LETTER TO SHAREHOLDERS
Dear Shareholder:
As your Fund ended its semi-annual reporting period on November 30, 1994,
its net asset value was $13.48 per share. Income dividends of approximately
$.41 per share were paid during this period, representing an annualized
distribution rate per share of 6.14% based on the November 30, 1994 net asset
value. In addition, we are pleased to report that all dividends paid from net
investment income during this period were exempt from Federal and State of
California income taxes, although certain shareholders may be subject to the
Federal Alternative Minimum Tax on some portfolio income.
The municipal market continued its decline over the reporting period as
the economy continued to grow, and with that decline, inflationary fears
increased. While some acceleration in the economy had been expected, the
robust growth experienced over the past months was clearly a surprise to most
economists and market participants alike. It had been anticipated that the
higher interest rates engendered by the Federal Reserve Board's tighter
monetary policy, beginning in the first quarter of this year, would clearly
slow economic expansion by year end.
As of this letter, there are few signs that the economy is slowing. In
fact, a wide array of economic indexes are showing growth at levels that have
proven to be accurate forecasters of upward inflationary trends in past
recoveries. As an example, retail spending began rising in July and continued
unabated into the seasonally strong Christmas season. Through November,
wholesale price inflation was running at a 1.6% annual rate, compared with
0.4% for the same period a year earlier and 0.2% for all of 1993. November
housing starts, reported recently by the Commerce Department, rose to their
highest level in eight months. In addition, job gains remain strong and
jobless claims continue to go lower, while capacity utilization rates have
risen rapidly and are now near the peak level of the last cycle. Lastly,
commodity prices continue on a volatile but upward path compared to the past
several years.
There are some positive signs that the economy, although growing at a
near 4% annual rate, may be able to avoid an inflationary surge. For example,
the increases in commodity prices have not as yet been evident in prices paid
by the consumer, but it may be only a matter of time before this occurs. Wage
inflation also remains practically nonexistent, but of course it
traditionally lags a strong economic upsurge. Another positive sign that the
economy may be able to avoid an inflationary surge is the flattening yield
curve for Government securities. This usually is evidence that the market
believes that the economy will slow in the coming months, making longer-
maturity securities more attractive.
Currently, the Federal Reserve Board appears to be reluctant to increase
rates further until potential market disruptions such as Orange County's
difficulties have been addressed. However, any signs of wage and/or consumer
price inflation will lead to rapid rate action by the Board early in 1995.
Our strategy in this environment is one of caution. We believe that
inflationary pressures will rise in the coming months but vigilance by the
Fed will limit these increases, and that interest rates will peak by midyear.
We have raised our cash position and sold lower-coupon issues to limit,
somewhat, our volatility in this environment.
The California economy has continued to lag the economic improvement
experienced by most of the nation. A slow real estate market and less defense
spending, as well as State budgetary and immigration issues, will continue to
be major problems negatively affecting the economy in the coming year. As
this letter was being written, Orange County's fiscal problems became known.
They complicate the market for County securities and, we expect, will
initially have some limited negative impact on all California issues.
We are reviewing all of the portfolio's holdings with special attention
to Orange County's difficulties. We do not believe that these events will
have any significant adverse impact on your portfolio.
We have included a current Statement of Investments and recent financial
statements for your review. We greatly appreciate your investment in the Fund
and look forward to serving your investment needs in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
January 10, 1995
New York, N.Y.
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DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS--97.3% AMOUNT VALUE
---------------- ----------------
<S> <C> <C>
Alameda County, COP:
7.25%, 12/1/2014 (Insured; BIGI) (Prerefunded 12/1/2000) (a)............ $ 5,980,000 $ 6,518,200
7.25%, 12/1/2015 (Insured; BIGI) (Prerefunded 12/1/2000) (a)............ 4,045,000 4,409,050
Anaheim, COP (Anaheim Memorial Hospital Association)
7.25%, 5/15/2020 (Insured; AMBAC) (Prerefunded 5/15/2000) (a)........... 6,000,000 6,504,360
Anaheim Electric System, COP 6.75%, 10/1/2022 (Insured; AMBAC)
(Prerefunded 10/1/2000) (a)............................................. 1,500,000 1,595,640
Anaheim Public Finance Authority, Tax Allocation Revenue
9.18%, 12/28/2018 (Insured; MBIA) (b)................................... 10,000,000 8,500,000
Atwater Community Facilities District, Special Tax 7.75%, 8/1/2015.......... 16,040,000 8,020,000
Bay Area Government Association, Tax Allocation Revenue
(California Redevelopment Agency) 6%, 12/15/2024........................ 11,500,000 10,051,690
Bellflower, COP, Refunding
