-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ro6fBzrpRfT/u7I2PoeT4lNaUm/qK81BJoqubPc174tgzM68hq8QwqGse3N3z/0y zz41RXjsQBsHZkhxxwjkHA== 0000900092-07-000529.txt : 20071207 0000900092-07-000529.hdr.sgml : 20071207 20071207171311 ACCESSION NUMBER: 0000900092-07-000529 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070930 FILED AS OF DATE: 20071207 DATE AS OF CHANGE: 20071207 EFFECTIVENESS DATE: 20071207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CMA TAX EXEMPT FUND/ CENTRAL INDEX KEY: 0000320281 IRS NUMBER: 136789904 STATE OF INCORPORATION: WI FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03111 FILM NUMBER: 071293367 BUSINESS ADDRESS: STREET 1: 800 SCUDDERS MILL RD CITY: PLAINSBORO STATE: NJ ZIP: 08546 BUSINESS PHONE: 6092823319 MAIL ADDRESS: STREET 1: 800 SCUDDERS MILL RD CITY: PLAINSBORO STATE: NJ ZIP: 08536 FORMER COMPANY: FORMER CONFORMED NAME: CMA TAX EXEMPT TRUST DATE OF NAME CHANGE: 19910505 FORMER COMPANY: FORMER CONFORMED NAME: CMA TAX EXEMPT FUND DATE OF NAME CHANGE: 19870802 0000320281 S000002959 CMA TAX EXEMPT FUND/ C000008095 CMA TAX EXEMPT FUND/ N-CSRS 1 br7536.txt CMA TAX-EXEMPT FUND UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSRS CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-03111 811-21301 Name of Fund: CMA Tax-Exempt Fund Master Tax-Exempt LLC Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 Name and address of agent for service: Donald C. Burke, Chief Executive Officer (principal executive officer), CMA Tax-Exempt Fund and Master Tax-Exempt LLC, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011 Registrant's telephone number, including area code: (800) 221-7210 Date of fiscal year end: 03/31/2008 Date of reporting period: 04/01/2007 - 09/30/2007 Item 1 - Report to Stockholders Semi-Annual Report (Unaudited) September 30, 2007 CMA Tax-Exempt Fund This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Performance data quoted represents past performance and does not guarantee future results. Total return information assumes reinvestment of all distributions. Current performance may be higher or lower than the performance data quoted. For current month-end performance information, call 800-882-0052. The Fund's current 7-day yield more closely reflects the current earnings of the Fund than the total returns quoted. Statements and other information herein are as dated and are subject to change. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free 1-800-441-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission's Web site at http://www.sec.gov. Information about how the Fund voted proxies relating to securities held in the Fund's portfolio during the most recent 12-month period ended June 30 is available (1) at www.blackrock.com and (2) on the Securities and Exchange Commission's Web site at http://www.sec.gov. CMA Tax-Exempt Fund P.O. Box 9011 Princeton, NJ 08543-9011 (GO PAPERLESS... logo) It's Fast, Convenient, & Timely! CMA Tax-Exempt Fund Table of Contents Page A Letter to Shareholders 3 Semi-Annual Report: Disclosure of Expenses 4 Current Seven-Day Yield 4 Fund Financial Statements: Statement of Assets and Liabilities 5 Statement of Operations 5 Statements of Changes in Net Assets 6 Fund Financial Highlights 7 Fund Notes to Financial Statements 8 Master Portfolio Summary 10 Master Schedule of Investments 11 Master Financial Statements: Statement of Assets and Liabilities 30 Statement of Operations 30 Statements of Changes in Net Assets 31 Master Financial Highlights 31 Master Notes to Financial Statements 32 Officers and Directors 34 Proxy Results 34 BlackRock Privacy Principles 35 Availability of Quarterly Schedule of Investments 35 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 A Letter to Shareholders Dear Shareholder The September reporting period took financial markets on a wild ride. While subprime mortgage woes dominated headlines for much of 2007, troubles intensified in the final months of the period, spawning a widespread "credit crunch" that crept into other areas of the market. The U.S. Federal Reserve Board (the "Fed") and other countries' central banks stepped in to inject liquidity into the markets and bolster investor confidence. The Fed cut the discount rate, the rate banks pay to borrow money directly from the Fed, from 6.25% to 5.25% in two moves in August and September. The central bankers also cut the more widely followed federal funds target rate, which had remained unchanged at 5.25% for over a year, to 4.75% in September. After a tumultuous summer, the dust began to settle toward period-end amid speculation that the worst of the credit crunch had passed. Although heightened volatility and a weakening U.S. economy have been recurring themes throughout the past year, equity markets have displayed surprising resilience. Most recently, the credit turmoil dampened corporate merger-and-acquisition activity, a key source of strength for equity markets. However, market fundamentals have held firm, dividend payouts and share buybacks have continued to grow, and valuations remain attractive. These tailwinds generally have prevailed over the headwinds created by the slowing U.S. economy and troubled housing market. In fixed income markets, mixed economic signals and the credit market debacle resulted in a flight to quality. At the height of the uncertainty, investors shunned bonds associated with the housing and credit markets in favor of higher-quality Treasury issues. The yield on 10-year Treasury issues, which touched 5.30% in June (its highest level in five years), fell to 4.59% by period-end, while prices correspondingly rose. Against this backdrop, financial markets posted generally positive results for the six-month period, and relatively stronger returns for the full year ended September 30, 2007:
Total Returns as of September 30, 2007 6-month 12-month U.S. equities (S&P 500 Index) +8.44% +16.44% Small cap U.S. equities (Russell 2000 Index) +1.19 +12.34 International equities (MSCI Europe, Australasia, Far East Index) +8.72 +24.86 Fixed income (Lehman Brothers U.S. Aggregate Bond Index) +2.31 + 5.14 Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) +1.15 + 3.10 High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index) +0.56 + 7.62 Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.
As you navigate market volatility, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more market insight, we invite you to view "What's Ahead in 2007: Third Quarter Update" and "Are You Prepared for Volatility?" at www.blackrock.com/funds. We thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead. Sincerely, /s/ Robert C. Doll, Jr. - ----------------------- Robert C. Doll, Jr. Vice Chairman, BlackRock, Inc. THIS PAGE NOT PART OF YOUR FUND REPORT Disclosure of Expenses Shareholders of this Fund may incur the following charges: (a) expenses related to transactions, including sales charges, redemption fees and exchange fees; and (b) operating expenses including advisory fees, distribution fees including 12b-1 fees, and other Fund expenses. The expense example below (which is based on a hypothetical investment of $1,000 invested on April 30, 2007 and held through September 30, 2007) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds. The table provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period." The table also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in this Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds' shareholder reports. The expenses shown in the table are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the second table is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher. Expense Example
Actual Hypothetical** Beginning Ending Expenses Beginning Ending Expenses Account Value Account Value Paid During Account Value Account Value Paid During April 1, 2007 Sept. 30, 2007 the Period* April 1, 2007 Sept. 30, 2007 the Period* CMA Tax-Exempt Fund $1,000 $1,016.10 $2.76 $1,000 $1,022.16 $2.77 * Expenses are equal to the Fund's annualized expense ratio of .55%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table example reflects the expenses of both the feeder and the master in which it invests. ** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.
Current Seven-Day Yield As of September 30, 2007 3.26% CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Statement of Assets and Liabilities CMA Tax-Exempt Fund
As of September 30, 2007 (Unaudited) Assets Investment in Master Tax-Exempt LLC (the "Master LLC"), at value (identified cost--$9,516,609,033) $ 9,516,609,033 Prepaid expenses and other assets 573,218 --------------- Total assets 9,517,182,251 --------------- Liabilities Payables: Distributor $ 2,312,363 Administrator 1,859,525 Other affiliates 123,276 4,295,164 --------------- Other liabilities 36 --------------- Total liabilities 4,295,200 --------------- Net Assets Net assets $ 9,512,887,051 =============== Net Assets Consist of Shares of beneficial interest, $.10 par value, unlimited number of shares authorized $ 951,466,198 Paid-in capital in excess of par 8,562,225,727 Accumulated realized capital losses allocated from the Master LLC--net (804,874) --------------- Net Assets--Equivalent to $1.00 per share based on 9,514,661,976 shares of beneficial interest outstanding $ 9,512,887,051 =============== See Notes to Financial Statements.
Statement of Operations CMA Tax-Exempt Fund
For the Six Months Ended September 30, 2007 (Unaudited) Investment Income Interest from affiliates $ 10,338 Net investment income allocated from the Master LLC: Interest 175,970,785 Expenses (6,949,844) --------------- Total income 169,031,279 --------------- Expenses Administration fees $ 11,708,295 Distribution fees 5,813,962 Transfer agent fees 714,634 Registration fees 477,569 Printing and shareholder reports 80,170 Professional fees 44,611 Other 11,738 --------------- Total expenses 18,850,979 --------------- Investment income--net 150,180,300 --------------- Realized Gain Allocated from the Master LLC--Net Realized gain on investments--net 130,931 --------------- Net Increase in Net Assets Resulting from Operations $ 150,311,231 =============== See Notes to Financial Statements.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Statements of Changes in Net Assets CMA Tax-Exempt Fund
For the Six Months Ended For the September 30, Year Ended 2007 March 31, Increase (Decrease) in Net Assets: (Unaudited) 2007 Operations Investment income--net $ 150,180,300 $ 263,606,567 Realized gain--net 130,931 789,164 ---------------- ---------------- Net increase in net assets resulting from operations 150,311,231 264,395,731 ---------------- ---------------- Dividends to Shareholders Dividends to shareholders from investment income--net (150,180,300) (263,606,567) ---------------- ---------------- Beneficial Interest Transactions Net proceeds from sale of shares 30,372,709,166 48,483,788,131 Value of shares issued to shareholders in reinvestment of dividends 150,180,300 263,607,070 ---------------- ---------------- Total shares issued 30,522,889,466 48,747,395,201 Cost of shares redeemed (30,267,762,537) (48,251,663,564) ---------------- ---------------- Net increase in net assets derived from beneficial interest transactions 255,126,929 495,731,637 ---------------- ---------------- Net Assets Total increase in net assets 255,257,860 496,520,801 Beginning of period 9,257,629,191 8,761,108,390 ---------------- ---------------- End of period $ 9,512,887,051 $ 9,257,629,191 ================ ================ See Notes to Financial Statements.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Financial Highlights CMA Tax-Exempt Fund
For the Six Months Ended The following per share data and ratios September 30, have been derived from information 2007 For the Year Ended March 31, provided in the financial statements. (Unaudited) 2007 2006 2005 2004 2003++++++ Per Share Operating Performance Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ----------- ----------- ----------- ----------- ----------- ----------- Investment income--net .02 .03 .02 .01 .01 .01 Realized gain (loss)--net --++++ --++++ --++ --++ --++ --++ ----------- ----------- ----------- ----------- ----------- ----------- Total from investment operations .02 .03 .02 .01 .01 .01 ----------- ----------- ----------- ----------- ----------- ----------- Less dividends from investment income--net (.02) (.03) (.02) (.01) (.01) (.01) ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 =========== =========== =========== =========== =========== =========== Total investment return 1.62%+++ 3.05% 2.24% .93% .54% .93% =========== =========== =========== =========== =========== =========== Ratios to Average Net Assets** Expenses .55%* .55% .55% .55% .55% .55% =========== =========== =========== =========== =========== =========== Investment income and realized gain (loss)--net 3.20%* 3.03% 2.21% .91% .55% .93% =========== =========== =========== =========== =========== =========== Supplemental Data Net assets, end of period (in thousands) $ 9,512,887 $ 9,257,629 $ 8,761,108 $ 9,029,274 $ 9,522,055 $10,587,794 =========== =========== =========== =========== =========== =========== * Annualized. ** Includes the Fund's share of the Master LLC's allocated expenses and/or investment income and realized gain (loss)--net. ++ Amount is less than $(.01) per share. ++++ Amount is less than $.01 per share. ++++++ On February 13, 2003, the Fund converted from a stand-alone investment company to a "feeder" fund that seeks to achieve its investment objective by investing all of its assets in the Master LLC, which has the same investment objective as the Fund. All investments will be made at the Master LLC level. This structure is sometimes called a "master/feeder" structure. +++ Aggregate total investment return. See Notes to Financial Statements.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Notes to Financial Statements (Unaudited) CMA Tax-Exempt Fund 1. Significant Accounting Policies: CMA Tax-Exempt Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended, as a no load, diversified, open-end management investment company. The Fund seeks to achieve its investment objective by investing all of its assets in the Master Tax-Exempt LLC (the "Master LLC"), which has the same investment objective and strategies as the Fund. Effective June 15, 2007, the Master LLC was converted from a Delaware statutory trust to a Delaware limited liability company. The value of the Fund's investment in the Master LLC reflects the Fund's proportionate interest in the net assets of the Master LLC. The performance of the Fund is directly affected by the performance of the Master LLC. The financial statements of the Master LLC, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements. The Fund's financial statements are prepared in conformity with U.S. generally accepted accounting principles, which may require the use of management accruals and estimates. Actual results may differ from these estimates. These unaudited financial statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the results for the interim period. All such adjustments are of a normal, recurring nature. The percentage of the Master LLC owned by the Fund at September 30, 2007 was 90.8%. The following is a summary of significant accounting policies followed by the Fund. (a) Valuation of investments--The Fund records its investment in the Master LLC at fair value. Valuation of securities held by the Master LLC is discussed in Note 1(a) of the Master LLC's Notes to Financial Statements, which are included elsewhere in this report. (b) Investment income and expenses--The Fund records daily its proportionate share of the Master LLC's income, expenses and realized and unrealized gains and losses. In addition, the Fund accrues its own income and expenses. (c) Income taxes--It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. (d) Prepaid registration fees--Prepaid registration fees are charged to expense as the related shares are issued. (e) Dividends and distributions to shareholders--The Fund declares dividends daily and reinvests daily such dividends (net of non-resident alien tax and backup withholding tax withheld) in additional Fund shares at net asset value. Dividends are declared from the total of net investment income. Distributions of net realized gain, if any, on investments are paid at least annually. (f) Investment transactions--Investment transactions in the Master LLC are accounted for on a trade date basis. (g) Recent accounting pronouncements--Effective September 30, 2007, the Fund implemented Financial Accounting Standards Board ("FASB") Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109" ("FIN 48"). