N-Q 1 wcmataxexemptfinal.htm MASTER TAX-EXEMPT LLC wcmataxexemptfinal.htm - Produced by Pellegrini and Associates, Inc. | 134 Spring Street New York NY 10012 | (212) 925-5151

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21198 and 811-21301

Name of Fund: WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, WCMA Tax-
Exempt Fund and Master Tax-Exempt LLC, 40 East 52nd Street, New York, NY 10022.

Registrant’s telephone number, including area code: (800) 221-7210

Date of fiscal year end: 03/31/2010

Date of reporting period: 06/30/2009

Item 1 – Schedule of Investments

WCMA Tax-Exempt Fund     
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
                                                                         Mutual Fund    Value 
                                                                         Master Tax-Exempt LLC    $ 1,033,172,112 
                                                                         Total Investments (Cost - $1,033,172,112) - 100.0%  1,033,172,112 
                                                                         Liabilities in Excess of Other Assets - (0.0)%  (262,508) 
                                                                         Net Assets - 100.0%    $ 1,032,909,604 

Ÿ Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value
Measurements" clarifies the definition of fair value, establishes a framework for measuring fair values and requires
additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair
value of investments, which are as follows:

Ÿ Level 1 - price quotations in active markets/exchanges for identical securities
Ÿ Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities
in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest
rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other
market-corroborated inputs)

Ÿ
Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Fund's own assumptions used in determining the fair value
of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities. For information about the Fund's policy regarding valuation of investments and other
significant accounting policies, please refer to the Fund's most recent financial statements as contained in its
annual report.

The following table summarizes the inputs used as of June 30, 2009 in determining the fair
valuation of the Fund's investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  - 
Level 2  $ 1,033,172,112 
Level 3  - 
Total  $ 1,033,172,112 

Master Tax-Exempt LLC     
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
                                               Par   
State  Municipal Bonds  (000)  Value 
Alabama - 2.1%  Columbia Industrial Development Board, Alabama, RB, VRDN,   
  Refunding, Alabama Power Co. Project, Series C,     
  0.33%, 7/01/09 (a)  $ 11,100  $ 11,100,000 
  Lower Alabama Gas District, RB, VRDN, Series A,     
  0.35%, 7/07/09 (a)  113,050  113,050,000 
  Mobile Industrial Development Board, RB, VRDN, Alabama Power,   
  Barry Plant, 1st Series, 1.40%, 7/16/10 (a)  5,800  5,800,000 
  Mobile Industrial Development Board, RB, VRDN, Alabama Power   
  Co., Barry Plant, 2.00%, 7/14/09 (a)  10,100  10,100,000 
  Southeast Alabama Gas District, Alabama, RB, VRDN, Supply   
  Project, Series A, 0.30%, 7/01/09 (a)  3,099  3,099,000 
  Spanish Fort Redevelopment Authority, Alabama, Macon Trust,   
  RB, VRDN Certificates, Bank of America, Series 2007-306, 0.85%,   
  7/07/09 (a)(b)  15,450  15,450,000 
  University of Alabama, Alabama, RB, ROCS, VRDN, Series II,   
  R-12035, (BHAC), 0.45%, 7/07/09 (a)(b)(c)  28,710  28,710,000 
  West Jefferson Industrial Development Board, Alabama, RB,   
  VRDN, Alabama Power Co. Miller Plant Project, AMT,   
  2.00%, 1/07/10 (a)  30,000  30,000,000 
      217,309,000 
Alaska - 0.6%  Alaska Housing Finance Corp., RB, VRDN, State Capital Project,   
  Series C, Remarketed, 0.18%, 7/07/09 (a)  4,955  4,955,000 
  Alaska International Airports System, RB, VRDN, Refunding,   
  System, Series A, 0.28%, 7/07/09 (a)  4,000  4,000,000 

Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the
securities have been abbreviated according to the list below.

AGC  Assured Guaranty Corp.  ISD  Independent School District 
AMT  Alternative Minimum Tax (subject to)  LIFERS  Long Inverse Floating Exempt Receipts 
BAN  Bond Anticipation Notes  M/F  Multi-Family 
BHAC  Berkshire Hathaway Assurance Corp.  MERLOTS  Municipal Exempt Receipts Liquidity Optional Tenders 
COP  Certificates of Participation  MSTR  Municipal Securities Trust Receipts 
DRIVERS  Derivative Inverse Tax-Exempt Receipts  PUTTERS  Puttable Tax-Exempt Receipts 
EDA  Economic Development Authority  RB  Revenue Bonds 
EDC  Economic Development Corp.  RAN  Revenue Anticipation Notes 
ERS  Extendible Reset Securities  ROCS  Reset Option Certificates 
FHLMC  Federal Home Loan Mortgage Corp.  S/F  Single-Family 
FLOATS  Floating Rate Securities  SAVRS  Select Auction Variable Rate Securities 
FNMA  Federal National Mortgage Association  SO  Special Obligation 
FSA  Financial Security Assurance Inc.  SPEARS  Short Puttable Exempt Adjustable Receipts 
GNMA  Government National Mortgage Association            TAN  Tax Anticipation Notes 
GO  General Obligation Bonds  TECP  Tax-Exempt Commercial Paper 
HDA  Housing Development Authority  TRAN  Tax Revenue Anticipation Notes 
HFA  Housing Finance Agency  VRDN  Variable Rate Demand Notes 
IDA  Industrial Development Authority     

1

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  City of Valdez Alaska, RB, VRDN, Refunding, Phillips, Series A,     
  Remarketed, 0.35%, 7/07/09 (a)    $ 38,000  $ 38,000,000 
  City of Valdez Alaska, RB, VRDN, Refunding, Phillips, Series B,     
  Remarketed, 0.40%, 7/07/09 (a)    20,000  20,000,000 
        66,955,000 
Arizona - 2.6%  Ak-Chin Indian Community, RB, VRDN, 0.32%, 7/07/09 (a)  20,000  20,000,000 
  Apache County IDA, Arizona, RB, VRDN, Floating Rate, Tucson     
  Electric Power, Series 83A, 0.44%, 7/07/09 (a)    55,575  55,575,000 
  Arizona Health Facilities Authority, Arizona, RB, VRDN, FLOATS,     
  Series 1782, 0.30%, 7/07/09 (a)(b)    25,300  25,300,000 
  Arizona Health Facilities Authority, Arizona, RB, VRDN, Banner     
  Health, Series C, 0.35%, 7/07/09 (a)    4,220  4,220,000 
  Arizona Health Facilities Authority, Arizona, RB, VRDN, Banner     
  Health, Series F, 0.37%, 7/07/09 (a)    101,205  101,205,000 
  Arizona Health Facilities Authority, Arizona, RB, VRDN, Health     
  Facilities, Catholic West, Series B, 0.30%, 7/07/09 (a)  4,600  4,600,000 
  Maricopa County Public Finance Corporation, Arizona, RB, VRDN,     
  FLOATS, Series 1863, 0.29%, 7/07/09 (a)(b)    8,440  8,440,000 
  Salt River Pima-Maricopa Indian Community, RB, VRDN, 0.32%,     
  7/07/09 (a)    15,829  15,829,000 
  Salt River Pima-Maricopa Indian Community, RB, VRDN, 0.32%,     
  7/07/09 (a)    32,715  32,715,000 
        267,884,000 
California - 5.6%  California Communities Note Program, Revenue Notes,     
  Series A5 (Tulare County), 2.00%, 6/30/10    12,000  12,174,960 
  California Home Mortgage Finance Authority, RB, VRDN,     
  Refunding, Draw Down, AMT, 0.31%, 8/18/09 (a)    28,543  28,543,400 
  California Housing Finance Agency, RB, VRDN, Home Mortgage,     
  Series B, AMT, 0.25%, 7/07/09 (a)    25,910  25,910,000 
  California Housing Finance Agency, RB, VRDN, Home Mortgage,     
  Series B, AMT, 0.25%, 7/07/09 (a)    15,000  15,000,000 
  California Housing Finance Agency, RB, VRDN, Home Mortgage,     
  Series D, AMT, 1.10%, 7/07/09 (a)    41,200  41,200,000 
  California Housing Finance Agency, RB, VRDN, Home Mortgage,     
  Series E, AMT, 0.38%, 7/01/09 (a)    56,300  56,300,000 
  California Housing Finance Agency, RB, VRDN, Home Mortgage,     
  Series M, AMT, 0.38%, 7/01/09 (a)    15,800  15,800,000 
  California Housing Finance Agency, RB, VRDN, Series C, AMT,     
  1.75%, 7/01/09 (a)    12,330  12,330,000 
  California Municipal Finance Authority, RB, PUTTERS,     
  Series 2410, AMT, 0.50%, 7/07/09 (a)(b)    2,300  2,300,000 
  California School Cash Reserve Program Authority, California,     
  Revenue Notes, Senior, 2009-10, Series A, 2.50%, 7/01/10  88,500  90,147,870 
  City of San Jose California, RB, VRDN, ROCS, Series II R-10364,     
  (BHAC), AMT, 0.51%, 7/07/09 (a)(b)(c)    33,335  33,335,000 
  County of Los Angeles California, Revenue Notes, TRAN, Series A,     
  2.50%, 6/30/10    60,000  61,008,600 
2

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  County of Sacramento California, GO, TRAN, 2.50%, 8/07/09  $ 107,100  $ 107,199,953 
  Golden State Tobacco Securitization Corp., California, RB, VRDN,     
  FLOATS, Series 1500, 0.45%, 7/07/09 (a)(b)    4,000  4,000,000 
  Golden State Tobacco Securitization Corp., California, RB, VRDN,     
  FLOATS, Series 2040, 0.45%, 7/07/09 (a)(b)    8,000  8,000,000 
  Golden State Tobacco Securitization Corp., California, RB, VRDN,     
  FLOATS, Series 2215, 0.45%, 7/07/09 (a)(b)    22,500  22,500,000 
  Golden State Tobacco Securitization Corp., California, RB, VRDN,     
  FLOATS, Series 2954, 0.45%, 7/07/09 (a)(b)    30,000  30,000,000 
  State of California, GO, VRDN, MERLOTS, Series B-45, 0.24%,     
  7/07/09 (a)(b)    7,635  7,635,000 
  State of California, GO, ROCS, VRDN, Series II-R-622PB, (BHAC),     
  0.45%, 7/07/09 (a)(b)    7,815  7,815,000 
        581,199,783 
Colorado - 2.4%  City of Aurora Colorado, COP, VRDN, Refunding,       
  0.26%, 7/07/09 (a)    19,100  19,100,000 
  City of Colorado Springs Colorado, RB, VRDN, Refunding,     
  Subordinate Lien, Series A, 1.00%, 7/07/09 (a)    34,875  34,875,000 
  Colorado Educational & Cultural Facilities Authority, Colorado,     
  RB, VRDN, Nature Conservancy, Series A, 0.32%, 7/07/09 (a)  8,600  8,600,000 
  Colorado Health Facilities Authority, RB, VRDN, Catholic Health,     
  Series B, 0.18%, 7/07/09 (a)    32,400  32,400,000 
  Colorado Health Facilities Authority, RB, VRDN, Catholic Health,     
  Series B-1, 0.30%, 7/07/09 (a)    3,335  3,335,000 
  Colorado Health Facilities Authority, RB, VRDN, Catholic Health,     
  Series B-6, 0.30%, 7/07/09 (a)    7,900  7,900,000 
  Colorado Health Facilities Authority, RB, VRDN, Sisters of     
  Charity, 0.33%, 7/07/09 (a)    18,800  18,800,000 
  Colorado Housing & Finance Authority, Colorado, RB, VRDN,     
  Class I, Series B-2, AMT, 1.55%, 7/07/09 (a)    25,000  25,000,000 
  Colorado Housing & Finance Authority, Colorado, RB, VRDN,     
  Class 1, Series B-2, Remarketed, 0.35%, 7/07/09 (a)  5,000  5,000,000 
  Colorado Housing & Finance Authority, Colorado, RB, VRDN,     
  Class 1, Series B-3, Remarketed, 0.50%, 7/07/09 (a)  12,500  12,500,000 
  Colorado Housing & Finance Authority, Colorado, RB, VRDN,     
  Class I, Series B-3, Remarketed, AMT, 0.50%, 7/07/09 (a)  15,000  15,000,000 
  Colorado Housing & Finance Authority, Colorado, RB, VRDN, M/F,     
  I, Series C-4, 0.35%, 7/07/09 (a)    10,710  10,710,000 
  Colorado School of Mines, Colorado, RB, VRDN, Refunding, Series     
  A, 0.40%, 7/07/09 (a)    8,000  8,000,000 
  Colorado Springs School District Number 11 Facilities     
  Corporation, Colorado, COP, VRDN, Refunding, (FSA), 1.00%,     
  7/07/09 (a)    8,290  8,290,000 
  County of Moffat Colorado, RB, VRDN, PacifiCorp., Remarketed,     
  0.30%, 7/07/09 (a)    7,500  7,500,000 
  County of Pitkin Colorado, RB, VRDN, Refunding, Aspen Skiing     
  Co. Project, Series B, AMT, 0.40%, 7/01/09 (a)    4,500  4,500,000 
3

