N-Q 1 lp1928.htm FORM N-Q lp1928.htm - Generated by SEC Publisher for SEC Filing

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 811-3757

DREYFUS PREMIER CALIFORNIA AMT-FREE MUNICIPAL BOND FUND, INC.
- Dreyfus California AMT-Free Municipal Bond 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)

Janette E. Farragher, 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: 05/31

Date of reporting period: 8/31/12


FORM N-Q

Item 1. Schedule of Investments.

 


STATEMENT OF INVESTMENTS       
Dreyfus California AMT-Free Municipal Bond Fund       
August 31, 2012 (Unaudited)         
 
Long-Term Municipal  Coupon  Maturity  Principal   
Investments--98.6%  Rate (%)  Date  Amount ($)  Value ($) 
California--89.5%         
ABAG Finance Authority for         
Nonprofit Corporations,         
Revenue (San Diego Hospital         
Association)  5.38  3/1/21  4,000,000  4,205,320 
ABAG Finance Authority for         
Nonprofit Corporations,         
Revenue (Sharp HealthCare)  6.00  8/1/30  5,000,000  6,154,800 
Bay Area Toll Authority,         
San Francisco Bay Area Toll         
Bridge Revenue  5.25  4/1/24  17,580,000  21,437,755 
Bay Area Toll Authority,         
San Francisco Bay Area Toll         
Bridge Revenue  5.00  4/1/34  10,000,000  11,355,300 
Brentwood Infrastructure Financing         
Authority, Water Revenue  5.75  7/1/38  4,250,000  4,818,692 
California,         
Economic Recovery Bonds  5.00  7/1/20  10,000,000  12,177,900 
California,         
GO  5.00  8/1/22  5,000,000  5,756,450 
California,         
GO (Various Purpose)  5.50  4/1/19  4,455,000  5,511,370 
California,         
GO (Various Purpose)  5.25  2/1/23  13,000,000  16,242,850 
California,         
GO (Various Purpose)  5.00  11/1/23  5,000,000  5,881,700 
California,         
GO (Various Purpose)  5.25  3/1/30  15,000,000  17,268,000 
California,         
GO (Various Purpose)  5.75  4/1/31  4,500,000  5,315,175 
California,         
GO (Various Purpose)  5.25  9/1/31  25,000,000  28,822,000 
California,         
GO (Various Purpose)  5.25  9/1/32  19,500,000  22,431,825 
California,         
GO (Various Purpose)  5.25  10/1/32  9,170,000  10,559,438 
California,         
GO (Various Purpose)  6.00  3/1/33  3,000,000  3,694,410 
California,         
GO (Various Purpose)  6.50  4/1/33  30,000,000  37,437,900 
California,         
GO (Various Purpose)  5.50  11/1/35  10,000,000  11,739,100 
California,         
GO (Various Purpose)  5.00  2/1/38  5,000,000  5,519,000 
California,         
GO (Various Purpose)  5.50  3/1/40  17,500,000  20,083,350 

 


California,         
GO (Various Purpose) (Insured;         
Assured Guaranty Municipal         
Corp.)  5.25  2/1/18  5,055,000  6,013,529 
California Department of Water         
Resources, Power Supply Revenue  5.00  5/1/21  7,500,000  8,986,200 
California Department of Water         
Resources, Power Supply Revenue  5.00  5/1/21  9,000,000  11,134,980 
California Department of Water         
Resources, Water System         
Revenue (Central Valley         
Project)  5.00  12/1/26  7,500,000  8,952,150 
California Department of Water         
Resources, Water System         
Revenue (Central Valley         
Project)  5.00  12/1/27  11,600,000  13,677,792 
California Educational Facilities         
Authority, Revenue (Pooled         
College and University         
Projects)  5.63  6/30/23  135,000  181,046 
California Educational Facilities         
Authority, Revenue (University         
of Southern California)  5.25  10/1/38  5,000,000  5,879,050 
California Health Facilities         
Financing Authority, Health         
Facility Revenue (Adventist         
Health System/West)  5.00  3/1/17  870,000  887,209 
California Health Facilities         
Financing Authority, Health         
Facility Revenue (Adventist         
Health System/West)  5.00  3/1/18  1,000,000  1,019,780 
California Health Facilities         
Financing Authority, Revenue         
(Catholic Healthcare West)  5.63  7/1/32  5,875,000  6,425,429 
California Health Facilities         
Financing Authority, Revenue         
(Lucile Salter Packard         
Children's Hospital at         
Stanford)  5.00  8/15/25  5,855,000  7,032,148 
California Health Facilities         
Financing Authority, Revenue         
(Rady Children's Hospital -         
San Diego)  5.25  8/15/41  8,500,000  9,196,575 
California Health Facilities         
Financing Authority, Revenue         
(Scripps Health)  5.00  11/15/32  1,150,000  1,294,819 
California Health Facilities         
Financing Authority, Revenue         
(Scripps Health)  5.00  11/15/36  12,525,000  13,741,052 
California Health Facilities         
Financing Authority, Revenue         
(Stanford Hospital and Clinics)  5.00  8/15/42  1,000,000  1,107,860 
California Health Facilities         
Financing Authority, Revenue         
(Sutter Health)  5.25  8/15/22  6,000,000  6,912,000 

