N-Q 1 form357.htm FORM N-Q form357
  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:    12/31/06 

  FORM N-Q
Item 1.    Schedule of Investments. 

STATEMENT OF INVESTMENTS 
Dreyfus California Tax Exempt Money Market Fund 
December 31, 2006 (Unaudited) 

    Coupon        Maturity    Principal     
Short-Term Investments--106.7%    Rate (%)        Date    Amount ($)    Value ($) 
California--95.7%                     
Alameda-Contra Costa Schools                     
Financing Authority, COP                     
(Capital Improvements                     
Financing Projects) (LOC; KBC                     
Bank)        3.87    1/7/07    840,000 a    840,000 
Alameda County Industrial                     
Development Authority, Revenue                     
(Malmberg Engineering, Inc.                     
Project) (LOC; Comerica Bank)        3.95    1/7/07    2,300,000 a    2,300,000 
California                     
(Insured; AMBAC and Liquidity                     
Facility; PB Finance Inc.)        3.92    1/7/07    2,455,000 a,b    2,455,000 
California,                     
CP (Liquidity Facility: Bank                     
of Nova Scotia, KBC Bank,                     
Lloyds TSB Bank PLC, National                     
Australia Bank, Royal Bank of                     
Scotland PLC and Societe                     
Generale)        3.50    1/16/07    3,700,000    3,700,000 
California,                     
CP (Liquidity Facility: Bank                     
of Nova Scotia, KBC Bank,                     
Lloyds TSB Bank PLC, National                     
Australia Bank, Royal Bank of                     
Scotland PLC and Societe                     
Generale)        3.50    2/6/07    2,000,000    2,000,000 
California,                     
CP (Liquidity Facility: Bank                     
of Nova Scotia, KBC Bank,                     
Lloyds TSB Bank PLC, National                     
Australia Bank, Royal Bank of                     
Scotland PLC and Societe                     
Generale)        3.45    3/6/07    5,000,000    5,000,000 
California,                     
CP (Liquidity Facility: Bank                     
of Nova Scotia, KBC Bank,                     
Lloyds TSB Bank PLC, National                     
Australia Bank, Royal Bank of                     
Scotland PLC and Societe                     
Generale)        3.45    3/6/07    9,000,000    9,000,000 
California,                     
GO Notes        6.50    2/1/07    100,000    100,213 
California,                     
GO Notes        6.75    3/1/07    140,000    140,629 
California,                     
GO Notes (LOC: Bank of                     

America, Bank of Nova Scotia                 
and Landesbank                 
Hessen-Thuringen Girozentrale)    3.76    1/7/07    5,000,000 a    5,000,000 
California,                 
GO Notes                 
(Kindergarten-University)                 
(LOC: Citibank NA and State                 
Street Bank and Trust Co.)    3.76    1/7/07    5,000,000 a    5,000,000 
California,                 
GO Notes (Putters Program)                 
(Insured; AMBAC and Liquidity                 
Facility; PB Finance Inc.)    3.93    1/7/07    3,895,000 a,b    3,895,000 
California,                 
RAN    4.50    6/29/07    6,800,000    6,831,621 
California Community College                 
Financing Authority, GO Notes,                 
TRAN (Insured; FSA)    4.50    6/29/07    1,000,000    1,004,165 
California Department of Water                 
Resources, Water Revenue, CP                 
(Liquidity Facility;                 
Landesbank Hessen-Thuringen                 
Girozentrale)    3.60    1/9/07    2,808,000    2,808,000 
California Educational Facilities                 
Authority, Revenue (University                 
of Judaism) (LOC; Allied Irish                 
Bank)    3.99    1/7/07    3,200,000 a    3,200,000 
California Health Facilities                 
Financing Authority, Revenue                 
(Kaiser Permanente)    3.77    1/7/07    8,000,000 a    8,000,000 
California Infrastructure and                 
Economic Development Bank, IDR             
(Murrietta Circuits Project)                 
(LOC; Comerica Bank)    3.85    1/7/07    4,110,000 a    4,110,000 
California Infrastructure and                 
Economic Development Bank,                 
Revenue (Los Angeles SPCA                 
Project) (LOC; The Bank of New                 
York)    3.81    1/7/07    6,200,000 a    6,200,000 
California Pollution Control                 
Financing Authority, SWDR (AG                 
Resources III LLC Project)                 
(LOC; Key Bank)    3.94    1/7/07    2,780,000 a    2,780,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Burrtec Waste Industries Inc.                 
Project) (LOC; U.S. Bank NA)    3.94    1/7/07    450,000 a    450,000 
California Pollution Control                 
Financing Authority, SWDR                 
(CR&R Inc. Project) (LOC; Bank                 
of the West)    3.97    1/7/07    1,500,000 a    1,500,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Greenwaste Recovery Project)                 
(LOC; Comerica Bank)    3.99    1/7/07    3,085,000 a    3,085,000 