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Fund, and has determined that the adoption of FIN 48 does not have a material impact on the Fund's financial statements. The Fund files U.S. and various state tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's tax returns remains open for the years ended March 31, 2004 through March 31, 2007. In September 2006, Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications of FAS 157 and its impact on the Fund's financial statements, if any, has not been determined. In addition, in February 2007, FASB "Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial Liabilities" ("FAS 159"), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Fund's financial statements, if any, has not been determined. 2. Transactions with Affiliates: The Fund has entered into an Administration Agreement with BlackRock Advisors, LLC (the "Administrator"), an indirect, wholly owned subsidiary of BlackRock, Inc. The Fund pays a monthly fee at an annual rate of .25% of the Fund's average daily net assets for the performance of administrative services (other than investment advice and related port-folio activities) necessary for the operation of the Fund. Merrill Lynch & Co., Inc. ("Merrill Lynch") and The PNC Financial Services Group, Inc. ("PNC") are the principal owners of BlackRock, Inc. CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Notes to Financial Statements (concluded) CMA Tax-Exempt Fund Pursuant to the Distribution Plan in compliance with Rule 12b-1 under the Investment Company Act of 1940, the Fund may pay Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"), a wholly owned subsidiary of Merrill Lynch, and/or affiliates of PNC or Merrill Lynch (including BlackRock, Inc.) a distribution fee. The fee is accrued daily and paid monthly at the annual rate of .125% of average daily net assets of the Fund, for shareholders whose Fund accounts are serviced by MLPF&S financial advisors, whether maintained through MLPF&S or directly with the Fund's transfer agent. The distribution fee is to compensate MLPF&S for providing, or arranging for the provision of, shareholder services and sales and promotional activities and services with respect to shares of the Fund. Financial Data Services, Inc. ("FDS"), a wholly owned subsidiary of Merrill Lynch, is the Fund's transfer agent. Interest is earned by the Fund from FDS based on the difference, if any, between estimated and actual daily beneficial share activity, which results in uninvested net proceeds from sales of Fund shares. Certain officers and/or directors of the Fund are officers and/or directors of BlackRock, Inc. or its affiliates. 3. Beneficial Interest Transactions: The number of shares sold, reinvested and redeemed during the periods corresponds to the amounts included in the Statements of Changes in Net Assets for net proceeds from sale of shares, value of shares reinvested and cost of shares redeemed, respectively, since shares are recorded at $1.00 per share. 4. Capital Loss Carryforward: On March 31, 2007, the Fund had a net capital loss carryforward of $935,805, all of which expires in 2014. This amount will be available to offset like amounts of any future taxable gains. CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Portfolio Summary* Master Tax-Exempt LLC Portfolio Composition Put Bonds--2.1% Fixed Rate Notes--6.7% Tax-Exempt Commercial Paper--7.4% Variable Rate Demand Obligations--83.8% * Based on total market value of Master Tax-Exempt LLC as of September 30, 2007. Investments are valued at amortized cost, which approximates market value. CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments as of September 30, 2007 (Unaudited) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Alabama--2.6% $ 29,985 Alabama, HFA, S/F Mortgage Revenue Bonds, VRDN, AMT, Series H, 4.03% due 6/01/2009 (j) $ 29,985 15,450 Bank of America MACON Trust, Spanish Fort Redevelopment Authority, Alabama, Revenue Bonds, VRDN, Series 2007-306, 3.93% due 3/01/2012 (h)(j) 15,450 3,995 Birmingham, Alabama, Waterworks and Sewer Board, Water and Sewer Revenue Refunding Bonds, PUTTERS, VRDN, Series 1737, 3.92% due 1/01/2015 (a)(h)(j) 3,995 20,000 Columbia, Alabama, IDB, Revenue Bonds (Alabama Power Company Project), VRDN, AMT, 3.99% due 11/01/2021 (j) 20,000 11,700 Daphne, Alabama, Special Care Facilities Financing Authority, Revenue Refunding Bonds (Presbyterian), VRDN, Series B, 3.89% due 8/15/2023 (a)(j) 11,700 1,000 Decatur, Alabama, IDB, Environmental Facilities Revenue Bonds (BP Amoco Chemical Company Project), VRDN, AMT, 4% due 11/01/2035 (j) 1,000 4,105 Jefferson County, Alabama, GO, Refunding, VRDN, Series B, 3.93% due 4/01/2021 (j) 4,105 89,455 Jefferson County, Alabama, Limited Obligation School Warrants, VRDN, Series B, 3.88% due 1/01/2027 (a)(j) 89,455 7,150 Jefferson County, Alabama, Sewer Revenue Bonds, ROCS, VRDN, Series II-R-10151, 3.91% due 8/01/2012 (b)(h)(j) 7,150 5,000 Jefferson County, Alabama, Sewer Revenue Refunding Bonds, VRDN, Series C-6, 3.88% due 2/01/2040 (j)(n) 5,000 8,100 Lehman Municipal Trust Receipts, Alabama, HFA, Revenue Bonds, FLOATS, VRDN, AMT, Series 2006-K41, 4.01% due 10/01/2037 (h)(j)(o) 8,100 79,200 Southeast Alabama Gas District, Alabama, Supply Project Revenue Bonds, VRDN, Series A, 3.96% due 8/01/2027 (j) 79,200 Alaska--0.7% 19,400 Alaska Industrial Development and Export Authority Revenue Bonds, ROCS, VRDN, Series II-R-320, 3.92% due 4/01/2034 (e)(h)(j) 19,400 2,200 Anchorage, Alaska, Electric Utility Revenue Refunding Bonds, PUTTERS, VRDN, Series 1128, 3.92% due 6/01/2013 (f)(h)(j) 2,200 6,185 Anchorage, Alaska, GO, PUTTERS, VRDN, Series 552, 3.92% due 6/01/2012 (f)(h)(j) 6,185 38,000 Valdez, Alaska, Marine Terminal Revenue Bonds, VRDN, Series A, 4% due 5/01/2031 (j) 38,000 Face Amount Municipal Bonds Value Alaska (concluded) Valdez, Alaska, Marine Terminal Revenue Refunding Bonds, VRDN (j): $ 7,000 (BP Pipelines (Alaska), Inc. Project), 3.92% due 7/01/2037 $ 7,000 3,600 (BP Pipelines Inc. Project), Series B, 3.92% due 7/01/2037 3,600 Arizona--2.5% 33,000 Apache County, Arizona, IDA, IDR (Tucson Electric Power Co.), VRDN, Series 83-A, 3.80% due 12/15/2018 (j) 33,000 Arizona Health Facilities Authority, Revenue Refunding Bonds (Banner Health System), VRDN (j): 4,970 Series A, 3.87% due 1/01/2029 (f) 4,970 9,775 Series B, 3.87% due 1/01/2035 (b) 9,775 4,390 Series C, 3.78% due 1/01/2035 (b) 4,390 49,055 Clipper Tax-Exempt Certificates Trust, Arizona, Revenue Bonds, VRDN, Series 2007-1, 3.94% due 2/01/2020 (h)(j) 49,055 10,000 Maricopa County, Arizona, IDA, Health Facilities Revenue Bonds, PUTTERS, VRDN, Series 420, 3.85% due 1/01/2010 (h)(j) 10,000 8,440 Maricopa County, Arizona, Public Finance Corporation, Lease Revenue Bonds, FLOATS, VRDN, Series 1863, 3.91% due 7/01/2031 (a)(h)(j) 8,440 20,000 McAllister Academic Village, LLC, Arizona, Revenue Bonds (Arizona State University Project), VRDN, Series A, 3.83% due 7/01/2045 (a)(j) 20,000 40,515 Morgan Keegan Municipal Products, Inc., Maricopa County, Arizona, IDA, VRDN, AMT, Series A, 3.98% due 2/02/2009 (j) 40,515 2,400 Phoenix, Arizona, Civic Improvement Corporation, State of Arizona Distribution Revenue Bonds, PUTTERS, VRDN, Series 1306, 3.92% due 1/01/2026 (b)(h)(j) 2,400 4,070 Phoenix, Arizona, IDA, Government Office Lease Revenue Refunding Bonds, PUTTERS, VRDN, Series 1119, 3.92% due 9/15/2013 (a)(h)(j) 4,070 Salt River Pima-Maricopa Indian Community, Arizona, Revenue Bonds, VRDN (j): 16,419 3.87% due 10/01/2025 16,419 36,480 3.87% due 10/01/2026 36,480 2,285 Salt River Project, Arizona, Agricultural Improvement and Power District, Electric System Revenue Bonds, FLOATS, VRDN, Series 1840, 3.91% due 1/01/2037 (h)(j) 2,285 Portfolio Abbreviations for Master Tax-Exempt LLC ACES (SM) Adjustable Convertible Extendible Securities AMT Alternative Minimum Tax (subject to) BAN Bond Anticipation Notes COP Certificates of Participation CP Commercial Paper EDA Economic Development Authority EDR Economic Development Revenue Bonds FLOATS Floating Rate Securities GAN Grant Anticipation Notes GO General Obligation Bonds HDA Housing Development Authority HFA Housing Finance Agency IDA Industrial Development Authority IDB Industrial Development Board IDR Industrial Development Revenue Bonds M/F Multi-Family MERLOTS Municipal Exempt Receipts Liquidity Optional Tenders MSTR Municipal Securities Trust Receipts PCR Pollution Control Revenue Bonds PUTTERS Puttable Tax-Exempt Receipts RAN Revenue Anticipation Notes ROCS Reset Option Certificates S/F Single-Family TAN Tax Anticipation Notes TOCS Tender Option Certificates TRAN Tax Revenue Anticipation Notes VRDN Variable Rate Demand Notes CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Arizona (concluded) Scottsdale, Arizona, IDA, Hospital Revenue Refunding Bonds (Scottsdale Healthcare), VRDN (j): $ 10,160 Series B, 3.86% due 9/01/2026 (b) $ 10,160 5,900 Series C, 3.86% due 9/01/2035 (e) 5,900 4,725 Tucson and Pima County, Arizona, IDA, S/F Mortgage Revenue Refunding Bonds, VRDN, AMT, 4.87% due 4/25/2008 (j) 4,725 Arkansas--0.9% 7,800 Arkansas State Development Finance Authority, M/F Housing Revenue Bonds (Chapelridge Benton Project), VRDN, AMT, Series C, 3.92% due 6/01/2032 (j) 7,800 41,190 Arkansas State Development Finance Authority, S/F Mortgage Revenue Bonds, FLOATS, VRDN, AMT, Series 1139, 3.96% due 2/01/2008 (h)(j) 41,189 1,965 Morgan Keegan Municipal Products, Inc., Arkansas State Development Finance Authority, S/F Mortgage Revenue Bonds, VRDN, Series C, 3.98% due 6/01/2011 (j) 1,965 20,595 Morgan Keegan Municipal Products, Inc., Arkansas State Development Finance Authority, VRDN, AMT, Series D, 3.98% due 2/01/2010 (j) 20,595 9,000 North Little Rock, Arkansas, Health Facilities Board, Health Care Revenue Bonds (Baptist Health), VRDN, Series B, 3.87% due 12/01/2021 (f)(j) 9,000 10,680 University of Arkansas, University Revenue Bonds, FLOATS, VRDN, Series 1397, 3.91% due 11/01/2036 (a)(h)(j) 10,680 California--1.9% 2,184 California Health Facilities Financing Authority Revenue Bonds, FLOATS, VRDN, Series 591, 3.93% due 3/01/2014 (f)(h)(j) 2,184 17,500 California State, Economic Recovery, GO, FLOATS, VRDN, Series L27, 3.82% due 7/01/2017(h)(j) 17,500 California State, GO, VRDN (h)(j): 86,920 FLOATS, Series 2002, 3.96% due 8/01/2030 86,920 7,945 MERLOTS, Series B-45, 3.90% due 10/01/2029 7,945 5,350 California State, GO, Refunding, PUTTERS, VRDN, Series 1695, 4% due 2/01/2012 (h)(j) 5,350 3,430 California Statewide Communities Development Authority, M/F Housing Revenue Bonds, FLOATS, VRDN, Series 54TP, 3.94% due 1/01/2049 (h)(j) 3,430 30,485 Los Angeles, California, S/F Home Mortgage Revenue Bonds, VRDN, AMT, 4.90% due 10/01/2040 (j) 30,485 48,110 Morongo Band of Mission Indians, California, Revenue Bonds, VRDN, 3.96% due 12/01/2019 (j) 48,110 Colorado--2.7% 7,675 Adams County, Colorado, School District Number 012, GO, ROCS, VRDN, Series II-R-1045, 3.92% due 12/15/2022 (e)(h)(j) 7,675 3,180 Colorado Department of Transportation Revenue Bonds, ROCS, VRDN, Series II-R-4046, 3.92% due 12/15/2016 (a)(h)(j) 3,180 9,950 Colorado Department of Transportation Revenue Refunding Bonds, PUTTERS, VRDN, Series 318, 3.92% due 6/15/2015 (f)(h)(j) 9,950 9,470 Colorado Educational and Cultural Facilities Authority, Revenue Refunding Bonds (National Jewish Federation Bond Program Project), VRDN, Series A-8, 3.95% due 9/01/2035 (j) 9,470 Face Amount Municipal Bonds Value Colorado (concluded) Colorado Health Facilities Authority Revenue Bonds, VRDN (j): $ 26,700 (Catholic Health Initiatives), Series B, 3.91% due 12/01/2020 $ 26,700 19,800 (Sisters of Charity of Leavenworth Health System), 3.90% due 12/01/2032 19,800 Colorado Health Facilities Authority, Revenue Refunding Bonds, VRDN (j): 3,640 (Catholic Health Initiatives), Series B-1, 3.80% due 3/01/2023 3,640 26,000 (Sisters of Charity of Leavenworth Health System), Series A, 3.90% due 12/01/2038 26,000 45,300 Colorado Housing and Finance Authority, S/F Mortgage Revenue Bonds, VRDN, AMT, Series B-3, 3.93% due 11/01/2026 (j) 45,300 6,900 Colorado School Mines Development Corporation, Revenue Refunding Bonds, VRDN, 4.01% due 9/01/2026 (j) 6,900 20,275 Colorado Springs, Colorado, Utilities Revenue Bonds, Sub-Lien, VRDN, Series A, 3.80% due 11/01/2029 (j) 20,275 Denver, Colorado, City and County Airport, Revenue Refunding Bonds, VRDN (b)(h)(j): 9,500 FLOATS, Series 63-TP, 3.90% due 11/15/2025 9,500 5,780 MERLOTS, AMT, Series A61, 3.97% due 11/15/2012 5,780 11,325 E-470 Public Highway Authority, Colorado, Revenue Bonds, ROCS, VRDN, Series II-R-10019Z, 3.93% due 9/01/2024 (f)(h)(j) 11,325 772 E-470 Public Highway Authority, Colorado, Revenue Refunding Bonds, FLOATS, VRDN, Series 997, 3.92% due 3/01/2036 (f)(h)(j) 772 11,220 Eclipse Funding Trust, Solar Eclipse Certificates, El Paso County, Colorado, School District, COP, VRDN, Series 2006-0101, 3.91% due 12/15/2028 (f)(h)(j) 11,220 El Paso County, Colorado, S/F Mortgage Revenue Bonds, VRDN, AMT (h)(j): 51 FLOATS, Series 1136, 3.96% due 11/01/2008 51 5,265 ROCS, Series II-R-10220, 3.93% due 6/01/2016 (i) 5,265 18,105 ROCS, Series II-R-10222, 3.93% due 10/01/2018 (i) 18,105 15,000 Lower Colorado River Authority, Texas, CP, 3.78% due 2/06/2008 15,000 University of Colorado Hospital Authority Revenue Bonds, VRDN (j): 6,500 ROCS, Series II-R-573CE, 3.92% due 11/15/2040 (h) 6,500 21,840 Series A, 3.86% due 11/15/2033 (e) 21,840 Connecticut--0.0% 4,960 Eagle Tax-Exempt Trust, Connecticut, GO, VRDN, Series 96-0701, 3.91% due 11/15/2007 (h)(j) 4,960 Delaware--0.9% 54,525 Delaware State, EDA, Revenue Bonds (Hospital Billing and Collection), VRDN, Series C, 3.80% due 12/01/2015 (j) 54,525 Delaware State Housing Authority Revenue Bonds, VRDN (h)(j): 3,680 MERLOTS, Series B10, 3.97% due 7/01/2031 (f) 3,680 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Delaware (concluded) $ 1,930 ROCS, AMT, Series II-R-359, 4% due 7/01/2035 (e) $ 1,930 GS Pool Trust, Delaware, FLOATS, VRDN (h)(j): 11,932 AMT, Series 35TP, 3.97% due 8/01/2049 11,932 2,253 AMT, Series 56TP, 3.94% due 7/01/2048 2,253 14,851 Series 1, 3.97% due 6/02/2012 14,851 District of Columbia--1.4% 4,000 District of Columbia, Ballpark Revenue Bonds, PUTTERS, VRDN, Series 1325, 3.92% due 2/01/2014 (b)(h)(j) 4,000 20,065 District of Columbia, GO, PUTTERS, VRDN, Series 2011, 3.92% due 6/01/2015 (b)(h)(j) 20,065 District of Columbia, GO, Refunding, VRDN (j): 3,995 MSTR, Series SGA-62, 4% due 6/01/2017 (a)(h) 3,995 20,290 Series C, 3.88% due 6/01/2026 (b) 20,290 25,790 District of Columbia, Hospital Revenue Bonds, FLOATS, VRDN, Series 712, 3.91% due 7/15/2019 (b)(h)(j) 25,790 26,115 District of Columbia, Water and Sewer Authority, Public Utility Revenue Bonds, FLOATS, VRDN, Series 1125, 3.91% due 10/01/2033 (b)(h)(j) 26,115 48,095 Metropolitan Washington Airports Authority, D.C., Airport System Revenue Refunding Bonds, MERLOTS, VRDN, AMT, Series C35, 3.97% due 10/01/2014 (f)(h)(j)(m) 48,095 Florida--8.4% 8,140 Bank of America AUSTIN Trust, Broward County, Florida, School Board, COP, VRDN, Series 2007-129, 3.92% due 7/01/2032 (b)(h)(j) 8,140 14,770 Collier County, Florida, Educational Facilities Authority, Limited Obligation Revenue Bonds (Ave Maria University), VRDN, 3.97% due 10/01/2036 (j) 14,770 11,665 Collier County, Florida, School Board, COP, ROCS, VRDN, Series II-R-7032, 4.15% due 2/15/2024 (e)(h)(j) 11,665 15,650 Dade County, Florida, Water and Sewer System Revenue Bonds, VRDN, 3.86% due 10/05/2022 (b)(j) 15,650 Eagle Tax-Exempt Trust, Florida State Board of Education, GO, VRDN, Class A (h)(j): 15,500 Series 2005-0057, 3.93% due 6/01/2035 15,500 8,000 Series 2005-3013, 3.93% due 6/01/2033 (g) 8,000 Eagle Tax-Exempt Trust, Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, VRDN, Class A (e)(h)(j): 15,000 