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:  811-05076
 
Tax-Exempt California Money Market Fund
(Exact name of registrant as specified in charter)

345 Park Avenue
New York, NY 10154
(Address of principal executive offices)  (Zip code)
 

Paul Schubert
60 Wall Street
New York, NY 10005
(Name and address of agent for service)
 
Registrant's telephone number, including area code:   (212) 250-3220
 
Date of fiscal year end:   9/30
 
Date of reporting period:   6/30/2012

ITEM 1.
SCHEDULE OF INVESTMENTS


Investment Portfolio   as of   June 30, 2012  (Unaudited)

Tax-Exempt California Money Market Fund
 
Principal
Amount ($)
 
Value ($)
 
 
 
Municipal Investments 109.2%
 
California 107.5%
 
Beaumont, CA, Utility Authority Revenue, Wastewater Enterprise Project, Series A, 0.15% *, 9/1/2041, LOC: Union Bank of CA NA
 
4,420,000
 
4,420,000
 
California, ABAG Finance Authority for Non-Profit Corporations, Multi-Family Housing Revenue, Colma Bart Apartments, Series A, AMT, 0.18% *, 11/15/2035, LOC: Fannie Mae
 
4,750,000
 
4,750,000
 
California, BB&T Municipal Trust, Series 2023, 144A, 0.18% *, 1/1/2024, INS: NATL, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
 
980,000
 
980,000
 
California, BB&T Municipal Trust, Public Financing Authority, Series 2011, 144A, 0.18% *, 9/1/2022, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
 
7,080,000
 
7,080,000
 
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.21% *, 5/15/2030, LIQ: State Street Bank & Trust Co.
 
4,600,000
 
4,600,000
 
California, Metropolitan Water District of Southern California, Series B, 2.0%, 7/1/2012
 
1,000,000
 
1,000,000
 
California, RBC Municipal Products, Inc. California Health Care Revenue, Series E-21, 144A, 0.22% *, Mandatory Put 9/4/2012 @ 100, 10/1/2013, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
 
5,000,000
 
5,000,000
 
California, State Economic Recovery, Series C-1, 0.2% *, 7/1/2023, LOC: Bank of America NA
 
1,500,000
 
1,500,000
 
California, State General Obligation, Series 2178, 144A, 0.25% *, 12/1/2037, GTY: Wells Fargo & Co., LIQ: Wells Fargo & Co.
 
2,191,500
 
2,191,500
 
California, State Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series B, 0.15% *, 3/1/2047, LOC: Bank of Montreal
 
5,000,000
 
5,000,000
 
California, State Infrastructure & Economic Development Bank Revenue, Orange County Performing Arts Center, Series A, 0.31% *, 7/1/2034, LOC: Bank of America NA
 
25,000
 
25,000
 
California, State Kindergarten, Series B1, 0.16% *, 5/1/2034, LOC: Citibank NA
 
1,000,000
 
1,000,000
 
California, State Municipal Finance Authority Revenue, Chevron U.S.A., Inc., Recovery Zone Bonds, Series C, 0.15% *, 11/1/2035, GTY: Chevron Corp.
 
2,350,000
 
2,350,000
 
California, State Pollution Control Financing Authority, Solid Waste Disposal Revenue, Recology, Inc. Project, Series A, 0.24% *, 4/1/2020, LOC: Bank of America NA
 
4,495,000
 
4,495,000
 
California, Statewide Communities Development Authority Revenue, Health Facility, Community Hospital Monterey Peninsula, Series B, 0.15% *, 6/1/2033, LOC: U.S. Bank NA
 
1,850,000
 
1,850,000
 
California, Statewide Communities Development Authority,  Multi-Family Housing Revenue, Crossings Madera, Series B, AMT, 0.28% *, 1/1/2038, LOC: Citibank NA
 
2,500,000
 
2,500,000
 
California, Statewide Communities Development Authority, Multi-Family Housing Revenue:
         
 
Series 2680, 144A, 0.26% *, 5/15/2018, LOC: JPMorgan Chase Bank NA
 
1,100,000
 
1,100,000
 
 
Series 2681, 144A, AMT, 0.34% *, 5/15/2018, LOC: JPMorgan Chase Bank NA
 
3,940,000
 
3,940,000
 
 
Series R-13104CE, 144A, 0.68% *, 9/6/2035, LIQ: Citibank NA
 
6,995,000
 
6,995,000
 
California, Wells Fargo Stage Trust:
         
