Dreyfus California
Tax-Exempt Money Market Fund
SEMIANNUAL REPORT
September 30, 1999
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments Year 2000 Issues (Unaudited)
and its share price.
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
10 Statement of Assets and Liabilities
11 Statement of Operations
12 Statement of Changes in Net Assets
13 Financial Highlights
14 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus California
Tax-Exempt Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus California
Tax-Exempt Money Market Fund, covering the six-month period from April 1, 1999
through September 30, 1999. Inside, you'll find valuable information about how
the fund was managed during the reporting period, including a discussion with
the fund' s portfolio manager, Jill Shaffro.
When the reporting period began, investors had become concerned that strong
economic growth in the United States might rekindle dormant inflationary
pressures. As a result, after remaining relatively steady during the first
quarter of 1999, yields on money market securities rose during the second and
third quarters in response to expectations that the Federal Reserve Board might
raise short-term interest rates. In fact, the Federal Reserve Board raised rates
twice during the summer of 1999 in an attempt to forestall a potential
resurgence of inflationary pressures. This increase effectively reversed most of
last fall' s interest-rate cuts, and led to higher yields on most money market
securities.
Tax-exempt money market yields were also influenced by supply-and-demand
factors. Strong economic conditions have curtailed many municipalities' need to
borrow over the short term, reducing the available supply of tax-exempt money
market securities. Yet investor demand remained strong from individuals seeking
to minimize their tax liabilities. This imbalance helped constrain the rise of
tax-exempt money market yields relative to taxable money market yields during
the first nine months of 1999.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus California Tax-Exempt Money Market Fund
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
October 15, 1999
DISCUSSION OF FUND PERFORMANCE
Jill Shaffro, Portfolio Manager
How did Dreyfus California Tax-Exempt Money Market Fund perform during the
period?
For the six-month period ended September 30, 1999, the fund produced a
tax-exempt yield of 2.36%. Taking into account the effects of compounding, the
fund provided an effective yield of 2.38%.(1) The fund produced a total return
of 1.19% (2) compared to the Lipper California Tax-Exempt Money Market Funds
category average return of 1.21% over the same period.(3) We attribute the
fund' s performance to lower short-term interest rates, which were the result of
changes in monetary policy as well as supply-and-demand factors.
What is the fund's investment approach?
The fund' s objective is to seek a high level of federal and California state
tax-exempt income while maintaining a stable $1.00 share price. We are
especially vigilant in our efforts to preserve capital.
In pursuing this objective, we employ two primary strategies. First, we attempt
to add value by constructing a diverse portfolio of high-quality tax-exempt
money market instruments from California issuers. Second, we actively manage the
fund' s average maturity in anticipation of interest-rate trends and
supply-and-demand changes in the short-term municipal marketplace.
For example, if we expect an increase in short-term supply as California and its
municipalities currently issue short-term debt, we may decrease the average
maturity of the fund to enable it to purchase new securities with higher yields.
That' s because yields tend to rise if many issuers are competing for investor
interest. New securities are generally issued with maturities in the one-year
range, which tend to lengthen the fund's average maturity. If we expect demand
to surge at a time when we anticipate little issuance and, therefore, lower
yields, we may increase the portfolio's average maturity to maintain current
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
yields for as long as practical. At other times, we try to maintain an average
maturity that reflects our view of short-term interest-rate trends and future
supply-and-demand considerations.
What other factors influenced the fund's performance?
The fund was affected by rising interest rates over the past six months.
Economies in Japan and Southeast Asia appear to have begun to recover, and the
growth of the U.S. economy has been stronger than most analysts expected. This
economic news raised concerns among some fixed-income investors that
inflationary pressures might re-emerge. In fact, the Federal Reserve Board
increased short-term interest rates twice during the summer of 1999 in an
attempt to forestall a reacceleration of inflation. Because the market
anticipated these changes in monetary policy before they were announced, longer
term tax-exempt yields had already risen by the time the interest-rate hikes
were actually implemented.
However, tax-exempt money market yields did not rise as much as comparable
taxable yields, primarily because many states and municipalities throughout the
country -- including California -- have enjoyed higher tax revenues during this
period of economic prosperity. As a result, many of California's government
entities have had little need to borrow in order to satisfy their short-term
obligations. The relative lack of supply amid steady investor demand helped
constrain the rise of short-term tax-exempt yields.
What is the fund's current strategy?
We have continued to focus on very high-quality liquid money market instruments
from a wide array of California issuers. Some of the most frequently used
instruments include Variable Rate Demand Notes (VRDNs), which are issued by
investment banks through the securitization of longer term municipal bonds.
Because VRDNs can be redeemed at the buyer's option after either one day or
seven days, they afford the fund a high degree of liquidity as well as high
credit quality. Accordingly, as of September 30, much of the portfolio was
composed of VRDNs. The remainder was comprised primarily of tax-exempt
commercial paper and tax-exempt notes. Of course, portfolio composition will
change over time.
