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

811-03757

 

 

 

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 A. 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) 922-6400

 

 

Date of fiscal year end:

 

05/31     

 

Date of reporting period:

2/29/16

 

             

 


 

FORM N-Q

Item 1.                         Schedule of Investments.


 

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Bond Fund
February 29, 2016 (Unaudited)

  Coupon Maturity Principal    
Long-Term Municipal Investments - 99.6%  Rate (%)  Date  Amount ($)   Value ($) 
California - 97.6%           
ABAG Finance Authority for Nonprofit           
Corporations,           
Revenue (Sharp HealthCare)  6.00  8/1/30  5,000,000   6,106,200 
ABAG Finance Authority for Nonprofit           
Corporations,           
Revenue (Sharp HealthCare)  5.00  8/1/43  3,000,000   3,420,060 
Bay Area Toll Authority,           
San Francisco Bay Area Subordinate           
Lien Toll Bridge Revenue  5.00  4/1/43  7,500,000   8,663,550 
Bay Area Toll Authority,           
San Francisco Bay Area Toll Bridge           
Revenue (Prerefunded)  5.25  4/1/19  10,000,000 a  11,381,300 
Brentwood Infrastructure Financing           
Authority,           
Water Revenue (Prerefunded)  5.75  7/1/18  2,250,000 a  2,517,300 
California,           
GO  5.00  8/1/22  5,000,000   5,214,000 
California,           
GO (Various Purpose)  5.00  11/1/23  5,000,000   5,885,600 
California,           
GO (Various Purpose)  5.25  2/1/29  13,835,000   16,496,162 
California,           
GO (Various Purpose)  5.00  10/1/29  5,250,000   5,696,670 
California,           
GO (Various Purpose)  5.25  3/1/30  15,000,000   17,317,950 
California,           
GO (Various Purpose)  5.75  4/1/31  4,500,000   5,117,535 
California,           
GO (Various Purpose)  5.25  9/1/31  25,000,000   29,674,500 
California,           
GO (Various Purpose)  5.25  9/1/32  19,500,000   23,089,755 
California,           
GO (Various Purpose)  5.25  10/1/32  9,170,000   10,882,314 
California,           
GO (Various Purpose)  6.00  3/1/33  3,000,000   3,562,800 
California,           
GO (Various Purpose)  6.50  4/1/33  30,000,000   35,026,200 
California,           
GO (Various Purpose)  5.50  11/1/35  10,000,000   11,872,800 
California,           
GO (Various Purpose)  5.00  2/1/38  5,000,000   5,785,350 
California,           
GO (Various Purpose)  5.50  3/1/40  17,500,000   20,270,600 
California County Tobacco Securitization           
Agency,           
Tobacco Settlement Asset-Backed           
Refunding Bonds (Kern County Tobacco           
Funding Corporation)  5.00  6/1/34  5,000,000   5,527,250 
California Department of Water Resources,           
Water System Revenue (Central Valley           
Project)  5.00  12/1/26  230,000   253,014 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal Investments - 99.6%  Coupon  Maturity  Principal   
(continued)  Rate (%)  Date  Amount ($)  Value ($) 
California - 97.6% (continued)         
California Educational Facilities Authority,         
Revenue (Chapman University)  5.00  4/1/40  5,000,000  5,748,400 
California Educational Facilities Authority,         
Revenue (Chapman University)  5.00  4/1/45  2,305,000  2,633,808 
California Educational Facilities Authority,         
Revenue (Occidental College)  5.00  10/1/45  500,000  584,600 
California Educational Facilities Authority,         
Revenue (Pepperdine University)  5.00  9/1/45  5,000,000  5,844,250 
California Educational Facilities Authority,         
Revenue (Pooled College and University         
Projects) (Escrowed to Maturity)  5.63  7/1/23  135,000  158,065 
California Educational Facilities Authority,         
Revenue (University of Southern         
California)  5.25  10/1/38  5,000,000  5,555,650 
California Health Facilities Financing         
Authority,         
Revenue (City of Hope)  5.00 11/15/23 1,650,000  1,992,342 
California Health Facilities Financing         
Authority,         
Revenue (City of Hope)  5.00 11/15/24 1,600,000  1,911,664 
California Health Facilities Financing         
Authority,         
Revenue (Providence Health and         
Services)  5.00  10/1/30  3,500,000  4,199,440 
California Health Facilities Financing         
Authority,         
Revenue (Providence Health and         
Services)  5.00  10/1/31  4,430,000  5,281,180 
California Health Facilities Financing         
Authority,         
Revenue (Rady Children's Hospital -         
San Diego)  5.25  8/15/41  8,500,000  9,550,005 
California Health Facilities Financing         
Authority,         
Revenue (Saint Joseph Health System)  5.00  7/1/37  7,500,000  8,684,475 
California Health Facilities Financing         
Authority,         
Revenue (Scripps Health)  5.00 11/15/36 7,525,000  8,477,891 
California Health Facilities Financing         
Authority,         
Revenue (Stanford Hospital and Clinics)  5.00  8/15/42  1,000,000  1,120,410 
California Health Facilities Financing         
Authority,         
Revenue (Sutter Health)  5.25  8/15/22  6,000,000  6,683,460 
California Health Facilities Financing         
Authority,         
Revenue (Sutter Health)  5.00 11/15/30 750,000  914,363 
California Health Facilities Financing         
Authority,         
Revenue (Sutter Health)  5.25  8/15/31  3,500,000  4,169,515 
California Health Facilities Financing         
Authority,         
Revenue (Sutter Health)  5.00 11/15/31 1,150,000  1,392,075 
California Health Facilities Financing         
Authority,         
Revenue (Sutter Health)  5.00  8/15/43  2,000,000  2,316,620 