California Pollution Control                 
Financing Authority, SWDR                 
(Mission Trail Waste Systems,                 
Inc. Project) (LOC; Comerica                 
Bank)    3.99    1/7/07    1,915,000 a    1,915,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Napa Recycling and Waste                 
Services, LLC Project) (LOC;                 
Union Bank of California)    3.99    1/7/07    2,155,000 a    2,155,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Norcal Waste System Inc.                 
Project) (LOC; Bank of America)    3.94    1/7/07    3,625,000 a    3,625,000 
California Pollution Control                 
Financing Authority, SWDR                 
(Sunset Waste Paper Inc.                 
Project) (LOC; Comerica Bank)    3.99    1/7/07    886,000 a    886,000 
California School Cash Reserve                 
Program, COP, TRANS (Insured;             
AMBAC)    4.50    7/6/07    1,000,000    1,004,923 
California Statewide Communities                 
Development Authority, IDR                 
(Evapco, Inc. Project) (LOC;                 
Bank of America)    3.93    1/7/07    650,000 a    650,000 
California Statewide Communities                 
Development Authority, MFHR                 
(Copeland Creek Apartments)                 
(Liquidity Facility; Goldman                 
Sachs Group Inc. and LOC;                 
Goldman Sachs Group Inc.)    4.01    1/7/07    2,345,000 a,b    2,345,000 
California Statewide Communities                 
Development Authority, TRAN                 
(Pooled Local Agencies)    4.50    6/29/07    2,000,000    2,008,427 
Chaffey Community College                 
District, GO Notes (Insured;                 
MBIA and Liquidity Facility;                 
JPMorgan Chase Bank)    3.91    1/7/07    1,480,000 a,b    1,480,000 
Conejo Valley Unified School                 
District, GO Notes, TRAN    4.25    6/29/07    1,000,000    1,002,553 
Golden State Tobacco                 
Securitization Corporation,                 
Enhanced Tobacco Settlement                 
Asset-Backed Bonds (Liquidity                 
Facility; Merrill Lynch)    3.94    1/7/07    9,350,000 a,b    9,350,000 
Golden West Schools Financing                 
Authority, GO, Revenue (Goleta                 
Union School District)                 
(Insured; MBIA and Liquidity                 
Facility; Merrill Lynch                 
Capital Services)    3.92    1/7/07    5,190,000 a,b    5,190,000 
Kern County,                 
GO Notes, TRAN    4.50    6/29/07    1,000,000    1,004,641 
Los Angeles,                 