(Bellflower Civic Center), 7.20%, 10/1/2019 (Insured; MBIA)............. 1,475,000 1,496,904
Big Independent Cities Excess Pool Joint Power Authority, Insurance Program Revenue
8.25%, 3/1/2009......................................................... 5,750,000 5,886,735
Brea Public Finance Authority, Revenue, Tax Allocation (Redevelopment Project):
6.75%, 8/1/2022 (Insured; MBIA) (Prerefunded 8/1/2001) (a).............. 4,625,000 4,917,254
6.75%, 8/1/2022 (Insured; MBIA)......................................... 1,775,000 1,747,470
Burbank Redevelopment Agency, Tax Allocation
(City Center Redevelopment Project) 5.50%, 12/1/2023 (Insured; CGIC).... 4,000,000 3,238,440
California:
6.111%, 4/1/2003 (b,c).................................................. 12,700,000 10,207,625
6.20%, 9/1/2006......................................................... 8,500,000 8,346,235
5.75%, 10/1/2010........................................................ 1,830,000 1,611,333
7.587%, 4/1/2023 (b,c).................................................. 10,000,000 6,800,000
California Alternative Energy Source Financing Authority, Cogeneration Revenue
(SRI International Project) 9.75%, 12/1/2005............................ 3,250,000 1,625,000
California Department of Transportation, COP (East Bay State Building)
6.50%, 3/1/2016......................................................... 15,975,000 14,781,188
California Department of Veteran Affairs, Home Purchase Revenue 8.30%, 8/1/2019 1,000,000 1,031,180
California Department of Water Resources,
(Central Valley Project) Water System Revenue:
6.125%, Series J-2, 12/1/2013......................................... 3,000,000 2,741,070
6.60%, 12/1/2019 (Prerefunded 6/1/2000) (a)........................... 3,000,000 3,156,120
6.90%, 12/1/2025 (Prerefunded 6/1/2000) (a)........................... 5,070,000 5,404,772
California Health Facilities Authority, HR
(Saint Joseph's Health System) 9.875%, 7/1/2014 (Prerefunded 7/1/1995)(a) 400,000 416,664
California Health Facilities Financing Authority, Revenue:
(Adventist Health System-West):
6.40%, 3/1/2002 (Insured; MBIA)....................................... 1,955,000 2,010,620
6.50%, 3/1/2003 (Insured; MBIA)....................................... 2,140,000 2,205,784
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
California Health Facilities Financing Authority, Revenue (continued):
(Catholic Health Facilities) 5%, 7/1/2008 (Insured; MBIA)............... $ 5,000,000 $ 4,120,600
(Downey Community Hospital):
5.625%, 5/15/2008..................................................... 2,500,000 2,197,400
5.75%, 5/15/2015...................................................... 2,750,000 2,218,727
(Episcopal Homes Foundation) 7.75%, 7/1/2018............................ 4,270,000 4,391,268
(Health Facilities-Sisters of Providence) 7.50%, 10/1/2010 ............. 4,545,000 4,668,624
(Kaiser Permanente):
7%, 10/1/2018......................................................... 10,520,000 10,422,269
5.60%, 5/1/2033....................................................... 4,250,000 3,266,380
(Mills-Peninsula Hospital) 7.50%, 1/15/2000............................. 800,000 833,728
(Robert F. Kennedy Medical Center) 7.75%, 3/1/2014...................... 1,500,000 1,552,470
(Saint Joseph's Health System) 6.75%, 7/1/2021 (Prerefunded 7/1/2001) (a) 8,500,000 9,043,235
(San Diego Children's Hospital) 6.50%, 7/1/2020 (Insured; MBIA)......... 7,300,000 6,984,494
(Stanford University):
6.50%, 11/1/2020 (Prerefunded 11/1/2000) (a).......................... 8,975,000 9,441,072
6.50%, 11/1/2020...................................................... 1,025,000 944,558
(Unihealth America):
7.625%, 10/1/2015 (Insured; AMBAC) (Prerefunded 10/1/1998) (a)........ 9,690,000 10,556,771
7.625%, 10/1/2015 (Insured; AMBAC).................................... 55,000 56,748
California Housing Finance Agency, Home Mortgage Revenue:
Home Mortage Revenue:
6.30%, 2/1/2008....................................................... 2,790,000 2,652,118
6.35%, 2/1/2009....................................................... 2,970,000 2,782,682
6.40%, 2/1/2010....................................................... 3,135,000 2,916,302
8.20%, 8/1/2017....................................................... 115,000 119,820
8.30%, 8/1/2019....................................................... 230,000 238,653
5.70%, 2/1/2025 (Insured; MBIA)....................................... 4,780,000 3,866,877
6.55%, 8/1/2026....................................................... 8,000,000 7,225,680
7.65%, 8/1/2029....................................................... 4,000,000 4,004,480
Revenue 9.111%, 8/1/2023 (b)............................................ 10,000,000 7,812,500
California Pollution Control Financing Authority:
PCR:
(Pacific Gas & Electric Co.):
6.35%, 6/1/2009................................................... 5,000,000 4,737,300
5.85%, 12/1/2023 (Insured: AMBAC)................................. 5,000,000 4,222,700
5.85%, 12/1/2023 (Insured; MBIA) ................................. 15,000,000 12,668,100
(Southern California Edison Co.):
6.40% 12/1/2024................................................... 28,000,000 24,918,600
6.40%, 12/1/2024 (Insured; AMBAC)................................. 2,000,000 1,836,340
6.40% 12/1/2024 (Insured; FGIC)................................... 10,000,000 9,067,100
RRR (Waste Management Inc.) 7.15%, 2/1/2011............................. 17,500,000 17,720,150
SWDR:
(Browning Ferris Industry) 6.75%, 9/1/2019............................ 3,400,000 3,110,864