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  El Paso County, Colorado, Eclipse Funding Trust, COP, VRDN,     
  2006-0101, Solar Eclipse, El Paso, 0.21%, 7/07/09 (a)(b)  $ 11,165  $ 11,165,000 
  Fiddlers Business Improvement District, Colorado, GO, VRDN,     
  Refunding, 2.80%, 7/07/09 (a)    4,200  4,200,000 
  Town of Telluride Colorado, RB, VRDN, Valley Floor Open Space     
  Project, 3.50%, 7/07/09 (a)    5,315  5,315,000 
        242,190,000 
Connecticut - 1.2%  City of Milford Connecticut, GO, BAN, 1.25%, 11/05/09  10,410  10,440,705 
  Connecticut State Health & Educational Facilities Authority,     
  Austin Trust, RB, VRDN, Certificates Bank of America     
  Series 2008-352, 0.80%, 7/07/09 (a)(b)    14,870  14,870,000 
  Connecticut State Health & Educational Facility Authority, RB,     
  VRDN, Danbury Hospital, Series J, 0.24%, 7/07/09 (a)  16,415  16,415,000 
  Connecticut State Health & Educational Facility Authority, RB,     
  VRDN, Yale University, Series U, 0.17%, 7/07/09 (a)  9,100  9,100,000 
  New Haven Connecticut, TECP, 0.35%, 8/17/09    3,000  3,000,000 
  State of Connecticut, GO, BAN, Series A, 2.00%, 4/28/10  70,000  70,881,608 
        124,707,313 
District of Columbia -  District of Columbia, Deutsche Bank SPEARs/LIFERs Trust, GO,     
1.3%  SPEARS, VRDN, Series DB-463, (FSA), 0.25%, 7/07/09 (a)(b)  8,429  8,429,000 
  District of Columbia, GO, VRDN, FLOATS, Series 1920, 0.29%,     
  7/07/09 (a)(b)    15,790  15,790,000 
  District of Columbia, GO, VRDN, Refunding, Series C,     
  0.75%, 7/07/09 (a)    24,000  24,000,000 
  District of Columbia, GO, VRDN, Refunding, Series D,     
  0.97%, 7/07/09 (a)    8,285  8,285,000 
  District of Columbia, GO, VRDN, Series C, 0.25%, 7/07/09 (a)  6,300  6,300,000 
  District of Columbia, RB, VRDN, American University,     
  0.32%, 7/07/09 (a)    7,400  7,400,000 
  District of Columbia, RB, VRDN, Refunding, Howard,     
  Series B, Remarketed, 0.20%, 7/07/09 (a)    4,800  4,800,000 
  District of Columbia, RB, VRDN, Refunding, Series B,     
  0.32%, 7/07/09 (a)    6,110  6,110,000 
  District of Columbia, TECP, 0.47%, 8/03/09    35,900  35,900,000 
  Washington Convention Center Authority, RB, VRDN, FLOATS,     
  Series 1730, (BHAC), 0.32%, 7/07/09 (a)(b)    6,665  6,665,000 
  Washington Convention Center Authority, RB, VRDN, FLOATS,     
  Series 1731, (BHAC), 0.32%, 7/07/09 (a)(b)    6,665  6,665,000 
  Washington Convention Center Authority, RB, VRDN, FLOATS,     
  Series 1736, (BHAC), 0.32%, 7/07/09 (a)(b)    7,830  7,830,000 
        138,174,000 
Florida - 5.4%  Brevard County HFA, RB, VRDN, Timber Trace Apartments     
  Project, AMT, 0.50%, 7/07/09 (a)    10,000  10,000,000 
  City of Jacksonville Florida, RB, VRDN, Series A,       
  0.25%, 7/07/09 (a)    54,035  54,035,000 
  City of Lakeland Florida, RB, VRDN, Refunding, Series A, 0.15%,     
  7/07/09 (a)    5,000  5,000,000 

4

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  City of Pembroke Pines Florida, RB, VRDN, 2038,       
  (AGC), 0.36%, 7/07/09 (a)    $ 10,000  $ 10,000,000 
  County of Escambia Florida, RB, VRDN, Gulf Power Co. Project,     
  First Series, 1.75%, 4/21/10 (a)    10,000  10,000,000 
  County of Miami-Dade Florida, RB, VRDN, Eagle, Series 2007-     
  0108, Class A, (BHAC), AMT, 0.45%, 7/07/09 (a)(b)  14,380  14,380,000 
  County of Saint John's Florida, RB, ROCS, VRDN, Series II, R-     
  755PB, (BHAC), 0.50%, 7/07/09 (a)(b)    13,250  13,250,000 
  Florida Housing Finance Corporation, RB, VRDN, Mortgage,     
  Wexford Apartments, Series P, AMT, 0.38%, 7/07/09 (a)  5,955  5,955,000 
  Florida Housing Finance Corporation, RB, VRDN, Savannah     
  Springs Apartments, Series N, AMT, 0.52%, 7/07/09 (a)  6,800  6,800,000 
  Florida Hurricane Catastrophe Fund Finance Corp., RB, VRDN,     
  ROCS, Series II R-11549, 0.35%, 7/07/09 (a)(b)    6,985  6,985,000 
  Florida State Board of Education, GO, VRDN, ROCS, Series II R-     
  12281, 0.45%, 6/01/15 (a)(b)(c)    15,500  15,500,000 
  Florida State Board of Education, GO, VRDN, ROCS, Series II, R-     
  12288, 0.45%, 7/07/09 (a)(b)(c)    8,000  8,000,000 
  Florida State Turnpike Authority, RB, VRDN, FLOATS, Series     
  2854, 0.32%, 7/07/09 (a)(b)    2,300  2,300,000 
  Florida State Turnpike Authority, RB, VRDN, PUTTERS, Series     
  2539, 0.28%, 7/07/09 (a)(b)    3,555  3,555,000 
  Fort Pierce, Florida, Eclipse Funding Trust, TAN, 2006-0130,     
  Solar Eclipse, 0.21%, 7/07/09 (b)    3,920  3,920,000 
  Highlands County Health Facilities Authority, RB, VRDN, Hospital,     
  Adventist Health System, Series C, 0.35%, 7/07/09 (a)  6,000  6,000,000 
  Highlands County Health Facilities Authority, RB, VRDN, Hospital,     
  Series Adventist Health System, Series A,       
  0.35%, 7/07/09 (a)    13,500  13,500,000 
  Hillsborough County HFA M/F, RB, VRDN, Housing, Brandon,     
  Series A, Remarketed, (FNMA), AMT, 0.39%, 7/07/09 (a)  5,680  5,680,000 
  JEA, RB, VRDN, Series A-1, 0.28%, 7/07/09 (a)    30,400  30,400,000 
  JEA, RB, VRDN, Series Three, Series B-1, 0.28%, 7/07/09 (a)  6,065  6,065,000 
  JEA, RB, VRDN, Series Three, Series B-2, 0.32%, 7/07/09 (a)  6,105  6,105,000 
  JEA, RB, VRDN, Series Three, Series B-3, 0.32%, 7/07/09 (a)  8,750  8,750,000 
  JEA, RB, VRDN, Series Three, Series C-1, 0.20%, 7/07/09 (a)  14,720  14,720,000 
  JEA, RB, VRDN, Series Three, Series C-2, 0.20%, 7/07/09 (a)  14,720  14,720,000 
  JEA, RB, VRDN, Sub-Series A-2, 0.25%, 7/07/09 (a)  6,980  6,980,000 
  Jacksonville Economic Development Commission, RB, VRDN, Lee     
  & Cates Glass Inc. Project, AMT, 0.57%, 7/07/09 (a)  8,180  8,180,000 
  Jacksonville Electric Authority Florida, TECP, 0.50%, 8/03/09  16,400  16,400,000 
  Jacksonville Electric Authority Florida, TECP, 0.60%, 8/03/09  27,600  27,600,000 
  Jacksonville Electric Authority Florida, TECP, 0.58%, 8/12/09  50,300  50,300,000 
  Jacksonville Port Authority, RB, VRDN, Mitsui OSK Lines Ltd.,     
  AMT, 0.44%, 7/07/09 (a)    14,660  14,660,000 

5

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  Manatee County HFA, RB, VRDN, Housing, Village at Cortez     
  Apartments, Series A, (FNMA), AMT, 0.39%, 7/07/09 (a)  $ 11,700  $ 11,700,000 
  Orlando & Orange County Expressway Authority, RB, VRDN,     
  Eagle, Series 2007-0145, Class A, (BHAC),       
  0.45%, 7/07/09 (a)(b)    11,300  11,300,000 
  Orlando Utilities Commission, Revenue Notes, VRDN, Refunding,     
  Series B-1, 2.00%, 6/01/10 (a)    43,000  43,611,046 
  Palm Beach County Educational Facilities Authority, RB, VRDN,     
  Educational Facilities, Atlantic University Inc.,       
  0.32%, 7/07/09 (a)    9,800  9,800,000 
  Saint Johns County, Florida, Deutsche Bank SPEARs/LIFERs Trust,     
  RB, VRDN, SPEARs, Series DB-486, 0.27%, 7/07/09 (a)(b)  8,948  8,948,000 
  South Florida Water Management District, COP, VRDN, Eagle,     
  Series 2006-0136, Class A, (FSA), 0.40%, 7/07/09 (a)(b)  19,730  19,730,000 
  Sunshine State Governmental Financing Commission, RB, VRDN,     
  Remarketed, 1.15%, 7/07/09 (a)    23,000  23,000,000 
  University South Florida Research Foundation Inc., Florida, RB,     
  VRDN, University Technology Center Research,       
  0.34%,7/07/09 (a)    8,100  8,100,000 
  Volusia County, Florida, Eclipse Funding Trust, COP, VRDN, 2007-     
  0036, Solar Eclipse, (FSA), 0.25%, 7/07/09 (a)(b)    7,375  7,375,000 
  Volusia County IDA, RB, VRDN, Refunding, Retirement Housing     
  Foundation, 0.30%, 7/07/09 (a)    8,500  8,500,000 
        551,804,046 
Georgia - 1.3%  Burke County Development Authority, RB, VRDN, Georgia Power     
  Co. Vogtle, 1st Series, 2.10%, 7/13/09 (a)    5,100  5,100,000 
  City of Atlanta Georgia, RB, VRDN, Eagle, Series 2006-0130, Class     
  A, (BHAC), 0.45%, 7/07/09 (a)(b)    5,000  5,000,000 
  Gwinnett County Hospital Authority, RB, VRDN, Gwinnett     
  Hospital System Project, Series C, 0.28%, 7/07/09 (a)  7,625  7,625,000 
  Metropolitan Atlanta Rapid Transit Authority, RB, VRDN, Series     
  A, 0.75%, 7/07/09 (a)    11,830  11,830,000 
  Monroe County Development Authority, Georgia, RB, VRDN,     
  Georgia Power Co. Plant Scherer Project, 1.95%, 12/10/09 (a)  11,700  11,700,000 
  Municipal Electric Authority of Georgia, RB, VRDN, Certificates,     
  Macon Trust, Series E, (FSA),       
  0.50%, 7/07/09 (a)(b)    6,815  6,815,000 
  Municipal Electric Authority of Georgia, RB, VRDN, Project 1 Sub-     
  Series B, 0.55%, 7/07/09 (a)    35,750  35,750,000 
  Municipal Electric Authority of Georgia, Revenue Notes, BAN,     
  Plant Vogtle, Series A, 1.50%, 5/25/10    14,000  14,112,853 
  Putnam County Development Authority, Georgia, RB, VRDN,     
  Georgia Power Plant Branch, 1st Series 97, 2.10%, 7/13/09 (a)  4,000  4,000,000 
  State of Georgia, GO, ROCS, Series II R-11536PB,       
  0.40%, 7/07/09 (a)(b)    26,225  26,225,000 

6

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
        Par   
State  Municipal Bonds                           (000)           Value 
  Whitfield County Development Authority Solid Waste Disposal     
  Revenue, RB, VRDN, Aladdin Manufacturing Corp. Project, AMT,     
  0.67%, 7/07/09 (a)  $ 3,100  $ 3,100,000 
        131,257,853 
Hawaii - 0.1%  Hawaii State Department of Budget & Finance, RB, VRDN, Hawaii     
  Pacific Health, Series A-2, 0.25%, 7/07/09 (a)    5,500  5,500,000 
Idaho - 0.1%  Idaho State Building Authority, RB, VRDN, Refunding, Prison     
  Facilities Project, Series A, 0.40%, 7/07/09 (a)    13,490  13,490,000 
Illinois - 8.9%  Chicago, Illinois, BB&T Municipal Trust, GO, VRDN, FLOATS,     
  Series 2007, 0.20%, 7/07/09 (a)(b)(c)    2,390  2,390,000 
  Chicago, Illinois, Sales Tax Refunding RB, VRDN,       
  0.20%, 7/01/09 (a)    34,555  34,555,000 
  City of Chicago Illinois, GO, VRDN, ROCS, Series II R-10406,     
  (FSA), 0.40%, 7/07/09 (a)(b)(c)    14,305  14,305,000 
  City of Chicago Illinois, GO, VRDN, Series B,       
  0.17%, 7/07/09 (a)    4,785  4,785,000 
  City of Chicago Illinois, RB, VRDN, ROCS, Series II R 239, (FSA),     
  AMT, 0.78%, 7/07/09 (a)(b)    3,700  3,700,000 
  City of Chicago Illinois, RB, VRDN, Second Lien, Series B, AMT,     
  0.56%, 7/07/09 (a)    19,189  19,189,000 
  City of Chicago Illinois, RB, VRDN, Refunding, Sub-Series C-1,     
  0.25%, 7/01/09 (a)    6,000  6,000,000 
  City of Chicago Illinois, RB, VRDN, Sub-Series 04, 2, Remarketed,     
  0.30%, 7/07/09 (a)    14,850  14,850,000 
  City of Chicago Illinois, RB, VRDN, Sub-Series 04, 3, Remarketed,     
  0.30%, 7/07/09 (a)    3,225  3,225,000 
  City of Elmhurst Illinois, RB, VRDN, Joint Commission     
  Accreditation, 0.30%, 7/07/09 (a)    13,890  13,890,000 
  County of Cook Illinois, GO, VRDN, ROCS, Series II R-10359,     
  (FSA), 0.40%, 7/07/09 (a)(b)(c)    30,920  30,920,000 
  County of Will Illinois, RB, VRDN, Industrial, Amoco Chemical Co.     
  Project, AMT, 0.30%, 7/01/09 (a)    6,025  6,025,000 
  County of Will Illinois, RB, VRDN, Industrial, BP Amoco Chemical     
  Co. Project, AMT, 0.30%, 7/01/09 (a)    3,800  3,800,000 
  County of Will Illinois, RB, VRDN, Industrial, BP Amoco Chemical     
  Project, AMT, 0.30%, 7/01/09 (a)    2,600  2,600,000 
  Chicago, Illinois, Eclipse Funding Trust, GO, VRDN, 2006-0038,     
  Solar Eclipse Certificates, Chicago, 0.21%, 7/07/09 (a)(b)  10,700  10,700,000 
  Chicago, Illinois, O'Hare International Airport, Deutsche Bank     
  SPEARs/LIFERs Trust, RB, VRDN, SPEARs,       
  Series DB-502, (FSA), 0.25%, 7/07/09 (a)(b)    41,235  41,235,000 
  Chicago, Illinois, O'Hare International Airport, Deutsche Bank     
  SPEARs/LIFERs Trust, RB, VRDN, SPEARs, Series DBE-534,     
  0.30%, 7/07/09 (a)(b)    2,275  2,275,000 
  Illinois Educational Facilities Authority, RB, VRDN, Art Institute     
  of Chicago, 0.35%, 7/07/09 (a)    23,600  23,600,000 