 


California Health Facilities           
Financing Authority, Revenue           
(Sutter Health)  5.25  8/15/31  3,500,000   4,018,070 
California Housing Finance Agency,           
Home Mortgage Revenue  5.50  8/1/38  13,085,000   13,310,847 
California Infrastructure and           
Economic Development Bank,           
Revenue (Performing Arts           
Center of Los Angeles County)  5.00  12/1/27  1,000,000   1,084,650 
California Municipal Finance           
Authority, COP (Community           
Hospitals of Central           
California Obligated Group)  5.25  2/1/27  6,750,000   7,047,675 
California Pollution Control           
Financing Authority, PCR (San           
Diego Gas and Electric           
Company) (Insured; National           
Public Finance Guarantee Corp.)  5.90  6/1/14  10,000,000   10,932,000 
California Pollution Control           
Financing Authority, Revenue           
(San Jose Water Company           
Project)  5.10  6/1/40  5,500,000   5,973,825 
California Pollution Control           
Financing Authority, Water           
Facilities Revenue (American           
Water Capital Corporation           
Project)  5.25  8/1/40  7,500,000 a  7,991,625 
California State Public Works           
Board, LR (Department of           
Corrections, Calipatria State           
Prison, Imperial County)           
(Insured; National Public           
Finance Guarantee Corp.)  6.50  9/1/17  11,415,000   12,611,863 
California State Public Works           
Board, LR (Department of           
Health Services-Richmond           
Laboratory, Phase III Office           
Building) (Insured; XLCA)  5.00  11/1/19  1,680,000   1,860,096 
California State Public Works           
Board, LR (Judicial Council of           
California) (Various Judicial           
Council Projects)  5.00  12/1/31  10,000,000   11,038,800 
California State Public Works           
Board, LR (The Regents of the           
University of California)           
(Various University of           
California Projects)  5.50  6/1/14  2,575,000   2,708,617 
California State Public Works           
Board, LR (The Regents of the           
University of California)           
(Various University of           
California Projects) (Insured;           
National Public Finance           
Guarantee Corp.)  5.25  6/1/23  4,400,000   5,608,636 
California State University           
Trustees, Systemwide Revenue  5.00  11/1/27  2,510,000   2,806,481 
California State University           

 


