j):
4,000 (BASF Corporation Project), 3.98%
due 12/01/2036 4,000
6,000 (Honeywell International Inc. Project),
4.04% due 12/01/2037 6,000
7,500 Louisiana Local Government Environmental Facilities
and Community Development Authority, Revenue
Refunding Bonds (BASF Corporation Project),
VRDN, Series B, 3.94% due 12/01/2030 (j) 7,500
Louisiana Public Facilities Authority Revenue Bonds,
VRDN, AMT (j):
2,850 (Air Products and Chemicals Project), 4.03%
due 12/01/2039 2,850
1,315 (Equipment and Capital Facilities Loan Program),
Series C, 3.89% due 7/01/2024 1,315
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Louisiana (concluded)
Louisiana Public Facilities Authority, Revenue
Refunding Bonds, VRDN (j):
$ 7,600 (Christus Health), Sub-Series C-1, 3.86%
due 7/01/2031 (a) $ 7,600
6,550 PUTTERS, Series 1755, 3.92%
due 1/01/2015 (g)(h) 6,550
3,235 Louisiana State, GO, MERLOTS, VRDN, Series C-4,
3.92% due 5/01/2026 (e)(h)(j) 3,235
17,600 Louisiana State, Gas and Fuels Tax Revenue Bonds,
ROCS, VRDN, Series II-R-660, 3.92%
due 5/01/2041 (b)(h)(j) 17,600
14,452 Louisiana State Municipal Natural Gas Purchasing
and Distribution Authority Revenue Bonds,
PUTTERS, VRDN, Series 1411Q, 3.99%
due 3/15/2014 (h)(j) 14,452
8,790 Morgan Keegan Municipal Products, Inc.,
East Baton Rouge, Louisiana, Mortgage Finance
Authority, S/F Revenue Bonds, VRDN, AMT, Series A,
3.98% due 2/01/2011 (j) 8,790
24,125 Morgan Keegan Municipal Products, Inc., New
Orleans, Louisiana, Finance Authority, VRDN,
Series G, 3.98% due 12/01/2041 (j) 24,125
8,050 New Orleans, Louisiana, Ernest N. Morial Exhibit
Hall Authority, Special Tax, ROCS, VRDN,
Series II-R-4038, 3.95% due 7/15/2023 (a)(h)(j) 8,050
4,400 South Louisiana Port Commission, Port Revenue
Refunding Bonds (Occidental Petroleum), VRDN,
3.80% due 7/01/2018 (j) 4,400
Maine--0.3%
Maine State Housing Authority, Mortgage Purpose
Revenue Bonds, VRDN, AMT (j):
7,065 ROCS, Series II-R-10206, 3.93%
due 11/15/2016 (h) 7,065
4,000 Series B, 3.75% due 5/15/2008 4,000
12,000 Series H, 3.62% due 11/15/2034 12,000
7,000 Maine State Housing Authority, Mortgage Purpose
Revenue Refunding Bonds, VRDN, AMT, Series D,
3.82% due 7/18/2008 (j) 7,000
Maryland--1.7%
10,000 Anne Arundel County, Maryland, CP, 3.68%
due 12/06/2007 10,000
4,780 Baltimore County, Maryland, Revenue Refunding
Bonds (The Paths at Loveton Farms Apartments
Facility Project), VRDN, 3.82% due 12/01/2021 (j) 4,780
35,700 Baltimore, Maryland, Port Facilities Revenue Bonds
(Occidental Petroleum), FLOATS, VRDN, 3.55%
due 10/14/2011 (h)(j) 35,700
15,000 Howard County, Maryland, CP, 3.66%
due 11/05/2007 15,000
2,500 Maryland State Community Development
Administration, Department of Housing and
Community Development, Residential Revenue
Bonds, VRDN, AMT, Series R, 3.64%
due 12/14/2007 (j) 2,500
11,000 Maryland State Community Development
Administration, Department of Housing and
Community Development, Residential Revenue
Refunding Bonds, VRDN, Series Q, 3.59%
due 12/14/2007 (j) 11,000
Face
Amount Municipal Bonds Value
Maryland (concluded)
Maryland State Economic Development Corporation,
Revenue Refunding Bonds, VRDN (j):
$ 29,000 (Constellation Energy Group Inc. Project),
Series A, 3.83% due 4/01/2024 $ 29,000
7,005 (Garrett Community College), 3.91%
due 8/01/2038 7,005
Maryland State Health and Higher Educational
Facilities Authority Revenue Bonds, VRDN (j):
14,100 FLOATS, Series 1309, 3.91%
due 8/15/2038 (a)(h) 14,100
1,000 (University of Maryland Medical System),
Series E, 3.85% due 7/01/2041 (b) 1,000
34,350 Maryland State Health and Higher Educational
Facilities Authority, Revenue Refunding
Bonds, FLOATS, VRDN, Series 867, 3.91%
due 7/01/2019 (b)(h)(j) 34,350
4,000 Maryland State Stadium Authority, Lease Revenue
Refunding Bonds (Baltimore Convention Center),
VRDN, AMT, 3.88% due 12/15/2014 (j) 4,000
13,805 Montgomery County, Maryland, EDR (Riderwood
Village Inc. Project), Refunding, VRDN, 3.90%
due 3/01/2034 (j) 13,805
Massachusetts--2.0%
8,000 Bank of America MACON Trust, Massachusetts
State Health and Educational Facilities Authority
Revenue Bonds, VRDN, Series 2007-310, 3.93%
due 6/15/2012 (h)(j) 8,000
7,495 Eagle Tax-Exempt Trust, Massachusetts State Water
Resources Authority, Revenue Refunding Bonds,
VRDN, Series 2006-0054 Class A, 3.92%
due 8/01/2036 (a)(h)(j) 7,495
25,000 Lehman Municipal Trust Receipts, Massachusetts
State, GO, Refunding, FLOATS, VRDN, Series P62W,
3.94% due 11/01/2025 (h)(j) 25,000
10,500 Massachusetts State, CP, 3.84% due 11/06/2007 10,500
Massachusetts State Development Finance Agency
Revenue Bonds, VRDN (j):
38,435 (Harvard University), Series HH, 3.74%
due 7/15/2033 38,435
7,860 (Suffolk University), Series A, 3.90%
due 7/01/2035 (k) 7,860
13,000 Massachusetts State, GO, FLOATS, VRDN,
Series 1798, 3.91% due 5/01/2037 (g)(h)(j) 13,000
2,660 Massachusetts State, GO, Refunding, VRDN,
Series A, 3.77% due 9/01/2016 (j) 2,660
20,199 Massachusetts State Health and Educational
Facilities Authority, CP (Harvard University),
3.60% due 11/06/2007 20,199
50,000 Massachusetts State Health and Educational
Facilities Authority Revenue Bonds (Massachusetts
Institute of Technology), VRDN, Series J-2, 3.74%
due 7/01/2031 (j) 50,000
8,735 Massachusetts State School Building Authority,
Dedicated Sales Tax Revenue Bonds, FLOATS,
VRDN, Series 1690, 3.91% due 8/15/2037 (a)(h)(j) 8,735
9,920 Massachusetts State Special Obligation and
Dedicated Tax Revenue Bonds, MERLOTS, VRDN,
Series B19, 3.92% due 1/01/2028 (b)(h)(j) 9,920
2,690 Plymouth, Massachusetts, GO, BAN, 4.15%
due 12/06/2007 2,693
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Massachusetts (concluded)
$ 8,415 Route 3 North Transit Improvement Association,
Massachusetts, Lease Revenue Bonds,
ROCS, VRDN, Series II-R-10099, 3.90%
due 6/15/2010 (f)(h)(j) $ 8,415
Michigan--3.9%
5,100 Bank of America MACON Trust, Detroit, Michigan,
City School District, GO, Refunding, VRDN, Series J,
3.92% due 5/01/2028 (e)(h)(j) 5,100
4,615 Detroit, Michigan, City School District, GO, VRDN,
Series A, 3.92% due 5/01/2029 (e)(j) 4,615
17,500 Detroit, Michigan, Sewer Disposal Revenue
Bonds, Second Lien, VRDN, Series E, 3.74%
due 7/10/2008 (b)(j) 17,500
19,700 Detroit, Michigan, Sewer Disposal, Senior Lien
Revenue Refunding Bonds, VRDN, Series C-1,
3.78% due 7/01/2027 (e)(j) 19,700
20,890 Detroit, Michigan, Water Supply System, Revenue
Refunding Bonds, ROCS, VRDN, Series II-R-665PB,
3.93% due 7/01/2033 (f)(h)(j) 20,890
6,900 Eagle Tax-Exempt Trust, Grand Rapids, Michigan,
Sanitation Sewer System, VRDN, Series 98-2201,
3.93% due 1/01/2022 (b)(h)(j) 6,900
7,100 Eagle Tax-Exempt Trust, Michigan State Building
Authority, Revenue Refunding Bonds,
VRDN, Series 2006-156, Class A, 3.93%
due 10/15/2036 (b)(h)(j) 7,100
19,400 Kent Hospital Finance Authority, Michigan,
Revenue Refunding Bonds (Spectrum Health),
VRDN, Series B-2, 3.86% due 1/15/2047 (b)(j) 19,400
4,100 Michigan Higher Education Facilities Authority,
Limited Obligation Revenue Refunding Bonds
(University of Detroit), VRDN, 3.95%
due 11/01/2036 (j) 4,100
35,000 Michigan Municipal Bond Authority Revenue
Notes, Series B-2, 4.50% due 8/20/2008 35,247
Michigan State Building Authority, Revenue
Refunding Bonds, ROCS, VRDN (h)(j):
4,955 Series II-R-550, 3.92% due 10/15/2024 (a)(f) 4,955
4,245 Series II-R-2064, 3.92% due 10/15/2021 (f) 4,245
9,485 Series II-R-717PB, 3.93% due 10/15/2036 (b) 9,485
Michigan State Hospital Finance Authority
Revenue Bonds, VRDN (j):
82,000 (Ascension Health), Series B-1, 3.78%
due 11/15/2033 82,000
18,500 ROCS, Series II-R-10012, 3.918%
due 11/01/2038 (h) 18,500
Michigan State Hospital Finance Authority, Revenue
Refunding Bonds, VRDN (j):
39,700 (Ascension Health), 3.78%
due 11/15/2033 39,700
22,000 MERLOTS, Series K, 3.92%
due 11/15/2023 (f)(h) 22,000
10,000 Michigan State Revenue Bonds, PUTTERS, VRDN,
Series 2096, 3.75% due 9/15/2017 (e)(h)(j) 10,000
2,940 Michigan State Strategic Fund, Limited Obligation
Revenue Bonds (Russell Investment Co. LLC
Project), VRDN, AMT, 3.90% due 11/01/2031 (j) 2,940
5,615 Michigan State Strategic Fund, Limited Obligation
Revenue Refunding Bonds (Dow Chemical Project),
VRDN, Series B-1, 4.10% due 6/01/2014 (j) 5,615
Face
Amount Municipal Bonds Value
Michigan (concluded)
$ 5,600 Michigan State University, General Revenue
Bonds, VRDN, 3.77% due 2/15/2034 (j) $ 5,600
7,500 Michigan State University, General Revenue
Refunding Bonds, VRDN, Series A, 3.77%
due 2/15/2033 (j) 7,500
