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.

 

(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)

 

John Pak, 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:     2/28/15

 

 

 

 

FORM N-Q

Item 1.                         Schedule of Investments.

                       

 

 

STATEMENT OF INVESTMENTS         
Dreyfus California AMT-Free Municipal Bond Fund      
February 28, 2015 (Unaudited)        
 
Long-Term Municipal  Coupon  Maturity  Principal    
Investments--99.8%  Rate (%)  Date  Amount ($)   Value ($) 
California--98.6%           
ABAG Finance Authority for           
Nonprofit Corporations,           
Revenue (Sharp HealthCare)  6.00  8/1/30  5,000,000   6,102,800 
ABAG Finance Authority for           
Nonprofit Corporations,           
Revenue (Sharp HealthCare)  5.00  8/1/43  3,000,000   3,386,610 
Bay Area Toll Authority,           
San Francisco Bay Area           
Subordinate Lien Toll Bridge           
Revenue  5.00  4/1/43  7,500,000   8,472,900 
Bay Area Toll Authority,           
San Francisco Bay Area Toll           
Bridge Revenue (Prerefunded)  5.25  4/1/19  10,000,000 a  11,733,800 
Brentwood Infrastructure Financing           
Authority, Water Revenue           
(Prerefunded)  5.75  7/1/18  4,250,000 a  4,940,540 
California,           
GO  5.00  8/1/22  5,000,000   5,427,500 
California,           
GO (Various Purpose)  5.00  11/1/23  5,000,000   5,954,050 
California,           
GO (Various Purpose)  5.25  2/1/29  13,835,000   16,356,982 
California,           
GO (Various Purpose)  5.00  10/1/29  5,250,000   5,901,945 
California,           
GO (Various Purpose)  5.25  3/1/30  15,000,000   17,406,600 
California,           
GO (Various Purpose)  5.75  4/1/31  4,500,000   5,295,915 
California,           
GO (Various Purpose)  5.25  9/1/31  25,000,000   29,403,000 
California,           
GO (Various Purpose)  5.25  9/1/32  19,500,000   22,921,470 
California,           
GO (Various Purpose)  5.25  10/1/32  9,170,000   10,797,858 
California,           
GO (Various Purpose)  6.00  3/1/33  3,000,000   3,650,970 
California,           
GO (Various Purpose)  6.50  4/1/33  30,000,000   36,643,500 
California,           
GO (Various Purpose)  5.50  11/1/35  10,000,000   11,910,800 
California,           
GO (Various Purpose)  5.00  2/1/38  5,000,000   5,695,000 
California,           
GO (Various Purpose)  5.50  3/1/40  17,500,000   20,552,700 
California County Tobacco           

 

 

Securitization Agency, Tobacco           
Settlement Asset-Backed           
Refunding Bonds (Kern County           
Tobacco Funding Corporation)  5.00  6/1/34  5,000,000   5,458,750 
California Department of Water           
Resources, Water System           
Revenue (Central Valley           
Project)  5.00  12/1/26  230,000   260,275 
California Department of Water           
Resources, Water System           
Revenue (Central Valley           
Project)  5.00  12/1/27  475,000   536,869 
California Department of Water           
Resources, Water System           
Revenue (Central Valley           
Project) (Prerefunded)  5.00  6/1/18  11,125,000 a  12,632,326 
California Educational Facilities           
Authority, Revenue (Pooled           
College and University           
Projects) (Escrowed to           
Maturity)  5.63  6/30/23  135,000   172,496 
California Educational Facilities           
Authority, Revenue (University           
of Southern California)  5.25  10/1/38  5,000,000   5,667,250 
California Health Facilities           
Financing Authority, Revenue           
(Catholic Healthcare West)           
(Prerefunded)  5.63  7/1/15  2,000,000 a  2,038,000 
California Health Facilities           
Financing Authority, Revenue           
(City of Hope)  5.00  11/15/23  1,650,000   1,965,398 
California Health Facilities           
Financing Authority, Revenue           
(City of Hope)  5.00  11/15/24  1,600,000   1,882,160 
California Health Facilities           
Financing Authority, Revenue           
(Lucile Salter Packard           
Children's Hospital at           
Stanford)  5.00  8/15/25  5,855,000   6,891,569 
California Health Facilities           
Financing Authority, Revenue           
(Providence Health and           
Services)  5.00  10/1/30  3,500,000   4,147,080 
California Health Facilities           
Financing Authority, Revenue           
(Providence Health and           
Services)  5.00  10/1/31  4,430,000   5,232,672 
California Health Facilities           
Financing Authority, Revenue           
(Rady Children's Hospital -           
San Diego)  5.25  8/15/41  8,500,000   9,629,820 
California Health Facilities           

