N-CSRS

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 811-21198 and 811-21301

Name of Fund: WCMA Tax-Exempt Fund and 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, WCMA 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: 03/31/2009

Date of reporting period: 04/01/2008 – 09/30/2008

Item 1 – Report to Stockholders

Semi-Annual Report (Unaudited)

September 30, 2008

WCMA Tax-Exempt Fund

Table of Contents
	Page
A Letter to Shareholders	3
Semi-Annual Report:
Disclosure of Expenses	4
Current Seven-Day Yields	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	11
Master LLC Portfolio Summary	14
Master LLC Financial Statements:
Schedule of Investments	15
Statement of Assets and Liabilities	32
Statement of Operations	32
Statements of Changes in Net Assets	33
Master LLC Financial Highlights	33
Master LLC Notes to Financial Statements	34
Disclosure of Investment Advisory Agreement and Subadvisory Agreement	36
Officers and Directors	40
Additional Information	41

2 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

A Letter to Shareholders

Dear Shareholder

It has been a tumultuous period for investors, marked by almost daily headlines related to the housing market turmoil, volatile energy prices, and the

escalating credit crisis. The news took an extraordinarily heavy tone in September as the credit crisis boiled over and triggered unprecedented failures

and consolidation in the financial sector, stoking fears of a market and economic collapse and prompting the largest government rescue plan since

the Great Depression.

Through it all, the Federal Reserve Board (the “Fed”) has taken decisive action to restore liquidity and bolster financial market stability. Key moves

included slashing the target federal funds rate 275 basis points (2.75%) between October 2007 and April 2008 and providing massive cash injections

and lending programs. As the credit crisis took an extreme turn for the worse, the Fed, in concert with five other global central banks, cut interest rates

by 50 basis points in early October in a rare move intended to stave off worldwide economic damage from the intensifying financial market turmoil.

The U.S. economy managed to grow at a slow-but-positive pace through the second quarter of the year, though recent events almost certainly portend

a global economic recession.

Against this backdrop, U.S. stocks experienced intense volatility and generally posted losses for the current reporting period, with small-cap stocks

faring noticeably better than their larger counterparts. Non-U.S. markets followed the U.S. on the way down and, notably, decelerated at a faster pace

than domestic equities — a stark reversal of recent years’ trends, when international stocks generally outpaced U.S. stocks.

Treasury securities also traded in a volatile fashion, but rallied overall (yields fell and prices correspondingly rose) amid an ongoing flight to quality.

The yield on 10-year Treasury issues, which fell to 3.34% in March, climbed to the 4.20% range in mid-June as investors temporarily shifted out of

Treasury issues in favor of riskier assets (such as stocks and other high-quality fixed income sectors), then declined again to 3.85% by period-end as

the financial market contagion widened. Tax-exempt issues underperformed overall, as problems among municipal bond insurers and the collapse in

the market for auction rate securities pressured the group throughout the course of the past year. At the same time, the above mentioned economic

headwinds and malfunctioning credit markets led to considerable weakness in the high yield sector.

Facing unprecedented volatility and macro pressures, the major benchmark indexes generally recorded losses over the six- and 12-month

reporting periods:

Total Returns as of September 30, 2008	6-month	12-month
U.S. equities (S&P 500 Index)	(10.87)%	(21.98)%
Small cap U.S. equities (Russell 2000 Index)	(0.54)	(14.48)
International equities (MSCI Europe, Australasia, Far East Index)	(22.35)	(30.50)
Fixed income (Barclays Capital U.S. Aggregate Index)*	(1.50)	3.65
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)*	(2.59)	(1.87)
High yield bonds (Barclays Capital U.S. Corporate High Yield 2% Issuer Capped Index)*	(6.77)	(10.51)

* Formerly a Lehman Brothers index.
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For our most current

views on the economy and financial markets, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT

3

Disclosure of Expenses

Shareholders of this Fund may incur the following charges: (a) expenses
related to transactions, including sales charges, redemption fees and
exchange fees; and (b) operating expenses including advisory fees, distri-
bution fees including 12b-1 fees, and other Fund expenses. The expense
example below (which is based on a hypothetical investment of $1,000
invested on April 1, 2008 and held through September 30, 2008) is
intended to assist shareholders both in calculating expenses based on
an investment in the Fund and in comparing these expenses with similar
costs of investing in other mutual funds.

The table below provides information about actual account values and
actual expenses. In order to estimate the expenses a shareholder paid
during the period covered by this report, shareholders can divide their
account value by $1,000 and then multiply the result by the number
corresponding to their share class under the heading entitled “Expenses
Paid During the Period.”

The table also provides information about hypothetical account values
and hypothetical expenses based on the Fund’s actual expense ratio and
an assumed rate of return of 5% per year before expenses. In order to
assist shareholders in comparing the ongoing expenses of investing in this
Fund and other funds, compare the 5% hypothetical example with the 5%
hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the table are intended to highlight shareholders’
ongoing costs only and do not reflect any transactional expenses, such
as sales charges, redemption fees or exchange fees. Therefore, the
hypothetical example is useful in comparing ongoing expenses only, and
will not help shareholders determine the relative total expenses of owning
different funds. If these transactional expenses were included, shareholder
expenses would have been higher.

Expense Example
		Actual			Hypothetical2
		Ending			Ending
	Beginning	Account Value		Beginning	Account Value
	Account Value	September 30,	Expenses Paid	Account Value	September 30,	Expenses Paid
	April 1, 2008	2008	During the Period1	April 1, 2008	2008	During the Period1
Class 1	$1,000	$1,003.20	$7.78	$1,000	$1,017.33	$7.84
Class 2	$1,000	$1,006.50	$4.58	$1,000	$1,020.54	$4.61
Class 3	$1,000	$1,008.30	$2.77	$1,000	$1,022.34	$2.79
Class 4	$1,000	$1,008.30	$2.77	$1,000	$1,022.34	$2.79

¹ For each class of the Fund, expenses are equal to the expense ratio for the class (1.55% for Class 1, 0.91% for Class 2, 0.55% for Class 3, and 0.55% for Class 4),
multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense
table example reflects the expenses of both the feeder fund and the master fund in which it invests.
² Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.

Current Seven-Day Yields
As of September 30, 2008
Class 1	3.93%
Class 2	4.61
Class 3	4.96
Class 4	4.96

4 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

Statement of Assets and Liabilities

September 30, 2008 (Unaudited)	WCMA Tax-Exempt Fund
Assets
Investment at value — Master Tax-Exempt LLC (the “Master LLC”),
(cost — $1,048,356,245)		$1,048,356,245
Withdrawals receivable from the Master LLC		33,837
Prepaid expenses		191,966
Total assets		1,048,582,048
Liabilities
Administration fees payable		227,939
Distribution fees payable		93,283
Capital shares redeemed payable		33,837
Other affiliates payable		12,132
Officer’s and Directors’ fees payable		96
Income dividends payable		65
Other accrued expenses payable		141,451
Total liabilities		508,803
Net Assets		$1,048,073,245
Net Assets Consist of
Class 1 Shares, $0.10 par value per share, unlimited number of
shares authorized		$ 3,836,275
Class 2 Shares, $0.10 par value per share, unlimited number of
shares authorized		18,309,557
Class 3 Shares, $0.10 par value per share, unlimited number of
shares authorized		44,695,204
Class 4 Shares, $0.10 par value per share, unlimited number of
shares authorized		37,955,846
Paid-in capital in excess of par		943,061,761
Undistributed net investment income		115,158
Accumulated net realized gain allocated from the Master LLC		99,444
Net Assets		$1,048,073,245
Net Asset Value
Class 1 — Based on net assets of $38,364,941 and
38,362,751 shares outstanding		$ 1.00
Class 2 — Based on net assets of $183,107,829 and
183,095,570 shares outstanding		$ 1.00
Class 3 — Based on net assets of $446,990,955 and
446,952,041 shares outstanding		$ 1.00
Class 4 — Based on net assets of $379,609,520 and
379,558,464 shares outstanding		$ 1.00

See Notes to Financial Statements.

Statement of Operations
Six Months Ended September 30, 2008 (Unaudited)	WCMA Tax-Exempt Fund
Investment Income
Income from affiliates	$ 1,904
Net investment income allocated from the Master LLC:
Interest	12,279,963
Expenses	(830,735)
Total income	11,451,132
Expenses
Administration	1,409,488
Service and distribution — Class 1	212,135
Service and distribution — Class 2	646,058
Service and distribution — Class 3	915,135
Service and distribution — Class 4	689,180
Transfer agent — Class 1	8,713
Transfer agent — Class 2	9,674
Transfer agent — Class 3	9,889
Transfer agent — Class 4	10,358
Registration	739,682
Printing	30,340
Professional	14,070
Officer and Directors	511
Miscellaneous	5,247
Total expenses	4,700,480
Less fees waived by administrator	(1,862,818)
Total expenses after waiver	2,837,662
Net investment income	8,613,470
Realized Loss Allocated from the Master LLC
Net realized loss from investments	(275)
Net Increase in Net Assets Resulting from Operations	$ 8,613,195

WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

5

Statements of Changes in Net Assets	WCMA Tax-Exempt Fund
	Six Months
	Ended	Year
	September 30,	Ended
	2008	March 31,
Increase (Decrease) in Net Assets:	(Unaudited)	2008
Operations
Net investment income	$ 8,613,470	$ 26,259,863
Net realized gain (loss)	(275)	141,915
Net increase in net assets resulting from operations	8,613,195	26,401,778
Dividends to Shareholders From
Net investment income:
Class 1	(129,411)	(757,183)
Class 2	(1,236,105)	(4,360,556)
Class 3	(4,106,031)	(11,949,026)
Class 4	(3,141,923)	(9,193,098)
Decrease in net assets resulting from dividends to shareholders	(8,613,470)	(26,259,863)
Capital Share Transactions
Net increase (decrease) in net assets derived from share transactions	(57,516,848)	222,579,532
Net Assets
Total increase (decrease) in net assets	(57,517,123)	222,721,447
Beginning of period	1,105,590,368	882,868,921
End of period	$ 1,048,073,245	$ 1,105,590,368
End of period undistributed net investment income	$ 115,158	$ 115,158

See Notes to Financial Statements.

6 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

Financial Highlights						WCMA Tax-Exempt Fund
				Class 1
	Six Months
	Ended
	September 30,
	2008		Year Ended March 31,
	(Unaudited)	2008	2007	2006		2005	2004
Per Share Operating Performance
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00		$ 1.00
Net investment income	0.001	0.02	0.02	0.01		0.001	0.001
Net realized gain (loss)	0.001	0.001	0.001	(0.00)2		(0.00)2	(0.00)2
Net increase from investment operations	0.00	0.02	0.02	0.01		0.001	0.001
Dividends from net investment income	(0.00)2	(0.02)	(0.02)	(0.01)		(0.00)2	(0.00)2
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00		$ 1.00
Total Investment Return
Total investment return	0.32%3	1.90%	2.09%	1.28%		0.19%	0.04%
Ratios to Average Net Assets4
Total expenses after waiver	1.55%5	1.56%	1.49%	1.51%		1.30%	1.02%
Total expenses	1.55%5	1.56%	1.49%	1.51%		1.52%	1.53%
Net investment income and net realized gain (loss)	0.60%5	1.89%	2.10%	1.29%		0.18%	0.04%
Supplemental Data
Net assets, end of period (000)	$ 38,365	$ 42,837	$ 50,188	$ 38,770	$ 41,469		$ 37,485

1	Amount is less than $0.01 per share.
2	Amount is less than $(0.01) per share.
3	Aggregate total investment return.
4	Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income and net realized gain (loss).
5	Annualized.

See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

7

Financial Highlights (continued)						WCMA Tax-Exempt Fund
				Class 2
	Six Months
	Ended
	September 30,
	2008		Year Ended March 31,
	(Unaudited)	2008	2007	2006		2005	2004
Per Share Operating Performance
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00		$ 1.00
Net investment income	0.01	0.03	0.03	0.02		0.01	0.001
Net realized gain (loss)	(0.00)2	0.001	0.001	(0.00)2		(0.00)2	(0.00)2
Net increase from investment operations	0.01	0.03	0.03	0.02		0.01	0.001
Dividends from net investment income	(0.01)	(0.03)	(0.03)	(0.02)		(0.01)	(0.00)2
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00		$ 1.00
Total Investment Return
Total investment return	0.65%3	2.57%	2.68%	1.88%		0.57%	0.15%
Ratios to Average Net Assets4
Total expenses after waiver	0.91%5	0.91%	0.91%	0.92%		0.91%	0.91%
Total expenses	1.21%5	1.23%	1.19%	1.19%		1.20%	1.22%
Net investment income and net realized gain (loss)	1.27%5	2.53%	2.67%	1.85%		0.55%	0.15%
Supplemental Data
Net assets, end of period (000)	$ 183,108	$ 190,316	$ 157,909	$ 156,442	$ 174,094		$ 175,594

1	Amount is less than $0.01 per share.
2	Amount is less than $(0.01) per share.
3	Aggregate total investment return.
4	Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income and net realized gain (loss).
5	Annualized.

See Notes to Financial Statements.

8 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

Financial Highlights (continued)						WCMA Tax-Exempt Fund
				Class 3
	Six Months
	Ended
	September 30,
	2008		Year Ended March 31,
	(Unaudited)	2008	2007	2006		2005	2004
Per Share Operating Performance
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00		$ 1.00
Net investment income	0.01	0.03	0.03	0.02		0.01	0.01
Net realized gain (loss)	0.001	0.001	0.001	(0.00)2		(0.00)2	(0.00)2
Net increase from investment operations	0.01	0.03	0.03	0.02		0.01	0.01
Dividends from net investment income	(0.01)	(0.03)	(0.03)	(0.02)		(0.01)	(0.01)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00		$ 1.00
Total Investment Return
Total investment return	0.83%3	2.92%	3.05%	2.24%		0.93%	0.50%
Ratios to Average Net Assets4
Total expenses after waiver	0.55%5	0.57%	0.55%	0.56%		0.56%	0.55%
Total expenses	0.90%5	0.92%	0.89%	0.89%		0.90%	0.92%
Net investment income and net realized gain (loss)	1.63%5	2.86%	3.03%	2.23%		0.91%	0.50%
Supplemental Data
Net assets, end of period (000)	$ 446,991	$ 479,041	$ 394,877	$ 408,672	$ 367,434		$ 360,243

1	Amount is less than $0.01 per share.
2	Amount is less than $(0.01) per share.
3	Aggregate total investment return.
4	Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income and net realized gain (loss).
5	Annualized.

See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

9

Financial Highlights (concluded)						WCMA Tax-Exempt Fund
				Class 4
	Six Months
	Ended
	September 30,
	2008		Year Ended March 31,
	(Unaudited)	2008	2007	2006		2005	2004
Per Share Operating Performance
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00		$ 1.00
Net investment income	0.01	0.03	0.03	0.02		0.01	0.01
Net realized gain (loss)	0.002	0.001	0.001	(0.00)2		(0.00)2	(0.00)2
Net increase from investment operations	0.01	0.03	0.03	0.02		0.01	0.01
Dividends from net investment income	(0.01)	(0.03)	(0.03)	(0.02)		(0.01)	(0.01)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00		$ 1.00
Total Investment Return
Total investment return	0.83%3	2.92%	3.05%	2.24%		0.93%	0.50%
Ratios to Average Net Assets4
Total expenses after waiver	0.55%5	0.57%	0.56%	0.56%		0.55%	0.55%
Total expenses	0.90%5	0.92%	0.89%	0.89%		0.90%	0.92%
Net investment income and net realized gain (loss)	1.63%5	2.85%	3.05%	2.28%		0.88%	0.50%
Supplemental Data
Net assets, end of period (000)	$ 379,610	$ 393,396	$ 279,895	$ 156,657	$ 133,924		$ 155,581

1	Amount is less than $0.01 per share.
2	Amount is less than $(0.01) per share.
3	Aggregate total investment return.
4	Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income and net realized gain (loss).
5	Annualized.

See Notes to Financial Statements.

10 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

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

1. Significant Accounting Policies:

WCMA Tax-Exempt Fund the (“Fund”) is registered under the Investment
Company Act of 1940 (the “1940 Act”), 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 Master
Tax-Exempt LLC (the “Master LLC”), which has the same investment
objective and strategies as the Fund. 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 affect-
ed 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 pre-
pared in conformity with accounting principles generally accepted in the
United States of America, which may require the use of management
accruals and estimates. Actual results may differ from these estimates.
The percentage of the Master LLC owned by the Fund at September 30,
2008 was 9.6% . The Fund is divided into four classes, designated
Class 1, Class 2, Class 3 and Class 4. Each Class 1, Class 2, Class 3
and Class 4 share represents interests in the same assets of the Fund
and has identical voting, dividend, liquidation and other rights and
the same terms and conditions, except that each class bears certain
expenses related to service and the distribution of such shares and
the additional incremental transfer agency costs resulting from the
conversion of shares and has exclusive voting with respect to matters
relating to such shareholder services and distribution expenditures.

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

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

Effective April 1, 2008, the Fund adopted Financial Accounting
Standards Board Statement of Financial Accounting Standards No.
157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the
definition of fair value, establishes a framework for measuring fair
values and requires additional disclosures about the use of fair value
measurements. Various inputs are used in determining the fair value
of investments, which are as follows:

_{•Level 1 — price quotations in active markets/exchanges for}
identical securities

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

_{•Level 3 — unobservable inputs based on the best information}
available in the circumstance, to the extent observable inputs are
not available (including the Fund’s own assumption used in deter-
mining the fair value of investments)

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

The following table summarizes the inputs used as of September 30,
2008 in determining the fair valuation of the Fund’s investments:

Valuation	Investments in
Inputs	Securities
Level 1	—
Level 2	$1,048,356,245
Level 3	—
Total	$1,048,356,245

Investment Transactions and Net Investment Income: Investment trans-
actions in the Master Tax-Exempt LLC are accounted for on a trade date
basis. The Fund records daily its proportionate share of the Master Tax-
Exempt LLC’s income, expenses and realized gains and losses. In addi-
tion, the Fund accrues its own income and expenses. Income and real-
ized gains and losses are allocated daily to each class based on its
relative net assets.

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

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

The Fund files U.S. federal and various state and local tax returns.
No income tax returns are currently under examination. The statute of
limitations on the Fund’s U.S. federal tax returns remains open for the
years ended March 31, 2005 through March 31, 2007. The statutes
of limitations on the Fund’s state and local tax returns may remain
open for an additional year depending upon the jurisdiction.

WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008 11

Notes to Financial Statements (continued) WCMA Tax-Exempt Fund

Recent Accounting Pronouncement: In March 2008, Statement of
Financial Accounting Standards No. 161, “Disclosures about Derivative
Instruments and Hedging Activities — an amendment of FASB Statement
No. 133” (“FAS 161”), was issued. FAS 161 is intended to improve
financial reporting for derivative instruments by requiring enhanced
disclosure that enables investors to understand how and why an entity
uses derivatives, how derivatives are accounted for, and how derivative
instruments affect an entity’s results of operations and financial position.
In September 2008, FASB Staff Position No. 133-1 and FASB Interpre-
tation No. 45-4 (the “FSP”), “Disclosures about Credit Derivatives and
Certain Guarantees: An Amendment of FASB Statement No. 133 and
FASB Interpretation No. 45; and Clarification of the Effective Date of
FASB Statement No. 161” was issued and is effective for fiscal years and
interim periods ending after November 15, 2008. The FSP amends FASB
Statement No. 133, “Accounting for Derivative Instruments and Hedging
Activities,” to require disclosures by sellers of credit derivatives, including
credit derivatives embedded in hybrid instruments. The FSP also clarifies
the effective date of FAS 161, whereby disclosures required by FAS 161
are effective for financial statements issued for fiscal years and interim
periods beginning after November 15, 2008. The impact on the Fund’s
financial statement disclosures, if any, is currently being assessed.

Other: Expenses directly related to the Fund or its classes are charged
to that Fund or class. Other operating expenses shared by several funds
are pro-rated among those funds on the basis of relative net assets or
other appropriate methods. Other expenses of the Fund are allocated
daily to each class based on its relative net assets.

2. Transactions with Affiliates:

The Fund has entered into an Administration Agreement with BlackRock
Advisors, LLC (the “Administrator”), an indirect, wholly owned subsidiary
of BlackRock, Inc., to provide administrative services (other than invest-
ment advice and related portfolio activities). For such services, the Fund
pays the Administrator a monthly fee at an annual rate of 0.25% of the
average daily value of the Fund’s net assets. Merrill Lynch & Co., Inc.
(“Merrill Lynch”) and The PNC Financial Services Group, Inc. (“PNC”) are
principal owners of BlackRock, Inc.

The Fund has entered into separate Distribution Agreements and a
Distribution and Shareholder Servicing Plan (the “Distribution Plan”)
with Merrill Lynch, Pierce, Fenner and Smith Incorporated (“MLPF&S”),
a wholly owned subsidiary of Merrill Lynch.

