N-Q 1 form.htm FORM NQ-357 form
    UNITED STATES 
    SECURITIES AND EXCHANGE COMMISSION 
    Washington, D.C. 20549 
 
 
    FORM N-Q 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
    INVESTMENT COMPANY 
 
Investment Company Act file number 811-4216 
 
Dreyfus California Tax Exempt Money Market Fund 
    (Exact name of Registrant as specified in charter) 
 
 
    c/o The Dreyfus Corporation 
    200 Park Avenue 
    New York, New York 10166 
    (Address of principal executive offices) (Zip code) 
 
    Mark N. Jacobs, Esq. 
    200 Park Avenue 
    New York, New York 10166 
    (Name and address of agent for service) 
 
Registrant's telephone number, including area code: (212) 922-6000 
 
Date of fiscal year end:    3/31 
 
Date of reporting period:    12/31/05 


FORM N-Q

Item 1. Schedule of Investments.

Dreyfus California Tax Exempt Money Market Fun         
Statement of Investments         
December 31, 2005 (Unaudited)         
 
    Principal     
Tax Exempt Investments--99.3%    Amount ($)    Value ($) 



 
California--99.2%         
 
Alameda-Contra Costa Schools Financing Authority, COP         
(Capital Improvements Financing Projects)         
3.58% (LOC; KBC Bank)    800,000a    800,000 
California, GO Notes:         
3.51% (LOC: Bank of America, Bank of Nova Scotia,         
and Landesbank Hessen-Thuringen Girozentrale)    5,000,000a    5,000,000 
3.56% (Liquidity Facility; Merrill Lynch)    9,155,000a,b    9,155,000 
(Kindergarten University) 3.51% (LOC: Citibank,         
National Bank of Australia and State Street         
Bank and Trust Co.)    5,000,000a    5,000,000 
(Merlots Program) 3.53% (Insured; FSA and Liquidity         
Facility; Wachovia Bank)    995,000a,b    995,000 
RAN 4.50%, 6/30/2006    5,000,000    5,036,271 
California Department of Water Resources,         
Power Supply Revenue, CP:         
3.20%, 1/12/2006 (LOC: Citibank)    5,000,000    5,000,000 
3.21%, 1/12/2006 (LOC: JPMorgan Chase Bank and         
Societe Generale)    5,000,000    5,000,000 
California Economic Recovery, GO Notes         
3.87%, 1/1/2006    1,000,000    1,000,000 
California Educational Facilities Authority, College         
and University Revenue         
(University of Judaism) 3.58% (LOC; Allied Irish Bank)    3,200,000a    3,200,000 
California Infrastructure and Economic Development Bank:         
IDR:         
(Lance Camper Manufacturing Corp.)         
3.55% (LOC; Comerica Bank)    1,180,000a    1,180,000 
(Murrietta Circuits Project)         
3.56% (LOC; Comerica Bank)    4,400,000a    4,400,000 
Revenue (Los Angeles SPCA Project)         
3.50% (LOC; The Bank of New York)    6,200,000a    6,200,000 
California Pollution Control Financing Authority:         
SWDR:         
(AG Resources III LLC Project)         
3.55% (LOC; Key Bank)    2,780,000a    2,780,000 
(Burrtec Waste Industries Inc. Project)         
3.55% (LOC; U.S. Bank NA)    450,000a    450,000 
(Marborg Industries Project)         
3.55% (LOC; Wachovia Bank)    3,710,000a    3,710,000 
(Mission Trail Waste Systems, Inc. Project)         
3.60% (LOC; Comerica Bank)    2,200,000a    2,200,000 
(NAPA Recycling and Waste Services, LLC Project)         
3.65% (LOC; Union Bank of California)    2,255,000a    2,255,000 
(Norcal Waste System Inc. Project)         
3.55% (LOC; Bank of America)    3,625,000a    3,625,000 
(Sierra Pacific Industries Inc. Project)         
3.56% (LOC; Wells Fargo Bank)    1,000,000a    1,000,000 
(Sunset Waste Paper Inc. Project)         
3.60% (LOC; Comerica Bank)    1,000,000a    1,000,000 
California School Cash Reserve Program Authority,         
Revenue (Pool Program) 3.94%, 7/6/2006 (Insured; AMBAC)    2,500,000    2,516,053 
California State Public Works Board, LR (Putters Program)         
3.54% (Insured; XLCA and Liquidity Facility; JPMorgan         
Chase Bank)    1,100,000a,b    1,100,000 
California Statewide Communities Development Authority,         
Revenue:         
CP (Kaiser Permanente) 3.10%, 1/24/2006    3,500,000    3,500,000 
Private Schools Revenue (Saint Mary and All Angels         
School) 3.55% (LOC; Allied Irish Bank)    8,050,000a    8,050,000 
TRAN 3.94%, 6/30/2006    3,000,000    3,018,334 


