Converted by FileMerlin

0001287695-11-000261.txt : 20110527 0001287695-11-000261.hdr.sgml : 20110527 20110527172126 ACCESSION NUMBER: 0001287695-11-000261 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110331 FILED AS OF DATE: 20110527 DATE AS OF CHANGE: 20110527 EFFECTIVENESS DATE: 20110527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASTER TAX EXEMPT LLC CENTRAL INDEX KEY: 0001186243 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-21301 FILM NUMBER: 11879116 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MASTER TAX EXEMPT DATE OF NAME CHANGE: 20020905

0001186243 S000002958 MASTER TAX EXEMPT

C000008094 MASTER TAX EXEMPT

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Investors and Board of Directors of

Master Tax-Exempt LLC:

In planning and performing our audit of the financial statements of Master Tax-Exempt LLC (the "Master LLC"), as of and for the year ended March 31, 2011, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Master LLC’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Master LLC’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Master LLC is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Master LLC’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Master LLC’s internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of March 31, 2011.

This report is intended solely for the information and use of management and the Board of Directors of Master Tax-Exempt LLC and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

Deloitte & Touche LLP

Princeton, New Jersey

May 26, 2011

EX-99.77O RULE 10F-3 3 mstrtax77o.htm FORM 10f-3

FORM 10f-3

THE BLACKROCK FUNDS

Record of Securities Purchased

Under the Trust’s Rule 10f-3 Procedures

Name of Purchasing Portfolio: BIF Michigan Municipal Money Fund (L-

MICMA), Muni Cash (L-MUNIC), Muni Fund (L-MUNIF), Institutional Tax

Exempt Portfolio (MF-L-TE), Master Tax-Exempt Trust (MF-L-TET)

Issuer: Michigan Finance Authority (State Aid Revenue Notes, Series 2010D1, D2)

Date of Purchase: 08/06/10

Underwriter from whom purchased: Siebert Brandford Shank & Co., LLC

Name of Affiliated Underwriter (as defined in the Trust’s procedures) managing or participating in syndicate: PNC Capital Markets, LLC

List Members of Underwriting Syndicate:

Siebert Brandford Shank & Co., LLC, Morgan Stanley & Co. Incorporated, Cabrera Capital Markets, LLC, Fidelity Capital Markets, Fifth Third Securities, Inc., PNC Capital Markets LLC, Stifel, Nicolaus & Company, Incorporated, Wells Fargo Securities

Aggregate principal amount purchased (out of total offering) (if an equity offering, list aggregate number of shares purchased (out of total number of shares offered)): (L-MICMA) $10,000,000 out of $703,610,000 (L-MUNIC) $2,195,000 out of $703,610,000; (L-MUNIF) $11,220,000 out of $703,610,000; (MF-L-TE) $25,750,000 out of $703,610,000; (MF-L-TET) $15,630,000 out of $703,610,000

Aggregate principal amount purchased by funds advised by BlackRock and any purchases by other accounts with respect to which BlackRock has investment discretion (out of the total offering) (if an equity offering, list aggregate number of shares purchased (out of total number of shares offered)):

$64,795,000 out of $703,610,000

Purchase price (net of fees and expenses): $101.187 for Series D1, $101.604 for Series D2

Date offering commenced (if different from Date of Purchase): 08/06/10

10.

Offering price at end of first day on which any sales were made:

11.

Have the following conditions been satisfied:

Yes

The securities are part of an issue registered under

the Securities Act of 1933, as amended, which

is being offered to the public, or are Eligible Municipal

Securities, or are securities sold in an

Eligible Foreign

Offering or are securities sold in an Eligible Rule 144A

Offering or part of an issue of government

securities.

_X__

___

The securities were purchased prior to the

end of the first day on which any sales

were made, at a price that was not more

than the price paid by each other

purchaser of securities in that offering

or in any concurrent offering of the

securities (except, in the case of an

Eligible Foreign Offering, for any rights

to purchase required by laws to be granted

to existing security holders of the

Issuer) or, if a rights offering, the

securities were purchased on or before the

fourth day preceding the day on which the

rights offering terminated.

_X__

___

The underwriting was a firm commitment

underwriting.

_X__

___

The commission, spread or profit was

reasonable and fair in relation to that

being received by others for underwriting

similar securities during the same period.

_X__

___

In respect of any securities other than

Eligible Municipal Securities, the issuer

of such securities has been in continuous

operation for not less than three years

(including the operations of predecessors).

_X__

___

Has the affiliated underwriter confirmed

that it will not receive any direct or indirect

benefit as a result of BlackRock's participation

in the offering?

_X__

___

Approved: _ William Henderson_________ Date: __08/23/10______