Series 2007-0081, 3.91% due 7/01/2042 15,000 11,300 Series 2007-0145, 3.85% due 7/01/2017 11,300 19,730 Eagle Tax-Exempt Trust, South Florida Water Management District, COP, VRDN, Series 2006-0136, Class A, 3.93% due 10/01/2036 (a)(h)(j) 19,730 7,425 Eclipse Funding Trust, Solar Eclipse Certificates, Volusia County, Florida, School Board, COP, VRDN, Series 2007-0036, 3.78% due 8/01/2032 (e)(h)(j) 7,425 Face Amount Municipal Bonds Value Florida (continued) Florida Gas Utility Revenue Bonds (Gas Supply Project Number 2), VRDN (j): $ 60,445 Series A-1, 3.90% due 11/01/2026 $ 60,445 123,735 Series A-3, 3.83% due 11/01/2026 123,735 5,480 Florida Housing Finance Corporation, M/F Mortgage Revenue Bonds, ROCS, VRDN, Series II-R-600CE, 4% due 7/01/2043 (h)(j) 5,480 7,830 Florida Hurricane Catastrophe Fund Financing Corporation Revenue Bonds, VRDN, Series A, 5% due 7/01/2008 (j) 7,902 16,176 Florida Local Government Finance Commission, CP, 3.73% due 10/05/2007 16,176 3,465 Florida State Board of Education, GO, Refunding, ROCS, VRDN, Series II-R-6087 3.92% due 6/01/2014 (b)(h)(j) 3,465 Florida State Board of Education, Lottery Revenue Bonds, VRDN (h)(j): 6,220 FLOATS, Series 858, 3.91% due 1/01/2017 (f) 6,220 2,815 ROCS, Series II-R-4521, 3.92% due 7/01/2020 (b) 2,815 27,765 Florida State, Revenue Refunding Bonds, MERLOTS, VRDN, Series A-22, 3.78% due 7/01/2027(h)(j) 27,765 4,100 Gainesville, Florida, Utilities System Revenue Refunding Bonds, VRDN, Series C, 3.95% due 10/01/2026 (j) 4,100 6,000 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Adventist Health System), VRDN, Series C, 3.92% due 11/15/2021 (j) 6,000 3,940 Hillsborough County, Florida, Aviation Authority, Revenue Refunding Bonds, MERLOTS, VRDN, AMT, Series A18, 3.97% due 10/01/2013 (f)(h)(j) 3,940 15,700 Jacksonville, Florida, Electric Authority, CP, 3.67% due 11/14/2007 15,700 15,075 Jacksonville, Florida, Electric Authority Revenue Bonds (Electric System), VRDN, Series B, 4.04% due 10/01/2030 (j) 15,075 15,000 Jacksonville, Florida, Port Authority Revenue Bonds (Mitsui O.S.K. Lines, Ltd. Project), VRDN, AMT, 3.95% due 11/01/2032 (j) 15,000 5,733 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds, FLOATS, VRDN, AMT, Series 1829, 3.94% due 10/01/2039 (f)(h)(j) 5,733 3,755 Miami-Dade County, Florida, Special Obligation Revenue Bonds, TOCS, VRDN, Series Z-9, 3.90% due 4/17/2015 (f)(h)(j) 3,755 40,000 Miami-Dade County, Florida, Water and Sewer Revenue Refunding Bonds, VRDN, 3.86% due 10/01/2025 (e)(j) 40,000 13,890 Municipal Securities Trust Certificates, Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds, VRDN, Series 7061, Class A, 3.92% due 11/15/2035 (h)(j)(m) 13,890 15,600 North Broward, Florida, Hospital District Revenue Refunding Bonds, VRDN, Series B, 3.87% due 1/15/2031 (g)(j) 15,600 5,000 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando Regional Healthcare), VRDN, Series A-10, 3.95% due 10/01/2041 (e)(j) 5,000 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Florida (concluded) Orange County, Florida, Health Facilities Authority Revenue Bonds, FLOATS, VRDN (h)(j): $ 29,850 Series 532, 3.91% due 11/15/2015 (a) $ 29,850 17,245 Series 830, 3.91% due 11/15/2022 (e) 17,245 7,465 Orange County, Florida, Tourist Development, Tax Revenue Refunding Bonds, FLOATS, VRDN, Series 1806, 3.91% due 10/01/2030 (b)(h)(j) 7,465 Orlando, Florida, Utilities Commission, Water and Electric Revenue Bonds, VRDN (j): 57,450 Series A, 3.78% due 10/01/2017 57,450 25,300 Series B, 3.87% due 10/01/2022 25,300 Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, VRDN (a)(j): 2,250 Sub-Series A-2, 3.83% due 7/01/2040 2,250 30,650 Sub-Series B-1, 3.83% due 7/01/2040 30,650 Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Refunding Bonds, VRDN (e)(j): 24,475 Series C-1, 3.77% due 7/01/2025 24,475 18,790 Series C-4, 3.83% due 7/01/2025 18,790 44,350 Series D, 3.83% due 7/01/2032 44,350 10,000 Palm Beach County, Florida, Health Facilities Authority, CP, 3.74% due 11/15/2007 10,000 6,095 Saint Johns County, Florida, Sales Tax Revenue Bonds, ROCS, VRDN, Series II-R-755PB, 3.93% due 10/01/2036 (f)(h)(j) 6,095 18,305 Saint Johns County, Florida, Transportation Improvement Revenue Bonds, ROCS, VRDN, Series II-R-9071, 3.92% due 10/01/2016 (a)(h)(j) 18,305 40,000 Sunshine State, Florida, Governmental Finance Commission, CP, 3.75% due 10/15/2007 40,000 16,240 UBS Municipal CRVS Trust, Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Bonds, FLOATS, VRDN, Series 06-1004, 3.92% due 1/01/2014 (a)(h)(j) 16,240 Volusia County, Florida, School Board, COP, VRDN (f)(h)(j): 2,120 PUTTERS, Series 970, 3.92% due 2/01/2013 2,120 5,460 ROCS, Series II-R-2212, 4.15% due 8/01/2023 5,460 Georgia--1.7% 3,820 Albany-Dougherty County, Georgia, Hospital Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series L3J, 3.93% due 9/01/2020 (a)(h)(j) 3,820 16,300 Appling County, Georgia, Development Authority, PCR (Georgia Power Plant Hatch), VRDN, Second Series, 4% due 12/01/2018 (j) 16,300 19,760 Atlanta, Georgia, Airport Revenue Refunding Bonds, VRDN, Series C-2, 3.84% due 1/01/2030 (f)(j) 19,760 12,500 Atlanta, Georgia, Subordinate Lien Tax Allocation Bonds (Atlantic Station), VRDN, 3.94% due 12/01/2024 (j) 12,500 4,000 Atlanta, Georgia, Urban Residential Finance Authority, M/F Housing Revenue Bonds (Lindbergh City Center Apartment Project), VRDN, AMT, 3.91% due 11/01/2044 (j) 4,000 6,815 Bank of America MACON Trust, Georgia Municipal Electric Authority, Power Revenue Bonds, VRDN, Series E, 3.92% due 1/01/2017 (e)(h)(j) 6,815 28,000 Burke County, Georgia, Development Authority, CP, 3.67% due 1/11/2008 28,000 Face Amount Municipal Bonds Value Georgia (concluded) Clayton County, Georgia, Development Authority, Special Facilities Revenue Bonds (Delta Air Lines Project), VRDN (j): $ 10,545 AMT, Series B, 4% due 5/01/2035 $ 10,545 6,500 AMT, Series C, 4% due 5/01/2035 6,500 10,135 Series A, 3.92% due 6/01/2029 10,135 2,400 Clayton County, Georgia, Housing Authority, M/F Housing Revenue Bonds (Provence Place Apartments Project), VRDN, 3.92% due 10/01/2041 (j) 2,400 4,475 DeKalb County, Georgia, Public Safety and Judicial Facilities Authority, Special Tax Revenue Bonds, FLOATS, VRDN, Series 1459, 3.91% due 12/01/2034 (h)(j) 4,475 Eagle Tax-Exempt Trust, Atlanta, Georgia, Water and Wastewater Revenue Bonds, VRDN (e)(h)(j): 9,100 Series 2005-0009, Class A, 3.91% due 11/01/2043 9,100 5,000 Series 2006-0130, Class A, 3.93% due 11/01/2034 5,000 21,200 Fulton County, Georgia, Development Authority Revenue Bonds (Robert W. Woodruff Arts Center Project), VRDN, Series B, 3.87% due 4/01/2034 (j) 21,200 2,150 Georgia State, GO, PUTTERS, VRDN, Series 1420, 3.92% due 6/01/2012 (h)(j) 2,150 2,570 Gwinnett County, Georgia, Development Authority, COP, ROCS, VRDN, Series II-R-6009, 3.92% due 1/01/2021 (f)(h)(j) 2,570 15,995 Municipal Securities Trust Certificates, Atlanta, Georgia, Water and Wastewater Revenue Bonds, VRDN, AMT, Series 2002-186, Class A, 3.92% due 2/25/2021 (f)(h)(j) 15,995 Hawaii--0.1% 7,170 Hawaii State, Highway Revenue Bonds, ROCS, VRDN, Series II-R-10096, 3.91% due 7/01/2011 (e)(h)(j) 7,170 1,980 Hawaii State, Revenue Bonds, ROCS, VRDN, Series II-R-6504, 3.92% due 10/01/2024 (f)(h)(j) 1,980 Idaho--0.3% 30,400 Idaho State, GO, TAN, 4.50% due 6/30/2008 30,570 Illinois--8.3% 14,285 ABN AMRO MuniTops Certificates Trust, Chicago, Illinois, GO, VRDN, Series 2001-31, 3.92% due 1/01/2009 (b)(h)(j) 14,285 9,330 Bank of America MACON Trust, Chicago, Illinois, O'Hare International Airport Revenue Bonds, VRDN, Series A, 3.92% due 1/01/2018 (f)(h)(j) 9,330 2,940 Bank of America MACON Trust, Illinois State Dedicated Tax, VRDN, Series N, 3.92% due 12/15/2020 (a)(h)(j) 2,940 1,750 Bank of America MACON Trust, Illinois State, GO, VRDN, Series L, 3.92% due 1/01/2031 (h)(j) 1,750 2,755 Bank of America MACON Trust, Regional Transportation Authority, Illinois, Revenue Bonds, VRDN, Series K, 3.92% due 7/01/2026 (f)(h)(j) 2,755 10,215 Chicago, Illinois, Board of Education, GO, ROCS, VRDN, Series II-R-10097, 3.91% due 12/01/2011 (e)(h)(j) 10,215 8,175 Chicago, Illinois, GO, VRDN, Series B, 3.80% due 1/01/2012 (j) 8,175 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Illinois (continued) $ 5,730 Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, ROCS, VRDN, Series II-R-2021, 3.92% due 1/01/2020 (a)(h)(j) $ 5,730 Chicago, Illinois, O'Hare International Airport Revenue Bonds, ROCS, VRDN (h)(j): 3,700 AMT, Series II-R-239, 4% due 1/01/2022 (e) 3,700 5,995 AMT, Series II-R-250, 4% due 1/01/2034 (g) 5,995 9,375 Series II-R-556, 3.92% due 1/01/2029 (f) 9,375 5,105 Series II-R-605PB, 3.93% due 1/01/2033 (b) 5,105 41,550 Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds (General Airport Third Lien), VRDN, Series D, 3.87% due 1/01/2035 (g)(j) 41,550 6,685 Chicago, Illinois, Park District, GO, Refunding, ROCS, VRDN, Series II-R-4002, 3.92% due 1/01/2023 (b)(h)(j) 6,685 20,120 Chicago, Illinois, Second Lien Water Revenue Refunding Bonds, VRDN, 3.84% due 11/01/2031 (f)(j) 20,120 6,240 Cook County, Illinois, Forest Preserve District, GO, PUTTERS, VRDN, Series 566, 3.92% due 11/15/2012 (a)(h)(j) 6,240 3,330 Cook County, Illinois, GO, Refunding, ROCS, VRDN, Series II-R-2063, 3.92% due 11/15/2021 (f)(h)(j) 3,330 Eagle Tax-Exempt Trust, Chicago, Illinois, GO, VRDN (h)(j): 9,900 Series 98, Class 1301, 3.93% due 1/01/2017 (b) 9,900 7,155 Series 2006-0001, Class-A, 3.93% due 1/01/2034 (e) 7,155 30,000 Eagle Tax-Exempt Trust, Cook County, Illinois, VRDN, Series 02, Class 1303, 3.93% due 11/15/2025 (a)(h)(j) 30,000 3,150 Eagle Tax-Exempt Trust, Illinois State Finance Authority, Revenue Refunding Bonds, VRDN, Series 2006-0118, Class A, 3.93% due 12/01/2042 (h)(j) 3,150 Eagle Tax-Exempt Trust, Illinois State, GO, VRDN (h)(j): 11,000 Series 01, Class 1307, 3.91% due 11/01/2022 11,000 11,100 Series 02, Class 1302, 3.93% due 2/01/2027 11,100 3,000 Eagle Tax-Exempt Trust, Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue Bonds, VRDN, Series 2004-0030, Class A, 3.93% due 6/15/2042 (f)(h)(j) 3,000 5,000 Eagle Tax-Exempt Trust, Metropolitan Pier and Expo- sition Authority, Illinois, VRDN, Series 2002-6001, Class A, 3.93% due 12/15/2028 (f)(h)(j) 5,000 10,000 Eagle Tax-Exempt Trust, University of Illinois, University Revenue Refunding Bonds, VRDN, Series 2006-0124, Class A, 3.93% due 4/01/2035 (f)(h)(j) 10,000 10,700 Eclipse Funding Trust, Solar Eclipse Certificates, Chicago, Illinois, GO, Refunding, VRDN, Series 2006-0038, 3.91% due 1/01/2028 (e)(h)(j) 10,700 3,315 Illinois Development Finance Authority Revenue Bonds (Jewish Federation of Metropolitan Chicago Project), VRDN, Series A, 3.95% due 9/01/2032 (a)(j) 3,315 20,000 Illinois Development Finance Authority, Revenue Refunding Bonds (Evanston Northwestern Healthcare Corporation), VRDN, Series A, 3.93% due 5/01/2031 (j) 20,000 Face Amount Municipal Bonds Value Illinois (continued) $ 5,000 Illinois Development Finance Authority, Water Facilities Revenue Refunding Bonds (Illinois American Water Company), VRDN, AMT, 3.98% due 3/01/2032 (f)(j) $ 5,000 24,000 Illinois Educational Facilities Authority, CP, 3.66% due 5/06/2008 24,000 9,450 Illinois Educational Facilities Authority Revenue Bonds (Art Institute of Chicago), VRDN, 3.91% due 3/01/2027 (j) 9,450 7,800 Illinois Educational Facilities Authority, Revenue Refunding Bonds (The Art Institute of Chicago), VRDN, 3.91% due 3/01/2027 (j) 7,800 Illinois HDA, M/F Housing Revenue Bonds (Danbury Court Apartments), VRDN, AMT (j): 6,225 Series A, 3.94% due 5/01/2037 6,225 445 Series B, 4% due 5/01/2037 445 50,000 Illinois Health Facilities Authority, CP, 3.75% due 11/15/2007 50,000 39,850 Illinois Health Facilities Authority Revenue Bonds (Revolving Fund Pooled Program), VRDN, Series D, 3.93% due 8/01/2015 (j) 39,850 9,495 Illinois Municipal Electric Agency, Power Supply Revenue Bonds, PUTTERS, VRDN, Series 2093, 3.92% due 2/01/2017 (b)(h)(j) 9,495 Illinois State Finance Authority Revenue Bonds, VRDN (j): 4,190 FLOATS, Series 1489, 3.91% due 12/01/2042 (h) 4,190 10,000 (Northwestern University), Sub-Series A, 3.75% due 12/01/2034 10,000 55,972 (University of Chicago), Series B, 3.84% due 7/01/2034 55,972 12,500 Illinois State Finance Authority, Revenue Refunding Bonds (Central DuPage Health System), VRDN, Series B, 3.94% due 11/01/2038 (j) 12,500 8,955 Illinois State, GO, MERLOTS, VRDN, Series B04, 3.92% due 12/01/2024 (e)(h)(j) 8,955 Illinois State, GO, Refunding, VRDN (f)(h)(j): 16,250 FLOATS, Series 743D, 3.91% due 8/01/2015 (n) 16,250 5,755 MERLOTS, Series A49, 3.92% due 8/01/2013 5,755 5,675 Kane County, Illinois, School District Number 129 (Aurora West Side), GO, Refunding, PUTTERS, VRDN, Series 1113, 3.92% due 2/01/2013 (b)(h)(j) 5,675 6,395 Municipal Securities Trust Certificates, Chicago, Illinois, Board of Education, GO, VRDN, Series 2005-237, Class A, 3.92% due 1/04/2024 (b)(h)(j)(m) 6,395 26,045 Municipal Securities Trust Certificates, Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds, VRDN, AMT, Series 2000-93, Class A, 4.02% due 10/04/2012 (a)(h)(j) 26,045 29,950 Municipal Securities Trust Certificates, Chicago O'HareAirport, Illinois, Revenue Bonds, VRDN, AMT, Series 2001-151, Class A, 4.02% due 6/30/2015 (a)(h)(j)(m) 29,950 29,085 Municipal Securities Trust Certificates, Cook County, Illinois, GO, Refunding, VRDN, Series 2001-145, Class A, 3.92% due 11/15/2029 (b)(h)(j) 29,085 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Illinois (concluded) $ 33,895 Municipal Securities Trust Certificates, Cook County, Illinois, GO, Refunding, VRDN, Series 2002-191, Class A, 3.92% due 3/18/2019 (b)(h)(j) $ 33,895 7,805 Municipal Securities Trust Certificates, Illinois Finance Authority, Revenue Refunding Bonds, VRDN, Series 2006-253, Class A, 3.92% due 5/12/2014 (a)(h)(j)(m) 7,805 13,210 Municipal Securities Trust Certificates, Kane, McHenry, Cook and DeKalb Counties, Illinois, United School District Number 300, GO, VRDN, Series 2007-309, Class A, 3.92% due 1/15/2015 (a)(h)(j)(m) 13,210 31,615 Municipal Securities Trust Certificates, Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, VRDN, Series 2001-157, Class A, 3.92% due 10/05/2017 (b)(h)(j) 31,615 18,520 Municipal Securities Trust Certificates, Will County, Illinois, Community High School District Number 210, VRDN, Series 2006-265, Class A, 3.92% due 4/08/2021 (e)(h)(j) 18,520 21,700 Northern Illinois Municipal Power Agency, Power Project Revenue Bonds, ROCS, VRDN, Series II-R-9129, 3.92% due 1/01/2018 (f)(h)(j) 21,700 8,720 RBC Municipal Products, Inc., Aurora, Illinois, S/F Mortgage Revenue Bonds, FLOATS, VRDN, AMT, Series I-28, 3.94% due 11/01/2014 (c)(h)(i)(j) 8,720 2,160 Regional Transportation Authority, Illinois, GO, MERLOTS, VRDN, Series A41, 3.92% due 6/01/2017 (b)(h)(j) 2,160 32,690 Regional Transportation Authority, Illinois, Revenue Refunding Bonds, FLOATS, VRDN, Series 818-D, 3.91% due 7/01/2033 (b)(h)(j) 32,690 9,900 University of Illinois, COP (Utility Infrastructure Projects), Refunding, VRDN, 3.84% due 8/15/2021 (j) 9,900 22,000 University of Illinois, University Revenue Refunding Bonds (South Campus Project), VRDN, Series A, 3.90% due 1/15/2022 (b)(j) 22,000 Will County, Illinois, Exempt Facilities Revenue Bonds (BP Amoco Chemical Company Project), VRDN, AMT (j): 2,025 4% due 3/01/2028 2,025 3,800 4% due 7/01/2031 3,800 2,600 4% due 7/01/2032 2,600 10,000 Will County, Illinois, M/F Housing Redevelopment, Revenue Refunding Bonds (Woodlands Crest Hill), VRDN, AMT, 3.91% due 2/15/2031 (d)(j) 10,000 Indiana--3.7% 4,240 Bank of America MACON Trust, Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding Bonds, VRDN, Series S, 3.92% due 1/01/2021 (f)(h)(j) 4,240 5,345 Carmel, Indiana, School Building Corporation Revenue Bonds, ROCS, VRDN, Series II-R-2065, 3.92% due 7/15/2020 (f)(h)(j) 5,345 4,450 Elkhart County, Indiana, Revenue Refunding Bonds, PUTTERS, VRDN, Series 1669, 3.92% due 12/01/2014 (e)(h)(j) 4,450 Face Amount Municipal Bonds Value Indiana (concluded) $ 5,965 Hobart, Indiana, Building Corporation, First Mortgage Revenue Bonds, MERLOTS, VRDN, Series D-3, 3.92% due 1/15/2029 (b)(h)(j) $ 5,965 4,110 Huntington, Indiana, School Building Corporation Revenue Bonds, PUTTERS, VRDN, Series 1648, 3.92% due 7/15/2014 (f)(h)(j) 