 


 

Long-Term Municipal Investments - 99.6%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 97.6% (continued)           
California Housing Finance Agency,           
Home Mortgage Revenue           
(Collateralized; FNMA)  5.50  8/1/38  2,610,000   2,654,135 
California Infrastructure and Economic           
Development Bank,           
Revenue (Academy of Motion Pictures           
Arts and Sciences Obligated Group)  5.00  11/1/41  2,250,000   2,589,548 
California Municipal Finance Authority,           
COP (Community Hospitals of Central           
California Obligated Group)  5.25  2/1/27  3,965,000   4,098,422 
California Municipal Finance Authority,           
COP (Community Hospitals of Central           
California Obligated Group)           
(Prerefunded)  5.25  2/1/17  2,785,000 a  2,908,849 
California Municipal Finance Authority,           
Student Housing Revenue (Bowles Hall           
Foundation)  5.00  6/1/50  1,500,000   1,645,680 
California Pollution Control Financing           
Authority,           
Revenue (San Jose Water Company           
Project)  5.10  6/1/40  5,500,000   6,205,870 
California Pollution Control Financing           
Authority,           
Water Facilities Revenue (American           
Water Capital Corporation Project)  5.25  8/1/40  7,500,000 b  8,310,975 
California School Finance Authority,           
Charter School Revenue (Aspire Public           
Schools - Obligated Group)  5.00  8/1/41  1,750,000 b  1,950,428 
California School Finance Authority,           
School Facility Revenue (Alliance for           
College-Ready Public Schools Projects)  5.00  7/1/45  3,500,000 b  3,761,870 
California State Public Works Board,           
LR (Department of Corrections and           
Rehabilitation) (Various Correctional           
Facilities)  5.00  9/1/26  5,000,000   6,173,700 
California State Public Works Board,           
LR (Judicial Council of California)           
(Various Judicial Council Projects)  5.00  3/1/25  1,795,000   2,171,501 
California State Public Works Board,           
LR (Judicial Council of California)           
(Various Judicial Council Projects)  5.00  12/1/31  10,000,000   11,868,200 
California State University Trustees,           
Systemwide Revenue  5.00  11/1/27  2,510,000   2,739,565 
California State University Trustees,           
Systemwide Revenue  5.00  11/1/28  5,000,000   5,457,300 
California Statewide Communities           
Development Authority,           
COP (The Internext Group)  5.38  4/1/30  4,800,000   4,816,608 
California Statewide Communities           
Development Authority,           
Revenue (899 Charleston Project)  5.25  11/1/44  2,500,000   2,583,350 
California Statewide Communities           
Development Authority,           
Revenue (American Baptist Homes of           
the West)  2.10  10/1/19  2,000,000   2,001,140 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal Investments - 99.6%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 97.6% (continued)           
California Statewide Communities           
Development Authority,           
Revenue (American Baptist Homes of           
the West)  5.00  10/1/45  3,550,000   3,972,805 
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   2,773,810 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.25  11/1/30  3,750,000   4,290,938 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.00  11/1/40  11,940,000   13,198,237 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.00  11/1/43  4,000,000   4,598,480 
California Statewide Communities           
Development Authority,           
Revenue (Henry Mayo Newhall           
Memorial Hospital) (Insured; Assured           
Guaranty Municipal Corp.)  5.25  10/1/43  2,100,000   2,423,568 
California Statewide Communities           
Development Authority,           
Revenue (Kaiser Permanente)  5.00  4/1/42  3,000,000   3,414,750 
California Statewide Communities           
Development Authority,           
Revenue (Saint Joseph Health System)           
(Insured; FGIC)  5.75  7/1/47  10,000,000   11,057,200 
California Statewide Communities           
Development Authority,           
Revenue (Saint Joseph Health System)           
(Insured; National Public Finance           
Guarantee Corp.)  5.13  7/1/24  5,000,000   5,505,500 
California Statewide Communities           
Development Authority,           
School Facility Revenue (Aspire Public           
Schools) (Prerefunded)  6.00  1/1/19  7,975,000 a  9,101,469 
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   4,325,160 
Chabot-Las Positas Community College           
District,           
GO (Insured; AMBAC)  0.00  8/1/22  3,000,000 c  2,242,500 
Coast Community College District,           
GO (Insured; Assured Guaranty           
Municipal Corp.) (Prerefunded)  5.00  8/1/18  15,565,000 a  17,190,764 
Eastern Municipal Water District,           
Water and Wastewater Revenue  5.00  7/1/42  5,000,000   5,919,350 

 


 

