N-Q 1 lp1.htm FORM N-Q lp1.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

811-03757

 

 

 

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)

 

 

 

 

 

Bennett MacDougall, 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:

8/31/15

 

             

 

 

 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 

 

 

STATEMENT OF INVESTMENTS         
Dreyfus California AMT-Free Municipal Bond Fund         
August 31, 2015 (Unaudited)           
 
Long-Term Municipal  Coupon  Maturity  Principal    
Investments--100.5%  Rate (%)  Date  Amount ($)   Value ($) 
California--98.5%           
ABAG Finance Authority for           
Nonprofit Corporations,           
Revenue (Sharp HealthCare)  6.00  8/1/30  5,000,000   6,073,300 
ABAG Finance Authority for           
Nonprofit Corporations,           
Revenue (Sharp HealthCare)  5.00  8/1/43  3,000,000   3,326,220 
Bay Area Toll Authority,           
San Francisco Bay Area           
Subordinate Lien Toll Bridge           
Revenue  5.00  4/1/43  7,500,000   8,327,775 
Bay Area Toll Authority,           
San Francisco Bay Area Toll           
Bridge Revenue (Prerefunded)  5.25  4/1/19  10,000,000 a  11,513,300 
Brentwood Infrastructure Financing           
Authority, Water Revenue           
(Prerefunded)  5.75  7/1/18  2,250,000 a  2,562,390 
California,           
GO  5.00  8/1/22  5,000,000   5,311,750 
California,           
GO (Various Purpose)  5.00  11/1/23  5,000,000   5,896,800 
California,           
GO (Various Purpose)  5.25  2/1/29  13,835,000   16,050,675 
California,           
GO (Various Purpose)  5.00  10/1/29  5,250,000   5,767,230 
California,           
GO (Various Purpose)  5.25  3/1/30  15,000,000   17,375,100 
California,           
GO (Various Purpose)  5.75  4/1/31  4,500,000   5,214,285 
California,           
GO (Various Purpose)  5.25  9/1/31  25,000,000   28,914,000 
California,           
GO (Various Purpose)  5.25  9/1/32  19,500,000   22,517,625 
California,           
GO (Various Purpose)  5.25  10/1/32  9,170,000   10,607,122 
California,           
GO (Various Purpose)  6.00  3/1/33  3,000,000   3,617,280 
California,           
GO (Various Purpose)  6.50  4/1/33  30,000,000   35,548,500 
California,           
GO (Various Purpose)  5.50  11/1/35  10,000,000   11,915,400 
California,           
GO (Various Purpose)  5.00  2/1/38  5,000,000   5,582,700 
California,           
GO (Various Purpose)  5.50  3/1/40  17,500,000   20,336,225 
California County Tobacco           

 

 

Securitization Agency, Tobacco         
Settlement Asset-Backed         
Refunding Bonds (Kern County         
Tobacco Funding Corporation)  5.00  6/1/34  5,000,000  5,399,250 
California Department of Water         
Resources, Water System         
Revenue (Central Valley         
Project)  5.00  12/1/26  230,000  255,751 
California Educational Facilities         
Authority, Revenue (Chapman         
University)  5.00  4/1/40  5,000,000  5,533,050 
California Educational Facilities         
Authority, Revenue (Chapman         
University)  5.00  4/1/45  2,305,000  2,535,085 
California Educational Facilities         
Authority, Revenue (Pepperdine         
University)  5.00  9/1/45  5,000,000  5,700,700 
California Educational Facilities         
Authority, Revenue (Pooled         
College and University         
Projects) (Escrowed to         
Maturity)  5.63  6/30/23  135,000  157,345 
California Educational Facilities         
Authority, Revenue (University         
of Southern California)  5.25  10/1/38  5,000,000  5,574,450 
California Health Facilities         
Financing Authority, Revenue         
(City of Hope)  5.00  11/15/23  1,650,000  1,928,256 
California Health Facilities         
Financing Authority, Revenue         
(City of Hope)  5.00  11/15/24  1,600,000  1,857,056 
California Health Facilities         
Financing Authority, Revenue         
(Providence Health and         
Services)  5.00  10/1/30  3,500,000  4,064,970 
California Health Facilities         
Financing Authority, Revenue         
(Providence Health and         
Services)  5.00  10/1/31  4,430,000  5,133,617 
California Health Facilities         
Financing Authority, Revenue         
(Rady Children's Hospital -         
San Diego)  5.25  8/15/41  8,500,000  9,445,200 
California Health Facilities         
Financing Authority, Revenue         
(Saint Joseph Health System)  5.00  7/1/37  7,500,000  8,389,950 
California Health Facilities         
Financing Authority, Revenue         
(Scripps Health)  5.00  11/15/36  7,525,000  8,450,424 
California Health Facilities         
Financing Authority, Revenue         
(Stanford Hospital and Clinics)  5.00  8/15/42  1,000,000  1,101,610 