Pursuant to the Distribution Plans adopted by the Fund in accordance
with Rule 12b-1 under the 1940 Act, the Fund pays MLPF&S ongoing
service and distribution fees accrued daily and paid monthly at annual
rates based upon the average daily value of the Fund’s net assets of the
shares as follows:

	Service	Distribution
	Fee	Fee
Class 1	0.25%	0.750%
Class 2	0.25%	0.425%
Class 3	0.25%	0.125%
Class 4	0.25%	0.125%

The ongoing service and/or distribution fee compensates MLPF&S for
providing shareholder servicing and/or distribution-related services to
shareholders. The Fund has entered into a contractual arrangement with
the Administrator and MLPF&S to waive and/or reimburse a portion of
the Fund’s fees and expenses to ensure that the net expenses for the
Fund’s Class 2 Shares is 0.35% higher than that of CMA Tax-Exempt
Fund, and Class 3 and Class 4 Shares is equal to that of CMA Tax-
Exempt Fund as applicable. The fee/expense waiver or reimbursement
includes service and distribution fees. This arrangement has a one-year
term and is renewable. For the six months ended September 30, 2008,
MLPF&S earned fees of $2,462,508 of which $1,862,818 was waived
and is shown as fees waived by Administrator on the Statement
of Operations.

Financial Data Services, Inc. (“FDS”), a wholly owned subsidiary of
Merrill Lynch and an affiliate of the Administrator, serves as transfer
agent. Interest is earned by the Fund from FDS based on the difference,
if any, between estimated and actual daily share activity, which results
in uninvested net proceeds from sales of Fund shares. This amount is
shown as income from affiliates on the Statement of Operations.

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

12 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

Notes to Financial Statements (concluded)			WCMA Tax-Exempt Fund
3. Capital Share Transactions:
Transactions in shares for each class were as follows:
	Six Months Ended		Year Ended
	September 30, 2008		March 31, 2008
	Shares	Amount	Shares		Amount
Class 1
Shares sold	404,926,842	$ 404,926,842	824,946,155	$ 824,946,155
Shares issued to shareholders in reinvestment of dividends	129,411	129,411	757,183		757,183
Total issued	405,056,253	405,056,253	825,703,338		825,703,338
Shares redeemed	(409,528,886)	(409,528,886)	(833,059,335)		(833,059,335)
Net decrease	(4,472,633)	$ (4,472,633)	(7,355,997)	$ (7,355,997)
Class 2
Shares sold	893,207,859	$ 893,207,859	1,858,510,422	$ 1,858,510,422
Shares issued to shareholders in reinvestment of dividends	1,236,105	1,236,105	4,360,556		4,360,556
Total issued	894,443,964	894,443,964	1,862,870,978	1,862,870,978
Shares redeemed	(901,651,740)	(901,651,740)	(1,830,489,777)	(1,830,489,777)
Net increase (decrease)	(7,207,776)	$ (7,207,776)	32,381,201	$ 32,381,201
Class 3
Shares sold	3,114,715,909	$ 3,114,715,909	5,689,125,187	$ 5,689,125,187
Shares issued to shareholders in reinvestment of dividends	4,106,031	4,106,031	11,949,026		11,949,026
Total issued	3,118,821,940	3,118,821,940	5,701,074,213	5,701,074,213
Shares redeemed	(3,150,871,888)	(3,150,871,888)	(5,616,972,197)	(5,616,972,197)
Net increase (decrease)	(32,049,948)	$ (32,049,948)	84,102,016	$ 84,102,016
Class 4
Shares sold	3,427,042,418	$ 3,427,042,418	7,312,416,997	$ 7,312,416,997
Shares issued to shareholders in reinvestment of dividends	3,141,923	3,141,923	9,193,098		9,193,098
Total issued	3,430,184,341	3,430,184,341	7,321,610,095	7,321,610,095
Shares redeemed	(3,443,970,832)	(3,443,970,832)	(7,208,157,783)	(7,208,157,783)
Net increase (decrease)	(13,786,491)	$ (13,786,491)	113,452,312	$ 113,452,312

4. Subsequent Events:

On September 15, 2008, Bank of America Corporation announced
that it has agreed to acquire Merrill Lynch, one of the principal owners
of BlackRock, Inc. The purchase has been approved by the directors of
both companies. Subject to shareholder and regulatory approvals, the
transaction is expected to close on or before December 31, 2008.

Effective October 1, 2008, BlackRock Investments, Inc., an affiliate
of the Administrator, replaced MLPF&S as the sole distributor of the
Fund. The service and distribution fees will not change as a result
of this transaction.

On October 9, 2008, the Board approved the Fund’s participation in
the U.S. Treasury Department’s Temporary Guarantee Program for Money
Market Funds (the “Program”). As a result of the Fund’s participation in
the Program, shareholders will have federal insurance up to the lesser
amount of a shareholder’s balance in the Fund as of the close of busi-
ness on September 19, 2008, or the amount held in the Fund on the
date that a claim is filed for payment under the Program. Any increase in
the number of shares in a shareholder’s balance after the close of busi-
ness on September 19, 2008 and any future investments after a share-
holder has closed their account will not be guaranteed. As a participant
of the program, which expires December 18, 2008, the Fund has paid a
participation fee of 0.01% of the Fund’s shares outstanding as of
September 19, 2008.

WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

13

Portfolio Summary Master Tax-Exempt LLC

Portfolio Composition¹

¹      Based on total market value of Master Tax-Exempt LLC as of September 30, 2008. Investments are valued at amortized cost, which approximates market value.

14 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

Schedule of Investments September 30, 2008 (Unaudited)								Master Tax-Exempt LLC
						(Percentages shown are based on Net Assets)
			Par					Par
Municipal Bonds			(000)	Value	Municipal Bonds			(000)	Value
Alabama — 1.6%					Arizona (concluded)
Alabama, HFA, S/F Mortgage Revenue Bonds,					Morgan Keegan Municipal Products, Inc., Maricopa
VRDN, AMT, Series H, 8.35%, 5/01/10 (a)(n)		$ 50,000		$50,000,000	County, Arizona, IDA, VRDN, AMT, Series A,
Bank of America MACON Trust, Spanish Fort					8.16%, 2/02/09 (a)(b)(n)		$ 22,475		$22,475,000
Redevelopment Authority, Alabama, Revenue Bonds,					Salt River Pima-Maricopa Indian Community, Arizona,
VRDN, Series 2007-306, 8%, 3/01/12 (a)(b)(n)			15,450	15,450,000	Revenue Bonds, VRDN (a)(n):
Lower Alabama Gas District, Gas Supply Revenue					7.25%, 10/01/25			16,419	16,419,000
Bonds, VRDN, Series A, 7.25%, 11/01/27 (a)(n)			50,000	50,000,000	7.25%, 10/01/26			34,650	34,650,000
Millport, Alabama, IDA, Revenue Bonds (Steel					Scottsdale, Arizona, IDA, Hospital Revenue Refunding
Dust Recycling LLC Project), VRDN, AMT,					Bonds (Scottsdale Healthcare), VRDN, Series C,
8.11%, 12/01/37 (a)(n)			10,000	10,000,000	8.05%, 9/01/35 (a)(c)(n)			5,900	5,900,000
Mobile, Alabama, IDB, PCR (Alabama Power									213,124,000
Company-Barry Plant Project), VRDN,
2%, 7/15/09 (a)(n)			10,100	10,100,000	Arkansas — 0.2%
Southeast Alabama Gas District, Alabama, Supply					Arkansas State Development Finance Authority,
Project Revenue Bonds, VRDN, Series A,					M/F Housing Revenue Bonds (Chapelridge Benton
4.25%, 8/01/27 (a)(n)			31,999	31,999,000	Project), VRDN, AMT, Series C, 8.11%, 6/01/32 (a)(n)			7,800	7,800,000
Stevenson, Alabama, IDB, Environmental					Morgan Keegan Municipal Products, Inc., Arkansas
Improvement Revenue Refunding Bonds (Mead					State Development Finance Authority,
Corporation Project), VRDN, AMT, Series A,					S/F Mortgage Revenue Bonds, VRDN, Series C,
8.20%, 2/01/34 (a)(n)			5,100	5,100,000	8.16%, 6/01/11 (a)(b)(n)			20	20,000
					Northwest Arkansas Regional Airport Authority, Airport
				172,649,000	Revenue Refunding Bonds, VRDN, AMT, Series A,
Alaska — 0.5%					8.11%, 2/01/21 (a)(n)			12,280	12,280,000
Valdez, Alaska, Marine Terminal Revenue Bonds									20,100,000
(ConocoPhillips Project), VRDN, Series A,
8%, 5/01/31 (a)(n)			38,000	38,000,000	California — 2.4%
Valdez, Alaska, Marine Terminal Revenue Refunding					California HFA, M/F Housing Revenue Bonds, VRDN,
Bonds (ConocoPhillips Project), VRDN, Series B,					AMT, Series C, 4.25%, 8/01/38 (a)(n)			13,820	13,820,000
8%, 5/01/31 (a)(n)			20,000	20,000,000	California Home Mortgage Financing Authority,
					Homebuyers Fund S/F Revenue Refunding Bonds,
				58,000,000	VRDN, AMT, 2.49%, 6/01/09 (a)(n)			28,544	28,543,400
Arizona — 1.9%					California Municipal Finance Authority, M/F Housing
Apache County, Arizona, IDA, IDR (Tucson Electric					Revenue Bonds, PUTTERS, VRDN, AMT, Series 2410,
Power Co.), VRDN, Series 83-A, 8%,					5.80%, 1/01/20 (a)(b)(n)			7,130	7,130,000
12/15/18 (a)(n)			33,000	33,000,000	California State, CP, 1.40%, 11/03/08			30,000	30,000,000
Arizona Health Facilities Authority Revenue Bonds,					California State, GO, MERLOTS, VRDN, Series B-45,
VRDN (a)(n):					5.40%, 10/01/29 (a)(b)(n)			7,795	7,795,000
(Banner Health), Series C, 8%, 1/01/35			4,300	4,300,000	Los Angeles, California, GO, TRAN, 3%, 6/30/09			57,100	57,709,725
(Banner Health System), Series F, 8%, 1/01/29			77,940	77,940,000	Sacramento County, California, GO, TRAN,
Maricopa County, Arizona, IDA, Health Facilities					2.50%, 8/07/09			107,100	107,918,033
Revenue Bonds, PUTTERS, VRDN, Series 420,					San Francisco, California, City and County
5.22%, 1/01/10 (a)(b)(n)			10,000	10,000,000	Redevelopment Agency, M/F Housing Revenue
Maricopa County, Arizona, Public Finance Corporation,					Bonds (Notre Dame Apartments), VRDN, AMT,
Lease Revenue Bonds, FLOATS, VRDN, Series 1863,					Series G, 7.90%, 12/01/33 (a)(n)			14,540	14,540,000
4.60%, 7/01/31 (a)(b)(n)			8,440	8,440,000					267,456,158
Portfolio Abbreviations
AMT	Alternative Minimum Tax (subject to)		IDA	Industrial Development Authority		PUTTERS	Puttable Tax-Exempt Receipts
BAN	Bond Anticipation Notes		IDB	Industrial Development Board		RACS	Revenue Anticipation Certificates
COP	Certificates of Participation		IDR	Industrial Development Revenue Bonds		ROCS	Reset Option Certificates
CP	Commercial Paper		LIFERS	Long Inverse Floating Exempt Receipts		S/F	Single-Family
EDA	Economic Development Authority		M/F	Multi-Family		SPEARS	Short Puttable Exempt Adjustable
EDR	Economic Development Revenue Bonds		MERLOTS	Municipal Exempt Receipts Liquidity			Receipts
FLOATS	Floating Rate Securities			Optional Tenders		TAN	Tax Anticipation Notes
GO	General Obligation Bonds		MSTR	Municipal Securities Trust Receipts		TRAN	Tax Revenue Anticipation Notes
HDA	Housing Development Authority		PCR	Pollution Control Revenue Bonds		VRDN	Variable Rate Demand Notes
HFA	Housing Finance Agency
See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

15

Schedule of Investments (continued)					Master Tax-Exempt LLC
				(Percentages shown are based on Net Assets)
		Par			Par
Municipal Bonds		(000)	Value	Municipal Bonds	(000)	Value
Colorado — 3.6%				Connecticut — 0.7%
Aurora, Colorado, COP, Refunding, VRDN,				Bank of America AUSTIN Trust, Connecticut State
6.50%, 12/01/30 (a)(n)	$ 14,000		$14,000,000	Revenue Bonds, VRDN, Series 2008-1080,
Colorado Department of Transportation Revenue				6.32%, 7/01/42 (a)(b)(n)	$ 6,175	$6,175,000
Refunding Bonds, PUTTERS, VRDN, Series 318,				Connecticut State Health and Educational Facilities
4.75%, 6/15/15 (a)(b)(d)(n)		8,715	8,715,000	Authority Revenue Bonds, VRDN (a)(n):
Colorado Educational and Cultural Facilities Authority				PUTTERS, Series 2992, 4.25%, 7/01/15 (b)	10,235	10,235,000
Revenue Bonds (The Nature Conservancy Project),				(Yale University), Series U, 7.80%, 7/01/33	28,735	28,735,000
VRDN, Series A, 7.25%, 7/01/33 (a)(n)		8,600	8,600,000	Connecticut State Health and Educational Facilities
Colorado HFA, S/F Mortgage Revenue Bonds, VRDN,				Authority, Revenue Refunding Bonds (Danbury
AMT, Series B-2, Class I, 7.75%, 5/01/38 (a)(n)		25,000	25,000,000	Hospital), VRDN, Series J, 7.47%, 7/01/36 (a)(n)	15,900	15,900,000
Colorado Health Facilities Authority Revenue Bonds,				Greenwich, Connecticut, GO, BAN, 3.50%, 1/29/09	10,000	10,048,599
VRDN (a)(n):						71,093,599
(Catholic Health Initiatives), Series B,
7.95%, 12/01/20		34,600	34,600,000	Delaware — 1.2%
(Sisters of Charity of Leavenworth Health System),				Delaware State, EDA, Revenue Bonds (Hospital
7.93%, 12/01/32		19,300	19,300,000	Billing and Collection), VRDN (a)(n):
Colorado Health Facilities Authority, Revenue				Series A, 8.02%, 12/01/15	30,550	30,550,000
Refunding Bonds, VRDN (a)(n):				Series C, 8%, 12/01/15	103,950	103,950,000
(Catholic Health Initiatives), Series B-1,						134,500,000
8%, 3/01/23		3,490	3,490,000	District of Columbia — 1.0%
(Catholic Health Initiatives), Series B-3,				Deutsche Bank SPEARs/LIFERs Trust, District of
7.98%, 3/01/23		17,870	17,870,000	Columbia, GO, SPEARs, VRDN, AMT, Series DB-463,
(Catholic Health Initiatives), Series B-6,				4.08%, 12/01/17 (a)(b)(c)(n)	8,475	8,475,000
8%, 3/01/44		7,900	7,900,000	District of Columbia, CP, 1.52%, 10/24/08	35,900	35,900,000
(Sisters of Charity of Leavenworth Health				District of Columbia, GO, MERLOTS, VRDN,
System), Series A, 7.93%, 12/01/38		24,470	24,470,000	Series D75, 4.13%, 12/01/17 (a)(b)(c)(n)	9,605	9,605,000
Colorado Housing and Finance Authority, S/F				District of Columbia, GO, Refunding, VRDN (a)(n):
Mortgage Revenue Bonds, VRDN, AMT, Class I,				Series A, 7.25%, 6/01/34	4,295	4,295,000
Series B-3, 7.75%, 11/01/26 (a)(n)		45,300	45,300,000	Series B, 7.25%, 6/01/34	6,120	6,120,000
Colorado Housing and Finance Authority, S/F				Series C, 7.95%, 6/01/26	6,555	6,555,000
Mortgage Revenue Refunding Bonds, VRDN, AMT,				Series C, 6.50%, 6/01/27	9,000	9,000,000
Class I, Series B-3, 7.75%, 11/01/36 (a)(n)		44,000	44,000,000	Series D, 7.50%, 6/01/34	8,390	8,390,000
Colorado School of Mines Development				District of Columbia, HFA, S/F Mortgage Revenue
Corporation, Revenue Refunding Bonds, VRDN,				Bonds, VRDN, AMT, Series B, 3.55%,
8.23%, 9/01/26 (a)(n)		6,300	6,300,000	11/03/08 (a)(n)	6,000	6,000,000
Colorado School of Mines, Enterprise				District of Columbia, Revenue Refunding
Revenue Refunding Bonds, VRDN, Series A,				Bonds (Howard University), VRDN, Series B,
8.25%, 12/01/37 (a)(n)		8,000	8,000,000	6.50%, 10/01/26 (a)(n)	5,000	5,000,000
Colorado Springs, Colorado, School District				District of Columbia, University Revenue Bonds
Number 11 Facilities Corporation, COP, Refunding,				(American University), VRDN, 7.25%,
8.35%, 12/01/17 (c)		8,290	8,290,000	6/01/33 (a)(n)	7,400	7,400,000
Colorado Springs, Colorado, Utilities Revenue				District of Columbia, Water and Sewer Authority,
Refunding Bond, Sub-Lien, VRDN, Series A,				Revenue Refunding Bonds, PUTTERS, VRDN,
8.15%, 11/01/23 (a)(n)		34,875	34,875,000	Series 2838, 6.28%, 10/01/15 (a)(b)(c)(n)	8,000	8,000,000
Colorado State, General Fund, GO, TRAN,
3%, 6/26/09		57,800	58,348,371			114,740,000
Eclipse Funding Trust, Solar Eclipse Certificates,				Florida — 6.2%
El Paso County, Colorado, School District, COP, VRDN,				Alachua County, Florida, Health Facilities Authority,
Series 2006-0101, 4.54%, 12/15/28 (a)(b)(d)(n)		11,190	11,190,000	Health Facilities Revenue Bonds (Shands Teaching
Pitkin County, Colorado, IDR, Refunding (Aspen				Hospital and Clinics, Inc. Project), VRDN, Series A,
Skiing Company Project), VRDN, AMT, Series B,				4.30%, 12/01/32 (a)(n)	5,700	5,700,000
4.75%, 4/01/14 (a)(n)		2,900	2,900,000	Brevard County, Florida, Health Facilities Authority,
University of Colorado Hospital Authority Revenue				Healthcare Facilities Revenue Refunding
Bonds, ROCS, VRDN, Series II-R-573CE,				Bonds (Health First Inc. Project), VRDN,
5.48%, 11/15/40 (a)(b)(n)		6,500	6,500,000	4.30%, 8/01/14 (a)(n)	4,075	4,075,000
			389,648,371	Deutsche Bank SPEARs/LIFERs Trust, Saint Johns
				County, Florida, Revenue Bonds, SPEARs, VRDN,
				Series DB-486, 4.08%, 10/01/16 (a)(b)(n)	8,980	8,980,000
				Eagle Tax-Exempt Trust, Miami-Dade County,
				Florida, Aviation Revenue Bonds, VRDN,
				AMT, Series 2007-0108, Class A,
				8.27%, 10/01/39 (a)(b)(e)(n)	14,380	14,380,000

See Notes to Financial Statements.