Long-Term Municipal Investments - 99.6%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 97.6% (continued)           
Foothill/Eastern Transportation Corridor           
Agency,           
Senior Lien Toll Road Revenue           
(Insured; Assured Guaranty Municipal           
Corp.)  0.00  1/15/35  10,000,000 c  4,774,300 
Golden State Tobacco Securitization           
Corporation,           
Enhanced Tobacco Settlement Asset-           
Backed Bonds  5.00  6/1/40  3,500,000   4,022,235 
Golden State Tobacco Securitization           
Corporation,           
Enhanced Tobacco Settlement Asset-           
Backed Bonds (Insured; Assured           
Guaranty Municipal Corp.)  4.55  6/1/22  1,725,000   1,849,390 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  4.50  6/1/27  9,755,000   9,791,093 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  5.13  6/1/47  8,000,000   7,181,840 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  5.75  6/1/47  12,500,000   12,085,625 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/21  4,375,000 c  3,965,588 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/22  4,605,000 c  4,029,191 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/23  4,850,000 c  4,093,109 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/26  3,265,000 c  2,473,923 
Imperial Irrigation District,           
Electric System Revenue  5.00  11/1/37  2,500,000   2,986,675 
Imperial Irrigation District,           
Electric System Revenue  5.00  11/1/38  1,800,000   2,144,844 
Irvine Community Facilities District           
Number 2013-3 Improvement Area           
Number 1,           
Special Tax Revenue (Great Park)  5.00  9/1/44  2,500,000   2,799,825 
JPMorgan Chase Putters/Drivers Trust           
(Series 4354),           
(Riverside County Transportation           
Commission, Sales Tax Revenue) Non-           
recourse  5.25  6/1/21  7,500,000 b,d  9,020,475 
JPMorgan Chase Putters/Drivers Trust           
(Series 4361),           
(Los Angeles Department of Water and           
Power, Water System Revenue) Non-           
recourse  5.00  7/1/20  12,000,000 b,d  14,020,920 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal Investments - 99.6%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 97.6% (continued)           
Jurupa Public Financing Authority,           
Special Tax Revenue  5.00  9/1/42  3,420,000   3,821,234 
Kaweah Delta Health Care District,           
Revenue  5.00  6/1/40  2,500,000   2,867,625 
Long Beach,           
Harbor Revenue  5.00  5/15/42  3,500,000   4,115,020 
Los Angeles Community Facilities District           
Number 4,           
Special Tax Revenue (Playa Vista-Phase           
1)  5.00  9/1/29  1,190,000   1,384,315 
Los Angeles Community Facilities District           
Number 4,           
Special Tax Revenue (Playa Vista-Phase           
1)  5.00  9/1/30  1,110,000   1,283,382 
Los Angeles County Regional Financing           
Authority,           
Revenue (MonteCedro Inc. Project)  5.00 11/15/44 2,000,000   2,276,600 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.25  5/15/26  5,000,000   5,897,050 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/29  3,915,000   4,548,838 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.25  5/15/29  16,090,000   18,288,698 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/35  25,000,000   28,452,500 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/38  3,500,000   4,076,485 
Los Angeles Department of Airports,           
Subordinate Revenue (Los Angeles           
International Airport)  5.00  5/15/38  4,500,000   5,286,735 
Los Angeles Harbor Department,           
Revenue  5.25  8/1/25  26,055,000   30,039,331 
Los Angeles Harbor Department,           
Revenue  5.00  8/1/39  2,050,000   2,389,603 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  10/1/34  5,000,000   5,954,600 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  1/1/39  5,000,000   5,543,500 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  7/1/40  2,000,000   2,366,520 
Murrieta Valley Unified School District,           
GO (Insured; National Public Finance           
Guarantee Corp.)  0.00  9/1/21  4,950,000 c  4,460,891 
North Natomas Community Facilities           
District Number 4,           
Special Tax Bonds  5.25  9/1/26  2,760,000   3,271,621 

 


 

