N-Q 1 nq123106tec.htm N-Q FILING

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

_______________________________

Investment Company Act file number 811-5076

Tax Exempt California Money Market Fund

(Exact name of registrant as specified in charter)

 

222 South Riverside Plaza

Chicago, IL 60606

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 454-7190

Date of fiscal year end: 09/30

Date of reporting period: 12/31/06

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

Investment Portfolio

as of December 31, 2006 (Unaudited)

 

 

Tax-Exempt California Money Market Fund

 

 

Principal

Amount ($)

 

Value ($)

 

Municipal Investments 98.0%

 

California 96.5%

 

ABN AMRO, Munitops Certificates Trust:

 

 

Series 2005-38, 144A, 3.59%*, 5/1/2013 (a)

 

4,375,000

 

4,375,000

 

Series 2005-43, 144A, 3.94%*, 8/1/2013 (a)

 

4,000,000

 

4,000,000

California, ABAG Finance Authority for Non Profit Corps., Multi-Family Housing Revenue, California Hill Apartments, Series A, AMT, 3.8%*, 12/15/2032

 

4,850,000

 

4,850,000

 

 

 

California, Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue, Series A, 6.0%, 1/1/2034

 

6,000,000

 

6,000,000

California, Health Facilities Financing Authority Revenue, Kaiser Permanente, Series C, 3.77%*, 6/1/2041

 

4,500,000

 

4,500,000

California, Health Facilities Financing Authority Revenue, Scripps Health, Series A, 3.82%*, 10/1/2023, Bank One NA (b)

 

1,010,000

 

1,010,000

California, Housing Finance Agency Revenue, Multi-Family Housing, Series C, AMT, 4.0%*, 2/1/2033

 

1,085,000

 

1,085,000

California, Infrastructure & Economic Development Bank Revenue, Series PT-3501, 144A, 3.91%*, 7/1/2037 (a)

 

2,995,000

 

2,995,000

California, State Department of Water Resources, Power Supply Revenue:

 

 

Series C-7, 3.75%*, 5/1/2022 (a)

 

1,000,000

 

1,000,000

 

Series C-15, 3.77%*, 5/1/2022, Bank of Nova Scotia (b)

 

650,000

 

650,000

 

Series C-5, 3.84%*, 5/1/2022, Dexia Credit Local (b)

 

800,000

 

800,000

 

Series C-4, 3.84%*, 5/1/2022, JPMorgan Chase Bank (b)

 

1,300,000

 

1,300,000

 

Series F-5, 3.86%*, 5/1/2022, Citibank NA (b)

 

1,300,000

 

1,300,000

 

Series F-4, 3.92%*, 5/1/2022, Bank of America NA (b)

 

600,000

 

600,000

California, State Economic Recovery:

 

 

Series C-15, 3.77%*, 7/1/2023 (a)

 

420,000

 

420,000

 

Series C-4, 3.92%*, 7/1/2023

 

1,000,000

 

1,000,000

California, State General Obligation:

 

 

Series B-4, 3.75%*, 5/1/2033, BNP Paribas (b)

 

1,200,000

 

1,200,000

 

Series C-4, 3.79%*, 5/1/2033, Landesbank Hessen-Thuringen (b)

 

2,700,000

 

2,700,000

California, State University Revenue, Series 1320, 144A, 3.91%*, 11/1/2026 (a)

 

1,250,000

 

1,250,000

California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Series 3704, 144A, 4.0%*, 7/1/2045

 

2,445,000

 

2,445,000

California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Avian Glen Apartments Project, Series CC, AMT, 3.9%*, 8/1/2039, Citibank NA (b)

 

1,000,000

 

1,000,000

California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Village at Shaw Apartments, Series E, AMT, 3.9%*, 11/15/2035

 

3,100,000

 

3,100,000

California, Statewide Financing Authority Revenue, Tobacco Settlement, Series PA-1287, 144A, 3.96%*, 5/1/2037

 

3,150,000

 

3,150,000

East Bay, CA, Municipal Utility District Revenue, 3.45%, 2/8/2007

 

3,100,000

 

3,100,000

Hesperia, CA, Public Financing Authority Revenue, 1993 Street Improvement Project, 3.9%*, 10/1/2023, Bank of America NA (b)

 

250,000

 

250,000

Long Beach, CA, 3.57%, 2/5/2007

 

1,020,000

 

1,020,000

Los Angeles County, CA, Capital Asset Lease Revenue, 3.52%, 2/5/2007

 

