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:   12/31/2013

ITEM 1.
SCHEDULE OF INVESTMENTS


Investment Portfolio    as of   December 31, 2013  (Unaudited)

Tax-Exempt California Money Market Fund
 
Principal
Amount ($)
 
Value ($)
 
 
 
Municipal Investments 99.9%
 
California 84.7%
 
California, ABAG Finance Authority for Non-Profit Corporations, Multi-Family Housing Revenue, Colma Bart Apartments, Series A, AMT, 0.06% *, 11/15/2035, LOC: Fannie Mae
 
3,000,000
 
3,000,000
 
California, Austin Trust, Various States, Series 2008-1065, 144A, 0.19% *, 3/1/2033, LIQ: Bank of America NA
 
1,000,000
 
1,000,000
 
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area:
           
 
Series E-1, 0.04% *, 4/1/2045, LOC: Bank of Tokyo-Mitsubishi UFJ
 
1,000,000
 
1,000,000
 
 
Series C-1, 0.05% *, 4/1/2045, LOC: Union Bank NA
 
1,805,000
 
1,805,000
 
California, BB&T Municipal Trust, Series 2023, 144A, 0.08% *, 2/1/2024, INS: NATL, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
 
1,585,000
 
1,585,000
 
California, BB&T Municipal Trust, Public Financing Authority, Series 2011, 144A, 0.1% *, 9/1/2022, LIQ: Branch Banking & Trust, LOC: Branch Banking & Trust
 
7,320,000
 
7,320,000
 
California, Clipper Tax-Exempt Certificate Trust, Series 2009-66, 144A, 0.06% *, 5/15/2030, LIQ: State Street Bank & Trust Co.
 
4,250,000
 
4,250,000
 
California, Nuveen Dividend Advantage Municipal Fund, Series 1-1362, 144A, AMT, 0.22% *, 6/1/2041, LIQ: Morgan Stanley Bank
 
5,000,000
 
5,000,000
 
California, Nuveen Dividend Advantage Municipal Fund 2, 144A, AMT, 0.16% *, 8/3/2043, LIQ: Royal Bank of Canada
 
5,000,000
 
5,000,000
 
California, Nuveen Dividend Advantage Municipal Fund 3, Series 1-1600, 144A, AMT, 0.15% *, 9/1/2043, LIQ: Barclays Bank PLC
 
1,200,000
 
1,200,000
 
California, RBC Municipal Products, Inc. Trust, Series E-24, 144A, 0.05% **, 8/1/2014, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
 
1,200,000
 
1,200,000
 
California, State Department of Water Resources, Supply Revenue, Series M, 5.0%, 5/1/2014
 
600,000
 
609,450
 
California, State General Obligation:
           
 
Series 2178, 144A, 0.09% *, 12/1/2037, GTY: Wells Fargo & Co., LIQ: Wells Fargo & Co.
 
1,200,000
 
1,200,000
 
 
Prerefunded 2/1/2014 @ 100, 5.125%, 2/1/2027
 
900,000
 
903,703
 
 
Prerefunded 4/1/2014 @ 100, 5.3%, 4/1/2029
 
4,630,000
 
4,688,453
 
California, State Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series B, 0.04% *, 3/1/2047, LOC: Bank of Montreal
 
5,000,000
 
5,000,000
 
California, State Health Facilities Financing Authority Revenue, Children's Hospital, Series D, 0.05% *, 11/1/2034, GTY: Children's Healthcare of California, LOC: U.S. Bank NA
 
2,800,000
 
2,800,000
 
California, State Health Facilities Financing Authority Revenue, Scripps Health, Series F, 144A, 0.03% *, 10/1/2031, LOC: Northern Trust Co.
 