Long-Term Municipal Investments - 99.6%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 97.6% (continued)           
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; AMBAC)           
(Prerefunded)  7.50  7/1/21  375,000 a  463,688 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; National Public           
Finance Guarantee Corp.)  6.30  7/1/18  17,665,000   18,940,236 
Northern California Transmission Agency,           
Revenue (California-Oregon           
Transmission Project)  5.00  5/1/38  1,565,000   1,859,564 
Northern California Transmission Agency,           
Revenue (California-Oregon           
Transmission Project)  5.00  5/1/39  1,500,000   1,779,420 
Oakland Redevelopment Successor Agency,           
Subordinated Tax Allocation Revenue           
(Insured; Assured Guaranty Municipal           
Corp.)  5.00  9/1/36  3,000,000   3,474,210 
Oakland Unified School District,           
GO  6.63  8/1/38  5,000,000   6,137,150 
Oakland Unified School District,           
GO  5.00  8/1/40  3,500,000   3,930,150 
Palomar Community College District,           
GO  0/6.38  8/1/45  15,515,000 e  11,098,810 
Pomona Redevelopment Agency,           
Tax Allocation Revenue (West Holt           
Avenue Redevelopment Project)  5.50  5/1/32  3,000,000   3,861,270 
Pomona Unified School District,           
GO (Insured; Build America Mutual           
Assurance Company)  5.00  8/1/39  2,000,000   2,300,520 
Poway Unified School District School           
Facilities Improvement District Number           
2007-1,           
GO  0.00  8/1/35  12,850,000 c  6,262,704 
Sacramento County,           
Airport System Senior Revenue  5.00  7/1/24  5,090,000   5,597,422 
Sacramento County,           
Airport System Senior Revenue  5.13  7/1/25  5,890,000   6,489,838 
Sacramento County Sanitation Districts           
Financing Authority,           
Revenue (Sacramento Regional County           
Sanitation District)  5.00  12/1/26  7,000,000   8,546,090 
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   5,282,000 
Sacramento Municipal Utility District,           
Electric Revenue  5.00  8/15/28  2,500,000   2,987,800 
San Bernardino County,           
COP (Capital Facilities Project)           
(Escrowed to Maturity)  6.88  8/1/24  5,000,000   6,653,700 
San Diego County Regional Airport           
Authority,           
Subordinate Airport Revenue  5.00  7/1/34  3,000,000   3,388,860 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal Investments - 99.6%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 97.6% (continued)           
San Diego County Regional Transportation           
Commission,           
Sales Tax Revenue  5.00  4/1/44  10,000,000   11,551,000 
San Diego Public Facilities Financing           
Authority,           
Senior Sewer Revenue  5.25  5/15/34  6,045,000   6,855,574 
San Diego Public Facilities Financing           
Authority,           
Water Revenue  5.25  8/1/28  6,000,000   7,029,600 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/23  6,775,000   8,149,105 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/28  2,000,000   2,420,380 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/29  1,000,000   1,242,260 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/29  2,000,000   2,391,640 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/32  1,000,000   1,217,270 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport) (Prerefunded)  5.25  5/1/18  4,000,000 a  4,397,920 
San Francisco City and County Public           
Utilities Commission,           
San Francisco Water Revenue  5.00  11/1/37  10,000,000   11,708,200 
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  394,488 
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   1,735,274 
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  372,845 
San Joaquin Hills Transportation Corridor           
Agency,           
Senior Lien Toll Road Revenue  5.00  1/15/50  5,000,000   5,464,100 

 


 