1,250,000

 

1,250,000

Los Angeles, CA, Water and Power Revenue:

 

 

Series B-7, 3.82%*, 7/1/2034

 

1,200,000

 

1,200,000

 

Series B-5, 3.82%*, 7/1/2034

 

1,800,000

 

1,800,000

Oakland, CA, Tax and Revenue Anticipation Notes, 4.5%, 7/17/2007

 

3,000,000

 

3,012,794

Orange County, CA, Municipal Water District, 3.47%, 1/10/2007

 

2,000,000

 

2,000,000

Sacramento County, CA, Housing Authority Multi-Family Revenue, Series 3705, 144A, 4.0%*, 11/1/2038

 

1,995,000

 

1,995,000

Sacramento County, CA, Housing Authority, Multi-Family Housing Revenue, Phoenix Park II Apartments, Series F, AMT, 3.9%*, 10/1/2036, Citibank NA (b)

 

800,000

 

800,000

Sacramento County, CA, Multi-Family Housing Authority Revenue, Sierra Sunrise Senior Apartments, Series D, AMT, 3.9%*, 7/1/2036, Citibank NA (b)

 

4,686,000

 

4,686,000

Sacramento County, CA, Tax and Revenue Anticipation Notes, 4.5%, 7/17/2007

 

3,000,000

 

3,014,005

Sacramento County, CA, Water Financing Authority Revenue, Series PA-1176, 144A, 3.92%*, 6/1/2011 (a)

 

1,435,000

 

1,435,000

San Diego County, CA, Water Authority, 3.5%, 1/11/2007

 

2,000,000

 

2,000,000

San Francisco, CA, Bay Area, Rapid Transportation District, Sales Tax Revenue, Series PA-572, 144A, 3.92%*, 1/1/2008 (a)

 

2,250,000

 

2,250,000

San Francisco, CA, City & County, Public Utilities Commonwealth Clean Water Revenue, Series B-20, 144A, 3.93%*, 10/1/2022 (a)

 

2,400,000

 

2,400,000

San Jose, CA, Unified School District, Santa Clara County, Series PT-3497, 144A, 3.92%*, 8/1/2022 (a)

 

1,500,000

 

1,500,000

 

 

 

Southern California, Metropolitan Water District, Waterworks Revenue, Series C-2, 3.75%*, 7/1/2036

 

500,000

 

500,000

Ventura County, CA, Tax and Revenue Anticipation Notes, 4.5%, 7/2/2007

 

1,500,000

 

1,505,767

Vista, CA, Unified School District, Series PT-2116, 144A, 3.86%*, 8/1/2008 (a)

 

1,080,000

 

1,080,000

 

87,528,566

Puerto Rico 1.5%

 

ABN AMRO, Munitops Certificates Trust, Series 2000-17, 144A, 3.92%*, 10/1/2008

 

400,000

 

400,000

Commonwealth of Puerto Rico, General Obligation, Series 813-D, 144A, 3.9%*, 7/1/2020 (a)

 

450,000

 

450,000

Commonwealth of Puerto Rico, Highway & Transportation Authority Revenue, Macon Trust, Series R, 144A, 3.92%*, 7/1/2035 (a)

 

500,000

 

500,000

 

1,350,000

 

% of

Net Assets

 

Value ($)

Total Investment Portfolio (Cost $ 88,878,566)

98.0

 

88,878,566

Other Assets and Liabilities, Net

2.0

 

1,836,840

Net Assets

100.0

 

90,715,406

 

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

*

Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of December 31, 2006.

(a)

Bond is insured by one of these companies:

 

 

As a % of Total

Insurance Coverage

Investment Portfolio

AMBAC Financial Group

6.4

Financial Guaranty Insurance Company

4.2

Financial Security Assurance, Inc.

7.3

MBIA Corporation

8.7

 

(b)

Security incorporates a letter of credit from a major bank.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

AMT: Subject to alternative minimum tax.

 

 

ITEM 2.

CONTROLS AND PROCEDURES

 

 

 

(a)          The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

 

 

(b)         There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last half-year (the registrant’s second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

ITEM 3.

EXHIBITS

 

 

 

 

 

 

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

 

SIGNATURES

 

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

 

Registrant:

Tax Exempt California Money Market Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

February 22, 2007

 

 

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

 

Registrant:

Tax Exempt California Money Market Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

February 22, 2007

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                                 February 22, 2007