N-Q 1 dnq.htm PRUDENTIAL TAX-FREE MONEY FUND Prudential Tax-Free Money Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number:   811-02927
Exact name of registrant as specified in charter:   Prudential Tax-Free Money Fund
  (d/b/a Dryden Tax-Free Money Fund)
Address of principal executive offices:   Gateway Center 3,
  100 Mulberry Street,
  Newark, New Jersey 07102
Name and address of agent for service:   Deborah A. Docs
  Gateway Center 3,
  100 Mulberry Street,
  Newark, New Jersey 07102
Registrant’s telephone number, including area code:   800-225-1852
Date of fiscal year end:   12/31/2008
Date of reporting period:   3/31/2008

 


Item 1. Schedule of Investments

 


Dryden Tax Free Money Fund

Schedule of Investments

as of March 31, 2008 (Unaudited)

 

Description(a)

   Moody’s
Rating
  Interest
Rate
    Maturity
Date
   Principal
Amount (000)
   Value

SHORT-TERM INVESTMENTS 84.9%

            

Alabama 5.0%

            

Mobile Indl. Dev. Brd. Pollutn. Ctl. Rev., Ref. Alabama Pwr. Co. Proj., F.R.D.D.

   VMIG1   1.30 %   04/01/08    $ 100    $ 100,000

Parrish Indl. Dev. Brd. Pollutn. Ctl. Rev., Ref. Alabama Pwr. Co. Proj., F.R.D.D.

   VMIG1   1.30     04/01/08      1,600      1,600,000
                
               1,700,000
                

Alaska 0.9%

            

Valdez Marine Term. Rev.,

            

Ref. BP Pipelines, Inc., Proj. Ser. B, F.R.D.D.

   VMIG1   1.25     04/01/08      100      100,000

Exxon Mobil Proj., F.R.D.D.

   VMIG1   0.86     04/01/08      200      200,000
                
               300,000
                

California 6.9%

            

California Hsg. Fin. Agy. Rev., Amt. Home Mtg., Ser. U, F.S.A., A.M.T., F.R.D.D.

   VMIG1   1.32     04/01/08      400      400,000

California Pollutn. Ctl. Fin. Auth. Pollutn. Ctl. Rev., Ref. Exxon Proj., F.R.D.D.

   P-1   0.75     04/01/08      300      300,000

California Mun. Fin. Auth. Pollutn. Ctl. Rev., Ref. Chevron USA, Inc. Proj., F.R.D.D.

   P-1   0.90     04/01/08      1,140      1,140,000

Metropolitan Wtr. Dist. Southn. Calif. Wtrwks. Rev., Ser. C-2, F.R.D.D.

   VMIG1   0.80     04/01/08      500      500,000
                
               2,340,000
                

Connecticut 3.7%

            

Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,

            

Yale Univ. Ser. T-1, F.R.D.D.

   VMIG1   0.80     04/01/08      900      900,000

Yale Univ. Ser. X-3, F.R.D.D.

   VMIG1   0.80     04/01/08      365      365,000
                
               1,265,000
                

Florida 2.1%

            

Alachua Cnty. Hlth. Facs. Auth. Hlth. Facs. Rev., Shands Teaching Hosp., Ser. A, F.R.D.D.

   VMIG1   1.25     04/01/08      400      400,000

Florida Higher Edl. Facs. Fing. Auth. Rev., St. Thomas Univ. Proj., F.R.D.D.

   A-1+(c)   1.25     04/01/08      300      300,000
                
               700,000
                

Georgia 1.2%

            

Macon-Bibb Cnty. Hosp. Auth. Rev., Antic. Ctfs. Central Ga. Hlth., F.R.D.D.

   VMIG1   1.25     04/01/08      400      400,000
                


Illinois 2.0%

                      

Mem. Hlth. Sys., Ser. 2003, F.R.D.D.

     VMIG1    1.33      04/01/08      700      700,000
                        

Indiana 3.8%

                      

Indiana St. Dev. Fin. Auth. Indl. Dev. Rev., Republic Svcs., Inc. Proj., F.R.D.D., A.M.T.

     VMIG1    1.35      04/01/08      300      300,000

Indiana Transn. Fin. Auth. Hwy. Rev. Mun. Secs. Tr. Repts., Ser. SGA 113, F.R.D.D.

     A-1+(c)    1.30      04/01/08      1,000      1,000,000
                        
                       1,300,000
                        

Kansas 1.2%

                      

Kansas St. Dept. Transn. Hwy. Rev.,

                      

Ser. B-1, F.R.D.D.

     VMIG1    1.00      04/01/08      200      200,000

Ser. B-2, F.R.D.D.