7

Master Tax-Exempt LLC     
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
                                                Par   
State  Municipal Bonds  (000)  Value 
  Illinois Educational Facilities Authority, RB, VRDN, Demand, Art   
  Institute of Chicago, 0.35%, 7/07/09 (a)  $ 11,450  $ 11,450,000 
  Illinois Educational Facilities Authority, RB, VRDN, FLOATS,   
  Series 1097, 0.32%, 7/07/09 (a)(b)  2,678  2,677,500 
  Illinois Finance Authority, RB, VRDN, Art Institute Chicago,   
  Series B-1, 0.35%, 7/07/09 (a)  7,000  7,000,000 
  Illinois Finance Authority, RB, VRDN, Carle Foundation,   
  Series D, 0.20%, 7/07/09 (a)  6,875  6,875,000 
  Illinois Finance Authority, RB, VRDN, Eagle, Series 2006-0118,   
  Class A, 0.35%, 7/07/09 (a)(b)  3,150  3,150,000 
  Illinois Finance Authority, RB, VRDN, Elmhurst Memorial   
  Healthcare, Series B, 0.25%, 7/01/09 (a)  3,100  3,100,000 
  Illinois Finance Authority, RB, VRDN, Elmhurst Memorial   
  Healthcare, Series C, 0.75%, 7/07/09 (a)  11,320  11,320,000 
  Illinois Finance Authority, RB, VRDN, Evanston Northwestern,   
  Series A, 0.25%, 7/07/09 (a)  29,085  29,085,000 
  Illinois Finance Authority, RB, VRDN, Illinois Wesleyan University,   
  0.22%, 7/07/09 (a)  2,415  2,415,000 
  Illinois Finance Authority, RB, VRDN, Landing at Plymouth Place,   
  Series C, 0.30%, 7/07/09 (a)  18,375  18,375,000 
  Illinois Finance Authority, RB, VRDN, North Park University   
  Project, 0.20%, 7/07/09 (a)  4,800  4,800,000 
  Illinois Finance Authority, RB, VRDN, Northwest Community   
  Hospital, Series C, 0.20%, 7/07/09 (a)  5,700  5,700,000 
  Illinois Finance Authority, RB, VRDN, Northwestern University,   
  Sub-Series A, 0.50%, 3/31/10 (a)  23,460  23,460,000 
  Illinois Finance Authority, RB, VRDN, Riverside, Series A,   
  Remarketed, 0.32%, 7/07/09 (a)  15,175  15,175,000 
  Illinois Finance Authority, RB, VRDN, Riverside, Series B, 0.32%,   
  7/07/09 (a)  14,950  14,950,000 
  Illinois Finance Authority, RB, VRDN, Rush University Medical   
  Center, Series A, 0.22%, 7/07/09 (a)  4,000  4,000,000 
  Illinois Finance Authority, RB, VRDN, Southern Illinois   
  Healthcare, 0.30%, 7/07/09 (a)  6,780  6,780,000 
  Illinois Finance Authority, RB, VRDN, University Chicago, Series   
  B, 0.20%, 7/07/09 (a)  54,817  54,817,000 
  Illinois Health Facilities Authority, RB, VRDN, Revolving Fund   
  Pooled, Series D, 0.35%, 7/07/09 (a)  38,800  38,800,000 
  Illinois State Toll Highway Authority, RB, VRDN, Refunding,   
  Series B, (FSA), 0.90%, 7/07/09 (a)  12,235  12,235,000 
  Illinois State Toll Highway Authority, RB, VRDN, Senior Priority,   
  Series A-1, Tender, 0.65%, 7/07/09 (a)  45,700  45,700,000 
  Regional Transit Authority, RB, ERS, VRDN, Refunding,   
  Series B, Remarketed, 0.70%, 8/03/09 (a)  34,900  34,900,000 
  State of Illinois, GO, VRDN, Eagle, Series 2008-0021, Class A,   
  (FSA), 0.80%, 7/07/09 (a)(b)  11,260  11,260,000 
  State of Illinois, GO, VRDN, MERLOTS, Series B04, (FSA),   
  0.26%, 7/07/09 (a)(b)  8,925  8,925,000 

8

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
         Par   
State  Municipal Bonds     (000)           Value 
  State of Illinois, GO, VRDN, ROCS, Series II, R-12080, (FSA),     
  0.70%, 7/07/09 (a)(b)    $ 9,470  $ 9,470,000 
  State of Illinois, GO, VRDN, Series B, 3.50%, 7/07/09 (a)  198,800  198,800,000 
  University of Illinois, COP, VRDN, Utility Infrastructure Projects,     
  0.40%, 7/07/09 (a)    84,460  84,460,000 
  University of Illinois, RB, VRDN, Eagle, Series 2006-0124, Class A,     
  0.38%, 7/07/09 (a)(b)    10,000  10,000,000 
        917,723,500 
Indiana - 4.7%  City of Indianapolis Indiana, RB, New Bridges Apartments     
  Project, VRDN, 3.25%, 7/07/09 (a)    3,705  3,705,000 
  City of Michigan City Indiana, RB, VRDN, Palatek Project, AMT,     
  1.00%, 7/07/09 (a)    5,000  5,000,000 
  City of Portage Indiana, RB, Breckenridge Apartments Project,     
  AMT, VRDN, 0.61%, 7/07/09 (a)    4,650  4,650,000 
  City of Whiting Indiana, RB, Refunding, Amoco Oil Co. Project,     
  AMT, VRDN, 0.30%, 7/01/09 (a)    10,000  10,000,000 
  City of Whiting Indiana, RB, VRDN, Amoco Oil Co. Project, AMT,     
  0.30%, 7/01/09 (a)    6,085  6,085,000 
  City of Whiting Indiana, RB, VRDN, Refunding, BP Products     
  Project, Series C, AMT, 0.30%, 7/01/09 (a)    4,900  4,900,000 
  Hartford City Indiana, RB, VRDN, Petoskey Plastics Inc., AMT,     
  1.00%, 7/07/09 (a)    6,020  6,020,000 
  IPS Multi-School Building Corp., Indiana, RB, VRDN, ROCS, Series     
  II, R-885WF, (FSA), 0.20%, 7/07/09 (a)(b)    7,470  7,470,000 
  Indiana Development Finance Authority, Indiana, RB, VRDN,     
  Educational Facilities, Indianapolis Museum of Art,     
  0.35%, 7/07/09 (a)    43,000  43,000,000 
  Indiana Development Finance Authority, Indiana, RB, VRDN, PSI     
  Energy Inc. Projects, Series A, AMT, 0.65%, 7/07/09 (a)  32,550  32,550,000 
  Indiana Finance Authority, RB, VRDN, Ascension Health Senior     
  Center, E-3, 0.17%, 7/07/09 (a)    7,000  7,000,000 
  Indiana Finance Authority, RB, VRDN, Lease Appropriation, Series     
  A-1, 0.60%, 7/01/09 (a)    17,000  17,000,000 
  Indiana Finance Authority, RB, VRDN, Lease Appropriation, Series     
  A-1, 0.75%, 7/01/09 (a)    6,850  6,850,000 
  Indiana Finance Authority, RB, VRDN, Lease Appropriation, Series     
  A-1, 0.75%, 7/01/09 (a)    62,000  62,000,000 
  Indiana Finance Authority, RB, VRDN, Lease Appropriation, Series     
  A-2, 0.75%, 7/01/09 (a)    26,100  26,100,000 
  Indiana Finance Authority, RB, VRDN, Lease Appropriation, Series     
  A-2, 0.75%, 7/01/09 (a)    31,200  31,200,000 
  Indiana Finance Authority, RB, VRDN, Lease Appropriation, Series     
  A-3, 0.60%, 7/01/09 (a)    30,800  30,800,000 
  Indiana Finance Authority, RB, VRDN, Lease Appropriation, Series     
  A-3, 0.60%, 7/01/09 (a)    30,000  30,000,000 
  Indiana Finance Authority, RB, VRDN, Lease Appropriation, Series     
  A-4, 1.00%, 7/01/09 (a)    82,000  82,000,000 

9

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  Indiana Finance Authority, RB, VRDN, Lease Appropriation, Series     
  A-5, 1.00%, 7/01/09 (a)    $ 52,000  $ 52,000,000 
  Indiana Finance Authority, RB, VRDN, Refunding, Duke Energy     
  Indiana Project, Series A-1, AMT, 0.45%, 7/07/09 (a)  6,000  6,000,000 
  Indiana Finance Authority, RB, VRDN, Refunding, Duke Energy     
  Indiana Project, Series A-5, 0.54%, 7/01/09 (a)    7,000  7,000,000 
  Indiana Finance Authority, RB, VRDN, Refunding, Sisters Saint     
  Francis, Series B, 0.23%, 7/07/09 (a)    3,700  3,700,000 
  Indiana University, Indiana, RB, VRDN, PUTTERS, Series 2494,     
  0.28%, 7/07/09 (a)(b)    1,115  1,115,000 
        486,145,000 
Iowa - 0.8%  City of Clear Lake Iowa, RB, VRDN, Joe Corbis Pizza Project,     
  AMT, 0.50%, 7/07/09 (a)    3,380  3,380,000 
  County of Louisa Iowa, RB, VRDN, Floating, Refunding, Iowa-     
  Illinois Gas & Electric Co., Series A, 0.50%, 7/07/09 (a)  10,000  10,000,000 
  Iowa Finance Authority, RB, VRDN, Edgewater A Wesley, Series     
  E, 0.32%, 7/07/09 (a)    10,000  10,000,000 
  Iowa Finance Authority, RB, VRDN, Iowa Health, Series A-1,     
  Remarketed, (AGC), 0.27%, 7/07/09 (a)    8,970  8,970,000 
  Iowa Finance Authority, RB, VRDN, Mortgage, Series H, (GNMA),     
  AMT, 0.40%, 7/07/09 (a)    23,000  23,000,000 
  Iowa Finance Authority, Revenue Notes, Senior RAN, Senior, Iowa     
  School, Series A, 2.50%, 6/23/10    14,900  15,183,315 
  Iowa Higher Education Loan Authority, Iowa, RB, VRDN,     
  Educational Facilities, Saint Ambrose University,       
  0.35%, 7/01/09 (a)    10,000  10,000,000 
        80,533,315 
Kansas - 0.7%  Counties of Sedgwick & Shawnee Kansas, RB, VRDN, FLOATS,     
  Series 2480, (GNMA), AMT, 0.37%, 7/07/09 (a)(b)    9,905  9,905,000 
  Counties of Sedgwick & Shawnee Kansas, RB, VRDN, FLOATS,     
  Series 2816, (GNMA), AMT, 0.37%, 7/07/09 (a)(b)    5,095  5,095,000 
  Kansas Development Finance Authority, RB, VRDN, Sisters of     
  Charity, Series C, 0.25%, 7/01/09 (a)    16,520  16,520,000 
  Kansas State Department of Transportation, Kansas, RB, VRDN,     
  Refunding, Series B-2, 1.00%, 7/07/09 (a)    11,400  11,400,000 
  Kansas State Department of Transportation, Kansas, RB, VRDN,     
  Refunding, Series C-1, 0.75%, 7/07/09 (a)    19,700  19,700,000 
  Sedgwick and Shawnee Counties, Kansas, JPMorgan Chase     
  PUTTERS DRIVERS Trust, RB, VRDN, Series 3206, (GNMA), AMT,     
  0.43%, 7/07/09 (a)(b)(c)    7,600  7,600,000 
        70,220,000 
Kentucky - 1.4%  Campbell & Kenton Counties Sanitation District Number 1,     
  Kentucky, RB, VRDN, MSTR, Series SGA-130, (FSA), 0.56%,     
  7/07/09 (a)(b)    11,000  11,000,000 
  Carroll County Kentucky Solid Waste, TECP, 1.10%, 7/09/09  20,930  20,930,000 
  County of Boyd Kentucky, RB, VRDN, Air Products & Chemicals     
  Project, AMT, 0.43%, 7/07/09 (a)    3,775  3,775,000 
  Jefferson County Kentucky, TECP, 0.80%, 7/13/09  35,000  35,000,000 

10

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  Kentucky Higher Education Student Loan Corp., Kentucky, RB,     
  VRDN, Senior, Series A-1, AMT, 0.45%, 7/07/09 (a)  $ 15,700  $ 15,700,000 
  Kentucky Metropolitan Government Health System, RB, VRDN,     
  ROCS, Series II R-662CE, Louisville, 0.55%, 7/07/09 (a)(b)  16,875  16,875,000 
  Lexington-Fayette Urban County Airport Board, RB, VRDN,     
  Refunding, Series A, AMT, 0.40%, 7/01/09 (a)    8,870  8,870,000 
  Louisville & Jefferson County Metropolitan Sewer District,     
  Kentucky, RB, VRDN, Eagle, Series 2006-0053, Class A, (BHAC),     
  0.40%, 7/07/09 (a)(b)    14,000  14,000,000 
  Louisville & Jefferson County Regional Airport Authority,     
  Kentucky, RB, VRDN, UPS Worldwide Forwarding,       
  Series B, AMT, 0.40%, 7/01/09 (a)    5,900  5,900,000 
  Shelby County, Kentucky, Lease RB, VRDN, Series A,     
  0.20%, 7/01/09 (a)    2,900  2,900,000 
  Trimble County, Kentucky, Association of Counties Leasing Trust,     
  Lease Program RB, VRDN, Series A,       
  0.20%, 7/01/09 (a)    5,575  5,575,000 
        140,525,000 
Louisiana - 1.0%  Calcasieu Parish Industrial Development Board, Louisiana, RB,     
  VRDN, Refunding, Citgo Petroleum Corp., AMT, 0.30%,     
  7/01/09 (a)    3,600  3,600,000 
  Louisiana Local Government Environmental Facilities &     
  Community Development Auth, RB, VRDN, BASF Corp. Project,     
  AMT, 0.98%, 7/07/09 (a)    4,000  4,000,000 
  Louisiana Local Government Environmental Facilities &     
  Community Development Authority, RB, VRDN, Honeywell     
  International Inc. Project, AMT, 0.56%, 7/07/09 (a)  6,000  6,000,000 
  Louisiana Local Government Environmental Facilities &     
  Community Development Authority, RB, VRDN, Refunding, BASF     
  Corp. Project, Series B, 0.89%, 7/07/09 (a)    7,500  7,500,000 
  Louisiana Public Facilities Authority, RB, VRDN, Air Products &     
  Chemicals Project, AMT, 0.43%, 7/07/09 (a)    2,850  2,850,000 
  Louisiana Public Facilities Authority, RB, VRDN, Equipment &     
  Capital Facilities Pooled Loan, Series C, 0.61%, 7/07/09 (a)  1,150  1,150,000 
  Louisiana State Municipal Natural Gas Purchasing & District     
  Authority, RB, PUTTERS, Series 1411Q, 0.35%, 7/07/09 (a)(b)  12,787  12,787,000 
  Parish of Ascension Louisiana, RB, VRDN, BASF Corp. Project,     
  AMT, 0.90%, 7/01/09 (a)    10,100  10,100,000 
  Parish of Saint James Louisiana, RB, VRDN, Nustar Logistics L P     
  Project, 0.28%, 7/07/09 (a)    10,000  10,000,000 
  South Louisiana Port Commission, Louisiana, RB, VRDN, Weekly,     
  Refunding, Occidental Petrol, 0.27%, 7/07/09 (a)    4,400  4,400,000 
  State of Louisiana, GO, VRDN, Refunding, Series A,     
  0.26%, 7/07/09 (a)    8,300  8,300,000 

