DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus California
Tax Exempt Money Market Fund for the 12-month period ended March 31, 1998.
Your Fund produced a yield of 2.87% and, after taking into account the effect
of compounding, the effective yield was 2.91%.*
THE ECONOMY
Defying concerns that the Asian financial crisis would depress U.S.
economic growth, the economy has remained quite firm in recent months. The
Federal Reserve Board's Beige Book survey of regional economic conditions,
published March 18, found that despite a decline in export sales to Asia, the
U.S. economy is thriving in all regions. The Fed report cited specific
strength in rising industrial activity, good retail sales, and strong demand
for labor. El Nino has added at least one boost to the economy through
plunging oil prices and warm weather that has stimulated some spring
spending, especially on housing and related items. Housing starts rose 6%
during February. Indeed, consumers appear to be in good shape, with the
Conference Board reporting that its index of consumer confidence rose to
138.3 in February, from a revised 128.3 in January. The February figure was
the highest since October 1968. The latest figures on real Gross Domestic
Product (GDP) growth show a 3.9% annual rate during 1997, and analysts
estimated first-quarter 1998 GDP growth to be running at 3.5% or more.
In fact, it appears that the Asian crisis may have actually stimulated
growth by reducing inflation expectations and lowering long-term interest
rates. The Fed Beige Book survey noted that inflation seems "eerily calm."
The Consumer Price Index for February rose only .1%, held down by falling oil
prices. The inflation rate for 1997 was just 1.4%. With inflation staying so
low, the Fed has had no reason to raise interest rates during the recent
reporting period, although a surging economy might otherwise have dictated
some tightening action. In the money market, interest rates on short-term
securities remained virtually unchanged during the month of March. Market
participants appear to be in a wait-and-see mode, as reduced Treasury
borrowing needs continue to reduce the supply of money market securities
while demand remains steady.
MARKET ENVIRONMENT/PORTFOLIO
While the Fed has remained quiet over the past six months, market
technicals (i.e., supply/demand) have played a major role in our overall
investment strategy. By early fall 1997, the market had fully absorbed the
substantial number of financings that had been issued over the summer months.
Soon after, note yields settled into a trading range which remained
relatively unchanged until the latter part of the year. In late December, the
short-term municipal market experienced a sharp, albeit temporary, rise in
short-term rates as a result of corporate seasonal "window dressing." Dealers
priced securities at attractive levels in order to minimize their
inventories, which helped to boost your Fund's yield. The situation reversed
in January as assets flowed back into the tax-exempt money funds, thereby
putting downward pressure on rates. During this period, yields on tax-exempt
money market funds fluctuated in response to these supply and demand
imbalances.
By mid-January, the market stabilized and normal trading patterns, for
the most part, returned. While high-quality California issues continued to be
in short supply, we continued to seek attractive buying opportunities to
extend your Fund's average maturity as tax season approached. The short-term
municipal market typically experiences redemptions as a result of tax payment
needs. This, in turn, can place temporary upward pressure on yields as demand
lessens. To the extent that California-exempt paper becomes available, we
will look for attractive buying opportunities, and of course, all new
investments will continue to meet our high credit-quality standards, and
provide a significant level of liquidity, commensurate with the needs of the
Fund.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we greatly appreciate your continued confidence in this Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 17, 1998
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested
monthly.