16 WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008

Schedule of Investments (continued)					Master Tax-Exempt LLC
				(Percentages shown are based on Net Assets)
		Par			Par
Municipal Bonds		(000)	Value	Municipal Bonds	(000)	Value
Florida (continued)				Florida (concluded)
Eagle Tax-Exempt Trust, Orlando-Orange County				Jacksonville Electric Authority, Florida, Water and
Expressway Authority, Florida, Expressway Revenue				Sewer System Revenue Bonds, VRDN, Series A-1,
Bonds, VRDN, Series 2007-0145, Class A,				8%, 10/01/36 (a)(n)	$ 30,400	$30,400,000
8.73%, 7/01/17 (a)(b)(c)(n)	$ 11,300		$11,300,000	Jacksonville Electric Authority, Florida, Water and
Eagle Tax-Exempt Trust, South Florida				Sewer System, Revenue Refunding Bonds, VRDN,
Water Management District, COP,				Sub-Series A-2, 6.50%, 10/01/38 (a)(n)	7,110	7,110,000
VRDN, Series 2006-0136, Class A,				Jacksonville, Florida, Electric Authority Revenue
8.49%, 10/01/36 (a)(b)(c)(n)		19,730	19,730,000	Bonds (Electric System), VRDN, Series B,
Eclipse Funding Trust, Solar Eclipse Certificates,				4.25%, 10/01/30 (a)(n)	2,000	2,000,000
Fort Pierce, Florida, Redevelopment Agency, Tax				Jacksonville, Florida, Health Facilities Authority,
Allocation Bonds, VRDN, Series 2006-0130,				Hospital Revenue Bonds (Southern Baptist
4.20%, 5/01/31 (a)(b)(n)		3,940	3,940,000	Hospital), VRDN, Series A, 4.30%, 8/15/33 (a)(n)	11,320	11,320,000
Eclipse Funding Trust, Solar Eclipse Certificates,				Jacksonville, Florida, Port Authority Revenue Bonds
Volusia County, Florida, School Board, COP, VRDN,				(Mitsui O.S.K. Lines, Ltd. Project), VRDN, AMT,
Series 2007-0036, 4.08%, 8/01/32 (a)(b)(c)(n)		7,390	7,390,000	8%, 11/01/32 (a)(n)	15,000	15,000,000
Florida Gas Utility Revenue Bonds (Gas				Jacksonville, Florida, Transit Revenue Refunding
Supply Project Number 2), VRDN, Series A-3,				Bonds, VRDN (a)(n):
8.07%, 11/01/26 (a)(n)		84,935	84,935,000	Series A, 6.50%, 10/01/32	54,035	54,035,000
Florida Higher Educational Facilities Financing				Series B, 7.92%, 10/01/27	3,000	3,000,000
Authority Revenue Bonds (Ringling College), VRDN,				Lakeland, Florida, Energy System Revenue
7.90%, 3/01/38 (a)(n)		9,000	9,000,000	Refunding Bonds, VRDN (a)(n):
Florida Housing Finance Corporation, M/F Mortgage				Series A, 7.70%, 10/01/37	5,000	5,000,000
Revenue Bonds, ROCS, VRDN, Series II-R-600CE,				Series B, 4.30%, 10/01/37	3,900	3,900,000
5.50%, 7/01/43 (a)(b)(n)		5,480	5,480,000	Miami-Dade County, Florida, Water and Sewer
Florida Hurricane Catastrophe Fund Finance				Revenue Refunding Bonds, VRDN (a)(c)(n):
Corporation Revenue Bonds, ROCS, VRDN,				8.40%, 10/01/25	40,000	40,000,000
Series II-R-11549, 4.32%, 7/01/13 (a)(b)(n)		7,000	7,000,000	ROCS, Series II-R-1092, 5%, 10/01/22 (b)	8,380	8,380,000
Florida State Board of Education, GO, ROCS,				Orange County, Florida, Health Facilities Authority,
VRDN (a)(b)(n):				Hospital Revenue Bonds (Adventist Health
Series II-R-3086, 4.32%, 6/01/28		4,400	4,400,000	System), VRDN, 8%, 11/15/14 (a)(n)	1,300	1,300,000
Series II-R-12067, 4.63%, 6/01/15		15,500	15,500,000	Orange County, Florida, Health Facilities Authority,
Series II-R-12211, 8.27%, 6/01/13		8,000	8,000,000	Hospital Revenue Refunding Bonds (Orlando
Florida State Board of Education, GO,				Regional Healthcare), VRDN (a)(n):
Refunding, ROCS, VRDN, Series II-R-6087,				Series E, 7.90%, 10/01/26	5,500	5,500,000
4.54%, 6/01/14 (a)(b)(n)		3,455	3,455,000	Series F, 8%, 10/01/26	5,800	5,800,000
Florida State Turnpike Authority, Turnpike Revenue				Orlando, Florida, Utilities Commission, Water
Refunding Bonds, PUTTERS, VRDN, Series 2539,				and Electric Revenue Bonds, VRDN, Series B,
5.85%, 7/01/15 (a)(b)(n)		4,000	4,000,000	7.89%, 10/01/22 (a)(n)	25,300	25,300,000
Gainesville, Florida, Utilities System Revenue				Palm Beach County, Florida, Educational Facilities
Refunding Bonds, VRDN, Series C,				Authority Revenue Bonds (Atlantic University Inc.
4.25%, 10/01/26 (a)(n)		27,735	27,735,000	Project), VRDN, 7.25%, 4/01/33 (a)(n)	10,000	10,000,000
Highlands County, Florida, Health Facilities Authority,				Palm Beach County, Florida, Health Facilities
Hospital Revenue Bonds (Adventist Health System),				Authority, CP, 1.64%, 11/04/08	10,000	10,000,000
VRDN (a)(n):				Pembroke Pines, Florida, Charter School Revenue
Series A-2, 8%, 11/15/37		13,500	13,500,000	Refunding Bonds, VRDN, 8.15%, 7/01/38 (a)(f)(n)	10,000	10,000,000
Series C, 8%, 11/15/37		7,100	7,100,000	Polk County, Florida, IDA, IDR, Refunding (Winter
Highlands County, Florida, Health Facilities Authority,				Haven Hospital Project), VRDN, Series B,
Hospital Revenue Refunding Bonds (Adventist				4.30%, 9/01/34 (a)(n)	3,890	3,890,000
Health System), VRDN (a)(n):				Saint Johns County, Florida, Sales Tax Revenue
Series B-2, 10%, 11/15/30		5,000	5,000,000	Bonds, ROCS, VRDN, Series II-R-755PB,
Series C, 8%, 11/15/21		6,000	6,000,000	4.11%, 10/01/36 (a)(b)(d)(e)(n)	6,065	6,065,000
Jacksonville Electric Authority, Florida, CP:				Volusia County, Florida, IDA, Revenue Refunding
1.65%, 10/09/08		50,300	50,300,000	Bonds (Retirement Housing Foundation), VRDN,
1.72%, 12/11/08		30,300	30,300,000	8.05%, 9/01/25 (a)(n)	7,500	7,500,000
Jacksonville Electric Authority, Florida, Electric System						678,730,000
Revenue Refunding Bonds, VRDN (a)(n):
Series 3-B-1, 7.95%, 10/01/40		6,095	6,095,000
Series 3-B-2, 7.95%, 10/01/40		6,135	6,135,000
Series 3-B-3, 7.95%, 10/01/36		8,800	8,800,000
Series 3-C-2, 7.80%, 10/01/34		15,000	15,000,000
Series B, 7.80%, 10/01/31		20,000	20,000,000

See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008 17

Schedule of Investments (continued)						Master Tax-Exempt LLC
				(Percentages shown are based on Net Assets)
		Par				Par
Municipal Bonds		(000)	Value	Municipal Bonds		(000)	Value
Georgia — 1.5%				Idaho — 0.3%
Atlanta, Georgia, Urban Residential Finance Authority,				Idaho State Building Authority, Revenue Refunding
M/F Housing Revenue Bonds (Lindbergh City				Bonds (Prison Facilities Project), VRDN, Series A,
Center Apartment Project), VRDN, AMT,				7.75%, 9/01/25 (a)(n)	$ 14,000		$14,000,000
8.16%, 11/01/44 (a)(n)	$ 4,000		$4,000,000	Idaho State, GO, TAN, 3%, 6/30/09		18,000	18,169,290
Atlanta, Georgia, Water and Wastewater							32,169,290
Revenue Refunding Bonds, VRDN, Series B,
8.50%, 11/01/38 (a)(c)(n)		3,530	3,530,000	Illinois — 5.6%
Bank of America MACON Trust, Georgia Municipal				ABN AMRO MuniTops Certificates Trust, Du Page and
Electric Authority, Power Revenue Bonds, VRDN,				Will Counties, Illinois, Community School District
Series E, 3.95%, 1/01/17 (a)(b)(c)(n)		6,815	6,815,000	Number 204 (Indian Prairie), GO, VRDN, Series
Burke County, Georgia, Development Authority, PCR				2006-33, 4.36%, 6/30/14 (a)(b)(d)(n)		12,180	12,180,000
(Georgia Power Company Vogtle Project), VRDN (a)(n):				Bank of America MACON Trust, Illinois State, GO,
2nd Series, 4.30%, 10/01/32		10,000	10,000,000	VRDN, Series L, 4.01%, 1/01/31 (a)(b)(n)		1,750	1,750,000
Refunding 1st Series, 2.10%, 9/01/30		5,100	5,100,000	Chicago, Illinois, GO, Refunding, PUTTERS, VRDN,
Clayton County, Georgia, Housing Authority, M/F				Series 3091, 4.78%, 1/01/16 (a)(b)(n)		5,330	5,330,000
Housing Revenue Bonds (Provence Place				Chicago, Illinois, GO, ROCS, VRDN, Series II-R-12174,
Apartments Project), VRDN, 8.11%, 10/01/41 (a)(n)		2,025	2,025,000	8.49%, 1/01/14 (a)(b)(c)(n)		7,155	7,155,000
Cobb County, Georgia, Development Authority, Solid				Chicago, Illinois, GO, VRDN, Series B,
Waste Disposal Revenue Bonds (Republic Services,				8.25%, 1/01/12 (a)(n)		6,490	6,490,000
Inc. Project), VRDN, AMT, 8.05%, 10/01/19 (a)(n)		6,000	6,000,000	Chicago, Illinois, O’Hare International Airport Revenue
Eagle Tax-Exempt Trust, Atlanta, Georgia, Water				Bonds, VRDN (a)(b)(c)(n):
and Wastewater Revenue Bonds, VRDN, Series				PUTTERS, Series 2504, 5.25%, 1/01/15		1,715	1,715,000
2006-0130, Class A, 8.72%, 11/01/34 (a)(b)(c)(n)		5,000	5,000,000	ROCS, AMT, Series II-R-239, 6.61%, 1/01/22		3,700	3,700,000
Fulton County, Georgia, Development Authority				Chicago, Illinois, Water Revenue Bonds, VRDN,
Revenue Bonds (Robert W. Woodruff Arts Center				Second Lien, 8%, 11/01/30 (a)(n)		36,070	36,070,000
Project), VRDN, Series B, 7.90%, 4/01/34 (a)(n)		21,200	21,200,000	Cook County, Illinois, GO, ROCS, VRDN,
Gainesville and Hall County, Georgia, Hospital				Series II-R-12030, 4.72%, 11/15/12 (a)(b)(c)(n)		30,920	30,920,000
Authority, Revenue Refunding Bonds (Northeast				Deutsche Bank SPEARs/LIFERs Trust, Chicago,
Georgia Health System), VRDN, Series E,				Illinois, O’Hare International Airport Revenue Bonds,
7.91%, 5/01/41 (a)(n)		16,600	16,600,000	SPEARs, VRDN (a)(b)(n):
Georgia State, GO, ROCS, VRDN (a)(b)(n):				Series DB-502, 4.18%, 1/01/33 (c)		13,820	13,820,000
Series II-R-11536PB, 4.28%, 7/01/28		26,275	26,275,000	Series DBE-534, 3.77%, 1/01/22		2,275	2,275,000
Series II-R-11544, 3.66%, 7/01/24		2,035	2,035,000	Eagle Tax-Exempt Trust, Illinois State Finance
Gwinnett County, Georgia, Hospital Authority, Revenue				Authority, Revenue Refunding Bonds, VRDN, Series
Refunding Bonds (Gwinnett Hospital System				2006-0118, Class A, 8.25%, 12/01/42 (a)(b)(n)		3,150	3,150,000
Project), VRDN, Series C, 8%, 7/01/32 (a)(n)		7,625	7,625,000	Eagle Tax-Exempt Trust, Illinois State, GO, VRDN, Series
Macon-Bibb County, Georgia, Hospital Authority				2008-0021, Class A, 8.55%, 2/01/27 (a)(b)(c)(n)		11,260	11,260,000
Revenue Bonds (Central Georgia Senior				Eagle Tax-Exempt Trust, University of Illinois,
Health, Inc. — Carlyle Place Project), VRDN,				University Revenue Refunding Bonds, VRDN, Series
4.30%, 5/01/30 (a)(n)		17,885	17,885,000	2006-0124, Class A, 8.17%, 4/01/35 (a)(b)(d)(n)		10,000	10,000,000
Municipal Electric Authority, Georgia, Revenue				Eclipse Funding Trust, Solar Eclipse Certificates,
Refunding Bonds (Project One), VRDN,				Chicago, Illinois, GO, Refunding, VRDN, Series
Sub-Series B, 7.95%, 1/01/48 (a)(n)		10,000	10,000,000	2006-0038, 4.14%, 1/01/28 (a)(b)(c)(n)		10,700	10,700,000
Putnam County, Georgia, Development Authority, PCR				Elmhurst, Illinois, Revenue Bonds (Joint Commission
(Georgia Power Company), VRDN, First Series 97,				on Accreditation of Healthcare Organizations),
2.10%, 7/14/09 (a)(n)		4,000	4,000,000	VRDN, 8.05%, 7/01/18 (a)(n)		13,890	13,890,000
Richmond County, Georgia, Hospital Authority,				Illinois Development Finance Authority, Revenue
Revenue Refunding Bonds (University				Refunding Bonds (Evanston Northwestern
Health Services, Inc. Project), VRDN, RACS,				Healthcare Corporation), VRDN, Series A,
7.90%, 1/01/36 (a)(n)		10,000	10,000,000	7.93%, 5/01/31 (a)(n)		19,885	19,885,000
Whitfield County, Georgia, Development Authority,				Illinois Educational Facilities Authority Revenue
Solid Waste Disposal Revenue Bonds (Aladdin				Bonds (Art Institute of Chicago), VRDN,
Manufacturing Corporation Project), VRDN, AMT,				7.98%, 3/01/27 (a)(n)		11,450	11,450,000
8.75%, 6/01/19 (a)(n)		3,100	3,100,000	Illinois Educational Facilities Authority, Revenue
				Refunding Bonds (The Art Institute of Chicago),
			161,190,000	VRDN, 7.98%, 3/01/27 (a)(n)		23,600	23,600,000
				Illinois Health Facilities Authority, CP,
				1.65%, 11/06/08		50,000	50,000,000

See Notes to Financial Statements.

18 WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008

Schedule of Investments (continued)					Master Tax-Exempt LLC
			(Percentages shown are based on Net Assets)
	Par				Par
Municipal Bonds	(000)	Value	Municipal Bonds		(000)	Value
Illinois (concluded)			Indiana — 3.8%
Illinois Health Facilities Authority Revenue			DFA Municipal Trust, Indianapolis, Indiana, Local
Bonds, VRDN (a)(n):			Public Improvement Bond Bank, Revenue
(Northwestern Memorial Hospital),			Refunding Bonds, FLOATS, VRDN, Series 2008-47,
7.93%, 8/15/25	$ 16,570	$16,570,000	6.50%, 1/01/35 (a)(b)(n)	$ 36,405		$36,405,000
(Revolving Fund Pooled Program), Series D,			Fort Wayne, Indiana, Waterworks Utility Revenue
7.95%, 8/01/15	39,850	39,850,000	Notes, BAN, 1.80%, 2/11/09		17,840	17,840,000
Illinois State Finance Authority, PCR, Refunding			IPS Multi-School Building Corporation, Indiana,
(Commonwealth Edison Company Project),			Revenue Bonds, ROCS, VRDN, Series II-R-885WF,
VRDN (a)(n):			5.75%, 1/15/30 (a)(b)(c)(n)		7,465	7,465,000
Series D, 7.85%, 3/01/20	5,600	5,600,000	Indiana Bond Bank, Advance Funding Program
Series F, 7.93%, 3/01/17	6,200	6,200,000	Revenue Notes, Series A:
Illinois State Finance Authority Revenue Bonds,			3%, 1/30/09		50,000	50,147,236
VRDN (a)(n):			3%, 5/28/09		40,700	41,008,357
(Illinois Wesleyan University Project),			Indiana Health Facilities Financing Authority, Revenue
6.50%, 9/01/23	2,500	2,500,000	Refunding Bonds (Ascension Health Credit Group),
(Landing at Plymouth Place), Series C,			VRDN, Series A-2, 7.75%, 11/15/36 (a)(n)		75,000	75,000,000
8%, 5/15/37	26,430	26,430,000	Indiana State Development Finance Authority,
(North Park University Project), 7.75%, 7/01/35	4,800	4,800,000	Educational Facilities Revenue Bonds
(Northwestern University), Sub-Series A,			(Indianapolis Museum of Art, Inc. Project), VRDN,
7.50%, 12/01/34	13,975	13,975,000	7.95%, 2/01/39 (a)(n)		43,000	43,000,000
(Northwestern University), Sub-Series A,			Indiana State Development Finance Authority,
7.75%, 12/01/46	4,075	4,075,000	Environmental Revenue Bonds (PSI Energy
(University of Chicago), Series B,			Inc. Projects), VRDN, AMT, Series A,
6.50%, 7/01/34	54,817	54,817,000	8.25%, 12/01/38 (a)(n)		32,550	32,550,000
Illinois State Finance Authority, Revenue Refunding			Indiana State Financing Authority, Health System
Bonds, VRDN (a)(n):			Revenue Bonds (Sisters of St. Francis Health
(Central DuPage Health System), Series C,			Service, Inc. Project), VRDN, Series B,
4.20%, 11/01/38	49,830	49,830,000	7.90%, 11/01/41 (a)(n)		3,700	3,700,000
(Elmhurst Memorial Healthcare Project), Series B,			Indiana State Financing Authority, Lease Appropriation
4.25%, 1/01/48	3,100	3,100,000	Revenue Bonds, VRDN (a)(n):
(Elmhurst Memorial Healthcare Project), Series C,			Series A-2, 7.90%, 2/01/37		5,700	5,700,000
8%, 1/01/48	5,000	5,000,000	Series A-4, 8%, 2/01/35		18,000	18,000,000
(Riverside Health System), Series A,			Series A-5, 8%, 2/01/35		25,000	25,000,000
8.20%, 11/15/22	15,275	15,275,000	Indiana State Financing Authority, Lease Appropriation
(Riverside Health System), Series B,			Revenue Refunding Bonds, VRDN, Series A-2,
8.20%, 11/15/20	16,225	16,225,000	6.50%, 2/01/39 (a)(n)		5,000	5,000,000
Illinois State, GO, MERLOTS, VRDN, Series B04,			Indiana State Financing Authority, Revenue Refunding
4.83%, 12/01/24 (a)(b)(c)(n)	8,935	8,935,000	Bonds (Ascension Health), VRDN, Series E-3,
Illinois State, GO, ROCS, VRDN, Series II-R-12080,			7.80%, 11/15/36 (a)(n)		7,000	7,000,000
4.87%, 11/01/11 (a)(b)(c)(n)	9,470	9,470,000	Indiana University Revenue Bonds, PUTTERS, VRDN,
Illinois State Toll Highway Authority, Toll Highway			Series 2494, 6.66%, 12/15/15 (a)(b)(n)		1,485	1,485,000
Revenue Refunding Bonds, VRDN, Series B,			Pike County, Indiana, Multi-School Building
8.35%, 1/01/17 (a)(c)(n)	12,235	12,235,000	Corporation, Revenue Refunding Bonds, PUTTERS,
Illinois State Toll Highway Authority, Toll Highway			VRDN, Series 1122, 5.25%, 7/15/12 (a)(b)(d)(n)		5,345	5,345,000
Senior Priority Revenue Bonds, VRDN, Series A-2,			Portage, Indiana, EDR (Breckenridge Apartments
7.25%, 7/01/30 (a)(n)	10,000	10,000,000	Project), VRDN, AMT, 10%, 5/01/25 (a)(n)		4,650	4,650,000
University of Illinois, COP (Utility Infrastructure			Saint Joseph County, Indiana, Industrial Educational
Projects), Refunding, VRDN, 6.50%, 8/15/21 (a)(n)	20,460	20,460,000	Facilities Revenue Bonds (University of Notre Dame
Will County, Illinois, Exempt Facilities Revenue Bonds			du Lac Project), VRDN, 5.50%, 3/01/33 (a)(n)		12,000	12,000,000
(BP Amoco Chemical Company Project), VRDN,			Whiting, Indiana, Environmental Facilities Revenue
AMT (a)(n):			Refunding Bonds, VRDN, AMT (a)(n):
4.05%, 3/01/28	6,025	6,025,000	(Amoco Oil Company Project), 4.05%, 7/01/31		6,085	6,085,000
4.05%, 7/01/31	3,800	3,800,000	(BP Products Project), Series C, 4.05%, 7/01/34		4,900	4,900,000
4.05%, 7/01/32	2,600	2,600,000	Whiting, Indiana, Industrial Sewer and Solid Waste
		613,112,000	Disposal Revenue Refunding Bonds (Amoco
			Oil Company Project), VRDN, AMT, 4.05%,
			1/01/26 (a)(n)		10,000	10,000,000
						412,280,593