4,000 Oakland County, Michigan, Economic Development
Corporation, Limited Obligation Revenue Bonds
(Marian High School Inc. Project), VRDN, 3.91%
due 5/01/2037 (j) 4,000
10,000 RBC Municipal Products, Inc., Detroit, Michigan,
Water Supply System Revenue Bonds, FLOATS,
VRDN, Series I-18, 3.91% due 7/01/2014 (e)(h)(j) 10,000
Royal Oak, Michigan, Hospital Finance Authority,
Hospital Revenue Refunding Bonds (William
Beaumont Hospital), VRDN (a)(j):
365 Series T, 3.94% due 1/01/2020 365
3,365 Series U, 3.93% due 1/01/2020 3,365
31,000 University of Michigan, University Hospital
Revenue Bonds, VRDN, Series A, 3.80%
due 12/01/2027 (j) 31,000
4,000 University of Michigan, University Hospital Revenue
Refunding Bonds, VRDN, Series B, 3.85%
due 12/01/2037 (j) 4,000
3,545 Whitmore Lake, Michigan, Public School District,
GO, ROCS, VRDN, Series II-R-4515 3.92%
due 5/01/2023 (h)(j) 3,545
Minnesota--1.5%
16,005 Duluth, Minnesota, EDA, Health Care Facilities,
Revenue Refunding Bonds, FLOATS, VRDN,
Series 895, 3.91% due 2/15/2020 (a)(h)(j) 16,005
3,708 Hennepin County, Minnesota, Sales Tax Revenue
Bonds, FLOATS, VRDN, Series 1809, 3.91%
due 12/15/2037 (h)(j) 3,708
30 Minneapolis and Saint Paul, Minnesota,
Metropolitan Airports Commission, Airport
Revenue Bonds, FLOATS, VRDN, Series 2007-1G,
3.91% due 1/01/2032 (a)(h)(j) 30
13,955 Minneapolis, Minnesota, Health Care System,
Revenue Refunding Bonds (Fairview Health
Services Project), VRDN, Series B, 3.85%
due 11/15/2029 (a)(j) 13,955
12,000 Minnesota Rural Water Finance Authority, Public
Projects Construction Revenue Notes,
4.50% due 7/01/2008 12,066
1,675 Minnesota State, GO, ROCS, VRDN, Series II-R-4065,
3.92% due 8/01/2023 (h)(j) 1,675
6,300 Municipal Securities Trust Certificates, Minneapolis
and Saint Paul, Minnesota, Metropolitan Airports
Commission, Airport Revenue Bonds, VRDN,
Series 2007-292, Class A, 3.92%
due 12/23/2014 (a)(h)(j) 6,300
Rochester, Minnesota, Healthcare, CP:
33,200 3.73% due 10/11/2007 33,200
33,300 3.77% due 10/11/2007 33,300
32,250 3.65% due 10/15/2007 32,250
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Mississippi--1.7%
$ 15,000 Mississippi Business Finance Corporation,
Gulf Opportunity Zone, IDR (SG Resources
Mississippi LLC), VRDN, 3.87%
due 5/01/2032 (j) $ 15,000
54,072 Mississippi Development Bank, Special Obligation
Revenue Bonds (Municipal Gas Authority of
Mississippi--Natural Gas Supply Project),
VRDN, 3.87% due 7/01/2015 (j) 54,072
89,191 Mississippi Home Corporation, S/F Revenue Bonds,
FLOATS, VRDN, AMT, Series 1212, 3.96%
due 12/01/2008 (h)(j) 89,191
18,080 Mississippi State, Capital Improvement, GO, VRDN,
3.80% due 9/01/2025 (j) 18,080
5,860 University of Mississippi Educational Building
Corporation Revenue Bonds (The University of
Mississippi Medical Center Pediatric and Research
Facilities Project), VRDN, 3.87%
due 6/01/2034 (a)(j) 5,860
Missouri--0.5%
4,635 Jackson County, Missouri, Special Obligation
Revenue Bonds, ROCS, VRDN, Series II-R-9013,
3.92% due 12/01/2029 (a)(h)(j) 4,635
5,220 Lehman Municipal Trust Receipts, St. Louis, Missouri,
IDA, M/F Housing Revenue Bonds, FLOATS,
VRDN, AMT, Series 2006-K50, 4.06%
due 12/20/2044 (h)(j)(o) 5,220
12,900 Missouri Development Finance Board, Cultural
Facilities Revenue Bonds (The Kauffman Center
for the Performing Arts), VRDN, Series A, 4.10%
due 6/01/2037 (j) 12,900
3,160 Missouri-Illinois Bi-State Development Agency,
Subordinate Mass Transit Revenue Bonds
(Metrolink Cross County Extension Project),
VRDN, Series A, 3.85% due 10/01/2035 (j) 3,160
5,750 Missouri Joint Municipal Electric Utility Commission,
Power Project Revenue Bonds, ROCS, VRDN,
Series II-R-620PB, 3.93% due 1/01/2034 (a)(h)(j) 5,750
4,200 Missouri State Health and Educational Facilities
Authority, Educational Facilities Revenue Refunding
Bonds (The Washington University), VRDN, Series B,
3.95% due 9/01/2030 (j) 4,200
5,950 Missouri State Health and Educational Facilities
Authority, Health Facilities Revenue Bonds (BJC
Health System), VRDN, Series B, 3.95%
due 5/15/2034 (f)(j) 5,950
6,000 Palmyra, Missouri, IDA, Solid Waste Disposal
Revenue Bonds (BASF Corporation Project),
VRDN, AMT, 3.98% due 12/01/2022 (j) 6,000
Multi-State--0.3%
23,320 BB&T Municipal Trust, Multi-State Revenue Bonds,
FLOATS, VRDN, Series 1001, 3.93%
due 8/15/2026 (h)(j) 23,320
3,371 Clipper Tax-Exempt Certificates Trust, Multi-State
Revenue Bonds, VRDN, AMT, Series 2007-19,
3.96% due 6/01/2011 (h)(j)(m) 3,371
6,120 UBS Municipal CRVS Trust, Multi-State, GO,
FLOATS, VRDN, Series 07-GM01, 3.94%
due 12/01/2031 (h)(j) 6,120
Face
Amount Municipal Bonds Value
Nebraska--2.0%
American Public Energy Agency, Nebraska, Gas
Supply Revenue Bonds, VRDN (j):
$ 87,625 (National Public Gas Agency Project),
Series B, 3.84% due 2/01/2014 $ 87,625
32,998 Series A, 3.87% due 12/01/2015 32,998
9,720 Central Plains Energy Project, Nebraska, Revenue
Bonds (Gas Project Number 1), VRDN, Series A,
5% due 12/01/2007 (j) 9,741
2,000 Eagle Tax-Exempt Trust, Nebraska Public Power
District Revenue Bonds, VRDN, Series 2004-1016,
Class A, 3.93% due 1/01/2035 (a)(h)(j) 2,000
16,995 Eagle Tax-Exempt Trust, Nebraska Public Power
District, Revenue Refunding Bonds, VRDN,
Series 2007-0013, Class A, 3.91%
due 1/01/2031 (b)(h)(j) 16,995
5,950 Eclipse Funding Trust, Solar Eclipse Certificates,
Omaha, Nebraska, Public Power District Revenue
Bonds, VRDN, Series 2006-0025, 3.91%
due 2/01/2036 (a)(h)(j) 5,950
19,300 Lincoln, Nebraska, Electric System, CP, 3.72%
due 10/01/2007 19,300
4,335 Municipal Energy Agency of Nebraska, Power
Supply System Revenue Bonds, ROCS, VRDN,
Series II-R-2051, 3.92% due 4/01/2022 (e)(h)(j) 4,335
13,000 Nebraska Public Power District, CP, 3.72%
due 10/01/2007 13,000
14,120 Omaha Public Power District, Nebraska, Electric
System Revenue Bonds, ROCS, VRDN,
Series II-R-9031, 3.92% due 2/01/2039 (h)(j) 14,120
Nevada--0.9%
29,185 ABN AMRO MuniTops Certificates Trust, Clark
County, Nevada, Airport Revenue Bonds, VRDN,
Series 1999-15, 3.92% due 1/02/2008 (f)(h)(j) 29,185
6,925 Clark County, Nevada, Airport System Subordinate
Lien, Revenue Refunding Bonds, VRDN, Series C,
3.87% due 7/01/2029 (b)(j) 6,925
4,680 Clark County, Nevada, School District, GO,
PUTTERS, VRDN, Series 1429, 3.92%
due 12/15/2013 (e)(h)(j) 4,680
18,965 Eagle Tax-Exempt Trust, Clark County, Nevada,
GO, Refunding, VRDN, Series 2007-0011,
Class A, 3.91% due 11/01/2030 (a)(h)(j) 18,965
9,020 Las Vegas Valley, Nevada, Water District, GO,
Refunding, MERLOTS, VRDN, Series B 10,
3.92% due 6/01/2024 (f)(h)(j) 9,020
5,850 Nevada State Department of Business and Industry,
Solid Waste Disposal Revenue Bonds (Republic
Services Inc. Project), VRDN, AMT, 4.25%
due 12/01/2034 (j) 5,850
Truckee Meadows, Nevada, Water Authority, Water
Revenue Refunding Bonds, VRDN (e)(h)(j):
5,895 FLOATS, Series 51TP, 3.90% due 7/01/2030 5,895
9,330 ROCS, Series II-R-6078, 3.92% due 1/01/2027 9,330
7,175 Washoe County, Nevada, School District, GO,
ROCS, VRDN, Series II-R-2012, 3.92%
due 6/01/2020 (b)(h)(j) 7,175
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
New Hampshire--0.8%
$ 10,550 Eclipse Funding Trust, Solar Eclipse Certificates,
New Hampshire Health and Educational
Facilities Authority Revenue Bonds,
VRDN, Series 2007-0018, 3.82%
due 7/01/2036 (a)(h)(j) $ 10,550
10,360 New Hampshire Health and Educational Facilities
Authority, Revenue Refunding Bonds (Dartmouth
Hitchcock Obligation), VRDN, Series A, 3.82%
due 8/01/2031 (e)(j) 10,360
New Hampshire Higher Educational and Health
Facilities Authority, Revenue Refunding Bonds,
FLOATS, VRDN (b)(h)(j):
4,782 Series 772, 3.91% due 1/01/2017 4,782
50,185 Series 866, 3.84% due 8/15/2021 50,185
7,415 New Hampshire State Business Finance Authority,
Resource Recovery Revenue Refunding Bonds
(Wheelabrator), VRDN, Series A, 3.88%
due 1/01/2018 (j) 7,415
New Jersey--0.5%
11,840 Municipal Securities Trust Certificates, New Jersey
State Transportation Trust Fund Authority,
Transportation System Revenue Bonds, VRDN,
Series 2006-3013, Class A, 3.92%
due 11/05/2026 (b)(h)(j)(m) 11,840
10,955 New Jersey EDA, Revenue Refunding Bonds
(Presbyterian Homes), VRDN, Series B, 3.84%
due 4/01/2016 (j) 10,955
6,115 New Jersey Health Care Facilities Financing
Authority Revenue Bonds, FLOATS, VRDN,
Series 702, 3.89% due 7/01/2014 (f)(h)(j) 6,115
27,785 New Jersey State Turnpike Authority, Turnpike
Revenue Bonds, VRDN, Series C-2, 3.75%
due 1/01/2024 (e)(j) 27,785
New Mexico--0.3%
14,505 Eclipse Funding Trust, Solar Eclipse Certificates,