Long-Term Municipal Investments - 99.6%  Coupon  Maturity  Principal   
(continued)  Rate (%)  Date  Amount ($)  Value ($) 
California - 97.6% (continued)         
Santa Margarita Water District Community         
Facilities District Number 2013-1,         
Special Tax Revenue (Village of         
Sendero)  5.63  9/1/43  7,000,000  7,951,300 
Santa Margarita Water District Community         
Facilities District Number 99-1,         
Special Tax Revenue (Talega)  5.00  9/1/27  1,945,000  2,263,649 
South Orange County Public Financing         
Authority,         
Special Tax Senior Lien Revenue         
(Ladera Ranch)  5.00  8/15/29  1,500,000  1,726,095 
South Orange County Public Financing         
Authority,         
Special Tax Senior Lien Revenue         
(Ladera Ranch)  5.00  8/15/30  1,000,000  1,146,760 
Southern California Public Power         
Authority,         
Revenue (Canyon Power Project)  5.25  7/1/27  7,485,000  8,634,097 
Southern California Public Power         
Authority,         
Revenue (Linden Wind Energy Project)  5.00  7/1/28  3,145,000  3,664,711 
Southern California Public Power         
Authority,         
Revenue (Linden Wind Energy Project)  5.00  7/1/29  2,230,000  2,595,943 
Southern California Public Power         
Authority,         
Revenue (Milford Wind Corridor Phase         
I Project)  5.00  7/1/29  11,865,000  13,614,020 
Southern California Public Power         
Authority,         
Revenue (Windy Point/Windy Flats         
Project)  5.00  7/1/27  13,765,000  16,055,634 
Stockton Unified School District,         
GO (Insured; Assured Guaranty         
Municipal Corp.)  5.00  7/1/25  1,620,000  1,946,965 
Stockton Unified School District,         
GO (Insured; Assured Guaranty         
Municipal Corp.)  5.00  7/1/26  1,115,000  1,334,477 
Stockton Unified School District,         
GO (Insured; Assured Guaranty         
Municipal Corp.)  5.00  8/1/38  2,500,000  2,861,625 
Successor Agency to the Redevelopment         
Agency of the City of Pittsburg,         
Subordinate Tax Allocation Revenue         
(Los Medanos Community         
Development Project) (Insured;         
Assured Guaranty Municipal Corp.)  5.00  9/1/28  3,000,000  3,647,880 
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  1,000,250 
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  8,447,856 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal Investments - 99.6%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 97.6% (continued)           
Torrance,           
Revenue (Torrance Memorial Medical           
Center)  5.00  9/1/40  3,000,000   3,275,550 
Tuolumne Wind Project Authority,           
Revenue (Tuolumne Company Project)  5.63  1/1/29  8,000,000   9,040,160 
Turlock Irrigation District,           
Revenue  5.00  1/1/25  5,610,000   6,436,970 
Turlock Irrigation District,           
Revenue  5.00  1/1/26  8,120,000   9,290,579 
University of California Regents,           
General Revenue  5.25  5/15/30  3,000,000   3,716,880 
University of California Regents,           
General Revenue (Prerefunded)  5.25  5/15/17  6,000,000 a  6,412,260 
University of California Regents,           
General Revenue (Prerefunded)  5.75  5/15/19  3,000,000 a  3,477,360 
University of California Regents,           
Limited Project Revenue  5.00  5/15/42  10,000,000   11,590,900 
University of California Regents,           
Medical Center Pooled Revenue  5.00  5/15/43  10,000,000   11,463,100 
Walnut Energy Center Authority,           