See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008 19

Schedule of Investments (continued)						Master Tax-Exempt LLC
				(Percentages shown are based on Net Assets)
		Par				Par
Municipal Bonds		(000)	Value	Municipal Bonds		(000)	Value
Iowa — 0.4%				Kentucky (concluded)
Clear Lake, Iowa, Development Revenue Bonds				Louisville and Jefferson Counties, Kentucky,
(Joe Corbis Pizza Project), VRDN, AMT,				Metropolitan Sewer District, Sewer and Drain System,
8.11%, 4/01/31 (a)(n)	$ 3,460		$3,460,000	Revenue Refunding Bonds, VRDN, Series B,
Iowa Finance Authority, Health Facilities Revenue				8.05%, 5/15/23 (a)(c)(n)	$ 7,720		$7,720,000
Bonds (Central Iowa Health System), VRDN,				Louisville and Jefferson Counties, Kentucky, Regional
Series A1, 7.95%, 2/15/35 (a)(f)(n)		9,100	9,100,000	Airport Authority, Special Facilities Revenue Bonds
Iowa Finance Authority, Retirement Community				(UPS Worldwide Forwarding, Inc.), VRDN, AMT (a)(n):
Revenue Bonds (Edgewater — A Wesley Active				Series B, 4.75%, 1/01/29		5,900	5,900,000
Life Community), VRDN, Series E, 8.02%,				Series C, 5.15%, 1/01/29		7,200	7,200,000
11/01/42 (a)(n)		10,000	10,000,000	Municipal Securities Trust Certificates, Campbell and
Iowa Finance Authority, Revenue Refunding Bonds				Kenton Counties, Kentucky, Sanitation District
(Trinity Health Credit Group), VRDN, Series D,				Number 1 Revenue Bonds, VRDN, Series SGA 130,
9%, 12/01/30 (a)(n)		3,400	3,400,000	8.10%, 8/01/11 (a)(b)(c)(n)		11,000	11,000,000
Iowa Higher Education Loan Authority, Education				Public Energy Authority of Kentucky, Inc., Gas Supply
Facilities Revenue Bonds (Saint Ambrose				Revenue Bonds (BP Corporation of North America),
University), VRDN, 4.75%, 4/01/38 (a)(n)		10,000	10,000,000	VRDN, Series A, 4.25%, 8/01/16 (a)(n)		21,172	21,172,000
Louisa County, Iowa, PCR, Refunding (Iowa-				Shelby County, Kentucky, Lease Revenue Bonds,
Illinois Gas and Electric), VRDN, Series A,				VRDN, Series A, 4.25%, 9/01/34 (a)(n)		3,085	3,085,000
8.35%, 9/01/16 (a)(n)		10,000	10,000,000				181,241,306
			45,960,000	Louisiana — 2.4%
Kansas — 0.5%				Calcasieu Parish, Louisiana, IDB, Environmental
Kansas State Department of Transportation, Highway				Revenue Bonds (Citgo Petroleum Corp.), VRDN,
Revenue Bonds, ROCS, VRDN, Series II-R-6020,				AMT, 4.05%, 7/01/26 (a)(n)		20,000	20,000,000
4.49%, 3/01/19 (a)(b)(c)(n)		3,925	3,925,000	Calcasieu Parish, Louisiana, IDB, Environmental
Kansas State Department of Transportation, Highway				Revenue Refunding Bonds (Citgo Petroleum Corp.),
Revenue Refunding Bonds, VRDN (a)(n):				VRDN, AMT, 4.05%, 3/01/25 (a)(n)		35,600	35,600,000
Series B-2, 8%, 9/01/19		11,400	11,400,000	Eagle Tax-Exempt Trust, Louisiana State Gas and
Series C-1, 8.20%, 9/01/19		19,700	19,700,000	Fuels Tax Revenue Bonds, VRDN, Class A (a)(b)(c)(n):
Kansas State Development Financing Authority,				Series 2006-0129, 8.49%, 5/01/41		27,225	27,225,000
M/F Housing Revenue Bonds (Delaware				Series 2006-137, 8.49%, 5/01/36		4,020	4,020,000
Highlands Assistant Living), VRDN, AMT, Series C,				Jefferson Parish, Louisiana, Hospital Service District
8.11%, 12/01/36 (a)(n)		4,290	4,290,000	Number 001, Hospital Revenue Bonds, PUTTERS,
Kansas State Development Financing Authority,				VRDN, Series 522, 5.74%, 12/01/08 (a)(b)(n)		10,000	10,000,000
Revenue Bonds (Sisters of Charity of				Lake Charles, Louisiana, Harbor and Terminal District
Leavenworth Health System), VRDN, Series C,				Revenue Bonds (Lake Charles Cogeneration
4.25%, 12/01/19 (a)(n)		17,665	17,665,000	Project), VRDN, 2.25%, 3/15/09 (a)(n)		53,000	53,000,000
			56,980,000	Louisiana Local Government Environmental Facilities
				and Community Development Authority, Revenue
Kentucky — 1.7%				Bonds, VRDN, AMT (a)(n):
Boyd County, Kentucky, Sewer and Solid Waste				(BASF Corporation Project), 8.75%, 12/01/36		4,000	4,000,000
Revenue Bonds (Air Products and Chemicals				(Honeywell International Inc. Project),
Project), VRDN, AMT, 8.55%, 7/01/21 (a)(n)		3,775	3,775,000	8.16%, 12/01/37		6,000	6,000,000
Carroll County, Kentucky, PCR, CP, 1.83%, 12/01/08		20,930	20,930,000	Louisiana Local Government Environmental Facilities
Eagle Tax-Exempt Trust, Louisville and Jefferson				and Community Development Authority, Revenue
Counties, Kentucky, Metropolitan Sewer				Refunding Bonds (BASF Corporation Project),
District, Sewer and Drain System Revenue				VRDN, Series B, 8.75%, 12/01/30 (a)(n)		7,500	7,500,000
Bonds, VRDN, Series 2006-0053 Class A,				Louisiana Public Facilities Authority Revenue Bonds,
8.49%, 5/15/33 (a)(b)(c)(n)		14,000	14,000,000	VRDN (a)(n):
Jefferson County, Kentucky, CP, 1.75%, 11/06/08		35,000	35,000,000	(Air Products and Chemicals Project), AMT,
Kentucky Asset/Liability Commission, General Fund				8.55%, 12/01/39		2,850	2,850,000
Revenue Notes, TRAN, Series A, 3%, 6/25/09		18,100	18,259,306	(Equipment and Capital Facilities Loan Program),
Kentucky Higher Education Student Loan Corporation,				Series C, 8.21%, 7/01/24		1,150	1,150,000
Student Loan Revenue Refunding Bonds, VRDN,				(II City Plaza LLC Project), 8.21%, 3/01/40		7,280	7,280,000
AMT, Senior Series A-1, 7.75%, 6/01/37 (a)(n)		15,700	15,700,000	Louisiana State, GO, Refunding, VRDN, Series A,
Louisville and Jefferson Counties, Kentucky,				8%, 7/01/26 (a)(n)		8,300	8,300,000
Metropolitan Government Health System, Revenue				Louisiana State Municipal Natural Gas Purchasing
Refunding Bonds, ROCS, VRDN, Series II-R-662CE,				and Distribution Authority Revenue Bonds, PUTTERS,
8.20%, 10/01/36 (a)(b)(n)		17,500	17,500,000	VRDN, Series 1411Q, 7.96%, 3/15/14 (a)(b)(n)		12,787	12,787,000

See Notes to Financial Statements.

20 WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008

Schedule of Investments (continued)						Master Tax-Exempt LLC
				(Percentages shown are based on Net Assets)
		Par				Par
Municipal Bonds		(000)	Value	Municipal Bonds		(000)	Value
Louisiana (concluded)				Maryland (concluded)
Louisiana State Offshore Terminal Authority,				Maryland State Stadium Authority, Lease Revenue
Deepwater Port Revenue Refunding Bonds				Refunding Bonds (Baltimore Convention Center),
(Loop LLC Project), VRDN, Series A,				VRDN, AMT, 8.05%, 12/15/14 (a)(n)	$ 3,595		$3,595,000
4.30%, 9/01/14 (a)(n)	$ 21,950		$21,950,000	Montgomery County, Maryland, EDR (Riderwood
Morgan Keegan Municipal Products, Inc., East Baton				Village Inc. Project), Refunding, VRDN,
Rouge, Louisiana, Mortgage Finance Authority,				8%, 3/01/34 (a)(n)		13,610	13,610,000
S/F Revenue Bonds, VRDN, AMT, Series A,							154,625,000
8.16%, 2/01/11 (a)(b)(n)		8,135	8,135,000
Morgan Keegan Municipal Products, Inc., New				Massachusetts — 3.4%
Orleans, Louisiana, Finance Authority, VRDN,				Bank of America MACON Trust, Massachusetts State
Series G, 8.16%, 12/01/41 (a)(b)(n)		24,125	24,125,000	Development Finance Agency Revenue Bonds, VRDN,
Saint James Parish, Louisiana, Revenue				Series 2007-344, 8.07%, 12/01/12 (a)(b)(n)		92,300	92,300,000
Bonds (NuStar Logistics, L Project), VRDN,				Bank of America MACON Trust, Massachusetts
7.90%, 6/01/38 (a)(n)		4,000	4,000,000	State Health and Educational Facilities Authority
South Louisiana Port Commission, Port Revenue				Revenue Bonds, VRDN, Series 2007-310,
Refunding Bonds (Occidental Petroleum), VRDN,				8%, 6/15/12 (a)(b)(n)		7,880	7,880,000
8.25%, 7/01/18 (a)(n)		4,400	4,400,000	Beverly, Massachusetts, GO, BAN, 2.50%, 1/21/09		7,000	7,017,069
				Eagle Tax-Exempt Trust, Massachusetts State
			262,322,000	Water Resource Authority, Revenue Refunding
Maine — 0.1%				Bonds, VRDN, Series 2006-0054 Class A,
Eclipse Funding Trust, Solar Eclipse Certificates,				8.48%, 8/01/36 (a)(b)(c)(n)		7,495	7,495,000
Maine Health and Higher Educational Facilities				Massachusetts Bay Transportation Authority, Sales
Authority Revenue Bonds, VRDN, Series 2007-0104,				Tax Revenue Refunding Bonds, VRDN, Senior
4.41%, 7/01/37 (a)(b)(g)(n)		3,195	3,195,000	Series A-2, 7.80%, 7/01/26 (a)(n)		17,500	17,500,000
School Administrative District Number 051, Maine,				Massachusetts State, CP:
GO, Refunding, BAN, 3.75%, 12/30/08		4,500	4,507,042	1.50%, 11/03/08		30,000	30,000,000
			7,702,042	1.62%, 11/05/08		18,000	18,000,000
				1.70%, 12/04/08		10,500	10,500,000
Maryland — 1.4%				Massachusetts State Development Finance Agency
Baltimore County, Maryland, EDR, Refunding				Revenue Bonds (Suffolk University), VRDN,
(Garrison Forest School Project), VRDN,				Series A, 8.50%, 7/01/35 (a)(f)(n)		13,710	13,710,000
4.30%, 10/01/31 (a)(n)		6,380	6,380,000	Massachusetts State, GO, Refunding, VRDN, Series B,
Baltimore County, Maryland, Revenue Refunding				6.40%, 1/01/21 (a)(n)		15,300	15,300,000
Bonds (The Paths at Loveton Farms Apartments				Massachusetts State Health and Educational
Facility Project), VRDN, 5.20%, 12/01/21 (a)(n)		4,630	4,630,000	Facilities Authority Revenue Bonds (Dana-Farber
Baltimore, Maryland, Port Facilities Revenue				Cancer Institute), VRDN (a)(n):
Bonds (Occidental Petroleum), FLOATS, VRDN,				Series L-1, 7.75%, 12/01/47		6,800	6,800,000
2%, 10/14/11 (a)(b)(n)		35,700	35,700,000	Series L-2, 7.75%, 12/01/47		7,800	7,800,000
Maryland State Community Development				Massachusetts State Health and Educational
Administration, Department of Housing and				Facilities Authority, Revenue Refunding Bonds,
Community Development, Residential Revenue				VRDN (a)(n):
Bonds, VRDN, AMT, Series C, 8.01%, 9/01/35 (a)(n)		13,630	13,630,000	(Harvard University), Series R, 3.75%, 11/01/49		3,000	3,000,000
Maryland State Economic Development				(Partners Healthcare System Project), Series F-4,
Corporation Revenue Bonds (Pharmaceutics				7.84%, 7/01/40		62,625	62,625,000
International, Inc. Project), VRDN, AMT,				Massachusetts State Water Resource Authority,
Series A, 8.11%, 5/03/21 (a)(n)		4,715	4,715,000	Revenue Refunding Bonds, VRDN, Series B,
Maryland State Economic Development Corporation,				7.75%, 8/01/31 (n)		20,000	20,000,000
Revenue Refunding Bonds (Garrett Community				Municipal Securities Trust Certificates, Massachusetts
College), VRDN, 7.96%, 8/01/38 (a)(n)		7,005	7,005,000	State Turnpike Authority, Metropolitan Highway
Maryland State, GO, ROCS, VRDN, Series II-R-11573,				System, Revenue Refunding Bonds, VRDN, Series
4.20%, 7/15/21 (a)(b)(n)		3,500	3,500,000	SGC 28, Class A, 4.93%, 1/01/29 (a)(b)(n)		6,665	6,665,000
Maryland State Health and Higher Educational				University of Massachusetts Building Authority
Facilities Authority, Revenue Refunding Bonds,				Revenue Bonds, VRDN, Senior Series A,
VRDN (a)(n):				7.75%, 5/01/38 (a)(h)(n)		16,080	16,080,000
(Johns Hopkins University), Series B,				University of Massachusetts Building Authority,
7.75%, 7/01/27		14,765	14,765,000	Revenue Refunding Bonds, VRDN (a)(n):
(Pooled Loan Program), Series D,				Senior Series 3, 7.90%, 11/01/34		20,000	20,000,000
7.20%, 1/01/29		39,895	39,895,000	Senior Series 4, 7.92%, 11/01/34		15,000	15,000,000
(University of Maryland Medical System),
Series B, 7.50%, 7/01/41		7,200	7,200,000				377,672,069

See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008 21

Schedule of Investments (continued)					Master Tax-Exempt LLC
			(Percentages shown are based on Net Assets)
	Par				Par
Municipal Bonds	(000)	Value	Municipal Bonds		(000)	Value
Michigan — 6.1%			Michigan (concluded)
Bank of America MACON Trust, Detroit, Michigan, City			Oakland University, Michigan, Revenue Refunding
School District, GO, Refunding, VRDN, Series J,			Bonds, VRDN, 7.75%, 3/01/31 (a)(n)	$ 8,000		$8,000,000
3.94%, 5/01/28 (a)(b)(c)(n)	$ 5,100	$5,100,000	RBC Municipal Products, Inc., Michigan Higher
Detroit, Michigan, City School District, GO, VRDN,			Education Student Loan Authority, Revenue
Series A, 5.65%, 5/01/29 (a)(c)(n)	4,615	4,615,000	Refunding Bonds, FLOATS, VRDN, AMT, Series L-24,
Detroit, Michigan, Sewage Disposal Revenue			3.10%, 3/01/28 (a)(b)(n)		44,945	44,945,000
Refunding Bonds, VRDN (a)(n):			University of Michigan, University Hospital Revenue
ROCS, Series II-R-9221, 4.61%, 7/01/36 (b)(e)	13,840	13,840,000	Bonds, VRDN, Series A, 8%, 12/01/27 (a)(n)		61,000	61,000,000
Senior Lien, Series C-1, 8.25%, 7/01/27 (c)	19,700	19,700,000	University of Michigan, University Hospital
Detroit, Michigan, Water Supply System, Revenue			Revenue Refunding Bonds, VRDN, Series B,
Refunding Bonds, ROCS, VRDN, Series II-R-665PB,			7.75%, 12/01/37 (a)(n)		12,000	12,000,000
4.31%, 7/01/33 (a)(b)(e)(n)	20,805	20,805,000				665,452,222
Deutsche Bank SPEARs/LIFERs Trust, Wayne County,
Michigan, Airport Authority, Revenue Refunding			Minnesota — 1.3%
Bonds, SPEARs, VRDN, AMT, Series DB-652,			Minnesota Agriculture and Economic
4.11%, 12/01/32 (a)(b)(f)(n)	12,940	12,940,000	Development Board, Revenue Refunding
Eagle Tax-Exempt Trust, Michigan State Building			Bonds (Essentia Health), VRDN, Series C-4B,
Authority, Revenue Refunding Bonds, VRDN, Series			4.90%, 2/15/20 (a)(f)(n)		5,250	5,250,000
2006-156, Class A, 8.72%, 10/15/36 (a)(b)(c)(n)	7,100	7,100,000	Minnesota State, GO, ROCS, VRDN (a)(b)(n):
Eastern Michigan University, Revenue Refunding			Series II-R-4065, 4.38%, 8/01/23		1,665	1,665,000
Bonds, VRDN, 8.25%, 6/01/36 (a)(n)	13,000	13,000,000	Series II-R-6101, 4.32%, 8/01/24		2,300	2,300,000
Grand Rapids, Michigan, Sanitation Sewer System			Minnesota State, HFA, Residential Housing Finance
Revenue Bonds, ROCS, VRDN, Series II-R-12147,			Revenue Refunding Bonds, VRDN, AMT, Series C,
8.73%, 1/01/17 (a)(b)(c)(n)	6,900	6,900,000	8.15%, 7/01/48 (a)(n)		7,500	7,500,000
Kent Hospital Finance Authority, Michigan, Revenue			Rochester, Minnesota, Healthcare Facilities, CP:
Refunding Bonds (Spectrum Health), VRDN,			1.75%, 12/10/08		66,500	66,500,000
Series B-2, 7.91%, 1/15/47 (a)(n)	37,000	37,000,000	1.70%, 12/11/08		41,750	41,750,000
Michigan Municipal Bond Authority Revenue Notes,			Saint Cloud, Minnesota, Health Care Revenue
Series A-1, 3%, 8/20/09	28,600	28,942,222	Bonds (CentraCare Health System Project), VRDN,
Michigan State, HDA, Rental Housing Revenue			Series A, 7.98%, 5/01/42 (a)(f)(n)		7,780	7,780,000
Refunding Bonds, VRDN, AMT, Series A,			University of Minnesota Revenue Bonds, VRDN (a)(n):
4.75%, 10/01/37 (a)(n)	39,000	39,000,000	Series A, 7.75%, 1/01/34		3,820	3,820,000
Michigan State, HDA, Revenue Refunding Bonds,			Series C, 7.75%, 12/01/36		4,935	4,935,000
VRDN, AMT, Series B, 7.75%, 6/01/38 (a)(n)	100,200	100,200,000				141,500,000
Michigan State Hospital Finance Authority Revenue			Mississippi — 1.1%
Bonds (Ascension Health), VRDN, Series B-1,			Mississippi Business Finance Corporation, Gulf
7.75%, 11/15/33 (a)(n)	81,890	81,890,000	Opportunity Zone, IDR (SG Resources
Michigan State Hospital Finance Authority, Revenue			Mississippi LLC), VRDN, 7.90%, 5/01/32 (a)(n)		15,000	15,000,000
Refunding Bonds, VRDN (a)(n):			Mississippi Business Finance Corporation Revenue
(Ascension Health), 7.75%, 11/15/33	39,700	39,700,000	Bonds (Renaissance at Colony Park LLC Project),
(McLaren Health Care), Series B,			VRDN, 8.01%, 5/01/35 (a)(n)		12,870	12,870,000
7.90%, 10/15/30	4,800	4,800,000	Mississippi Development Bank, Special Obligation
(McLaren Health Care), Series B,			Revenue Bonds (Municipal Gas Authority of
7.90%, 10/15/38	12,300	12,300,000	Mississippi — Natural Gas Supply Project), VRDN,
Michigan State Revenue Bonds, PUTTERS, VRDN,			7.25%, 7/01/15 (a)(n)		50,522	50,522,000
Series 2096, 4.59%, 9/15/17 (a)(b)(c)(n)	9,970	9,970,000	Mississippi Development Bank, Special Obligation
Michigan State University, General Revenue Bonds,			Revenue Refunding Bonds (Walnut Grove
VRDN (a)(n):			Youth Facility Project), VRDN, Series A,
7.82%, 2/15/34	38,740	38,740,000	7.25%, 8/01/27 (a)(n)		8,000	8,000,000
FLOATS, Series A2, 8.70%, 8/15/22 (b)	25,400	25,400,000	Mississippi Hospital Equipment and Facilities
Michigan State University, General Revenue Refunding			Authority, Revenue Refunding Bonds (North
Bonds, VRDN, Series A, 7.82%, 2/15/33 (a)(n)	7,315	7,315,000	Mississippi Health Services), VRDN, Series 1,
Oakland County, Michigan, Economic Development			7.95%, 5/15/16 (a)(n)		4,524	4,524,000
Corporation, Limited Obligation Revenue Bonds,			Mississippi State, Capital Improvement, GO, VRDN,
VRDN (a)(n):			8%, 9/01/25 (a)(n)		30,200	30,200,000
(Exhibit Enterprises, Inc. Project), AMT,
8.11%, 6/01/34	6,250	6,250,000				121,116,000
(Marian High School Inc. Project),
8.21%, 5/01/37	4,000	4,000,000

See Notes to Financial Statements.