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DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS MARCH 31, 1998
Principal
Tax Exempt Investments-100.0% Amount Value
______________ ______________
California-94.0%
<S> <C> <C>
State of California, RAN 4.50%, 6/30/98..................................... $ 7,550,000 $ 7,565,654
California Health Facilities Financing Authority, Revenue, VRDN:
(Catholic Health Care)
3.30%, Series C (Insured; MBIA and Liquidity; Morgan Guaranty Trust Co.) (a) 5,500,000 5,500,000
(Pooled Loan Program) 3.40%, Series A (LOC; Rabobank Nederland) (a,b)..... 5,200,000 5,200,000
California Housing Finance Agency, Home Mortgage Revenue
3.95%, Series J, 8/3/98 (Insured; FGIC)................................... 7,110,000 7,110,000
California Pollution Control Financing Authority, SWDR, VRDN
(Taormina Industries, Inc. Project):
4.05% (LOC; Sanwa Bank) (a,b)........................................... 3,160,000 3,160,000
4.05%, Series A (LOC; Sanwa Bank) (a,b)................................. 4,000,000 4,000,000
California Public Capital Improvements Financing Authority, Revenue (Pooled
Project)
3.60%, Series C, 6/15/98 (LOC; National Westminster Bank) (b)............. 3,000,000 3,000,000
California Statewide Communities Development Authority, Revenue:
COP, VRDN (Sutter Health Obligation Group)
4% (BPA; Industrial Bank of Japan and Insured; AMBAC) (a)............... 3,100,000 3,100,000
TRAN 4.50%, Series A, 6/30/98 (Insured; FSA).............................. 6,795,000 6,806,290
California Transit Finance Authority, VRDN 3.60% (BPA; Credit Suisse and Insured; FSA) (a) 9,000,000 9,000,000
Garden Grove Housing Authority, MFHR, VRDN (Valley View-Senior Villas
Project)
3.85%, Series A (LOC; Wells Fargo Bank) (a,b)............................. 1,200,000 1,200,000
Golden Empire Schools Financing Authority, Refunding, VRDN (Golden Empire
Project)
3.45%, Series B (LOC: Canadian Imperial Bank of Commerce and
National Westminster Bank)(a,b)........................................... 5,300,000 5,300,000
Kern County, COP, VRDN (Kern Public Facilities Project)
3.30%, Series B (LOC; Union Bank of Switzerland) (a,b).................... 4,255,000 4,255,000
Kings County Housing Authority, MFHR, Refunding, VRDN (Edgewater Isle
Apartments)
3.40%, Series A (LOC; Wells Fargo Bank) (a,b)............................. 6,165,000 6,165,000
City of Los Angeles, Multi-Family Revenue, VRDN (Loans To Tender Program)
3.75%, Series A (LOC; Federal Home Loan Banks) (a,b)...................... 2,225,000 2,225,000
Los Angeles County, TRAN 4.50%, Series A, 6/30/98........................... 10,900,000 10,923,057
Metropolitan Water District of Southern California, CP
3.30%, Series B, 7/10/98 (LOC; Westdeutsche Landesbank) (b)............... 5,000,000 5,000,000
City of Oakland Unified School District of Alameda County, TRAN 4.25%, 10/28/98 6,000,000 6,013,292
Oclese Water District, COP, CP (Rio Bravo Water Delivery Systems Program)
3.60%, Series A, 4/21/98 (LOC; Sumitomo Bank) (b)......................... 6,300,000 6,300,000
City of Ontario Redevelopment Agency, Revenue, VRDN (Mission Oaks)
3.90%, Series A (LOC; Union Bank of Switzerland) (a,b).................... 2,000,000 2,000,000
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1998
Principal
Tax Exempt Investments (continued) Amount Value
______________ ______________
California (continued)
Orange County, Sanitation District Numbers 1-3, 5-7 and 11, COP, VRDN
3.30% (BPA; Barclays Bank and Insured; AMBAC) (a)......................... $ 7,700,000 $ 7,700,000
Riverside County Housing Authority, MFHR, VRDN (Victoria Springs Apartments
Project)
3.20% (LOC; Bank of America) (a,b)........................................ 6,300,000 6,300,000
Sacramento County, MFHR, VRDN 4.30%, Series C (LOC; Dai-Ichi Kangyo Bank) (a,b) 8,000,000 8,000,000
San Diego Housing Authority, MFHR, VRDN (Nobel Court Apartments)
3.35% (LOC; Citibank) (a,b)............................................... 3,685,000 3,685,000
San Diego County, TRAN 4.50%, 9/30/98 (LOC: Bank of Nova Scotia, Canadian
Imperial
Bank of Commerce and Commerzbank) (b)..................................... 5,000,000 5,016,711
San Diego Water Authority, CP
3.55%, Series 1, 8/12/98 (Liquidity: Bayerische Landesbank)............... 4,000,000 4,000,000
City and County of San Francisco Redevelopment Agency, Multi-Family Revenue,
VRDN
(Bayside Village Project)
3.95%, Series D (LOC; Industrial Bank of Japan) (a,b)..................... 8,600,000 8,600,000
City and County of San Francisco Unified School District, TRAN 4.50%, 10/30/98 5,000,000 5,026,543