We took advantage of new issuance of tax-exempt notes in June, which effectively
extended the fund's average maturity to the long end of the neutral range. The
addition of notes also enabled us to lock in prevailing yields. Since June, new
purchases have been concentrated mostly in short-term commercial paper, which we
have used to replace notes that matured or were redeemed by their issuers. This
strategy has resulted in a gradual decrease in the fund's average maturity to 62
days as of September 30. We believe that this position will help us retain the
flexibility we need to capture high current yields while remaining capable of
responding quickly to changing market conditions.
October 15, 1999
(1) EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED
MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS FLUCTUATE.
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER
GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE
FUND.
(2) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS. INCOME MAY BE SUBJECT TO
STATE AND LOCAL TAXES FOR NON-CALIFORNIA RESIDENTS, AND SOME INCOME MAY BE
SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund
STATEMENT OF INVESTMENTS
September 30, 1999 (Unaudited)
<TABLE>
Principal
TAX EXEMPT INVESTMENTS--100.1% Amount ($) Value ($)
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<S> <C> <C>
CALIFORNIA--93.9%
Anaheim Housing Authority, MFHR, Refunding, VRDN
(Sage Park Project)
3.40%, Series A (LOC; FNMA) 2,000,000 (a) 2,000,000
State of California 3.20%, Series BJ, 6/1/2000 7,000,000 7,000,546
California Health Facilities Financing Authority,
Revenue, VRDN:
(Catholic Health Care) 3.40%, Series C (Insured;
MBIA and Liquidity Facility; Morgan Guaranty
Trust Co.) 5,500,000 (a) 5,500,000
Refunding (Sutter/CHS):
3.50%, Series B (Insured; AMBAC and
Liquidity Facility; ABN Amro Bank) 1,000,000 (a) 1,000,000
3.50%, Series C (Liquidity Facility; Rabobank) 3,100,000 (a) 3,100,000
California Housing Finance Agency, Home Mortgage,
Revenue 3.20%, Series D, 4/30/2000 5,000,000 5,000,000
California Pollution Control Financing Authority, PCR,
Refunding, VRDN (Pacific Gas and Electric):
3.70%, Series D (LOC; Union Bank of Switzerland) 6,000,000 (a) 6,000,000
3.70%, Series F (LOC; Bank Nationale De Paris) 5,000,000 (a) 5,000,000
3.75%, Series B (LOC; Deutsche Bank) 5,000,000 (a) 5,000,000
California Public Capital Improvements Financing
Authority, Revenue (Pooled Project)
3.35%, Series C, 12/15/1999 (LOC; National
Westminster Bank) 9,000,000 9,000,000
California School Cash Reserve Program Authority,
Notes 4%, Series A, 7/3/2000 (Insured; AMBAC) 8,000,000 8,052,643
California Statewide Community Development
Authority, Revenue, TRAN
4%, Series A-1, 6/30/2000 (Insured; FSA) 4,000,000 4,022,229
Garden Grove Housing Authority, MFHR, VRDN
(Valley View-Senior Villas Project)
3.50%, Series A (LOC; Wells Fargo Bank) 3,200,000 (a) 3,200,000
Kern County, TRAN 4.25%, 10/01/1999 3,000,000 3,000,000
Kings County Housing Authority, MFHR, Refunding,
VRDN (Edgewater Isle Apartments)
3.40%, Series A (LOC; Wells Fargo Bank) 6,155,000 (a) 6,155,000
City of Los Angeles, VRDN
Multi-Family Revenue (Loans To Lender Program)
3.90%, Series A (LOC; Federal Home Loan Bank) 5,650,000 (a) 5,650,000
Los Angeles Unified School District, TRAN
4%, Series A, 6/30/2000 4,000,000 4,026,028
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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CALIFORNIA (CONTINUED)
Los Angeles County, TRAN 4%, 6/30/2000 4,100,000 4,120,117
Los Angeles County Housing Authority, MFHR,
Refunding, VRDN
3.30%, Series B (LOC; FNMA) 3,911,000 (a) 3,911,000
Los Angeles County Metropolitian Transit Authority,
Revenue, CP
3.05%, 11/17/1999 (LOC: Bayerische Vereinsbank,
Canadian Imperial Bank of Commerce and National
Westminster Bank) 5,000,000 5,000,000
Newport Beach, Revenue, VRDN (Hoag Memorial
Presbyterian Hospital)
3.85%, Series C 13,700,000 (a) 13,700,000
Oakland JT Powers Finance Authority, Revenue, VRDN
3.30%, Series A-1 (Insured; FSA and Liquidity
Facility; Commerzbank) 7,000,000 (a) 7,000,000
Orange County, Apartment Development Revenue,
Refunding, VRDN:
(Villas Aliento)
3.30%, Series E (LOC; FNMA) 5,000,000 (a) 5,000,000
(Vintage Woods)
3.30%, Series H (LOC; FNMA) 10,000,000 (a) 10,000,000
Sacramento County Housing Authority, MFHR,
Refunding, VRDN (Ashford Park Apartment)
3.30% (LOC; FNMA) 6,800,000 (a) 6,800,000
San Bernardino County, COP, Refunding, VRDN
(Medical Center Finance Project)
3.10% (Insured; MBIA and Liquidity Facility;
Landesbank-Hessen) 5,000,000 (a) 5,000,000
City of San Jose, MFHR, VRDN (Siena Renaissance
Square Apartment)
3.45%, Series A (LOC; Key Bank) 3,500,000 (a) 3,500,000
San Leandro, Multi-Family Revenue, VRDN
(Parkside Commons)
3.25%, Series A (LOC; FNMA) 12,425,000 (a) 12,425,000
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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U.S. RELATED--6.2%
Commonwealth of Puerto Rico Government Development Bank,
CP 3.45%, 2/14/2000 4,487,000 4,487,000
Refunding, VRDN 3.10% (Insured; MBIA and
Liquidity Facility; Credit Suisse) 6,000,000 (a) 6,000,000
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TOTAL INVESTMENTS (cost $169,649,563) 100.1% 169,649,563
LIABILITIES, LESS CASH AND RECEIVABLES (.1%) (103,306)
NET ASSETS 100.0% 169,546,257
Summary of Abbreviations
AMBAC American Municipal Bond
Assurance Corporation
COP Certificate of Participation
CP Commercial Paper
FNMA Federal National Mortgage
Association
FSA Financal Security Assurance
LOC Letter of Credit
MBIA Municipal Bond Investors
Assurance Insurance
Corporation
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
TRAN Tax and Revenue Anticipation
Notes
VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE-SUBJECT TO PERIODIC
CHANGE.