Trustees, Systemwide Revenue  5.00  11/1/28  5,000,000  5,579,450 
California Statewide Communities         
Development Authority, COP         
(The Internext Group)  5.38  4/1/30  20,000,000  20,056,600 
California Statewide Communities         
Development Authority, Insured         
Revenue (Saint Joseph Health         
System) (Insured; FGIC)  5.75  7/1/47  10,000,000  11,194,700 
California Statewide Communities         
Development Authority, Insured         
Revenue (Saint Joseph Health         
System) (Insured; National         
Public Finance Guarantee Corp.)  5.13  7/1/24  5,000,000  5,630,050 
California Statewide Communities         
Development Authority, Revenue         
(Cottage Health System         
Obligated Group)  5.25  11/1/30  3,750,000  4,271,025 
California Statewide Communities         
Development Authority, Revenue         
(Cottage Health System         
Obligated Group)  5.00  11/1/40  11,940,000  12,932,930 
California Statewide Communities         
Development Authority, Revenue         
(Inland Regional Center         
Project)  5.25  12/1/27  9,000,000  9,277,920 
California Statewide Communities         
Development Authority, Revenue         
(Kaiser Permanente)  5.50  11/1/32  13,500,000  13,583,835 
California Statewide Communities         
Development Authority, Revenue         
(Kaiser Permanente)  5.00  4/1/42  3,000,000  3,277,980 
California Statewide Communities         
Development Authority, Revenue         
(Sutter Health)  5.00  8/15/22  2,000,000  2,355,820 
California Statewide Communities         
Development Authority, Revenue         
(The California Endowment)  5.25  7/1/20  2,280,000  2,370,334 
California Statewide Communities         
Development Authority, School         
Facility Revenue (Aspire         
Public Schools)  6.00  7/1/40  8,000,000  8,245,280 
California Statewide Communities         
Development Authority, Student         
Housing Revenue (CHF-Irvine,         
LLC-UCI East Campus         
Apartments, Phase II)  5.75  5/15/32  4,000,000  4,298,800 
Capistrano Unified School District         
(Ladera) Community Facilities         
District Number 98-2, Special         
Tax Bonds (Insured; National         
Public Finance Guarantee Corp.)  5.00  9/1/19  3,545,000  3,742,776 
Carson Redevelopment Agency,         
Tax Allocation Revenue         
(Redevelopment Project Area         
Number 1) (Insured; National         
Public Finance Guarantee Corp.)  5.50  10/1/13  1,000,000  1,036,100 

 


Chabot-Las Positas Community           
College District, GO (Insured;           
AMBAC)  0.00  8/1/22  3,000,000 b  1,955,550 
Coast Community College District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0/5.00  8/1/29  15,565,000 c  15,858,867 
Delano,           
COP (Delano Regional Medical           
Center)  5.25  1/1/18  8,915,000   8,928,016 
Foothill-De Anza Community College           
District, GO (Insured; AMBAC)  5.00  8/1/22  10,350,000   12,069,756 
Foothill/Eastern Transportation           
Corridor Agency, Toll Road           
Revenue  5.75  1/15/40  1,745,000   1,745,942 
Foothill/Eastern Transportation           
Corridor Agency, Toll Road           
Revenue (Insured; National           
Public Finance Guarantee Corp.)  5.13  1/15/19  2,000,000   2,003,200 
Fullerton Community Facilities           
District Number 1, Special Tax           
Revenue (Amerige Heights)  6.20  9/1/32  2,500,000   2,505,250 
Golden State Tobacco           
Securitization Corporation,           
Enhanced Tobacco Settlement           
Asset-Backed Bonds (Insured;           
Assured Guaranty Municipal           
Corp.)  4.55  6/1/22  1,725,000   1,814,389 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  4.50  6/1/27  24,160,000   20,906,131 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/21  4,375,000 b  3,201,537 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/22  4,605,000 b  3,171,279 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/23  4,850,000 b  3,132,081 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/26  3,265,000 b  1,773,221 
Lincoln Community Facilities           
District Number 2003-1,           
Special Tax Bonds (Lincoln           
Crossing Project) (Prerefunded)  5.65  9/1/13  1,125,000 d  1,205,201 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.25  5/15/26  5,000,000   6,072,950 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.00  5/15/29  3,915,000   4,574,560 
Los Angeles Department of           
Airports, Senior Revenue (Los           

 