11

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  State of Louisiana, RB, VRDN, Eagle, Series 2006-0129, Class A,     
  (FSA), 0.40%, 7/07/09 (a)(b)    $ 27,225  $ 27,225,000 
  State of Louisiana, RB, VRDN, Eagle, Series 2006-0137, Class A,     
  (FSA), 0.40%, 7/07/09 (a)(b)    4,020  4,020,000 
        101,932,000 
Maine - 0.1%  Maine Health and Higher Educational Facilities Authority,     
  Barclays Capital Municipal Trust Receipts, RB, VRDN, FLOATS,     
  Trust Receipts, Series 5B, Registered D, 0.35%, 7/07/09 (a)(b)(c)  6,665  6,665,000 
  Maine Health and Higher Educational Facilities Authority, Eclipse     
  Funding Trust, RB, VRDN, 2007-0104, Solar Eclipse,     
  0.21%, 7/07/09 (a)(b)    3,190  3,190,000 
  Maine State Housing Authority, RB, VRDN, Non Ace, Series H,     
  0.25%, 7/01/09 (a)    5,500  5,500,000 
        15,355,000 
Maryland - 1.3%  City of Baltimore Maryland, RB, VRDN, Floating Rate, Maryland,     
  Occidental Petroleum, 0.50%, 7/14/09 (a)(b)    35,700  35,700,000 
  County of Baltimore Maryland, RB, VRDN, Fixed, Refunding,     
  Paths at Loveton, 0.41%, 7/07/09 (a)    4,455  4,455,000 
  County of Montgomery Maryland, RB, VRDN, Riderwood Village     
  Inc. Project, 0.40%, 7/07/09 (a)    13,405  13,405,000 
  County of Prince George's Maryland, RB, VRDN, Refunding,     
  Collington Episcopal, Series A, 0.30%, 7/07/09 (a)  6,880  6,880,000 
  Maryland Community Development Administration, RB, VRDN,     
  FLOATS, Series 2997, AMT, 0.37%, 7/07/09 (a)(b)(c)  8,475  8,475,000 
  Maryland Community Development Administration, RB, VRDN,     
  Residential, Series C, AMT, 0.36%, 7/07/09 (a)    13,630  13,630,000 
  Maryland Economic Development Corp., RB, VRDN, Bakery De     
  France Facilities, AMT, 0.65%, 7/07/09 (a)    10,000  10,000,000 
  Maryland Economic Development Corp., RB, VRDN, Garrett     
  Community College Facilities, 0.35%, 7/07/09 (a)    7,005  7,005,000 
  Maryland Economic Development Corp., RB, VRDN, Linemark     
  Printing Project, AMT, 0.55%, 7/07/09 (a)    3,700  3,700,000 
  Maryland Economic Development Corp., RB, VRDN,     
  Pharmaceutics International Inc., Series A, AMT,       
  0.50%, 7/07/09 (a)    4,455  4,455,000 
  Maryland Health & Higher Educational Facilities Authority, RB,     
  VRDN, John Hopkins University, Series B, 0.10%, 7/07/09 (a)  14,765  14,765,000 
  Maryland Health & Higher Educational Facilities Authority, RB,     
  VRDN, University Maryland Medical System, Series B,     
  0.32%, 7/07/09 (a)    7,200  7,200,000 
  Maryland State Stadium Authority Lease Revenue, RB, VRDN,     
  Refunding, Baltimore Convention, 0.30%, 7/07/09 (a)  3,175  3,175,000 
        132,845,000 
Massachusetts - 2.4%  Commonwealth of Massachusetts, GO, VRDN, Refunding, Series     
  B, 0.27%, 7/07/09 (a)    15,300  15,300,000 
  Massachusetts Bay Transportation Authority, RB, VRDN, Senior,     
  Series A-2, 0.30%, 7/07/09 (a)    17,500  17,500,000 

12

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  Massachusetts Development Finance Agency, RB, VRDN, Suffolk     
  University, Series A, (AGC), 0.33%, 7/07/09 (a)    $ 13,710  $ 13,710,000 
  Massachusetts Health & Educational Facilities Authority, RB,     
  VRDN, ROCS, Series II R-11577PB, 0.34%, 7/07/09 (a)(b)  31,790  31,790,000 
  Massachusetts Health & Educational Facilities Authority, RB,     
  VRDN, Dana-Farber Cancer Institute, L1, 0.20%, 7/07/09 (a)  6,800  6,800,000 
  Massachusetts Health & Educational Facilities Authority, RB,     
  VRDN, Dana-Farber Cancer Institute, L2, 0.25%, 7/07/09 (a)  7,800  7,800,000 
  Massachusetts State Development Finance Agency, Macon Trust,     
  RB, VRDN Certificates Bank of America       
  Series 2007-344, 0.85%, 7/07/09 (a)(b)    92,300  92,300,000 
  Massachusetts State Health and Educational Facilities Authority,     
  Macon Trust, RB, VRDN Certificates, Bank of America, Series     
  2007-310, 0.85%, 7/07/09 (a)(b)    7,700  7,700,000 
  Massachusetts State, TECP, 1.20%, 8/12/09    10,500  10,500,000 
  Massachusetts State Turnpike Authority, Clipper Tax-Exempt     
  Certificate Trust, RB, VRDN, 2007-48 Certificates Partner     
  Massachusetts, 0.30%, 7/07/09 (a)(b)    15,000  15,000,000 
  Massachusetts State Turnpike Authority, RB, VRDN, MSTR, SGC     
  28, Class A, 0.29%, 7/07/09 (a)(b)    6,665  6,665,000 
  Massachusetts Water Resources Authority, RB, VRDN, Eagle,     
  Series 2006-0054, Class A, (FSA), 0.39%, 7/07/09 (a)(b)  7,495  7,495,000 
  University of Massachusetts Building Authority, Massachusetts,     
  RB, VRDN, Refunding, Senior, Community Guaranteed, Series 4,     
  0.25%, 7/07/09 (a)    14,940  14,940,000 
        247,500,000 
Michigan - 3.3%  City of Detroit Michigan, RB, VRDN, ROCS, Series II R-719PB,     
  (AGC), 0.43%, 7/07/09 (a)(b)    12,520  12,520,000 
  Detroit City School District, Michigan, GO, VRDN Certificates,     
  Macon Trust, Series J, (FSA), 0.50%, 7/07/09 (a)(b)  5,100  5,100,000 
  Detroit City School District, Michigan, GO, VRDN Certificates,     
  Series A, (FSA), 0.50%, 7/07/09 (a)    4,615  4,615,000 
  Kalamazoo Hospital Finance Authority, Michigan, RB, VRDN,     
  Refunding, Bronson Methodist, Series A, 0.30%, 7/07/09 (a)  4,990  4,990,000 
  Michigan Higher Education Student Loan Authority, RBC     
  Municipal Products Inc. Trust, RB, VRDN, Floater Certificates,     
  Series L-24, AMT, 0.50%, 7/07/09 (a)(b)    44,945  44,945,000 
  Michigan Municipal Bond Authority, Michigan, Notes, RAN, Series     
  A-1, 3.00%, 8/20/09    28,600  28,653,868 
  Michigan State Building Authority, RB, VRDN, Eagle,     
  Series 2006-0156, Class A, (FSA), 0.70%, 7/07/09 (a)(b)(c)  7,100  7,100,000 
  Michigan State HDA, RB, VRDN, Series A, AMT,       
  0.40%, 7/01/09 (a)    38,725  38,725,000 
  Michigan State Hospital Finance Authority, Michigan, RB, VRDN,     
  Refunding, McLaren Health Care, Series B,       
  0.21%, 7/07/09 (a)    4,720  4,720,000 

13

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  Michigan State Hospital Finance Authority, Michigan, RB, VRDN,     
  Refunding, McLaren Health Care, Series B,       
  0.21%, 7/07/09 (a)    $ 12,300  $ 12,300,000 
  Michigan State University, RB, VRDN, General,       
  0.25%, 7/07/09 (a)    37,765  37,765,000 
  Michigan State University, RB, VRDN, General, Series A, 0.20%,     
  7/07/09 (a)    11,500  11,500,000 
  Michigan State University, RB, VRDN, General, Series A, 0.25%,     
  7/07/09 (a)    7,135  7,135,000 
  Michigan Strategic Fund, RB, VRDN, Livonia Tool Inc. Project,     
  AMT, 1.00%, 7/07/09 (a)    2,000  2,000,000 
  Michigan Water Supply System, RB, VRDN, ROCS, Series II, R-     
  665PB Detroit, Michigan, (BHAC), 0.50%, 7/07/09 (a)(b)  20,765  20,765,000 
  University of Michigan, RB, VRDN, Hospital, Series A,     
  0.20%, 7/07/09 (a)    61,000  61,000,000 
  University of Michigan, RB, VRDN, Hospital, Series B,     
  0.17%, 7/07/09 (a)    12,000  12,000,000 
  Wayne County Airport Authority, RB, VRDN, Refunding, Detroit     
  Met, Series C1, AMT, 0.32%, 7/07/09 (a)    25,685  25,685,000 
        341,518,868 
Minnesota - 1.2%  City of Minneapolis Minnesota, RB, VRDN, Fairview Health     
  Services, Series D, 0.16%, 7/07/09 (a)    2,300  2,300,000 
  City of Minneapolis Minnesota, RB, VRDN, Fairview Health     
  Services, Series E, 0.15%, 7/07/09 (a)    6,500  6,500,000 
  City of Saint Cloud Minnesota, RB, VRDN, Centracare Health     
  System, Series A, (AGC), 0.38%, 7/07/09 (a)    7,780  7,780,000 
  Minnesota Agricultural & Economic Development Board,     
  Minnesota, RB, VRDN, Essentia Health, Series C-4B,     
  AGC, 0.33%, 7/01/09 (a)    5,250  5,250,000 
  Minnesota Housing Finance Agency, RB, VRDN, Residential     
  Housing Finance, C, AMT, 0.36%, 7/07/09 (a)    7,500  7,500,000 
  Minnesota State, JPMorgan Chase DRIVERS Trust, GO, VRDN,     
  PUTTERS, Series 3265, 0.28%, 7/07/09 (a)(b)(c)    1,995  1,995,000 
  Rochester Minnesota Healthcare Facilities, TECP,       
  0.30%, 7/09/09    66,500  66,500,000 
  Rochester Minnesota Healthcare Facilities, TECP,       
  0.30%, 7/09/09    16,000  16,000,000 
  State of Minnesota, GO, VRDN, ROCS, Series II R-11538PB,     
  0.40%, 7/07/09 (a)(b)    10,495  10,495,000 
        124,320,000 
Mississippi - 0.9%  Mississippi Business Finance Corp., RB, VRDN, Daily, Mississippi     
  Power Co., AMT, 0.34%, 7/01/09 (a)    4,100  4,100,000 
  Mississippi Business Finance Corp., RB, VRDN, Refunding, Miss     
  Power Co. Project, AMT, 0.30%, 7/01/09 (a)    12,500  12,500,000 
  Mississippi Development Bank, SO, RB, VRDN, Municipal Gas     
  Authority, Natural Gas Project, 0.35%, 7/07/09 (a)  49,655  49,655,000 
  Mississippi Development Bank, SO, RB, VRDN, Walnut Grove     
  Youth Refunding, Series A, 0.32%, 7/07/09 (a)    8,000  8,000,000 

14

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
            Par   
State  Municipal Bonds    (000)           Value 
  Mississippi Hospital Equipment & Facilities Authority, RB, VRDN,     
  North Miss Health, Series 1, Remarketed,       
  0.15%, 7/07/09 (a)    $ 4,026  $ 4,026,000 
  Mississippi Hospital Equipment & Facilities Authority, RB, VRDN,     
  North Miss Health, Series 2, Remarketed,       
  0.15%, 7/07/09 (a)    9,725  9,725,000 
        88,006,000 
Missouri - 0.7%  Bi-State Development Agency of the Missouri-Illinois Metropolitan     
  District, RB, VRDN, Subordinate Mass Transit, Metrolink, Series A,     
  0.22%, 7/07/09 (a)    3,160  3,160,000 
  Kansas City IDA, Missouri, RB, VRDN, K C Downtown     
  Redevelopment, Series B, 0.35%, 7/07/09 (a)    11,820  11,820,000 
  Missouri Joint Municipal Electric Utility Commission, RB, VRDN,     
  ROCS, Series II, R-620PB, (BHAC), 0.50%, 7/07/09 (a)(b)  12,420  12,420,000 
  Missouri State Health & Educational Facilities Authority, Health     
  Facilities Refunding RB (Sisters of Mercy Health System), VRDN,     
  (FSA), Series D-3, 1.82%, 7/07/09 (a)    1,315  1,315,000 
  Missouri State Health & Educational Facilities Authority,     
  Missouri, RB, VRDN, Ascension Health, C-2, Remarketed,     
  0.73%, 3/03/10 (a)    17,000  17,000,000 
  Missouri State Health & Educational Facilities Authority,     
  Missouri, RB, VRDN, Refunding, Sisters Mercy Health, C, 0.32%,     
  7/07/09 (a)    8,225  8,225,000 
  Missouri State Health & Educational Facilities Authority,     
  Missouri, RB, VRDN, Saint Luke's Health System, Series A, 0.30%,     
  7/07/09 (a)    8,325  8,325,000 
  Missouri State Health & Educational Facilities Authority,     
  Missouri, RB, VRDN, Series Ascension Health Credit, C-1, 0.56%,     
  5/04/10 (a)    4,250  4,250,000 
  Palmyra IDA, RB, VRDN, BASF Corp. Project, AMT,     
  0.98%, 7/07/09 (a)    6,000  6,000,000 
        72,515,000 
Multi-State - 0.2%  Multi-State, BB&T Municipal Trust, RB, VRDN, FLOATS, Series     
  5001, 0.44%, 7/07/09 (a)(b)    14,477  14,476,680 
  Multi-State, Clipper Tax-Exempt Certificate Trust, RB, VRDN,     
  2007-19 Partner Multi-State, AMT, 0.50%, 7/07/09 (a)(b)  3,113  3,113,000 
        17,589,680 
Nebraska - 1.4%  American Public Energy Agency, Nebraska, RB, VRDN, National     
  Public Gas Agency Project, Series B, 0.22%, 7/07/09 (a)  49,000  49,000,000 
  American Public Energy Agency, Nebraska, RB, VRDN,     
  Series A, 0.35%, 7/07/09 (a)    38,547  38,547,000 
  City of Lincoln Nebraska, RB, VRDN, FLOATS, Series 2900,     
  0.32%, 7/07/09 (a)(b)    16,000  16,000,000 
  Omaha, Nebraska, Eclipse Funding Trust, RB, VRDN, 2006-0025,     
  Solar Eclipse, Omaha, 0.21%, 7/07/09 (a)(b)    5,830  5,830,000 