Rio Rancho, New Mexico, Water and Waste Water
Revenue Bonds, VRDN, Series 2006-0019, 3.91%
due 5/15/2032 (f)(h)(j) 14,505
7,325 New Mexico Finance Authority, Revenue Refunding
Bonds, ROCS, VRDN, Series II-R-7509, 3.92%
due 6/15/2023 (a)(h)(j) 7,325
8,332 New Mexico Mortgage Finance Authority Revenue
Bonds, FLOATS, VRDN, AMT, Series 56TP, 3.93%
due 3/01/2042 (h)(j) 8,332
New York--4.4%
75,000 Albany, New York, City School District, GO,
Refunding, BAN, 4.25% due 6/27/2008 75,286
13,995 Municipal Securities Trust Certificates, New York
City, New York, City Transitional Finance Authority
Revenue Bonds, VRDN, Series 2002-202, Class A,
3.88% due 10/21/2010 (b)(h)(j)(m) 13,995
18,000 New York City, New York, City Housing Development
Corporation, M/F Mortgage Revenue Bonds
(20 Exchange Place Project), VRDN, Series A,
3.90% due 6/01/2039 (j) 18,000
13,000 New York City, New York, City Housing Development
Corporation, M/F Rental Housing Revenue Bonds
(Brittany Development), VRDN, AMT, Series A,
3.90% due 6/15/2029 (d)(j) 13,000
Face
Amount Municipal Bonds Value
New York (concluded)
$ 24,000 New York City, New York, City IDA, Liberty
Bonds (One Bryant Park LLC Project), Revenue
VRDN, Series A, 3.86% due 11/01/2039 (j) $ 24,000
25,000 New York City, New York, City Municipal Water
Finance Authority, CP, 3.63% due 12/13/2007 25,000
970 New York City, New York, City Municipal Water
Finance Authority, Water and Sewer System,
Second General Resolution Revenue Refunding
Bonds, Series AA-1, 3.84% due 6/15/2032 970
New York City, New York, City Transitional Finance
Authority Revenue Bonds (New York City Recovery),
VRDN (j):
11,015 Series 1, Sub-Series 1-B, 3.80%
due 11/01/2022 11,015
19,585 Series 3, Sub-Series 3-G, 3.77%
due 11/01/2022 19,585
7,700 New York City, New York, City Transitional Finance
Authority Revenue Bonds, VRDN, Sub-Series 2-B,
3.80% due 11/01/2022 (j) 7,700
11,500 New York City, New York, City Transitional Finance
Authority, Special Tax Revenue Refunding Bonds,
VRDN, Series C, 3.77% due 2/01/2032 (j) 11,500
25,000 New York City, New York, GO, ROCS, VRDN,
Series II-R-251A, 3.93% due 12/15/2033 (h)(j) 25,000
16,840 New York City, New York, GO, VRDN, Series F-4,
3.83% due 2/15/2020 (j) 16,840
5,685 New York City, New York, Sales Tax Asset
Receivable Corporation Revenue Bonds,
ROCS, VRDN, Series II-R-6084, 3.91%
due 10/01/2023 (f)(h)(j) 5,685
2,800 New York State, HFA, Housing Revenue Bonds
(363 West 30th Street), VRDN, AMT, Series A,
3.90% due 11/01/2032 (c)(j) 2,800
6,500 New York State, HFA, Service Contract Revenue
Refunding Bonds, VRDN, Series G, 3.88%
due 3/15/2028 (j) 6,500
11,063 New York State Thruway Authority, Highway and
Bridge Trust Fund, Revenue Refunding Bonds,
FLOATS, VRDN, Series 1611, 3.90%
due 4/01/2025 (a)(h)(j) 11,063
10,955 New York State Thruway Authority, State Personal
Income Tax, Revenue Refunding Bonds, FLOATS,
VRDN, Series 1194, 3.90% due 3/15/2023 (e)(h)(j) 10,955
4,500 Rochester, New York, CP, 3.65% due 10/15/2007 4,500
35,000 Rockland County, New York, GO, TAN, 4%
due 12/20/2007 35,015
3,955 Tobacco Settlement Financing Corporation of
New York Revenue Bonds, FLOATS, VRDN,
Series 1457, 3.95% due 6/01/2022 (h)(j) 3,955
Triborough Bridge and Tunnel Authority, New York,
General Purpose Revenue Bonds, VRDN (j):
46,280 Series A, 3.77% due 11/01/2035 46,280
18,570 Series B, 3.80% due 1/01/2033 18,570
55,705 Triborough Bridge and Tunnel Authority, New York,
General Revenue Refunding Bonds, VRDN,
Sub-Series B-4, 3.74% due 1/01/2032 (j) 55,705
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
North Carolina--4.6%
$ 7,500 Charlotte-Mecklenburg Hospital Authority,
North Carolina, Health Care System Revenue
Refunding Bonds (Carolinas Healthcare System),
VRDN, Series B, 3.93% due 1/15/2026 (j) $ 7,500
10,650 Charlotte-Mecklenburg, North Carolina, Hospital
Authority Revenue Bonds (Health Care System),
VRDN, Series C, 3.82% due 1/15/2026 (j) 10,650
37,325 Charlotte, North Carolina, Water and Sewer System
Revenue Bonds, VRDN, Series B, 3.84%
due 7/01/2036 (j) 37,325
10,890 Eagle Tax-Exempt Trust, North Carolina Capital
Facilities Finance Agency, Revenue Refunding
Bonds, VRDN, Series 2007-0015, Class A,
3.91% due 7/01/2042 (h)(j) 10,890
4,800 Lee County, North Carolina, Industrial Facilities
and Pollution Control Financing Authority, IDR
(Arden Corporation Project), VRDN, AMT,
4.02% due 8/01/2034 (j) 4,800
Mecklenburg County, North Carolina, VRDN (j):
23,530 COP, 3.84% due 2/01/2025 23,530
25,205 COP, 3.84% due 2/01/2026 25,205
21,010 GO, Series A, 3.84% due 2/01/2026 21,010
19,995 Municipal Securities Trust Certificates, North
Carolina Eastern Municipal Power Agency, GO,
Refunding, VRDN, Series 2002-201, Class A,
3.92% due 4/12/2017 (h)(j) 19,995
4,025 North Carolina Eastern Municipal Power Agency,
Power System Revenue Bonds, MERLOTS, VRDN,
Series A22, 3.92% due 1/01/2024 (h)(j) 4,025
North Carolina HFA, Home Ownership Revenue
Bonds, VRDN, AMT (j):
3,200 MERLOTS, Series B12, 3.97%
due 7/01/2037 (h) 3,200
3,000 Series 18-C, 3.88% due 1/01/2035 3,000
51,450 North Carolina Medical Care Commission, Health
Care Facilities Revenue Bonds (Novant Health Inc.),
VRDN, Series A, 3.87% due 11/01/2034 (j) 51,450
North Carolina Medical Care Commission, Health
Care Facilities, Revenue Refunding Bonds (Duke
University Health System), VRDN (j):
22,400 Series B, 3.86% due 6/01/2028 22,400
10,400 Series C, 3.86% due 6/01/2028 10,400
North Carolina Medical Care Commission, Hospital
Revenue Bonds, VRDN (j):
33,650 (Moses H. Cone Memorial Health System),
Series A, 3.84% due 10/01/2035 33,650
26,500 (Moses H. Cone Memorial Health System),
Series B, 3.84% due 10/01/2035 26,500
15,000 (Pooled Equipment Financing Project), ACES,
3.80% due 12/01/2025 (f) 15,000
North Carolina Medical Care Commission, Hospital
Revenue Refunding Bonds, VRDN (j):
23,550 (Duke University Hospital Project), 3.84%
due 6/01/2023 23,550
15,700 (Northeast Medical Center Project), Series B,
3.87% due 11/01/2032 15,700
4,500 North Carolina State, GO, MERLOTS, VRDN,
Series A23, 3.92% due 3/01/2027 (h)(j) 4,500
44,185 North Carolina State, GO, Refunding, VRDN, Series E,
3.85% due 6/01/2019 (j) 44,185
Face
Amount Municipal Bonds Value
North Carolina (concluded)
$ 8,000 North Carolina State University-Raleigh, North
Carolina, Revenue Refunding Bonds, VRDN,
Series B, 3.75% due 10/01/2027 (j) $ 8,000
6,400 Raleigh, North Carolina, Combined Enterprise
System Revenue Bonds, ROCS, VRDN,
Series II-R-645, 3.92% due 3/01/2036 (h)(j) 6,400
45,250 Wake County, North Carolina, GO, VRDN, Series A,
3.84% due 4/01/2019 (j) 45,250
3,100 Wake County, North Carolina, Industrial Facilities
and Pollution Control Financing Authority
Revenue Bonds (Solid Waste Disposal-Highway 55),
VRDN, AMT, 3.96% due 9/01/2013 (j) 3,100
Ohio--1.8%
2,000 Ashland, Ohio, Various Purpose Improvement
Notes, GO, 4.25% due 5/22/2008 2,007
1,500 Avon, Ohio, BAN, 3.95% due 5/29/2008 1,502
1,500 Berea, Ohio, BAN (Municipal Court Construction),
4% due 7/03/2008 1,503
975 Brecksville, Ohio, BAN, 4% due 7/03/2008 977
2,285 Brookville, Ohio, GO, BAN, 4.25%
due 4/25/2008 2,292
1,930 Brunswick, Ohio, Special Assessment Improvement,
BAN, 3.90% due 4/03/2008 1,932
30,000 Cleveland, Ohio, Water Revenue Refunding Bonds,
VRDN, Series M, 3.83% due 1/01/2033 (e)(j) 30,000
5,500 Columbus, Ohio, City School District, GO, TOCS,
VRDN, Series H, 3.86% due 10/11/2012 (e)(h)(j) 5,500
Dayton-Montgomery County Port Authority, Ohio,
Special Airport Facilities Revenue Bonds
(Wilmington Air Park LLC), VRDN, AMT (j):
11,000 Series B, 4.05% due 2/01/2037 11,000
8,000 Series C, 4.05% due 2/01/2037 8,000
2,840 Dover, Ohio, Municipal Electric System Improvement
Notes, GO, 4.25% due 6/05/2008 2,850
1,500 Franklin County, Ohio, Hospital Revenue Refunding
Bonds (The Children's Hospital Project), VRDN,
Series B, 3.93% due 5/01/2029 (b)(j) 1,500
1,623 Franklin, Ohio, GO, BAN, 3.67% due 3/12/2008 1,623
2,000 Greater Cleveland Regional Transit Authority, Ohio,
RAN, 4.05% due 10/17/2007 2,000
8,875 Hamilton County, Ohio, Student Housing Revenue
Bonds (Block 3 Community Urban Redevelopment
Corporation Project), VRDN, 3.90%
due 8/01/2036 (j) 8,875
1,770 Hudson, Ohio, City School District, Energy
Conservation, GO, BAN, 4% due 3/13/2008 1,772
3,755 Licking County, Ohio, GO (Buckeye Lake Project),
BAN, 4.25% due 11/28/2007 3,759
3,000 Mahoning County, Ohio, Hospital Facilities
Revenue Bonds (Mahoning Valley Hospital, Inc.