 

 

California Health Facilities           
Financing Authority, Revenue           
(Sutter Health)  5.25  8/15/22  6,000,000   6,749,160 
California Health Facilities           
Financing Authority, Revenue           
(Sutter Health)  5.25  8/15/31  3,500,000   4,092,795 
California Housing Finance Agency,           
Home Mortgage Revenue           
(Collateralized; FNMA)  5.50  8/1/38  5,720,000   5,823,532 
California Municipal Finance           
Authority, COP (Community           
Hospitals of Central           
California Obligated Group)  5.25  2/1/27  6,750,000   7,038,360 
California Municipal Finance           
Authority, Student Housing           
Revenue (Bowles Hall           
Foundation)  5.00  6/1/50  1,500,000   1,603,770 
California Pollution Control           
Financing Authority, Revenue           
(San Jose Water Company           
Project)  5.10  6/1/40  5,500,000   6,097,740 
California Pollution Control           
Financing Authority, Water           
Facilities Revenue (American           
Water Capital Corporation           
Project)  5.25  8/1/40  7,500,000 b  7,955,625 
California School Finance           
Authority, School Facility           
Revenue (Alliance for           
College-Ready Public Schools           
Projects)  5.00  7/1/45  3,500,000 b  3,584,455 
California State Public Works           
Board, LR (Department of           
Corrections and           
Rehabilitation) (Various           
Correctional Facilities)  5.00  9/1/26  5,000,000   5,942,700 
California State Public Works           
Board, LR (Judicial Council of           
California) (Various Judicial           
Council Projects)  5.00  3/1/25  1,795,000   2,108,712 
California State Public Works           
Board, LR (Judicial Council of           
California) (Various Judicial           
Council Projects)  5.00  12/1/31  10,000,000   11,425,400 
California State University           
Trustees, Systemwide Revenue  5.00  11/1/27  2,510,000   2,764,991 
California State University           
Trustees, Systemwide Revenue  5.00  11/1/28  5,000,000   5,507,950 
California Statewide Communities           
Development Authority, COP           
(The Internext Group)  5.38  4/1/30  4,800,000   4,813,680 
California Statewide Communities           

 

 