15

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  Public Power Generation Agency, RB, VRDN, ROCS, Series II R-     
  11019-PB, (BHAC), 0.50%, 7/07/09 (a)(b)    $ 26,215  $ 26,215,000 
  Public Power Generation Agency, RB, VRDN, Eagle, Series 2007-     
  0009, Class A, (BHAC), 0.45%, 7/07/09 (a)(b)    11,000  11,000,000 
        146,592,000 
Nevada - 1.5%  City of Reno Nevada, RB, VRDN, Refunding, Senior Lien, ReTrac,     
  Reno Project, 0.32%, 7/01/09 (a)    9,500  9,500,000 
  Clark County, Nevada, Airport System RB, VRDN, AMT, 3.00%,     
  7/01/09 (a)    36,600  36,601,037 
  County of Clark Nevada, Revenue Notes, VRDN, System,     
  Subordinate Lien, Series A, Notes, 2.50%, 7/15/10 (a)  90,000  91,531,800 
  Truckee Meadows Water Authority, RB, FLOATS, Series 51TP,     
  (FSA), 0.25%, 7/07/09 (a)(b)    11,790  11,790,000 
        149,422,837 
New Hampshire - 0.4%  New Hampshire Health & Education Facilities Authority, Eclipse     
  Funding Trust, RB, VRDN, 2007-0018, Solar Eclipse, 0.21%,     
  7/07/09 (a)(b)    10,470  10,470,000 
  New Hampshire Health & Education Facilities Authority, RB,     
  VRDN, ROCS, Series II, R-783PB, (BHAC), 0.50%, 7/07/09 (a)(b)  20,300  20,300,000 
  New Hampshire Health & Education Facilities Authority, RB,     
  VRDN, River College, 0.33%, 7/07/09 (a)    6,745  6,745,000 
        37,515,000 
New Jersey - 2.4%  County of Passaic New Jersey, GO, BAN, 1.50%, 4/13/10  8,300  8,355,677 
  New Jersey EDA, Revenue Notes, VRDN, 2009A, Construction     
  Notes, 2.50%, 6/18/10 (a)    78,800  80,324,186 
  New Jersey EDA, TECP, 1.50%, 7/07/09    22,000  22,000,000 
  New Jersey State Housing & Mortgage Finance Agency, RB,     
  VRDN, S/F Housing, Series O, AMT, 1.95%, 7/07/09 (a)  20,000  20,000,000 
  New Jersey State Turnpike Authority, RB, VRDN, Series C-1,     
  (FSA), 1.00%, 7/07/09 (a)    73,890  73,890,000 
  Tobacco Settlement Financing Corp., New Jersey, RB, VRDN,     
  FLOATS 2959, 1.00%, 7/07/09 (a)(b)(c)    11,150  11,150,000 
  Township of Readington New Jersey, GO, BAN, 1.50%, 2/04/10  15,000  15,067,860 
  Township of Woodbridge New Jersey, GO, BAN,       
  1.50%, 7/02/10    20,000  20,148,800 
        250,936,523 
New Mexico - 0.5%  Rio Rancho, New Mexico, Water and Waste Water, Eclipse     
  Funding Trust, RB, VRDN, 2007-0019, Solar Eclipse,     
  0.21%, 7/07/09 (a)(b)    14,500  14,500,000 
  New Mexico Hospital Equipment Loan Council, RB, VRDN,     
  Presbyterian Healthcare, Series D, 0.23%, 7/07/09 (a)  10,700  10,700,000 
  New Mexico Mortgage Finance Authority, RB, VRDN, S/F     
  Mortgage Program, Short Term, Series 1, AMT,       
  1.03%, 1/12/10 (a)    31,191  31,190,685 
        56,390,685 

16

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
               Par   
State  Municipal Bonds    (000)           Value 
New York - 5.6%  Babylon Industrial Development Agency, New York, RB, VRDN,   
  Refunding, Ogden Martin Project, (FSA), 1.40%, 7/07/09 (a)  $ 6,290  $ 6,290,000 
  City of New York New York, GO, ROCS, Series II R 251A,     
  0.85%, 7/07/09 (a)(b)    25,000  25,000,000 
  City of New York New York, GO, VRDN, Series I, Sub-Series I-4,   
  0.21%, 7/07/09 (a)    10,550  10,550,000 
  City of New York New York, GO, VRDN, Series F-4,     
  0.25%, 7/07/09 (a)    16,840  16,840,000 
  City of New York New York, GO, VRDN, Sub-Series H-3,     
  0.20%, 7/07/09 (a)    3,800  3,800,000 
  City of New York New York, GO, VRDN, Sub-Series L-5,     
  0.65%, 7/01/09 (a)    27,000  27,000,000 
  Hudson Yards Infrastructure Corp., RB, VRDN, Eagle, Series 2007-   
  0030, Class A, (FSA), 0.59%, 7/07/09 (a)(b)    44,115  44,115,000 
  Metropolitan Transportation Authority, RB, VRDN, Refunding, Sub   
  Series B-2, 0.25%, 7/07/09 (a)    6,900  6,900,000 
  New York City Housing Development Corp., RB, VRDN, Beekman   
  Tower, Series A, 2.50%, 7/07/09 (a)    24,300  24,300,000 
  New York City Housing Development Corp., RB, VRDN, Brittany   
  Development, Series A, (FNMA), AMT, 0.30%, 7/07/09 (a)  13,000  13,000,000 
  New York City Housing Development Corp., RB, VRDN, M/F, The   
  Crest, Series A, 0.35%, 7/07/09 (a)    2,700  2,700,000 
  New York City Housing Development Corp., RB, VRDN, Series I-1   
  Remarketed, AMT, 0.60%, 8/13/09 (a)    1,300  1,300,000 
  New York City Housing Development Corp., RB, VRDN, Series I-2   
  Remarketed, AMT, 0.72%, 5/13/10 (a)    12,500  12,500,000 
  New York City Housing Development Corp., RB, VRDN,     
  Series J-1, AMT, 0.35%, 7/07/09 (a)    81,960  81,960,000 
  New York City Industrial Development Agency, RB, VRDN,     
  Liberty, FC Hanson Office, 0.25%, 7/07/09 (a)    18,400  18,400,000 
  New York City Industrial Development Agency, RB, VRDN, New   
  York Law School Project, Series A, Remarketed,       
  0.25%, 7/07/09 (a)    13,300  13,300,000 
  New York City Municipal Water Finance Authority, RB, VRDN,     
  FLOATS, Series 1105, FSA, 0.30%, 7/07/09 (a)(b)    3,665  3,665,000 
  New York City Municipal Water Finance Authority, RB, VRDN,     
  ROCS, Series II R-11756, 0.35%, 7/07/09 (a)(b)(c)    10,000  10,000,000 
  New York City Municipal Water Finance Authority, RB, VRDN, 2nd   
  General Resolution, Series AA-2, 0.60%, 7/01/09 (a)  4,000  4,000,000 
  New York City, New York, City Municipal Water Finance     
  Authority, TECP, 0.60%, 7/01/09    25,000  25,000,000 
  New York City Transitional Finance Authority, RB, VRDN, Future   
  Tax Secured, Series A-1, 0.45%, 7/07/09 (a)    15,780  15,780,000 
  New York City Transitional Finance Authority, RB, VRDN, Future   
  Tax Secured, Sub-Series C3, 1.00%, 7/07/09 (a)    13,545  13,545,000 
  New York City Transitional Finance Authority, RB, VRDN, NYC     
  Recovery, Series 3, Sub-Series 3 E, 0.18%, 7/01/09 (a)  20,000  20,000,000 

17

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
                 Par   
State  Municipal Bonds    (000)           Value 
  New York City Transitional Finance Authority, RB, VRDN, NYC   
  Recovery, Series 3, Sub-Series 3 G, 0.17%, 7/07/09 (a)  $ 4,965  $ 4,965,000 
  New York City Transitional Finance Authority, Special Tax, VRDN,   
  Future Tax Secured, Series C, 0.25%, 7/07/09 (a)    8,100  8,100,000 
  New York City Trust for Cultural Resources, RB, VRDN, Lincoln   
  Center Arts, Series B-2, 0.17%, 7/07/09 (a)    16,500  16,500,000 
  New York Mortgage Agency, New York, RB, VRDN, Mortgage, 37th   
  Series, AMT, 0.85%, 7/07/09 (a)    15,200  15,200,000 
  New York Mortgage Agency, New York, RB, VRDN, Series 144,   
  AMT, 1.00%, 7/01/09 (a)    11,500  11,500,000 
  New York State Dormitory Authority, RB, VRDN, Mental Health   
  Services, Sub-Series D-2F, 0.28%, 7/07/09 (a)    22,970  22,970,000 
  New York State Dormitory Authority, RB, VRDN, Rochester   
  Friendly Home, 0.30%, 7/07/09 (a)    8,545  8,545,000 
  New York State Housing Finance Agency, RB, VRDN, Housing, 363   
  West 30th Street, Series A, (FHLMC), AMT,       
  0.30%, 7/07/09 (a)    2,800  2,800,000 
  New York State Housing Finance Agency, RB, VRDN, Refunding,   
  Series G, 0.35%, 7/07/09 (a)    10,900  10,900,000 
  New York State Housing Finance Agency, RB, VRDN, Worth   
  Street, Series A, Remarketed, (FNMA), AMT, 0.28%,     
  7/07/09 (a)    11,800  11,800,000 
  New York State Urban Development Corp., RB, VRDN, Refunding,   
  Service Contract, Series A-5, 0.17%, 7/07/09 (a)    11,800  11,800,000 
  Port Authority of New York and New Jersey, JPMorgan Chase   
  DRIVERS Trust, RB, VRDN, PUTTERS, Series 3192, AMT, 0.41%,   
  7/07/09 (a)(b)(c)    25,325  25,325,000 
  Syracuse Industrial Development Agency, New York, RB, VRDN,   
  Syracuse University, Series A, Remarketed,       
  0.20%, 7/07/09 (a)    5,400  5,400,000 
  Triborough Bridge & Tunnel Authority, New York, RB, VRDN,   
  General, Series B, 0.47%, 7/07/09 (a)    18,145  18,145,000 
        573,895,000 
North Carolina - 5.4%  Charlotte Housing Authority, North Carolina, RB, VRDN, Oak Park   
  Project, 0.28%, 7/07/09 (a)    7,500  7,500,000 
  Charlotte Housing Authority, North Carolina, RB, VRDN,   
  Stonehaven East Project, 0.28%, 7/07/09 (a)    5,695  5,695,000 
  Charlotte North Carolina, TECP, 0.45%, 7/08/09    5,564  5,564,000 
  Charlotte North Carolina, TECP, 0.45%, 7/08/09    7,287  7,287,000 
  Charlotte North Carolina, TECP, 0.45%, 9/24/09    6,049  6,049,000 
  City of Charlotte North Carolina, RB, VRDN, Refunding, Charlotte   
  Douglas, Series D, 0.35%, 7/07/09 (a)    4,700  4,700,000 
  City of Raleigh North Carolina, COP, VRDN, Downtown,     
  Series B, 0.59%, 7/07/09 (a)    11,000  11,000,000 
  City of Raleigh North Carolina, COP, VRDN, Governmental   
  Facilities Project, 3.00%, 11/25/09 (a)    3,500  3,523,814 
  City of Winston-Salem North Carolina, COP, VRDN, Series C,   
  0.65%, 7/07/09 (a)    10,000  10,000,000 