Project), VRDN, 4% due 12/01/2033 (j) 3,000
3,370 Marysville, Ohio, GO, BAN, 4.125%
due 6/05/2008 3,380
2,370 Municipal Securities Trust Certificates, Princeton,
Ohio, City School District, GO, VRDN,
Series SGB 50-A, 3.91% due 12/01/2030 (f)(h)(j) 2,370
780 North Olmsted, Ohio, Capital Improvement and
Equipment, BAN, 3.90% due 4/03/2008 781
5,000 North Royalton, Ohio, Various Purpose Improvement,
BAN, 3.90% due 2/28/2008 5,004
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Ohio (concluded)
$ 2,150 Oakwood, Ohio, Capital Facilities, GO, BAN, 4%
due 3/13/2008 $ 2,153
Ohio State Air Quality Development Authority,
Revenue Refunding Bonds (Cincinnati Gas and
Electric), VRDN (j):
7,900 Series A, 4.10% due 9/01/2030 7,900
16,300 Series B, 4.10% due 9/01/2030 16,300
22,890 Ohio State, GO, Common Schools, VRDN, Series A,
3.83% due 3/15/2025 (j) 22,890
10,200 Ohio State, GO, Refunding, VRDN, Series D, 3.80%
due 2/01/2019 (j) 10,200
2,500 Ohio State Solid Waste Revenue Bonds (Republic
Services, Inc. Project), VRDN, AMT, 4.13%
due 11/01/2035 (j) 2,500
Ohio State, GO, VRDN (h)(j):
5,670 PUTTERS, Series 2127, 3.85% due 3/01/2015 5,670
4,500 ROCS, Series II-R-9144, 3.85% due 3/01/2017 4,500
3,195 Pepper Pike, Ohio, BAN, Series 2007-1, 4.25%
due 10/02/2007 3,195
775 Pickerington, Ohio, Sanitation and Sewer System,
GO, BAN, 4.15% due 3/05/2008 776
3,000 Richland County, Ohio, Correctional Facilities,
GO, BAN, 4.50% due 2/21/2008 3,009
2,630 Shaker Heights, Ohio, GO, Refunding, VRDN,
4% due 11/01/2007 (j) 2,630
1,000 Wickliffe, Ohio, Capital Improvement, GO, BAN,
4.25% due 12/06/2007 1,001
Oklahoma--1.0%
2,728 Comanche County, Oklahoma, Home Finance
Authority, S/F Mortgage Revenue Bonds, VRDN,
Series A, 4.13% due 12/01/2037 (j) 2,728
8,005 Morgan Keegan Municipal Products, Inc., Tulsa
County, Oklahoma, Home Finance Authority,
S/F Mortgage Revenue Bonds, VRDN, AMT,
Series E, 3.98% due 12/01/2041 (j) 8,005
2,500 Oklahoma State Development Finance Authority
Revenue Bonds (ConocoPhillips Company Project),
VRDN, AMT, Series B, 4.05% due 8/01/2037 (j) 2,500
13,205 Oklahoma State Municipal Power Authority, Power
Supply System Revenue Bonds, PUTTERS, VRDN,
Series 1904, 3.92% due 1/01/2015 (b)(h)(j) 13,205
43,745 Oklahoma State Student Loan Authority Revenue
Bonds, VRDN, AMT, Series A, 3.91%
due 12/01/2034 (f)(j) 43,745
Oklahoma State Turnpike Authority, Second Senior
Revenue Refunding Bonds, VRDN (j)(n):
27,810 Series C, 3.83% due 1/01/2028 27,810
10,000 Series E, 3.80% due 1/01/2028 10,000
800 Tulsa County, Oklahoma, Industrial Authority,
First Mortgage Revenue Bonds (Montercau),
VRDN, Series A, 3.92% due 7/01/2032 (j) 800
Oregon--0.2%
11,730 ABN AMRO MuniTops Certificates Trust, Portland,
Oregon, GO, VRDN, Series 2001-4, 3.93%
due 6/01/2009 (f)(h)(j) 11,730
9,175 Clackamas County, Oregon, Hospital Facility
Authority Revenue Bonds (Legacy Health System),
VRDN, 3.87% due 2/15/2030 (j) 9,175
Face
Amount Municipal Bonds Value
Pennsylvania--3.2%
Allegheny County, Pennsylvania, Hospital
Development Authority Revenue Bonds,
VRDN (j):
$ 27,165 PUTTERS, Series 1281, 3.92%
due 1/15/2011 (b)(h) $ 27,165
6,907 (University of Pittsburgh Medical Center),
Series B-1, 3.97% due 12/01/2016 6,907
25,000 Delaware Valley Regional Finance Authority,
Pennsylvania, Local Government Revenue Bonds,
VRDN, Series D, 3.89% due 12/01/2020 (j) 25,000
13,200 Emmaus, Pennsylvania, General Authority Revenue
Bonds (Pennsylvania Loan Program), VRDN, Series A,
3.87% due 3/01/2030 (e)(j) 13,200
9,897 Erie County, Pennsylvania, Hospital Authority
Revenue Bonds, FLOATS, VRDN, Series 820,
3.91% due 7/01/2022 (f)(h)(j) 9,897
4,990 Mount Lebanon, Pennsylvania, School District, GO,
MERLOTS, VRDN, Series B19, 3.92%
due 2/15/2027 (f)(h)(j) 4,990
3,800 New Garden General Authority, Pennsylvania,
Revenue Bonds (Municipal Pooled Financing
Program II), VRDN, 3.83% due 12/01/2033 (e)(j) 3,800
16,320 Northampton County, Pennsylvania, Higher
Education Authority Revenue Bonds (Lehigh
University), VRDN, Series A, 3.83%
due 11/15/2021 (j) 16,320
6,700 Pennsylvania Economic Development Financing
Authority, Wastewater Treatment Revenue
Refunding Bonds (Sunoco Inc.--R & M Project),
VRDN, AMT, Series B, 4.08% due 10/01/2034 (j) 6,700
Pennsylvania HFA, S/F Mortgage Revenue Bonds,
VRDN, AMT (j):
9,640 Series 86B, 3.90% due 4/01/2035 9,640
6,300 Series 89, 3.90% due 10/01/2035 6,300
15,085 Pennsylvania State Turnpike Commission, Turnpike
Revenue Bonds, FLOATS, VRDN, Series 1402,
3.91% due 12/01/2024 (a)(h)(j) 15,085
Pennsylvania State Turnpike Commission, Turnpike
Revenue Refunding Bonds, VRDN (j):
11,425 Series B, 3.86% due 12/01/2012 11,425
7,900 Series U, 3.83% due 12/01/2019 7,900
20,000 Philadelphia, Pennsylvania, Gas Works, CP, 3.83%
due 10/04/2007 20,000
8,000 Philadelphia, Pennsylvania, Gas Works Revenue
Refunding Bonds, VRDN, Series 6, 3.85%
due 8/01/2031 (e)(j) 8,000
19,750 Philadelphia, Pennsylvania, School District, GO,
TRAN, Series A, 4.50% due 6/27/2008 19,861
18,565 Philadelphia, Pennsylvania, Water and Wastewater
Revenue Refunding Bonds, VRDN, Series B,
3.86% due 8/01/2018 (e)(j) 18,565
30,000 Saint Mary Hospital Authority of Bucks County,
Pennsylvania, Revenue Bonds (Catholic
Health Initiatives), VRDN, Series C, 3.77%
due 5/01/2044 (j) 30,000
12,300 Southcentral General Authority, Pennsylvania,
Revenue Refunding Bonds (Wellspan Health--
York Hospital), VRDN, Series A, 3.86%
due 6/07/2023 (a)(j) 12,300
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Pennsylvania (concluded)
University of Pittsburgh, Pennsylvania, The Common-
wealth System of Higher Education, Revenue
Bonds (University Capital Project), VRDN (j):
$ 11,600 Series A, 3.85% due 9/15/2039 $ 11,600
22,000 Series C, 3.75% due 9/15/2035 22,000
University of Pittsburgh, Pennsylvania, The
Commonwealth System of Higher Education,
Revenue Refunding Bonds (University Capital
Project), VRDN, Series A (j):
6,000 3.85% due 9/15/2015 6,000
10,300 3.85% due 9/15/2022 10,300
8,000 Washington County, Pennsylvania, Authority
Revenue Refunding Bonds (University of
Pennsylvania), VRDN, 3.80% due 7/01/2034 (j) 8,000
Rhode Island--0.6%
13,965 Narragansett Bay Commission, Rhode Island,
Wastewater System Revenue Bonds,
ROCS, VRDN, Series II-R-780PB, 3.93%
due 2/01/2032 (f)(h)(j) 13,965
5,345 Rhode Island Housing and Mortgage Finance
Corporation Revenue Bonds, ROCS, VRDN,
Series II-R-599, 3.92% due 4/01/2033 (h)(j) 5,345
Rhode Island State and Providence Plantations, GO,
FLOATS, VRDN (h)(j):
25,965 Series 568, 3.91% due 9/01/2017 (f) 25,965
15,810 Series 720, 3.91% due 11/01/2022 (b) 15,810
South Carolina--2.0%
12,195 ABN AMRO MuniTops Certificates Trust, Lexington
County, South Carolina, GO, VRDN, Series 2001-37,
3.93% due 2/01/2010 (b)(h)(j) 12,195
9,080 Bank of America MACON Trust, South Carolina
Jobs EDA, Revenue Bonds, VRDN, Series 2007-303,
3.93% due 2/01/2012 (h)(j) 9,080
Berkeley County, South Carolina, Exempt Facilities,
Industrial Revenue Bonds (Amoco Chemical
Company Project), VRDN, AMT (j):
26,700 4% due 4/01/2028 26,700
12,900 4% due 5/01/2038 12,900
11,500 Eagle Tax-Exempt Trust, South Carolina State Public
Service Authority, Revenue Bonds, VRDN,
Series 2006-0007, Class A, 3.93%
due 1/01/2036 (f)(h)(j) 11,500
6,780 Florence County, South Carolina, Solid Waste
Disposal and Wastewater Treatment Revenue
Bonds (Roche Carolina Inc. Project), VRDN, AMT,
4% due 4/01/2027 (j) 6,780
Greenville Hospital System, South Carolina, Hospital
Facilities Revenue Bonds, VRDN (a)(j):
23,400 Series A, 3.84% due 5/01/2035 23,400
22,445 Series B, 3.84% due 5/01/2035 22,445
8,035 Medical University Hospital Authority, South
Carolina, Hospital Facilities, Revenue
Refunding Bonds, VRDN, Series A-5, 3.92%
due 8/15/2027 (f)(j)(l) 8,035
South Carolina Housing Finance and Development
Authority, Mortgage Revenue Bonds, VRDN,
AMT (h)(j):
5,235 PUTTERS, Series 1388, 3.96%
due 7/01/2010 (a) 5,235
2,070 ROCS, Series II-R-398, 4%
due 7/01/2034 (e) 2,070
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
South Carolina (concluded)
$ 6,250 South Carolina Jobs EDA, EDR (Holcim
(US) Inc. Project), VRDN, AMT, 4.02%
due 12/01/2033 (j) $ 6,250
37,580 South Carolina Jobs, EDA, Hospital Facilities
Revenue Bonds (Sisters of Charity Providence
Hospitals), VRDN, 3.86% due 11/01/2031 (j) 37,580
South Carolina Transportation Infrastructure Bank
Revenue Bonds, VRDN (a)(h)(j):
12,500 FLOATS, Series 728, 3.91% due 10/01/2022 12,500
4,180 ROCS, Series II-R-9016, 3.92% due 10/01/2033 4,180
11,015 Spartanburg, South Carolina, Waterworks Revenue
Bonds, ROCS, VRDN, Series II-R-11020PB, 3.93%
due 6/01/2036 (e)(h)(j) 11,015
Tennessee--3.9%
10,000 BNP Paribas STARS Certificates Trust, The
Tennergy Corporation, Tennessee, Gas Revenue
Bonds, VRDN, Series 2006-001, 3.99%
due 5/01/2016 (h)(j) 10,000
Blount County, Tennessee, Public Building Authority,
Local Government Public Improvement Revenue
Bonds, VRDN (j):
4,175 Series D-1-F, 3.97% due 6/01/2030 (a) 4,175
850 Series D-3-A, 3.96% due 6/01/2034 850
1,970 Series D-7-B, 3.97% due 6/01/2031 (n) 1,970
4,000 Series D-7-C, 3.97% due 6/01/2032 (n) 4,000
6,500 Series D-10-A, 3.97% due 6/01/2037 (n) 6,500
11,875 Chattanooga, Tennessee, Health, Education and
Housing Facility Board Revenue Bonds (The
McCallie School Project), VRDN, 3.87%
due 7/01/2025 (j) 11,875
Clarksville, Tennessee, Public Building Authority
Revenue Bonds, Pooled Financing (Tennessee
Municipal Bond Fund), VRDN (j):
27,810 3.87% due 11/01/2027 27,810
51,615 3.87% due 6/01/2029 51,615
8,720 3.95% due 7/01/2031 8,720
2,000 Franklin, Tennessee, Public Building Authority,
Local Government Public Improvement Revenue
Bonds, VRDN, Series 101-A-1, 3.97%
due 6/01/2019 (j) 2,000
8,100 Loudon, Tennessee, IDB, PCR, Refunding (A.E.