(Keller Canyon Landfill Co. Project) 6.875%, 11/1/2027................ 5,950,000 5,477,332
California Public Works Board, LR:
(California State University Library Project) 6.25%, 9/1/2016........... 11,900,000 10,749,508
(Department of Corrections) 6.50%, 9/1/2019 (Prerefunded 9/1/2001) (a).. 2,270,000 2,383,137
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
California Public Works Board, LR (continued):
(Department of Corrections, Calipatria State Prison, Imperial County)
6.50%, 9/1/2017 (Insured; MBIA)....................................... $ 10,000,000 $ 9,642,600
(Department of Corrections, Del Norte) 5.20%, 12/1/2009 (Insured; MBIA). 10,000,000 8,369,000
(Department of Corrections, Madera State Prison):
6%, 6/1/2007.......................................................... 6,090,000 5,742,626
6%, 6/1/2009.......................................................... 7,870,000 7,220,489
(Regents of the University of California) 7%, 9/1/2010 (Prerefunded 9/1/2000) (a) 2,500,000 2,688,275
(Various University of California Projects):
Refunding 5.50%, 6/1/2010............................................. 6,950,000 5,868,580
5.50%, 6/1/2014....................................................... 6,750,000 5,514,750
5.50%, 12/1/2018...................................................... 4,750,000 3,779,243
6.375%, 10/1/2019..................................................... 7,575,000 6,880,145
California Statewide Community Development Authority:
(Pacific Homes) 6%, 4/1/2017............................................ 7,500,000 6,506,550
Revenue:
COP (Motion Picture and TV Fund) 5.69%, 1/1/2017 (Insured; AMBAC) (b). 6,300,000 3,856,104
(Insured Health Facilities, Unihealth) 5.50%, 10/1/2014 (Insured; AMBAC) 8,750,000 7,386,050
(Oakland Convention Center Project) 5.50%, 10/1/2014 (Insured; AMBAC). 12,000,000 10,163,520
Calleguas Municipal Water District, COP
6.25%, 7/1/2017 (Insured; AMBAC) (Prerefunded 7/1/2001) (a)............. 15,000,000 15,553,350
Carlsbad Housing and Redevelopment Agency, Tax Allocation
(Village Redevelopment Project) 7.80%, 4/1/2011 (Insured; AMBAC)
(Prerefunded 4/1/1997) (a).............................................. 2,000,000 2,149,640
Castaic Lake Water Agency, COP
(Water System Improvement Project) 7.125%, 8/1/2016 (Insured; MBIA)
(Prerefunded 8/1/2000) (a).............................................. 5,000,000 5,403,100
Central Basin Municipal Water District, COP
(Century Reclamation Program):
6.875%, 2/1/2011 (Insured; FGIC) (Prerefunded 2/1/2000) (a)........... 3,400,000 3,624,026
6.875%, 2/1/2016 (Insured; FGIC) (Prerefunded 2/1/2000) (a)........... 2,935,000 3,128,387
Central Coast Water Authority, Revenue
(State Water Project Regional Facilities) 6.60%, 10/1/2022 (Insured; AMBAC) 3,800,000 3,650,242
Chico Public Financing Authority, Revenue
(Southeast Chico Redevelopment Project) 6.625%, 4/1/2021 (Insured; FGIC) 10,000,000 9,714,100
Chula Vista, IDR (San Diego Gas and Electric) 6.40%, 12/1/2027.............. 20,600,000 18,603,860
Compton Community Redevelopment Agency, Refunding
(Walnut Industrial Park Project):
7.50%, 8/1/2013 (Insured; AMBAC)...................................... 3,000,000 3,118,980
8.10%, 8/1/2013....................................................... 14,000,000 14,329,280
Contra Costa County, COP (Merrithew Memorial Hospital) 6.60%, 11/1/2012..... 10,000,000 9,352,800
Corona Community Facilities District, Special Tax, Refunding:
7.60%, 9/1/2013......................................................... 5,755,000 5,619,412
7.60%, 9/1/2017......................................................... 3,000,000 2,883,690
7.70%, 9/1/2019......................................................... 2,000,000 1,939,560
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
Costa Mesa City Hall and Public Safety Facilities Inc., LR
(Victoria Street) 7.60%, 10/1/2018 (Prerefunded 10/1/1997) (a).......... $ 4,600,000 $ 4,868,502
Dos Palos Public Financing Authority, Local Agency Revenue 7.90%, 10/1/2020. 8,655,000 8,596,925
East Bay Municipal Utilities District, Revenue:
Wastewater Treatment System:
7.27%, 6/1/2013 (Insured; AMBAC) (b).................................. 8,450,000 5,756,563
7.20%, 6/1/2020 (Insured; AMBAC) (Prerefunded 6/1/2000) (a)........... 3,325,000 3,599,977
6.32%, 6/1/2020(b).................................................... 15,000,000 9,581,250
Water System 6.375%, 6/1/2021 (Insured; AMBAC) (Prerefunded 12/1/2001) (a) 22,000,000 22,962,500
Emeryville Public Financing Authority, Revenue
(Shellmound Park Redevelopment Project) 6.80%, 5/1/2024................. 2,365,000 2,161,563
Fairfield, COP, Home Mortgage Revenue 11%, 7/1/2017. ....................... 50,000 51,215
Fairfield Public Financing Authority, Revenue (Fairfield Redevelopment
Projects)
5.50%, 8/1/2023 (Insured; CGIC)......................................... 9,000,000 7,245,270
Folsom, Special Tax (Community Facilities District Number 3) 7.80%, 12/1/2015 1,900,000 1,911,172
Folsom Public Financing Authority, Local Agency Revenue:
7.90%, 10/1/2019 (Prerefunded 10/1/1996) (a)............................ 3,780,000 4,069,019
7.90%, 10/1/2019........................................................ 19,595,000 20,206,756
Fontana, Special Tax
(Community Facilities District Number 3):
8.60%, 10/1/2010...................................................... 7,500,000 6,450,000
8.70%, 10/1/2015...................................................... 11,500,000 9,890,000
Fresno Health Facilities, Revenue (Holy Cross Health System Corp.)
