LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semi-annual report for the
Dreyfus California Tax Exempt Money Market Fund. For the six months ended
September 30, 1994, the annualized yield provided by the Fund was 2.23%. The
annualized effective yield was 2.25% after taking into account the effect of
compounding.* Income dividends of approximately $.01 per share paid during
the period were exempt from Federal and State of California personal income
taxes.**
Since our last reporting, the Federal Reserve Board has taken action
three separate times toward a more restrictive stance. In total, since the
beginning of 1994, the Federal Funds rate has been raised 175 basis points
(from 3% to 4.75%). With each of these movements it has become increasingly
obvious that Federal Reserve policy directives have been put into place to
stave off potential inflationary concerns. Recent economic indicators have
been given even closer than normal scrutiny as market participants attempt to
discern if and when the next Fed tightening will occur. There is still
uncertainty as to when the Federal Reserve Board will take further action to
increase short-term rates. However, if economic data shows continued
strength, then it is quite likely that there will be another tightening by
the Federal Reserve Board before year end.
While actions taken by the Fed have caused an overall increase in
short-term rates, yields available in the tax exempt money markets were as
much affected by the supply and demand conditions in our marketplace.
Technical factors (i.e., supply/demand) caused volatility in the short-term
market in late June and early July. Approximately $7.5 billion in outstanding
securities matured in late June, placing strong downward pressure on rates as
the supply of short-term paper decreased substantially. However, in early to
mid-July, approximately $12 billion in new securities were issued. Included
in this new supply were $7 billion notes issued by the State of California.
The increased overall supply of available investment alternatives to the
short-term market once again placed upward pressure on yields as supply
outstripped demand. Often during these times of temporary market weakness, we
attempt to add to our commitments in the nine-month to one-year range to
capture these attractive rates. This, coupled with the Federal Reserve
Board's repeated actions to raise the Federal Funds target, has provided
attractive buying opportunities over the past six-month period. As a result,
the average maturity of your portfolio has increased from 59 days to 69 days
since late March. Any purchases made to enhance the yield in your Fund
continue to be made in accordance with our strict credit quality guidelines.
We have structured your portfolio with a view to enabling the Fund to
take advantage of any further increase in short-term rates and to benefit
from the temporary rise in rates we traditionally witness at year end. To the
extent that California-exempt paper becomes available, we will selectively
commit to those issues that we think will enhance your Fund's return.
We have included a current Statement of Investments and recent financial
statements for your review 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
October 13, 1994
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
**Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
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DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
City of Alameda, TRAN 4.35%, 7/5/95......................................... $ 7,200,000 $ 7,231,067
Alameda County, MFMR, Refunding, VRDN (Quail Run Apartments)
3.85%, Series A (LOC; Federal National Mortgage Association) (a,b)...... 3,000,000 3,000,000
Anaheim Housing Authority, MFHR, VRDN (Sage Park Project)
3.60% (LOC; Bank of America) (a,b)...................................... 1,000,000 1,000,000
State of California, RAW 3.75%, Series A, 12/21/94.......................... 8,900,000 8,905,581
California Health Facilities Financing Authority, Revenue, VRDN:
(Catholic Health Care) 3.50%, Series B (Insured; MBIA) (a).............. 7,600,000 7,600,000
(Pooled Loan Program) 3.55%, Series A (LOC; Sanwa Bank) (a,b)........... 6,700,000 6,700,000
(Pooled Program) 3.55% (LOC; Swiss Bank Corp.) (a,b).................... 1,100,000 1,100,000
(Scripps Memorial Hospital) 3.50%, Series A (Insured; MBIA
and LOC; Morgan Guaranty Trust Co.) (a,b)............................. 10,400,000 10,400,000
California Pollution Control Financing Authority:
PCR, CP:
(Refunding-Pacific Gas and Electric):