Staley Manufacturing Company Project), VRDN,
3.89% due 6/01/2023 (j) 8,100
14,178 Metropolitan Government of Nashville and
Davidson County, Tennessee, IDB, Revenue Bonds
(Nashville Symphony Hall Project), VRDN, Series A,
3.87% due 12/01/2031 (j) 14,178
4,700 Montgomery County, Tennessee, Public Building
Authority, Pooled Financing Revenue Bonds
(Tennessee County Loan Pool), VRDN, 3.95%
due 2/01/2036 (j) 4,700
24,230 Morgan Keegan Municipal Products, Inc., Tennessee,
Revenue Bonds, VRDN, AMT, Series F, 3.98%
due 8/12/2010 (j) 24,230
39,600 Municipal Energy Acquisition Corporation,
Tennessee, Gas Revenue Bonds, PUTTERS, VRDN,
Series 1578, 3.99% due 2/01/2013 (h)(j) 39,600
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Tennessee (concluded)
$ 9,970 Municipal Securities Trust Certificates, Tennessee
Energy Acquisition Corporation, Revenue Bonds,
VRDN, Series 2006-276, Class A, 3.92%
due 8/30/2022 (h)(j)(m) $ 9,970
Sevier County, Tennessee, Public Building
Authority, Local Government Public
Improvement Revenue Bonds, VRDN (j):
40,520 AMT, Series III-A, 4% due 6/01/2028 (a) 40,520
7,100 Series II-A-1, 3.88% due 6/01/2024 (a) 7,100
10,000 Series III-D-2, 3.88% due 6/01/2017 (a) 10,000
3,770 Series III-D-6, 3.88% due 6/01/2020 (a) 3,770
18,610 Series III-E-1, 3.88% due 6/01/2025 18,610
10,000 Series III-E-4, 3.88% due 6/01/2025 (a) 10,000
6,000 Series IV-A-4, 3.97% due 6/01/2020 (e) 6,000
4,900 Series IV-E-1, 3.97% due 6/01/2030 (a) 4,900
400 Series VI-D-2, 3.97% due 6/01/2024 (a) 400
1,015 Series VI-D-4, 3.97% due 6/01/2025 (a) 1,015
665 Series VI-E-1, 3.97% due 6/01/2020 (a) 665
5,850 Series VI-F-3, 3.97% due 6/01/2030 (n) 5,850
165 Series VI-I-2, 3.97% due 6/01/2023 (a) 165
3,080 Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement, Revenue
Refunding Bonds, VRDN, Series II-E-2, 3.88%
due 6/01/2021 (a)(j) 3,080
10,000 Shelby County, Tennessee, Public Improvement
and Schools, GO, VRDN, Series B, 3.87%
due 4/01/2030 (j) 10,000
49,875 The Tennergy Corporation, Tennessee, Gas Revenue
Bonds, PUTTERS, VRDN, Series 1258Q, 3.99%
due 11/01/2013 (h)(j) 49,875
11,740 UBS Municipal CRVS Trust, Tennessee Energy
Acquisition Corporation, Gas Revenue Bonds,
FLOATS, VRDN, Series 2007-7, 3.96%
due 2/01/2021 (h)(j) 11,740
Texas--12.4%
34,990 Austin, Texas, Airport System, CP, 3.65%
due 11/06/2007 34,990
4,470 Austin, Texas, Water and Wastewater System,
Revenue Refunding Bonds, ROCS, VRDN,
Series II-R-6029, 3.92% due 11/15/2024 (a)(h)(j) 4,470
1,060 Bell County, Texas, Health Facilities Development
Corporation, Hospital Revenue Bonds (Scott &
White Memorial Hospital), VRDN, Series 2001-1,
3.95% due 8/15/2031 (f)(j) 1,060
4,500 Brazos Harbor, Texas, Industrial Development
Corporation, Environmental Facilities Revenue
Bonds (ConocoPhillips Company Project), VRDN,
AMT, 4.05% due 8/01/2038 (j) 4,500
10,000 Brazos River Authority, Texas, Harbor Navigational
District, Brazoria County Revenue Bonds (BASF
Corp.), VRDN, AMT, 4.05% 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, 4.15% due 5/15/2033 4,200
2,400 Series B-1, 4.04% due 5/15/2033 2,400
25,000 Brazos River, Texas, Harbor Industrial Development
Corporation Revenue Bonds (BASF Corporation
Project), VRDN, AMT, 3.98% due 5/01/2038 (j) 25,000
Face
Amount Municipal Bonds Value
Texas (continued)
$ 1,980 Brownsville, Texas, Utility System Revenue
Refunding Bonds, ROCS, VRDN, Series II-R-4074,
3.92% due 9/01/2024 (a)(h)(j) $ 1,980
4,100 Central Texas Housing Finance Corporation,
S/F Mortgage Revenue Bonds, VRDN, AMT,
Series A, 4.42% due 7/01/2008 (j) 4,100
10,000 Clipper Tax-Exempt Certificates Trust, Texas,
Revenue Bonds, VRDN, Series 2007-46, 3.84%
due 8/01/2017 (h)(j)(m) 10,000
10,925 Collin County, Texas, GO, FLOATS, VRDN,
Series 42-TP, 3.90% due 2/15/2026 (h)(j) 10,925
7,240 Corpus Christi, Texas, Business and Job
Development Corporation, Sales Tax Revenue
Refunding Bonds, ROCS, VRDN, Series II-R-2001,
3.70% due 9/01/2017 (a)(h)(j) 7,240
3,695 Corpus Christi, Texas, Utility System Revenue
Refunding Bonds, ROCS, VRDN, Series II-R-2149,
3.92% due 7/15/2024 (e)(h)(j) 3,695
2,555 Cypress-Fairbanks, Texas, Independent School
District, GO, FLOATS, VRDN, Series 86TP, 3.90%
due 2/15/2030 (f)(h)(j) 2,555
Dallas-Fort Worth, Texas, International Airport
Revenue Bonds, VRDN, AMT (h)(j):
4,408 FLOATS, Series 824, 3.94% due 11/01/2015 (a) 4,408
7,140 PUTTERS, Series 350, 3.96% due 5/01/2011 (f) 7,140
2,500 PUTTERS, Series 351, 3.96% due 5/01/2008 (e) 2,500
4,995 PUTTERS, Series 385, 3.96% due 5/01/2008 (b) 4,995
3,425 Dallas-Fort Worth, Texas, International Airport
Revenue Refunding Bonds, PUTTERS, VRDN,
AMT, Series 1019, 3.96% due 5/01/2010 (b)(h)(j) 3,425
Dallas-Fort Worth, Texas, Regional Airport Revenue
Bonds, MSTR, VRDN, AMT (f)(h)(j):
25,300 Series SGB-49, 4.02% due 11/01/2023 25,300
9,495 Series SGB-52, 3.98% due 11/01/2017 9,495
23,885 Dallas-Fort Worth, Texas, Regional Airport Revenue
Refunding Bonds, MSTR, VRDN, AMT, Series SGB-46,
3.98% due 11/01/2020 (f)(h)(j) 23,885
2,500 Denton, Texas, Independent School District, GO,
VRDN, Series 2005-A, 3.86% due 8/01/2035 (j) 2,500
8,435 Eagle Tax-Exempt Trust, Dallas-Fort Worth, Texas,
International Airport Revenue Bonds, VRDN,
AMT, Series 2003-0020, Class A, 4%
due 11/01/2032 (a)(h)(j) 8,435
6,000 Eagle Tax-Exempt Trust, Dallas, Texas,
VRDN, Series 01, Class 4310, 3.93%
due 12/01/2026 (a)(h)(j) 6,000
12,000 Eagle Tax-Exempt Trust, Houston, Texas, Airport
System Revenue Bonds, VRDN, Series 2007-0117,
Class A, 3.85% due 7/01/2017 (b)(h)(j) 12,000
13,200 Eagle Tax-Exempt Trust, Houston, Texas, Airport
System Revenue Refunding Bonds, VRDN,
Series 2006-0123, Class A, 3.93%
due 7/01/2032 (e)(h)(j) 13,200
4,915 Eagle Tax-Exempt Trust, San Antonio, Texas, VRDN,
Series 01, Class 4311, 3.93% due 8/15/2026 (h)(j) 4,915
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Texas (continued)
$ 14,500 Eagle Tax-Exempt Trust, San Antonio, Texas, Water
Revenue Refunding Bonds, VRDN, Series
2006-0005, Class A, 3.93%
due 5/15/2040 (f)(h)(j) $ 14,500
3,200 Ector County, Texas, Independent School District,
GO, Refunding, PUTTERS, VRDN, Series 1707
3.92% due 2/15/2015 (h)(j) 3,200
4,500 Fort Bend County, Texas, GO, MSTR, VRDN,
SGB-46-A, 3.91% due 3/01/2032 (f)(h)(j) 4,500
12,250 Galena Park, Texas, Independent School District,
GO, Refunding, FLOATS, VRDN, Series SG-153,
3.90% due 8/15/2023 (h)(j) 12,250
5,300 Grapevine, Texas, Industrial Development Corporation,
Airport Revenue Refunding Bonds (Southern Air
Transport), VRDN, 3.85% 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, 3.95%
due 5/01/2038 (j) 19,000
4,300 Gulf Coast Waste Disposal Authority, Texas,
Environmental Facilities Revenue Refunding
Bonds (BP Products North America Project),
VRDN, AMT, 4% due 7/01/2036 (j) 4,300
5,000 Gulf Coast Waste Disposal Authority, Texas, PCR
(Amoco Oil Company Project), VRDN, AMT,
4% due 5/01/2023 (j) 5,000
Gulf Coast Waste Disposal Authority, Texas,
Revenue Bonds, VRDN, AMT (j):
2,200 (Air Products Project), 4.03%
due 12/01/2039 2,200
2,500 (Waste Management Inc.), Series A,
3.92% due 4/01/2019 2,500
21,300 Gulf Coast Waste Disposal Authority, Texas,
Revenue Refunding Bonds (Amoco Oil Company
Project), VRDN, AMT, 4% due 8/01/2023 (j) 21,300
11,340 Harris County-Houston, Texas, Sports Authority,
Special Revenue Refunding Bonds, TOCS, VRDN,
Series Z-3, 3.90% due 11/15/2025 (f)(h)(j) 11,340
5,700 Harris County, Texas, Health Facilities Development
Corporation, Hospital Revenue Bonds (Texas
Children's Hospital), VRDN, Series B-1, 3.94%
due 10/01/2029 (f)(j) 5,700
Harris County, Texas, Health Facilities Development
Corporation, Revenue Refunding Bonds, VRDN (j):
50,000 (Methodist Hospital System), Series A, 3.85%
due 12/01/2032 50,000
14,000 (Saint Luke's Episcopal Hospital), Series A,
3.93% due 2/15/2032 (b) 14,000
10,100 Harris County, Texas, Health Facilities Development
Corporation, Special Facilities Revenue Refunding
Bonds (Texas Medical Center Projects), VRDN,
3.95% due 5/01/2035 (f)(j) 10,100
31,350 Harris County, Texas, Industrial Development
Corporation, Solid Waste Disposal Revenue
Bonds (Deer Park Limited Partnership), VRDN,
AMT, 4.07% due 2/01/2023 (j) 31,350
10,160 Harris County, Texas, Revenue Refunding Bonds,
ROCS, VRDN, Series II-R-1030, 3.92%
due 8/15/2017 (e)(h)(j) 10,160
Face
Amount Municipal Bonds Value
Texas (continued)