California Statewide Communities Development         
Corporation, Industrial Revenue:         
(Evapco, Inc. Project) 3.60% (LOC; Bank of America)    820,000a    820,000 
(Lustre California) 3.56% (LOC; Comerica Bank)    2,940,000a    2,940,000 
(Pacific Bearings Company Project) 3.65% (LOC; Union         
Bank of California)    580,000a    580,000 
(Redline Project) 3.60% (LOC; California State         
Teachers Retirement)    755,000a    755,000 
Chaffey Community College District, GO Notes         
3.54% (Insured; MBIA and Liquidity Facility;         
JPMorgan Chase Bank)    5,515,000a,b    5,515,000 
Desert Community College District, GO Notes         
(Putters Program) 3.54% (Insured; MBIA         
and Liquidity Facility; JPMorgan Chase Bank)    3,130,000a,b    3,130,000 
Golden State Tobacco Securitization Corporation, Tobacco         
Settlement Revenue:         
3.57% (Liquidity Facility; Citibank)    5,000,000a,b    5,000,000 
3.59% (Liquidity Facility; Merrill Lynch)    1,730,000a,b    1,730,000 
Los Angeles, Wastewater System Revenue, Refunding         
3.07% (Insured; FGIC and Liquidity Facility; FGIC)    1,700,000a    1,700,000 
Los Angeles Community Redevelopment Agency, MFHR         
(Views at 270) 3.57% (LOC; Citibank)    1,000,000a    1,000,000 
Los Angeles Convention and Exhibition Center Authority, LR         
Refunding 3.53% (Insured; AMBAC and         
Liquidity Facility; Dexia Credit Locale)    2,700,000a    2,700,000 
Maywood, COP (Infrastructure Financing Project)         
3.53% (LOC; Allied Irish Bank)    2,800,000a    2,800,000 
Port of Oakland:         
Port Revenue         
5.97%, 11/1/2006 (Insured; MBIA)    630,000    643,817 
Transportation, CP         
3.10%, 1/11/2006 (LOC: BNP Parabas         
and Lloyds TSB Bank)    2,000,000    2,000,000 
Riverside Community College District,         
GO Notes (Putters Program)         
3.54% (Insured; FSA and Liquidity Facility; JPMorgan         
Chase Bank)    4,275,000a,b    4,275,000 
Sacramento County Sanitation District, Financing         
Authority Revenue 3.55% (Insured; MBIA and         
Liquidity Facility; Citigroup Global Markets Holdings)    2,235,000a,b    2,235,000 
San Diego Area Housing and Finance Agency, LR:         
4.40% (Liquidity Facility; Societe Generale)    5,255,000a    5,255,000 
4.40% (Liquidity Facility; Societe Generale)    2,940,000a    2,940,000 
San Diego County, COP         
(Friends of Chabad Lubavitch) 3.60% (LOC; Comerica Bank)    1,700,000a    1,700,000 
San Francisco City and County Airports Commission         
International Airport Revenue:         
Refunding 3.98%, 5/1/2006 (Insured; MBIA)    100,000    100,328 
4.18%, 5/1/2006 (Insured; FSA)    250,000    250,897 
Santa Clara County Housing Authority, MFHR         
(Monte Vista Terrace Apartments)         
3.60% (LOC; Union Bank of California)    2,000,000a    2,000,000 
Sausalito, MFHR (Rotary Village Senior         
Housing Project) 3.49% (LOC; Bank of the West)    1,200,000a    1,200,000 
Stockton Community Facilities District,         
Special Tax Revenue (Arch Road East Community         
Facilities District Number 99-02)         
3.51% (LOC; Wells Fargo Bank)    3,370,000a    3,370,000 
Tulare-Porterville Schools Financing Authority,         
COP (2002 Refinancing Project)         
3.50% (Insured; FSA and Liquidity Facility; Dexia         
Credit Locale)    7,075,000a    7,075,000 
Vacaville Industrial Development Authority, Industrial         
Revenue, Refunding (Leggett & Platt Inc.)         
3.60% (LOC; Wachovia Bank)    1,600,000a    1,600,000 
Vallejo, Water Revenue         
3.58% (LOC; JPMorgan Chase Bank)    2,500,000a    2,500,000 
Ventura County Community College District, GO         
2.93%, 8/1/2006 (Insured; MBIA)    2,195,000    2,195,000 
Ventura County Public Finance Authority, LR,         
CP:         
3.13%, 1/11/2006 (LOC; Bank of Nova Scotia)    1,000,000    1,000,000 
3.15%, 1/12/2006 (LOC; Bank of Nova Scotia)    2,000,000    2,000,000 
3.20%, 1/12/2006 (LOC; Bank of Nova Scotia)    4,700,000    4,700,000 
Whittier, College and University Revenue, Refunding         
(Whittier College) 3.55% (Insured; Radian Bank         
and Liquidity Facility; The Bank of New York)    3,000,000a    3,000,000 
 