4,110 9,535 IPS Multi-School Building Corporation, Indiana, Revenue Bonds, ROCS, VRDN, Series II-R-885WF, 3.91% due 1/15/2030 (e)(h)(j) 9,535 37,900 Indiana Bond Bank, Advance Funding Program Revenue Notes, Series A, 4.25% due 1/31/2008 37,975 44,800 Indiana Bond Bank, Midyear Funding Program Revenue Notes, Series A, 4.50% due 5/20/2008 45,009 5,300 Indiana Health and Educational Facilities Financing Authority, Revenue Refunding Bonds (Parkview Health System), VRDN, Series A, 3.87% due 11/01/2033 (a)(j) 5,300 75,000 Indiana Health Facilities Financing Authority, Revenue Refunding Bonds (Ascension Health Credit Group), VRDN, Series A-2, 3.78% due 11/15/2036 (j) 75,000 40,250 Indiana State Development Finance Authority, Environmental Revenue Bonds (PSI Energy Inc. Projects), VRDN, AMT, Series A, 4.10% due 12/01/2038 (j) 40,250 3,700 Indiana State Development Finance Authority, IDR (Republic Services, Inc. Project), VRDN, AMT, 4.22% due 11/01/2035 (j) 3,700 7,065 Indiana State Housing and Community Development Authority, S/F Mortgage Revenue Bonds, VRDN, AMT, Series E-2, 3.62% due 12/20/2007 (j) 7,065 5,225 Indiana State Office Building Commission, Facilities Revenue Bonds, ROCS, VRDN, Series II-R-4534, 3.92% due 7/01/2020 (h)(j) 5,225 6,218 Indiana Transportation Finance Authority, Highway Revenue Refunding Bonds, FLOATS, VRDN, Series 942D, 3.91% due 12/01/2022 (b)(h)(j) 6,218 34,995 Municipal Securities Trust Certificates, Indianapolis, Indiana, Local Tax-Exempt, GO, VRDN, Series 2002-192, Class A, 3.92% due 6/18/2014 (f)(h)(j) 34,995 7,685 New Albany-Floyd County, Indiana, Independent School Building Corporation, Revenue Refunding Bonds, PUTTERS, VRDN, Series 879, 3.92% due 6/01/2013 (e)(h)(j) 7,685 6,555 Pike County, Indiana, Multi-School Building Corporation, Revenue Refunding Bonds, PUTTERS, VRDN, Series 1122, 3.92% due 7/15/2012 (f)(h)(j) 6,555 25,000 Saint Joseph County, Indiana, Industrial Educational Facilities, Revenue Refunding Bonds (University of Notre Dame du Lac Project), VRDN, 3.75% due 3/01/2040 (j) 25,000 19,000 Trustees of Indiana University, CP, 3.60% due 11/07/2007 18,998 Whiting, Indiana, Environmental Facilities Revenue Refunding Bonds, VRDN, AMT (j): 6,085 (Amoco Oil Company Project), 4% due 7/01/2031 6,085 27,900 (BP Products Project), Series C, 4% due 7/01/2034 27,900 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Iowa--0.4% $ 15,000 Iowa Finance Authority, Health Care Facilities, Revenue Refunding Bonds (Iowa Health System), VRDN, Series B-3, 3.80% due 2/15/2035 (a)(j) $ 15,000 3,400 Iowa Finance Authority, Revenue Refunding Bonds (Trinity Health Credit Group), VRDN, Series D, 3.79% due 12/01/2030 (j) 3,400 14,000 Iowa State School Cash Anticipation Program, GAN, Series A, 4.50% due 6/27/2008 (e) 14,077 10,000 Louisa County, Iowa, PCR, Refunding (Iowa-Illinois Gas and Electric), VRDN, Series A, 3.95% due 9/01/2016 (j) 10,000 Kansas--0.3% 3,945 Kansas State Department of Transportation, Highway Revenue Bonds, ROCS, VRDN, Series II-R-6020, 3.92% due 3/01/2019 (e)(h)(j) 3,945 19,700 Kansas State Department of Transportation, Highway Revenue Refunding Bonds, VRDN, Series C-1, 3.80% due 9/01/2019 (j) 19,700 1,780 Kansas State Development Financing Authority, Revenue Bonds (Sisters of Charity of Leavenworth Health System), VRDN, Series C, 3.95% due 12/01/2019 (j) 1,780 7,415 Lehman Municipal Trust Receipts, Sedgwick and Shawnee Counties, Kansas, FLOATS, VRDN, Series 2006-P33U, 4.06% due 6/01/2038 (c)(h)(i)(j) 7,415 Kentucky--2.3% 3,775 Boyd County, Kentucky, Sewer and Solid Waste Revenue Bonds (Air Products and Chemicals Project), VRDN, AMT, 4.03% due 7/01/2021 (j) 3,775 20,930 Carroll, Kentucky, CP, 3.73% due 11/08/2007 20,930 14,000 Eagle Tax-Exempt Trust, Louisville and Jefferson Counties, Kentucky, Metropolitan Sewer District, Sewer and Drain System Revenue Bonds, VRDN, Series 2006-0053 Class A, 3.93% due 5/15/2033 (b)(h)(j) 14,000 35,000 Jefferson County, Kentucky, CP, 3.74% due 12/05/2007 35,000 2,200 Kenton County, Kentucky, Airport Board, Special Facilities Revenue Refunding Bonds, VRDN, Series B, 3.92% due 10/01/2030 (j) 2,200 1,000 Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Refunding Bonds (Baptist Healthcare), VRDN, Series C, 3.94% due 8/15/2031 (f)(j) 1,000 1,750 Kentucky Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (Republic Services, Inc.), VRDN, AMT, 4.13% due 7/01/2035 (j) 1,750 3,000 Kentucky Rural Water Finance Corporation, Public Projects Construction Notes, VRDN, Series A-1, 3.65% due 4/01/2008 (j) 3,000 56,475 Kentucky State Turnpike Authority, Resource Recovery Road Revenue Bonds, FLOATS, VRDN, Series 488, 3.91% due 7/01/2009 (e)(h)(j) 56,475 Louisville and Jefferson Counties, Kentucky, Metropolitan Government Health System, Revenue Refunding Bonds, ROCS, VRDN (h)(j): 5,625 Series II-R-651CE, 3.92% due 10/01/2036 5,625 17,500 Series II-R-662CE, 3.92% due 10/01/2036 17,500 Face Amount Municipal Bonds Value Kentucky (concluded) $ 4,910 Louisville and Jefferson Counties, Kentucky, Metropolitan Sewer District, Sewer and Drain System Revenue Bonds, FLOATS, VRDN, Series 1517, 3.91% due 5/15/2038 (b)(h)(j) $ 4,910 8,090 Louisville and Jefferson Counties, Kentucky, Metropolitan Sewer District, Sewer and Drain System, Revenue Refunding Bonds, VRDN, Series B, 3.86% due 5/15/2023 (e)(j) 8,090 62,691 Public Energy Authority of Kentucky, Inc., Gas Supply Revenue Bonds (BP Corporation of North America), VRDN, Series A, 3.96% due 8/01/2016 (j) 62,691 3,465 Shelby County, Kentucky, Lease Revenue Bonds, VRDN, Series A, 3.95% due 9/01/2034 (j) 3,465 Louisiana--2.4% 17,700 Ascension Parish, Louisiana, Revenue Bonds (BASF Corporation Project), VRDN, AMT, 4.05% due 3/01/2025 (j) 17,700 32,900 Calcasieu Parish, Louisiana, IDB, Environmental Revenue Bonds (Citgo Petroleum Corp.), VRDN, AMT, 4.02% due 7/01/2026 (j) 32,900 13,495 Calcasieu Parish, Louisiana, IDB, Environmental Revenue Refunding Bonds (Citgo Petroleum Corp.), VRDN, AMT, 4.02% due 3/01/2025 (j) 13,495 Eagle Tax-Exempt Trust, Louisiana State Gas and Fuel Tax Revenue Bonds, VRDN (e)(h)(j): 27,225 Series 2006-0129, Class A, 3.91% due 5/01/2041 (b) 27,225 4,020 Series 2006-137, Class A, 3.93% due 5/01/2036 4,020 3,625 East Baton Rouge, Louisiana, Mortgage Finance Authority, S/F Revenue Bonds, FLOATS, VRDN, AMT, Series 996, 3.96% due 6/02/2008 (h)(j) 3,625 Jefferson Parish, Louisiana, Hospital Service District Number 001, Hospital Revenue Bonds, VRDN (j): 10,000 PUTTERS, Series 522, 3.92% due 12/01/2008 (h) 10,000 25,000 (West Jefferson Medical Center), Series B, 3.86% due 1/01/2028 (e) 25,000 278 Louisiana HFA, Mortgage Revenue Refunding Bonds, FLOATS, VRDN, AMT, Series 1069, 3.96% due 12/01/2047 (h)(j) 278 Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, VRDN, AMT (j): 4,000 (BASF Corporation Project), 3.98% due 12/01/2036 4,000 6,000 (Honeywell International Inc. Project), 4.04% due 12/01/2037 6,000 7,500 Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds (BASF Corporation Project), VRDN, Series B, 3.94% due 12/01/2030 (j) 7,500 Louisiana Public Facilities Authority Revenue Bonds, VRDN, AMT (j): 2,850 (Air Products and Chemicals Project), 4.03% due 12/01/2039 2,850 1,315 (Equipment and Capital Facilities Loan Program), Series C, 3.89% due 7/01/2024 1,315 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Louisiana (concluded) Louisiana Public Facilities Authority, Revenue Refunding Bonds, VRDN (j): $ 7,600 (Christus Health), Sub-Series C-1, 3.86% due 7/01/2031 (a) $ 7,600 6,550 PUTTERS, Series 1755, 3.92% due 1/01/2015 (g)(h) 6,550 3,235 Louisiana State, GO, MERLOTS, VRDN, Series C-4, 3.92% due 5/01/2026 (e)(h)(j) 3,235 17,600 Louisiana State, Gas and Fuels Tax Revenue Bonds, ROCS, VRDN, Series II-R-660, 3.92% due 5/01/2041 (b)(h)(j) 17,600 14,452 Louisiana State Municipal Natural Gas Purchasing and Distribution Authority Revenue Bonds, PUTTERS, VRDN, Series 1411Q, 3.99% due 3/15/2014 (h)(j) 14,452 8,790 Morgan Keegan Municipal Products, Inc., East Baton Rouge, Louisiana, Mortgage Finance Authority, S/F Revenue Bonds, VRDN, AMT, Series A, 3.98% due 2/01/2011 (j) 8,790 24,125 Morgan Keegan Municipal Products, Inc., New Orleans, Louisiana, Finance Authority, VRDN, Series G, 3.98% due 12/01/2041 (j) 24,125 8,050 New Orleans, Louisiana, Ernest N. Morial Exhibit Hall Authority, Special Tax, ROCS, VRDN, Series II-R-4038, 3.95% due 7/15/2023 (a)(h)(j) 8,050 4,400 South Louisiana Port Commission, Port Revenue Refunding Bonds (Occidental Petroleum), VRDN, 3.80% due 7/01/2018 (j) 4,400 Maine--0.3% Maine State Housing Authority, Mortgage Purpose Revenue Bonds, VRDN, AMT (j): 7,065 ROCS, Series II-R-10206, 3.93% due 11/15/2016 (h) 7,065 4,000 Series B, 3.75% due 5/15/2008 4,000 12,000 Series H, 3.62% due 11/15/2034 12,000 7,000 Maine State Housing Authority, Mortgage Purpose Revenue Refunding Bonds, VRDN, AMT, Series D, 3.82% due 7/18/2008 (j) 7,000 Maryland--1.7% 10,000 Anne Arundel County, Maryland, CP, 3.68% due 12/06/2007 10,000 4,780 Baltimore County, Maryland, Revenue Refunding Bonds (The Paths at Loveton Farms Apartments Facility Project), VRDN, 3.82% due 12/01/2021 (j) 4,780 35,700 Baltimore, Maryland, Port Facilities Revenue Bonds (Occidental Petroleum), FLOATS, VRDN, 3.55% due 10/14/2011 (h)(j) 35,700 15,000 Howard County, Maryland, CP, 3.66% due 11/05/2007 15,000 2,500 Maryland State Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, VRDN, AMT, Series R, 3.64% due 12/14/2007 (j) 2,500 11,000 Maryland State Community Development Administration, Department of Housing and Community Development, Residential Revenue Refunding Bonds, VRDN, Series Q, 3.59% due 12/14/2007 (j) 11,000 Face Amount Municipal Bonds Value Maryland (concluded) Maryland State Economic Development Corporation, Revenue Refunding Bonds, VRDN (j): $ 29,000 (Constellation Energy Group Inc. Project), Series A, 3.83% due 4/01/2024 $ 29,000 7,005 (Garrett Community College), 3.91% due 8/01/2038 7,005 Maryland State Health and Higher Educational Facilities Authority Revenue Bonds, VRDN (j): 14,100 FLOATS, Series 1309, 3.91% due 8/15/2038 (a)(h) 14,100 1,000 (University of Maryland Medical System), Series E, 3.85% due 7/01/2041 (b) 1,000 34,350 Maryland State Health and Higher Educational Facilities Authority, Revenue Refunding Bonds, FLOATS, VRDN, Series 867, 3.91% due 7/01/2019 (b)(h)(j) 34,350 4,000 Maryland State Stadium Authority, Lease Revenue Refunding Bonds (Baltimore Convention Center), VRDN, AMT, 3.88% due 12/15/2014 (j) 4,000 13,805 Montgomery County, Maryland, EDR (Riderwood Village Inc. Project), Refunding, VRDN, 3.90% due 3/01/2034 (j) 13,805 Massachusetts--2.0% 8,000 Bank of America MACON Trust, Massachusetts State Health and Educational Facilities Authority Revenue Bonds, VRDN, Series 2007-310, 3.93% due 6/15/2012 (h)(j) 8,000 7,495 Eagle Tax-Exempt Trust, Massachusetts State Water Resources Authority, Revenue Refunding Bonds, VRDN, Series 2006-0054 Class A, 3.92% due 8/01/2036 (a)(h)(j) 7,495 25,000 Lehman Municipal Trust Receipts, Massachusetts State, GO, Refunding, FLOATS, VRDN, Series P62W, 3.94% due 11/01/2025 (h)(j) 25,000 10,500 Massachusetts State, CP, 3.84% due 11/06/2007 10,500 Massachusetts State Development Finance Agency Revenue Bonds, VRDN (j): 38,435 (Harvard University), Series HH, 3.74% due 7/15/2033 38,435 7,860 (Suffolk University), Series A, 3.90% due 7/01/2035 (k) 7,860 13,000 Massachusetts State, GO, FLOATS, VRDN, Series 1798, 3.91% due 5/01/2037 (g)(h)(j) 13,000 2,660 Massachusetts State, GO, Refunding, VRDN, Series A, 3.77% due 9/01/2016 (j) 2,660 20,199 Massachusetts State Health and Educational Facilities Authority, CP (Harvard University), 3.60% due 11/06/2007 20,199 50,000 Massachusetts State Health and Educational Facilities Authority Revenue Bonds (Massachusetts Institute of Technology), VRDN, Series J-2, 3.74% due 7/01/2031 (j) 50,000 8,735 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, FLOATS, VRDN, Series 1690, 3.91% due 8/15/2037 (a)(h)(j) 8,735 9,920 Massachusetts State Special Obligation and Dedicated Tax Revenue Bonds, MERLOTS, VRDN, Series B19, 3.92% due 1/01/2028 (b)(h)(j) 9,920 2,690 Plymouth, Massachusetts, GO, BAN, 4.15% due 12/06/2007 2,693 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Massachusetts (concluded) $ 8,415 Route 3 North Transit Improvement Association, Massachusetts, Lease Revenue Bonds, ROCS, VRDN, Series II-R-10099, 3.90% due 6/15/2010 (f)(h)(j) $ 8,415 Michigan--3.9% 5,100 Bank of America MACON Trust, Detroit, Michigan, City School District, GO, Refunding, VRDN, Series J, 3.92% due 5/01/2028 (e)(h)(j) 5,100 4,615 Detroit, Michigan, City School District, GO, VRDN, Series A, 3.92% due 5/01/2029 (e)(j) 4,615 17,500 Detroit, Michigan, Sewer Disposal Revenue Bonds, Second Lien, VRDN, Series E, 3.74% due 7/10/2008 (b)(j) 17,500 19,700 Detroit, Michigan, Sewer Disposal, Senior Lien Revenue Refunding Bonds, VRDN, Series C-1, 3.78% due 7/01/2027 (e)(j) 19,700 20,890 Detroit, Michigan, Water Supply System, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-665PB, 3.93% due 7/01/2033 (f)(h)(j) 20,890 6,900 Eagle Tax-Exempt Trust, Grand Rapids, Michigan, Sanitation Sewer System, VRDN, Series 98-2201, 3.93% due 1/01/2022 (b)(h)(j) 6,900 7,100 Eagle Tax-Exempt Trust, Michigan State Building Authority, Revenue Refunding Bonds, VRDN, Series 2006-156, Class A, 3.93% due 10/15/2036 (b)(h)(j) 7,100 19,400 Kent Hospital Finance Authority, Michigan, Revenue Refunding Bonds (Spectrum Health), VRDN, Series B-2, 3.86% due 1/15/2047 (b)(j) 19,400 4,100 Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds (University of Detroit), VRDN, 3.95% due 11/01/2036 (j) 4,100 35,000 Michigan Municipal Bond Authority Revenue Notes, Series B-2, 4.50% due 8/20/2008 35,247 Michigan State Building Authority, Revenue Refunding Bonds, ROCS, VRDN (h)(j): 4,955 Series II-R-550, 3.92% due 10/15/2024 (a)(f) 4,955 4,245 Series II-R-2064, 3.92% due 10/15/2021 (f) 4,245 9,485 Series II-R-717PB, 3.93% due 10/15/2036 (b) 9,485 Michigan State Hospital Finance Authority Revenue Bonds, VRDN (j): 82,000 (Ascension Health), Series B-1, 3.78% due 11/15/2033 82,000 18,500 ROCS, Series II-R-10012, 3.918% due 11/01/2038 (h) 18,500 Michigan State Hospital Finance Authority, Revenue Refunding Bonds, VRDN (j): 39,700 (Ascension Health), 3.78% due 11/15/2033 39,700 22,000 MERLOTS, Series K, 3.92% due 11/15/2023 (f)(h) 22,000 10,000 Michigan State Revenue Bonds, PUTTERS, VRDN, Series 2096, 3.75% due 9/15/2017 (e)(h)(j) 10,000 2,940 Michigan State Strategic Fund, Limited Obligation Revenue Bonds (Russell Investment Co. LLC Project), VRDN, AMT, 3.90% due 11/01/2031 (j) 2,940 5,615 Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Dow Chemical Project), VRDN, Series B-1, 4.10% due 6/01/2014 (j) 5,615 Face Amount Municipal Bonds Value Michigan (concluded) $ 5,600 Michigan State University, General Revenue Bonds, VRDN, 3.77% due 2/15/2034 (j) $ 5,600 7,500 Michigan State University, General Revenue Refunding Bonds, VRDN, Series A, 3.77% due 2/15/2033 (j) 7,500 4,000 Oakland County, Michigan, Economic Development Corporation, Limited Obligation Revenue Bonds (Marian High School Inc. Project), VRDN, 3.91% due 5/01/2037 (j) 4,000 10,000 RBC Municipal Products, Inc., Detroit, Michigan, Water Supply System Revenue Bonds, FLOATS, VRDN, Series I-18, 3.91% due 7/01/2014 (e)(h)(j) 10,000 Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds (William Beaumont Hospital), VRDN (a)(j): 365 Series T, 3.94% due 1/01/2020 365 3,365 Series U, 3.93% due 1/01/2020 3,365 31,000 University of Michigan, University Hospital Revenue Bonds, VRDN, Series A, 3.80% due 12/01/2027 (j) 31,000 4,000 University of Michigan, University Hospital Revenue Refunding Bonds, VRDN, Series B, 3.85% due 12/01/2037 (j) 4,000 3,545 Whitmore Lake, Michigan, Public School District, GO, ROCS, VRDN, Series II-R-4515 3.92% due 5/01/2023 (h)(j) 3,545 Minnesota--1.5% 16,005 Duluth, Minnesota, EDA, Health Care Facilities, Revenue Refunding Bonds, FLOATS, VRDN, Series 895, 3.91% due 2/15/2020 (a)(h)(j) 16,005 3,708 Hennepin County, Minnesota, Sales Tax Revenue Bonds, FLOATS, VRDN, Series 1809, 3.91% due 12/15/2037 (h)(j) 3,708 30 Minneapolis and Saint Paul, Minnesota, Metropolitan Airports Commission, Airport Revenue Bonds, FLOATS, VRDN, Series 