18

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)           Value 
  County of Wake North Carolina, GO, BAN, 3.50%, 10/15/09  $ 6,000  $ 6,031,131 
  County of Wake North Carolina, GO, VRDN, Series A,     
  0.55%, 7/07/09 (a)    45,350  45,350,000 
  Martin County Industrial Facilities & Pollution Control Financing     
  Authority, North Carolina, RB, VRDN, Industrial Development,     
  Penco Products Project, AMT, 1.00%, 7/07/09 (a)    9,000  9,000,000 
  Mecklenburg County North Carolina, COP, VRDN,       
  0.27%, 7/07/09 (a)    26,860  26,860,000 
  North Carolina, BB&T Municipal Trust, RB, VRDN, FLOATS, Series     
  1009, 0.30%, 7/07/09 (a)(b)    1,970  1,970,000 
  North Carolina, BB&T Municipal Trust, RB, VRDN, FLOATS, Series     
  1011, 0.30%, 7/07/09 (a)(b)    860  860,000 
  North Carolina Capital Facilities Finance Agency, RB, VRDN,     
  Aquarium Society Project, 0.32%, 7/07/09 (a)    13,445  13,445,000 
  North Carolina Capital Facilities Finance Agency, RB, VRDN,     
  Refunding, Duke Energy Carolina, Series A, AMT,       
  0.32%, 7/07/09 (a)    16,300  16,300,000 
  North Carolina Capital Facilities Finance Agency, RB, VRDN,     
  Refunding, Duke Energy Carolina, Series B, AMT,       
  0.47%, 7/07/09 (a)    6,000  6,000,000 
  North Carolina Combined Enterprise System, RB, VRDN, ROCS,     
  Series II R 645 Raleigh NC, 0.35%, 7/07/09 (a)(b)    6,400  6,400,000 
  North Carolina Educational Facilities Finance Agency, North     
  Carolina, RB, VRDN, Duke University Project, Series A,     
  0.17%, 7/07/09 (a)    11,700  11,700,000 
  North Carolina Educational Facilities Finance Agency, North     
  Carolina, RB, VRDN, Duke University Project, Series A,     
  0.17%, 7/07/09 (a)    9,650  9,650,000 
  North Carolina Housing Finance Agency, North Carolina, RB,     
  VRDN, MERLOTS, Series B-12, AMT, 0.36%, 7/07/09 (a)(b)(c)  3,015  3,015,000 
  North Carolina Housing Finance Agency, North Carolina, RB,     
  VRDN, Home Ownership, Series 17, C, AMT, 0.32%, 7/07/09 (a)  3,950  3,950,000 
  North Carolina Housing Finance Agency, North Carolina, RB,     
  VRDN, Home Ownership, Series 18-C, AMT,       
  0.32%, 7/07/09 (a)    7,400  7,400,000 
  North Carolina Medical Care Commission, North Carolina, GO,     
  VRDN, Duke University Hospital Project, Series A,       
  0.27%, 7/07/09 (a)    22,850  22,850,000 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, ROCS, Series II R-10313, 0.45%, 7/07/09 (a)(b)  97,705  97,705,000 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, Aldersgate Project, 0.29%, 7/07/09 (a)    1,280  1,280,000 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, Duke University Hospital, Series B, 0.27%, 7/07/09 (a)  2,250  2,250,000 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, Moses Cone Health System, Series A,       
  0.26%, 7/07/09 (a)    34,350  34,350,000 
19

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)           Value 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, Moses Cone Health System, Series A,       
  0.26%, 7/07/09 (a)    $ 5,100  $ 5,100,000 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, Moses Cone Health System, Series B,       
  0.26%, 7/07/09 (a)    32,300  32,300,000 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, Novant Health Group, Series A, 0.45%, 7/07/09 (a)  59,750  59,750,000 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, Novant Health Group, Series B, 0.28%, 7/07/09 (a)  8,300  8,300,000 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, Refunding, North Carolina Baptist Hospital, Series C,     
  0.30%, 7/07/09 (a)    7,265  7,265,000 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, Refunding, University Health System Eastern,     
  Series A-1, 0.28%, 7/07/09 (a)    7,600  7,600,000 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, Refunding, University Health System Eastern,     
  Series B-1, 0.18%, 7/07/09 (a)    4,900  4,900,000 
  North Carolina Medical Care Commission, North Carolina, RB,     
  VRDN, Transylvania Regional Hospital, 0.27%, 7/01/09 (a)  13,240  13,240,000 
  North Carolina State Education Assistance Authority, RB, VRDN,     
  Refunding, Student Loan, Series A-2, AMT,       
  0.38%, 7/07/09 (a)    14,000  14,000,000 
  State of North Carolina, GO, VRDN, Public Improvement, Series     
  F, 0.20%, 7/07/09 (a)    2,300  2,300,000 
  University of North Carolina at Chapel Hill, RB, VRDN, Refunding,     
  Series A, 0.16%, 7/07/09 (a)    6,300  6,300,000 
  University of North Carolina at Chapel Hill, RB, VRDN,     
  Series B, 0.17%, 7/07/09 (a)    4,185  4,185,000 
        552,924,945 
North Dakota - 0.1%  County of Cass North Dakota, RB, VRDN, Health Care, Essentia,     
  Series A-1, (AGC), 0.30%, 7/07/09 (a)    10,185  10,185,000 
Ohio - 2.1%  Canfield Local School District, GO, BAN, School Improvement,     
  2.50%, 9/17/09    4,730  4,736,221 
  City of Beachwood Ohio, GO, BAN, Building Acquisition, 2.25%,     
  12/03/09    1,000  1,002,310 
  City of Cuyahoga Falls Ohio, GO, Various Purpose Notes, Limited     
  Tax, 2.75%, 12/09/09    1,750  1,759,950 
  City of Solon Ohio, Notes, BAN, 2.75%, 11/19/09    5,700  5,721,776 
  County of Cuyahoga Ohio, GO, BAN, 2.50%, 12/23/09  15,000  15,103,719 
  County of Franklin Ohio, RB, VRDN, Refunding, Nationwide     
  Hospital, Series F, 0.30%, 7/07/09 (a)    10,680  10,680,000 
  County of Muskingum Ohio, GO, BAN, Sewer District     
  Improvement, 2.13%, 9/24/09    1,900  1,902,783 
  County of Union Ohio, GO, BAN, Main Street,       
  2.38%, 12/09/09    1,000  1,002,288 

20

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)           Value 
  County of Wood Ohio, RB, VRDN, GHT Property Management LLC     
  Project, AMT, 3.65%, 7/07/09 (a)    $ 1,105  $ 1,105,000 
  Cuyahoga, Ohio, Community College, TAN, Refunding,     
  Series B, 2.50%, 7/01/09    5,000  5,000,170 
  Lancaster Port Authority, RB, VRDN, 0.27%, 7/07/09 (a)  16,730  16,730,000 
  Ohio Air Quality Development Authority, RB, VRDN, Refunding,     
  Cincinnati Gas & Electric, Series A, 1.00%, 7/07/09 (a)  7,900  7,900,000 
  Ohio Air Quality Development Authority, RB, VRDN, Refunding,     
  Cincinnati Gas & Electric, Series B, 1.02%, 7/07/09 (a)  16,300  16,300,000 
  Ohio Air Quality Development Authority, RB, VRDN, Refunding,     
  Pollution Control, FirstEnergy, Series A, 2.95%, 7/07/09 (a)  32,000  32,000,000 
  Ohio State Water Development Authority, RB, VRDN, Refunding,     
  FirstEnergy Project, Series A, AMT, 0.32%, 7/07/09 (a)  30,000  30,000,000 
  Princeton City School District, GO, VRDN, MSTR, Series SGB 50-A,     
  0.44%, 7/07/09 (a)(b)    2,370  2,370,000 
  State of Ohio, GO, VRDN, Common Schools, Series A,     
  0.17%, 7/07/09 (a)    21,425  21,425,000 
  State of Ohio, GO, VRDN, Common Schools, Series B,     
  0.17%, 7/07/09 (a)    29,610  29,610,000 
  State of Ohio, GO, VRDN, Refunding & Improvement,     
  Infrastructure, Series D, 0.22%, 7/07/09 (a)    10,200  10,200,000 
        214,549,217 
Oklahoma - 0.3%  Oklahoma Development Finance Authority, RB, VRDN, Conoco     
  Project, Series B, AMT, 0.38%, 7/07/09 (a)    2,500  2,500,000 
  Oklahoma Development Finance Authority, RB, VRDN,     
  ConocoPhillips Co. Project, AMT, 0.38%, 7/07/09 (a)  5,000  5,000,000 
  Oklahoma Turnpike Authority, RB, VRDN, Refunding, Second     
  Senior Series C, Convertible, 0.15%, 7/07/09 (a)    6,300  6,300,000 
  Oklahoma Turnpike Authority, RB, VRDN, Refunding, Second     
  Senior Series D, Convertible, 0.28%, 7/07/09 (a)    12,650  12,650,000 
  Oklahoma Turnpike Authority, RB, VRDN, Refunding, Second     
  Senior Series F, Convertible, 0.20%, 7/01/09 (a)    5,000  5,000,000 
        31,450,000 
Oregon - 0.4%  Clackamas County Hospital Facility Authority, Oregon, RB, VRDN,     
  Legacy Health System, 0.34%, 7/07/09 (a)    8,580  8,580,000 
  Clackamas County Hospital Facility Authority, Oregon, RB, VRDN,     
  Legacy Health System, Series C, 0.18%, 7/07/09 (a)  4,800  4,800,000 
  Medford Hospital Facilities Authority, Oregon, RB, VRDN, Rogue     
  Valley Manor Project, 0.25%, 7/01/09 (a)    15,000  15,000,000 
  Oregon State Facilities Authority, RB, VRDN, Peacehealth, Series     
  B, 0.23%, 7/07/09 (a)    12,825  12,825,000 
        41,205,000 
Pennsylvania - 3.6%  Allegheny County Hospital Development Authority, RB, VRDN,     
  PUTTERS, Series 2327, 0.35%, 7/07/09 (a)(b)    5,885  5,885,000 
  County of Lehigh Pennsylvania, RB, VRDN, Lehigh Valley Health     
  Network, Series B, (AGC), 0.30%, 7/01/09 (a)    26,790  26,790,000 
  Delaware County Authority, Pennsylvania, RB, VRDN, Haverford,     
  0.18%, 7/07/09 (a)    18,200  18,200,000 

21

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  Delaware River Joint Toll Bridge Commission, RB, VRDN, Series B-     
  2, 0.75%, 7/07/09 (a)    $ 23,000  $ 23,000,000 
  Emmaus General Authority, RB, VRDN, Pennsylvania Loan     
  Program, Series A, Remarketed, 0.27%, 7/07/09 (a)  66,500  66,500,000 
  Lancaster County Hospital Authority, RB, VRDN, Masonic Homes     
  Project, Series A, 0.30%, 7/01/09 (a)    10,000  10,000,000 
  Lehigh County, Pennsylvania, General Purpose Authority,     
  Hospital RB (Lehigh Valley Health Network), VRDN, Series C,     
  0.32%, 7/01/09 (a)    50  50,000 
  Pennsylvania Housing Finance Agency, RB, VRDN, Series 99C,     
  AMT, 0.75%, 7/07/09 (a)    5,100  5,100,000 
  Pennsylvania State, Clipper Tax-Exempt Certificate Trust, RB,     
  VRDN, 2007-30 Partner Pennsylvania 144A,       
  0.45%, 7/07/09 (a)(b)    25,000  25,000,000 
  Pennsylvania Turnpike Commission, RB, VRDN, Refunding, Multi,     
  Modal, Series A-2, 0.22%, 7/07/09 (a)    19,015  19,015,000 
  Pennsylvania Turnpike Commission, RB, VRDN, Series A-2,     
  0.40%, 7/07/09 (a)    26,000  26,000,000 
  Pennsylvania Turnpike Commission, RB, VRDN, Series A-3,     
  0.40%, 7/07/09 (a)    10,000  10,000,000 
  Pennsylvania Turnpike Commission, RB, VRDN, Series B, 1.30%,     
  7/07/09 (a)    9,030  9,030,000 
  Pennsylvania Turnpike Commission, RB, VRDN, Series U, 0.75%,     
  7/07/09 (a)    39,415  39,415,000 
  Philadelphia Authority for Industrial Development, RB, VRDN,     
  Refunding, Series B, Remarketed, 0.25%, 7/07/09 (a)  33,000  33,000,000 
  Saint Mary Hospital Authority, Pennsylvania, RB, VRDN, Catholic     
  Health, Series C, 0.22%, 7/07/09 (a)    30,000  30,000,000 
  Southcentral General Authority, Pennsylvania, RB, VRDN,     
  Wellspan Health Obligation Group, C, 0.39%, 7/07/09 (a)  5,800  5,800,000 
  Venango Pennsylvania IDA, TECP, 2.50%, 7/06/09    9,548  9,548,000 
  Venango Pennsylvania IDA, TECP, 2.50%, 7/07/09    6,000  6,000,000 
        368,333,000 
Puerto Rico - 0.1%  Puerto Rico Sales Tax Financing Corp., RB, VRDN, FLOATS,     
  Series 2653, 0.45%, 7/07/09 (a)(b)    11,250  11,250,000 
Rhode Island - 0.3%  Narragansett Bay Commission, RB, VRDN, ROCS, Series II, R-     
  780PB, (BHAC), 0.45%, 7/07/09 (a)(b)    17,615  17,615,000 
  Rhode Island Housing & Mortgage Finance Corp., Rhode Island,     
  RB, VRDN, Groves at Johnston Project, AMT,       
  2.20%, 7/07/09 (a)    17,500  17,500,000 
        35,115,000 
South Carolina - 1.9%  City of Spartanburg South Carolina, RB, VRDN, ROCS,     
  Series II R 11020PB, (FSA), 0.75%, 7/07/09 (a)(b)    13,290  13,290,000 
  County of Beaufort South Carolina, GO, BAN, 1.75%, 3/10/10  28,755  28,978,831 
  County of Berkeley South Carolina, GO, BAN, 1.25%, 5/28/10  9,100  9,163,404 
  County of Berkeley South Carolina, RB, VRDN, Amoco Chemical     
  Co. Project, AMT, 0.30%, 7/01/09 (a)    4,600  4,600,000 