$ 9,250 Houston, Texas, Higher Education Finance
Corporation, Higher Education Revenue Bonds,
PUTTERS, VRDN, Series 1865, 3.92%
due 5/15/2015 (h)(j) $ 9,250
34,275 Houston, Texas, Independent School District,
GO, VRDN, 3.75% due 6/15/2031 (j) 34,275
5,340 Houston, Texas, Utility System Revenue Refunding
Bonds, ROCS, VRDN, Series II-R-4063, 3.92%
due 5/15/2021 (e)(h)(j) 5,340
3,370 Houston, Texas, Water and Sewer Enterprise,
Revenue Refunding Bonds, ROCS, VRDN,
Series II-R-787, 3.93% due 12/01/2028 (e)(h)(j) 3,370
5,465 Houston, Texas, Water and Sewer System, Revenue
Refunding Bonds, ROCS, VRDN, Series II-R-630,
3.93% due 12/01/2020 (e)(h)(j) 5,465
6,300 Katy, Texas, Independent School District, School
Building, GO, VRDN, 3.87% due 8/15/2033 (j) 6,300
10,395 Municipal Securities Trust Certificates, Austin,
Texas, Water Revenue Refunding Bonds,
VRDN, Series 2001-134, Class A, 3.92%
due 5/15/2010 (e)(h)(j) 10,395
8,800 Municipal Securities Trust Certificates, Houston,
Texas, Independent School District, GO,
Refunding, VRDN, Series 233, Class A, 3.92%
due 1/09/2014 (h)(j) 8,800
3,000 Municipal Securities Trust Certificates, San Antonio,
Texas, Water Revenue Refunding Bonds, VRDN,
Series SGB 66, 3.91% due 5/15/2037 (b)(h)(j) 3,000
North Central Texas, Health Facility Development
Corporation, CP:
25,000 3.66% due 10/04/2007 25,000
15,000 3.74% due 10/04/2007 15,000
20,000 3.70% due 12/05/2007 20,000
8,440 North Texas Municipal Water District, Texas,
Water System Revenue Bonds, ROCS, VRDN,
Series II-R-593PB, 3.93% due 9/01/2035 (f)(h)(j) 8,440
3,375 Plano, Texas, Independent School District, GO,
PUTTERS, VRDN, Series 1428, 3.92%
due 8/15/2010 (h)(j) 3,375
17,335 Port Arthur, Texas, Navigation District, Environmental
Facilities Revenue Refunding Bonds (Motiva
Enterprises Project), VRDN, AMT, 4.05%
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 4.03% due 4/01/2036 10,000
8,400 4.07% due 5/01/2040 8,400
Port Arthur, Texas, Navigation District Revenue
Bonds, VRDN, AMT (j):
10,000 (Atofina Petrochemicals), Series B, 4.10%
due 4/01/2027 10,000
20,000 (BASF Corporation Project), 4.05%
due 4/01/2033 20,000
16,000 (Fina Oil and Chemical Company Project),
4% due 5/01/2033 16,000
6,000 Port of Corpus Christi Authority, Texas, Nueces
County Solid Waste Disposal Revenue Bonds
(Flint Hills Resources LP Project), VRDN, AMT,
4.12% due 1/01/2030 (j) 6,000
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Texas (continued)
$ 34,000 Port of Corpus Christi Authority, Texas, Nueces
County Solid Waste Disposal, Revenue Refunding
Bonds (Flint Hills Resources LP Project), VRDN,
AMT, Series A, 4.14% due 7/01/2029 (j) $ 34,000
22,286 Port of Houston Authority, Harris County, Texas,
CP, 3.75% due 11/01/2007 22,286
10,500 Red River Authority, Texas, Solid Waste Disposal
Revenue Bonds (Panda Hereford Ethanol Project),
VRDN, AMT, 3.93% due 7/01/2030 (j) 10,500
14,500 Red River, Texas, Education Finance Revenue
Bonds (Texas Christian University), VRDN, 3.89%
due 3/15/2035 (j) 14,500
3,100 San Antonio, Texas, Independent School District,
GO, Refunding, PUTTERS, VRDN, Series 1726,
3.92% due 8/15/2014 (h)(j) 3,100
5,235 Sheldon, Texas, Independent School District, GO,
PUTTERS, VRDN, Series 2009, 3.92%
due 2/15/2014 (h)(j) 5,235
Socorro, Texas, Independent School District, GO,
ROCS, VRDN (h)(j):
4,120 Series II-R-2222, 3.92% due 8/15/2022 4,120
7,000 Series II-R-9146, 3.85% due 8/15/2016 7,000
9,920 Tarrant County, Texas, Health Facilities Development
Corporation, Hospital Revenue Refunding Bonds,
ROCS, VRDN, Series II-R-11083, 3.92%
due 12/01/2026 (e)(h)(j) 9,920
Texas Municipal Gas Acquisition and Supply
Corporation II, Gas Supply Revenue Bonds, ROCS,
VRDN (h)(j):
11,000 Series II-R-10014, 3.99% due 9/15/2018 11,000
5,900 Series II-R-10015, 3.99% due 9/15/2018 5,900
6,870 Texas Municipal Power Agency, Revenue Refunding
Bonds, PUTTERS, VRDN, Series 1323, 3.92%
due 3/01/2014 (f)(h)(j) 6,870
Texas State Affordable Housing Corporation,
M/F Housing Revenue Bonds, FLOATS, VRDN (f)(h)(j):
17,483 Series 11, 3.90% due 3/01/2032 17,484
43,077 Series 12TP, 3.90% due 3/01/2032 43,078
Texas State, College Student Loan, GO, Refunding,
VRDN, AMT (j):
54,160 3.85% due 7/01/2008 54,160
10,000 3.75% due 2/01/2013 10,000
7,970 Texas State, GO, FLOATS, VRDN, Series 66TP,
3.90% due 4/01/2030 (h)(j) 7,970
220,000 Texas State, GO, TRAN, 4.50% due 8/28/2008 221,587
Texas State, GO (Veterans' Housing Assistance
Program Fund II), VRDN, AMT (j):
13,400 Series A, 4% due 6/01/2035 13,400
20,000 Series B, 3.95% due 6/01/2038 20,000
23,800 Texas State Transportation Commission, First Tier
Revenue Bonds, VRDN, Series B, 3.87%
due 4/01/2026 (j) 23,800
5,370 Texas State University, System Financing Revenue
Refunding Bonds, ROCS, VRDN, Series II-R-1011,
3.92% due 3/15/2019 (e)(h)(j) 5,370
10,900 Texas Water Development Board, Subordinate
Lien Revenue Refunding Bonds (State Revolving
Fund), VRDN, Series A, 4% due 7/15/2019 (j) 10,900
Face
Amount Municipal Bonds Value
Texas (concluded)
$ 3,984 Victoria County, Texas, Hospital Revenue
Refunding Bonds, FLOATS, VRDN, Series 959,
3.91% due 1/01/2016 (a)(h)(j) $ 3,984
2,265 Wichita Falls, Texas, Water and Sewer Revenue
Refunding Bonds, PUTTERS, VRDN, Series 1713,
3.92% due 8/01/2014 (b)(h)(j) 2,265
Utah--0.4%
12,000 Davis County, Utah, School District, GO, TAN,
4.50% due 6/30/2008 12,066
6,450 Murray City, Utah, Hospital Revenue Bonds
(IHC Health Services, Inc.), VRDN, Series A,
3.95% due 5/15/2037 (j) 6,450
Utah Transit Authority, Sales Tax Revenue Bonds,
VRDN (e)(h)(j):
5,665 PUTTERS, Series 1107B, 3.92%
due 12/15/2013 5,665
3,190 ROCS, Series II-R-609PB, 3.93%
due 6/15/2032 3,190
8,300 Utah Water Finance Agency, Tender Option
Revenue Bonds, VRDN, Series A-9, 3.90%
due 7/01/2034 (a)(j) 8,300
5,125 Weber County, Utah, Hospital Revenue Bonds
(IHC Health Services), VRDN, Series B, 3.95%
due 2/15/2032 (j) 5,125
Vermont--0.1%
1,250 Vermont HFA, S/F Revenue Bonds, VRDN, AMT,
Series 16 A, 3.95% due 5/01/2032 (e)(j) 1,250
8,000 Vermont State Student Assistance Corporation,
Student Loan Revenue Bonds, FLOATS, VRDN,
3.86% due 1/01/2008 (h)(j) 8,000
Virginia--1.1%
15,460 Clipper Tax-Exempt Certificates Trust, Virginia
Commonwealth Transportation Board Revenue
Bonds, VRDN, Series 2007-7, 3.94%
due 5/01/2015 (h)(j)(m) 15,460
6,055 Eagle Tax-Exempt Trust, Richmond, Virginia,
Public Utilities Revenue Bonds, VRDN,
Series 2006-0050, Class A, 3.93%
due 1/15/2035 (e)(h)(j) 6,055
37,220 Fairfax County, Virginia, IDA, Revenue Bonds
(Inova Health System Project), VRDN, Series A-2,
3.85% due 5/15/2035 (j) 37,220
6,290 Henrico County, Virginia, Water and Sewer
Revenue Bonds, ROCS, VRDN, Series II-R-753 PB,
3.93% due 5/01/2031 (f)(h)(j) 6,290
7,105 Loudoun County, Virginia, IDA, Revenue Bonds
(Howard Hughes Medical Institute), VRDN, Series F,
3.85% due 2/15/2038 (j) 7,105
35,000 Norfolk, Virginia, CP, 3.70% due 10/02/2007 35,000
3,000 Virginia State, HDA, Revenue Bonds, MERLOTS,
VRDN, AMT, Series B-19, 3.97%
due 4/01/2033 (h)(j) 3,000
4,000 Virginia State, HDA, Revenue Refunding Bonds,
MERLOTS, VRDN, AMT, Series C-42, 3.97%
due 7/01/2023 (h)(j) 4,000
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Washington--3.7%
$ 12,555 Central Puget Sound, Washington, Regional
Transit Authority, Sales and Use Tax Revenue
Bonds, ROCS, VRDN, Series II-R-7510, 3.92%
due 11/01/2023 (a)(h)(j) $ 12,555
22,900 Clark County, Washington, Public Utility District
Number 001, Generating System Revenue
Refunding Bonds, MSTR, VRDN, Series SGA-118,
4% due 1/01/2025 (e)(h)(j) 22,900
3,000 Eagle Tax-Exempt Trust, Bellevue, Washington, GO,
Refunding, VRDN, Series 2004-1011, Class A,
3.93% due 12/01/2043 (f)(h)(j) 3,000
12,330 Eagle Tax-Exempt Trust, King County, Washington,
Sewer Revenue Bonds, VRDN, Series 2007-0144,
Class A, 3.85% due 7/01/2017 (e)(h)(j) 12,330
3,335 Eclipse Funding Trust, Solar Eclipse Certificates,
King County, Washington, Sewer Revenue
Bonds, VRDN, Series 2007-0095, 3.91%
due 1/01/2017 (e)(h)(j) 3,335
25,800 Energy Northwest, Washington, Electric Revenue
Refunding Bonds (Project Number 3), VRDN,
Series D-3-1, 3.86% due 7/01/2018 (e)(j) 25,800
8,840 Grant County, Washington, Public Utility District
Number 002, Electric Revenue Refunding Bonds,
ROCS, VRDN, Series II-R-2039, 3.92%
due 1/01/2019 (e)(h)(j) 8,840
5,185 King County, Washington, School District