City of San Jose, MFHR, VRDN (Siena at Renaissance)
3.60%, Series A (LOC; Bank of Arizona) (a,b).............................. 3,500,000 3,500,000
San Leandro, Multi-Family Revenue, VRDN (Parkside Commons)
3.25%, Series A (LOC; FNMA) (a,b)......................................... 11,025,000 11,025,000
Southern California Public Power Authority, Transmission Project Revenue,
Refunding
VRDN (Southern Transmission) 3.25% (Insured; AMBAC and Liquidity; Swiss Bank Corp.) (a) 9,800,000 9,800,000
Vista, MFHR, Refunding, VRDN 3.45%, Series A (LOC; Swiss Bank Corp.) (a,b).. 2,600,000 2,600,000
U.S. Related-6.0%
Commonwealth of Puerto Rico:
Government Development Bank, Refunding, VRDN
3.375% (BPA; Credit Suisse and Insured; MBIA) (a)....................... 1,000,000 1,000,000
TRAN 4.50%, Series A, 7/30/98............................................. 5,000,000 5,012,075
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental
Control
Facilities Finance Authority, Higher Education Revenue, VRDN
(Anna G. Mendez University Systems Project)
3.45%, Series A (LOC; Banco Popular de Puerto Rico) (a,b)................. 5,500,000 5,500,000
_____________
TOTAL INVESTMENTS (cost $190,588,622)....................................... $190,588,622
=============
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DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
<S> <C> <C>
Summary of Abbreviations
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BPA Bond Purchase Agreement MBIA Municipal Bond Investors Assurance
COP Certificate of Participation Insurance Corporation
CP Commercial Paper MFHR Multi-Family Housing Revenue
FGIC Financial Guaranty Insurance Company RAN Revenue Anticipation Notes
FNMA Federal National Mortgage Association SWDR Solid Waste Disposal Revenue
FSA Financial Security Assurance TRAN Tax and Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
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, P1 (d) SP1+/SP1, A1+/A1, A2 (d) 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 March 31, 1998, 52.5% of the Fund's net
assets are backed by letters of credit issued by domestic banks, foreign
banks and government agencies.
(c) Fitch currently provides creditworthiness information for a limited number
of investments.
(d) P1 and A1 are the highest ratings assigned tax exempt commercial paper by
Moody's and Standard & Poor's, respectively.
(e) At March 31, 1998, the Fund had $62,410,000 (32.1% of net assets) invested
in securities whose payment of principal and interest is dependent upon
revenues generated from housing projects.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1998
Cost Value
____________ ____________
<S> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $190,588,622 $190,588,622
Cash....................................... 2,015,631
Interest receivable........................ 1,741,656
Prepaid expenses........................... 39,503
____________
194,385,412
____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 111,369
Accrued expenses........................... 61,424
____________
172,793
____________
NET ASSETS.................................................................. $194,212,619
____________
REPRESENTED BY: Paid-in capital............................ $194,379,588
Accumulated net realized gain (loss) on investments (166,969)
____________
NET ASSETS.................................................................. $194,212,619
============
SHARES OUTSTANDING
(unlimited number of $.01 par value shares of Beneficial Interest authorized) 194,379,588
NET ASSET VALUE, offering and redemption price per share.................... $1.00
======
SEE NOTES TO FINANCIAL STATEMENTS.
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DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
STATEMENT OF OPERATIONS YEAR ENDED MARCH 31, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income...................... $7,561,791
EXPENSES: Management fee-Note 2(a)............. $1,060,632
Shareholder servicing costs-Note 2(b) 219,145
Professional fees.................... 66,886
Registration fees.................... 36,680
Trustees' fees and expenses-Note 2(c) 32,678
Custodian fees....................... 23,100
Prospectus and shareholders' reports. 8,862
Miscellaneous........................ 7,021
___________
Total Expenses................. 1,455,004
___________
INVESTMENT INCOME-NET................................................. 6,106,787
NET REALIZED GAIN (LOSS) ON INVESTMENTS-Note 1(b)..................... 12,767
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. $6,119,554
===========
SEE NOTES TO FINANCIAL STATEMENTS.