22

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
                Par   
State  Municipal Bonds    (000)  Value 
  County of Greenwood South Carolina, RB, VRDN, Refunding, Fuji   
  Photo Film Project, AMT, 0.39%, 7/07/09 (a)    $ 12,200  $ 12,200,000 
  Greenville Hospital System Board, RB, VRDN, Refunding, Series   
  C, 0.32%, 7/07/09 (a)    4,500  4,500,000 
  South Carolina Jobs EDA, Macon Trust, RB, VRDN Certificates,   
  Bank of America Series 2007-303, 0.85%, 7/07/09 (a)(b)  9,080  9,080,000 
  Piedmont Municipal Power Agency, South Carolina, RB, VRDN,   
  Series B, (AGC), 1.00%, 7/07/09 (a)    8,200  8,200,000 
  South Carolina Jobs, EDA, RB, VRDN, Refunding, Anmed Health   
  Project, Series A, 0.18%, 7/07/09 (a)    3,000  3,000,000 
  South Carolina Jobs, EDA, RB, VRDN, Sisters Charity Providence   
  Hospital, 0.27%, 7/07/09 (a)    44,825  44,825,000 
  South Carolina Jobs, EDA, RB, VRDN, UMA Refinance Project,   
  0.30%, 7/01/09 (a)    29,000  29,000,000 
  South Carolina State Public Service Authority, RB, VRDN, Eagle,   
  Series 2006-0007, Class A, 0.38%, 7/07/09 (a)(b)    11,500  11,500,000 
  South Carolina Transportation Infrastructure Bank, South     
  Carolina, RB, VRDN, Refunding, Series B-1, Remarketed, 0.32%,   
  7/07/09 (a)    5,290  5,290,000 
  South Carolina Transportation Infrastructure Bank, South     
  Carolina, RB, VRDN, Refunding, Series B-2, Remarketed, 0.27%,   
  7/07/09 (a)    4,785  4,785,000 
  South Carolina Transportation Infrastructure Bank, South     
  Carolina, RB, VRDN, Refunding, Series B-3, Remarketed, 0.21%,   
  7/07/09 (a)    7,890  7,890,000 
        196,302,235 
Tennessee - 2.7%  Blount County Public Building Authority, Tennessee, RB, VRDN,   
  Local Public Improvement, E-4, Series B, 0.32%, 7/01/09 (a) 9,525  9,525,000 
  City of Memphis Tennessee, GO, BAN, 2.00%, 5/18/10  8,790  8,903,371 
  Clarksville Public Building Authority, Tennessee, RB, VRDN,   
  Pooled Financing, Tennessee Municipal Bond Fund,     
  0.32%, 7/07/09 (a)    23,310  23,310,000 
  Clarksville Public Building Authority, Tennessee, RB, VRDN,   
  Pooled Financing, Tennessee Municipal Bond Fund,     
  0.32%, 7/07/09 (a)    27,440  27,440,000 
  Clarksville Public Building Authority, Tennessee, RB, VRDN,   
  Pooled Financing, Tennessee Municipal Bond Fund,     
  0.32%, 7/01/09 (a)    29,320  29,320,000 
  County of Shelby Tennessee, GO, VRDN, Public Improvement,   
  School, Series B, 0.30%, 7/07/09 (a)    10,000  10,000,000 
  Metropolitan Government Nashville & Davidson County Health &   
  Educational Facilities Board, RB, VRDN, FLOATS, Series 3012,   
  0.32%, 7/07/09 (a)(b)(c)    5,305  5,305,000 
  Metropolitan Government Nashville & Davidson County Health &   
  Educational Facilities Board, RB, VRDN, FLOATS, Series 3013,   
  0.30%, 7/07/09 (a)(b)(c)    10,000  10,000,000 

23

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  Metropolitan Government Nashville & Davidson County Industrial     
  Development Board, RB, VRDN, Nashville Symphony     
  Hall Project, 0.32%, 7/07/09 (a)    $ 13,038  $ 13,038,000 
  Montgomery County Public Building Authority, Tennessee, RB,     
  VRDN, Tennessee County Loan Pool, 0.32%, 7/07/09 (a)  2,095  2,095,000 
  Municipal Energy Acquisition Corporation, Tennessee, RB, VRDN,     
  PUTTERS, Series 1578, 0.35%, 7/07/09 (a)(b)    48,635  48,635,000 
  Shelby County Health Educational & Housing Facilities Board, RB,     
  VRDN, Methodist Le Bonheur, Series A, (AGC),       
  0.30%, 7/07/09 (a)    10,000  10,000,000 
  Shelby County Health Educational & Housing Facilities Board, RB,     
  VRDN, Methodist Le Bonheur, Series B, (AGC),       
  0.40%, 7/07/09 (a)    10,000  10,000,000 
  Shelby County Tennessee, TECP, 0.60%, 7/30/09    10,000  10,000,000 
  Tennergy Corp., Tennessee, RB, VRDN, Stars Certificates BNP,     
  Series 2006-001, 0.35%, 7/07/09 (a)(b)    56,090  56,090,000 
        273,661,371 
Texas - 15.1%  Brazos Harbor Industrial Development Corp., RB, VRDN, BASF     
  Corp. Project, AMT, 0.98%, 7/07/09 (a)    25,000  25,000,000 
  Brazos Harbor Industrial Development Corp., RB, VRDN, BASF     
  Corp. Project, AMT, 0.98%, 7/07/09 (a)    50,000  50,000,000 
  Brazos Harbor Industrial Development Corp., RB, VRDN,     
  ConocoPhillips Co. Project, AMT, 0.38%, 7/07/09 (a)  4,500  4,500,000 
  Brazos River Harbor Navigation District, RB, VRDN, BASF Corp.     
  Project, AMT, 0.90%, 7/01/09 (a)    18,400  18,400,000 
  Brazos River Harbor Navigation District, RB, VRDN,     
  Multi-Mode, BASF Corp., AMT, 0.90%, 7/01/09 (a)    15,800  15,800,000 
  Brownsville, Texas, Utility System, Deutsche Bank SPEARs/LIFERs     
  Trust, RB, VRDN, SPEARs, Series DBE-533,       
  0.30%, 7/07/09 (a)(b)    1,775  1,775,000 
  Calhoun County Naval IDA, Texas, RB, VRDN, British Petroleum     
  Co., AMT, 0.35%, 7/01/09 (a)    9,000  9,000,000 
  City of Austin Texas, RB, VRDN, Refunding, Sub-Series 3,     
  Remarketed, (FSA), AMT, 1.25%, 7/07/09 (a)    52,035  52,035,000 
  City of Austin Texas, RB, VRDN, Refunding, Sub-Series 4,     
  Remarketed, (FSA), AMT, 1.25%, 7/07/09 (a)    54,750  54,750,000 
  City of Houston Texas, RB, VRDN, PUTTERS, Series 2493, (FSA),     
  0.55%, 7/07/09 (a)(b)    1,235  1,235,000 
  City of Houston Texas, RB, VRDN, ROCS, Series II R-12046, (FSA),     
  0.70%, 7/07/09 (a)(b)    13,200  13,200,000 
  City of Houston Texas, RB, VRDN, Refunding, Combined, First     
  Lien, Series A-1, 0.32%, 7/07/09 (a)    10,000  10,000,000 
  City of Houston Texas, RB, VRDN, Refunding, Combined, First     
  Lien, Series A-2, 0.32%, 7/07/09 (a)    6,200  6,200,000 
  City of Houston Texas, RB, VRDN, Refunding, First Lien, Series B-     
  2, Remarketed, 0.40%, 7/07/09 (a)    15,000  15,000,000 
  City of Midland Texas, GO, VRDN, ROCS, Series II, R-810PB,     
  0.43%, 7/07/09 (a)(b)    10,775  10,775,000 
24

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  County of Collin Texas, GO, FLOATS, Series 42Tp,     
  0.25%, 7/07/09 (a)(b)    $ 10,925  $ 10,925,000 
  County of Fort Bend Texas, GO, VRDN, MSTR, SGB 46 A,     
  0.38%, 7/07/09 (a)(b)    4,500  4,500,000 
  County of Harris Texas, GO, VRDN, ROCS, Series II R-10360,     
  0.35%, 7/07/09 (a)(b)    16,255  16,255,000 
  County of Harris Texas, RB, VRDN, MSTR, Series SGC 31, Class A,     
  0.30%, 7/07/09 (a)(b)    11,280  11,280,000 
  Cypress-Fairbanks ISD, GO, VRDN, FLOATS, Series 86Tp,     
  0.25%, 7/07/09 (a)(b)    2,555  2,555,000 
  Dallas, Texas, Area Rapid Transit, BB&T Municipal Trust, RB,     
  VRDN, FLOATS, Series 2008-57, 0.20%, 7/07/09 (a)(b)(c)  18,145  18,145,000 
  Dallas, Texas, Area Rapid Transit, Sales Tax, Eagle Tax-Exempt     
  Trust, RB, VRDN, Eagle, Series 2009-0035,       
  Class A, 0.45%, 7/07/09 (a)(b)(c)    7,700  7,700,000 
  Denton ISD, Texas, GO, VRDN, Building, Series 2005, A,     
  0.40%, 7/07/09 (a)    2,500  2,500,000 
  Galena Park ISD, Texas, GO, VRDN, Floating Rate Receipts, SG-     
  153, 0.27%, 7/07/09 (a)(b)    12,250  12,250,000 
  Grapevine Industrial Development Corp., Texas, RB, VRDN,     
  Refunding, Southern Air Transport, 0.27%, 7/07/09 (a)  5,300  5,300,000 
  Gulf Coast IDA, RB, VRDN, Amoco Oil Co. Project, AMT,     
  0.30%, 7/01/09 (a)    3,020  3,020,000 
  Gulf Coast IDA, RB, VRDN, Citgo Petroleum Corp. Project, AMT,     
  0.30%, 7/01/09 (a)    9,800  9,800,000 
  Gulf Coast Waste Disposal Authority, RB, VRDN, Air Products     
  Project, AMT, 0.43%, 7/07/09 (a)    2,200  2,200,000 
  Gulf Coast Waste Disposal Authority, RB, VRDN, American Aeryl     
  LP Project, AMT, 0.44%, 7/07/09 (a)    19,000  19,000,000 
  Gulf Coast Waste Disposal Authority, RB, VRDN, Amoco Oil Co.     
  Project, AMT, 0.30%, 7/01/09 (a)    12,920  12,920,000 
  Gulf Coast Waste Disposal Authority, RB, VRDN, BP Products     
  North America Project, AMT, 0.30%, 7/01/09 (a)    24,500  24,500,000 
  Gulf Coast Waste Disposal Authority, RB, VRDN, Waste     
  Management Texas, Series A, AMT, 0.40%, 7/07/09 (a)  2,500  2,500,000 
  Harris County Cultural Education Facilities Finance Corp., RB,     
  VRDN, Refunding, Hospital, Hermann Health, D-3,     
  0.20%, 7/07/09 (a)    3,625  3,625,000 
  Harris County Health Facilities Development Corp., RB, VRDN,     
  Refunding, Saint Luke's Episcopal, Series A,       
  1.25%, 7/07/09 (a)    45,500  45,500,000 
  Harris County-Houston Sports Authority Texas, TECP,     
  0.38%, 9/03/09    6,000  6,000,000 
  Houston Higher Education Finance Corp., RB, VRDN, Rice     
  University Project, Series B, 0.20%, 7/01/09 (a)    36,000  36,000,000 
  Houston ISD, GO, VRDN, Schoolhouse, 0.20%, 7/07/09 (a)  43,000  43,000,000 
  Katy ISD, Texas, GO, VRDN, School Building,       
  0.25%, 7/07/09 (a)    6,100  6,100,000 
25

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
              Par   
State  Municipal Bonds    (000)  Value 
  Lubbock Health Facilities Development Corp., Texas, RB, VRDN,   
  Refunding, Saint Joseph Health System,       
  Series B, 0.35%, 7/01/09 (a)    $ 10,900  $ 10,900,000 
  Mesquite Industrial Development Corp., Texas, RB, VRDN,     
  Industrial Development, Morrison Products, AMT,       
  3.45%, 7/07/09 (a)    1,300  1,300,000 
  North East ISD, Texas, GO, VRDN, Floater Certificates,     
  Series SG-143, 0.30%, 7/07/09 (a)    17,000  17,000,000 
  North Texas Municipal Water District, Texas, RB, VRDN,     
  PUTTERS, Series 2488, 0.55%, 7/07/09 (a)(b)    2,900  2,900,000 
  North Texas Municipal Water District, Texas, RB, VRDN, ROCS,     
  Series II, R-593PB, 0.43%, 7/07/09 (a)(b)    8,425  8,425,000 
  North Texas Tollway Authority, Deutsche Bank SPEARs/LIFERs     
  Trust, RB, VRDN, SPEARs,       
  Series DB-626, (AGC), 0.25%, 7/07/09 (a)(b)    11,487  11,487,000 
  Port Arthur Navigation District, Texas, RB, VRDN, Air Products &   
  Chemicals Project, AMT, 0.43%, 7/07/09 (a)    10,000  10,000,000 
  Port Arthur Navigation District, Texas, RB, VRDN, Air Products     
  Project, AMT, 0.40%, 7/01/09 (a)    8,400  8,400,000 
  Port of Corpus Christi Authority of Nueces County Texas, RB,     
  VRDN, Flint Hills Resource, Series A, AMT, 0.65%, 7/07/09 (a)  22,650  22,650,000 
  Port of Port Arthur Navigation District, RB, VRDN, Motiva     
  Enterprises, AMT, 0.58%, 7/07/09 (a)    4,800  4,800,000 
  Port of Port Arthur Navigation District, RB, VRDN, Multi-Mode,     
  Atofina, Series B, AMT, 0.38%, 7/07/09 (a)    10,000  10,000,000 
  Port of Port Arthur Navigation District, RB, VRDN, Refunding,     
  Motiva Enterprises Project, AMT, 0.50%, 7/07/09 (a)  17,335  17,335,000 
  Red River Texas, RB, VRDN, Higher Education, Texas Christian,     
  0.38%, 7/07/09 (a)    14,500  14,500,000 
  Red River Texas, RB, VRDN, Texas Christian University Project,   
  0.40%, 7/07/09 (a)    24,900  24,900,000 
  San Antonio, Texas, Independent School District, Eagle Tax-     
  Exempt Trust, GO, VRDN, Eagle, Series 2009-0037,     
  Class A, 0.45%, 7/07/09 (a)(b)(c)    5,000  5,000,000 
  Sheldon ISD, Texas, GO, VRDN, PUTTERS, Series 2009,     
  0.38%, 7/07/09 (a)(b)    5,205  5,205,000 
  Socorro ISD, Texas, GO, VRDN, ROCS, Series II R-11540PB,     
  0.40%, 7/07/09 (a)(b)(c)    12,700  12,700,000 
  Southwest Higher Education Authority, Texas, RB, VRDN,     
  Southern Methodist University, 0.30%, 7/01/09 (a)  8,900  8,900,000 
  State of Texas, GO, PUTTERS, Series 2490,       
  0.28%, 7/07/09 (a)(b)    1,850  1,850,000 
  State of Texas, GO, PUTTERS, Series 2491,       
  0.28%, 7/07/09 (a)(b)    1,145  1,145,000 
  State of Texas, GO, VRDN, Veterans Housing Assistance Fund II,   
  Series A, AMT, 0.35%, 7/07/09 (a)    32,765  32,765,000 
  State of Texas, GO, VRDN, Veterans Housing Assistance Fund II,   
  Series A, AMT, 0.40%, 7/07/09 (a)    12,765  12,765,000 
26