2.95%, Series C, 10/20/94 (LOC; Credit Suisse) (b)................ 7,030,000 7,030,000
3.05%, Series A, 10/20/94 (LOC; Swiss Bank Corp.) (b)............. 7,000,000 7,000,000
(Southern California Edison):
3.10%, Series A, 10/11/94......................................... 3,500,000 3,500,000
3.10%, Series B, 10/11/94......................................... 4,900,000 4,900,000
RRR, VRDN:
(Delano Project) 3.75% (LOC; ABN-Amro Bank) (a,b)..................... 14,600,000 14,600,000
(Honey Lake Power Project) 3.75% (LOC; Banque Nationale de Paris) (a,b) 10,000,000 10,000,000
Refunding (Ultrapower-Malaga):
3.80%, Series A (LOC; Bank of America) (a,b)...................... 2,400,000 2,400,000
3.80%, Series B (LOC; Bank of America) (a,b)...................... 5,600,000 5,600,000
California Statewide Communities Development Authority, Revenue,
TRAN 4.44%, Series A, 7/17/95........................................... 16,165,000 16,262,757
City of Camarillo, MFHR, VRDN (Heritage Park Apartments)
3.95%, Series A (LOC; Federal National Mortgage Association) (a,b)...... 9,100,000 9,100,000
Kern County Community College District, COP, VRDN (Financing Projects)
3.50% (LOC; Swiss Bank Corp.) (a,b)..................................... 10,800,000 10,800,000
City of Loma Linda, MFHR, VRDN (Loma Linda Springs Apartments Project)
4.45% (LOC; Tokai Bank) (a,b)........................................... 1,970,000 1,970,000
City of Los Angeles, Multi-Family Revenue, VRDN:
(Loans To Lender Program) 3.85% (LOC; Federal Home Loan Banks) (a,b).... 2,500,000 2,500,000
(Musuem Terrace Apartments) 3.20%, Series H (LOC; Bank of America) (a,b) 7,800,000 7,800,000
Los Angeles Community Redevelopment Agency, MFHR, VRDN
(Rental Academy Apartments) 3.90%, Series A (LOC; Dai-Ichi Kangyo Bank) (a,b) 3,700,000 3,700,000
Los Angeles County, TRAN 4.50%, Series A, 6/30/95........................... 3,100,000 3,108,522
Los Angeles County Housing Authority, MFHR, VRDN (Canyon Country Villas
Project)
3.60%, Series H (LOC; Industrial Bank of Japan) (a,b)................... 8,500,000 8,500,000
Los Angeles County Industrial Development Authority, IDR, Refunding, VRDN
(Kransco Project) 4.05% (LOC; Harris Trust and Savings Bank) (a,b)...... 1,725,000 1,725,000
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
Los Angeles County Local Educational Agencies, COP, TRAN 4.50%, 7/6/95...... $ 7,000,000 $ 7,038,492
Los Angeles County Metropolitan Transportation Authority:
RAN 3.75%, Series A, 3/14/95 (LOC; Union Bank of Switzerland) (b)....... 6,000,000 6,011,732
Sales Tax Revenue, Refunding, VRDN (Prop C-Second Series)
3.85%, Series A (Insured; MBIA and SBPA; Industrial Bank of Japan) (a) 10,000,000 10,000,000
Los Angeles County Transportation Commission, Sales Tax Revenue, CP
3.10%, Series A, 10/19/94............................................... 5,000,000 5,000,000
Los Angeles Unified School District, TRAN 4.50%, 7/10/95.................... 12,000,000 12,080,484
City of Oceanside, MFMR, VRDN (Riverview Springs Apartments)
3.85%, Series A (LOC; Bank of Tokyo) (a,b).............................. 3,300,000 3,300,000
Orange County, Apartment Development Revenue, VRDN:
(Randor/Aragon Corp. Project) 3.80% (LOC; Bank of Nova Scotia) (a,b).... 2,000,000 2,000,000
(Vista Verde Apartments Project) 3.60% (LOC; Wells Fargo Bank) (a,b).... 1,000,000 1,000,000
Pasadena Community Development Commission, COP, VRDN:
(Kings Plaza Shopping) 3.70% (LOC; Tokai Bank) (a,b).................... 1,170,000 1,170,000
(Lake Washington Shopping) 3.70% (LOC; Tokai Bank) (a,b)................ 1,245,000 1,245,000
Pomona Redevelopment Agency Industrial Development Authority, IDR, VRDN
(Pioneer Electronics Technology Project) 4.32% (LOC; Tokai Bank) (a,b).. 1,000,000 1,000,000
City of Richmond, TRAN 3.60%, 8/7/95........................................ 6,000,000 6,000,000
Riverside County, TRAN 4.25%, 6/30/95....................................... 10,000,000 10,046,703
Sacramento County Housing Authority, MFHR, VRDN:
Refunding (Grouse Run Apartments) 3.55% (LOC; Bank of America) (a,b).... 4,100,000 4,100,000
(Stone Creek Apartments Project)
3.80%, Series L (LOC; First Interstate Bank of California) (a,b)...... 2,400,000 2,400,000
Sacramento Municipal Utilities District, Electric Revenue, CP
3.30%, 12/16/94 (LOC: Bank of America and Morgan Guaranty Trust Co.) (b) 6,677,000 6,677,000
San Bernardino County, Multi-Family Revenue, VRDN (Woodview Apartments
Project)
3.50%, Series I (LOC; Bank of America) (a,b)............................ 5,300,000 5,300,000
San Diego Housing Authority, MFHR, VRDN (Market Street Square Project)