22 WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008

Schedule of Investments (continued)					Master Tax-Exempt LLC
				(Percentages shown are based on Net Assets)
		Par			Par
Municipal Bonds		(000)	Value	Municipal Bonds	(000)	Value
Missouri — 0.6%				Nevada (concluded)
Missouri-Illinois Bi-State Development Agency,				Clark County, Nevada, School District, GO,
Subordinate Mass Transit Revenue Bonds				PUTTERS, VRDN, Series 1429, 5.25%,
(Metrolink Cross County Extension Project), VRDN,				12/15/13 (a)(b)(c)(n)	$ 4,365	$4,365,000
Series A, 7.50%, 10/01/35 (a)(n)	$ 3,160		$3,160,000	Truckee Meadows, Nevada, Water Authority, Water
Missouri Joint Municipal Electric Utility Commission,				Revenue Refunding Bonds, FLOATS, VRDN,
Power Project Revenue Bonds, ROCS, VRDN,				Series 51TP, 4.28%, 7/01/30 (a)(b)(c)(n)	5,895	5,895,000
Series II-R-620PB, 4.32%, 1/01/34 (a)(b)(e)(n)		5,730	5,730,000			53,744,048
Missouri State Health and Educational Facilities
Authority, Health Facilities Revenue Refunding				New Hampshire — 0.2%
Bonds, VRDN (a)(n):				Eclipse Funding Trust, Solar Eclipse Certificates,
(Saint Luke’s Health System), Series A,				New Hampshire Health and Educational
8%, 11/15/40		8,325	8,325,000	Facilities Authority Revenue Bonds, VRDN,
(Sisters of Mercy Health System), Series A,				Series 2007-0018, 4.05%, 7/01/36 (a)(b)(n)	10,495	10,495,000
4.25%, 6/01/16		7,300	7,300,000	New Hampshire Health and Education Facilities
(Sisters of Mercy Health System), Series B,				Authority Revenue Bonds (River College), VRDN,
4.25%, 6/01/16		6,300	6,300,000	8.32%, 2/01/38 (a)(n)	6,870	6,870,000
(Sisters of Mercy Health System), Series C,						17,365,000
7.93%, 6/01/19		8,925	8,925,000	New Jersey — 0.0%
(Sisters of Mercy Health System), Series D-3,				Deutsche Bank SPEARs/LIFERs Trust, New Jersey
8.05%, 6/01/33 (c)		6,025	6,025,000	State Transportation Trust Fund Revenue
Missouri State Highways and Transportation				Bonds, SPEARs, VRDN, AMT, Series DB-452,
Commission, State Road Revenue Bonds, ROCS,				4.19%, 12/15/33 (a)(b)(c)(n)	2,595	2,595,000
VRDN, Series II-R-8102, 4.42%, 5/01/23 (a)(b)(n)		4,000	4,000,000
Palmyra, Missouri, IDA, Solid Waste Disposal				New Mexico — 0.3%
Revenue Bonds (BASF Corporation Project), VRDN,				Eclipse Funding Trust, Solar Eclipse Certificates,
AMT, 8.75%, 12/01/22 (a)(n)		6,000	6,000,000	Rio Rancho, New Mexico, Water and Waste
Saint Louis, Missouri, General Fund, TRAN,				Water Revenue Bonds, VRDN, Series
3.25%, 6/30/09		5,300	5,357,637	2006-0019, 4.25%, 5/15/32 (a)(b)(d)(n)	14,505	14,505,000
				New Mexico Mortgage Finance Authority,
			61,122,637	S/F Mortgage Revenue Bonds, VRDN, AMT,
Multi-State — 0.0%				2.49%, 10/01/08 (a)(n)	17,903	17,903,075
Clipper Tax-Exempt Certificates Trust, Multi-State				New Mexico State Hospital Equipment Loan
Revenue Bonds, VRDN, AMT, Series 2007-19,				Council, Hospital Revenue Refunding Bonds
8.11%, 6/01/11 (a)(b)(i)(n)		3,227	3,227,000	(Presbyterian Healthcare Services), VRDN,
Nebraska — 1.3%				Series A, 8.15%, 8/01/30 (a)(c)(n)	4,480	4,480,000
American Public Energy Agency, Nebraska, Gas						36,888,075
Supply Revenue Bonds, VRDN (a)(n):				New York — 4.8%
(National Public Gas Agency Project), Series B,				Albany, New York, City School District, GO, BAN,
6.50%, 2/01/14		83,635	83,635,000	Series A, 3%, 6/26/09	32,665	32,951,056
Series A, 7.25%, 12/01/15		31,258	31,258,000	Babylon, New York, IDA Residential Recovery
Eagle Tax-Exempt Trust, Omaha Public Power				Revenue Refunding Bonds (Ogden Martin
District, Nebraska, Separate Electric Revenue				Project), VRDN, 8.30%, 1/01/19 (a)(c)(n)	7,000	7,000,000
Bonds, VRDN, Series 2005-3008, Class A,				New York City, New York, City Housing
8.19%, 2/01/46 (a)(b)(n)		12,760	12,760,000	Development Corporation, M/F Mortgage
Eagle Tax-Exempt Trust, Public Power Generation				Revenue Bonds (Beekman Tower), VRDN,
Agency, Nebraska, Revenue Bonds, VRDN, Series A,				Series A, 7.90%, 3/01/48 (a)(n)	24,300	24,300,000
8.19%, 1/01/41 (a)(b)(n)		11,000	11,000,000	New York City, New York, City Housing
Eclipse Funding Trust, Solar Eclipse Certificates,				Development Corporation, M/F Mortgage
Omaha, Nebraska, Public Power District				Revenue Refunding Bonds (The Crest Project),
Revenue Bonds, VRDN, Series 2006-0025,				VRDN, Series A, 8%, 12/01/36 (a)(n)	2,700	2,700,000
4.18%, 2/01/36 (a)(b)(n)		5,870	5,870,000	New York City, New York, City Housing
			144,523,000	Development Corporation, M/F Rental Housing
Nevada — 0.5%				Revenue Bonds (Brittany Development), VRDN,
Clark County, Nevada, Airport System Revenue Bonds,				AMT, Series A, 8.15%, 6/15/29 (a)(j)(n)	13,000	13,000,000
VRDN, AMT, 3%, 7/01/09 (a)(n)		36,600	36,884,048	New York City, New York, City IDA, Liberty Revenue
Clark County, Nevada, Airport System Revenue				Bonds (One Bryant Park LLC Project), VRDN,
Refunding Bonds, Sub-Lien, VRDN, Series D-1,				Series A, 7.50%, 11/01/39 (a)(n)	24,000	24,000,000
7.93%, 7/01/36 (a)(n)		6,600	6,600,000	New York City, New York, City Municipal Water
				Finance Authority, CP:
				1.65%, 11/05/08	7,050	7,050,000
				1.65%, 11/14/08	50,000	50,000,000
				1.75%, 11/14/08	25,000	25,000,000

See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008 23

Schedule of Investments (continued)					Master Tax-Exempt LLC
			(Percentages shown are based on Net Assets)
	Par				Par
Municipal Bonds	(000)	Value	Municipal Bonds		(000)	Value
New York (concluded)			North Carolina (continued)
New York City, New York, City Transitional Finance			Cleveland County, North Carolina, Industrial Facilities
Authority, Future Tax Secured Revenue Bonds,			and Pollution Control Financing Authority, Industrial
VRDN, Series A-1, 7.75%, 11/15/28 (a)(n)	$ 15,780	$15,780,000	Revenue Bonds (Chris Craft Corporation Project),
New York City, New York, City Transitional Finance			VRDN, AMT, 8.08%, 5/01/32 (a)(n)	$ 5,200		$5,200,000
Authority Revenue Bonds (New York City			Eagle Tax-Exempt Trust, North Carolina Capital
Recovery), VRDN, Series 3, Sub-Series 3-G,			Facilities Finance Agency, Revenue Refunding
8%, 11/01/22 (a)(n)	18,465	18,465,000	Bonds, VRDN, Series 2007-0015, Class A,
New York City, New York, City Transitional Finance			8.23%, 7/01/42 (a)(b)(n)		10,890	10,890,000
Authority Revenue Refunding Bonds, VRDN (a)(n):			Lee County, North Carolina, Industrial Facilities
(New York City Recovery), Series 3,			and Pollution Control Financing Authority, IDR
Sub-Series 3-B, 4.15%, 11/01/22	52,125	52,125,000	(Arden Corporation Project), VRDN, AMT,
Sub-Series C-3, 7.75%, 8/01/31	13,545	13,545,000	8.11%, 8/01/34 (a)(n)		4,800	4,800,000
New York City, New York, City Transitional Finance			Martin County, North Carolina, Industrial Facilities
Authority, Special Tax Revenue Refunding Bonds,			and Pollution Control Financing Authority,
VRDN, Series C, 8%, 2/01/32 (a)(n)	8,100	8,100,000	IDR (Penco Products Project), VRDN, AMT,
New York City, New York, GO, ROCS, VRDN,			8.11%, 9/01/22 (a)(n)		9,000	9,000,000
Series II-R-251A, 5.43%, 12/15/33 (a)(b)(n)	25,000	25,000,000	Mecklenburg County, North Carolina, COP, VRDN (a)(n):
New York City, New York, GO, Refunding, VRDN (a)(n):			7.48%, 2/01/25		31,150	31,150,000
Sub-Series E-3, 4.25%, 8/01/23	19,300	19,300,000	7.48%, 2/01/26		44,415	44,415,000
Sub-Series J-8, 4%, 8/01/21	1,600	1,600,000	Series A, 7.48%, 2/01/26		28,565	28,565,000
Sub-Series J-9, 7.76%, 8/01/27	25,000	25,000,000	Series A, 5%, 2/01/27		25,060	25,060,000
New York City, New York, GO, VRDN (a)(n):			Series A, 8%, 2/01/28		9,000	9,000,000
Series F-4, 7.86%, 2/15/20	16,840	16,840,000	Montgomery County, North Carolina, Industrial
Sub-Series H-1, 4.25%, 1/01/36	5,000	5,000,000	Facilities and Pollution Control Financing Authority
Sub-Series H-3, 8%, 3/01/34	3,800	3,800,000	Revenue Bonds (Republic Services Project), VRDN,
Sub-Series I-4, 8.25%, 4/01/36	10,550	10,550,000	AMT, 4.40%, 12/01/20 (a)(n)		2,900	2,900,000
New York State Dormitory Authority, Mental Health			North Carolina Capital Facilities Finance Agency,
Services Revenue Bonds, VRDN, Sub-Series D-2F,			Exempt Facilities Revenue Bonds (Republic Services
7.80%, 2/15/31 (a)(n)	9,120	9,120,000	Inc. Project), VRDN, AMT, 8.05%, 9/01/25 (a)(n)		10,000	10,000,000
New York State Dormitory Authority, Non-State			North Carolina Capital Facilities Finance Agency
Supported Debt Revenue Bonds (Rochester			Revenue Bonds (Aquarium Society Project), VRDN,
Friendly Home), VRDN, 7.95%, 6/01/38 (a)(n)	8,545	8,545,000	7.25%, 6/01/26 (a)(n)		3,400	3,400,000
New York State, HFA, Housing Revenue Bonds			North Carolina Capital Facilities Finance Agency, Solid
(363 West 30th Street), VRDN, AMT, Series A,			Waste Disposal, Revenue Refunding Bonds (Duke
8.20%, 11/01/32 (a)(k)(n)	2,800	2,800,000	Energy Carolinas LLC), VRDN, AMT (a)(n):
New York State, HFA, Revenue Bonds, VRDN, AMT,			Series A, 8%, 11/01/40		9,000	9,000,000
Series A (a)(n):			Series B, 7.90%, 11/01/40		6,000	6,000,000
(42nd & 10th Project), 7.65%, 11/01/41	29,500	29,500,000	North Carolina Eastern Municipal Power Agency,
(Worth Street Project), 8.15%, 5/15/33 (j)	11,800	11,800,000	Power System Revenue Bonds, MERLOTS, VRDN,
New York State, HFA, Service Contract Revenue			Series A22, 4.84%, 1/01/24 (a)(b)(n)		4,025	4,025,000
Refunding Bonds, VRDN, Series G,			North Carolina Educational Facilities Finance
7.82%, 3/15/28 (a)(n)	11,000	11,000,000	Agency Revenue Bonds (Duke University
New York State Mortgage Agency, Homeowner			Project), VRDN (a)(n):
Mortgage Revenue Bonds, VRDN, AMT (a)(n):			Series A, 7.90%, 12/01/17		8,250	8,250,000
37th Series, 8.30%, 4/01/35	15,200	15,200,000	Series A, 7.90%, 6/01/27		13,700	13,700,000
Series 139, 5%, 10/01/37	4,750	4,750,000	Series B, 7.75%, 12/01/21		11,100	11,100,000
New York State Urban Development Corporation,			North Carolina HFA, Home Ownership Revenue Bonds,
Service Contract Revenue Refunding Bonds, VRDN,			VRDN, AMT (a)(n):
Series A-5, 7.85%, 1/01/30 (a)(n)	11,800	11,800,000	MERLOTS, Series B12, 4.77%, 7/01/37 (b)		3,085	3,085,000
Triborough Bridge and Tunnel Authority, New York,			Series 18-C, 7.75%, 1/01/35		3,000	3,000,000
General Purpose Revenue Bonds, VRDN, Series B,			North Carolina Medical Care Commission, Health
7.83%, 1/01/33 (a)(n)	18,145	18,145,000	Care Facilities Revenue Bonds, VRDN (a)(n):
		523,766,056	(Novant Health Group), Series B,
			7.50%, 11/01/34		8,300	8,300,000
North Carolina — 5.6%			(Novant Health Inc.), Series A, 7.91%, 11/01/34		59,750	59,750,000
Charlotte, North Carolina, Water and Sewer			North Carolina Medical Care Commission, Health Care
System Revenue Bonds, VRDN, Series B,			Facilities, Revenue Refunding Bonds, VRDN (a)(n):
7.48%, 7/01/36 (a)(n)	99,890	99,890,000	(Duke University Health System), Series C,
			7.91%, 6/01/28		11,500	11,500,000
			ROCS, Series II-R-10313, 5.32%, 6/01/11 (b)		6,200	6,200,000

See Notes to Financial Statements.

24 WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008

Schedule of Investments (continued)						Master Tax-Exempt LLC
				(Percentages shown are based on Net Assets)
		Par				Par
Municipal Bonds		(000)	Value	Municipal Bonds		(000)	Value
North Carolina (concluded)				Ohio (concluded)
North Carolina Medical Care Commission, Hospital				Hamilton County, Ohio, Student Housing
Revenue Bonds, VRDN (a)(n):				Revenue Bonds (Block 3 Community Urban
(Duke University Hospital Project), Series B,				Redevelopment Corporation Project), VRDN,
7.35%, 6/01/15	$ 2,250		$2,250,000	8.30%, 8/01/36 (a)(n)	$ 8,830		$8,830,000
(Moses H. Cone Memorial Health System),				Lancaster Port Authority, Ohio, Gas Revenue Bonds,
Series A, 6.50%, 10/01/35		39,450	39,450,000	VRDN, 8%, 5/01/38 (a)(n)		17,000	17,000,000
(Moses H. Cone Memorial Health System),				Mercer County, Ohio, Detention Facility, GO, BAN,
Series B, 6.50%, 10/01/35		28,300	28,300,000	2.75%, 3/10/09		1,500	1,503,231
North Carolina Medical Care Commission, Hospital				Municipal Securities Trust Certificates, Princeton,
Revenue Refunding Bonds (Duke University				Ohio, City School District, GO, VRDN,
Hospital Project), VRDN, 7.35%, 6/01/23 (a)(n)		22,850	22,850,000	Series SGB 50-A, 4%, 12/01/30 (a)(b)(d)(n)		2,370	2,370,000
North Carolina Medical Care Commission, Retirement				Ohio State Air Quality Development Authority,
Facilities Revenue Refunding Bonds (Aldersgate				Revenue Refunding Bonds, VRDN (a)(n):
Project), VRDN, 8.05%, 1/01/31 (a)(n)		500	500,000	(Cincinnati Gas and Electric), Series A,
North Carolina State, GO, VRDN, Series F,				8%, 9/01/30		7,900	7,900,000
7.75%, 5/01/21 (a)(n)		7,200	7,200,000	(Cincinnati Gas and Electric), Series B,
Raleigh, North Carolina, COP (Downtown				8.70%, 9/01/30		16,300	16,300,000
Improvement Projects), VRDN, Series B,				(FirstEnergy Nuclear Generation Corporation
7.91%, 2/01/34 (a)(n)		19,000	19,000,000	Project), AMT, Series A, 8.07%, 6/01/33		12,400	12,400,000
Raleigh, North Carolina, Combined Enterprise System				Ohio State, GO, Common Schools, VRDN (a)(n):
Revenue Bonds, ROCS, VRDN, Series II-R-645,				Series A, 7.80%, 3/15/25		21,785	21,785,000
6.07%, 3/01/36 (a)(b)(n)		6,400	6,400,000	Series B, 7.80%, 3/15/25		31,115	31,115,000
Union County, North Carolina, GO, Refunding, VRDN,				Ohio State, GO, Refunding, VRDN, Series D,
Series A, 7.47%, 3/01/29 (a)(n)		2,335	2,335,000	8%, 2/01/19 (a)(n)		10,200	10,200,000
University of North Carolina at Chapel Hill, Hospital				Ohio State University, General Receipts Revenue
Revenue Refunding Bonds, VRDN, Series B,				Bonds, VRDN, Series B, 7.75%, 6/01/35 (a)(n)		900	900,000
4.25%, 2/15/31 (a)(n)		3,900	3,900,000	Ohio State Water Development Authority, Pollution
University of North Carolina, University				Control Facilities, Revenue Refunding Bonds
Revenue Refunding Bonds, VRDN, Series B,				(FirstEnergy Nuclear Generation Corporation Project),
7.70%, 12/01/25 (a)(n)		4,100	4,100,000	VRDN, AMT, Series A, 6.50%, 8/01/33 (a)(n)		30,000	30,000,000
Wake County, North Carolina, GO, VRDN, Series A,				Ohio State Water Development Authority, Revenue
7.90%, 4/01/19 (a)(n)		45,250	45,250,000	Refunding Bonds, BAN, 2%, 11/06/08		3,810	3,810,881
Wake County, North Carolina, Industrial Facilities				Strongsville, Ohio, GO, BAN, 2.60%, 12/11/08		1,725	1,726,161
and Pollution Control Financing Authority Revenue							212,932,643
Bonds (Solid Waste Disposal-Highway 55), VRDN,
AMT, 7.65%, 9/01/13 (a)(n)		2,700	2,700,000	Oklahoma — 0.1%
				Oklahoma State Development Finance Authority
			612,415,000	Revenue Bonds (ConocoPhillips Company Project),
North Dakota — 0.1%				VRDN, AMT (a)(n):
Cass County, North Dakota, Health Facilities Revenue				8.25%, 12/01/38		5,000	5,000,000
Bonds (Essentia Health — Saint Mary’s Duluth				Series B, 8.25%, 8/01/37		2,500	2,500,000
Clinic), VRDN, Series A-1, 8%, 2/15/37 (a)(f)(n)		10,185	10,185,000	Oklahoma State, HFA, S/F Mortgage Revenue
Ohio — 1.9%				Refunding Bonds, VRDN, 2.49%, 3/01/09 (a)(n)		5,990	5,990,200
Allen County, Ohio, Hospital Facilities Revenue Bonds							13,490,200
(Catholic Healthcare Partners), VRDN, Series A,				Oregon — 0.7%
4.20%, 10/01/31 (a)(n)		5,000	5,000,000	ABN AMRO MuniTops Certificates Trust,
Canfield, Ohio, Local School District, GO, BAN,				Portland, Oregon, GO, VRDN, Series 2001-4,
2.50%, 9/17/09		4,730	4,757,719	5.15%, 6/01/09 (a)(b)(d)(n)		11,730	11,730,000
Clark County, Ohio, GO, BAN, 2%, 5/06/09		1,275	1,276,492	Clackamas County, Oregon, Hospital Facility Authority
Clinton County, Ohio, Sanitation and Sewer, GO, BAN,				Revenue Bonds (Legacy Health System), VRDN,
2.50%, 10/23/08		2,475	2,476,002	7.92%, 2/15/30 (a)(n)		8,875	8,875,000
Dayton-Montgomery County Port Authority, Ohio,				Klamath Falls, Oregon, Electric Revenue Refunding
Special Airport Facilities Revenue Bonds				Bonds (Klamath Cogeneration Project), Senior Lien,
(Wilmington Air Park LLC), VRDN, AMT (a)(n):				VRDN, 6%, 1/01/09 (a)(l)(n)		30,000	30,810,696
Series B, 8.35%, 2/01/37		11,000	11,000,000	Medford, Oregon, Hospital Facilities Authority
Series C, 8.35%, 2/01/37		8,000	8,000,000	Revenue Bonds (Rogue Valley Manor Project), VRDN,
Deerfield Township, Ohio, GO, BAN, 3.45%, 11/18/08		3,050	3,050,000	4.25%, 8/15/37 (a)(n)		17,200	17,200,000
Fairfield, Ohio, Golf Course Improvements, GO, BAN,				Oregon State Facilities Authority Revenue Bonds
4%, 12/05/08		2,000	2,001,917	(PeaceHealth), VRDN, Series B, 7.75%,
Grove City, Ohio, Construction and Improvement				8/01/34 (a)(n)		12,825	12,825,000
Notes, GO, 2.32%, 3/12/09		9,530	9,530,240
							81,440,696