2007-1G, 3.91% due 1/01/2032 (a)(h)(j) 30 13,955 Minneapolis, Minnesota, Health Care System, Revenue Refunding Bonds (Fairview Health Services Project), VRDN, Series B, 3.85% due 11/15/2029 (a)(j) 13,955 12,000 Minnesota Rural Water Finance Authority, Public Projects Construction Revenue Notes, 4.50% due 7/01/2008 12,066 1,675 Minnesota State, GO, ROCS, VRDN, Series II-R-4065, 3.92% due 8/01/2023 (h)(j) 1,675 6,300 Municipal Securities Trust Certificates, Minneapolis and Saint Paul, Minnesota, Metropolitan Airports Commission, Airport Revenue Bonds, VRDN, Series 2007-292, Class A, 3.92% due 12/23/2014 (a)(h)(j) 6,300 Rochester, Minnesota, Healthcare, CP: 33,200 3.73% due 10/11/2007 33,200 33,300 3.77% due 10/11/2007 33,300 32,250 3.65% due 10/15/2007 32,250 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Mississippi--1.7% $ 15,000 Mississippi Business Finance Corporation, Gulf Opportunity Zone, IDR (SG Resources Mississippi LLC), VRDN, 3.87% due 5/01/2032 (j) $ 15,000 54,072 Mississippi Development Bank, Special Obligation Revenue Bonds (Municipal Gas Authority of Mississippi--Natural Gas Supply Project), VRDN, 3.87% due 7/01/2015 (j) 54,072 89,191 Mississippi Home Corporation, S/F Revenue Bonds, FLOATS, VRDN, AMT, Series 1212, 3.96% due 12/01/2008 (h)(j) 89,191 18,080 Mississippi State, Capital Improvement, GO, VRDN, 3.80% due 9/01/2025 (j) 18,080 5,860 University of Mississippi Educational Building Corporation Revenue Bonds (The University of Mississippi Medical Center Pediatric and Research Facilities Project), VRDN, 3.87% due 6/01/2034 (a)(j) 5,860 Missouri--0.5% 4,635 Jackson County, Missouri, Special Obligation Revenue Bonds, ROCS, VRDN, Series II-R-9013, 3.92% due 12/01/2029 (a)(h)(j) 4,635 5,220 Lehman Municipal Trust Receipts, St. Louis, Missouri, IDA, M/F Housing Revenue Bonds, FLOATS, VRDN, AMT, Series 2006-K50, 4.06% due 12/20/2044 (h)(j)(o) 5,220 12,900 Missouri Development Finance Board, Cultural Facilities Revenue Bonds (The Kauffman Center for the Performing Arts), VRDN, Series A, 4.10% due 6/01/2037 (j) 12,900 3,160 Missouri-Illinois Bi-State Development Agency, Subordinate Mass Transit Revenue Bonds (Metrolink Cross County Extension Project), VRDN, Series A, 3.85% due 10/01/2035 (j) 3,160 5,750 Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, ROCS, VRDN, Series II-R-620PB, 3.93% due 1/01/2034 (a)(h)(j) 5,750 4,200 Missouri State Health and Educational Facilities Authority, Educational Facilities Revenue Refunding Bonds (The Washington University), VRDN, Series B, 3.95% due 9/01/2030 (j) 4,200 5,950 Missouri State Health and Educational Facilities Authority, Health Facilities Revenue Bonds (BJC Health System), VRDN, Series B, 3.95% due 5/15/2034 (f)(j) 5,950 6,000 Palmyra, Missouri, IDA, Solid Waste Disposal Revenue Bonds (BASF Corporation Project), VRDN, AMT, 3.98% due 12/01/2022 (j) 6,000 Multi-State--0.3% 23,320 BB&T Municipal Trust, Multi-State Revenue Bonds, FLOATS, VRDN, Series 1001, 3.93% due 8/15/2026 (h)(j) 23,320 3,371 Clipper Tax-Exempt Certificates Trust, Multi-State Revenue Bonds, VRDN, AMT, Series 2007-19, 3.96% due 6/01/2011 (h)(j)(m) 3,371 6,120 UBS Municipal CRVS Trust, Multi-State, GO, FLOATS, VRDN, Series 07-GM01, 3.94% due 12/01/2031 (h)(j) 6,120 Face Amount Municipal Bonds Value Nebraska--2.0% American Public Energy Agency, Nebraska, Gas Supply Revenue Bonds, VRDN (j): $ 87,625 (National Public Gas Agency Project), Series B, 3.84% due 2/01/2014 $ 87,625 32,998 Series A, 3.87% due 12/01/2015 32,998 9,720 Central Plains Energy Project, Nebraska, Revenue Bonds (Gas Project Number 1), VRDN, Series A, 5% due 12/01/2007 (j) 9,741 2,000 Eagle Tax-Exempt Trust, Nebraska Public Power District Revenue Bonds, VRDN, Series 2004-1016, Class A, 3.93% due 1/01/2035 (a)(h)(j) 2,000 16,995 Eagle Tax-Exempt Trust, Nebraska Public Power District, Revenue Refunding Bonds, VRDN, Series 2007-0013, Class A, 3.91% due 1/01/2031 (b)(h)(j) 16,995 5,950 Eclipse Funding Trust, Solar Eclipse Certificates, Omaha, Nebraska, Public Power District Revenue Bonds, VRDN, Series 2006-0025, 3.91% due 2/01/2036 (a)(h)(j) 5,950 19,300 Lincoln, Nebraska, Electric System, CP, 3.72% due 10/01/2007 19,300 4,335 Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, ROCS, VRDN, Series II-R-2051, 3.92% due 4/01/2022 (e)(h)(j) 4,335 13,000 Nebraska Public Power District, CP, 3.72% due 10/01/2007 13,000 14,120 Omaha Public Power District, Nebraska, Electric System Revenue Bonds, ROCS, VRDN, Series II-R-9031, 3.92% due 2/01/2039 (h)(j) 14,120 Nevada--0.9% 29,185 ABN AMRO MuniTops Certificates Trust, Clark County, Nevada, Airport Revenue Bonds, VRDN, Series 1999-15, 3.92% due 1/02/2008 (f)(h)(j) 29,185 6,925 Clark County, Nevada, Airport System Subordinate Lien, Revenue Refunding Bonds, VRDN, Series C, 3.87% due 7/01/2029 (b)(j) 6,925 4,680 Clark County, Nevada, School District, GO, PUTTERS, VRDN, Series 1429, 3.92% due 12/15/2013 (e)(h)(j) 4,680 18,965 Eagle Tax-Exempt Trust, Clark County, Nevada, GO, Refunding, VRDN, Series 2007-0011, Class A, 3.91% due 11/01/2030 (a)(h)(j) 18,965 9,020 Las Vegas Valley, Nevada, Water District, GO, Refunding, MERLOTS, VRDN, Series B 10, 3.92% due 6/01/2024 (f)(h)(j) 9,020 5,850 Nevada State Department of Business and Industry, Solid Waste Disposal Revenue Bonds (Republic Services Inc. Project), VRDN, AMT, 4.25% due 12/01/2034 (j) 5,850 Truckee Meadows, Nevada, Water Authority, Water Revenue Refunding Bonds, VRDN (e)(h)(j): 5,895 FLOATS, Series 51TP, 3.90% due 7/01/2030 5,895 9,330 ROCS, Series II-R-6078, 3.92% due 1/01/2027 9,330 7,175 Washoe County, Nevada, School District, GO, ROCS, VRDN, Series II-R-2012, 3.92% due 6/01/2020 (b)(h)(j) 7,175 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value New Hampshire--0.8% $ 10,550 Eclipse Funding Trust, Solar Eclipse Certificates, New Hampshire Health and Educational Facilities Authority Revenue Bonds, VRDN, Series 2007-0018, 3.82% due 7/01/2036 (a)(h)(j) $ 10,550 10,360 New Hampshire Health and Educational Facilities Authority, Revenue Refunding Bonds (Dartmouth Hitchcock Obligation), VRDN, Series A, 3.82% due 8/01/2031 (e)(j) 10,360 New Hampshire Higher Educational and Health Facilities Authority, Revenue Refunding Bonds, FLOATS, VRDN (b)(h)(j): 4,782 Series 772, 3.91% due 1/01/2017 4,782 50,185 Series 866, 3.84% due 8/15/2021 50,185 7,415 New Hampshire State Business Finance Authority, Resource Recovery Revenue Refunding Bonds (Wheelabrator), VRDN, Series A, 3.88% due 1/01/2018 (j) 7,415 New Jersey--0.5% 11,840 Municipal Securities Trust Certificates, New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds, VRDN, Series 2006-3013, Class A, 3.92% due 11/05/2026 (b)(h)(j)(m) 11,840 10,955 New Jersey EDA, Revenue Refunding Bonds (Presbyterian Homes), VRDN, Series B, 3.84% due 4/01/2016 (j) 10,955 6,115 New Jersey Health Care Facilities Financing Authority Revenue Bonds, FLOATS, VRDN, Series 702, 3.89% due 7/01/2014 (f)(h)(j) 6,115 27,785 New Jersey State Turnpike Authority, Turnpike Revenue Bonds, VRDN, Series C-2, 3.75% due 1/01/2024 (e)(j) 27,785 New Mexico--0.3% 14,505 Eclipse Funding Trust, Solar Eclipse Certificates, Rio Rancho, New Mexico, Water and Waste Water Revenue Bonds, VRDN, Series 2006-0019, 3.91% due 5/15/2032 (f)(h)(j) 14,505 7,325 New Mexico Finance Authority, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-7509, 3.92% due 6/15/2023 (a)(h)(j) 7,325 8,332 New Mexico Mortgage Finance Authority Revenue Bonds, FLOATS, VRDN, AMT, Series 56TP, 3.93% due 3/01/2042 (h)(j) 8,332 New York--4.4% 75,000 Albany, New York, City School District, GO, Refunding, BAN, 4.25% due 6/27/2008 75,286 13,995 Municipal Securities Trust Certificates, New York City, New York, City Transitional Finance Authority Revenue Bonds, VRDN, Series 2002-202, Class A, 3.88% due 10/21/2010 (b)(h)(j)(m) 13,995 18,000 New York City, New York, City Housing Development Corporation, M/F Mortgage Revenue Bonds (20 Exchange Place Project), VRDN, Series A, 3.90% due 6/01/2039 (j) 18,000 13,000 New York City, New York, City Housing Development Corporation, M/F Rental Housing Revenue Bonds (Brittany Development), VRDN, AMT, Series A, 3.90% due 6/15/2029 (d)(j) 13,000 Face Amount Municipal Bonds Value New York (concluded) $ 24,000 New York City, New York, City IDA, Liberty Bonds (One Bryant Park LLC Project), Revenue VRDN, Series A, 3.86% due 11/01/2039 (j) $ 24,000 25,000 New York City, New York, City Municipal Water Finance Authority, CP, 3.63% due 12/13/2007 25,000 970 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Revenue Refunding Bonds, Series AA-1, 3.84% due 6/15/2032 970 New York City, New York, City Transitional Finance Authority Revenue Bonds (New York City Recovery), VRDN (j): 11,015 Series 1, Sub-Series 1-B, 3.80% due 11/01/2022 11,015 19,585 Series 3, Sub-Series 3-G, 3.77% due 11/01/2022 19,585 7,700 New York City, New York, City Transitional Finance Authority Revenue Bonds, VRDN, Sub-Series 2-B, 3.80% due 11/01/2022 (j) 7,700 11,500 New York City, New York, City Transitional Finance Authority, Special Tax Revenue Refunding Bonds, VRDN, Series C, 3.77% due 2/01/2032 (j) 11,500 25,000 New York City, New York, GO, ROCS, VRDN, Series II-R-251A, 3.93% due 12/15/2033 (h)(j) 25,000 16,840 New York City, New York, GO, VRDN, Series F-4, 3.83% due 2/15/2020 (j) 16,840 5,685 New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, ROCS, VRDN, Series II-R-6084, 3.91% due 10/01/2023 (f)(h)(j) 5,685 2,800 New York State, HFA, Housing Revenue Bonds (363 West 30th Street), VRDN, AMT, Series A, 3.90% due 11/01/2032 (c)(j) 2,800 6,500 New York State, HFA, Service Contract Revenue Refunding Bonds, VRDN, Series G, 3.88% due 3/15/2028 (j) 6,500 11,063 New York State Thruway Authority, Highway and Bridge Trust Fund, Revenue Refunding Bonds, FLOATS, VRDN, Series 1611, 3.90% due 4/01/2025 (a)(h)(j) 11,063 10,955 New York State Thruway Authority, State Personal Income Tax, Revenue Refunding Bonds, FLOATS, VRDN, Series 1194, 3.90% due 3/15/2023 (e)(h)(j) 10,955 4,500 Rochester, New York, CP, 3.65% due 10/15/2007 4,500 35,000 Rockland County, New York, GO, TAN, 4% due 12/20/2007 35,015 3,955 Tobacco Settlement Financing Corporation of New York Revenue Bonds, FLOATS, VRDN, Series 1457, 3.95% due 6/01/2022 (h)(j) 3,955 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, VRDN (j): 46,280 Series A, 3.77% due 11/01/2035 46,280 18,570 Series B, 3.80% due 1/01/2033 18,570 55,705 Triborough Bridge and Tunnel Authority, New York, General Revenue Refunding Bonds, VRDN, Sub-Series B-4, 3.74% due 1/01/2032 (j) 55,705 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value North Carolina--4.6% $ 7,500 Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Refunding Bonds (Carolinas Healthcare System), VRDN, Series B, 3.93% due 1/15/2026 (j) $ 7,500 10,650 Charlotte-Mecklenburg, North Carolina, Hospital Authority Revenue Bonds (Health Care System), VRDN, Series C, 3.82% due 1/15/2026 (j) 10,650 37,325 Charlotte, North Carolina, Water and Sewer System Revenue Bonds, VRDN, Series B, 3.84% due 7/01/2036 (j) 37,325 10,890 Eagle Tax-Exempt Trust, North Carolina Capital Facilities Finance Agency, Revenue Refunding Bonds, VRDN, Series 2007-0015, Class A, 3.91% due 7/01/2042 (h)(j) 10,890 4,800 Lee County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, IDR (Arden Corporation Project), VRDN, AMT, 4.02% due 8/01/2034 (j) 4,800 Mecklenburg County, North Carolina, VRDN (j): 23,530 COP, 3.84% due 2/01/2025 23,530 25,205 COP, 3.84% due 2/01/2026 25,205 21,010 GO, Series A, 3.84% due 2/01/2026 21,010 19,995 Municipal Securities Trust Certificates, North Carolina Eastern Municipal Power Agency, GO, Refunding, VRDN, Series 2002-201, Class A, 3.92% due 4/12/2017 (h)(j) 19,995 4,025 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, MERLOTS, VRDN, Series A22, 3.92% due 1/01/2024 (h)(j) 4,025 North Carolina HFA, Home Ownership Revenue Bonds, VRDN, AMT (j): 3,200 MERLOTS, Series B12, 3.97% due 7/01/2037 (h) 3,200 3,000 Series 18-C, 3.88% due 1/01/2035 3,000 51,450 North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds (Novant Health Inc.), VRDN, Series A, 3.87% due 11/01/2034 (j) 51,450 North Carolina Medical Care Commission, Health Care Facilities, Revenue Refunding Bonds (Duke University Health System), VRDN (j): 22,400 Series B, 3.86% due 6/01/2028 22,400 10,400 Series C, 3.86% due 6/01/2028 10,400 North Carolina Medical Care Commission, Hospital Revenue Bonds, VRDN (j): 33,650 (Moses H. Cone Memorial Health System), Series A, 3.84% due 10/01/2035 33,650 26,500 (Moses H. Cone Memorial Health System), Series B, 3.84% due 10/01/2035 26,500 15,000 (Pooled Equipment Financing Project), ACES, 3.80% due 12/01/2025 (f) 15,000 North Carolina Medical Care Commission, Hospital Revenue Refunding Bonds, VRDN (j): 23,550 (Duke University Hospital Project), 3.84% due 6/01/2023 23,550 15,700 (Northeast Medical Center Project), Series B, 3.87% due 11/01/2032 15,700 4,500 North Carolina State, GO, MERLOTS, VRDN, Series A23, 3.92% due 3/01/2027 (h)(j) 4,500 44,185 North Carolina State, GO, Refunding, VRDN, Series E, 3.85% due 6/01/2019 (j) 44,185 Face Amount Municipal Bonds Value North Carolina (concluded) $ 8,000 North Carolina State University-Raleigh, North Carolina, Revenue Refunding Bonds, VRDN, Series B, 3.75% due 10/01/2027 (j) $ 8,000 6,400 Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, ROCS, VRDN, Series II-R-645, 3.92% due 3/01/2036 (h)(j) 6,400 45,250 Wake County, North Carolina, GO, VRDN, Series A, 3.84% due 4/01/2019 (j) 45,250 3,100 Wake County, North Carolina, Industrial Facilities and Pollution Control Financing Authority Revenue Bonds (Solid Waste Disposal-Highway 55), VRDN, AMT, 3.96% due 9/01/2013 (j) 3,100 Ohio--1.8% 2,000 Ashland, Ohio, Various Purpose Improvement Notes, GO, 4.25% due 5/22/2008 2,007 1,500 Avon, Ohio, BAN, 3.95% due 5/29/2008 1,502 1,500 Berea, Ohio, BAN (Municipal Court Construction), 4% due 7/03/2008 1,503 975 Brecksville, Ohio, BAN, 4% due 7/03/2008 977 2,285 Brookville, Ohio, GO, BAN, 4.25% due 4/25/2008 2,292 1,930 Brunswick, Ohio, Special Assessment Improvement, BAN, 3.90% due 4/03/2008 1,932 30,000 Cleveland, Ohio, Water Revenue Refunding Bonds, VRDN, Series M, 3.83% due 1/01/2033 (e)(j) 30,000 5,500 Columbus, Ohio, City School District, GO, TOCS, VRDN, Series H, 3.86% due 10/11/2012 (e)(h)(j) 5,500 Dayton-Montgomery County Port Authority, Ohio, Special Airport Facilities Revenue Bonds (Wilmington Air Park LLC), VRDN, AMT (j): 11,000 Series B, 4.05% due 2/01/2037 11,000 8,000 Series C, 4.05% due 2/01/2037 8,000 2,840 Dover, Ohio, Municipal Electric System Improvement Notes, GO, 4.25% due 6/05/2008 2,850 1,500 Franklin County, Ohio, Hospital Revenue Refunding Bonds (The Children's Hospital Project), VRDN, Series B, 3.93% due 5/01/2029 (b)(j) 1,500 1,623 Franklin, Ohio, GO, BAN, 3.67% due 3/12/2008 1,623 2,000 Greater Cleveland Regional Transit Authority, Ohio, RAN, 4.05% due 10/17/2007 2,000 8,875 Hamilton County, Ohio, Student Housing Revenue Bonds (Block 3 Community Urban Redevelopment Corporation Project), VRDN, 3.90% due 8/01/2036 (j) 8,875 1,770 Hudson, Ohio, City School District, Energy Conservation, GO, BAN, 4% due 3/13/2008 1,772 3,755 Licking County, Ohio, GO (Buckeye Lake Project), BAN, 4.25% due 11/28/2007 3,759 3,000 Mahoning County, Ohio, Hospital Facilities Revenue Bonds (Mahoning Valley Hospital, Inc. Project), VRDN, 4% due 12/01/2033 (j) 3,000 3,370 Marysville, Ohio, GO, BAN, 4.125% due 6/05/2008 3,380 2,370 Municipal Securities Trust Certificates, Princeton, Ohio, City School District, GO, VRDN, Series SGB 50-A, 3.91% due 12/01/2030 (f)(h)(j) 2,370 780 North Olmsted, Ohio, Capital Improvement and Equipment, BAN, 3.90% due 4/03/2008 781 5,000 North Royalton, Ohio, Various Purpose Improvement, BAN, 3.90% due 2/28/2008 5,004 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Ohio (concluded) $ 2,150 Oakwood, Ohio, Capital Facilities, GO, BAN, 4% due 3/13/2008 $ 2,153 Ohio State Air Quality Development Authority, Revenue Refunding Bonds (Cincinnati Gas and Electric), VRDN (j): 7,900 Series A, 4.10% due 9/01/2030 7,900 16,300 Series B, 4.10% due 9/01/2030 16,300 22,890 Ohio State, GO, Common Schools, VRDN, Series A, 3.83% due 3/15/2025 (j) 22,890 10,200 Ohio State, GO, Refunding, VRDN, Series D, 3.80% due 