5.625%, 12/1/2015 (Insured; MBIA)....................................... 7,000,000 5,942,300
Galt Community Facilities District, Special Tax 7.70%, 9/1/2019............. 10,950,000 10,327,492
Glendale Redevelopment Agency, Tax Allocation Revenue
(Central Glendale Redevelopment Project):
7%, 12/1/2011 (Insured; AMBAC) (Prerefunded 12/1/1998) (a)............ 4,600,000 4,939,526
7.10%, 12/1/2020 (Insured; AMBAC) (Prerefunded 12/1/1998) (a)......... 4,700,000 5,063,639
Hesperia Water District, COP, Refunding
(Water Facilities Improvement Project) 7.15%, 6/1/2026 (Insured; FGIC).. 4,500,000 4,578,120
Industry Urban Development Agency, Refunding (Civic Recreational Project):
7.375%, 5/1/2015 (Prerefunded 5/1/1997) (a)............................. 765,000 818,366
7.375%, 5/1/2015........................................................ 235,000 232,173
Inglewood, HR (Daniel Freeman Hospital, Inc.) 6.75%, 5/1/2013............... 6,300,000 5,975,865
La Verne Community Facilities District, Special Tax
(Koll Business Center) 7.875%, 3/1/2014................................. 3,625,000 3,662,519
Lake Elsinore Public Financing Authority, Revenue:
Local Agency:
7.50%, 10/1/2010...................................................... 2,600,000 2,557,126
8%, 10/1/2020......................................................... 12,970,000 12,828,108
7.75%, 10/1/2021...................................................... 5,000,000 4,905,150
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
Lake Elsinore Public Financing Authority, Revenue (continued):
Tax Allocation
(Lake Elsinore Redevelopment Project) 6.25%, 2/1/2019 (Insured; FGIC). $ 4,500,000 $ 4,128,210
Loma Linda, HR, (Loma Linda University Medical Center Project):
7%, 12/1/2022 (Prerefunded 12/1/2001) (a)............................... 23,870,000 25,718,970
Refunding 7%, 12/1/2015 (Insured; AMBAC)................................ 12,355,000 12,439,632
Long Beach, COP (Airport Improvements Project)
6.95%, 6/1/2016 (Insured; MBIA) (Prerefunded 6/1/1999) (a).............. 4,000,000 4,270,560
Los Angeles:
COP (Woodbury University Project) 8%, 6/1/2018 (LOC; Tokai Bank) (d).... 2,500,000 2,597,400
Home Mortgage Revenue 9.875%, 12/1/2004................................. 40,000 41,108
Wastewater System Revenue:
6.80%, 8/1/1998....................................................... 1,050,000 1,113,703
Refunding 7%, 6/1/2011 (Insured; AMBAC)............................... 2,830,000 2,868,205
Refunding 6%, 12/1/2018 (Insured; FGIC)............................... 14,600,000 13,053,714
5.875%, 6/1/2024 (Insured; MBIA)...................................... 14,500,000 12,507,700
Los Angeles Community Redevelopment Agency, Tax Allocation:
(Bunker Hill Project)
5.625%, 12/1/2023 (Insured; FSA)...................................... 9,290,000 7,605,351
(Hollywood Redevelopment Project) 6.10%, 7/1/2022 (Insured; MBIA)....... 4,900,000 4,385,843
Los Angeles Convention and Exhibition Center Authority, COP, Refunding:
7%, 8/15/2020 (Prerefunded 8/15/1999) (a)............................... 1,835,000 1,966,551
7%, 8/15/2021 (Insured; AMBAC) (Prerefunded 8/15/2000)(a)............... 2,750,000 2,956,113
Los Angeles County, COP:
(Disney Parking Project) 6.50%, 3/1/2023............................... 5,800,000 5,240,996
(Edmund D. Edelman Childrens' Court) 6%, 4/1/2012 (Insured; AMBAC)...... 9,000,000 8,280,900
(Van Nuys Courthouse Project) 9%, 6/1/2015 (Prerefunded 6/1/1996) (a)... 225,000 242,906
Los Angeles County Capital Asset Leasing Corp., Leasehold Revenue, Refunding
5.75%, 12/1/2004 (Insured; AMBAC)....................................... 3,000,000 2,906,970
Los Angeles County Health Facilities Authority, LR, Refunding
(Olive View Medical Center) 7.50%, 3/1/2008 (Prerefunded 3/1/1998) (a).. 1,980,000 2,139,885
Los Angeles County Metropolitan Transportation Authority,
Sales Tax Revenue, Refunding:
5.50%, 7/1/2013....................................................... 4,750,000 3,984,822
5.625%, 7/1/2018 (Insured; MBIA)...................................... 15,000,000 12,664,350
Los Angeles County Public Works Financing Authority, Revenue, Refunding
5%, 3/1/2011............................................................ 3,000,000 2,427,690
Los Angeles County Sanitation Districts Financing Authority, Revenue
(Capital Projects) 5.375%, 10/1/2013.................................... 4,000,000 3,314,160
Los Angeles County Transport Commission, Sales Tax Revenue,
Refunding 5.75%, 7/1/2018............................................... 2,150,000 1,800,604
Los Angeles Department Airports, Airport Revenue, Refunding 7.40%, 5/1/2010. 3,700,000 3,770,522
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
Los Angeles Department Water and Power, Revenue:
Electric Plant:
5.30%, 2/15/2025...................................................... $ 4,200,000 $ 3,264,114
Crossover Refunding 5.375%, 9/1/2023.................................. 2,000,000 1,581,240
Crossover Refunding 5.25%, 11/15/2026................................. 7,500,000 5,695,275
7.10%, 1/15/2031...................................................... 2,160,000 2,308,997
8.24%, 1/15/2033 (b,c)................................................ 4,500,000 3,161,250
Waterworks, Refunding:
6.40%, 5/15/2028...................................................... 2,435,000 2,209,495
6.375%, 7/1/2034 (Insured; MBIA)...................................... 12,000,000 11,042,640
Los Angeles Municipal Improvement Corp., LR, Refunding
(Central Library Project):
5.375%, 6/1/2011...................................................... 3,725,000 3,118,831
6.30%, 6/1/2016....................................................... 3,500,000 3,200,750
6.30%, 6/1/2018....................................................... 4,250,000 3,823,895
Marin Municipal Water District, COP, Revenue
6.60%, 7/1/2016 (Insured; FGIC) (Prerefunded 7/1/1998) (a).............. 4,955,000 5,214,791
Mesa Consolidated Water District, COP
(Mesa Consolidated Water Improvement Co.-Capital Improvement)
7.625%, 3/15/2008 (Insured; AMBAC)...................................... 1,500,000 1,577,925
Metropolitan Water District of Southern California:
Crossover Refunding 5.50%, 3/1/2010..................................... 7,000,000 6,107,430
Waterworks Revenue:
6.75%, 7/1/2018 (Prerefunded 7/1/2001) (a)............................ 4,750,000 5,048,205
5.50%, 7/1/2019....................................................... 13,000,000 10,713,430
M-S-R Public Power Agency, Revenue (San Juan Project):
6.625%, 7/1/2013 (Insured; BIGI)........................................ 10,000,000 9,836,800
6.50%, 7/1/2017 (Insured; MBIA)......................................... 3,200,000 3,075,488
6.875%, 7/1/2019 (Insured; AMBAC)....................................... 5,200,000 5,153,876
Modesto:
COP, (Modesto Community Center Project)
8%, 11/1/2006 (Prerefunded 11/1/1997) (a)............................. 2,000,000 2,186,460
Multi-Family Housing Mortage Revenue, Refunding 6.40%, 6/1/2029......... 7,723,000 6,850,996
Modesto Irrigation District, Electric Revenue
9.625%, 1/1/2011........................................................ 8,780,000 11,387,221
Moreno Valley Unified School District,
Community Facilities District, Special Tax:
7.65%, 8/15/2009...................................................... 5,000,000 4,955,650
7.70%, 8/15/2014...................................................... 9,000,000 8,820,000
Moulton Niguel Water District (Improvement District Number 6)
7.25%, 4/1/2016 (Insured; AMBAC) (Prerefunded 4/1/2000) (a)............. 5,000,000 5,418,600
Mount Diablo Hospital District, Revenue
6.125%, 12/1/2020 (Insured; AMBAC) (Prerefunded 12/1/2000) (a).......... 5,000,000 5,175,500
Mount Diablo Unified School District, Community Facilities District Special
Tax
7.05%, 8/1/2020 (Insured; FGIC)......................................... 3,500,000 3,526,250
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
Northern California, Transmission Revenue
(California-Oregon Transmission Project):
6.50%, 5/1/2016 (Insured; MBIA)....................................... $ 2,250,000 $ 2,166,907
6%, 5/1/2024 (Insured; MBIA).......................................... 5,000,000 4,402,100
Northern California Power Agency, Power Revenue
(Hydroelectric Project) 7%, 1/1/2016 (Insured; AMBAC)................... 670,000 695,554
Refunding:
7.50%, 7/1/2023 (Insured; AMBAC) (Prerefunded 7/1/2021) (a)........... 375,000 409,005
(Geothermal Project) 5.50%, 7/1/2005.................................. 5,000,000 4,542,800
Oceanside Community Development Commission, LR
(Oceanside Civic Center Project) 8%, 8/1/2019 (Prerefunded 8/1/1996) (a) 1,000,000 1,069,790
Orange County Local Transportation Authority, Sales Tax Revenue
5.70%, 2/15/2003........................................................ 7,500,000 7,270,125
5.22%, 2/15/2010 (Insured; FGIC) (b).................................... 6,100,000 4,024,841
5.27%, 2/15/2011 (Insured; FGIC) (b).................................... 6,900,000 4,510,254
Pasadena, COP, Refunding (Capital Project) 5.75%, 1/1/2013.................. 1,500,000 1,310,595
Pittsburg Redevelopment Agency, Tax Allocation
(Los Medanos Community Development Project)
7.75%, 8/1/2015 (Prerefunded 8/1/1996) (a).............................. 1,500,000 1,598,745
Port of Oakland, Revenue:
Port:
6.50%, 11/1/2016 (Insured; MBIA)...................................... 8,300,000 7,891,059
6.40%, 11/1/2022 (Insured; MBIA)...................................... 10,000,000 9,244,700
Special Facilities
(Mitsui O.S.K. Lines Ltd.) 6.80%, 1/1/2019 (LOC; Industrial Bank of Japan) (d) 2,000,000 1,853,180
Rancho Cucamonga Redevelopment Agency, Tax Allocation
(Rancho Cucamonga Redevelopment Project):
7.125%, 9/1/2019 (Prerefunded 9/1/1999)............................... 2,545,000 2,751,603
7.125%, 9/1/2019 (Insured; MBIA)...................................... 2,455,000 2,473,535
6.75%, 9/1/2020 (Insured; MBIA)....................................... 1,665,000 1,634,864
6.75%, 9/1/2020 (Insured; MBIA) (Prerefunded 9/1/1999) (a)............ 1,835,000 1,948,018
Redding, Electric System Revenue, COP
8.851%, 7/1/2022 (Insured; MBIA) (b).................................... 3,650,000 3,084,250
Redding Redevelopment Agency, TAN, Refunding
(Canby, Hilltop, Cypress) 5%, 9/1/2023 (Insured; CGIC).................. 1,285,000 950,951
Redlands, COP, 7%, 12/1/2022 (Insured; MBIA) (Prerefunded 12/1/2020) (a).... 2,600,000 2,800,018
Rialto, COP, (Wastewater Treatment Facilities Project)