See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008 25

Schedule of Investments (continued)					Master Tax-Exempt LLC
				(Percentages shown are based on Net Assets)
		Par			Par
Municipal Bonds		(000)	Value	Municipal Bonds	(000)	Value
Pennsylvania — 3.1%				Rhode Island — 0.2%
Allegheny County, Pennsylvania, Hospital Development				Narragansett Bay Commission, Rhode Island,
Authority Revenue Bonds, VRDN (a)(n):				Wastewater System Revenue Bonds,
PUTTERS, Series 2327, 5.63%, 2/01/11 (b)	$ 5,885		$5,885,000	ROCS, VRDN, Series II-R-780PB,
(University of Pittsburgh Medical Center),				4.12%, 2/01/32 (a)(b)(e)(n)	$ 13,895	$13,895,000
Series B-1, 4.16%, 12/01/16		6,293	6,293,000	Rhode Island Housing and Mortgage Finance
Beaver County, Pennsylvania, IDA, PCR, Refunding				Corporation Revenue Bonds, ROCS, VRDN,
(FirstEnergy Nuclear Generation Corporation				Series II-R-599, 4.82%, 4/01/33 (a)(b)(n)	5,345	5,345,000
Project), VRDN, Series B, 7.97%, 12/01/35 (a)(n)		23,740	23,740,000			19,240,000
Butler County, Pennsylvania, IDA, Revenue Bonds
(Concordia Lutheran Ministers), VRDN, Series A,				South Carolina — 1.5%
8%, 4/01/30 (a)(n)		4,905	4,905,000	Bank of America MACON Trust, South Carolina
Delaware County, Pennsylvania, Authority, College				Jobs EDA, Revenue Bonds, VRDN, Series
Revenue Bonds (Haverford College), VRDN,				2007-303, 8%, 2/01/12 (a)(b)(n)	9,080	9,080,000
9%, 11/15/38 (a)(n)		18,500	18,500,000	Berkeley County, South Carolina, Exempt
Delaware Valley Regional Finance Authority,				Facilities, Industrial Revenue Bonds (Amoco
Pennsylvania, Local Government Revenue Bonds,				Chemical Company Project), VRDN, AMT,
VRDN, Series D, 7.85%, 12/01/20 (a)(n)		25,000	25,000,000	4.05%, 4/01/28 (a)(n)	4,600	4,600,000
Emmaus, Pennsylvania, General Authority Revenue				Eagle Tax-Exempt Trust, South Carolina State
Bonds (Pennsylvania Loan Program), VRDN,				Public Service Authority, Revenue Bonds,
Series A, 8.50%, 3/01/30 (a)(c)(n)		13,200	13,200,000	VRDN, Series 2006-0007, Class A,
Pennsylvania Economic Development Financing				8.17%, 1/01/36 (a)(b)(d)(n)	11,500	11,500,000
Authority, Wastewater Treatment Revenue Refunding				Florence County, South Carolina, Solid Waste
Bonds (Sunoco Inc. — R & M Project), VRDN, AMT,				Disposal and Wastewater Treatment Revenue
Series B, 8.20%, 10/01/34 (a)(n)		6,700	6,700,000	Bonds (Roche Carolina Inc. Project), VRDN,
Pennsylvania HFA, Rental Housing Revenue Refunding				AMT (a)(n):
Bonds, VRDN, Series B, 7.50%, 1/01/21 (a)(n)		8,340	8,340,000	4.10%, 4/01/26	8,700	8,700,000
Pennsylvania HFA, S/F Mortgage Revenue Bonds,				4.10%, 4/01/27	6,780	6,780,000
VRDN, AMT (a)(n):				Greenville Hospital System, South Carolina,
Series 86B, 8.15%, 4/01/35		9,410	9,410,000	Hospital Facilities Revenue Refunding Bonds,
Series 87C, 8.30%, 10/01/35		17,300	17,300,000	VRDN (a)(n):
Series 89, 8.15%, 10/01/35		53,235	53,235,000	Series B, 7.85%, 5/01/33	4,500	4,500,000
Pennsylvania HFA, S/F Mortgage Revenue Refunding				Series C, 7.25%, 5/01/33	4,500	4,500,000
Bonds, VRDN, AMT (a)(n):				Greenwood County, South Carolina, Exempt
Series 91B, 8.15%, 10/01/36		9,200	9,200,000	Facility Industrial Revenue Refunding Bonds
Series 99C, 8.20%, 10/01/23		5,100	5,100,000	(Fuji Photo Film Project), VRDN, AMT,
Pennsylvania State Turnpike Commission, Turnpike				8.25%, 9/01/11 (a)(n)	12,200	12,200,000
Revenue Refunding Bonds:				Piedmont Municipal Power Agency, South
Series A-1, 7.95%, 12/01/30		28,375	28,375,000	Carolina, Electric Revenue Refunding Bonds,
VRDN, Series A-2, 7.25%, 12/01/22 (a)(n)		19,850	19,850,000	VRDN, Series B, 8%, 1/01/34 (a)(f)(n)	8,200	8,200,000
VRDN, Series B, 8.20%, 12/01/12 (a)(n)		9,030	9,030,000	South Carolina Housing Finance and
VRDN, Series U, 6.50%, 12/01/19 (a)(n)		7,900	7,900,000	Development Authority, Mortgage Revenue
Philadelphia, Pennsylvania, Hospitals and Higher				Bonds, ROCS, VRDN, AMT, Series II-R-398,
Education Facilities Authority, Hospital Revenue				5.92%, 7/01/34 (a)(b)(c)(n)	2,005	2,005,000
Refunding Bonds (Children’s Hospital Project),				South Carolina Jobs, EDA, EDR (Holcim (US) Inc.
VRDN, Series A, 5%, 7/01/31 (a)(n)		4,750	4,750,000	Project), VRDN, AMT, 8.11%, 12/01/33 (a)(n)	12,500	12,500,000
Philadelphia, Pennsylvania, Water and Wastewater				South Carolina Jobs, EDA, Hospital Facilities
Revenue Refunding Bonds, VRDN, Series B,				Revenue Bonds (Sisters of Charity Providence
8.05%, 8/01/18 (a)(c)(n)		15,025	15,025,000	Hospitals), VRDN, 7.50%, 11/01/31 (a)(n)	45,780	45,780,000
Saint Mary Hospital Authority of Bucks County,				South Carolina Transportation Infrastructure Bank,
Pennsylvania, Revenue Bonds (Catholic Health				Revenue Refunding Bonds, VRDN (a)(n):
Initiatives), VRDN, Series C, 8%, 5/01/44 (a)(n)		30,000	30,000,000	Series B1, 7.50%, 10/01/31	5,300	5,300,000
University of Pittsburgh, Pennsylvania, The				Series B2, 8%, 10/01/31	4,800	4,800,000
Commonwealth System of Higher Education,				Series B3, 7.95%, 10/01/31	7,900	7,900,000
Revenue Bonds (University Capital Project),				Spartanburg, South Carolina, Waterworks Revenue
VRDN (a)(n):				Bonds, ROCS, VRDN, Series II-R-11020PB,
Series A, 8.25%, 9/15/39		6,500	6,500,000	4.14%, 6/01/36 (a)(b)(c)(n)	13,360	13,360,000
Series C, 8.25%, 9/15/35		13,000	13,000,000			161,705,000
			341,238,000

See Notes to Financial Statements.

26 WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008

Schedule of Investments (continued)						Master Tax-Exempt LLC
				(Percentages shown are based on Net Assets)
		Par				Par
Municipal Bonds		(000)	Value	Municipal Bonds		(000)	Value
Tennessee — 2.6%				Texas — 15.0%
BNP Paribas STARS Certificates Trust, The				Brazos Harbor, Texas, Industrial Development
Tennergy Corporation, Tennessee, Gas				Corporation, Environmental Facilities Revenue
Revenue Bonds, VRDN, Series 2006-001,				Bonds (ConocoPhillips Company Project), VRDN,
4.20%, 5/01/16 (a)(n)	$ 8,780		$8,780,000	AMT, 8.25%, 8/01/38 (a)(n)	$ 4,500		$4,500,000
Chattanooga, Tennessee, Health, Education				Brazos River, Texas, Harbor Industrial Development
and Housing Facility Board Revenue Bonds				Corporation Revenue Bonds (BASF Corporation
(The McCallie School Project), VRDN,				Project), VRDN, AMT (a)(n):
7.90%, 7/01/25 (a)(n)		15,950	15,950,000	8.75%, 10/01/36		50,000	50,000,000
Clarksville, Tennessee, Public Building Authority,				8.75%, 5/01/38		25,000	25,000,000
Pooled Financing Revenue Bonds (Tennessee				Clipper Tax-Exempt Certificates Trust, Texas,
Municipal Bond Fund), VRDN (a)(n):				Revenue Bonds, VRDN, Series 2007-46,
7.25%, 11/01/27		28,810	28,810,000	7.99%, 8/01/17 (a)(b)(i)(n)		10,000	10,000,000
7.25%, 6/01/29		35,105	35,105,000	Collin County, Texas, GO, FLOATS, VRDN, Series 42-TP,
Clarksville, Tennessee, Public Building Authority				4.21%, 2/15/26 (a)(b)(n)		10,925	10,925,000
Revenue Bonds, Pooled Financing (Tennessee				Cypress-Fairbanks, Texas, Independent School
Municipal Bond Fund), VRDN, 4.25%,				District, GO, FLOATS, VRDN, Series 86TP,
7/01/34 (a)(n)		3,900	3,900,000	4.21%, 2/15/30 (a)(b)(d)(n)		2,555	2,555,000
Franklin, Tennessee, Public Building Authority, Local				Dallas-Fort Worth, Texas, International Airport Facility,
Government Public Improvement Revenue Bonds,				Improvement Corporation Revenue Refunding
VRDN, Series 101-A-1, 5.25%, 6/01/19 (a)(n)		2,000	2,000,000	Bonds (United Parcel Service Inc.), VRDN,
Knox County, Tennessee, Health, Educational and				5.15%, 5/01/32 (a)(n)		5,050	5,050,000
Housing Facilities Board, Hospital Facilities				Dallas-Fort Worth, Texas, International Airport Revenue
Revenue Bonds (Catholic Healthcare Partners),				Bonds, ROCS, VRDN, AMT, Series II-R-12084,
VRDN, Series B, 7.97%, 10/01/31 (a)(n)		4,200	4,200,000	4.69%, 11/01/13 (a)(b)(c)(n)		8,430	8,430,000
Metropolitan Government of Nashville and Davidson				Denton, Texas, Independent School District, GO,
County, Tennessee, Health and Educational				VRDN, Series 2005-A, 7.75%, 8/01/35 (a)(n)		2,500	2,500,000
Facilities Board Revenue Bonds (Ascension Health),				Deutsche Bank SPEARs/LIFERs Trust, Brownsville,
VRDN, 7.75%, 11/15/31 (a)(n)		33,000	33,000,000	Texas, Utility System Revenue Bonds, SPEARs,
Metropolitan Government of Nashville and Davidson				VRDN, Series DBE-533, 3.36%, 9/01/21 (a)(b)(n)		1,785	1,785,000
County, Tennessee, IDB, Revenue Bonds (Nashville				Deutsche Bank SPEARs/LIFERs Trust, North
Symphony Hall Project), VRDN, Series A,				Texas Tollway Authority, Revenue Refunding
7.25%, 12/01/31 (a)(n)		13,608	13,608,000	Bonds, SPEARs, VRDN, Series DB-626,
Montgomery County, Tennessee, Public Building				4.08%, 1/01/32 (a)(b)(f)(n)		11,487	11,487,000
Authority, Pooled Financing Revenue Bonds				Eagle Tax-Exempt Trust, Dallas, Texas, Area
(Tennessee County Loan Pool), VRDN,				Rapid Transit, Sales Tax Revenue Refunding
7.25%, 3/01/25 (a)(n)		2,095	2,095,000	Bonds, VRDN, Series 2008-0017, Class A,
Municipal Energy Acquisition Corporation, Tennessee,				8.24%, 12/01/43 (a)(b)(n)		7,700	7,700,000
Gas Revenue Bonds, PUTTERS, VRDN, Series 1578,				Eagle Tax-Exempt Trust, San Antonio, Texas,
7.96%, 6/01/09 (a)(b)(n)		49,815	49,815,000	Independent School District, GO, Refunding,
Sevier County, Tennessee, Public Building				VRDN, Series 2008-0034, Class A,
Authority, Local Government Public Improvement				8.35%, 8/15/26 (a)(b)(n)		5,000	5,000,000
Revenue Bonds, VRDN, Series IV-A-4,				Fort Bend County, Texas, GO, MSTR, VRDN, SGB-46-A,
5.50%, 6/01/20 (a)(c)(n)		6,000	6,000,000	8.15%, 3/01/32 (a)(b)(d)(n)		4,500	4,500,000
Shelby County, Tennessee, GO, Refunding, VRDN,				Galena Park, Texas, Independent School District,
Series A, 7.90%, 3/01/22 (a)(n)		7,355	7,355,000	GO, Refunding, FLOATS, VRDN, Series SG-153,
Shelby County, Tennessee, Health, Educational				5.16%, 8/15/23 (a)(b)(n)		12,250	12,250,000
and Housing Facility Board, Hospital Revenue				Grapevine, Texas, Industrial Development Corporation,
Refunding Bonds (Methodist Le Bonheur				Airport Revenue Refunding Bonds (Southern Air
Healthcare), VRDN (a)(f)(n):				Transport), VRDN, 7.55%, 3/01/10 (a)(n)		5,300	5,300,000
Series A, 8.10%, 6/01/42		10,000	10,000,000	Gulf Coast IDA, Texas, Environmental Facilities
Series B, 7.93%, 6/01/42		10,000	10,000,000	Revenue Bonds (Citgo Petroleum Corporation
Shelby County, Tennessee, Public Improvement and				Project), VRDN, AMT, 4.05%, 10/01/32 (a)(n)		8,400	8,400,000
Schools, GO, VRDN, Series B, 8%, 4/01/30 (a)(n)		10,000	10,000,000	Gulf Coast IDA, Texas, Marine Terminal Revenue
The Tennergy Corporation, Tennessee, Gas				Bonds (Amoco Oil Company Project), VRDN, AMT,
Revenue Bonds, PUTTERS, VRDN, Series 1258Q,				4.05%, 4/01/28 (a)(n)		3,020	3,020,000
7.96%, 11/01/13 (a)(b)(n)		43,805	43,805,000	Gulf Coast IDA, Texas, Solid Waste Disposal Revenue
			284,423,000	Bonds (Citgo Petroleum Corporation Project),
				VRDN, AMT, 4.05%, 4/01/26 (a)(n)		9,800	9,800,000

See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008 27

Schedule of Investments (continued)						Master Tax-Exempt LLC
					(Percentages shown are based on Net Assets)
		Par				Par
Municipal Bonds		(000)	Value	Municipal Bonds		(000)	Value
Texas (continued)				Texas (continued)
Gulf Coast Waste Disposal Authority, Texas,				Port Arthur, Texas, Navigation District, Environmental
Environmental Facilities Revenue Bonds				Facilities Revenue Refunding Bonds (Motiva
(American Aeryl LP Project), VRDN, AMT,				Enterprises Project), VRDN, AMT (a)(n):
8.40%, 5/01/38 (a)(n)	$ 19,000		$19,000,000	7.75%, 12/01/27	$ 17,335		$17,335,000
Gulf Coast Waste Disposal Authority, Texas,				8.25%, 5/01/38		4,800	4,800,000
Environmental Facilities Revenue Refunding Bonds				Port Arthur, Texas, Navigation District, Industrial
(BP Products North America Project), VRDN, AMT,				Development Corporation, Exempt Facilities
4.05%, 7/01/36 (a)(n)		11,200	11,200,000	Revenue Bonds (Air Products and Chemicals
Gulf Coast Waste Disposal Authority, Texas, Revenue				Project), VRDN, AMT (a)(n):
Bonds, VRDN, AMT (a)(n):				8.55%, 4/01/36		10,000	10,000,000
(Air Products Project), 8.55%, 12/01/39		2,200	2,200,000	4.40%, 5/01/40		8,400	8,400,000
(Waste Management Inc.), Series A,				Port Arthur, Texas, Navigation District Revenue Bonds
7.50%, 4/01/19		2,500	2,500,000	(Atofina Petrochemicals), VRDN, AMT, Series B,
Harris County, Texas, Flood Control District, GO,				8%, 4/01/27 (a)(n)		10,000	10,000,000
Refunding, VRDN, Series B, 8%, 10/01/24 (a)(n)		16,320	16,320,000	Port of Corpus Christi Authority, Texas, Nueces County
Harris County, Texas, GO, TAN, 3%, 2/26/09		118,170	118,857,786	Solid Waste Disposal, Revenue Refunding Bonds
Harris County, Texas, Health Facilities Development				(Flint Hills Resources LP Project), VRDN, AMT,
Corporation, Revenue Refunding Bonds, VRDN (a)(n):				Series A, 8.26%, 7/01/29 (a)(n)		22,650	22,650,000
(Methodist Hospital System), Series A,				Port of Houston Authority, Harris County, Texas, GO,
7.86%, 12/01/32 (l)		98,875	98,875,000	Refunding, ROCS, VRDN, AMT, Series II-R-9267,
(Saint Luke’s Episcopal Health System),				5.36%, 10/01/38 (a)(b)(n)		7,325	7,325,000
Series A, 7.90%, 2/15/32		45,500	45,500,000	RBC Municipal Products, Inc., Texas State Affordable
(Saint Luke’s Episcopal Hospital), Series B,				Housing Corporation Revenue Bonds, FLOATS, VRDN,
4.25%, 2/15/31		10,000	10,000,000	AMT, Series S-4, 4.95%, 1/01/19 (a)(b)(j)(k)(m)(n)		5,575	5,575,000
Houston, Texas, Airport System Revenue Refunding				Red River Authority, Texas, Solid Waste Disposal
Bonds, ROCS, VRDN, Series II-R-12046,				Revenue Bonds (Panda Hereford Ethanol Project),
4.52%, 7/01/12 (a)(b)(c)(n)		13,200	13,200,000	VRDN, AMT, 8.45%, 7/01/30 (a)(n)		45,500	45,500,000
Houston, Texas, Combined Utility System, First Lien				Red River, Texas, Education Finance Revenue Bonds
Revenue Refunding Bonds, VRDN (a)(n):				(Texas Christian University), VRDN (a)(n):
Series A-1, 7.25%, 5/15/34		10,000	10,000,000	7.75%, 3/01/30		24,900	24,900,000
Series A-2, 7.25%, 5/15/34		6,200	6,200,000	8.25%, 3/15/35		14,500	14,500,000
Houston, Texas, GO, TRAN, 3%, 6/30/09		24,000	24,230,220	Sheldon, Texas, Independent School
Houston, Texas, Higher Education Finance Corporation,				District, GO, PUTTERS, VRDN, Series 2009,
Higher Education Revenue Bonds, PUTTERS, VRDN,				4.37%, 2/15/14 (a)(b)(n)		5,215	5,215,000
Series 1865, 4.75%, 5/15/15 (a)(b)(n)		5,065	5,065,000	Socorro, Texas, Independent School District,
Houston, Texas, Higher Education Finance Corporation,				GO, ROCS, VRDN, Series II-R-11540PB,
Revenue Refunding Bonds (Rice University Project),				4.62%, 8/15/31 (a)(b)(n)		12,710	12,710,000
VRDN, Series B, 4.25%, 5/15/48 (a)(n)		36,000	36,000,000	Southwest Texas Higher Education Authority
Houston, Texas, Independent School District, GO,				Incorporated, Revenue Refunding Bonds (Southern
VRDN, 1.85%, 6/15/31 (a)(n)		43,000	43,000,000	Methodist University), VRDN, 4%, 7/01/15 (a)(n)		8,900	8,900,000
Houston, Texas, Utility System Revenue				Tarrant County, Texas, Cultural Education Facilities
Bonds, PUTTERS, VRDN, Series 2493,				Finance Corporation, Hospital Revenue Refunding
6.64%, 11/15/15 (a)(b)(c)(n)		1,650	1,650,000	Bonds (Scott and White Memorial Hospital),
Houston, Texas, Utility System Revenue Refunding				VRDN (a)(n):
Bonds, ROCS, VRDN, Series II-R-4063,				Series B, 7.95%, 8/15/46		11,000	11,000,000
4.82%, 5/15/21 (a)(b)(c)(n)		5,320	5,320,000	Series C, 7.95%, 8/15/46		4,000	4,000,000
Katy, Texas, Independent School District, School				Texas A&M University System, Permanent University
Building, GO, VRDN, 8%, 8/15/33 (a)(n)		6,100	6,100,000	Fund, CP, 1.68%, 11/06/08		15,000	15,000,000
Municipal Securities Trust Certificates, Harris County,				Texas Municipal Gas Acquisition and Supply
Texas, Revenue Bonds, VRDN, Series SGC 31,				Corporation II, Gas Supply Revenue Bonds,
Class A, 2.98%, 8/15/35 (a)(b)(n)		11,280	11,280,000	ROCS, VRDN, Series II-R-10014, 5.65%,
North Texas Municipal Water District, Texas, Water				9/15/18 (a)(b)(n)		11,000	11,000,000
System Revenue Bonds, VRDN (a)(b)(d)(n):				Texas State Department of Housing and Community
PUTTERS, Series 2488, 6.72%, 9/01/14		3,865	3,865,000	Affairs, S/F Mortgage Revenue Refunding Bonds,
ROCS, Series II-R-593PB, 4.71%, 9/01/35		8,430	8,430,000	VRDN, AMT, Series A, 8.85%, 9/01/36 (a)(c)(n)		5,140	5,140,000
North Texas Tollway Authority Revenue Bonds, BAN,				Texas State, GO, FLOATS, VRDN, Series 66TP,
4.125%, 11/19/08		106,060	106,062,143	5.21%, 4/01/30 (a)(b)(n)		15	15,000
				Texas State, GO, PUTTERS, VRDN (a)(b)(n):
				Series 2490, 6.61%, 4/01/15		1,850	1,850,000
				Series 2491, 6.65%, 10/01/13		1,525	1,525,000

See Notes to Financial Statements.