U.S. Related--.1%         
 
University of Puerto Rico, College and University         
Revenue 5.14%, 6/1/2006 (Insured; MBIA)    100,000    101,500 
 
Total Investments(cost $165,982,200)    99.3%    165,982,200 
 
Cash and Receivables (Net)    .7%    1,225,669 
 
Net Assets    100.0%    167,207,869 

Summary of Abbreviations 
 
ACA    American Capital Access 
AGC    ACE Guaranty Corporation 
AGIC    Asset Guaranty Insurance Company 
AMBAC    American Municipal Bond Assurance Corporation 
ARRN    Adjustable Rate Receipt Notes 
BAN    Bond Anticipation Notes 
BIGI    Bond Investors Guaranty Insurance 
BPA    Bond Purchase Agreement 
CGIC    Capital Guaranty Insurance Company 
CIC    Continental Insurance Company 
CIFG    CDC Ixis Financial Guaranty 
CMAC    Capital Market Assurance Corporation 
COP    Certificate of Participation 
CP    Commercial Paper 
EDR    Economic Development Revenue 
EIR    Environmental Improvement Revenue 
FGIC    Financial Guaranty Insurance Company 
FHA    Federal Housing Administration 
FHLB    Federal Home Loan Bank 
FHLMC    Federal Home Loan Mortgage Corporatio 
FNMA    Federal National Mortgage Association 
FSA    Financial Security Assurance 
GAN    Grant Anticipation Notes 
GIC    Guaranteed Investment Contrac 
GNMA    Government National Mortgage Association 
GO    General Obligation 
HR    Hospital Revenue 
IDB    Industrial Development Board 
IDC    Industrial Development Corporation 
IDR    Industrial Development Revenue 
LOC    Letter of Credit 
LOR    Limited Obligation Revenue 
LR    Lease Revenue 
MBIA    Municipal Bond Investors Assurance Insurance Corporatio 
MFHR    Multi-Family Housing Revenue 
MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue 
RAC    Revenue Anticipation Certificates 
RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants 
RRR    Resources Recovery Revenue 
SAAN    State Aid Anticipation Notes 
SBPA    Standby Bond Purchase Agreement 
SFHR    Single Family Housing Revenue 
SFMR    Single Family Mortgage Revenue 
SONYMA    State of New York Mortgage Agency 
SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes 
TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes 
XLCA    XL Capital Assurance 


Summary of Combined Ratings (Unaudited)         
 
Fitch or    Moody's or    Standard & Poor's    Value(%)* 




F1, F1+    VMIG1, MIG1, P1    SP1+, SP1, A1+, A1    96.4 
AAA, AA, A c    AAA, AA, A c    AAA, AA, A c    2.6 
Not Rated d    Not Rated d    Not Rated d    1.0 
            100.0 
 
Notes to Financial Statements:         

* Based on total investments. 
a Securities payable on demand. Variable interest rate--subject to periodic change. 
b Securities 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 December 31, 2005, these securities amounted to $33,135,000 or 19.8% of net assets. 
c Notes which are not F, MIG and SP rated are represented by bond ratings of the issuers 
d Securities which, while not rated by Fitch, Moody's and Standard & Poor's, have been determined by 
the Manager to be of comparable quality to those rated securities in which the fund may invest. 

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi annual reports previously filed with the Securities and Exchange Commission on Form N-CSR


Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3.    Exhibits. 
 
(a)    Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) 
under the Investment Company Act of 1940. 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus California Tax Exempt Money Market Fund

By:    /s/ Stephen E. Canter 

    Stephen E. Canter 
    President 
Date:    February 16, 2006 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:    /s/ Stephen E. Canter 

    Stephen E. Canter 
    Chief Executive Officer 
Date:    February 16, 2006 
 
By:    /s/ James Windels 

James Windels
    Chief Financial Officer 
Date:    February 16, 2006 

EXHIBIT INDEX

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)