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DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
March 31, 1998 March 31, 1997
______________ ______________
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 6,106,787 $ 6,306,514
Net realized gain (loss) on investments........................... 12,767 (4,114)
______________ ______________
Net Increase (Decrease) in Net Assets Resulting from Operations. 6,119,554 6,302,400
______________ ______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................. (6,106,787) (6,306,514)
______________ ______________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold..................................... 377,154,421 428,205,882
Dividends reinvested.............................................. 3,727,148 3,924,208
Cost of shares redeemed........................................... (413,229,486) (458,563,020)
______________ ______________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions (32,347,917) (26,432,930)
______________ ______________
Total Increase (Decrease) in Net Assets..................... (32,335,150) (26,437,044)
NET ASSETS:
Beginning of Period............................................... 226,547,769 252,984,813
______________ ______________
End of Period..................................................... $ 194,212,619 $ 226,547,769
============== ==============
SEE NOTES TO FINANCIAL STATEMENTS.
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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,
____________________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______
Investment Operations:
Investment income-net..................... .029 .028 .030 .026 .019
______ ______ ______ ______ ______
Distributions:
Dividends from investment income-net...... (.029) (.028) (.030) (.026) (.019)
______ ______ ______ ______ ______
Net asset value, end of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN....................... 2.91% 2.80% 3.07% 2.60% 1.94%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets... .69% .66% .64% .64% .65%
Ratio of net investment income
to average net assets................... 2.88% 2.77% 3.03% 2.56% 1.92%
Net Assets, end of period (000's Omitted). $194,213 $226,548 $252,985 $281,764 $319,627
See notes to financial statements.
</TABLE>
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1-Significant Accounting Policies:
Dreyfus California Tax Exempt Money Market Fund (the "Fund") is
registered under the Investment Company Act of 1940 ("Act") as a diversified
open-end management investment company. The Fund's investment objective is to
provide investors with as high a level of current income exempt from Federal
and State of California income taxes as is consistent with the preservation
of capital and the maintenance of liquidity. The Dreyfus Corporation
("Manager") serves as the Fund's investment adviser. The Manager is a direct
subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services, Inc. is the
distributor of the Fund's shares, which are sold to the public without a
sales charge.
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. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value per share of $1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: Investments in securities 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. Cost of investments represents amortized cost.
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 $135,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to March 31, 1998. If not
applied, $7,000 of the carryover expires in fiscal 1999, $65,000 expires in
fiscal 2000, $21,000 expires in fiscal 2002, $27,000 expires in fiscal 2003,
$10,000 expires in fiscal 2004 and $5,000 expires in fiscal 2005.
At March 31, 1998, 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 (CONTINUED)
NOTE 2-Management Fee and Other Transactions With Affiliates:
(A) Pursuant to a management agreement with the Manager, the management
fee is computed at the annual rate of .50 of 1% of the value of the Fund's
average daily net assets and is payable monthly.
(B) Under the Shareholder Services Plan, the Fund reimburses Dreyfus
Service Corporation, a wholly-owned subsidiary of the Manager, an amount not
to exceed an annual rate of .25 of 1% of the value of the Fund's average
daily net assets for certain allocated expenses of providing personal
services and/or maintaining 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 period ended March 31, 1998, the Fund was charged $135,028
pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. During the
period ended March 31, 1998, the Fund was charged $63,215 pursuant to the
transfer agency agreement.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation and the Director Emeritus receives 50% of such compensation.
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
Shareholders and Board of Trustees
Dreyfus California Tax Exempt Money Market Fund
We have audited the accompanying statement of assets and liabilities of
Dreyfus California Tax Exempt Money Market Fund, including the statement of
investments, as of March 31, 1998 and the related statement of operations for
the year then ended, the statement of changes in net assets for each of the
two years in the period then ended, and financial highlights for each of the
years indicated therein. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and the financial highlights. Our procedures
included confirmation of securities owned as of March 31, 1998 by corresponden
ce with the custodian. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus California Tax Exempt Money Market Fund at March 31,
1998, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended, and the
financial highlights for each of the indicated years, in conformity with
generally accepted accounting principles.
[ERNST & YOUNG LLP signature logo]
New York, New York
April 29, 1998
DREYFUS CALIFORNIA TAX EXEMPT MONEY MARKET FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during its fiscal year ended March
31, 1998 as "exempt-interest dividends" (not generally subject to regular
Federal and, for individuals who are California residents, California
personal income taxes).
Registration Mark
[Dreyfus lion "d" logo]
DREYFUS CALIFORNIA TAX EXEMPT
MONEY MARKET FUND
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 WashingtonStreet
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 357AR983
Registration Mark
[Dreyfus logo]
California
Tax Exempt
Money Market Fund
Annual Report
March 31, 1998