28 WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008

Schedule of Investments (continued)					Master Tax-Exempt LLC
			(Percentages shown are based on Net Assets)
	Par				Par
Municipal Bonds	(000)	Value	Municipal Bonds		(000)	Value
Texas (concluded)			Virginia (concluded)
Texas State, GO, TRAN, 3%, 8/28/09	$478,000	$483,927,419	Henrico County, Virginia, Water and Sewer Revenue
Texas State, GO (Veterans’ Housing Assistance			Bonds, ROCS, VRDN, Series II-R-753 PB,
Program Fund II), VRDN, AMT (a)(n):			4.06%, 5/01/31 (a)(b)(d)(n)	$ 6,255		$6,255,000
Series A, 8.15%, 6/01/35	12,800	12,800,000	Loudoun County, Virginia, IDA, Revenue Bonds
Series A, 8.15%, 6/01/37	6,755	6,755,000	(Howard Hughes Medical Institute), VRDN (a)(n):
Series B, 8.15%, 6/01/34	22,800	22,800,000	Series B, 7.85%, 2/15/38		13,500	13,500,000
Series B, 8.45%, 6/01/38	19,865	19,865,000	Series F, 7.77%, 2/15/38		8,305	8,305,000
Texas State Transportation Commission,			Montgomery County, Virginia, IDA, Revenue Refunding
First Tier Revenue Bonds, VRDN, Series B,			Bonds (Virginia Tech Foundation Project), VRDN,
7.92%, 4/01/26 (a)(n)	23,800	23,800,000	5%, 6/01/35 (a)(n)		5,605	5,605,000
University of Texas, CP:			Richmond, Virginia, Public Utilities Revenue
1.82%, 11/07/08	18,000	18,000,000	Bonds, ROCS, VRDN, Series II-R-12180,
1.65%, 12/01/08	10,000	10,000,000	8.49%, 1/15/15 (a)(b)(c)(n)		6,055	6,055,000
University of Texas, Financing System			Virginia College Building Authority, Educational
Revenue Refunding Bonds, VRDN, Series B,			Facilities Revenue Bonds (21st Century College
7.95%, 8/01/39 (a)(n)	11,400	11,400,000	and Equipment Programs), VRDN, Series B,
		1,649,744,568	5%, 2/01/26 (a)(n)		8,000	8,000,000
			Virginia State, HDA, Revenue Bonds, MERLOTS,
Utah — 0.8%			VRDN, AMT, Series B-19, 4.64%, 4/01/33 (a)(b)(n)		3,000	3,000,000
Murray City, Utah, Hospital Revenue Bonds			Virginia State, HDA, Revenue Refunding
(IHC Health Services, Inc.), VRDN (a)(n):			Bonds, MERLOTS, VRDN, AMT, Series C-42,
Series B, 7.83%, 5/15/36	12,600	12,600,000	4.52%, 7/01/23 (a)(b)(n)		3,775	3,775,000
Series B, 4.25%, 5/15/37	4,890	4,890,000
Series D, 4.25%, 5/15/36	12,550	12,550,000				153,700,000
Utah Transit Authority, Sales Tax Revenue Bonds,			Washington — 1.5%
VRDN (a)(b)(c)(n):			Clark County, Washington, Public Utility District
PUTTERS, Series 1107B, 5.25%, 12/15/13	4,995	4,995,000	Number 001, Generating System Revenue
ROCS, Series II-R-609PB, 4.48%, 6/15/32	3,180	3,180,000	Refunding Bonds, MSTR, VRDN, Series SGA-118,
Weber County, Utah, Hospital Revenue Bonds			4.40%, 1/01/25 (a)(b)(c)(n)		22,900	22,900,000
(IHC Health Services), VRDN (a)(n):			Eagle Tax-Exempt Trust, Bellevue, Washington,
Series A, 4.25%, 2/15/31	4,630	4,630,000	GO, Refunding, VRDN, Series 2008-0025,
Series C, 4.25%, 2/15/35	39,575	39,575,000	Class A, 8.53%, 12/01/43 (a)(b)(c)(d)(n)		3,000	3,000,000
		82,420,000	Eclipse Funding Trust, Solar Eclipse Certificates, King
			County, Washington, Sewer Revenue Bonds, VRDN,
Vermont — 0.1%			Series 2007-0095, 4.78%, 1/01/17 (a)(b)(c)(n)		3,335	3,335,000
Vermont Educational and Health Buildings Financing			Energy Northwest, Washington, Electric Revenue
Agency Revenue Bonds (Middlebury College			Refunding Bonds Project Number 3, VRDN,
Project), VRDN, Series B, 3.40%, 11/01/32 (a)(n)	7,050	7,050,000	Series E, 7.92%, 7/01/17 (a)(n)		7,000	7,000,000
Vermont HFA, S/F Revenue Bonds, VRDN, AMT,			King County, Washington, School District Number
Series 16 A, 4.60%, 5/01/32 (a)(c)(n)	725	725,000	410, Snoqualmie Valley, GO, ROCS, VRDN,
Vermont State Student Assistance Corporation,			Series II-R-4513, 5.02%, 12/01/20 (a)(b)(c)(n)		4,320	4,320,000
Education Loan Revenue Refunding Bonds, VRDN,			King County, Washington, Sewer Revenue
AMT, Senior Series C-1, 8%, 12/15/40 (a)(n)	7,000	7,000,000	Bonds, ROCS, VRDN, Series II-R-10279,
		14,775,000	4.76%, 7/01/17 (a)(b)(c)(n)		12,575	12,575,000
Virginia — 1.4%			Port Bellingham, Washington, Industrial Development
Capital Beltway Funding Corporation of Virginia,			Corporation, Environmental Facilities Revenue
Senior Lien Toll Revenue Bonds (I-495 Hot Lanes			Bonds (BP West Coast Products LLC Project),
Project), VRDN, AMT (a)(n):			VRDN, AMT (a)(n):
Series A, 8.05%, 12/31/47	16,000	16,000,000	4.05%, 12/01/33		4,800	4,800,000
Series B, 8%, 12/31/47	24,000	24,000,000	4.05%, 7/01/40		12,100	12,100,000
Series D, 8%, 12/31/47	5,000	5,000,000	4.05%, 7/01/41		20,000	20,000,000
Clipper Tax-Exempt Certificates Trust, Virginia			Port of Tacoma, Washington, GO, PUTTERS, VRDN,
Commonwealth Transportation Board			Series 2439, 4.75%, 12/01/15 (a)(b)(c)(n)		2,380	2,380,000
Revenue Bonds, VRDN, Series 2007-7,			Seattle, Washington, Water System Revenue
7.99%, 5/01/15 (a)(b)(i)(n)	15,460	15,460,000	Bonds, FLOATS, VRDN, Series 2170,
Fairfax County, Virginia, IDA, Revenue Bonds			4.54%, 2/01/17 (a)(b)(c)(n)		2,530	2,530,000
(Inova Health System Project), VRDN, Series A-2,			Spokane County, Washington, Spokane School
7.88%, 5/15/35 (a)(n)	38,745	38,745,000	District Number 081, GO, ROCS, VRDN,
			Series II-R-4000, 4.35%, 12/01/19 (a)(b)(c)(n)		3,425	3,425,000

See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008 29

Schedule of Investments (continued)						Master Tax-Exempt LLC
					(Percentages shown are based on Net Assets)
		Par				Par
Municipal Bonds		(000)	Value	Municipal Bonds		(000)	Value
Washington (concluded)				Wyoming — 0.5%
Washington State, GO, PUTTERS, VRDN, Series 1312,				Campbell County, Wyoming, IDR, Refunding (Two
4.75%, 1/01/13 (a)(b)(c)(n)	$ 8,805		$8,805,000	Elk Generation Partners Project), VRDN, AMT,
Washington State, GO, ROCS, VRDN (a)(b)(n):				3.65%, 11/01/37 (a)(n)		$ 38,500	$ 38,500,000
Series II-R-9253, 4.56%, 7/01/31		6,200	6,200,000	Green River, Wyoming, Revenue Bonds (Rhone-
Series II-R-11308, 4.23%, 1/01/33		2,990	2,990,000	Poulenc of Wyoming, L Project), VRDN, AMT,
Washington State, GO, VRDN, Series VR-96B,				8.21%, 10/01/18 (a)(n)		11,400	11,400,000
7.75%, 6/01/20 (a)(n)		14,300	14,300,000	Lincoln County, Wyoming, PCR (Exxon Project), VRDN,
Washington State Health Care Facilities Authority				AMT (a)(n):
Revenue Bonds (PeaceHealth), VRDN, Series C,				Series A, 5.10%, 7/01/17		8,140	8,140,000
7.75%, 10/01/28 (a)(n)		4,365	4,365,000	Series C, 5.10%, 7/01/17		1,600	1,600,000
Washington State Housing Finance Commission, CP,							59,640,000
1.58%, 10/09/08		20,800	20,800,000
Washington State Housing Finance Commission,				Puerto Rico — 0.1%
Nonprofit Revenue Bonds (Eastside Catholic				Puerto Rico Commonwealth Highway and
School), VRDN, Series B, 7.96%, 7/01/38 (a)(n)		6,700	6,700,000	Transportation Authority, Revenue Refunding
Washington State Public Power Supply Systems				Bonds, ROCS, VRDN, Series II-R-10327CE,
Revenue Refunding Bonds (Nuclear Project Number				4.45%, 8/29/09 (a)(b)(n)		12,000	12,000,000
One), VRDN, Series 1A-1, 7.90%, 7/01/17 (a)(n)		5,805	5,805,000	Total Investments (Cost — $10,460,899,264*) — 95.3%			10,460,899,264
			168,330,000	Other Assets Less Liabilities — 4.7%			512,323,099
West Virginia — 0.2%				Net Assets — 100.0%			$10,973,222,363
Monongalia County, West Virginia, Building				* Cost for federal income tax purposes.
Commission, Hospital Improvement
Revenue Refunding Bonds, VRDN, Series A,				(a) Variable rate security. Rate shown is as of report date. Maturity shown is the
8.10%, 7/01/40 (a)(n)		15,800	15,800,000		final maturity date.
West Virginia EDA, Solid Waste Disposal				(b) These securities are short-term floating rate certificates issued by tender option
Facilities, Revenue Refunding Bonds (Ohio					bond trusts and are secured by the underlying municipal bond securities.
Power Company — Sporn Project), VRDN,				(c) FSA Insured.
Series C, 7.50%, 7/01/14 (a)(n)		8,000	8,000,000
				(d) MBIA Insured.
			23,800,000
				(e) BHAC Insured.
Wisconsin — 3.3%
D.C. Everest Area School District, Wisconsin,				(f)	Assured Guaranty Insured.
GO,MERLOTS, VRDN, Series D84,				(g) FGIC Insured.
3.96%, 4/01/15 (a)(b)(c)(n)		5,840	5,840,000	(h) Commonwealth Guaranteed.
Kohler, Wisconsin, Solid Waste Disposal Revenue
Bonds (Kohler Company Project), VRDN, AMT,				(i)	Security exempt from registration under Rule 144A of the Securities Act of
8.75%, 9/01/17 (a)(n)		4,000	4,000,000		1933. These securities may be resold in transactions exempt from registration
Milwaukee, Wisconsin, RAN, 3%, 9/03/09		3,900	3,949,387		to qualified institutional investors.
University of Wisconsin, Hospitals and Clinics				(j)	FNMA Collateralized.
Authority, Revenue Refunding Bonds, VRDN,				(k) FHLMC Collateralized.
Series B, 4.25%, 4/01/34 (a)(n)		5,600	5,600,000
Wisconsin Housing and EDA, Home Ownership				(l)	U.S. government securities, held in escrow are used to pay interest on this
Revenue Refunding Bonds, VRDN, AMT, Series A,					security as well as to retire the bond in full at the date indicated, typically
8.20%, 3/01/35 (a)(n)		21,070	21,070,000		at a premium to par.
Wisconsin School Districts, Cash Flow Management				(m) GNMA Collateralized.
Program, COP, VRDN, Series B, 4%, 10/30/08 (a)(n)		9,400	9,406,979	(n) Security may have a maturity of more than one year at the time of issuance, but
Wisconsin State, CP:					has variable rate and demand features that qualify it as a short-term security.
1.50%, 10/07/08		10,000	10,000,000
1.53%, 10/08/08		9,257	9,257,000
1.85%, 11/13/08		7,942	7,942,000
Wisconsin State Health and Educational Facilities
Authority, Revenue Refunding Bonds, VRDN (a)(n):
(Fort Healthcare, Inc.), Series A, 4.78%, 5/01/37		18,190	18,190,000
(Medical College of Wisconsin), Series B,
7.95%, 12/01/33		9,600	9,600,000
(Wheaton Franciscan Services, Inc.),
7.92%, 8/15/36		52,510	52,510,000
Wisconsin State Operating Notes, 3%, 6/15/09		203,600	205,460,325
			362,825,691

See Notes to Financial Statements.

30 WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008

Schedule of Investments (concluded) Master Tax-Exempt LLC

_{•Effective April 1,2008,the Master LLC adopted Financial Accounting}
Standards Board Statement of Financial Accounting Standards No. 157, “Fair
Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional
disclosures about the use of fair value measurements. Various inputs are used
in determining the fair value of investments, which are as follows:
_{•Level 1 — price quotations in active markets/exchanges for identical}
securities
_{•Level 2 — other observable inputs (including,but not limited to: quoted prices}
for similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks,
and default rates) or other market-corroborated inputs)
_{•Level 3 — unobservable inputs based on the best information available}
in the circumstance, to the extent observable inputs are not available
(including the Master LLC’s own assumption used in determining the fair
value of investments)
The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For informa-
tion about the Master LLC’s policy regarding valuation of investments and other
significant accounting policies, please refer to Note 1 of the Notes to Financial
Statements.

The following table summarizes the inputs used as of September 30, 2008 in
determining the fair valuation of the Master LLC’s investments:

Valuation	Investments in
Inputs	Securities
Level 1	—
Level 2	$10,460,899,264
Level 3	—
Total	$10,460,899,264

See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND SEPTEMBER 30, 2008 31

Statement of Assets and Liabilities

September 30, 2008 (Unaudited)	Master Tax-Exempt LLC
Assets
Investments at value — unaffiliated
(cost — $10,460,899,264)	$ 10,460,899,264
Cash	246,710,724
Investments sold receivable	220,609,647
Interest receivable	46,704,908
Prepaid expenses	236,357
Total assets	10,975,160,900
Liabilities
Investment advisory fees payable	1,279,929
Withdrawals payable to investors	229,590
Other affiliates payable	92,335
Other liabilities	43,802
Officer’s and Directors’ fees payable	1,015
Other accrued expenses payable	291,866
Total liabilities	1,938,537
Net Assets	$ 10,973,222,363
Net Assets Consist of
Investors’ capital	$ 10,973,222,363

See Notes to Financial Statements.

Statement of Operations
Six Months Ended September 30, 2008 (Unaudited)	Master Tax-Exempt LLC
Investment Income
Interest	$ 132,348,782
Expenses
Investment advisory	8,038,100
Accounting services	532,923
Custodian	135,026
Officer and Directors	76,217
Professional	33,363
Printing	6,172
Miscellaneous	136,905
Total expenses	8,958,706
Less fess paid indirectly	(1,401)
Total expenses after fees paid indirectly	8,957,305
Net investment income	123,391,477
Realized Gain
Net realized gain from investments	3,054
Net Increase in Net Assets Resulting from Operations	$ 123,394,531

32 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

Statements of Changes in Net Assets					Master Tax-Exempt LLC
					Six Months
					Ended	Year
					September 30,	Ended
					2008	March 31,
Increase (Decrease) in Net Assets:					(Unaudited)	2008
Operations
Net investment income				$ 123,391,477		$ 358,549,432
Net realized gain					3,054	1,625,744
Net increase in net assets resulting from operations					123,394,531	360,175,176
Capital Transactions
Proceeds from contributions				40,718,825,884		78,794,688,150
Fair value of withdrawals				(41,982,043,937)		(77,185,355,350)
Net increase (decrease) in net assets derived from capital transactions				(1,263,218,053)		1,609,332,800
Net Assets
Total increase (decrease) in net assets				(1,139,823,522)		1,969,507,976
Beginning of period				12,113,045,885		10,143,537,909
End of period				$10,973,222,363		$12,113,045,885
Financial Highlights					Master Tax-Exempt LLC
	Six Months
	Ended
	September 30,
	2008		Year Ended March 31,
	(Unaudited)	2008	2007	2006	2005	2004
Total Investment Return
Total investment return	1.03%1	3.34%	3.45%	2.64%	1.33%	0.94%
Ratios to Average Net Assets
Total expenses after fees paid indirectly	0.15%2	0.15%	0.15%	0.15%	0.15%	0.15%
Total expenses	0.15%2	0.15%	0.15%	0.15%	0.15%	0.15%
Net investment income and net realized gain (loss)	2.03%2	3.28%	3.44%	2.61%	1.31%	0.94%
Supplemental Data
Net assets, end of period (000)	$10,973,222	$ 12,113,046	$ 10,143,538	$9,524,737	$ 9,749,807	$ 10,252,630

1	Aggregate total investment return.
2	Annualized.

See Notes to Financial Statements.

WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

33

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 (the “1940 Act”), and
is organized as a Delaware limited liability company. The Limited Liability
Company Agreement permits the Directors to issue nontransferable inter-
ests in the Master LLC, subject to certain limitations. Throughout this
report, the Board of Trustees is referred to as the Board of Directors.
The Master LLC’s financial statements are prepared in conformity with
accounting principles generally accepted in the United States of America,
which may require the use of management accruals and estimates.
Actual results may differ from these estimates.

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

Valuation of Investments: The Master LLC securities are valued under
the amortized cost method which approximates current market value in
accordance with Rule 2a-7 of the 1940 Act. Under this method, securi-
ties are valued at cost when purchased and thereafter, a constant pro-
portionate amortization of any discount or premium is recorded until
the maturity of the security.

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

Income Taxes: The Master LLC is classified as a partnership for federal
income tax purposes. As such, each investor in the Master LLC is
treated as owner of its proportionate share of the net assets, income,
expenses and realized and unrealized gains and losses of the Master
LLC. Therefore, no federal income tax provision is required. It is intended
that the Master LLC’s assets will be managed so an investor in the
Master LLC can satisfy the requirements of Subchapter M of the Internal
Revenue Code. The Master LLC is disregarded as an entity separate
from its owner for tax purposes, therefore it is not required to file
income tax returns.

Recent Accounting Pronouncement: In March 2008, Statement
of Financial Accounting Standards No. 161, “Disclosures about
Derivative Instruments and Hedging Activities — an amendment of FASB
Statement No. 133” (“FAS 161”), was issued. FAS 161 is intended
to improve financial reporting for derivative instruments by requiring
enhanced disclosure that enables investors to understand how and why
an entity uses derivatives, how derivatives are accounted for, and how
derivative instruments affect an entity’s results of operations and financial

position. In September 2008, FASB Staff Position No. 133-1 and FASB
Interpretation No. 45-4 (the “FSP”), “Disclosures about Credit Derivatives
and Certain Guarantees: An Amendment of FASB Statement No. 133
and FASB Interpretation No. 45; and Clarification of the Effective Date
of FASB Statement No. 161” was issued and is effective for fiscal years
and interim periods ending after November 15, 2008. The FSP amends
FASB Statement No. 133, “Accounting for Derivative Instruments and
Hedging Activities,” to require disclosures by sellers of credit derivatives,
including credit derivatives embedded in hybrid instruments. The FSP
also clarifies the effective date of FAS 161, whereby disclosures required
by FAS 161 are effective for financial statements issued for fiscal years
and interim periods beginning after November 15, 2008. The impact on
the Master LLC’s financial statement disclosures, if any, is currently being
assessed.

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

2. Investment Advisory Agreement and Other Transactions
with Affiliates:

The Master LLC has entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned sub-
sidiary of BlackRock, Inc., to provide investment advisory and adminis-
tration services. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC
Financial Services Group, Inc. are principal owners of BlackRock, Inc.

The Advisor is responsible for the management of the Master LLC’s
investments and provides the necessary personnel, facilities, equipment
and certain other services necessary to the operations of the Master
LLC. For such services, the Master LLC pays the Advisor a monthly fee
based upon the average daily value of the Master LLC’s net assets at
the following annual rates: 0.25% of the Master LLC’s average daily net
assets not exceeding $500 million; 0.175% of the average daily net
assets in excess of $500 million, but not exceeding $1 billion; and
0.125% of the average daily net assets in excess of $1 billion.