 

 

Financing Authority, Revenue           
(Saint Joseph Health System)  5.00  7/1/37  7,500,000   8,534,475 
California Health Facilities           
Financing Authority, Revenue           
(Scripps Health)  5.00  11/15/36  7,525,000   8,534,629 
California Health Facilities           
Financing Authority, Revenue           
(Stanford Hospital and Clinics)  5.00  8/15/42  1,000,000   1,120,810 
California Health Facilities           
Financing Authority, Revenue           
(Sutter Health)  5.25  8/15/22  6,000,000   6,870,660 
California Health Facilities           
Financing Authority, Revenue           
(Sutter Health)  5.25  8/15/31  3,500,000   4,075,925 
California Housing Finance Agency,           
Home Mortgage Revenue           
(Collateralized; FNMA)  5.50  8/1/38  7,455,000   7,597,689 
California Municipal Finance           
Authority, COP (Community           
Hospitals of Central           
California Obligated Group)  5.25  2/1/27  6,750,000   7,102,350 
California Pollution Control           
Financing Authority, Revenue           
(San Jose Water Company           
Project)  5.10  6/1/40  5,500,000   6,159,175 
California Pollution Control           
Financing Authority, Water           
Facilities Revenue (American           
Water Capital Corporation           
Project)  5.25  8/1/40  7,500,000 b  8,082,000 
California State Public Works           
Board, LR (Department of           
Corrections and           
Rehabilitation) (Various           
Correctional Facilities)  5.00  9/1/26  5,000,000   6,052,250 
California State Public Works           
Board, LR (Judicial Council of           
California) (Various Judicial           
Council Projects)  5.00  3/1/25  1,795,000   2,143,661 
California State Public Works           
Board, LR (Judicial Council of           
California) (Various Judicial           
Council Projects)  5.00  12/1/31  10,000,000   11,465,500 
California State University           
Trustees, Systemwide Revenue  5.00  11/1/27  2,510,000   2,798,524 
California State University           
Trustees, Systemwide Revenue  5.00  11/1/28  5,000,000   5,580,700 
California Statewide Communities           
Development Authority, COP           
(The Internext Group)  5.38  4/1/30  4,800,000   4,814,352 
California Statewide Communities           
Development Authority, Revenue           

 

 

(899 Charleston Project)  5.25  11/1/44  2,500,000   2,561,775 
California Statewide Communities           
Development Authority, Revenue           
(American Baptist Homes of the           
West)  2.10  10/1/19  2,000,000   2,000,960 
California Statewide Communities           
Development Authority, Revenue           
(Buck Institute for Research           
on Aging) (Insured; Assured           
Guaranty Municipal Corp.)  5.00  11/15/34  2,390,000   2,735,976 
California Statewide Communities           
Development Authority, Revenue           
(Cottage Health System           
Obligated Group)  5.25  11/1/30  3,750,000   4,326,900 
California Statewide Communities           
Development Authority, Revenue           
(Cottage Health System           
Obligated Group)  5.00  11/1/40  11,940,000   13,316,204 
California Statewide Communities           
Development Authority, Revenue           
(Cottage Health System           
Obligated Group)  5.00  11/1/43  4,000,000   4,575,280 
California Statewide Communities           
Development Authority, Revenue           
(Henry Mayo Newhall Memorial           
Hospital) (Insured; Assured           
Guaranty Municipal Corp.)  5.25  10/1/43  2,100,000   2,387,154 
California Statewide Communities           
Development Authority, Revenue           
(Kaiser Permanente)  5.00  4/1/42  3,000,000   3,355,350 
California Statewide Communities           
Development Authority, Revenue           
(Saint Joseph Health System)           
(Insured; FGIC)  5.75  7/1/47  10,000,000   11,330,400 
California Statewide Communities           
Development Authority, Revenue           
(Saint Joseph Health System)           
(Insured; National Public           
Finance Guarantee Corp.)  5.13  7/1/24  5,000,000   5,617,950 
California Statewide Communities           
Development Authority, School           
Facility Revenue (Aspire           
Public Schools)  6.00  7/1/40  7,975,000   8,567,941 
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   4,425,640 
Chabot-Las Positas Community           
College District, GO (Insured;           
AMBAC)  0.00  8/1/22  3,000,000 c  2,219,970 
Coast Community College District,           

 

 

GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  8/1/29  15,565,000   17,479,806 
Delano,           
COP (Delano Regional Medical           
Center)  4.00  1/1/16  1,245,000   1,274,768 
El Dorado Irrigation District,           
Revenue (Insured; Assured           
Guaranty Municipal Corp.)  5.00  3/1/27  1,250,000   1,477,713 
El Dorado Irrigation District,           
Revenue (Insured; Assured           
Guaranty Municipal Corp.)  5.00  3/1/28  1,000,000   1,170,960 
Foothill/Eastern Transportation           
Corridor Agency, Senior Lien           
Toll Road Revenue (Insured;           
Assured Guaranty Municipal           
Corp.)  0.00  1/15/35  10,000,000 c  4,262,500 
Golden State Tobacco           
Securitization Corporation,           
Enhanced Tobacco Settlement           
Asset-Backed Bonds (Insured;           
Assured Guaranty Municipal           
Corp.)  4.55  6/1/22  1,725,000   1,893,239 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  4.50  6/1/27  9,755,000   9,502,248 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.13  6/1/47  8,000,000   6,282,160 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.75  6/1/47  12,500,000   10,748,375 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/21  4,375,000 c  3,764,950 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/22  4,605,000 c  3,834,169 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/23  4,850,000 c  3,856,526 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/26  3,265,000 c  2,285,892 
Irvine Community Facilities           
District Number 2013-3           
Improvement Area Number 1,           
Special Tax Revenue (Great           
Park)  5.00  9/1/44  2,500,000   2,833,600 
JPMorgan Chase Putters/Drivers           

 

 

Trust (Series 4354)           
Non-recourse (Riverside County           
Transportation Commission,           
Sales Tax Revenue)  5.25  6/1/21  7,500,000 b,d  8,750,175 
JPMorgan Chase Putters/Drivers           
Trust (Series 4361)           
Non-recourse (Los Angeles           
Department of Water and Power,           
Water System Revenue)  5.00  7/1/20  12,000,000 b,d  13,672,800 
Jurupa Public Financing Authority,           
Special Tax Revenue  5.00  9/1/42  3,420,000   3,779,510 
Los Angeles Community Facilities           
District Number 4, Special Tax           
Revenue (Playa Vista-Phase 1)  5.00  9/1/29  1,190,000   1,362,348 
Los Angeles Community Facilities           
District Number 4, Special Tax           
Revenue (Playa Vista-Phase 1)  5.00  9/1/30  1,110,000   1,261,992 
Los Angeles County Regional           
Financing Authority, Revenue           
(MonteCedro Inc. Project)  5.00  11/15/44  2,000,000   2,210,500 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.25  5/15/26  5,000,000   5,969,800 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.00  5/15/29  3,915,000   4,558,195 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.25  5/15/29  16,090,000   18,670,032 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.00  5/15/35  25,000,000   28,584,500 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.00  5/15/38  3,500,000   3,978,940 
Los Angeles Department of           
Airports, Subordinate Revenue           
(Los Angeles International           
Airport)  5.00  5/15/38  4,500,000   5,226,480 
Los Angeles Harbor Department,           
Revenue  5.25  8/1/25  26,055,000   30,772,779 
Los Angeles Harbor Department,           
Revenue  5.00  8/1/39  2,050,000   2,389,972 
Metropolitan Water District of           
Southern California, Water           
Revenue  5.00  10/1/34  7,390,000   8,629,007 
Metropolitan Water District of           
Southern California, Water           
Revenue  5.00  1/1/39  5,000,000   5,613,400 
Midpeninsula Regional Open Space           
District Financing Authority,           
Revenue (Insured; AMBAC)           

 

 

(Escrowed to Maturity)  0.00  9/1/15  2,825,000 c  2,822,260 
Murrieta Valley Unified School           
District, GO (Insured;           
National Public Finance           
Guarantee Corp.)  0.00  9/1/21  4,950,000 c  4,228,290 
Natomas Unified School District,           
GO (Insured; National Public           
Finance Guarantee Corp.)  5.95  9/1/21  2,500,000   2,796,300 
North Natomas Community Facilities           
District Number 4, Special Tax           
Bonds  5.25  9/1/26  2,760,000   3,244,546 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; AMBAC)           
(Prerefunded)  7.00  1/1/16  670,000 a  695,681 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; AMBAC)           
(Prerefunded)  7.50  7/1/21  375,000 a  476,906 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; National           
Public Finance Guarantee Corp.)  6.30  7/1/18  18,355,000   20,271,629 
Oakland Unified School District,           
GO  6.63  8/1/38  5,000,000   6,170,500 
Palomar Community College           
District, GO  0/6.38  8/1/45  15,515,000 e  9,876,228 
Pomona Redevelopment Agency,           
Tax Allocation Revenue (West           
Holt Avenue Redevelopment           
Project)  5.50  5/1/32  3,000,000   3,742,950 
Pomona Unified School District,           
GO (Insured; Build America           
Mutual Assurance Company)  5.00  8/1/39  2,000,000   2,287,440 
Poway Unified School District,           
School Facilities Improvement           
District Number 2007-1, GO  0.00  8/1/35  12,850,000 c  5,670,577 
Sacramento County,           
Airport System Senior Revenue  5.00  7/1/24  5,090,000   5,742,894 
Sacramento County,           
Airport System Senior Revenue  5.13  7/1/25  5,890,000   6,661,354 
Sacramento County Sanitation           
Districts Financing Authority,           
Revenue (Sacramento Regional           
County Sanitation District)  5.00  12/1/26  7,000,000   8,425,060 
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   9,297,980 
Sacramento Municipal Utility           