7.30%, 11/1/2008 (Prerefunded 11/1/1998)................................ 5,260,000 5,672,489
Riverside County
COP, Refunding (Public Financing Project):
7.75%, Type 1, 12/1/2003.............................................. 1,500,000 1,601,895
7.75%, Type 2, 12/1/2003 (Prerefunded 12/1/1996) (a).................. 1,500,000 1,602,480
7.875%, Type 1, 12/1/2015............................................. 2,000,000 2,065,880
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
Riverside County Asset Leasing Corp., Leasehold Revenue
(Riverside County Hospital Project):
7.20%, 6/1/2010 (Insured; BIGI) (Prerefunded 6/1/1999) (a)............ $ 4,450,000 $ 4,812,230
6.25%, 6/1/2019....................................................... 7,500,000 6,693,075
Riverside County Community Facilities District, Special Tax:
7.80%, 9/1/2015......................................................... 7,000,000 6,214,880
8.25%, 9/1/2016......................................................... 4,730,000 4,392,798
Sacramento, COP (Refunding-Public Facilities Project) 6%, 7/1/2012.......... 6,000,000 5,460,000
Sacramento City Financing Authority, Revenue
6.80%, 11/1/2020 (Prerefunded 11/1/2001) (a)............................ 2,800,000 2,988,636
Sacramento County, COP (Cherry Island Golf Course Project)
8.125%, 12/1/2018 (Prerefunded 12/1/1998) (a)........................... 1,500,000 1,676,820
Saddleback Community College District, COP
7%, 8/1/2019 (Insured; BIGI)............................................ 2,875,000 2,900,587
San Bernardino County, COP
(Capital Facilities Project)
6.875%, 8/1/2024...................................................... 5,000,000 5,104,950
(West Valley Detention Center)
5.90%, 11/1/2001 (Insured; MBIA)...................................... 1,565,000 1,573,717
San Elijo Joint Powers Authority, Revenue
(San Elijo Water Pollution Control Project) 7%, 3/1/2020 (Insured; FGIC)
(Prerefunded 3/1/2000) (a).............................................. 5,500,000 5,894,075
San Francisco City and County:
COP (25 Van Ness Avenue Project) 6%, 9/1/2016........................... 2,350,000 2,074,862
Sewer Revenue:
Refunding 5.90%, 10/1/2007 (Insured; AMBAC)........................... 10,000,000 9,432,200
Refunding 5.90%, 10/1/2008 (Insured; AMBAC)........................... 15,000,000 13,978,050
6.50%, 10/1/2011 (Insured; AMBAC) (Prerefunded 10/1/1999) (a)......... 5,900,000 6,205,561
6.50%, 10/1/2012 (Insured; AMBAC) (Prerefunded 10/1/1999) (a)......... 6,500,000 6,836,635
6.50%, 10/1/2016 (Insured; AMBAC) (Prerefunded 10/1/1999) (a)......... 6,075,000 6,412,163
6.50%, 10/1/2021 (Insured; AMBAC) (Prerefunded 10/1/1999) (a)......... 500,000 527,965
SFMR, (FNMA/GNMA Mortgage Backed Securities Program) 7.45%, 1/1/2024.... 275,000 276,075
San Francisco City and County Airports Commission, International Airport Revenue,
Refunding:
6.10%, 5/1/2003 (Insured; AMBAC)...................................... 3,000,000 3,019,410
6.20%, 5/1/2004 (Insured; AMBAC)...................................... 2,500,000 2,513,100
6.20%, 5/1/2008 (Insured; AMBAC)...................................... 7,500,000 7,260,975
6.50%, 5/1/2013 (Insured; AMBAC)...................................... 2,250,000 2,193,345
San Francisco City and County Public Utilities Commission, Water Revenue
6.50%, 11/1/2017........................................................ 3,500,000 3,301,375
San Jacinto Community Facilities District, Special Tax 7.75%, 9/1/2005...... 1,100,000 1,104,862
San Marcos Public Facilities Authority, Revenue,
Tax Allocation 6%, 1/1/2006 (Prerefunded 1/1/2002) (a).................. 13,000,000 13,192,790
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
San Marcos Special Tax Community Facilities District 88-1
7.625%, 9/1/2019........................................................ $ 4,475,000 $ 4,225,787
San Mateo County, COP, (Capital Projects Program)
6.50%, 7/1/2017 (Insured; MBIA) (Prerefunded 7/1/2001) (a).............. 6,000,000 6,295,680
San Mateo County Transportation District, Sales Tax Revenue
6.50%, 6/1/2020 (Insured; MBIA)......................................... 7,250,000 7,586,690
San Mateo Joint Powers Financing Authority, LR
(San Mateo County Health Care Center) 5.75%, 7/15/2022 (Insured; FSA)... 2,150,000 1,818,664
Santa Barbara, COP, Refunding (Water System Improvement Project)
6.70%, 4/1/2027 (Insured; AMBAC)........................................ 4,000,000 3,886,400
Santa Barbara County, Retirement Facility Revenue, COP
(Montecito Retirement Project) 7.80%, 4/1/2018 (Prerefunded 4/1/1997) (a) 5,000,000 5,375,250
Santa Clara County, COP, (Capital Project)
6.25%, 10/1/2016 (Insured; AMBAC)....................................... 10,000,000 9,356,300
Santa Cruz County, COP, (Capital Facilities Project)
6.70%, 9/1/2020 (Insured; MBIA)......................................... 5,000,000 4,891,350
Santa Cruz County Public Financing Authority, Revenue, Refunding
7.10%, 9/1/2021 (Insured; MBIA)......................................... 6,500,000 6,557,915
Santa Rosa, Mortgage Revenue, Refunding
(Redwood Park Apartments Projects) 5.625%, 1/1/2026..................... 3,310,000 2,625,293
Southern California Public Power Authority, Revenue:
Power Project (Multiple Projects):
5%, 1/1/2020.......................................................... 2,000,000 1,528,220