2/01/2019 (j) 10,200 2,500 Ohio State Solid Waste Revenue Bonds (Republic Services, Inc. Project), VRDN, AMT, 4.13% due 11/01/2035 (j) 2,500 Ohio State, GO, VRDN (h)(j): 5,670 PUTTERS, Series 2127, 3.85% due 3/01/2015 5,670 4,500 ROCS, Series II-R-9144, 3.85% due 3/01/2017 4,500 3,195 Pepper Pike, Ohio, BAN, Series 2007-1, 4.25% due 10/02/2007 3,195 775 Pickerington, Ohio, Sanitation and Sewer System, GO, BAN, 4.15% due 3/05/2008 776 3,000 Richland County, Ohio, Correctional Facilities, GO, BAN, 4.50% due 2/21/2008 3,009 2,630 Shaker Heights, Ohio, GO, Refunding, VRDN, 4% due 11/01/2007 (j) 2,630 1,000 Wickliffe, Ohio, Capital Improvement, GO, BAN, 4.25% due 12/06/2007 1,001 Oklahoma--1.0% 2,728 Comanche County, Oklahoma, Home Finance Authority, S/F Mortgage Revenue Bonds, VRDN, Series A, 4.13% due 12/01/2037 (j) 2,728 8,005 Morgan Keegan Municipal Products, Inc., Tulsa County, Oklahoma, Home Finance Authority, S/F Mortgage Revenue Bonds, VRDN, AMT, Series E, 3.98% due 12/01/2041 (j) 8,005 2,500 Oklahoma State Development Finance Authority Revenue Bonds (ConocoPhillips Company Project), VRDN, AMT, Series B, 4.05% due 8/01/2037 (j) 2,500 13,205 Oklahoma State Municipal Power Authority, Power Supply System Revenue Bonds, PUTTERS, VRDN, Series 1904, 3.92% due 1/01/2015 (b)(h)(j) 13,205 43,745 Oklahoma State Student Loan Authority Revenue Bonds, VRDN, AMT, Series A, 3.91% due 12/01/2034 (f)(j) 43,745 Oklahoma State Turnpike Authority, Second Senior Revenue Refunding Bonds, VRDN (j)(n): 27,810 Series C, 3.83% due 1/01/2028 27,810 10,000 Series E, 3.80% due 1/01/2028 10,000 800 Tulsa County, Oklahoma, Industrial Authority, First Mortgage Revenue Bonds (Montercau), VRDN, Series A, 3.92% due 7/01/2032 (j) 800 Oregon--0.2% 11,730 ABN AMRO MuniTops Certificates Trust, Portland, Oregon, GO, VRDN, Series 2001-4, 3.93% due 6/01/2009 (f)(h)(j) 11,730 9,175 Clackamas County, Oregon, Hospital Facility Authority Revenue Bonds (Legacy Health System), VRDN, 3.87% due 2/15/2030 (j) 9,175 Face Amount Municipal Bonds Value Pennsylvania--3.2% Allegheny County, Pennsylvania, Hospital Development Authority Revenue Bonds, VRDN (j): $ 27,165 PUTTERS, Series 1281, 3.92% due 1/15/2011 (b)(h) $ 27,165 6,907 (University of Pittsburgh Medical Center), Series B-1, 3.97% due 12/01/2016 6,907 25,000 Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, VRDN, Series D, 3.89% due 12/01/2020 (j) 25,000 13,200 Emmaus, Pennsylvania, General Authority Revenue Bonds (Pennsylvania Loan Program), VRDN, Series A, 3.87% due 3/01/2030 (e)(j) 13,200 9,897 Erie County, Pennsylvania, Hospital Authority Revenue Bonds, FLOATS, VRDN, Series 820, 3.91% due 7/01/2022 (f)(h)(j) 9,897 4,990 Mount Lebanon, Pennsylvania, School District, GO, MERLOTS, VRDN, Series B19, 3.92% due 2/15/2027 (f)(h)(j) 4,990 3,800 New Garden General Authority, Pennsylvania, Revenue Bonds (Municipal Pooled Financing Program II), VRDN, 3.83% due 12/01/2033 (e)(j) 3,800 16,320 Northampton County, Pennsylvania, Higher Education Authority Revenue Bonds (Lehigh University), VRDN, Series A, 3.83% due 11/15/2021 (j) 16,320 6,700 Pennsylvania Economic Development Financing Authority, Wastewater Treatment Revenue Refunding Bonds (Sunoco Inc.--R & M Project), VRDN, AMT, Series B, 4.08% due 10/01/2034 (j) 6,700 Pennsylvania HFA, S/F Mortgage Revenue Bonds, VRDN, AMT (j): 9,640 Series 86B, 3.90% due 4/01/2035 9,640 6,300 Series 89, 3.90% due 10/01/2035 6,300 15,085 Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds, FLOATS, VRDN, Series 1402, 3.91% due 12/01/2024 (a)(h)(j) 15,085 Pennsylvania State Turnpike Commission, Turnpike Revenue Refunding Bonds, VRDN (j): 11,425 Series B, 3.86% due 12/01/2012 11,425 7,900 Series U, 3.83% due 12/01/2019 7,900 20,000 Philadelphia, Pennsylvania, Gas Works, CP, 3.83% due 10/04/2007 20,000 8,000 Philadelphia, Pennsylvania, Gas Works Revenue Refunding Bonds, VRDN, Series 6, 3.85% due 8/01/2031 (e)(j) 8,000 19,750 Philadelphia, Pennsylvania, School District, GO, TRAN, Series A, 4.50% due 6/27/2008 19,861 18,565 Philadelphia, Pennsylvania, Water and Wastewater Revenue Refunding Bonds, VRDN, Series B, 3.86% due 8/01/2018 (e)(j) 18,565 30,000 Saint Mary Hospital Authority of Bucks County, Pennsylvania, Revenue Bonds (Catholic Health Initiatives), VRDN, Series C, 3.77% due 5/01/2044 (j) 30,000 12,300 Southcentral General Authority, Pennsylvania, Revenue Refunding Bonds (Wellspan Health-- York Hospital), VRDN, Series A, 3.86% due 6/07/2023 (a)(j) 12,300 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Pennsylvania (concluded) University of Pittsburgh, Pennsylvania, The Common- wealth System of Higher Education, Revenue Bonds (University Capital Project), VRDN (j): $ 11,600 Series A, 3.85% due 9/15/2039 $ 11,600 22,000 Series C, 3.75% due 9/15/2035 22,000 University of Pittsburgh, Pennsylvania, The Commonwealth System of Higher Education, Revenue Refunding Bonds (University Capital Project), VRDN, Series A (j): 6,000 3.85% due 9/15/2015 6,000 10,300 3.85% due 9/15/2022 10,300 8,000 Washington County, Pennsylvania, Authority Revenue Refunding Bonds (University of Pennsylvania), VRDN, 3.80% due 7/01/2034 (j) 8,000 Rhode Island--0.6% 13,965 Narragansett Bay Commission, Rhode Island, Wastewater System Revenue Bonds, ROCS, VRDN, Series II-R-780PB, 3.93% due 2/01/2032 (f)(h)(j) 13,965 5,345 Rhode Island Housing and Mortgage Finance Corporation Revenue Bonds, ROCS, VRDN, Series II-R-599, 3.92% due 4/01/2033 (h)(j) 5,345 Rhode Island State and Providence Plantations, GO, FLOATS, VRDN (h)(j): 25,965 Series 568, 3.91% due 9/01/2017 (f) 25,965 15,810 Series 720, 3.91% due 11/01/2022 (b) 15,810 South Carolina--2.0% 12,195 ABN AMRO MuniTops Certificates Trust, Lexington County, South Carolina, GO, VRDN, Series 2001-37, 3.93% due 2/01/2010 (b)(h)(j) 12,195 9,080 Bank of America MACON Trust, South Carolina Jobs EDA, Revenue Bonds, VRDN, Series 2007-303, 3.93% due 2/01/2012 (h)(j) 9,080 Berkeley County, South Carolina, Exempt Facilities, Industrial Revenue Bonds (Amoco Chemical Company Project), VRDN, AMT (j): 26,700 4% due 4/01/2028 26,700 12,900 4% due 5/01/2038 12,900 11,500 Eagle Tax-Exempt Trust, South Carolina State Public Service Authority, Revenue Bonds, VRDN, Series 2006-0007, Class A, 3.93% due 1/01/2036 (f)(h)(j) 11,500 6,780 Florence County, South Carolina, Solid Waste Disposal and Wastewater Treatment Revenue Bonds (Roche Carolina Inc. Project), VRDN, AMT, 4% due 4/01/2027 (j) 6,780 Greenville Hospital System, South Carolina, Hospital Facilities Revenue Bonds, VRDN (a)(j): 23,400 Series A, 3.84% due 5/01/2035 23,400 22,445 Series B, 3.84% due 5/01/2035 22,445 8,035 Medical University Hospital Authority, South Carolina, Hospital Facilities, Revenue Refunding Bonds, VRDN, Series A-5, 3.92% due 8/15/2027 (f)(j)(l) 8,035 South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, VRDN, AMT (h)(j): 5,235 PUTTERS, Series 1388, 3.96% due 7/01/2010 (a) 5,235 2,070 ROCS, Series II-R-398, 4% due 7/01/2034 (e) 2,070 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value South Carolina (concluded) $ 6,250 South Carolina Jobs EDA, EDR (Holcim (US) Inc. Project), VRDN, AMT, 4.02% due 12/01/2033 (j) $ 6,250 37,580 South Carolina Jobs, EDA, Hospital Facilities Revenue Bonds (Sisters of Charity Providence Hospitals), VRDN, 3.86% due 11/01/2031 (j) 37,580 South Carolina Transportation Infrastructure Bank Revenue Bonds, VRDN (a)(h)(j): 12,500 FLOATS, Series 728, 3.91% due 10/01/2022 12,500 4,180 ROCS, Series II-R-9016, 3.92% due 10/01/2033 4,180 11,015 Spartanburg, South Carolina, Waterworks Revenue Bonds, ROCS, VRDN, Series II-R-11020PB, 3.93% due 6/01/2036 (e)(h)(j) 11,015 Tennessee--3.9% 10,000 BNP Paribas STARS Certificates Trust, The Tennergy Corporation, Tennessee, Gas Revenue Bonds, VRDN, Series 2006-001, 3.99% due 5/01/2016 (h)(j) 10,000 Blount County, Tennessee, Public Building Authority, Local Government Public Improvement Revenue Bonds, VRDN (j): 4,175 Series D-1-F, 3.97% due 6/01/2030 (a) 4,175 850 Series D-3-A, 3.96% due 6/01/2034 850 1,970 Series D-7-B, 3.97% due 6/01/2031 (n) 1,970 4,000 Series D-7-C, 3.97% due 6/01/2032 (n) 4,000 6,500 Series D-10-A, 3.97% due 6/01/2037 (n) 6,500 11,875 Chattanooga, Tennessee, Health, Education and Housing Facility Board Revenue Bonds (The McCallie School Project), VRDN, 3.87% due 7/01/2025 (j) 11,875 Clarksville, Tennessee, Public Building Authority Revenue Bonds, Pooled Financing (Tennessee Municipal Bond Fund), VRDN (j): 27,810 3.87% due 11/01/2027 27,810 51,615 3.87% due 6/01/2029 51,615 8,720 3.95% due 7/01/2031 8,720 2,000 Franklin, Tennessee, Public Building Authority, Local Government Public Improvement Revenue Bonds, VRDN, Series 101-A-1, 3.97% due 6/01/2019 (j) 2,000 8,100 Loudon, Tennessee, IDB, PCR, Refunding (A.E. Staley Manufacturing Company Project), VRDN, 3.89% due 6/01/2023 (j) 8,100 14,178 Metropolitan Government of Nashville and Davidson County, Tennessee, IDB, Revenue Bonds (Nashville Symphony Hall Project), VRDN, Series A, 3.87% due 12/01/2031 (j) 14,178 4,700 Montgomery County, Tennessee, Public Building Authority, Pooled Financing Revenue Bonds (Tennessee County Loan Pool), VRDN, 3.95% due 2/01/2036 (j) 4,700 24,230 Morgan Keegan Municipal Products, Inc., Tennessee, Revenue Bonds, VRDN, AMT, Series F, 3.98% due 8/12/2010 (j) 24,230 39,600 Municipal Energy Acquisition Corporation, Tennessee, Gas Revenue Bonds, PUTTERS, VRDN, Series 1578, 3.99% due 2/01/2013 (h)(j) 39,600 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Tennessee (concluded) $ 9,970 Municipal Securities Trust Certificates, Tennessee Energy Acquisition Corporation, Revenue Bonds, VRDN, Series 2006-276, Class A, 3.92% due 8/30/2022 (h)(j)(m) $ 9,970 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement Revenue Bonds, VRDN (j): 40,520 AMT, Series III-A, 4% due 6/01/2028 (a) 40,520 7,100 Series II-A-1, 3.88% due 6/01/2024 (a) 7,100 10,000 Series III-D-2, 3.88% due 6/01/2017 (a) 10,000 3,770 Series III-D-6, 3.88% due 6/01/2020 (a) 3,770 18,610 Series III-E-1, 3.88% due 6/01/2025 18,610 10,000 Series III-E-4, 3.88% due 6/01/2025 (a) 10,000 6,000 Series IV-A-4, 3.97% due 6/01/2020 (e) 6,000 4,900 Series IV-E-1, 3.97% due 6/01/2030 (a) 4,900 400 Series VI-D-2, 3.97% due 6/01/2024 (a) 400 1,015 Series VI-D-4, 3.97% due 6/01/2025 (a) 1,015 665 Series VI-E-1, 3.97% due 6/01/2020 (a) 665 5,850 Series VI-F-3, 3.97% due 6/01/2030 (n) 5,850 165 Series VI-I-2, 3.97% due 6/01/2023 (a) 165 3,080 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, Revenue Refunding Bonds, VRDN, Series II-E-2, 3.88% due 6/01/2021 (a)(j) 3,080 10,000 Shelby County, Tennessee, Public Improvement and Schools, GO, VRDN, Series B, 3.87% due 4/01/2030 (j) 10,000 49,875 The Tennergy Corporation, Tennessee, Gas Revenue Bonds, PUTTERS, VRDN, Series 1258Q, 3.99% due 11/01/2013 (h)(j) 49,875 11,740 UBS Municipal CRVS Trust, Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, FLOATS, VRDN, Series 2007-7, 3.96% due 2/01/2021 (h)(j) 11,740 Texas--12.4% 34,990 Austin, Texas, Airport System, CP, 3.65% due 11/06/2007 34,990 4,470 Austin, Texas, Water and Wastewater System, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-6029, 3.92% due 11/15/2024 (a)(h)(j) 4,470 1,060 Bell County, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds (Scott & White Memorial Hospital), VRDN, Series 2001-1, 3.95% due 8/15/2031 (f)(j) 1,060 4,500 Brazos Harbor, Texas, Industrial Development Corporation, Environmental Facilities Revenue Bonds (ConocoPhillips Company Project), VRDN, AMT, 4.05% due 8/01/2038 (j) 4,500 10,000 Brazos River Authority, Texas, Harbor Navigational District, Brazoria County Revenue Bonds (BASF Corp.), VRDN, AMT, 4.05% due 4/01/2032 (j) 10,000 Brazos River Harbor Navigation District, Texas, Brazoria County Environmental Revenue Bonds (Dow Chemical Company), VRDN (j): 4,200 Series A-2, 4.15% due 5/15/2033 4,200 2,400 Series B-1, 4.04% due 5/15/2033 2,400 25,000 Brazos River, Texas, Harbor Industrial Development Corporation Revenue Bonds (BASF Corporation Project), VRDN, AMT, 3.98% due 5/01/2038 (j) 25,000 Face Amount Municipal Bonds Value Texas (continued) $ 1,980 Brownsville, Texas, Utility System Revenue Refunding Bonds, ROCS, VRDN, Series II-R-4074, 3.92% due 9/01/2024 (a)(h)(j) $ 1,980 4,100 Central Texas Housing Finance Corporation, S/F Mortgage Revenue Bonds, VRDN, AMT, Series A, 4.42% due 7/01/2008 (j) 4,100 10,000 Clipper Tax-Exempt Certificates Trust, Texas, Revenue Bonds, VRDN, Series 2007-46, 3.84% due 8/01/2017 (h)(j)(m) 10,000 10,925 Collin County, Texas, GO, FLOATS, VRDN, Series 42-TP, 3.90% due 2/15/2026 (h)(j) 10,925 7,240 Corpus Christi, Texas, Business and Job Development Corporation, Sales Tax Revenue Refunding Bonds, ROCS, VRDN, Series II-R-2001, 3.70% due 9/01/2017 (a)(h)(j) 7,240 3,695 Corpus Christi, Texas, Utility System Revenue Refunding Bonds, ROCS, VRDN, Series II-R-2149, 3.92% due 7/15/2024 (e)(h)(j) 3,695 2,555 Cypress-Fairbanks, Texas, Independent School District, GO, FLOATS, VRDN, Series 86TP, 3.90% due 2/15/2030 (f)(h)(j) 2,555 Dallas-Fort Worth, Texas, International Airport Revenue Bonds, VRDN, AMT (h)(j): 4,408 FLOATS, Series 824, 3.94% due 11/01/2015 (a) 4,408 7,140 PUTTERS, Series 350, 3.96% due 5/01/2011 (f) 7,140 2,500 PUTTERS, Series 351, 3.96% due 5/01/2008 (e) 2,500 4,995 PUTTERS, Series 385, 3.96% due 5/01/2008 (b) 4,995 3,425 Dallas-Fort Worth, Texas, International Airport Revenue Refunding Bonds, PUTTERS, VRDN, AMT, Series 1019, 3.96% due 5/01/2010 (b)(h)(j) 3,425 Dallas-Fort Worth, Texas, Regional Airport Revenue Bonds, MSTR, VRDN, AMT (f)(h)(j): 25,300 Series SGB-49, 4.02% due 11/01/2023 25,300 9,495 Series SGB-52, 3.98% due 11/01/2017 9,495 23,885 Dallas-Fort Worth, Texas, Regional Airport Revenue Refunding Bonds, MSTR, VRDN, AMT, Series SGB-46, 3.98% due 11/01/2020 (f)(h)(j) 23,885 2,500 Denton, Texas, Independent School District, GO, VRDN, Series 2005-A, 3.86% due 8/01/2035 (j) 2,500 8,435 Eagle Tax-Exempt Trust, Dallas-Fort Worth, Texas, International Airport Revenue Bonds, VRDN, AMT, Series 2003-0020, Class A, 4% due 11/01/2032 (a)(h)(j) 8,435 6,000 Eagle Tax-Exempt Trust, Dallas, Texas, VRDN, Series 01, Class 4310, 3.93% due 12/01/2026 (a)(h)(j) 6,000 12,000 Eagle Tax-Exempt Trust, Houston, Texas, Airport System Revenue Bonds, VRDN, Series 2007-0117, Class A, 3.85% due 7/01/2017 (b)(h)(j) 12,000 13,200 Eagle Tax-Exempt Trust, Houston, Texas, Airport System Revenue Refunding Bonds, VRDN, Series 2006-0123, Class A, 3.93% due 7/01/2032 (e)(h)(j) 13,200 4,915 Eagle Tax-Exempt Trust, San Antonio, Texas, VRDN, Series 01, Class 4311, 3.93% due 8/15/2026 (h)(j) 4,915 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Texas (continued) $ 14,500 Eagle Tax-Exempt Trust, San Antonio, Texas, Water Revenue Refunding Bonds, VRDN, Series 2006-0005, Class A, 3.93% due 5/15/2040 (f)(h)(j) $ 14,500 3,200 Ector County, Texas, Independent School District, GO, Refunding, PUTTERS, VRDN, Series 1707 3.92% due 2/15/2015 (h)(j) 3,200 4,500 Fort Bend County, Texas, GO, MSTR, VRDN, SGB-46-A, 3.91% due 3/01/2032 (f)(h)(j) 4,500 12,250 Galena Park, Texas, Independent School District, GO, Refunding, FLOATS, VRDN, Series SG-153, 3.90% due 8/15/2023 (h)(j) 12,250 5,300 Grapevine, Texas, Industrial Development Corporation, Airport Revenue Refunding Bonds (Southern Air Transport), VRDN, 3.85% due 3/01/2010 (j) 5,300 19,000 Gulf Coast Waste Disposal Authority, Texas, Environmental Facilities Revenue Bonds (American Aeryl LP Project), VRDN, AMT, 3.95% due 5/01/2038 (j) 19,000 4,300 Gulf Coast Waste Disposal Authority, Texas, Environmental Facilities Revenue Refunding Bonds (BP Products North America Project), VRDN, AMT, 4% due 7/01/2036 (j) 4,300 5,000 Gulf Coast Waste Disposal Authority, Texas, PCR (Amoco Oil Company Project), VRDN, AMT, 4% due 5/01/2023 (j) 5,000 Gulf Coast Waste Disposal Authority, Texas, Revenue Bonds, VRDN, AMT (j): 2,200 (Air Products Project), 4.03% due 12/01/2039 2,200 2,500 (Waste Management Inc.), Series A, 3.92% due 4/01/2019 2,500 21,300 Gulf Coast Waste Disposal Authority, Texas, Revenue Refunding Bonds (Amoco Oil Company Project), VRDN, AMT, 4% due 8/01/2023 (j) 21,300 11,340 Harris County-Houston, Texas, Sports Authority, Special Revenue Refunding Bonds, TOCS, VRDN, Series Z-3, 3.90% due 11/15/2025 (f)(h)(j) 11,340 5,700 Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds (Texas Children's Hospital), VRDN, Series B-1, 3.94% due 10/01/2029 (f)(j) 5,700 Harris County, Texas, Health Facilities Development Corporation, Revenue Refunding Bonds, VRDN (j): 50,000 (Methodist Hospital System), Series A, 3.85% due 12/01/2032 50,000 14,000 (Saint Luke's Episcopal Hospital), Series A, 3.93% due 2/15/2032 (b) 14,000 10,100 Harris County, Texas, Health Facilities Development Corporation, Special Facilities Revenue Refunding Bonds (Texas Medical Center Projects), VRDN, 3.95% due 5/01/2035 (f)(j) 10,100 31,350 Harris County, Texas, Industrial Development Corporation, Solid Waste Disposal Revenue Bonds (Deer Park Limited Partnership), VRDN, AMT, 4.07% due 2/01/2023 (j) 31,350 10,160 Harris County, Texas, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-1030, 3.92% due 8/15/2017 (e)(h)(j) 10,160 Face Amount Municipal Bonds Value Texas (continued) $ 9,250 Houston, Texas, Higher Education Finance Corporation, Higher Education Revenue Bonds, PUTTERS, VRDN, Series 1865, 3.92% due 5/15/2015 (h)(j) $ 9,250 34,275 Houston, Texas, Independent School District, GO, VRDN, 3.75% due 6/15/2031 (j) 34,275 5,340 Houston, Texas, Utility System Revenue Refunding Bonds, ROCS, VRDN, Series II-R-4063, 3.92% due 5/15/2021 (e)(h)(j) 5,340 3,370 Houston, Texas, Water and Sewer Enterprise, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-787, 3.93% due 12/01/2028 (e)(h)(j) 3,370 5,465 Houston, Texas, Water and Sewer System, Revenue Refunding Bonds, ROCS, VRDN, Series II-R-630, 3.93% due 12/01/2020 (e)(h)(j) 5,465 6,300 Katy, Texas, Independent School District, School Building, GO, VRDN, 3.87% due 8/15/2033 (j) 6,300 10,395 Municipal Securities Trust Certificates, Austin, Texas, Water Revenue Refunding Bonds, VRDN, Series 2001-134, Class A, 3.92% due 5/15/2010 (e)(h)(j) 10,395 8,800 Municipal Securities Trust Certificates, Houston, Texas, Independent School District, GO, Refunding, VRDN, Series 233, Class A, 3.92% due 1/09/2014 (h)(j) 8,800 3,000 Municipal Securities Trust Certificates, San Antonio, Texas, Water Revenue Refunding Bonds, VRDN, Series SGB 66, 3.91% due 5/15/2037 (b)(h)(j) 3,000 North Central Texas, Health Facility Development Corporation, CP: 25,000 3.66% due 10/04/2007 25,000 15,000 3.74% due 10/04/2007 15,000 20,000 3.70% due 12/05/2007 20,000 8,440 North Texas Municipal Water District, Texas, Water System Revenue Bonds, ROCS, VRDN, Series II-R-593PB, 3.93% due 9/01/2035 (f)(h)(j) 8,440 3,375 Plano, Texas, Independent School District, GO, PUTTERS, VRDN, Series 1428, 3.92% due 8/15/2010 (h)(j) 3,375 17,335 Port Arthur, Texas, Navigation District, Environmental Facilities Revenue Refunding Bonds (Motiva Enterprises Project), VRDN, AMT, 4.05% due 12/01/2027 (j) 17,335 Port Arthur, Texas, Navigation District, Industrial Development Corporation, Exempt Facilities Revenue Bonds (Air Products and Chemicals Project), VRDN, AMT (j): 10,000 4.03% due 4/01/2036 10,000 8,400 4.07% due 5/01/2040 8,400 Port Arthur, Texas, Navigation District Revenue Bonds, VRDN, AMT (j): 10,000 (Atofina Petrochemicals), Series B, 4.10% due 4/01/2027 10,000 20,000 (BASF Corporation Project), 4.05% due 4/01/2033 20,000 16,000 (Fina Oil and Chemical Company Project), 4% due 5/01/2033 16,000 6,000 Port of Corpus Christi Authority, Texas, Nueces County Solid Waste Disposal Revenue Bonds (Flint Hills Resources LP Project), VRDN, AMT, 4.12% due 1/01/2030 (j) 6,000 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Texas (continued) $ 34,000 Port of Corpus Christi Authority, Texas, Nueces County Solid Waste Disposal, Revenue Refunding Bonds (Flint Hills Resources LP Project), VRDN, AMT, Series A, 4.14% due 7/01/2029 (j) $ 34,000 22,286 Port of Houston Authority, Harris County, Texas, CP, 3.75% due 11/01/2007 22,286 10,500 Red River Authority, Texas, Solid Waste Disposal Revenue Bonds (Panda Hereford Ethanol Project), VRDN, AMT, 3.93% due 7/01/2030 (j) 10,500 14,500 Red River, Texas, Education Finance Revenue Bonds (Texas Christian University), VRDN, 3.89% due 3/15/2035 (j) 14,500 3,100 San Antonio, Texas, Independent School District, GO, Refunding, PUTTERS, VRDN, Series 1726, 3.92% due 8/15/2014 (h)(j) 3,100 5,235 Sheldon, Texas, Independent School District, GO, PUTTERS, VRDN, Series 2009, 3.92% due 2/15/2014 (h)(j) 5,235 Socorro, Texas, Independent School District, GO, ROCS, VRDN (h)(j): 4,120 Series II-R-2222, 3.92% due 8/15/2022 4,120 7,000 Series II-R-9146, 3.85% due 8/15/2016 7,000 9,920 Tarrant County, Texas, Health Facilities Development Corporation, Hospital Revenue Refunding Bonds, ROCS, VRDN, Series II-R-11083, 3.92% due 12/01/2026 (e)(h)(j) 9,920 Texas Municipal Gas Acquisition and Supply Corporation II, Gas Supply Revenue Bonds, ROCS, VRDN (h)(j): 11,000 Series II-R-10014, 3.99% due 9/15/2018 11,000 5,900 Series II-R-10015, 3.99% due 9/15/2018 5,900 6,870 Texas Municipal Power Agency, Revenue Refunding Bonds, PUTTERS, VRDN, Series 1323, 3.92% due 3/01/2014 (f)(h)(j) 6,870 Texas State Affordable Housing Corporation, M/F Housing Revenue Bonds, FLOATS, VRDN (f)(h)(j): 17,483 Series 11, 3.90% due 3/01/2032 17,484 43,077 Series 12TP, 3.90% due 3/01/2032 43,078 Texas State, College Student Loan, GO, Refunding, VRDN, AMT (j): 54,160 3.85% due 7/01/2008 54,160 10,000 3.75% due 2/01/2013 10,000 7,970 Texas State, GO, FLOATS, VRDN, Series 66TP, 3.90% due 4/01/2030 (h)(j) 7,970 220,000 Texas State, GO, TRAN, 4.50% due 8/28/2008 221,587 Texas State, GO (Veterans' Housing Assistance Program Fund II), VRDN, AMT (j): 13,400 Series A, 4% due 6/01/2035 13,400 20,000 Series B, 3.95% due 6/01/2038 20,000 23,800 Texas State Transportation Commission, First Tier Revenue Bonds, VRDN, Series B, 3.87% due 4/01/2026 (j) 23,800 5,370 Texas State University, System Financing Revenue Refunding Bonds, ROCS, VRDN, Series II-R-1011, 3.92% due 3/15/2019 (e)(h)(j) 5,370 10,900 Texas Water Development Board, Subordinate Lien Revenue Refunding Bonds (State Revolving Fund), VRDN, Series A, 4% due 7/15/2019 (j) 10,900 Face Amount Municipal Bonds Value Texas (concluded) $ 3,984 Victoria County, Texas, Hospital Revenue Refunding Bonds, FLOATS, VRDN, Series 959, 3.91% due 1/01/2016 (a)(h)(j) $ 3,984 2,265 Wichita Falls, Texas, Water and Sewer Revenue Refunding Bonds, PUTTERS, VRDN, Series 1713, 3.92% due 8/01/2014 (b)(h)(j) 2,265 Utah--0.4% 12,000 Davis County, Utah, School District, GO, TAN, 4.50% due 6/30/2008 12,066 6,450 Murray City, Utah, Hospital Revenue Bonds (IHC Health Services, Inc.), VRDN, Series A, 3.95% due 5/15/2037 (j) 6,450 Utah Transit Authority, Sales Tax Revenue Bonds, VRDN (e)(h)(j): 5,665 PUTTERS, Series 1107B, 3.92% due 12/15/2013 5,665 3,190 ROCS, Series II-R-609PB, 3.93% due 6/15/2032 3,190 8,300 Utah Water Finance Agency, Tender Option Revenue Bonds, VRDN, Series A-9, 3.90% due 7/01/2034 (a)(j) 8,300 5,125 Weber County, Utah, Hospital Revenue Bonds (IHC Health Services), VRDN, Series B, 3.95% due 2/15/2032 (j) 5,125 Vermont--0.1% 1,250 Vermont HFA, S/F Revenue Bonds, VRDN, AMT, Series 16 A, 3.95% due 5/01/2032 (e)(j) 1,250 8,000 Vermont State Student Assistance Corporation, Student Loan Revenue Bonds, FLOATS, VRDN, 3.86% due 1/01/2008 (h)(j) 8,000 Virginia--1.1% 15,460 Clipper Tax-Exempt Certificates Trust, Virginia Commonwealth Transportation Board Revenue Bonds, VRDN, Series 2007-7, 3.94% due 5/01/2015 (h)(j)(m) 15,460 6,055 Eagle Tax-Exempt Trust, Richmond, Virginia, Public Utilities Revenue Bonds, VRDN, Series 2006-0050, Class A, 3.93% due 1/15/2035 (e)(h)(j) 6,055 37,220 Fairfax County, Virginia, IDA, Revenue Bonds (Inova Health System Project), VRDN, Series A-2, 3.85% due 5/15/2035 (j) 37,220 6,290 Henrico County, Virginia, Water and Sewer Revenue Bonds, ROCS, VRDN, Series II-R-753 PB, 3.93% due 5/01/2031 (f)(h)(j) 6,290 7,105 Loudoun County, Virginia, IDA, Revenue Bonds (Howard Hughes Medical Institute), VRDN, Series F, 3.85% due 2/15/2038 (j) 7,105 35,000 Norfolk, Virginia, CP, 3.70% due 10/02/2007 35,000 3,000 Virginia State, HDA, Revenue Bonds, MERLOTS, VRDN, AMT, Series B-19, 3.97% due 4/01/2033 (h)(j) 3,000 4,000 Virginia State, HDA, Revenue Refunding Bonds, MERLOTS, VRDN, AMT, Series C-42, 3.97% due 7/01/2023 (h)(j) 4,000 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (continued) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Washington--3.7% $ 12,555 Central Puget Sound, Washington, Regional Transit Authority, Sales and Use Tax Revenue Bonds, ROCS, VRDN, Series II-R-7510, 3.92% due 11/01/2023 (a)(h)(j) $ 12,555 22,900 Clark County, Washington, Public Utility District Number 001, Generating System Revenue Refunding Bonds, MSTR, VRDN, Series SGA-118, 4% due 1/01/2025 (e)(h)(j) 22,900 3,000 Eagle Tax-Exempt Trust, Bellevue, Washington, GO, Refunding, VRDN, Series 2004-1011, Class A, 3.93% due 12/01/2043 (f)(h)(j) 3,000 12,330 Eagle Tax-Exempt Trust, King County, Washington, Sewer Revenue Bonds, VRDN, Series 2007-0144, Class A, 3.85% due 7/01/2017 (e)(h)(j) 12,330 3,335 Eclipse Funding Trust, Solar Eclipse Certificates, King County, Washington, Sewer Revenue Bonds, VRDN, Series 2007-0095, 3.91% due 1/01/2017 (e)(h)(j) 3,335 25,800 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Project Number 3), VRDN, Series D-3-1, 3.86% due 7/01/2018 (e)(j) 25,800 8,840 Grant County, Washington, Public Utility District Number 002, Electric Revenue Refunding Bonds, ROCS, VRDN, Series II-R-2039, 3.92% due 1/01/2019 (e)(h)(j) 8,840 5,185 King County, Washington, School District Number 410, Snoqualmie Valley, GO, ROCS, VRDN, Series II-R-4513, 3.92% due 12/01/2020 (e)(h)(j) 5,185 3,700 King County, Washington, Sewer Revenue Bonds, VRDN, Junior Lien, Series B, 3.84% due 1/01/2036 (f)(j) 3,700 14,745 King County, Washington, Sewer Revenue Refunding Bonds, FLOATS, VRDN, Series 554, 3.91% due 7/01/2009 (b)(h)(j) 14,745 2,250 Lewis County, Washington, Public Utility District Number 001, Cowlitz Falls Hydroelectric Revenue Refunding Bonds, ROCS, VRDN, Series II-R-4026, 3.92% due 10/01/2023 (f)(h)(j) 2,250 14,070 Municipal Securities Trust Certificates, Washington State Motor Vehicle Fuel Tax, GO, VRDN, Series 2001-112, Class A, 4% due 1/07/2021 (h)(j) 14,070 4,800 Port Bellingham, Washington, Industrial Development Corporation, Environmental Facilities Revenue Bonds (BP West Coast Products LLC Project), VRDN, AMT, 4% due 12/01/2033 (j) 4,800 4,915 Port of Seattle, Washington, Revenue Bonds, MERLOTS, VRDN, AMT, Series B04, 3.97% due 9/01/2015 (b)(h)(j) 4,915 30,000 Port of Tacoma, Washington, Subordinate Lien Revenue Bonds, VRDN, AMT, 4.02% due 12/01/2036 (j)(n) 30,000 4,915 Seattle, Washington, Water System Revenue Refunding Bonds, ROCS, VRDN, Series II-R-4006, 3.92% due 9/01/2022 (f)(h)(j) 4,915 3,440 Spokane County, Washington, Spokane School District Number 081, GO, ROCS, VRDN, Series II-R-4000, 3.92% due 12/01/2019 (e)(h)(j) 3,440 Face Amount Municipal Bonds Value Washington (concluded) $ 5,560 Tacoma, Washington, Convention Center and Parking Revenue Bonds, ROCS, VRDN, Series II-R-2144, 3.92% due 12/01/2022 (f)(h)(j) $ 5,560 13,905 Tacoma, Washington, Water Revenue Refunding Bonds, FLOATS, VRDN, Series 555, 3.91% due 12/01/2009 (b)(h)(j) 13,905 Washington State, GO, PUTTERS, VRDN (h)(j): 15,075 Series 333, 3.92% due 12/01/2014 (f) 15,075 9,530 Series 1312, 3.92% due 1/01/2013 (e) 9,530 11,765 Series 1422, 3.92% due 7/01/2014 (e) 11,765 10,515 Series 2158, 3.55% due 7/01/2015 10,515 Washington State, GO, ROCS, VRDN (h)(j): 4,175 Series II-R-4082, 3.92% due 7/01/2023 (e) 4,175 10,320 Series II-R-6061, 3.92% due 1/01/2022 (a) 10,320 4,365 Series II-R-7035, 3.92% due 7/01/2024 (e) 4,365 2,540 Washington State, GO, Refunding, PUTTERS, VRDN, Series 1399, 3.92% due 1/01/2013 (a)(h)(j) 2,540 Washington State Housing Finance Commission, CP: 13,400 3.61% due 10/17/2007 13,400 30,700 3.68% due 12/12/2007 30,700 6,400 Washington State Housing Finance Commission, M/F Housing Revenue Bonds (Arbors on the Park Project), VRDN, AMT, 3.96% due 10/01/2024 (j) 6,400 40,745 Washington State Housing Finance Commission, Nonprofit Housing Revenue Bonds (Mirabella Project), VRDN, Series A, 3.97% due 3/01/2036 (j) 40,745 3,000 Washington State Housing Finance Commission, Nonprofit Revenue Bonds (Eastside Catholic School), VRDN, Series B, 3.88% due 7/01/2038 (j) 3,000 26,390 Washington State Public Power Supply Systems, Electric Revenue Refunding Bonds (Project Number 3), VRDN, Series 3-A, 3.85% due 7/01/2018 (f)(j) 26,390 2,105 Washington State University Revenue Bonds, ROCS, VRDN, Series II-R-595PB, 3.93% due 10/01/2031 (a)(h)(j) 2,105 West Virginia--0.2% 10,695 ABN AMRO MuniTops Certificates Trust, West Virginia State, GO, VRDN, Series 2000-12, 3.93%,000 due 6/04/2008 (f)(h)(j) 10,695 9,900 Eagle Tax-Exempt Trust, West Virginia Higher Education Policy Commission, Revenue Refunding Bonds, VRDN, Series 2005-0018, Class A, 3.93% due 4/01/2034 (b)(h)(j) 9,900 Wisconsin--2.0% 1,365 Hartland, Wisconsin, IDR (Commercial Communications Inc. Project), VRDN, AMT, 4.15% due 8/01/2009 (j) 1,365 2,000 Lehman Municipal Trust Receipts, Wisconsin, GO, Refunding, FLOATS, VRDN, AMT, Series 2006-K40, 4.06% due 5/01/2031 (f)(h)(j) 2,000 2,660 Manitowoc, Wisconsin, Electric Revenue Bonds, ROCS, VRDN, Series II-R-2177, 3.92% due 10/01/2024 (b)(h)(j) 2,660 CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Schedule of Investments (concluded) Master Tax-Exempt LLC (In Thousands) Face Amount Municipal Bonds Value Wisconsin (continued) $ 17,600 Oconomowoc, Wisconsin, Area School District, GO, BAN, 3.75% due 11/30/2007 $ 17,602 Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Refunding Bonds, VRDN, AMT, Series A (j): 20,000 3.95% due 9/01/2022 20,000 23,510 3.95% due 3/01/2035 23,510 5,960 Wisconsin Public Power Inc., Power Supply System Revenue Bonds, PUTTERS, VRDN, Series 1150, 3.92% due 7/01/2013 (a)(h)(j) 5,960 7,370 Wisconsin Rural Water Construction Loan Program, Commission Revenue Notes, BAN, 4.50% due 8/01/2008 7,415 6,985 Wisconsin School Districts, Cash Flow Management Program, COP, Series A1, 4.50% due 9/18/2008 7,042 Face Amount Municipal Bonds Value Wisconsin (concluded) Wisconsin State, GO, CP: $ 30,000 3.69% due 10/17/2007 $ 30,000 25,000 3.68% due 10/18/2007 25,000 21,080 3.69% due 11/05/2007 21,080 44,300 Wisconsin State Operating Notes, 4.50% due 6/16/2008 44,532 Puerto Rico--0.4% 42,315 Bank of America AUSTIN Trust, Puerto Rico Electric Power Authority, Power Revenue Bonds, VRDN, Series 2007-156, 3.88% due 7/01/2024 (b)(f)(h)(j) 42,315 864 Puerto Rico Commonwealth Infrastructure Financing Authority, Special Obligation Revenue Bonds, TOCS, VRDN, Series Z-6, 3.90% due 6/26/2037 (b)(h)(j) 864 Total Investments (Cost--$10,473,101*)--99.9% 10,473,101 Other Assets Less Liabilities--0.1% 7,527 ------------ Net Assets--100.0% $ 10,480,628 ============ * Cost for federal income tax purposes. (a) AMBAC Insured. (b) FGIC Insured. (c) FHLMC Collateralized. (d) FNMA Collateralized. (e) FSA Insured. (f) MBIA Insured. (g) CIFG Insured. (h) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the underlying municipal bond securities. (i) FNMA/GNMA Collateralized. (j) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. (k) Assured Guaranty Insured. (l) FHA Insured. (m) The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. (n) XL Capital Insured. (o) GNMA Collateralized. See Notes to Financial Statements. CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Statement of Assets and Liabilities Master Tax-Exempt LLC
As of September 30, 2007 (Unaudited) Assets Investments in unaffiliated securities, at value (identified cost--$10,473,100,774) $10,473,100,774 Cash 65,189 Receivables: Interest $ 62,226,946 Securities sold 22,378 Contributions 1,145,700 63,395,024 --------------- Prepaid expenses 51,060 --------------- Total assets 10,536,612,047 --------------- Liabilities Payables: Securities purchased 54,569,467 Investment adviser 1,089,427 Other affiliates 43,860 55,702,754 --------------- Accrued expenses and other liabilities 281,660 --------------- Total liabilities 55,984,414 --------------- Net Assets Net assets $10,480,627,633 =============== Net Assets Consist of Investors' capital $10,480,627,633 --------------- Net Assets $10,480,627,633 =============== See Notes to Financial Statements.