 

 

District, Electric Revenue  5.00  8/15/28  2,500,000  2,907,300 
San Bernardino County,         
COP (Capital Facilities         
Project) (Escrowed to Maturity)  6.88  8/1/24  5,000,000  6,712,850 
San Diego County,         
COP (Burnham Institute for         
Medical Research)  5.00  9/1/24  2,265,000  2,328,284 
San Diego County,         
COP (Burnham Institute for         
Medical Research)  5.00  9/1/34  9,880,000  10,143,401 
San Diego County Regional Airport         
Authority, Subordinate Airport         
Revenue  5.00  7/1/34  3,000,000  3,395,730 
San Diego County Regional         
Transportation Commission,         
Sales Tax Revenue  5.00  4/1/44  10,000,000  11,589,900 
San Diego County Water Authority,         
Water Revenue  5.00  5/1/31  4,935,000  5,685,811 
San Diego Public Facilities         
Financing Authority, Senior         
Sewer Revenue  5.25  5/15/34  6,045,000  6,944,859 
San Diego Public Facilities         
Financing Authority, Water         
Revenue  5.25  8/1/28  6,000,000  7,115,820 
San Francisco City and County         
Airport Commission, Second         
Series Revenue (San Francisco         
International Airport)  5.00  5/1/23  6,775,000  8,031,356 
San Francisco City and County         
Airport Commission, Second         
Series Revenue (San Francisco         
International Airport)  5.25  5/1/26  4,000,000  4,518,880 
San Francisco City and County         
Airport Commission, Second         
Series Revenue (San Francisco         
International Airport)  5.00  5/1/28  2,000,000  2,326,140 
San Francisco City and County         
Airport Commission, Second         
Series Revenue (San Francisco         
International Airport)  5.00  5/1/29  2,000,000  2,319,480 
San Francisco City and County         
Public Utilities Commission,         
San Francisco Water Revenue  5.00  11/1/37  10,000,000  11,379,400 
San Francisco City and County         
Public Utilities Commission,         
San Francisco Water Revenue         
(Insured; Assured Guaranty         
Municipal Corp.)  5.00  11/1/24  10,685,000  11,274,171 
San Francisco City and County         
Redevelopment Agency Community         
Facilities District Number 6,         
Special Tax Revenue (Mission         

 

 

Bay South Public Improvements)  0.00  8/1/18  445,000 c  373,529 
San Francisco City and County           
Redevelopment Agency Community           
Facilities District Number 6,           
Special Tax Revenue (Mission           
Bay South Public Improvements)  5.00  8/1/18  1,585,000   1,787,912 
San Francisco City and County           
Redevelopment Agency Community           
Facilities District Number 6,           
Special Tax Revenue (Mission           
Bay South Public Improvements)  0.00  8/1/21  500,000 c  350,975 
San Joaquin Hills Transportation           
Corridor Agency, Senior Lien           
Toll Road Revenue  5.00  1/15/50  5,000,000   5,396,200 
Santa Margarita Water District           
Community Facilities District           
Number 2013-1, Special Tax           
Revenue (Village of Sendero)  5.63  9/1/43  7,000,000   8,010,940 
Santa Margarita Water District           
Community Facilities District           
Number 99-1, Special Tax           
Revenue (Talega)  5.00  9/1/27  2,000,000   2,397,180 
South Orange County Public           
Financing Authority, Special           
Tax Senior Lien Revenue           
(Ladera Ranch)  5.00  8/15/29  1,500,000   1,721,895 
South Orange County Public           
Financing Authority, Special           
Tax Senior Lien Revenue           
(Ladera Ranch)  5.00  8/15/30  1,000,000   1,142,160 
Southern California Public Power           
Authority, Revenue (Canyon           
Power Project)  5.25  7/1/27  7,485,000   8,768,752 
Southern California Public Power           
Authority, Revenue (Linden           
Wind Energy Project)  5.00  7/1/28  3,145,000   3,713,585 
Southern California Public Power           
Authority, Revenue (Linden           
Wind Energy Project)  5.00  7/1/29  2,230,000   2,615,010 
Southern California Public Power           
Authority, Revenue (Milford           
Wind Corridor Phase I Project)  5.00  7/1/29  11,865,000   13,858,676 
Southern California Public Power           
Authority, Revenue (Windy           
Point/Windy Flats Project)  5.00  7/1/27  13,765,000   16,304,230 
Stockton Public Financing           
Authority, Water Revenue           
(Delta Water Supply Project)  6.25  10/1/38  1,000,000   1,184,950 
Stockton Public Financing           
Authority, Water Revenue           
(Delta Water Supply Project)  6.25  10/1/40  1,500,000   1,775,010 
Stockton Unified School District,           