Wastewater System Revenue,                 
Refunding (Insured; FGIC and                 
Liquidity Facility; FGIC)    3.76    1/7/07    1,665,000 a    1,665,000 
Los Angeles Convention and                 
Exhibition Center Authority,                 
LR, Refunding (Insured; AMBAC                 
and Liquidity Facility; Dexia                 
Credit Locale)    3.79    1/7/07    2,700,000 a    2,700,000 
Los Angeles County,                 
GO Notes, TRAN    4.50    6/29/07    1,000,000    1,004,735 
Los Angeles Industrial Development                 
Authority, Empowerment Zone                 
Facility Revenue (Megatoys                 
Project) (LOC; California                 
State Teachers Retirement                 
System)    3.94    1/7/07    3,000,000 a    3,000,000 
Maywood,                 
COP (Infrastructure Financing                 
Project) (LOC; Allied Irish                 
Bank)    3.87    1/7/07    2,715,000 a    2,715,000 
Milpitas Unified School District,                 
GO Notes, TRAN    4.50    7/10/07    2,000,000    2,008,075 
Riverside Community College                 
District, GO Notes (Insured;                 
FSA and Liquidity Facility;                 
JPMorgan Chase Bank)    3.91    1/7/07    4,255,000 a,b    4,255,000 
San Diego,                 
Water Utility Fund Net System                 
Revenue (Certificates of                 
Undivided Interest) (Insured;                 
FGIC and Liquidity Facility;                 
Citibank NA)    3.91    1/7/07    2,785,000 a,b    2,785,000 
San Diego County,                 
COP (Friends of Chabad                 
Lubavitch) (LOC; Comerica Bank)    3.83    1/7/07    1,600,000 a    1,600,000 
San Diego County Water Authority,                 
CP (Liquidity Facility; Dexia                 
Credit Locale)    3.51    2/7/07    1,000,000    1,000,000 
Santa Clara County Housing                 
Authority, MFHR (Monte Vista                 
Terrace Apartments) (LOC;                 
Union Bank of California)    3.91    1/7/07    1,800,000 a    1,800,000 
Sausalito,                 
MFHR (Rotary Village Senior                 
Housing Project) (LOC; Bank of                 
the West)    3.81    1/7/07    1,175,000 a    1,175,000 
Stockton Community Facilities                 
District, Special Tax Revenue                 
(Arch Road East Community                 
Facilities District Number                 
99-02) (LOC; Wells Fargo Bank)    3.76    1/7/07    1,000,000 a    1,000,000 
Tulare-Porterville Schools                 
Financing Authority, COP (2002                 
Refinancing Project) (Insured;                 

FSA and Liquidity Facility;                 
Dexia Credit Locale)    3.81    1/7/07    7,075,000 a    7,075,000 
University of California,                 
Revenue, CP    3.50    3/8/07    1,700,000    1,700,000 
University of California Regents,                 
General Revenue (Putters                 
Program) (Insured; MBIA and                 
Liquidity Facility; PB Finance                 
Inc.)    3.93    1/7/07    2,990,000 a,b    2,990,000 
Vacaville Industrial Development                 
Authority, Industrial Revenue,                 
Refunding (Leggett & Platt                 
Inc.) (LOC; Wachovia Bank)    3.97    1/7/07    1,600,000 a    1,600,000 
Vallejo,                 
Water Revenue, COP (LOC; KBC                 
Bank)    3.92    1/7/07    2,440,000 a    2,440,000 
Whittier,                 
Revenue, Refunding (Whittier                 
College) (Insured; Radian Bank                 
and Liquidity Facility; The                 
Bank of New York)    3.96    1/7/07    10,845,000 a    10,845,000 
 
U.S. Related--11.0%                 
Puerto Rico Aqueduct and Sewer                 
Authority, Revenue (Liquidity                 
Facility; Citigroup Global                 
Market Holding and LOC;                 
Citigroup Global Market                 
Holding)    3.97    1/7/07    11,000,000 a,b    11,000,000 
Puerto Rico Commonwealth,                 
TRAN (LOC: Banco Bilboa                 
Vizcaya, Banco Santander, Bank                 
of Nova Scotia, BNP Paribas,                 
Dexia Credit Locale and Fortis                 
Bank)    4.50    7/30/07    5,000,000    5,028,088 
Puerto Rico Housing Finance                 
Corporation, Home Mortgage                 
Revenue (Putters Program)                 
(Liquidity Facility; JPMorgan                 
Chase Bank)    3.96    1/7/07    3,000,000 a,b    3,000,000 
 
 
Total Investments (cost $184,402,070)            106.7%    184,402,070 
Liabilities, Less Cash and Receivables            (6.7%)    (11,636,995) 
Net Assets            100.0%    172,765,075 

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, 2006, these securities 
    amounted to $48,745,000 or 28.2% of net assets. 

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.

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 Corporation 
FNMA    Federal National Mortgage Association    FSA    Financial Security Assurance 
GAN    Grant Anticipation Notes    GIC    Guaranteed Investment Contract 
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 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family C Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
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 

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/ J. David Officer 
    J. David Officer 
    President 
 
Date:    February 14, 2007 

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/ J. David Officer 
    J. David Officer 
    President 
 
Date:    February 14, 2007 
 
By:    /s/ James Windels 
    James Windels 
    Treasurer 
 
Date:    February 14, 2007 

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)