5.50%, 7/1/2020....................................................... 675,000 535,741
Refunding 5.50%, 7/1/2000 (Prerefunded 7/1/2000) (a).................. 1,015,000 1,003,916
Transmission Project (Refunding - Southern Transmission Project):
6.125%, 7/1/2018...................................................... 25,000,000 22,463,250
5.75%, 7/1/2021....................................................... 10,000,000 8,416,200
Southern California Rapid Transportation District, COP, (Workers Compensation
Fund)
6.50%, 7/1/2007 (Insured; MBIA)......................................... 22,900,000 23,123,275
Stanislaus County, COP, Refunding 7.55%, 4/1/2018........................... 12,455,000 12,474,803
Stockton, COP (Recreational District 2074)
8.15%, 8/1/2013 (Prerefunded 8/1/1998) (a).............................. 5,240,000 5,849,988
Tehachapi Community Facilities District, Special Tax 7.40%, 10/1/2014 (e)... 6,345,000 2,538,000
University of California:
COP (UCLA Central Chiller/Cogeneration):
6.25%, 11/1/2009 (Prerefunded 11/1/1999) (a).......................... 3,000,000 3,124,440
5.50%, 11/1/2017...................................................... 7,000,000 5,581,030
7%, 11/1/2018 (Prerefunded 11/1/1999) (a)............................. 8,650,000 9,276,433
Revenue (Multiple Purpose Projects):
6.10%, 9/1/2010 (Insured; MBIA)....................................... 5,000,000 4,682,450
5.125%, 9/1/2013 (Insured; AMBAC)..................................... 4,845,000 3,908,171
6.375%, 9/1/2024 (Insured; MBIA)...................................... 4,000,000 3,726,040
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
Wasco Public Finance Authority, Local Agency Revenue:
7.75%, 10/1/2019........................................................ $ 19,050,000 $ 18,922,365
8%, 10/1/2019........................................................... 7,280,000 7,316,473
West Basin Municipal Water District, COP
6.85%, 8/1/2016 (Insured; AMBAC) (Prerefunded 8/1/2000) (a)............. 6,000,000 6,410,880
West Sacramento Financing Authority, Water System Revenue
(Improvement Project) 5.50%, 8/1/2015 (Insured; FGIC)................... 4,500,000 3,802,410
----------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $1,429,929,755)................................................... $1,352,103,538
===============
SHORT-TERM MUNICIPAL INVESTMENTS--2.7%
California Health Facilities Financing Authority, Revenue, VRDN:
(Saint Francis Memorial Hospital) 3.45% (LOC; Industrial Bank of Japan) (d,f) $ 1,400,000 $ 1,400,000
(Sutter Health) 3.40% (f)............................................... 5,000,000 5,000,000
California Pollution Control Financing Authority, VRDN:
IDR 4.25% (f)........................................................... 3,500,000 3,500,000
PCR (Wadham Energy Project) 3.85% (LOC; Banque Paribas) (d,f)........... 1,500,000 1,500,000
California Statewide Community Development Authority, COP, Revenue, VRDN
3.66% (f)............................................................... 1,750,000 1,750,000
Los Angeles Community Redevelopment Agency, MFHR, VRDN
(Grand Promenade Project) 4.10% (LOC; Tokai Bank) (d,f)................. 7,900,000 7,900,000
Sacramento County Housing Authority, MFHR, Refunding, VRDN
(Grouse Run Apartments)
3.70% (LOC; Bank of America National Trust and Savings) (d,f)........... 6,500,000 6,500,000
South Orange County Public Finance Authority, 3.53%
Special Tax Revenue 3.53% (Insured; FGIC) (b)........................... 10,000,000 10,000,000
----------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $37,550,000)...................................................... $ 37,550,000
===============
TOTAL INVESTMENTS--100.0%
(cost $1,467,479,755)................................................... $1,389,653,538
===============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LR Lease Revenue
BIGI Bond Investors Guaranty Insurance LOC Letter of Credit
CGIC Capital Guaranty Insurance Corporation MBIA Municipal Bond Investors Assurance
COP Certificate of Participation MFHR Multi-Family Housing Revenue
FGIC Financial Guaranty Insurance Corporation PCR Pollution Control Revenue
FNMA Federal National Mortgage Association RRR Resources Recovery Revenue
FSA Financial Security Assurance SWDR Solid Waste Disposal Revenue
GNMA Government National Mortgage Association SFMR Single Family Mortgage Revenue
HR Hospital Revenue TAN Tax Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (G) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
AAA Aaa AAA 53.2%
AA Aa AA 21.9
A A A 8.9
BBB Baa BBB 1.2
F1 MIG1/P1 SP1/A1 1.8
Not Rated (h) Not Rated (h) Not Rated (h) 13.0
--------
100.0%
=======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bond in full at the
earliest refunding date.
(b) Inverse Floater Security - the interest rate is subject to change
periodically.
(c) 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. At November 30,
1994, these securities amounted to $20,168,875 or 1.4% of net assets.
(d) Secured by letters of credit.
(e) Non-income producing security; interest payment in default.
(f) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(g) Fitch currently provides creditworthiness information for a limited
number of investments.