Number 410, Snoqualmie Valley, GO, ROCS,
VRDN, Series II-R-4513, 3.92%
due 12/01/2020 (e)(h)(j) 5,185
3,700 King County, Washington, Sewer Revenue Bonds,
VRDN, Junior Lien, Series B, 3.84%
due 1/01/2036 (f)(j) 3,700
14,745 King County, Washington, Sewer Revenue
Refunding Bonds, FLOATS, VRDN, Series 554,
3.91% due 7/01/2009 (b)(h)(j) 14,745
2,250 Lewis County, Washington, Public Utility District
Number 001, Cowlitz Falls Hydroelectric
Revenue Refunding Bonds, ROCS, VRDN,
Series II-R-4026, 3.92% due 10/01/2023 (f)(h)(j) 2,250
14,070 Municipal Securities Trust Certificates, Washington
State Motor Vehicle Fuel Tax, GO, VRDN,
Series 2001-112, Class A, 4%
due 1/07/2021 (h)(j) 14,070
4,800 Port Bellingham, Washington, Industrial
Development Corporation, Environmental
Facilities Revenue Bonds (BP West Coast
Products LLC Project), VRDN, AMT, 4%
due 12/01/2033 (j) 4,800
4,915 Port of Seattle, Washington, Revenue Bonds,
MERLOTS, VRDN, AMT, Series B04, 3.97%
due 9/01/2015 (b)(h)(j) 4,915
30,000 Port of Tacoma, Washington, Subordinate Lien
Revenue Bonds, VRDN, AMT, 4.02%
due 12/01/2036 (j)(n) 30,000
4,915 Seattle, Washington, Water System Revenue
Refunding Bonds, ROCS, VRDN, Series II-R-4006,
3.92% due 9/01/2022 (f)(h)(j) 4,915
3,440 Spokane County, Washington, Spokane School
District Number 081, GO, ROCS, VRDN,
Series II-R-4000, 3.92% due 12/01/2019 (e)(h)(j) 3,440
Face
Amount Municipal Bonds Value
Washington (concluded)
$ 5,560 Tacoma, Washington, Convention Center
and Parking Revenue Bonds, ROCS, VRDN,
Series II-R-2144, 3.92%
due 12/01/2022 (f)(h)(j) $ 5,560
13,905 Tacoma, Washington, Water Revenue Refunding
Bonds, FLOATS, VRDN, Series 555, 3.91%
due 12/01/2009 (b)(h)(j) 13,905
Washington State, GO, PUTTERS, VRDN (h)(j):
15,075 Series 333, 3.92% due 12/01/2014 (f) 15,075
9,530 Series 1312, 3.92% due 1/01/2013 (e) 9,530
11,765 Series 1422, 3.92% due 7/01/2014 (e) 11,765
10,515 Series 2158, 3.55% due 7/01/2015 10,515
Washington State, GO, ROCS, VRDN (h)(j):
4,175 Series II-R-4082, 3.92% due 7/01/2023 (e) 4,175
10,320 Series II-R-6061, 3.92% due 1/01/2022 (a) 10,320
4,365 Series II-R-7035, 3.92% due 7/01/2024 (e) 4,365
2,540 Washington State, GO, Refunding, PUTTERS,
VRDN, Series 1399, 3.92%
due 1/01/2013 (a)(h)(j) 2,540
Washington State Housing Finance
Commission, CP:
13,400 3.61% due 10/17/2007 13,400
30,700 3.68% due 12/12/2007 30,700
6,400 Washington State Housing Finance Commission,
M/F Housing Revenue Bonds (Arbors
on the Park Project), VRDN, AMT, 3.96%
due 10/01/2024 (j) 6,400
40,745 Washington State Housing Finance Commission,
Nonprofit Housing Revenue Bonds (Mirabella
Project), VRDN, Series A, 3.97%
due 3/01/2036 (j) 40,745
3,000 Washington State Housing Finance Commission,
Nonprofit Revenue Bonds (Eastside Catholic
School), VRDN, Series B, 3.88% due 7/01/2038 (j) 3,000
26,390 Washington State Public Power Supply Systems,
Electric Revenue Refunding Bonds (Project
Number 3), VRDN, Series 3-A, 3.85%
due 7/01/2018 (f)(j) 26,390
2,105 Washington State University Revenue Bonds,
ROCS, VRDN, Series II-R-595PB, 3.93%
due 10/01/2031 (a)(h)(j) 2,105
West Virginia--0.2%
10,695 ABN AMRO MuniTops Certificates Trust, West
Virginia State, GO, VRDN, Series 2000-12,
3.93%,000 due 6/04/2008 (f)(h)(j) 10,695
9,900 Eagle Tax-Exempt Trust, West Virginia Higher
Education Policy Commission, Revenue Refunding
Bonds, VRDN, Series 2005-0018, Class A, 3.93%
due 4/01/2034 (b)(h)(j) 9,900
Wisconsin--2.0%
1,365 Hartland, Wisconsin, IDR (Commercial
Communications Inc. Project), VRDN, AMT,
4.15% due 8/01/2009 (j) 1,365
2,000 Lehman Municipal Trust Receipts, Wisconsin, GO,
Refunding, FLOATS, VRDN, AMT, Series 2006-K40,
4.06% due 5/01/2031 (f)(h)(j) 2,000
2,660 Manitowoc, Wisconsin, Electric Revenue Bonds,
ROCS, VRDN, Series II-R-2177, 3.92%
due 10/01/2024 (b)(h)(j) 2,660
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Schedule of Investments (concluded) Master Tax-Exempt LLC (In Thousands)
Face
Amount Municipal Bonds Value
Wisconsin (continued)
$ 17,600 Oconomowoc, Wisconsin, Area School District,
GO, BAN, 3.75% due 11/30/2007 $ 17,602
Wisconsin Housing and Economic Development
Authority, Home Ownership Revenue Refunding
Bonds, VRDN, AMT, Series A (j):
20,000 3.95% due 9/01/2022 20,000
23,510 3.95% due 3/01/2035 23,510
5,960 Wisconsin Public Power Inc., Power Supply
System Revenue Bonds, PUTTERS, VRDN,
Series 1150, 3.92% due 7/01/2013 (a)(h)(j) 5,960
7,370 Wisconsin Rural Water Construction Loan Program,
Commission Revenue Notes, BAN, 4.50%
due 8/01/2008 7,415
6,985 Wisconsin School Districts, Cash Flow Management
Program, COP, Series A1, 4.50% due 9/18/2008 7,042
Face
Amount Municipal Bonds Value
Wisconsin (concluded)
Wisconsin State, GO, CP:
$ 30,000 3.69% due 10/17/2007 $ 30,000
25,000 3.68% due 10/18/2007 25,000
21,080 3.69% due 11/05/2007 21,080
44,300 Wisconsin State Operating Notes, 4.50%
due 6/16/2008 44,532
Puerto Rico--0.4%
42,315 Bank of America AUSTIN Trust, Puerto Rico
Electric Power Authority, Power Revenue
Bonds, VRDN, Series 2007-156, 3.88%
due 7/01/2024 (b)(f)(h)(j) 42,315
864 Puerto Rico Commonwealth Infrastructure
Financing Authority, Special Obligation
Revenue Bonds, TOCS, VRDN, Series Z-6,
3.90% due 6/26/2037 (b)(h)(j) 864
Total Investments (Cost--$10,473,101*)--99.9% 10,473,101
Other Assets Less Liabilities--0.1% 7,527
------------
Net Assets--100.0% $ 10,480,628
============
* 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) These securities are short-term floating rate certificates issued by
tender option bond trusts and are secured by the underlying municipal
bond securities.
(i) FNMA/GNMA Collateralized.
(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) Assured Guaranty 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) XL Capital Insured.
(o) GNMA Collateralized.
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Statement of Assets and Liabilities Master Tax-Exempt LLC
As of September 30, 2007 (Unaudited)
Assets
Investments in unaffiliated securities, at value (identified cost--$10,473,100,774) $10,473,100,774
Cash 65,189
Receivables:
Interest $ 62,226,946
Securities sold 22,378
Contributions 1,145,700 63,395,024
---------------
Prepaid expenses 51,060
---------------
Total assets 10,536,612,047
---------------
Liabilities
Payables:
Securities purchased 54,569,467
Investment adviser 1,089,427
Other affiliates 43,860 55,702,754
---------------
Accrued expenses and other liabilities 281,660
---------------
Total liabilities 55,984,414
---------------
Net Assets
Net assets
$10,480,627,633
===============
Net Assets Consist of
Investors' capital $10,480,627,633
---------------
Net Assets $10,480,627,633
===============
See Notes to Financial Statements.
Statement of Operations Master Tax-Exempt LLC
For the Six Months Ended September 30, 2007 (Unaudited)
Investment Income
Interest $ 192,562,779
Expenses
Investment advisory fees $ 6,841,201
Accounting services 448,154
Custodian fees 110,275
Professional fees 51,016
Pricing fees 47,313
Directors' fees and expenses 26,268
Printing and shareholder reports 1,123
Other 79,448
---------------
Total expenses 7,604,798
---------------
Investment income--net 184,957,981
---------------
Realized Gain--Net
Realized gain on investments--net 143,493
---------------
Net Increase in Net Assets Resulting from Operations $ 185,101,474
===============
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Statements of Changes in Net Assets Master Tax-Exempt LLC
For the Six
Months Ended For the
September 30, Year Ended
2007 March 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007
Operations
Investment income--net $ 184,957,981 $ 327,744,486
Realized gain--net 143,493 864,981
---------------- ----------------
Net increase in net assets resulting from operations 185,101,474 328,609,467
---------------- ----------------
Capital Transactions
Proceeds from contributions 37,624,135,468 61,520,885,054
Fair value of withdrawals (37,472,147,218) (61,230,693,465)
---------------- ----------------
Net increase in net assets derived from capital transactions 151,988,250 290,191,589
---------------- ----------------
Net Assets
Total increase in net assets 337,089,724 618,801,056
Beginning of period 10,143,537,909 9,524,736,853
---------------- ----------------
End of period $ 10,480,627,633 $ 10,143,537,909
================ ================
See Notes to Financial Statements.