2,200,000
 
2,200,000
 
California, State Health Facilities Financing Authority Revenue, St. Joseph Health Systems:
           
 
Series A, 0.04% *, 7/1/2041, LOC: Union Bank NA
 
2,500,000
 
2,500,000
 
 
Series D, 0.05% *, 7/1/2041, LOC: Wells Fargo Bank NA
 
1,000,000
 
1,000,000
 
California, State Infrastructure & Economic Development Bank Revenue, Pacific Gas & Electric Co., Series A, 0.02% *, 11/1/2026, LOC: Mizuho Corporate Bank
 
3,500,000
 
3,500,000
 
California, State Pollution Control Financing Authority, Solid Waste Disposal Revenue, Recology, Inc. Project, Series A, 0.07% *, 4/1/2020, LOC: Bank of America NA
 
4,495,000
 
4,495,000
 
California, State Revenue Anticipation Notes, Series A-2, 2.0%, 6/23/2014
 
3,000,000
 
3,025,116
 
California, State University Revenue, Series A, Prerefunded 5/1/2014 @ 100, 4.75%, 11/1/2024, INS: AGMC
 
2,070,000
 
2,100,907
 
California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Series R-13104CE, 144A, 0.56% *, 9/6/2035, GTY: Citibank NA, LIQ: Citibank NA
 
8,395,000
 
8,395,000
 
California, Wells Fargo Stage Trust, Series 94C, 144A, AMT, 0.13% *, 5/1/2030, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA
 
4,000,000
 
4,000,000
 
California, West Hills Community College District, 0.03% *, 7/1/2033, LOC: Union Bank of California
 
2,000,000
 
2,000,000
 
Los Angeles County, CA, General Obligation, Series A, 2.0%, 2/28/2014
 
3,000,000
 
3,008,718
 
Orange County, CA, Water District, Certificates of Participation, Series A, 0.05% *, 8/1/2042, LOC: Citibank NA
 
2,400,000
 
2,400,000
 
Otay, CA, Water District Certificates of Participation, Capital Projects, 0.04% *, 9/1/2026, LOC: Union Bank NA
 
1,400,000
 
1,400,000
 
Rancho, CA, Water District Financing Authority Revenue, Series B, 0.03% *, 8/15/2031, LOC: U.S. Bank NA
 
3,500,000
 
3,500,000
 
San Francisco City & County, CA, Airports Commission, Series 36A, 0.04% *, 5/1/2026, LOC: U.S. Bank NA
 
3,500,000
 
3,500,000
 
San Jose, CA, Redevelopment Agency, TECP, 0.15%, 5/16/2014, LOC: JPMorgan Chase Bank NA
 
5,000,000
 
5,000,000
 
 
 
99,586,347
 
Puerto Rico 15.2%
 
Puerto Rico, Industrial Tourist Educational, Medical & Environmental Control Facilities, Bristol-Myers Squibb Project, AMT, 0.25% *, 12/1/2030
 
7,800,000
 
7,800,000
 
Puerto Rico, RBC Municipal Products, Inc. Trust, Series E-46, 144A, 0.14% **, 9/1/2015, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada
 
5,650,000
 
5,650,000
 
Puerto Rico, RIB Floater Trust, Series 8WE, 144A, 0.11% *, 9/30/2014, LOC: Barclays Bank PLC
 
4,350,000
 
4,350,000
 
 
 
17,800,000
 
         
 
% of
Net Assets
 
Value ($)
 
 
Total Investment Portfolio (Cost $117,386,347) †
99.9
 
117,386,347
 
Other Assets and Liabilities, Net
0.1
 
154,543
 
 
Net Assets
100.0
 
117,540,890
 

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 December 31, 2013.
**
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 December 31, 2013.
†
The cost for federal income tax purposes was $117,386,347.
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.
AGMC: Assured Guaranty Municipal Corp.
AMT: Subject to alternative minimum tax.
GTY: Guaranty Agreement
INS: Insured
LIQ: Liquidity Facility
LOC: Letter of Credit
NATL: National Public Finance Guarantee Corp.
Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.
TECP: Tax-Exempt Commercial Paper
 

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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio 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 December 31,2013 in valuing the Fund's investments.

Assets
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Municipal Investments (a)
  $ —     $ 117,386,347     $ —     $ 117,386,347  
Total
  $ —     $ 117,386,347     $ —     $ 117,386,347  

There have been no transfers between fair value measurement levels during the period ended December 31, 2013.
 
 
(a)
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/Brian E. Binder
Brian E. Binder
President
   
Date:
February 21, 2014


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/Brian E. Binder
Brian E. Binder
President
   
Date:
February 21, 2014
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
February 21, 2014

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