Angeles International Airport)  5.25  5/15/29  16,090,000   18,724,577 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.00  5/15/35  25,000,000   28,296,500 
Los Angeles Department of Water           
and Power, Water System Revenue  5.00  7/1/43  12,000,000   13,902,720 
Los Angeles Department of Water           
and Power, Water System Revenue  5.00  7/1/43  10,000,000   11,585,600 
Los Angeles Harbor Department,           
Revenue  5.25  8/1/25  26,055,000   30,830,100 
Los Angeles Unified School           
District, GO (Insured;           
National Public Finance           
Guarantee Corp.)  5.75  7/1/15  3,000,000   3,438,420 
Metropolitan Water District of           
Southern California, Water           
Revenue  5.00  7/1/20  4,000,000   5,061,360 
Metropolitan Water District of           
Southern California, Water           
Revenue  5.00  7/1/21  2,245,000   2,868,212 
Metropolitan Water District of           
Southern California, Water           
Revenue  5.00  10/1/34  7,390,000   8,847,678 
Metropolitan Water District of           
Southern California, Water           
Revenue  5.00  1/1/39  5,000,000   5,555,950 
Midpeninsula Regional Open Space           
District Financing Authority,           
Revenue (Insured; AMBAC)  0.00  9/1/15  2,825,000 b  2,771,777 
Murrieta Valley Unified School           
District, GO (Insured;           
National Public Finance           
Guarantee Corp.)  0.00  9/1/21  4,950,000 b  3,548,754 
Natomas Unified School District,           
GO (Insured; National Public           
Finance Guarantee Corp.)  5.95  9/1/21  2,500,000   2,871,125 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; AMBAC)           
(Prerefunded)  7.00  1/1/16  670,000 d  782,037 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; AMBAC)           
(Prerefunded)  7.50  7/1/21  375,000 d  521,363 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; National           
Public Finance Guarantee Corp.)  6.30  7/1/18  26,400,000   30,220,344 
Orange County Community Facilities           
District (Landera Ranch)           
Special Tax Bonds  5.63  8/15/34  4,000,000   4,042,080 
Pomona Redevelopment Agency,           
Tax Allocation Revenue (West           
Holt Avenue Redevelopment           
Project)  5.50  5/1/32  3,000,000   3,511,710 

 


Poway Unified School District,           
School Facilities Improvement           
District Number 2007-1, GO  0.00  8/1/35  12,850,000 b  4,193,084 
Rancho Mirage Joint Powers           
Financing Authority, Revenue           
(Eisenhower Medical Center)           
(Prerefunded)  5.63  7/1/14  10,430,000 d  11,447,655 
Sacramento County,           
Airport System Senior Revenue  5.00  7/1/24  5,090,000   5,745,592 
Sacramento County,           
Airport System Senior Revenue  5.13  7/1/25  5,890,000   6,650,811 
Sacramento County,           
Airport System Senior Revenue  5.00  7/1/40  5,000,000   5,482,800 
Sacramento County Sanitation           
Districts Financing Authority,           
Revenue (Sacramento Regional           
County Sanitation District)  5.00  12/1/26  7,000,000   8,485,890 
Sacramento County Water Financing           
Authority, Revenue (Sacramento           
County Water Agency Zones 40           
and 41 Water System Project)           
(Insured; National Public           
Finance Guarantee Corp.)  5.00  6/1/25  8,500,000   9,457,185 
Sacramento Municipal Utility           
District, Electric Revenue  5.00  8/15/28  2,500,000   2,962,325 
Sacramento Municipal Utility           
District, Electric Revenue           
(Insured; National Public           
Finance Guarantee Corp.)  6.50  9/1/13  3,685,000   3,765,554 
San Bernardino County,           
COP (Capital Facilities           
Project)  6.88  8/1/24  5,000,000   7,118,650 
San Diego County,           
COP (Burnham Institute for           
Medical Research)  5.00  9/1/24  2,265,000   2,332,565 
San Diego County,           
COP (Burnham Institute for           
Medical Research)  5.00  9/1/34  9,880,000   10,063,570 
San Diego County Regional Airport           
Authority, Subordinate Airport           
Revenue  5.00  7/1/34  6,000,000   6,635,520 
San Diego County Water Authority,           
Water Revenue  5.00  5/1/31  4,935,000   5,775,529 
San Diego Public Facilities           
Financing Authority, Senior           
Sewer Revenue  5.25  5/15/34  6,045,000   6,962,450 
San Diego Public Facilities           
Financing Authority, Water           
Revenue  5.25  8/1/28  6,000,000   7,190,220 
San Diego Unified School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.25  7/1/16  1,465,000   1,536,800 
San Francisco City and County           
Airport Commission, San           
Francisco International           

 