3.80%, Series G (LOC; Mitsubishi Bank) (a,b)............................ 1,000,000 1,000,000
City of San Jose, VRDN:
MFHR (Fox Chase) 3.50%, Series B (Insured; FGIC) (a).................... 7,600,000 7,600,000
MFMR (Somerset Park) 3.60%, Series A (LOC; Bank of America) (a,b)....... 1,200,000 1,200,000
City of Santa Clara, Electric Revenue, VRDN
3.50%, Series C (LOC; National Westminster Bank) (a,b).................. 4,000,000 4,000,000
Simi Valley, MFHR, Refunding, VRDN (Creekside Village)
3.50%, Series A (LOC; Bank of America) (a,b)............................ 5,000,000 5,000,000
Southern California Public Power Authority, Transmission Project Revenue,
Refunding, VRDN (Southern Transmission)
3.45% (Insured; AMBAC and LOC; Swiss Bank Corp.) (a,b).................. 7,000,000 7,000,000
Upland, Apartment Development Revenue, VRDN (Mountain Springs)
4%, Series A (LOC; Tokai Bank) (a,b).................................... 4,000,000 4,000,000
--------------
TOTAL INVESTMENTS (cost $280,602,338)....................................... $280,602,338
==============
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<CAPTION>
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation MFMR Multi-Family Mortgage Revenue
COP Certificate of Participation PCR Pollution Control Revenue
CP Commercial Paper RAN Revenue Anticipation Notes
FGIC Financial Guaranty Insurance Company RAW Revenue Anticipation Warrants
IDR Industrial Development Revenue RRR Resources Recovery Revenue
LOC Letter of Credit SBPA Standby Bond Purchase Agreement
MBIA Municipal Bond Investors Assurance TRAN Tax and Revenue Anticipation Notes
MFHR Multi-Family Housing Revenue VRDN Variable Rate Demand Notes
</TABLE>
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SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1 SP1+/SP1, A1+/A1 92.1%
F2 VMIG2/MIG2, P2 SP2, A2 2.6
AAA/AA (d) Aaa/Aa (d) AAA/AA (d) 5.3
------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) 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.
(b) Secured by letters of credit. At September 30, 1994, 61.1% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks, brokerage firms and government agencies.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
See independent accountants' review report and notes to financial statements.
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DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $280,602,338
Cash.................................................................... 9,840,027
Interest receivable..................................................... 1,586,954
Prepaid expenses........................................................ 51,696
--------------
292,081,015
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $123,645
Accrued expenses........................................................ 91,535 215,180
---------- --------------
NET ASSETS ................................................................ $291,865,835
==============
REPRESENTED BY:
Paid-in capital......................................................... $292,033,950
Accumulated net realized (loss) on investments.......................... (168,115)
--------------
NET ASSETS at value applicable to 292,033,950 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share (unlimited number of
$.01 par value shares authorized)....................................... $291,865,835
==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED SEPTEMBER 30, 1994 (UNAUDITED)
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $4,410,853
EXPENSES:
Management fee-Note 2(a).............................................. $763,895
Shareholder servicing costs-Note 2(b)................................. 147,434
Professional fees..................................................... 47,861
Custodian fees........................................................ 19,650
Prospectus and shareholders' reports.................................. 8,878
Trustees' fees and expenses-Note 2(c)................................. 8,159
Registration fees..................................................... 5,799
Miscellaneous......................................................... 6,110
----------
TOTAL EXPENSES.................................................... 1,007,786
------------
INVESTMENT INCOME-NET....................................................... 3,403,067
NET REALIZED GAIN ON INVESTMENTS-Note 1(b).................................. 21,431
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $3,424,498
============
See independent accountants' review report and notes to financial statements.