 
Series 94C, 144A, AMT, 0.24% *, 5/1/2030, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
 
7,105,000
 
7,105,000
 
 
Series 31C, 144A, AMT, 0.26% *, Mandatory Put 2/14/2013 @ 100, 1/1/2022, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
 
4,530,000
 
4,530,000
 
Irvine Ranch, CA, Water District, 0.15% *, 4/1/2033, LOC: Bank of NY Mellon
 
1,250,000
 
1,250,000
 
Lemoore, CA, Certificates of Participation, Municipal Golf Course Refinancing Project, 144A, 0.18% *, 11/1/2020, LOC: Union Bank of CA
 
2,275,000
 
2,275,000
 
Long Beach, CA, Unified School District, 1.0%, 8/1/2012
 
550,000
 
550,369
 
Los Angeles County, CA, General Obligation:
         
 
Series A, 2.0%, 2/28/2013(a)
 
3,000,000
 
3,035,730
 
 
Series B, 2.0%, 3/29/2013(a)
 
2,000,000
 
2,026,800
 
Los Angeles County, CA, Multi-Family Housing Authority Revenue, Canyon Country Villas Project, Series H, 0.16% *, 12/1/2032, LIQ: Freddie Mac
 
6,650,000
 
6,650,000
 
Los Angeles County, CA, RBC Municipal Products, Inc., Series E-24, 144A, 0.22% *, Mandatory Put 8/1/2012 @ 100, 7/1/2031, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
 
5,320,000
 
5,320,000
 
Otay, CA, Water District Corporations, Capital Projects, 0.15% *, 9/1/2026, LOC: Union Bank NA
 
2,190,000
 
2,190,000
 
Pittsburg, CA, Redevelopment Agency Tax Allocation, Los Medanos Community, Series A, 0.15% *, 9/1/2035, LOC: California State Teacher's Retirement System & State Street Bank & Trust Co.
 
4,900,000
 
4,900,000
 
San Diego County, CA, School District Note Participations, Series A, 2.0%, 6/28/2013(a)
 
5,000,000
 
5,090,300
 
San Francisco City & County, CA, Redevelopment Agency, Leland Polk Senior Community, Series A, AMT, 0.38% *, 12/1/2019, LOC: Citibank NA
 
1,000,000
 
1,000,000
 
Santa Clara County, CA, Multi-Family Housing Revenue, Briarwood Apartments, Series A, 0.18% *, 12/15/2026, LOC: Fannie Mae
 
4,200,000
 
4,200,000
 
Santa Clara, CA, Electric Revenue, Series B, 0.2% *, 7/1/2027, LOC: Bank of America NA
 
1,880,000
 
1,880,000
 
Southern California, Metropolitan Water District, Series A-1, 144A, 0.18% **, Mandatory Put 10/8/2012 @ 100, 7/1/2030
 
4,000,000
 
4,000,000
 
 
 
116,779,699
 
Puerto Rico 1.7%
 
Puerto Rico, Industrial Tourist Educational, Medical & Environmental Control Facilities, Bristol-Myers Squibb Project, AMT, 0.28% *, 12/1/2030
 
1,800,000
 
1,800,000
 

 
% of
Net Assets
 
Value ($)
 
 
Total Investment Portfolio (Cost $118,579,699) †
109.2
 
118,579,699
 
Other Assets and Liabilities, Net
(9.2)
 
(9,953,123)
 
 
Net Assets
100.0
 
108,626,576
 

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 payable on demand and are shown at their current rates as of June 30, 2012.
**
Floating rate securities’ yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of June 30, 2012.
†
The cost for federal income tax purposes was $118,579,699.
(a)
When-issued security.
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.
GTY: Guaranty Agreement
INS: Insured
LIQ: Liquidity Facility
LOC: Letter of Credit
NATL: National Public Finance Guarantee Corp.
 
Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions 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. Securities held by the fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of June 30, 2012 in valuing the Fund's investments.

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                 
Municipal Investments (b)
  $ —     $ 118,579,699     $ —     $ 118,579,699  
Total
  $ —     $ 118,579,699     $ —     $ 118,579,699  

There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended June 30, 2012.
 
(b)
See Investment Portfolio for additional detailed categorizations.
 
 
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 fiscal quarter 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/W. Douglas Beck
W. Douglas Beck
President
   
Date:
August 15, 2012

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

By:
/s/W. Douglas Beck
W. Douglas Beck
President
   
Date:
August 15, 2012
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
August 15, 2012

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