Airport Second Series Revenue  5.00  5/1/23  6,775,000   8,176,341 
San Francisco City and County           
Airport Commission, San           
Francisco International           
Airport Second Series Revenue           
(Issue 34D)  5.25  5/1/26  4,000,000   4,698,920 
San Francisco City and County           
Airport Commission, Second           
Series Revenue (San Francisco           
International Airport)  5.00  5/1/28  2,000,000   2,358,240 
San Francisco City and County           
Airport Commission, Second           
Series Revenue (San Francisco           
International Airport)  5.00  5/1/29  2,000,000   2,347,160 
San Francisco City and County           
Public Utilities Commission,           
San Francisco Water Revenue  5.00  11/1/37  10,000,000   11,517,500 
San Francisco City and County           
Public Utilities Commission,           
San Francisco Water Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  5.00  11/1/24  13,185,000   14,893,644 
San Francisco City and County           
Redevelopment Agency,           
Community Facilities District           
Number 6 (Mission Bay South           
Public Improvements)  0.00  8/1/18  445,000 b  331,472 
San Francisco City and County           
Redevelopment Agency,           
Community Facilities District           
Number 6 (Mission Bay South           
Public Improvements)  0.00  8/1/21  500,000 b  305,680 
Southern California Public Power           
Authority, Revenue (Canyon           
Power Project)  5.25  7/1/27  7,485,000   8,897,494 
Southern California Public Power           
Authority, Revenue (Linden           
Wind Energy Project)  5.00  7/1/27  5,830,000   6,840,456 
Southern California Public Power           
Authority, Revenue (Linden           
Wind Energy Project)  5.00  7/1/28  3,145,000   3,675,499 
Southern California Public Power           
Authority, Revenue (Linden           
Wind Energy Project)  5.00  7/1/29  2,230,000   2,594,137 
Southern California Public Power           
Authority, Revenue (Milford           
Wind Corridor Phase I Project)  5.00  7/1/29  11,865,000   13,690,430 
Southern California Public Power           
Authority, Revenue (Windy           
Point/Windy Flats Project)  5.00  7/1/27  13,765,000   16,150,750 
Tobacco Securitization Authority           
of Southern California,           
Tobacco Settlement           
Asset-Backed Bonds (San Diego           
County Tobacco Asset           
Securitization Corporation)  4.75  6/1/25  1,785,000   1,785,893 

 


Tobacco Securitization Authority           
of Southern California,           
Tobacco Settlement           
Asset-Backed Bonds (San Diego           
County Tobacco Asset           
Securitization Corporation)  5.13  6/1/46  8,850,000   6,993,624 
Torrance,           
Revenue (Torrance Memorial           
Medical Center)  5.00  9/1/40  3,000,000   3,213,210 
Tuolumne Wind Project Authority,           
Revenue (Tuolumne Company           
Project)  5.63  1/1/29  8,000,000   9,358,560 
Turlock Irrigation District,           
Revenue  5.00  1/1/25  5,610,000   6,369,145 
Turlock Irrigation District,           
Revenue  5.00  1/1/26  8,120,000   9,173,002 
University of California Regents,           
General Revenue  5.00  5/15/21  15,000,000   18,799,200 
University of California Regents,           
General Revenue  5.25  5/15/28  10,000,000   11,755,600 
University of California Regents,           
General Revenue  5.75  5/15/31  8,000,000   9,831,280 
West Kern Community College           
District, GO (Insured; XLCA)  0.00  11/1/20  1,000,000 b  719,280 
U.S. Related--9.1%           
Guam,           
Hotel Occupancy Tax Revenue  6.00  11/1/26  3,300,000   3,880,140 
Guam,           
LOR (Section 30)  5.63  12/1/29  2,850,000   3,204,568 
Guam Waterworks Authority,           
Water and Wastewater System           
Revenue  5.63  7/1/40  2,000,000   2,054,860 
Puerto Rico Aqueduct and Sewer           
Authority, Senior Lien Revenue  5.13  7/1/37  6,000,000   6,017,940 
Puerto Rico Commonwealth,           
Public Improvement GO  5.25  7/1/22  2,000,000   2,160,600 
Puerto Rico Commonwealth,           
Public Improvement GO  5.50  7/1/39  10,000,000   10,419,400 
Puerto Rico Electric Power           
Authority, Power Revenue  5.25  7/1/22  4,000,000   4,464,160 
Puerto Rico Electric Power           
Authority, Power Revenue  5.00  7/1/28  6,040,000   6,323,940 
Puerto Rico Electric Power           
Authority, Power Revenue  5.25  7/1/28  5,000,000   5,418,250 
Puerto Rico Electric Power           
Authority, Power Revenue           
(Insured; National Public           
Finance Guarantee Corp.)  5.25  7/1/30  10,000,000   10,778,100 
Puerto Rico Highway and           
Transportation Authority,           
Highway Revenue (Insured;           
Assured Guaranty Municipal           
Corp.)  6.25  7/1/16  130,000   159,766 
Puerto Rico Highway and           