</TABLE>
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<CAPTION>
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MARCH 31, SEPTEMBER 30, 1994
1994 (UNAUDITED)
--------------- ------------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 5,862,761 $ 3,403,067
Net realized gain (loss) on investments.............................. (50,573) 21,431
--------------- ---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 5,812,188 3,424,498
--------------- ---------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................ (5,862,761) (3,403,067)
--------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 682,605,559 296,994,693
Dividends reinvested................................................. 4,434,981 2,307,614
Cost of shares redeemed.............................................. (683,706,786) (327,084,708)
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS............................... 3,333,754 (27,782,401)
--------------- ---------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...................... 3,283,181 (27,760,970)
NET ASSETS:
Beginning of period.................................................. 316,343,624 319,626,805
--------------- ---------------
End of period........................................................ $ 319,626,805 $ 291,865,835
=============== ===============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest 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.
YEAR ENDED MARCH 31, SIX MONTHS ENDED
-------------------------------------------------------- SEPTEMBER 30, 1994
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ .9996 $ .9996 $ .9994 $ .9993 $ .9996 $ .9994
-------- -------- -------- -------- -------- --------
INVESTMENT OPERATIONS:
Investment income-net................... .0551 .0492 .0352 .0235 .0192 .0112
Net realized and unrealized gain (loss)
on investments........................ -- (.0002) (.0001) .0003 (.0002) --
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS.. .0551 .0490 .0351 .0238 .0190 .0112
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS;
Dividends from investment income-net.... (.0551) (.0492) (.0352) (.0235) (.0192) (.0112)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.......... $ .9996 $ .9994 $ .9993 $ .9996 $ .9994 $ .9994
======== ======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN 5.65% 5.04% 3.58% 2.38% 1.94% 2.23%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets. .60% .61% .66% .65% .65% .66%*
Ratio of net investment income to
average net assets................ 5.50% 4.93% 3.53% 2.34% 1.92% 2.23%*
Net Assets, end of period (000's Omitted) $407,438 $351,643 $322,255 $316,344 $319,627 $291,866
* Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a 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. 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.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees to represent the fair
value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date 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. Realized
gain and loss from securities transactions are recorded on the identified
cost basis.
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, 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.
The Fund has an unused capital loss carryover of approximately $139,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to March 31, 1994. The
carryover does not include net realized securities losses from November 1,
1993 through March 31, 1994 which are treated, for Federal income tax
purposes, as arising in fiscal 1995. If not applied, $2,000 of the carryover
expires in fiscal 1996, $44,000 expires in fiscal 1998, $7,000 expires in
fiscal 1999, $65,000 expires in fiscal 2000 and $21,000 expires in fiscal
2002.
At September 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 MONEY MARKET FUND
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 .50 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 commission 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 September 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 September 30, 1994, the Fund was charged an aggregate of $49,901
pursuant to the Shareholder Services Plan.
(C) Prior to August 24, 1994 certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $2,500 and an attendance fee of $250 per meeting.
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DERYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus California Tax Exempt Money Market Fund, including the statement of
investments as of September 30, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended September 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
March 31, 1994 and financial highlights for each of the five years in the
period ended March 31, 1994 and in our report dated May 3, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
New York, New York
November 7, 1994
(Dreyfus Lion "D" Logo)
DREYFUS CALIFORNIA TAX EXEMPT
MONEY MARKET FUND
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
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. 357SA949
(Dreyfus Logo)
California
Tax Exempt
Money Market Fund
Semi-Annual
Report
September 30, 1994