Revenue  5.00  1/1/27  3,150,000   3,858,876 
          1,003,931,361 
U.S. Related - 2.0%           
Guam,           
Business Privilege Tax Revenue  5.00 11/15/34 6,930,000   7,914,129 
Guam,           
Hotel Occupancy Tax Revenue  6.00  11/1/26  3,300,000   3,964,653 
Guam,           
LOR (Section 30)  5.63  12/1/29  2,850,000   3,167,604 
Virgin Islands Public Finance Authority,           
Revenue (Virgin Islands Matching Fund           
Loan Notes)  5.00  10/1/25  5,000,000   5,542,550 
          20,588,936 
 
Total Investments (cost $912,207,961)      99.6 %  1,024,520,297 
Cash and Receivables (Net)      0.4 %  3,930,524 
Net Assets      100.0 %  1,028,450,821 

 

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 Security 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 29, 2016, these securities were valued 
at $37,064,668 or 3.6% 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. 

 


 

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Bond Fund
February 29, 2016 (Unaudited)

The following is a summary of the inputs used as of February 29, 2016 in valuing the fund’s investments:

        Level 3 -     
  Level 1 -  Level 2 - Other   Significant     
  Unadjusted Quoted  Significant   Unobservable     
  Prices Observable Inputs    Inputs  Total  
Assets ($)             
Investments in Securities:             
Municipal Bonds  -  1,024,520,297   -  1,024,520,297  
Liabilities ($)             
Floating Rate Notes††  -  (9,750,000 )  -  (9,750,000 ) 

 

  See Statement of Investments for additional detailed categorizations. 
††  Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. 

 


 

NOTES

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.

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 Members (the "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


 

NOTES

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 of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service’s procedures are reviewed by Dreyfus under the general supervision of the Board.

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, 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. 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 within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value 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”). The Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). 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 flows of the Trust, after payment of interest on the other securities and various expenses of the Trust. An inverse floater security may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.

The fund accounts for the transfer of bonds to the Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the related floating rate certificate securities reflected as fund liabilities in the Statement of Assets and Liabilities.

The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event.


 

NOTES

When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.

At February 29, 2016, accumulated net unrealized appreciation on investments was $112,312,336 consisting of $112,333,880 gross unrealized appreciation and $21,544 gross unrealized depreciation.

At February 29, 2016, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC 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 25, 2016

 

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 25, 2016

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    April 25, 2016

 

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)