 


Transportation Authority,           
Highway Revenue (Insured;           
Assured Guaranty Municipal           
Corp.)  6.25  7/1/16  2,870,000   3,281,874 
Puerto Rico Highways and           
Transportation Authority,           
Highway Revenue (Insured;           
National Public Finance           
Guarantee Corp.)  5.50  7/1/13  1,380,000   1,440,927 
Puerto Rico Industrial, Tourist,           
Educational, Medical and           
Environmental Control           
Facilities Financing           
Authority, HR (Hospital           
Auxilio Mutuo Obligated Group           
Project)  6.00  7/1/33  2,450,000   2,792,878 
Puerto Rico Infrastructure           
Financing Authority, Special           
Tax Revenue (Insured; AMBAC)  5.50  7/1/28  10,200,000   11,537,934 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           
(First Subordinate Series)  5.38  8/1/39  5,000,000   5,352,800 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           
(First Subordinate Series)  6.38  8/1/39  4,500,000   5,317,290 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           
(First Subordinate Series)  6.00  8/1/42  7,500,000   8,419,950 
University of Puerto Rico,           
University System Revenue  5.00  6/1/23  10,000,000   10,336,000 
Virgin Islands Public Finance           
Authority, Revenue (Virgin           
Islands General           
Obligation/Matching Fund Loan           
Note)  7.30  10/1/18  2,575,000   3,118,325 
Virgin Islands Public Finance           
Authority, Revenue (Virgin           
Islands Matching Fund Loan           
Notes)  5.00  10/1/25  5,000,000   5,480,600 
Total Long-Term Municipal Investments           
(cost $1,096,459,539)          1,214,241,995 
Short-Term Municipal  Coupon  Maturity  Principal    
Investments--.9%  Rate (%)  Date  Amount ($)   Value ($) 
California;           
California,           
Economic Recovery Bonds (LOC;           
JPMorgan Chase Bank)  0.15  9/1/12  900,000 e  900,000 
California,           
GO Notes           
(Kindergarten-University)           
(LOC: California State           
Teachers Retirement System and           
Citibank NA)  0.19  9/1/12  4,500,000 e  4,500,000 
California Infrastructure and           
Economic Development Bank,           
Revenue, Refunding (Los           

 


Angeles County Museum of           
Natural History Foundation)           
(LOC; Wells Fargo Bank)  0.15  9/1/12  2,000,000 e  2,000,000 
Irvine Assessment District Number           
03-19, Limited Obligation           
Improvement Bonds (LOC:           
California State Teachers           
Retirement System and U.S.           
Bank NA)  0.19  9/1/12  3,900,000 e  3,900,000 
Total Short-Term Municipal Investments           
(cost $11,300,000)          11,300,000 
Total Investments (cost $1,107,759,539)      99.5 %  1,225,541,995 
Cash and Receivables (Net)      .5 %  6,548,313 
Net Assets      100.0 %  1,232,090,308 

 

a Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2012, this security was 
valued at $7,991,625 or 0.6% of net assets. 
b Security issued with a zero coupon. Income is recognized through the accretion of discount. 
c Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are 
collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the 
municipal issue and to retire the bonds in full at the earliest refunding date. 
e Variable rate demand note - rate shown is the interest rate in effect at August 31, 2012. Maturity date represents the 
next demand date, or the ultimate maturity date if earlier. 