(h) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Manager to be of comparable
quality to those rated securities in which the Fund may invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $1,467,479,755)-see statement................................... $1,389,653,538
Cash.................................................................... 7,935,406
Receivable for investment securities sold............................... 57,493,835
Interest receivable..................................................... 30,902,049
Receivable for Common Stock subscribed.................................. 1,000,000
Prepaid expenses........................................................ 56,510
----------------
1,487,041,338
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 788,139
Payable for investment securities purchased............................. 9,650,408
Payable for Common Stock redeemed....................................... 94,540
Accrued expenses and other liabilities.................................. 147,942 10,681,029
------------ ----------------
NET ASSETS ................................................................ $1,476,360,309
==============
REPRESENTED BY:
Paid-in capital......................................................... $1,559,995,300
Accumulated net realized (loss) on investments.......................... (5,808,774)
Accumulated net unrealized (depreciation) on investments-Note 3......... (77,826,217)
----------------
NET ASSETS at value applicable to 109,554,198 outstanding shares of
Common Stock, equivalent to $13.48 per share (300 million shares of
$.01 par value shares authorized)....................................... $1,476,360,309
==============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 52,077,261
EXPENSES:
Management fee-Note 2(a).............................................. $ 4,810,734
Shareholder servicing costs-Note 2(b)................................. 673,388
Custodian fees........................................................ 53,210
Prospectus and shareholders' reports.................................. 52,775
Professional fees..................................................... 28,203
Directors' fees and expenses-Note 2(c)................................ 14,014
Registration fees..................................................... 11,785
Miscellaneous......................................................... 40,133
---------------
TOTAL EXPENSES.................................................... 5,684,242
---------------
INVESTMENT INCOME--NET............................................ 46,393,019
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3............................... $ (10,816,290)
Net unrealized (depreciation) on investments............................ (113,310,376)
---------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (124,126,666)
---------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (77,733,647)
=============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1994
1994 (UNAUDITED)
---------------- ----------------------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 98,860,776 $ 46,393,019
Net realized gain (loss) on investments........................... 14,715,643 (10,816,290)
Net unrealized (depreciation) on investments for the period....... (79,157,377) (113,310,376)
---------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS. 34,419,042 (77,733,647)
---------------- ----------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................. (99,704,852) (46,393,019)
Net realized gain on investments.................................. (19,722,025) ____
---------------- ----------------
TOTAL DIVIDENDS................................................. (119,426,877) (46,393,019)
---------------- ----------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold..................................... 620,929,689 436,202,626
Dividends reinvested.............................................. 78,107,135 29,204,522
Cost of shares redeemed........................................... (790,202,833) (523,702,440)
---------------- ----------------
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........ (91,166,009) (58,295,292)
---------------- ----------------
TOTAL (DECREASE) IN NET ASSETS.............................. (176,173,844) (182,421,958)
NET ASSETS:
Beginning of period............................................... 1,834,956,111 1,658,782,267
---------------- ----------------
End of period..................................................... $1,658,782,267 $1,476,360,309
=============== ===============
</TABLE>
<TABLE>
<CAPTION>
SHARES SHARES
---------------- ----------------
<S> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................................... 42,109,715 30,822,583
Shares issued for dividends reinvested............................ 5,084,822 2,055,398
Shares redeemed................................................... (53,152,760) (36,981,250)
---------------- ----------------
NET (DECREASE) IN SHARES OUTSTANDING............................ (5,958,223) (4,103,269)
=============== ===============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED MAY 31, NOVEMBER 30, 1994
----------------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
------- ------- ------- ------- ------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $14.60 $14.43 $14.66 $14.82 $15.34 $14.59
-----------
INVESTMENT OPERATIONS:
Investment income-net................. 1.03 .99 .93 .89 .84 .41
Net realized and unrealized gain (loss) on
investments......................... (.17) .23 .20 .66 (.57) (1.11)
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS.... .86 1.22 1.13 1.55 .27 (.70)
------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income-net.. (1.03) (.99) (.93) (.88) (.85) (.41)
Dividends from net realized gain on
investments......................... -- -- (.04) (.15) (.17) --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS................. (1.03) (.99) (.97) (1.03) (1.02) (.41)
------- ------- ------- ------- ------- -------
Net asset value, end of period........ $14.43 $14.66 $14.82 $15.34 $14.59 $13.48
====== ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN 6.10% 8.75% 7.90% 10.89% 1.58% (9.73%)(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .69% .69% .68% .69% .70% .71%(1)
Ratio of net investment income to
average net assets.................. 7.10% 6.82% 6.32% 5.88% 5.46% 5.79%(1)
Portfolio Turnover Rate............... 35.44% 55.82% 45.58% 41.40% 28.14% 13.91%(2)
Net Assets, end of period (000's Omitted) $1,497,552 $1,629,837 $1,751,880 $1,834,956 $1,658,782 $1,476,360
</TABLE>
(1) Annualized.
(2) Not annualized.
See independent accountants' review report and notes to financial statements.
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Dreyfus Service
Corporation, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. The
Dreyfus Service Corporation is a wholly-owned subsidiary of The Dreyfus
Corporation ("Manager"). Effective August 24, 1994, the Manager became a
direct subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
(A) PORTFOLIO VALUATION: The Fund's investments are valued each business
day by an independent pricing service ("Service") approved by the Board of
Directors. Investments for which quoted bid prices are readily available and
are representative of the bid side of the market in the judgment of the
Service are valued at the mean between the quoted bid prices (as obtained by
the Service from dealers in such securities) and asked prices (as calculated
by the Service based upon its evaluation of the market for such securities).
Other investments (which constitute a majority of the portfolio securities)
are carried at fair value as determined by the Service, based on methods
which include consideration of: yields or prices of municipal securities of
comparable quality, coupon, maturity and type; indications as to values from
dealers; and general market conditions.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery
basis may be settled a month or more after the trade date.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .60 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, interest on borrowings, brokerage
commissions and extraordinary expenses, exceed 1 1/2% of the average value of
the Fund's net assets for any full fiscal year. There was no expense
reimbursement for the six months ended November 30, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the six months
ended November 30, 1994, the Fund was charged an aggregate of $251,644
pursuant to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and directors of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each director who is not an "affiliated person"
receives an annual fee of $4,500 and an attendance fee of $500 per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $310,833,731 and $437,250,586, respectively, for the six months
ended November 30, 1994, and consisted entirely of long-term and short-term
municipal investments.
At November 30, 1994, accumulated net unrealized depreciation on
investments was $77,826,217, consisting of $27,593,846 gross unrealized
appreciation and $105,420,063 gross unrealized depreciation.
At November 30, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS CALIFORNIA TAX EXEMPT BOND FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus California Tax Exempt Bond Fund, Inc., including the statement of
investments, as of November 30, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended November 30, 1994. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
May 31, 1994 and financial highlights for each of the five years in the
period ended May 31, 1994 and in our report dated June 30, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
(Ernst & Young Signature Logo)
New York, New York
January 6, 1995
(Dreyfus `D' Logo)
DREYFUS CALIFORNIA
TAX EXEMPT BOND FUND, INC.
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 928SA9411
(Dreyfus Logo)
California
Tax Exempt
Bond Fund, Inc.
Semi-Annual
Report
November 30, 1994
(Dreyfus Lion Logo)