 

 

GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/25  1,620,000   1,891,949 
Stockton Unified School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/26  1,115,000   1,293,656 
Stockton Unified School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  8/1/38  2,500,000   2,813,825 
Tobacco Securitization Authority           
of Southern California,           
Tobacco Settlement           
Asset-Backed Bonds (San Diego           
County Tobacco Asset           
Securitization Corporation)  4.75  6/1/25  1,305,000   1,305,091 
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   7,446,479 
Torrance,           
Revenue (Torrance Memorial           
Medical Center)  5.00  9/1/40  3,000,000   3,237,030 
Tuolumne Wind Project Authority,           
Revenue (Tuolumne Company           
Project)  5.63  1/1/29  8,000,000   9,283,440 
Turlock Irrigation District,           
Revenue  5.00  1/1/25  5,610,000   6,455,988 
Turlock Irrigation District,           
Revenue  5.00  1/1/26  8,120,000   9,344,496 
University of California Regents,           
General Revenue  5.25  5/15/28  10,000,000   11,112,700 
University of California Regents,           
General Revenue  5.25  5/15/30  3,000,000   3,644,970 
University of California Regents,           
General Revenue  5.75  5/15/31  8,000,000   9,508,240 
University of California Regents,           
Limited Project Revenue  5.00  5/15/42  10,000,000   11,309,500 
University of California Regents,           
Medical Center Pooled Revenue  5.00  5/15/43  10,000,000   11,275,600 
Walnut Energy Center Authority,           
Revenue  5.00  1/1/27  3,150,000   3,805,452 
West Kern Community College           
District, GO (Insured; XLCA)  0.00  11/1/20  1,000,000 c  821,100 
U.S. Related--1.2%           
Guam,           
Hotel Occupancy Tax Revenue  6.00  11/1/26  3,300,000   3,939,804 
Guam,           
LOR (Section 30)  5.63  12/1/29  2,850,000   3,162,104 
Virgin Islands Public Finance           
Authority, Revenue (Virgin           
Islands Matching Fund Loan           

 

 

Notes)  5.00  10/1/25  5,000,000   5,527,800 
Total Investments (cost $916,621,307)      99.8 %  1,029,185,346 
Cash and Receivables (Net)      .2 %  1,822,862 
Net Assets      100.0 %  1,031,008,208 

 

a  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. 
b  Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be 
  resold in transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2015, these 
  securities were valued at $30,504,975 or 3.0% of net assets. 
c  Security issued with a zero coupon. Income is recognized through the accretion of discount. 
d  Collateral for floating rate borrowings. 
e  Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 

 

At February 28, 2015, net unrealized appreciation on investments was $112,564,039 of which $114,057,721 related to appreciated securities and $1,493,682 related to depreciated investment securities. At February 28, 2015, 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 Receipts Liquidity Option 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempt Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RIB  Residual Interest Bonds 
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 February 28, 2015 in valuing the fund's investments:   
 
 
  Level 1 -  Level 2 - Other  Level 3 -Significant   
  Unadjusted  Significant  Unobservable   
Assets ($)  Quoted Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds+  -  1,029,185,346  -  1,029,185,346 
+ See Statement of Investments for additional detailed categorizations.       

 

 

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 fund's Board. 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 fund's Board. 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.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust. The trust subsequently issues two or more variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One or more of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals. A residual interest tax-exempt security is also created by the trust, which is transferred to the fund, and is paid interest based on the remaining cash flow of the trust, after payment of interest on the other securities and various expenses of the trust.

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.

 

 

 

 

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.

 

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    April 20, 2015

 

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:    April 20, 2015

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    April 20, 2015

 

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)