 

At August 31, 2012, net unrealized appreciation on investments was $117,782,456 of which $117,791,714 related to appreciated investment securities and $9,258 related to depreciated investment securities. At August 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Summary of Abbreviations     
ABAG  Association of Bay Area Governments  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  BPA  Bond Purchase Agreement 
CIFG  CDC Ixis Financial Guaranty  COP  Certificate of Participation 
CP  Commercial Paper  DRIVERS  Derivative Inverse Tax-Exempt Receipts 
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  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  LIFERS  Long Inverse Floating Exempt Receipts 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MERLOTS  Municipal Exempt Receipt Liquidity Option 
      Tender 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempts Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  ROCS  Reset Option Certificates 
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 
SPEARS  Short Puttable Exempt Adjustable Receipts  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 

 


The following is a summary of the inputs used as of August 31, 2012 in valuing the fund's investments:

        Level 3 -     
  Level 1 -  Level 2 - Other   Significant     
  Unadjusted Quoted  Significant   Unobservable     
Assets ($)  Prices  Observable Inputs   Inputs  Total  
Investments in Securities:             
Municipal Bonds  -  1,225,541,995   -  1,225,541,995  
Other Financial Instruments:             
Swaps+  -  520,866   -  520,866  
Liabilities ($)             
Other Financial Instruments:             
Swaps+  -  (568,757 )  -  (568,757 ) 

 

+ Amount shown represents unrealized appreciation (depreciation) at period end. 

 


            Unrealized  
            Appreciation  
Notional      Base Index      (Depreciation)  
Amount ($)  Counterparty  Reference Index  Value (%)    Termination Date  ($)  
 
    Forward Rate Agreement,           
                              Municipal Market Data General
30,000,000  Citibank  Obligation, 2022, AAA Index a    2.03  11/27/2012  520,866  
 
    Forward Rate Agreement,           
                               Municipal Market Data General
20,000,000  Citibank  Obligation, 2032, AAA Index a    2.81  11/27/2012  (568,757 ) 
 
Gross Unrealized Appreciation          520,866  
Gross Unrealized Depreciation          (568,757 ) 

 

a The fund will receive a payment from the counterparty if the value of the reference index is greater than 
the base index value on the termination date. The fund will make a cash payment to the counterparty if 
the value of the reference index is less than the base index value on the termination date. 

 


The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of

Directors. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All preceding securities are categorized as Level 2 in the hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used.


 

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Swaps: The fund enters into swap agreements to exchange the interest rate on, or return generated by, one nominal instrument for the return generated by another nominal instrument. The fund enters into these agreements to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns.

The fund accrues for the interim payments on swap contracts on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) on swap contracts in the Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swaps, in addition to realized gain (loss) recorded upon the termination of swaps contracts in the Statement of Operations. Upfront payments made and/or received by the fund, are recorded as an asset and/or liability in the Statement of Assets and Liabilities and are recorded as a realized gain or loss ratably over the contract’s term/event with the exception of forward starting interest rate swaps which are recorded as realized gains or losses on the termination date.

Fluctuations in the value of swap contracts are recorded for financial statement purposes as unrealized appreciation or depreciation on swap transactions.

Interest Rate Swaps: Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional principal amount. The fund enters into these agreements for a variety of reasons, including to hedge certain market or interest rate risks, to manage the interest rate sensitivity (sometimes called duration) of fixed income securities, to provide a substitute for purchasing or selling particular securities or to increase potential returns. The fund may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements


is included within unrealized appreciation (depreciation) on swap contracts in the Statement of Assets and Liabilities. Interest rate swaps are valued daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When a swap contract is terminated early, the fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

The fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by having a master netting arrangement between the fund and the counterparty and by the posting of collateral by the counterparty to the fund to cover the fund’s exposure to the counterparty.

For financial reporting purposes, forward rate agreements are classified as interest rate swaps.

Additional 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.

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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 PREMIER CALIFORNIA AMT-FREE MUNICIPAL BOND FUND, INC.
- Dreyfus California AMT-Free Municipal Bond Fund

By:  /s/ Bradley J. Skapyak 
  Bradley J. Skapyak 
  President 
 
Date:  October 22, 2012 

 

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/ Bradley J. Skapyak 
  Bradley J. Skapyak 
  President 
 
Date:  October 22, 2012 
 
By:  /s/ James Windels 
James Windels
  Treasurer 
 
Date:  October 22, 2012 

 

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)

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