(B) AT SEPTEMBER 30, 1999, THE FUND HAD $63,641,000 (37.5% OF NET ASSETS)
INVESTED IN SECURITIES WHOSE PAYMENT OF PRINCIPAL AND OF INTEREST IS DEPENDENT
UPON REVENUES GENERATED FROM HOUSING PROJECTS.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1999 (Unaudited)
Cost Value ($)
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ASSETS ($):
Investments in securities--See Statement of
Investments 169,649,563 169,649,563
Interest receivable 672,718
Prepaid expenses 12,202
170,334,483
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 62,020
Cash overdraft due to Custodian 681,614
Accrued expenses 44,592
788,226
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NET ASSETS ($) 169,546,257
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 169,646,211
Accumulated net realized gain (loss) on investments (99,954)
NET ASSETS ($) 169,546,257
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SHARES OUTSTANDING
(unlimited number of $.01 par value shares of Beneficial Interest
authorized) 169,678,545
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Six Months Ended September 30, 1999 (Unaudited)
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INVESTMENT INCOME ($):
INTEREST INCOME 2,750,711
EXPENSES:
Management fee--Note 2(a) 451,819
Shareholder servicing costs--Note 2(b) 91,212
Professional fees 32,390
Trustees' fees and expenses--Note 2(c) 11,476
Custodian fees 9,465
Prospectus and shareholders' reports 8,221
Registration fees 6,526
Miscellaneous 3,753
TOTAL EXPENSES 614,862
INVESTMENT INCOME--NET 2,135,849
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NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($) 796
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 2,136,645
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
September 30, 1999 Year Ended
(Unaudited) March 31, 1999
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OPERATIONS ($):
Investment income--net 2,135,849 4,994,835
Net realized gain (loss) from investments 796 33,885
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 2,136,645 5,028,720
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (2,135,849) (4,994,835)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 176,867,686 356,240,141
Dividends reinvested 1,372,194 3,266,962
Cost of shares redeemed (202,913,951) (359,534,075)
INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST TRANSACTIONS (24,674,071) (26,972)
TOTAL INCREASE (DECREASE) IN NET ASSETS (24,673,275) 6,913
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of period 194,219,532 194,212,619
END OF PERIOD 169,546,257 194,219,532
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
<TABLE>
Six Months Ended
September 30, 1999 Year Ended March 31,
-----------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value, beginning
of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .012 .026 .029 .028 .030 .026
Distributions:
Dividends from investment
income--net (.012) (.026) (.029) (.028) (.030) (.026)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 2.37(a) 2.59 2.91 2.80 3.07 2.60
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .68(a) .66 .69 .66 .64 .64
Ratio of net investment income
to average net assets 2.36(a) 2.56 2.88 2.77 3.03 2.56
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Net Assets, end of period
($ x 1,000) 169,546 194,220 194,213 226,548 252,985 281,764
(A) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus California Tax Exempt Money Market Fund (the "fund") is registered under
the Investment Company Act of 1940, as amended (the "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 (the
" 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. Under the terms of the custody agreement, the fund
received net earnings credits of $2,963 based on available cash balances left on
deposit. Income earned under this arrangement is included in interest income.
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 of 1986, as amended (the
" 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 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 $101,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to March 31, 1999. If not
applied, $38,000 of the carryover 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 September 30, 1999, 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).
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.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(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
September 30, 1999, the fund was charged $57,509 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 September 30, 1999, the fund was charged $25,691 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.
For More Information
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
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE
Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request
to [email protected]
ON THE INTERNET Information can be
viewed online or downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 357SA999