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  State of Texas, GO, VRDN, Veterans Housing Assistance Fund II,     
  Series B, AMT, 0.40%, 7/07/09 (a)    $ 21,600  $ 21,600,000 
  State of Texas, GO, VRDN, Veterans Housing Assistance Fund II,     
  Series B, AMT, 0.65%, 7/07/09 (a)    48,270  48,270,000 
  State of Texas, Notes, TRAN, 3.00%, 8/28/09    478,000  479,053,367 
  Tarrant County Cultural Education Facilities Finance Corp., RB,     
  VRDN, FLOATS, Series 2973, 0.30%, 7/07/09 (a)(b)(c)  36,000  36,000,000 
  Tarrant County Cultural Education Facilities Finance Corp., RB,     
  VRDDN, FLOATS, Series 2974, 0.30%, 7/07/09 (a)(b)(c)  12,000  12,000,000 
  Tarrant County Cultural Education Facilities Finance Corp., RB,     
  VRDN, Refunding, Scott White Memorial, Series B,     
  0.23%, 7/07/09 (a)    11,000  11,000,000 
  Texas Municipal Gas Acquisition & Supply Corp. II, RB, VRDN,     
  ROCS, Series II, R-10014, 0.45%, 7/07/09 (a)(b)    61,000  61,000,000 
  Texas, Clipper Tax-Exempt Certificate Trust, GO, VRDN, 2007-46     
  Certificates Partner Texas, 0.38%, 7/07/09 (a)(b)    10,000  10,000,000 
  Texas State Transportation Commission, RB, VRDN, First Tier,     
  Series B, 0.23%, 7/07/09 (a)    23,800  23,800,000 
  University of Texas, RB, VRDN, Financing System,       
  Series B, 0.18%, 7/07/09 (a)    11,400  11,400,000 
  Weslaco Health Facilities Development Corp., RB, VRDN,     
  Refunding & Improvement, Knapp Medical Center, Series A,     
  0.35%, 7/07/09 (a)    4,780  4,780,000 
        1,557,075,367 
Utah - 1.0%  City of Murray Utah, RB, VRDN, IHC Health Services Inc., Series     
  B, 0.17%, 7/07/09 (a)    12,600  12,600,000 
  City of Murray Utah, RB, VRDN, IHC Health Services Inc., Series     
  D, 0.26%, 7/01/09 (a)    4,915  4,915,000 
  County of Weber Utah, RB, VRDN, IHC Health Services, Series A,     
  0.25%, 7/01/09 (a)    4,630  4,630,000 
  State of Utah, GO, VRDN, FLOATS, Series 2987,       
  0.30%, 7/07/09 (a)(b)(c)    6,000  6,000,000 
  Utah State Board Of Regents, Utah, RB, VRDN, Series A, AMT,     
  0.42%, 7/07/09 (a)    30,000  30,000,000 
  Utah Transit Authority, Utah, RB, VRDN, PUTTERS, Series 1107B,     
  (FSA), 0.55%, 7/07/09 (a)(b)    4,995  4,995,000 
  Weber County, Utah, Hospital RB (IHC Health Services), VRDN,     
  Series C, 0.25%, 7/01/09 (a)    39,575  39,575,000 
        102,715,000 
Vermont - 0.2%  City of Burlington Vermont, GO, BAN, 2.00%, 8/24/09  4,900  4,907,400 
  Vermont Student Assistance Corp., Vermont, RB, VRDN, Senior     
  Series C-1, AMT, 0.43%, 7/07/09 (a)    17,000  17,000,000 
        21,907,400 
Virginia - 0.6%  Capital Beltway Funding Corp., RB, VRDN, Senior Lien, I-495 Hot     
  Lanes, Series D, AMT, 0.32%, 7/07/09 (a)    5,000  5,000,000 
  City of Richmond Virginia, RB, VRDN, ROCS, Series II R-10410,     
  (FSA), 0.40%, 7/07/09 (a)(b)(c)    6,055  6,055,000 

27

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)           Value 
  County of Henrico Virginia, RB, VRDN, ROCS, Series II R-753 PB,     
  0.43%, 7/07/09 (a)(b)    $ 6,215  $ 6,215,000 
  Norfolk Redevelopment & Housing Authority, Virginia, RB, VRDN,     
  Refunding, Old Dominion University Project,       
  0.32%, 7/01/09 (a)    3,800  3,800,000 
  Virginia College Building Authority, Virginia, RB, VRDN, 21st     
  Century College, Series B, 0.30%, 7/01/09 (a)    4,200  4,200,000 
  Virginia College Building Authority, Virginia, RB, VRDN, 21st     
  Century College, Series C, 0.30%, 7/01/09 (a)    400  400,000 
  Virginia Commonwealth Transportation Board , Clipper Tax-     
  Exempt Certificate Trust, RB, VRDN, 2009-38 Partner Virginia,     
  0.38%, 7/07/09 (a)(b)    11,960  11,960,000 
  Virginia HDA, RB, VRDN, MERLOTS, Series B-19, AMT,     
  2.26%, 7/07/09 (a)(b)    3,000  3,000,000 
  Virginia HDA, RB, VRDN, MERLOTS, Series C-42, AMT,     
  0.36%, 7/07/09 (a)(b)    2,880  2,880,000 
  Virginia Port Authority, Virginia, Revenue Notes, BAN, Sub,     
  2.00%, 5/18/10    11,000  11,147,059 
  Virginia Small Business Financing Authority, Virginia, RB, VRDN,     
  Carilion Clinic Obligated, Series A, 0.32%, 7/01/09 (a)  3,800  3,800,000 
        58,457,059 
Washington - 2.8%  Seattle, Washington, Drainage & Wastewater Utility, BB&T     
  Municipal Trust, RB, VRDN, FLOATS, Series 55,       
  0.20%, 7/07/09 (a)(b)(c)    3,445  3,445,000 
  Chelan County Public Utility District Number 1, RB, VRDN,     
  FLOATS, Series 2969, AMT, 0.45%, 7/07/09 (a)(b)(c)  6,770  6,770,000 
  City of Bellevue Washington, GO, VRDN, Eagle, Series 2008-0025,     
  Class A, (FSA), 0.50%, 7/07/09 (a)(b)    15,100  15,100,000 
  City of Seattle Washington, RB, FLOATS, Series 2170, (FSA),     
  0.25%, 7/07/09 (a)(b)    2,530  2,530,000 
  County of King Washington, RB, VRDN, ROCS, Series II R-10279,     
  (FSA), 0.50%, 7/07/09 (a)(b)    12,575  12,575,000 
  Energy Northwest, RB, VRDN, Refunding, Project Number 3,     
  Series E, 0.20%, 7/07/09 (a)    7,000  7,000,000 
  Energy Northwest, RB, VRDN, Refunding, Series 1A-1,     
  0.35%, 7/07/09 (a)    5,325  5,325,000 
  King County Washington, TECP, 0.60%, 8/03/09    7,000  7,000,000 
  Pierce County EDC, Washington, RB, VRDN, PNW Commercial LLC     
  Project, AMT, 3.45%, 7/07/09 (a)    2,065  2,065,000 
  Port Bellingham Industrial Development Corp., Washington, RB,     
  VRDN, Atlantic Richfield Project, AMT, 0.30%, 7/01/09 (a)  4,800  4,800,000 
  Port Bellingham Industrial Development Corp., Washington, RB,     
  VRDN, BP West Coast Products LLC Project, AMT,       
  0.30%, 7/01/09 (a)    18,200  18,200,000 
  Port Bellingham Industrial Development Corp., Washington, RB,     
  VRDN, BP West Coast Products LLC Project, AMT,       
  0.30%, 7/01/09 (a)    12,100  12,100,000 
28

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
             Par   
State  Municipal Bonds    (000)  Value 
  Port Bellingham Industrial Development Corp., Washington, RB,     
  VRDN, BP West Coast Products LLC Project, AMT,       
  0.30%, 7/01/09 (a)    $ 20,000  $ 20,000,000 
  Port of Seattle Washington, RB, FLOATS, Series 3003, AMT,     
  0.35%, 7/07/09 (a)(b)    10,425  10,425,000 
  State of Washington, GO, ROCS, Series II, R-11308,     
  0.35%, 7/07/09 (a)(b)(c)    2,980  2,980,000 
  State of Washington, GO, VRDN, Refunding, Various Purpose,     
  Series R-2010A, 1.75%, 1/01/10 (a)    9,810  9,874,844 
  State of Washington, GO, VRDN, Series VR-96B, 0.18%,     
  7/07/09 (a)    13,600  13,600,000 
  University of Washington, Washington, RB, FLOATS,     
  Series 3005, 0.32%, 7/07/09 (a)(b)(c)    4,500  4,500,000 
  Washington Health Care Facilities Authority, Washington, RB,     
  VRDN, SAVRS, 2.95%, 7/07/09 (a)    59,950  59,950,000 
  Washington Health Care Facilities Authority, Washington, RB,     
  VRDN, Overlake Hospital Medical Center, C-2, 2.95%, 7/07/09 (a)  10,000  10,000,000 
  Washington Health Care Facilities Authority, Washington, RB,     
  VRDN, Peacehealth, Series C, 0.23%, 7/07/09 (a)    4,365  4,365,000 
  Washington Health Care Facilities Authority, Washington, RB,     
  VRDN, Swedish Health Services, Series B, 0.16%, 7/01/09 (a)  6,000  6,000,000 
  Washington State Housing Finance Commission, Nonprofit     
  Housing Refunding RB (Emerald Heights Project), VRDN, 0.45%,     
  7/01/09 (a)    205  205,000 
  Washington State Housing Finance Commission, Washington, RB,     
  VRDN, Eastside Catholic School, Series B,       
  1.35%, 7/07/09 (a)    28,475  28,475,000 
  Washington State University, Washington, RB, VRDN, ROCS,     
  Series II, R-595PB, 0.40%, 7/07/09 (a)(b)    16,145  16,145,000 
        283,429,844 
West Virginia - 0.2%  Monongalia County Building Commission, RB, VRDN, Refunding &     
  Improvement, General Hospital, Series A, 0.35%, 7/07/09 (a)  15,800  15,800,000 
  West Virginia EDA, RB, VRDN, Refunding, Ohio Power Co., Sporn     
  Project, C, 0.27%, 7/07/09 (a)    8,000  8,000,000 
        23,800,000 
Wisconsin - 2.9%  City of Milwaukee Wisconsin, Revenue Notes, RAN,     
  3.00%, 9/03/09    3,900  3,909,497 
  University of Wisconsin, Hospitals and Clinics Authority,     
  Refunding RB, VRDN, Series B, 0.20%, 7/01/09 (a)  5,600  5,600,000 
  Village of Kohler Wisconsin, RB, VRDN, Kohler Co. Project, AMT,     
  0.45%, 7/07/09 (a)    4,000  4,000,000 
  Wisconsin Health & Educational Facilities Authority, RB, VRDN,     
  Goodwill Industries, 0.30%, 7/07/09 (a)    5,000  5,000,000 
  Wisconsin Health & Educational Facilities Authority, RB, VRDN,     
  Ascension Health, Series D, Remarketed,       
  0.60%, 3/15/10 (a)    19,225  19,225,000 

29

Master Tax-Exempt LLC       
Schedule of Investments June 30, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
               Par   
State  Municipal Bonds    (000)           Value 
  Wisconsin Health & Educational Facilities Authority, RB, VRDN,     
  Fort Healthcare Inc., Series A, 0.35%, 7/01/09 (a)  $ 17,520  $ 17,520,000 
  Wisconsin Health & Educational Facilities Authority, RB, VRDN,     
  Refunding, Medical College Wisconsin, Series B,       
  0.23%, 7/07/09 (a)    9,600  9,600,000 
  Wisconsin Health & Educational Facilities Authority, RB, VRDN,     
  Wheaton Franciscan System, 0.23%, 7/07/09 (a)    52,510  52,510,000 
  Wisconsin Housing & EDA, Wisconsin, RB, VRDN, Series A, AMT,     
  1.10%, 7/07/09 (a)    34,785  34,785,000 
  Wisconsin State Petroleum Inspection Fee, TECP,       
  0.45%, 9/01/09    16,300  16,300,000 
  Wisconsin State, TECP, 0.60%, 7/07/09    65,319  65,319,000 
  Wisconsin State, TECP, 0.65%, 7/07/09    30,000  30,000,000 
  Wisconsin State, TECP, 0.65%, 7/10/09    7,942  7,942,000 
  Wisconsin State, TECP, 0.65%, 7/14/09    15,800  15,800,000 
  Wisconsin State, TECP, 0.45%, 8/14/09    15,000  15,000,000 
        302,510,497 
Wyoming - 0.0%  County of Sweetwater Wyoming, RB, VRDN, PacifiCorp.,     
  Remarketed, 0.40%, 7/07/09 (a)    3,750  3,750,000 
  Total Investments (Cost - $10,480,572,338*) - 101.8%    10,480,572,338 
  Liabilities in Excess of Other Assets - (1.8)%      (189,685,887) 
  Net Assets - 100.0%    $ 10,290,886,451 

* Cost for federal income tax purposes.
(a) Variable rate security. Rate shown is as of report date and maturity shown is date the principal owed can be
recovered through demand.

(b) These securities are short-term floating rate certificates issued by tender option bond trusts and are secured by the
underlying municipal bond securities.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in
transactions exempt from registration to qualified institutional investors.

30

Master Tax-Exempt LLC
Schedule of Investments June 30, 2009 (Unaudited)

Ÿ Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair
Value Measurements" clarifies the definition of fair value, establishes a framework for measuring
fair values and requires additional disclosures about the use of fair value measurements. Various
inputs are used in determining the fair value of investments, which are as follows:

Ÿ Level 1 - price quotations in active markets/exchanges for identical securities
Ÿ Level 2 - other observable inputs (including, but not limited to: quoted prices for similar
assets or liabilities in markets that are active, quoted prices for identical or similar assets or
liabilities in markets that are not active, inputs other than quoted prices that are observable
for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment
speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

Ÿ Level 3 - unobservable inputs based on the best information available in the circumstances,
to the extent observable inputs are not available (including the Master LLC's own
assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. For information about the Master LLC's policy
regarding valuation of investments and other significant accounting policies, please refer to the
Master LLC's most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of June 30, 2009 in determining the fair
valuation of the Master LLC's investments:

Valuation  Investments in 
Inputs  Securities 
  Assets 
Level 1  - 
Level 2**  $ 10,480,572,338 
Level 3  - 
Total  $ 10,480,572,338 

** See above Schedule of Investments for values in each state.

31

Item 2 – Controls and Procedures

2(a) – The registrants’ principal executive and principal financial officers or persons performing
similar functions have concluded that the registrants’ 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 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) – There were no changes in the registrants’ internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants’ last fiscal
quarter that have materially affected, or are reasonably likely to materially affect, the
registrants’ internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, each registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

Date: August 21, 2009

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 each registrant and in the capacities and on the dates indicated.

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
WCMA Tax-Exempt Fund and Master Tax-Exempt LLC

Date: August 21, 2009

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

Date: August 21, 2009