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

For the six months ended September 30, 2008, the Master LLC reim-
bursed the Advisor $88,795 for certain accounting services, which is
included in accounting services in the Statement of Operations.

34 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

Notes to Financial Statements (concluded)

Master Tax-Exempt LLC

Pursuant to the terms of the custody agreemtent, custodian fees may
be reduced by amounts calculated on uninvested cash balances, which
are shown on the Statement of Operations as fees paid indirectly.

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

3. Subsequent Event:

On September 15, 2008, Bank of America Corporation announced that
it has agreed to acquire Merrill Lynch, one of the principal owners of
BlackRock, Inc. The purchase has been approved by the directors of
both companies. Subject to shareholder and regulatory approvals, the
transaction is expected to close on or before December 31, 2008.

WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

35

Disclosure of Investment Advisory Agreement and Subadvisory Agreement

WCMA Tax-Exempt Fund (the “Fund”) currently invests all of its investable
assets in the Master Tax-Exempt LLC (the “Master LLC”). Accordingly,
the Fund does not require investment advisory services, since all invest-
ments are made at the Master LLC level.

The Board of Directors of the Master LLC met in person in April and June
2008 to consider the approval of the Master LLC’s investment advisory
agreement entered into with BlackRock Advisors, LLC (the “Advisor”)
(the “Advisory Agreement”). The Board of the Master LLC also considered
the approval of the subadvisory agreement between the Advisor and
BlackRock Investment Management, LLC (the “Subadvisor”) (the
“Subadvisory Agreement”). The Advisor and the Subadvisor are referred
to herein as “BlackRock.” The Advisory Agreement and the Subadvisory
Agreement are referred to herein as the “Agreements.” Since the Fund
invests all of its investable assets in the Master LLC, the Board of
Trustees of the Fund also considered the approval of the Agreements.
For ease and clarity of presentation, the Board of Directors of the Master
LLC and the Board of Trustees of the Fund, which are comprised of the
same thirteen individuals, are herein referred to collectively as the
“Boards,” the members of which are referred to as “Directors.”

Activities and Composition of the Boards

The Boards each consist of thirteen individuals, eleven of whom are not
“interested persons” of either the Fund or the Master LLC as defined in
the Investment Company Act of 1940, as amended (the “1940 Act”)
(the “Independent Directors”). The Boards are responsible for the over-
sight of the operations of the Fund and the Master LLC, as pertinent,
and perform the various duties imposed on the directors of investment
companies by the 1940 Act. The Independent Directors have retained
independent legal counsel to assist them in connection with their
duties. The Co-Chairs of each Board are both Independent Directors.
The Boards established four standing committees: an Audit Committee,
a Governance and Nominating Committee, a Compliance Committee
and a Performance Oversight Committee, each of which is composed
of, and chaired by Independent Directors.

The Agreements

Upon the consummation of the combination of BlackRock’s investment
management business with Merrill Lynch & Co., Inc.’s investment man-
agement business, including Merrill Lynch Investment Managers, L. .
and certain affiliates (the “Transaction”), the Master LLC entered into an
Advisory Agreement with the Advisor with an initial two-year term and the
Advisor entered into a Subadvisory Agreement with the Subadvisor with
an initial two-year term. Consistent with the 1940 Act, prior to the expi-
ration of each Agreement’s initial two-year term, the Boards are required
to consider the continuation of the Agreements on an annual basis. In

connection with this process, the Boards assessed, among other things,
the nature, scope and quality of the services provided to the Fund
and/or the Master LLC by the personnel of BlackRock and its affiliates,
including investment management, administrative services, shareholder
services, oversight of fund accounting and custody, marketing services
and assistance in meeting legal and regulatory requirements. The
Boards also received and assessed information regarding the services
provided to the Fund and/or the Master LLC by certain unaffiliated
service providers.

Throughout the year, the Boards, acting directly and through their com-
mittees, consider at each of their meetings factors that are relevant to
their annual consideration of the renewal of the Agreements, including
the services and support provided to the Fund and/or Master LLC and
their shareholders. Among the matters the Boards considered, as perti-
nent, were: (a) investment performance for one, three and five years,
as applicable, against peer funds, as well as senior management’s and
portfolio managers’ analysis of the reasons for underperformance, if
applicable; (b) fees, including advisory, administration, if applicable,
and other fees paid to BlackRock and its affiliates by the Fund and/or
the Master LLC, such as transfer agency fees and fees for marketing and
distribution; (c) Fund and/or Master LLC operating expenses; (d) the
resources devoted to and compliance reports relating to the Fund’s and
the Master LLC’s investment objective, policies and restrictions; (e) the
Master LLC’s and the Fund’s compliance with their respective Code of
Ethics and compliance policies and procedures; (f) the nature, cost
and character of non-investment management services provided by
BlackRock and its affiliates; (g) BlackRock’s and other service providers’
internal controls; (h) BlackRock’s implementation of the proxy voting
guidelines approved by the Boards; (i) valuation and liquidity proce-
dures; and (j) periodic overview of BlackRock’s business, including
BlackRock’s response to the increasing scale of its business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 16, 2008 meeting at which
approval of the Agreements was to be considered, the Boards requested
and received materials specifically relating to the Agreements. The
Boards are engaged in an ongoing process with BlackRock to continu-
ously review the nature and scope of the information provided to better
assist their deliberations. These materials included (a) information inde-
pendently compiled and prepared by Lipper, Inc. (“Lipper”) on the Fund’s
fees and expenses and the investment performance of the Fund as
compared with a peer group of funds as determined by Lipper (“Peers”);
(b) information on the profitability of the Agreements to BlackRock and
certain affiliates, including their other relationships with the Fund and/or
the Master LLC, and a discussion of fall-out benefits; (c) a general

36 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)

analysis provided by BlackRock concerning investment advisory fees
charged to other clients, such as institutional and closed-end funds,
under similar investment mandates, as well as the performance of such
other clients; (d) a report on economies of scale; (e) sales and redemp-
tion data regarding the Fund’s shares and the Master LLC’s interests;
and (f) an internal comparison of management fees classified by Lipper,
if applicable. At the April 16, 2008 meeting, the Boards requested and
subsequently received from BlackRock (i) comprehensive analysis of
total expenses on a fund-by-fund basis; (ii) further analysis of invest-
ment performance; (iii) further data regarding Fund and Master LLC
profitability, Fund and Master LLC size and Fund and Master LLC fee
levels; and (iv) additional information on sales and redemptions.

The Boards also considered other matters they deemed important to the
approval process, such as payments made to BlackRock or its affiliates
relating to the distribution of the Fund’s shares, services related to the
valuation and pricing of portfolio holdings of the Master LLC, and direct
and indirect benefits to BlackRock and its affiliates from their relation-
ship with the Fund and the Master LLC. The Boards did not identify any
particular information as controlling, and each Director may have attrib-
uted different weights to the various items considered.

At an in-person meeting held on April 16, 2008, the Boards discussed
and considered the proposed renewal of the Agreements. As a result of
the discussions, the Boards requested and BlackRock provided addition-
al information, as detailed above, in advance of the June 3 – 4, 2008
Board meeting. At the in-person meeting held on June 3 – 4, 2008,
the Boards, including the Independent Directors, unanimously approved
the continuation of (a) the Advisory Agreement between the Advisor and
the Master LLC for a one-year term ending June 30, 2009 and (b) the
Subadvisory Agreement between the Advisor and the Subadvisor for a
one-year term ending June 30, 2009. The Boards considered all factors
they believed relevant with respect to the Fund and the Master LLC, as
applicable, including, among other factors: (i) the nature, extent and
quality of the services provided by BlackRock; (ii) the investment per-
formance of the Fund, the Master LLC and BlackRock portfolio manage-
ment; (iii) the advisory fee and the cost of the services and profits to be
realized by BlackRock and certain affiliates from the relationships with
the Fund and the Master LLC; and (iv) economies of scale.

A. Nature, Extent and Quality of the Services: The Boards, including
the Independent Directors, reviewed the nature, extent and quality of
services provided by BlackRock, including the investment advisory serv-
ices and the resulting performance of the Fund and the Master LLC. The
Boards compared the Fund’s performance to the performance of a com-
parable group of mutual funds as classified by Lipper and the perform-
ance of at least one relevant index or combination of indices. The Boards

met with BlackRock’s senior management personnel responsible for
investment operations, including the senior investment officers. The
Boards also reviewed the materials provided by the Master LLC’s port-
folio management team discussing Master LLC performance and the
Master LLC’s investment objective, strategies and outlook.

The Boards considered, among other factors, the number, education and
experience of BlackRock’s investment personnel generally, and of the
Master LLC’s portfolio management team; BlackRock’s portfolio trading
capabilities; BlackRock’s use of technology; BlackRock’s commitment to
compliance; and BlackRock’s approach to training and retaining port-
folio managers and other research, advisory and management person-
nel. The Boards also reviewed BlackRock’s compensation structure
with respect to the portfolio management team of the Master LLC and
BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, the Boards considered the quality of
the administrative and non-investment advisory services provided to the
Fund/Master LLC. BlackRock and its affiliates provide the Fund and the
Master LLC with certain administrative, transfer agency, shareholder and
other services (in addition to any such services provided to the Fund
and the Master LLC by third parties) and officers and other personnel
as are necessary for the operations of the Fund and the Master LLC. In
addition to investment advisory services, BlackRock and its affiliates
provide the Fund and the Master LLC with other services, including, as
pertinent, (a) preparing disclosure documents, such as the prospectus,
the statement of additional information and shareholder reports; (b)
assisting with daily accounting and pricing; (c) overseeing and coordi-
nating the activities of other service providers; (d) organizing Board
meetings and preparing the materials for such Board meetings;
(e) providing legal and compliance support; and (f) performing other
administrative functions necessary for the operation of the Fund and the
Master LLC, such as tax reporting and fulfilling regulatory filing require-
ments. The Boards reviewed the structure and duties of BlackRock’s fund
administration, accounting, legal and compliance departments.

B. The Investment Performance of the Fund, the Master LLC and
BlackRock: The Boards, including the Independent Directors, also
reviewed and considered the performance history of the Fund. In prepa-
ration for the April 16, 2008 meeting, the Boards were provided with
reports, independently prepared by Lipper, which included a comprehen-
sive analysis of the Fund performance. The Boards also reviewed a nar-
rative and statistical analysis of the Lipper data that was prepared by
BlackRock, which analyzed various factors that affect Lipper rankings. In
connection with their review, the Boards received and reviewed informa-
tion regarding the investment performance of the Fund (and the related

WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

37

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)

performance of the Master LLC) as compared to a representative group
of similar funds as determined by Lipper and to all funds in the Fund’s
applicable Lipper category. The Boards were provided with a description
of the methodology used by Lipper to select peer funds. The Boards reg-
ularly review the performance of the Fund and the Master LLC through-
out the year. The Boards attach more importance to performance over
relatively long periods of time, typically three to five years.

The Boards noted with favor that BlackRock had generally avoided
significant credit quality and liquidity issues in the challenging fixed-
income market that prevailed during the past 18 months.

The Boards noted that the Fund’s performance during each of the
one- and three-year periods and since inception was above the median
of its Peers.

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

The Boards received and reviewed statements relating to BlackRock’s
financial condition and profitability with respect to the services it provid-
ed to the Master LLC. The Boards were also provided with a profitability
analysis that detailed the revenues earned and the expenses incurred by
BlackRock and certain affiliates that provide services to the Master LLC.
The Boards reviewed BlackRock’s profitability with respect to the Master
LLC and each fund the Boards currently oversee for the year ended
December 31, 2007 compared to aggregated profitability data provided
for the year ended December 31, 2005.

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

The Boards noted that the Master LLC was subject to contractual advi-
sory fees, prior to any expense reimbursements, lower than or equal
to the median of its Peers. The Boards also took into account that the
Master LLC’s advisory fee arrangement includes breakpoints that adjust
the fee rate downward as the size of the Master LLC increases, thereby
allowing shareholders the potential to participate in economies of scale.
The Board also noted that the Advisor and Merrill Lynch, Pierce, Fenner
& Smith Incorporated (“MLPF&S”) had entered into contractual arrange-
ments with the Fund whereby the Advisor and MLPF&S each agreed to
waive all or a portion of its fees and/or reimburse direct expenses of
the Fund to ensure that the operating expense ratio for certain classes
of shares did not exceed specified amounts.

D. Economies of Scale: The Boards, including the Independent Directors,
considered the extent to which economies of scale might be realized as
the assets of the Fund and the Master LLC increase and whether there
should be changes in the advisory fee rate or structure in order to
enable the Fund and the Master LLC to participate in these economies
of scale. The Boards, including the Independent Directors, considered
whether the shareholders would benefit from economies of scale and
whether there was potential for future realization of economies with
respect to the Fund and the Master LLC. The Boards considered that the
funds in the BlackRock fund complex share common resources and, as
a result, an increase in the overall size of the complex could permit each
fund to incur lower expenses than it would otherwise as a stand-alone
entity. The Boards also considered the anticipated efficiencies in the
processes of BlackRock’s overall operations as it continues to add
personnel and commit capital to expand the scale of operations. The
Boards found, based on their review of comparable funds, that the
Fund’s/Master LLC’s management fee is appropriate in light of the
scale of the Fund/Master LLC.

E. Other Factors: The Boards also took into account other ancillary or
“fall-out” benefits that BlackRock may derive from its relationship with
the Fund and the Master LLC, both tangible and intangible, such as
BlackRock’s ability to leverage its investment professionals who manage
other portfolios, an increase in BlackRock’s profile in the investment
advisory community, and the engagement of BlackRock’s affiliates as
service providers to the Fund and the Master LLC, including for adminis-
trative, transfer agency and distribution services. The Boards also noted
that BlackRock may use third party research, obtained by soft dollars
generated by certain mutual fund transactions, to assist itself in manag-
ing all or a number of its other client accounts.

In connection with their consideration of the Agreements, the Boards
also received information regarding BlackRock’s brokerage and trade
execution practices throughout the year.

38 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

Disclosure of Investment Advisory Agreement and Subadvisory Agreement (concluded)

Conclusion

The Boards approved the continuation of (a) the Advisory Agreement
between the Advisor and the Master LLC with respect to the Fund/
Master LLC for a one-year term ending June 30, 2009 and (b) the
Subadvisory Agreement between the Advisor and Subadvisor for a one-
year term ending June 30, 2009. Based upon their evaluation of all
these factors in their totality, the Boards, including the Independent
Directors, were satisfied that the terms of the Agreements were fair
and reasonable and in the best interest of the Fund and the Master LLC
and the Fund’s shareholders. In arriving at a decision to approve the
Agreements, the Boards did not identify any single factor or group of fac-
tors as all-important or controlling, but considered all factors together.
The Independent Directors were also assisted by the advice of independ-
ent legal counsel in making this determination. The contractual fee
arrangements for the Fund and the Master LLC reflect the results of
several years of review by the Directors and predecessor Directors, and
discussions between the Directors (and predecessor Directors) and
BlackRock (and predecessor advisors). Certain aspects of the arrange-
ments may be the subject of more attention in some years than in
others, and the Directors’ conclusions may be based in part on their
consideration of these arrangements in prior years.

WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

39

Officers and Directors

Ronald W. Forbes, Co-Chairman of the Board and Director
Rodney D. Johnson, Co-Chairman of the Board and Director
David O. Beim, Director
Richard S. Davis, Director
Henry Gabbay, Director
Dr. Matina Horner, Director
Herbert I. London, Director
Cynthia A. Montgomery, Director
Joseph . Platt, Jr., Director
Robert C. Robb, Jr., Director
Toby Rosenblatt, Director
Kenneth L. Urish, Chairman of the Audit Committee and Director
Frederick W. Winter, Director
Donald C. Burke, Trust President and Chief Executive Officer
Anne F. Ackerley, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian . Kindelan, Chief Compliance Officer of the Fund/Master LLC
Howard B. Surloff, Secretary

Custodian
State Street Bank and Trust Company
Boston, MA 02101

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

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

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

Legal Counsel
Sidley Austin LLP
New York, NY 10019

40 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

Additional Information

Availability of Quarterly Schedule of Investments

The Fund/Master LLC 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/Master LLC’s
Forms N-Q are available on the SEC’s website at http://www.sec.gov
and may also be reviewed and copied at the SEC’s Public Reference

Room in Washington, DC. Information on the operation of the Public
Reference Room may be obtained by calling (800) SEC-0330.The
Fund’s/Master LLC’s Forms N-Q may also be obtained upon request and
without charge by calling (800) 441-7762.

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available
on the Fund’s website or shareholders can sign up for e-mail notifications
of quarterly statements, annual and semi-annual reports and prospec-
tuses by enrolling in the Fund’s electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks
or Brokerages:

Please contact your financial advisor to enroll. Please note that not
all investment advisors, banks or brokerages may offer this service.

General Information

The Fund will mail only one copy of shareholder documents, including
annual and semi-annual reports and proxy statements, to shareholders
with multiple accounts at the same address. This practice is commonly
called “householding” and it is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your shareholder

documents may be householded indefinitely unless you instruct us other-
wise. If you do not want the mailing of these documents to be combined
with those for other members of your household, please contact the Fund
at (800) 441-7762.

WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

41

Additional Information (concluded)

BlackRock Privacy Principles

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

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

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

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

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

42 WCMA TAX-EXEMPT FUND

SEPTEMBER 30, 2008

This report is transmitted to shareholders only. It is not authorized
for use as an offer of sale or a solicitation of an offer to buy shares
of the Fund unless accompanied or preceded by the Fund’s current
prospectus. An investment in the Fund is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other govern-
ment agency other than with respect to the Fund’s participation in
the U.S. Treasury Department Guarantee Program for Money Market
Funds disclosed in this semi-annual report. Although the Fund
seeks to preserve the value of your investment at $1.00 per share,
it is possible to lose money by investing in the Fund. Total return
information assumes reinvestment of all distributions. Past perf-
ormance results shown in this report should not be considered
a representation of future performance. For current month-end
performance information, call (800) 882-0052. The Fund’s current
seven-day yields more closely reflects the current earnings of the
Fund than the total returns quoted. Statements and other informa-
tion herein are as dated and are subject to change.

A description of the policies and procedures that the Fund uses
to determine how to vote proxies relating to portfolio securities
is available (1) without charge, upon request, by calling toll-
free (800) 441-7762; (2) at www.blackrock.com; and
(3) on the Securities and Exchange Commission’s website
at http://www.sec.gov. Information about how the Fund voted
proxies relating to securities held in the Fund’s portfolio during
the most recent 12-month period ended June 30 is available
(1) at www.blackrock.com or by calling (800) 441-7762 and
(2) on the Securities and Exchange Commission’s website at
http://www.sec.gov.

WCMA Tax-Exempt Fund

100 Bellevue Parkway

Wilmington, DE, 19809

#WCMATE-9/08

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

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

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

Item 5 – Audit Committee of Listed Registrants – Not Applicable

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – 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.

WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

Date: November 24, 2008

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

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

Date: November 24, 2008

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

Date: November 24, 2008

EX-99.CERT

EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, Donald C. Burke, Chief Executive Officer (principal executive officer) of WCMA Tax-Exempt Fund and Master Tax-
Exempt LLC, certify that:

1. I have reviewed this report on Form N-CSR of WCMA Tax-Exempt Fund and Master Tax-Exempt LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrants as of, and for, the periods presented
in this report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrants, including their
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, 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;

c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrants' internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the audit committees
of the registrants' board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process,
summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrants' internal control over financial reporting.

Date: November 24, 2008

/s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

EX-99. CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of WCMA Tax-Exempt Fund and Master Tax-
Exempt LLC, certify that:

1. I have reviewed this report on Form N-CSR of WCMA Tax-Exempt Fund and Master Tax-Exempt LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrants as of, and for, the periods presented
in this report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrants, including their
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, 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;

c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrants' internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the audit committees
of the registrants' board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process,
summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrants' internal control over financial reporting.

Date: November 24, 2008

/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

EX-99.906 CERT

Exhibit 99.1350CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes Oxley Act

Pursuant to 18 U.S.C. § 1350, the undersigned officer of WCMA Tax-Exempt Fund and Master Tax-Exempt LLC (the
“registrants”), hereby certifies, to the best of his knowledge, that the registrants' Report on Form N-CSR for the period
ended September 30, 2008, (the “Report”) fully complies with the requirements of Section 15d of the Securities Exchange
Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the registrants.

Date: November 24, 2008

/s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

Pursuant to 18 U.S.C. § 1350, the undersigned officer of WCMA Tax-Exempt Fund and Master Tax-Exempt LLC (the
“registrants”), hereby certifies, to the best of his knowledge, that the registrants' Report on Form N-CSR for the period
ended September 30, 2008, (the “Report”) fully complies with the requirements of Section 15d of the Securities Exchange
Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the registrants.

Date: November 24, 2008

/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended,
and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange
Commission.