     VMIG1    1.00      04/01/08      200      200,000
                        
                       400,000
                        

Louisiana 1.7%

                      

Louisiana St. Offshore Term Auth. Deepwtr. Port. Rev., Ref. Loop LLC Proj., Ser. A, F.R.D.D.

     A-1+(c)    1.25      04/01/08      400      400,000

St. Charles Parish Pollutn. Ctl. Rev., Ref. Shell Oil Co., Norco Proj., A.M.T., F.R.D.D.

     VMIG1    1.35      04/01/08      190      190,000
                        
                       590,000
                        

Maryland 1.3%

                      

Maryland St. Economic Dev. Corp. Economic Dev. Rev., Fed. Of American Societies, Ser. A, F.R.D.D.

     VMIG1    1.25      04/01/08      450      450,000
                        

Minnesota 1.7%

                      

St. Paul Hsg. & Redev. Auth. Rev., Minn. Pub. Radio Proj., Ser. 2002, F.R.D.D.

     VMIG1    1.33      04/01/08      600      600,000
                        

Missouri 8.3%

                      

Missouri St. Hlth. & Edl. Facs. Auth., Edl. Facs. Rev., Bethesda Hlth. Group, Ser. 2001 A, F.R.D.D.

     VMIG1    1.30      04/01/08      430      430,000

St. Louis Univ. Rev.,

                      

Ser. 2002, F.R.D.D.

     VMIG1    1.33      04/01/08      1,480      1,480,000

Ser. B, F.R.D.D.

     VMIG1    1.33      04/01/08      910      910,000
                        
                       2,820,000
                        

Nebraska 2.2%

                      

Lancaster Cnty. Hosp. Auth. Hlth. Facs. Rev., Immanuel Hlth. Sys., Ser. A, F.R.D.D.

     A-1(c)    1.25      04/01/08      200      200,000

Sarpy Cnty. Hosp. Auth. No. 1 Hlth. Facs. Rev., Immanuel Hlth. Sys., Ser. B, F.R.D.D.

     A-1(c)    1.25      04/01/08      550      550,000
                        
                       750,000
                        

Nevada 0.6%

                      

Clark Cnty. Sch. Dist., Ser. A, F.S.A., F.R.D.D., G.O.

     VMIG1    1.15      04/01/08      200      200,000
                        

New Mexico 2.9%

                      

Hurley Pollution Ctl. Rev., Updates Kennecott Santa Fe, F.R.D.D.

     P-1    1.25      04/01/08      1,000      1,000,000
                        


New York 7.3%

                      

Long Island Pwr. Auth. Elec. Sys., Rev., Sub. Ser. 1B, Rmkt., F.R.D.D.

     VMIG1    1.22      04/01/08      400      400,000

New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys., Rev., Ser. C, F.R.D.D.

     VMIG1    1.06      04/01/08      300      300,000

New York, NY

                      

Sub. Ser. A-5, F.R.D.D., G.O.

     VMIG1    0.98      04/01/08      1,300      1,300,000

Sub. Ser. A-6, F.R.D.D., G.O.

     VMIG1    1.15      04/01/08      500      500,000
                        
                       2,500,000
                        

Oklahoma 0.8%

                      

Tulsa Cnty. Indl. Auth. Rev., First Mtge., Montercau, Ser. A, F.R.D.D.

     A-1+(c)    1.25      04/01/08      280      280,000
                        

Oregon 0.6%

                      

Oregon St. Hlth. Hsg. Edl. & Cultural Facs. Auth. Peace Health, F.R.D.D.

     A-1+(c)    1.25      04/01/08      205      205,000
                        

Pennsylvania 5.3%

                      

Delaware Cnty. Indl. Dev. Auth. Arpt. Facs. Rev.,

     A-1+(c)    1.07      04/01/08      1,600      1,600,000

Dates-Utd. Parcel Svc. Proj., F.R.D.D.

                      

Pollutn. Ctl. Rev., Ref. BP Exploration & Oil, F.R.D.D.

     P-1    1.25      04/01/08      200      200,000
                        
                       1,800,000
                        

Rhode Island 5.8%

                      

Providence Hsg. Auth. Multi Family Rev., Hsg. Cathedral Square,

                      

Ser. A, F.R.D.D., A.M.T.

     A-1+(c)    1.25      04/01/08      100      100,000

Ser. B, F.R.D.D.

     A-1+(c)    1.25      04/01/08      995      995,000

Rhode Island Hlth. & Edl. Bldg. Corp. Edl. Instn. Rev., St. Mary Academy, F.R.D.D.