Development Authority, Revenue         
(899 Charleston Project)  5.25  11/1/44  2,500,000  2,540,725 
California Statewide Communities         
Development Authority, Revenue         
(American Baptist Homes of the         
West)  2.10  10/1/19  2,000,000  2,000,420 
California Statewide Communities         
Development Authority, Revenue         
(American Baptist Homes of the         
West)  5.00  10/1/45  3,550,000  3,764,882 
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  2,696,016 
California Statewide Communities         
Development Authority, Revenue         
(Cottage Health System         
Obligated Group)  5.25  11/1/30  3,750,000  4,244,850 
California Statewide Communities         
Development Authority, Revenue         
(Cottage Health System         
Obligated Group)  5.00  11/1/40  11,940,000  13,110,598 
California Statewide Communities         
Development Authority, Revenue         
(Cottage Health System         
Obligated Group)  5.00  11/1/43  4,000,000  4,442,000 
California Statewide Communities         
Development Authority, Revenue         
(Henry Mayo Newhall Memorial         
Hospital) (Insured; Assured         
Guaranty Municipal Corp.)  5.25  10/1/43  2,100,000  2,344,818 
California Statewide Communities         
Development Authority, Revenue         
(Kaiser Permanente)  5.00  4/1/42  3,000,000  3,292,980 
California Statewide Communities         
Development Authority, Revenue         
(Saint Joseph Health System)         
(Insured; FGIC)  5.75  7/1/47  10,000,000  11,099,400 
California Statewide Communities         
Development Authority, Revenue         
(Saint Joseph Health System)         
(Insured; National Public         
Finance Guarantee Corp.)  5.13  7/1/24  5,000,000  5,560,050 
California Statewide Communities         
Development Authority, School         
Facility Revenue (Aspire         
Public Schools)  6.00  7/1/40  7,975,000  8,455,414 
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   4,353,480 
Chabot-Las Positas Community           
College District, GO (Insured;           
AMBAC)  0.00  8/1/22  3,000,000 c  2,231,910 
Coast Community College District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  8/1/29  15,565,000   17,180,803 
Foothill/Eastern Transportation           
Corridor Agency, Senior Lien           
Toll Road Revenue (Insured;           
Assured Guaranty Municipal           
Corp.)  0.00  1/15/35  10,000,000 c  4,291,400 
Golden State Tobacco           
Securitization Corporation,           
Enhanced Tobacco Settlement           
Asset-Backed Bonds  5.00  6/1/40  3,500,000   3,878,455 
Golden State Tobacco           
Securitization Corporation,           
Enhanced Tobacco Settlement           
Asset-Backed Bonds (Insured;           
Assured Guaranty Municipal           
Corp.)  4.55  6/1/22  1,725,000   1,867,399 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  4.50  6/1/27  9,755,000   9,310,660 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.13  6/1/47  8,000,000   6,272,880 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.75  6/1/47  12,500,000   10,743,375 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/21  4,375,000 c  3,777,112 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/22  4,605,000 c  3,826,433 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/23  4,850,000 c  3,853,713 
Grossmont Union High School           
District, GO (Insured; Assured           
Guaranty Municipal Corp.)  0.00  8/1/26  3,265,000 c  2,263,527 
Irvine Community Facilities           
District Number 2013-3           
Improvement Area Number 1,           
Special Tax Revenue (Great           
Park)  5.00  9/1/44  2,500,000   2,679,600 
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  8,630,850 
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  13,603,200 
Jurupa Public Financing Authority,           
Special Tax Revenue  5.00  9/1/42  3,420,000   3,724,927 
Long Beach,           
Harbor Revenue  5.00  5/15/42  3,500,000   3,990,525 
Los Angeles Community Facilities           
District Number 4, Special Tax           
Revenue (Playa Vista-Phase 1)  5.00  9/1/29  1,190,000   1,344,438 
Los Angeles Community Facilities           
District Number 4, Special Tax           
Revenue (Playa Vista-Phase 1)  5.00  9/1/30  1,110,000   1,246,708 
Los Angeles County Regional           
Financing Authority, Revenue           
(MonteCedro Inc. Project)  5.00  11/15/44  2,000,000   2,210,960 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.25  5/15/26  5,000,000   5,834,050 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.00  5/15/29  3,915,000   4,491,914 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.25  5/15/29  16,090,000   18,302,214 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.00  5/15/35  25,000,000   28,315,000 
Los Angeles Department of           
Airports, Senior Revenue (Los           
Angeles International Airport)  5.00  5/15/38  3,500,000   3,904,285 
Los Angeles Department of           
Airports, Subordinate Revenue           
(Los Angeles International           
Airport)  5.00  5/15/38  4,500,000   5,118,660 
Los Angeles Harbor Department,           
Revenue  5.25  8/1/25  26,055,000   30,045,063 
Los Angeles Harbor Department,           
Revenue  5.00  8/1/39  2,050,000   2,346,205 
Metropolitan Water District of           
Southern California, Water           
Revenue  5.00  10/1/34  5,000,000   5,830,600 
Metropolitan Water District of           
Southern California, Water           
Revenue  5.00  1/1/39  5,000,000   5,525,550 
Midpeninsula Regional Open Space           

 

 