Statement of Operations Master Tax-Exempt LLC
For the Six Months Ended September 30, 2007 (Unaudited) Investment Income Interest $ 192,562,779 Expenses Investment advisory fees $ 6,841,201 Accounting services 448,154 Custodian fees 110,275 Professional fees 51,016 Pricing fees 47,313 Directors' fees and expenses 26,268 Printing and shareholder reports 1,123 Other 79,448 --------------- Total expenses 7,604,798 --------------- Investment income--net 184,957,981 --------------- Realized Gain--Net Realized gain on investments--net 143,493 --------------- Net Increase in Net Assets Resulting from Operations $ 185,101,474 =============== See Notes to Financial Statements.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Statements of Changes in Net Assets Master Tax-Exempt LLC
For the Six Months Ended For the September 30, Year Ended 2007 March 31, Increase (Decrease) in Net Assets: (Unaudited) 2007 Operations Investment income--net $ 184,957,981 $ 327,744,486 Realized gain--net 143,493 864,981 ---------------- ---------------- Net increase in net assets resulting from operations 185,101,474 328,609,467 ---------------- ---------------- Capital Transactions Proceeds from contributions 37,624,135,468 61,520,885,054 Fair value of withdrawals (37,472,147,218) (61,230,693,465) ---------------- ---------------- Net increase in net assets derived from capital transactions 151,988,250 290,191,589 ---------------- ---------------- Net Assets Total increase in net assets 337,089,724 618,801,056 Beginning of period 10,143,537,909 9,524,736,853 ---------------- ---------------- End of period $ 10,480,627,633 $ 10,143,537,909 ================ ================ See Notes to Financial Statements.
Financial Highlights Master Tax-Exempt LLC
For the Six Months Ended For the Period The following per share data and ratios September 30, February 13, 2003++ have been derived from information 2007 For the Year Ended March 31, to March 31, provided in the financial statements. (Unaudited) 2007 2006 2005 2004 2003++++++ Total Investment Return Total investment return 1.82%+++ 3.45% 2.64% 1.33% .94% .68%* ============ ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses .15%* .15% .15% .15% .15% .21%* ============ ============ ============ ============ ============ ============ Investment income and realized gain (loss)--net 3.60%* 3.44% 2.61% 1.31% .94% 1.04%* ============ ============ ============ ============ ============ ============ Supplemental Data Net assets, end of period (in thousands) $ 10,480,628 $ 10,143,538 $ 9,524,737 $ 9,749,807 $ 10,252,630 $ 10,591,179 ============ ============ ============ ============ ============ ============ * Annualized. ++ Commencement of operations. +++ Aggregate total investment return. See Notes to Financial Statements.
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Notes to Financial Statements (Unaudited) Master Tax-Exempt LLC 1. Significant Accounting Policies: Master Tax-Exempt LLC (the "Master LLC") is registered under the Investment Company Act of 1940, as amended, and is organized as a Delaware limited liability company. Prior to June 15, 2007, the Master LLC was organized as a Delaware statutory trust (the "Trust"). The Limited Liability Company Agreement (the "LLC Agreement") permits the Directors (and prior to June 15, 2007, the Declaration of Trust permitted the Trustees) to issue nontransferable interests in the Master LLC/Trust, subject to certain limitations. Throughout this report the Trust and the Master LLC are referred to as the Master LLC and the Board of Trustees and Board of Directors are referred to as the Board of Directors. The Master LLC's financial statements are prepared in conformity with U.S. generally accepted accounting principles, which may require the use of management accruals and estimates. Actual results may differ from these estimates. These unaudited financial statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the results for the interim period. All such adjustments are of a normal, recurring nature. The following is a summary of significant accounting policies followed by the Master LLC. (a) Valuation of investments--Investments may be valued at amortized cost, which approximates market value. For the purpose of valuation, the maturity of a variable rate demand instrument is deemed to be the demand notice payment period. In the case of a floating rate instrument, the remaining maturity is the next coupon date on which the interest rate is to be adjusted. (b) Income taxes--The Master LLC is classified as a partnership for federal income tax purposes. As such, each investor in the Master LLC is treated as owner of its proportionate share of the net assets, income, expenses and realized and unrealized gains and losses of the Master LLC. Therefore, no federal income tax provision is required. It is intended that the Master LLC's assets will be managed so an investor in the Master LLC can satisfy the requirements of Subchapter M of the Internal Revenue Code. (c) Security transactions and investment income--Security transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Interest income (including amortization of premium and discount) is recognized on the accrual basis. (d) Recent accounting pronouncements--Effective September 30, 2007, the Master LLC implemented Financial Accounting Standards Board ("FASB") Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109" ("FIN 48"). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Master LLC, and has determined that the adoption of FIN 48 does not have a material impact on the Master LLC's financial statements. The Master LLC files U.S. and various state tax returns. No income tax returns are currently under examination. The statute of limitations on the Master LLC's tax returns remains open for the years ended March 31, 2004 through March 31, 2007. In September 2006, "Statement of Financial Accounting Standards No. 157, Fair Value Measurements" ("FAS 157"), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications of FAS 157 and its impact on the Master LLC's financial statements, if any, has not been determined. In addition, in February 2007, FASB "Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial Liabilities" ("FAS 159"), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Master LLC's financial statements, if any, has not been determined. 2. Investment Advisory Agreement and Transactions with Affiliates: The Master LLC has entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the "Manager"), an indirect, wholly owned subsidiary of BlackRock, Inc. Merrill Lynch & Co., Inc. and The PNC Financial Services Group, Inc. are principal owners of BlackRock, Inc. CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Notes to Financial Statements (concluded) Master Tax-Exempt LLC The Manager is responsible for the management of the Master LLC's portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Master LLC. For such services, the Master LLC pays a monthly fee based upon the average daily value of the Master LLC's net assets at the following annual rates: .25% of the Master LLC's average daily net assets not exceeding $500 million; .175% of the Master LLC's average daily net assets in excess of $500 million but not exceeding $1 billion; and .125% of the average daily net assets in excess of $1 billion. In addition, the Manager has entered into a Sub- Advisory Agreement with BlackRock Institutional Management Corporation, an affiliate of the Manager, under which the Manager pays the sub-adviser for services it provides a monthly fee that is a percentage of the management fee paid by the Master LLC to the Manager. For the six months ended September 30, 2007, the Master LLC reimbursed the Manager $91,623 for certain accounting services. Certain officers and/or directors of the Master LLC are officers and/or directors of BlackRock, Inc. or its affiliates. CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Officers and Directors as of September 30, 2007 Robert C. Doll, Jr., Fund President and Director Ronald W. Forbes, Director Cynthia A. Montgomery, Director Jean Margo Reid, Director Roscoe S. Suddarth, Director Richard R. West, Director Donald C. Burke, Vice President and Treasurer Karen Clark, Chief Compliance Officer Howard Surloff, Secretary Custodian State Street Bank and Trust Company P.O. Box 351 Boston, MA 02101 Transfer Agent Financial Data Services, Inc. 4800 Deer Lake Drive East Jacksonville, FL 32246-6484 800-221-7210* * For inquiries regarding your CMA account, call 800-262-4636. Proxy Results During the six-month period ended September 30, 2007, the shareholders of CMA Tax-Exempt Fund voted on the following proposal, which was approved at a special shareholders' meeting on August 23, 2007. This proposal was part of the reorganization of the Fund's Board of Directors to take effect on or about November 1, 2007. A description of the proposal and number of shares voted are as follows:
Shares Voted Shares Withheld For From Voting To elect the Fund's Board of Directors: David O. Beim 8,006,698,982 8,053,959 Richard S. Davis 8,008,127,085 6,625,856 Ronald W. Forbes 8,006,987,819 7,765,122 Henry Gabbay 8,007,234,649 7,518,292 Dr. Matina Horner 8,006,833,527 7,919,414 Rodney D. Johnson 8,007,340,943 7,411,998 Herbert I. London 8,006,688,191 8,064,750 Cynthia A. Montgomery 8,008,009,229 6,743,712 Joseph P. Platt, Jr. 8,007,796,997 6,955,944 Robert C. Robb, Jr. 8,007,710,276 7,042,665 Toby Rosenblatt 8,006,252,842 8,500,099 Kenneth L. Urish 8,007,820,715 6,932,226 Frederick W. Winter 8,006,729,161 8,023,780
Proxy Results During the six-month period ended September 30, 2007, the shareholders of Master Tax-Exempt LLC voted on the following proposal, which was approved at a special shareholders' meeting on September 7, 2007. This proposal was a part of the reorganization of the Master LLC's Board of Directors to take effect on or about November 1, 2007. A description of the proposal and number of shares voted are as follows:
Shares Voted Shares Withheld For From Voting To elect the Master LLC's Board of Directors: David O. Beim 8,794,333,638 8,237,055 Richard S. Davis 8,795,761,741 6,808,952 Ronald W. Forbes 8,794,581,846 7,988,847 Henry Gabbay 8,794,869,305 7,701,388 Dr. Matina Horner 8,794,468,183 8,102,510 Rodney D. Johnson 8,794,975,599 7,595,094 Herbert I. London 8,794,322,847 8,247,846 Cynthia A. Montgomery 8,795,643,885 6,926,808 Joseph P. Platt, Jr. 8,795,431,653 7,139,040 Robert C. Robb, Jr. 8,795,344,932 7,225,761 Toby Rosenblatt 8,793,887,498 8,683,195 Kenneth L. Urish 8,795,455,371 7,115,322 Frederick W. Winter 8,794,363,817 8,206,876
CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 BlackRock Privacy Principles BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, "Clients") and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties. If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations. BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our Web sites. BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose. We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information. Availability of Quarterly Schedule of Investments The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The Fund's Forms N-Q are available on the SEC's Web site at http://www.sec.gov. The Fund's Forms N-Q may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Electronic Delivery Electronic copies of most financial reports and prospectuses are available on the Fund's Web site. Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Fund's electronic delivery program. Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages: Please contact your financial advisor to enroll. Please note that not all investment advisers, banks or brokerages may offer this service. CMA TAX-EXEMPT FUND SEPTEMBER 30, 2007 Item 2 - Code of Ethics - Not Applicable to this semi-annual report Item 3 - Audit Committee Financial Expert - Not Applicable to this semi-annual report Item 4 - Principal Accountant Fees and Services - Not Applicable to this semi-annual report Item 5 - Audit Committee of Listed Registrants - Not Applicable Item 6 - Schedule of Investments - The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form. Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not Applicable Item 8 - Portfolio Managers of Closed-End Management Investment Companies - Not Applicable Item 9 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers - Not Applicable Item 10 - Submission of Matters to a Vote of Security Holders - The registrant's Nominating Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrant's Secretary. There have been no material changes to these procedures. Item 11 - Controls and Procedures 11(a) - The registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities and Exchange Act of 1934, as amended. 11(b) - There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 12 - Exhibits attached hereto 12(a)(1) - Code of Ethics - Not Applicable to this semi-annual report 12(a)(2) - Certifications - Attached hereto 12(a)(3) - Not Applicable 12(b) - Certifications - Attached hereto Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CMA Tax-Exempt Fund and Master Tax-Exempt LLC By: /s/ Donald C. Burke ------------------- Donald C. Burke, Chief Executive Officer of CMA Tax-Exempt Fund and Master Tax-Exempt LLC Date: November 20, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Donald C. Burke ------------------- Donald C. Burke, Chief Executive Officer (principal executive officer) of CMA Tax-Exempt Fund and Master Tax-Exempt LLC Date: November 20, 2007 By: /s/ Neal J. Andrews ------------------- Neal J. Andrews, Chief Financial Officer (principal financial officer) of CMA Tax-Exempt Fund and Master Tax-Exempt LLC Date: November 20, 2007 EX-99.CERT 2 section302.txt SECTION 302 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 CMA Tax-Exempt Fund and Master Tax-Exempt LLC, certify that: 1. I have reviewed this report on Form N-CSR of CMA 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 its 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' boards 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 20, 2007 /s/ Donald C. Burke - ------------------- Donald C. Burke, Chief Executive Officer (principal executive officer) of CMA 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 CMA Tax-Exempt Fund and Master Tax-Exempt LLC, certify that: 1. I have reviewed this report on Form N-CSR of CMA 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 its 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' boards 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 20, 2007 /s/ Neal J. Andrews - ------------------- Neal J. Andrews, Chief Financial Officer (principal financial officer) of CMA Tax-Exempt Fund and Master Tax-Exempt LLC EX-99.1350CERT 3 section906.txt SECTION 906 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 CMA Tax-Exempt Fund and Master Tax-Exempt LLC (together, the "Registrants"), hereby certifies, to the best of his knowledge, that the Registrants' Report on Form N-CSR for the period ended September 30, 2007, (the "Report") fully complies with the requirements of Section 15(d) 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 each Registrant. Date: November 20, 2007 /s/ Donald C. Burke - ------------------- Donald C. Burke, Chief Executive Officer (principal executive officer) of CMA Tax-Exempt Fund and Master Tax-Exempt LLC Pursuant to 18 U.S.C. 1350, the undersigned officer of CMA Tax-Exempt Fund and Master Tax-Exempt LLC (together, the "Registrants"), hereby certifies, to the best of his knowledge, that the Registrants' Report on Form N-CSR for the period ended September 30, 2007, (the "Report") fully complies with the requirements of Section 15(d) 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 each Registrant. Date: November 20, 2007 /s/ Neal J. Andrews - ------------------- Neal J. Andrews, Chief Financial Officer (principal financial officer) of CMA 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. -----END PRIVACY-ENHANCED MESSAGE-----