     A-1+(c)    1.15      04/01/08      880      880,000
                        
                       1,975,000
                        

South Carolina 1.2%

                      

Berkeley Cnty. Pollutn. Ctl. Facs. Rev., Ref. Amoco Chemical Co. Proj.

     VMIG1    1.25      04/01/08      400      400,000
                        

Tennessee 10.5%

                      

Clarksville Tenn. Pub. Bldg. Auth. Rev., -Pooled Fing., Mun. Bd. Fd., Ser. 2003, F.R.D.D.

     VMIG1    1.15      04/01/08      590      590,000

Montgomery Cnty. Pub. Bldg. Auth. Pooled Fing. Rev.,

                      

Tenn. Cnty. Ln. Pool, Ser. 2002, F.R.D.D.

     VMIG1    1.15      04/01/08      640      640,000

Tenn. Cnty. Ln. Pool, Ser. 2004, F.R.D.D.

     VMIG1    1.15      04/01/08      275      275,000

Sevier Cnty. Pub. Bldg. Auth. Loc. Govt. Pub. Impt.,

                      

Ser. IV-B-7, F.S.A., F.R.D.D.

     VMIG1    1.40      04/01/08      300      300,000

Ser. IV-C-2, F.S.A., F.R.D.D.

     VMIG1    1.40      04/01/08      200      200,000

Ser. IV-B-12, F.S.A., F.R.D.D.

     VMIG1    1.40      04/01/08      820      820,000

Ser. IV-B-4, F.S.A., F.R.D.D.

     VMIG1    1.40      04/01/08      275      275,000

Ser. IV-C-4, F.R.D.D.

     VMIG1    1.40      04/01/08      500      500,000
                        
                       3,600,000
                        


Texas 7.9%

                     

Gulf Coast. Wste. Disp. Auth. Tex. Pollutn. Ctl. Rev., Ref. Exxon Proj., F.R.D.D.

     P-1   0.86      04/01/08      1,200        1,200,000

Keller Indpt. Sch. Dist., Mun. Secs. Tr. Rcpts., Ser. SGA 111, P.S.F. Gtd., G.D. F.R.D.D., G.O.

     A-1+(c)   1.30      04/01/08      1,300        1,300,000

Port Arthur, Tex. Nav. Dist. Ref. Texaco, Inc. Proj., F.R.D.D.

     VMIG1   1.15      04/01/08      200        200,000
                         
                        2,700,000
                         

Total Investments   84.9%
(cost $28,975,000)(d)

                        28,975,000

Other assets in excess of liabilities 15.1%

                        5,142,392
                         

Net Assets 100.0%

                      $ 34,117,392
                         

 

(a) The following abbreviations are used in the portfolio descriptions:

A.M.T.—Alternative Minimum Tax.

F.R.D.D.—Floating Rate (Daily) Demand Note (b).

F.S.A.—Financial Security Assurance.

G.O.—General Obligation.

P.S.F.—Permanent School Fund.

(b) For purposes of amortized cost valuation, the maturity date of these instruments is considered to be the later of the next date on which the security can be redeemed at par or the next date on which the rate of interest is adjusted.
(c) Standard & Poor’s Rating.
(d) The cost basis for federal income tax purposes is substantially the same as that used for financial statements purposes.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund’s assets carried at fair value:

 

Valuation inputs

   Investments
in Securities
   Other Financial
Instruments*

Level 1 - Quoted Prices

   $ —      $ —  

Level 2 - Other Significant Observable Inputs

     28,975,000      —  

Level 3 - Significant Unobservable Inputs

     —        —  
             

Total

   $ 28,975,000    $ —  
             

 

* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

As of December 31, 2007 and March 31, 2008, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments.


Notes to Schedule of Investments (Unaudited)

Security Valuations: Securities are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. If the amortized cost method is determined not to represent fair value, the fair value is determined by or under the direction of the Board of Directors. When determining the fair valuation of securities some of the factors influencing the valuation include, the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).


Item 2. Controls and Procedures

 

  (a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

  (b) There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 3. Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – Attached hereto.

 


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) Dryden Tax-Free Money Fund

 

By (Signature and Title)*

 

/s/ Deborah A. Docs

  Deborah A. Docs
  Secretary of the Fund

Date May 21, 2008

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 (Signature and Title)*

 

/s/ Judy A. Rice

  Judy A. Rice
  President and Principal Executive Officer

Date May 21, 2008

 

By (Signature and Title)*

 

/s/ Grace C. Torres

  Grace C. Torres
  Treasurer and Principal Financial Officer

Date May 21, 2008

 

* Print the name and title of each signing officer under his or her signature.