District Financing Authority,           
Revenue (Insured; AMBAC)           
(Escrowed to Maturity)  0.00  9/1/15  2,825,000 c  2,825,000 
Murrieta Valley Unified School           
District, GO (Insured;           
National Public Finance           
Guarantee Corp.)  0.00  9/1/21  4,950,000 c  4,245,516 
North Natomas Community Facilities           
District Number 4, Special Tax           
Bonds  5.25  9/1/26  2,760,000   3,195,914 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; AMBAC)           
(Prerefunded)  7.00  1/1/16  670,000 a  685,343 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; AMBAC)           
(Prerefunded)  7.50  7/1/21  375,000 a  464,554 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; National           
Public Finance Guarantee Corp.)  6.30  7/1/18  17,665,000   19,218,637 
Oakland Redevelopment Successor           
Agency, Subordinated Tax           
Allocation Revenue (Insured;           
Assured Guaranty Municipal           
Corp.)  5.00  9/1/36  3,000,000   3,339,450 
Oakland Unified School District,           
GO  6.63  8/1/38  5,000,000   6,100,750 
Oakland Unified School District,           
GO  5.00  8/1/40  3,500,000   3,820,040 
Palomar Community College           
District, GO  0/6.38  8/1/45  15,515,000 e  9,993,211 
Pomona Redevelopment Agency,           
Tax Allocation Revenue (West           
Holt Avenue Redevelopment           
Project)  5.50  5/1/32  3,000,000   3,679,770 
Pomona Unified School District,           
GO (Insured; Build America           
Mutual Assurance Company)  5.00  8/1/39  2,000,000   2,242,680 
Poway Unified School District,           
School Facilities Improvement           
District Number 2007-1, GO  0.00  8/1/35  12,850,000 c  5,609,924 
Sacramento County,           
Airport System Senior Revenue  5.00  7/1/24  5,090,000   5,648,475 
Sacramento County,           
Airport System Senior Revenue  5.13  7/1/25  5,890,000   6,549,739 
Sacramento County Sanitation           
Districts Financing Authority,           
Revenue (Sacramento Regional           
County Sanitation District)  5.00  12/1/26  7,000,000   8,349,110 
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  5,000,000   5,369,400 
Sacramento Municipal Utility           
District, Electric Revenue  5.00  8/15/28  2,500,000   2,935,650 
San Bernardino County,           
COP (Capital Facilities           
Project) (Escrowed to Maturity)  6.88  8/1/24  5,000,000   6,558,050 
San Diego County,           
COP (Burnham Institute for           
Medical Research)  5.00  9/1/24  2,265,000   2,312,950 
San Diego County,           
COP (Burnham Institute for           
Medical Research)  5.00  9/1/34  9,880,000   10,085,800 
San Diego County Regional Airport           
Authority, Subordinate Airport           
Revenue  5.00  7/1/34  3,000,000   3,366,270 
San Diego County Regional           
Transportation Commission,           
Sales Tax Revenue  5.00  4/1/44  10,000,000   11,357,500 
San Diego Public Facilities           
Financing Authority, Senior           
Sewer Revenue  5.25  5/15/34  6,045,000   6,848,018 
San Diego Public Facilities           
Financing Authority, Water           
Revenue  5.25  8/1/28  6,000,000   6,956,460 
San Francisco City and County           
Airport Commission, Second           
Series Revenue (San Francisco           
International Airport)  5.00  5/1/23  6,775,000   7,947,346 
San Francisco City and County           
Airport Commission, Second           
Series Revenue (San Francisco           
International Airport)  5.25  5/1/26  4,000,000   4,443,720 
San Francisco City and County           
Airport Commission, Second           
Series Revenue (San Francisco           
International Airport)  5.00  5/1/28  2,000,000   2,358,580 
San Francisco City and County           
Airport Commission, Second           
Series Revenue (San Francisco           
International Airport)  5.00  5/1/29  2,000,000   2,272,580 
San Francisco City and County           
Public Utilities Commission,           
San Francisco Water Revenue  5.00  11/1/37  10,000,000   11,251,400 
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  383,327 

 

 