Financial Highlights Master Tax-Exempt LLC
For the Six
Months Ended For the Period
The following per share data and ratios September 30, February 13, 2003++
have been derived from information 2007 For the Year Ended March 31, to March 31,
provided in the financial statements. (Unaudited) 2007 2006 2005 2004 2003++++++
Total Investment Return
Total investment return 1.82%+++ 3.45% 2.64% 1.33% .94% .68%*
============ ============ ============ ============ ============ ============
Ratios to Average Net Assets
Expenses .15%* .15% .15% .15% .15% .21%*
============ ============ ============ ============ ============ ============
Investment income and realized
gain (loss)--net 3.60%* 3.44% 2.61% 1.31% .94% 1.04%*
============ ============ ============ ============ ============ ============
Supplemental Data
Net assets, end of period (in thousands) $ 10,480,628 $ 10,143,538 $ 9,524,737 $ 9,749,807 $ 10,252,630 $ 10,591,179
============ ============ ============ ============ ============ ============
* Annualized.
++ Commencement of operations.
+++ Aggregate total investment return.
See Notes to Financial Statements.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Notes to Financial Statements (Unaudited) Master Tax-Exempt LLC
1. Significant Accounting Policies:
Master Tax-Exempt LLC (the "Master LLC") is registered under the Investment
Company Act of 1940, as amended, and is organized as a Delaware limited
liability company. Prior to June 15, 2007, the Master LLC was organized as a
Delaware statutory trust (the "Trust"). The Limited Liability Company Agreement
(the "LLC Agreement") permits the Directors (and prior to June 15, 2007, the
Declaration of Trust permitted the Trustees) to issue nontransferable interests
in the Master LLC/Trust, subject to certain limitations. Throughout this report
the Trust and the Master LLC are referred to as the Master LLC and the Board
of Trustees and Board of Directors are referred to as the Board of Directors.
The Master LLC'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. These unaudited financial statements reflect all adjustments, which
are, in the opinion of management, necessary to present a fair statement of
the results for the interim period. All such adjustments are of a normal,
recurring nature. The following is a summary of significant accounting policies
followed by the Master LLC.
(a) Valuation of investments--Investments may be 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 Master LLC is classified as a partnership for federal
income tax purposes. As such, each investor in the Master LLC is treated as
owner of its proportionate share of the net assets, income, expenses and
realized and unrealized gains and losses of the Master LLC. Therefore, no
federal income tax provision is required. It is intended that the Master LLC's
assets will be managed so an investor in the Master LLC can satisfy the
requirements of Subchapter M of the Internal Revenue Code.
(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.
(d) Recent accounting pronouncements--Effective September 30, 2007, the Master
LLC implemented Financial Accounting Standards Board ("FASB") Interpretation
No. 48, "Accounting for Uncertainty in Income Taxes - an interpretation of
FASB Statement No. 109" ("FIN 48"). FIN 48 prescribes the minimum recognition
threshold a tax position must meet in connection with accounting for
uncertainties in income tax positions taken or expected to be taken by an
entity, including investment companies, before being measured and recognized
in the financial statements. Management has evaluated the application of FIN
48 to the Master LLC, and has determined that the adoption of FIN 48 does not
have a material impact on the Master LLC's financial statements. The Master
LLC files U.S. and various state tax returns. No income tax returns are
currently under examination. The statute of limitations on the Master LLC's
tax returns remains open for the years ended March 31, 2004 through March 31,
2007.
In September 2006, "Statement of Financial Accounting Standards No. 157, Fair
Value Measurements" ("FAS 157"), was issued and is effective for fiscal years
beginning after November 15, 2007. FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. At this time, management is evaluating the implications of FAS
157 and its impact on the Master LLC's financial statements, if any, has not
been determined.
In addition, in February 2007, FASB "Statement of Financial Accounting
Standards No. 159, The Fair Value Option for Financial Assets and Financial
Liabilities" ("FAS 159"), was issued and is effective for fiscal years
beginning after November 15, 2007. Early adoption is permitted as of the
beginning of a fiscal year that begins on or before November 15, 2007,
provided the entity also elects to apply the provisions of FAS 157. FAS 159
permits entities to choose to measure many financial instruments and certain
other items at fair value that are not currently required to be measured at
fair value. FAS 159 also establishes presentation and disclosure requirements
designed to facilitate comparisons between entities that choose different
measurement attributes for similar types of assets and liabilities. At this
time, management is evaluating the implications of FAS 159 and its impact on
the Master LLC's financial statements, if any, has not been determined.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Master LLC has entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the "Manager"), an indirect, wholly owned subsidiary
of BlackRock, Inc. Merrill Lynch & Co., Inc. and The PNC Financial Services
Group, Inc. are principal owners of BlackRock, Inc.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Notes to Financial Statements (concluded) Master Tax-Exempt LLC
The Manager is responsible for the management of the Master LLC's portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Master LLC. For such
services, the Master LLC pays a monthly fee based upon the average daily
value of the Master LLC's net assets at the following annual rates: .25% of
the Master LLC's average daily net assets not exceeding $500 million; .175%
of the Master LLC's 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. In addition, the Manager has entered into a Sub-
Advisory Agreement with BlackRock Institutional Management Corporation, an
affiliate of the Manager, under which the Manager pays the sub-adviser for
services it provides a monthly fee that is a percentage of the management
fee paid by the Master LLC to the Manager.
For the six months ended September 30, 2007, the Master LLC reimbursed the
Manager $91,623 for certain accounting services.
Certain officers and/or directors of the Master LLC are officers and/or
directors of BlackRock, Inc. or its affiliates.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Officers and Directors as of September 30, 2007
Robert C. Doll, Jr., Fund President and Director
Ronald W. Forbes, Director
Cynthia A. Montgomery, Director
Jean Margo Reid, Director
Roscoe S. Suddarth, Director
Richard R. West, Director
Donald C. Burke, Vice President and Treasurer
Karen Clark, Chief Compliance Officer
Howard Surloff, Secretary
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 800-262-4636.
Proxy Results
During the six-month period ended September 30, 2007, the shareholders of CMA
Tax-Exempt Fund voted on the following proposal, which was approved at a
special shareholders' meeting on August 23, 2007. This proposal was part of
the reorganization of the Fund's Board of Directors to take effect on or about
November 1, 2007. A description of the proposal and number of shares voted are
as follows:
Shares Voted Shares Withheld
For From Voting
To elect the Fund's Board of Directors: David O. Beim 8,006,698,982 8,053,959
Richard S. Davis 8,008,127,085 6,625,856
Ronald W. Forbes 8,006,987,819 7,765,122
Henry Gabbay 8,007,234,649 7,518,292
Dr. Matina Horner 8,006,833,527 7,919,414
Rodney D. Johnson 8,007,340,943 7,411,998
Herbert I. London 8,006,688,191 8,064,750
Cynthia A. Montgomery 8,008,009,229 6,743,712
Joseph P. Platt, Jr. 8,007,796,997 6,955,944
Robert C. Robb, Jr. 8,007,710,276 7,042,665
Toby Rosenblatt 8,006,252,842 8,500,099
Kenneth L. Urish 8,007,820,715 6,932,226
Frederick W. Winter 8,006,729,161 8,023,780
Proxy Results
During the six-month period ended September 30, 2007, the shareholders of
Master Tax-Exempt LLC voted on the following proposal, which was approved at a
special shareholders' meeting on September 7, 2007. This proposal was a part
of the reorganization of the Master LLC's Board of Directors to take effect on
or about November 1, 2007. A description of the proposal and number of shares
voted are as follows:
Shares Voted Shares Withheld
For From Voting
To elect the Master LLC's Board of Directors: David O. Beim 8,794,333,638 8,237,055
Richard S. Davis 8,795,761,741 6,808,952
Ronald W. Forbes 8,794,581,846 7,988,847
Henry Gabbay 8,794,869,305 7,701,388
Dr. Matina Horner 8,794,468,183 8,102,510
Rodney D. Johnson 8,794,975,599 7,595,094
Herbert I. London 8,794,322,847 8,247,846
Cynthia A. Montgomery 8,795,643,885 6,926,808
Joseph P. Platt, Jr. 8,795,431,653 7,139,040
Robert C. Robb, Jr. 8,795,344,932 7,225,761
Toby Rosenblatt 8,793,887,498 8,683,195
Kenneth L. Urish 8,795,455,371 7,115,322
Frederick W. Winter 8,794,363,817 8,206,876
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former
fund investors and individual clients (collectively, "Clients") and to
safeguarding their nonpublic personal information. The following information
is provided to help you understand what personal information BlackRock
collects, how we protect that information and why in certain cases we share
such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.
BlackRock obtains or verifies personal nonpublic information from and about
you from different sources, including the following: (i) information we
receive from you or, if applicable, your financial intermediary, on
applications, forms or other documents; (ii) information about your
transactions with us, our affiliates, or others; (iii) information we receive
from a consumer reporting agency; and (iv) from visits to our Web sites.
BlackRock does not sell or disclose to nonaffiliated third parties any
nonpublic personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These nonaffiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.
We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services that
may be of interest to you. In addition, BlackRock restricts access to
nonpublic personal information about its Clients to those BlackRock employees
with a legitimate business need for the information. BlackRock maintains
physical, electronic and procedural safeguards that are designed to protect
the nonpublic personal information of its Clients, including procedures
relating to the proper storage and disposal of such information.
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.
Electronic Delivery
Electronic copies of most financial reports and prospectuses are available on
the Fund's Web site. Shareholders can sign up for e-mail notifications of
quarterly statements, annual and semi-annual reports and prospectuses by
enrolling in the Fund's electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial advisor to enroll. Please note that not all
investment advisers, banks or brokerages may offer this service.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this
semi-annual report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this
semi-annual report
Item 5 - Audit Committee of Listed Registrants - Not Applicable
Item 6 - Schedule of Investments - The registrant's Schedule of Investments
is included as part of the Report to Stockholders filed under Item 1
of this form.
Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies - Not Applicable
Item 8 - Portfolio Managers of Closed-End Management Investment Companies -
Not Applicable
Item 9 - Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers - Not Applicable
Item 10 - Submission of Matters to a Vote of Security Holders - The
registrant's Nominating Committee will consider nominees to the
Board recommended by shareholders when a vacancy becomes available.
Shareholders who wish to recommend a nominee should send nominations
which include biographical information and set forth the
qualifications of the proposed nominee to the registrant's
Secretary. There have been no material changes to these procedures.
Item 11 - Controls and Procedures
11(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
15d-15(b) under the Securities and Exchange Act of 1934, as amended.
11(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the second fiscal quarter of the period covered
by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - Not Applicable to this semi-annual report
12(a)(2) - Certifications - Attached hereto
12(a)(3) - Not Applicable
12(b) - Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
CMA Tax-Exempt Fund and Master Tax-Exempt LLC
By: /s/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Executive Officer of
CMA Tax-Exempt Fund and Master Tax-Exempt LLC
Date: November 20, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.
By: /s/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Executive Officer (principal executive officer) of
CMA Tax-Exempt Fund and Master Tax-Exempt LLC
Date: November 20, 2007
By: /s/ Neal J. Andrews
-------------------
Neal J. Andrews,
Chief Financial Officer (principal financial officer) of
CMA Tax-Exempt Fund and Master Tax-Exempt LLC
Date: November 20, 2007