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   1,742,121 
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  360,700 
San Joaquin Hills Transportation           
Corridor Agency, Senior Lien           
Toll Road Revenue  5.00  1/15/50  5,000,000   5,264,250 
Santa Margarita Water District           
Community Facilities District           
Number 2013-1, Special Tax           
Revenue (Village of Sendero)  5.63  9/1/43  7,000,000   7,758,730 
Santa Margarita Water District           
Community Facilities District           
Number 99-1, Special Tax           
Revenue (Talega)  5.00  9/1/27  2,000,000   2,244,120 
South Orange County Public           
Financing Authority, Special           
Tax Senior Lien Revenue           
(Ladera Ranch)  5.00  8/15/29  1,500,000   1,699,065 
South Orange County Public           
Financing Authority, Special           
Tax Senior Lien Revenue           
(Ladera Ranch)  5.00  8/15/30  1,000,000   1,128,590 
Southern California Public Power           
Authority, Revenue (Canyon           
Power Project)  5.25  7/1/27  7,485,000   8,600,490 
Southern California Public Power           
Authority, Revenue (Linden           
Wind Energy Project)  5.00  7/1/28  3,145,000   3,604,107 
Southern California Public Power           
Authority, Revenue (Linden           
Wind Energy Project)  5.00  7/1/29  2,230,000   2,555,535 
Southern California Public Power           
Authority, Revenue (Milford           
Wind Corridor Phase I Project)  5.00  7/1/29  11,865,000   13,467,131 
Southern California Public Power           
Authority, Revenue (Windy           
Point/Windy Flats Project)  5.00  7/1/27  13,765,000   15,867,466 
Stockton Unified School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/25  1,620,000   1,863,599 
Stockton Unified School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/26  1,115,000   1,270,297 
Stockton Unified School District,           
GO (Insured; Assured Guaranty           

 

 

Municipal Corp.)  5.00  8/1/38  2,500,000   2,795,175  
Tobacco Securitization Authority             
of Southern California,             
Tobacco Settlement             
Asset-Backed Bonds (San Diego             
County Tobacco Asset             
Securitization Corporation)  4.75  6/1/25  1,000,000   999,930  
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   7,421,699  
Torrance,             
Revenue (Torrance Memorial             
Medical Center)  5.00  9/1/40  3,000,000   3,187,110  
Tuolumne Wind Project Authority,             
Revenue (Tuolumne Company             
Project)  5.63  1/1/29  8,000,000   9,088,480  
Turlock Irrigation District,             
Revenue  5.00  1/1/25  5,610,000   6,402,805  
Turlock Irrigation District,             
Revenue  5.00  1/1/26  8,120,000   9,245,594  
University of California Regents,             
General Revenue  5.25  5/15/30  3,000,000   3,607,890  
University of California Regents,             
General Revenue (Prerefunded)  5.25  5/15/17  10,000,000 a  10,903,200  
University of California Regents,             
General Revenue (Prerefunded)  5.75  5/15/19  6,000,000 a  7,037,880  
University of California Regents,             
Limited Project Revenue  5.00  5/15/42  10,000,000   11,232,100  
University of California Regents,             
Medical Center Pooled Revenue  5.00  5/15/43  10,000,000   11,047,600  
Walnut Energy Center Authority,             
Revenue  5.00  1/1/27  3,150,000   3,702,353  
U.S. Related--2.0%             
Guam,             
Business Privilege Tax Revenue  5.00  11/15/34  6,930,000   7,584,677  
Guam,             
Hotel Occupancy Tax Revenue  6.00  11/1/26  3,300,000   3,871,956  
Guam,             
LOR (Section 30)  5.63  12/1/29  2,850,000   3,148,680  
Virgin Islands Public Finance             
Authority, Revenue (Virgin             
Islands Matching Fund Loan             
Notes)  5.00  10/1/25  5,000,000   5,472,100  
Total Investments (cost $902,176,662)      100.5 %  996,631,904  
Liabilities, Less Cash and Receivables      (.5 %)  (4,967,579 ) 
Net Assets      100.0 %  991,664,325  
 
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 August 31, 2015, these 
  securities were valued at $33,774,130 or 3.4% 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 August 31, 2015, net unrealized appreciation on investments was $94,455,242 of which $96,487,483 related to appreciated investment securities and $2,032,241 related to depreciated investment securities. At August 31, 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 Tender 
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 August 31, 2015 in valuing the fund's investments:   
 
      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Unadjusted  Significant  Unobservable   
Assets ($)  Quoted Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds+  -  996,631,904  -  996,631,904 
+ 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:    October 22, 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:    October 22, 2015

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    October 22, 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)