N-Q 1 lp1-928.htm FORM N-Q lp1-928.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:

  08/31/16

 

             

 


 

FORM N-Q

Item 1.                         Schedule of Investments.


 

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Bond Fund
August 31, 2016 (Unaudited)

Long-Term Municipal Investments -  Coupon  Maturity  Principal   
100.2%  Rate (%)   Date  Amount ($)  Value ($) 
California - 98.3%         
ABAG Finance Authority for Nonprofit         
Corporations,         
Revenue (Sharp HealthCare)  6.00  8/1/30  5,000,000  6,102,350 
ABAG Finance Authority for Nonprofit         
Corporations,         
Revenue (Sharp HealthCare)  5.00  8/1/43  3,000,000  3,570,090 
Alameda Corridor Transportation         
Authority,         
Second Subordinate Lien Revenue  5.00  10/1/37  1,650,000  2,009,040 
Anaheim Community Facilities District         
Number 08-1,         
Special Tax Revenue (Platimum         
Triangle)  4.00  9/1/41  6,000,000  6,588,120 
Anaheim Community Facilities District         
Number 08-1,         
Special Tax Revenue (Platimum         
Triangle)  4.00  9/1/46  2,000,000  2,191,560 
Bay Area Toll Authority,         
San Francisco Bay Area Subordinate         
Lien Toll Bridge Revenue  5.00  4/1/43  7,500,000  9,061,200 
California,         
GO  5.00  8/1/22  5,000,000  5,092,250 
California,         
GO (Various Purpose)  5.00  11/1/23  5,000,000  5,874,550 
California,         
GO (Various Purpose)  5.25  2/1/29  13,835,000  16,781,025 
California,         
GO (Various Purpose)  5.00  10/1/29  5,250,000  5,599,650 
California,         
GO (Various Purpose)  5.25  3/1/30  15,000,000  17,176,200 
California,         
GO (Various Purpose)  5.75  4/1/31  4,500,000  5,067,135 
California,         
GO (Various Purpose)  5.25  9/1/31  25,000,000  30,034,000 
California,         
GO (Various Purpose)  5.25  9/1/32  19,500,000  23,394,930 
California,         
GO (Various Purpose)  5.25  10/1/32  9,170,000  11,031,143 
California,         
GO (Various Purpose)  6.00  3/1/33  3,000,000  3,536,220 
California,         
GO (Various Purpose)  6.50  4/1/33  30,000,000  34,428,000 
California,         
GO (Various Purpose)  5.50  11/1/35  10,000,000  11,804,900 
California,         
GO (Various Purpose)  5.00  9/1/36  10,000,000  12,501,100 
California,         
GO (Various Purpose)  5.00  2/1/38  5,000,000  5,927,150 
California,         
GO (Various Purpose)  5.50  3/1/40  17,500,000  20,117,125 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal Investments -  Coupon  Maturity  Principal   
100.2% (continued)  Rate (%)  Date  Amount ($)  Value ($) 
California - 98.3% (continued)         
California,         
GO (Various Purpose)  5.00  9/1/45  2,500,000  3,117,650 
California County Tobacco Securitization         
Agency,         
Tobacco Settlement Asset-Backed         
Refunding Bonds (Kern County Tobacco         
Funding Corporation)  5.00  6/1/34  5,000,000  5,675,350 
California Department of Water Resources,         
Water System Revenue (Central Valley         
Project)  5.00  12/1/26  230,000  247,662 
California Educational Facilities Authority,         
Revenue (Chapman University)  5.00  4/1/40  5,000,000  6,002,900 
California Educational Facilities Authority,         
Revenue (Chapman University)  5.00  4/1/45  2,305,000  2,755,489 
California Educational Facilities Authority,         
Revenue (Occidental College)  5.00  10/1/45  500,000  614,225 
California Educational Facilities Authority,         
Revenue (Pepperdine University)  5.00  9/1/45  5,000,000  6,128,300 
California Educational Facilities Authority,         
Revenue (Pooled College and University         
Projects) (Escrowed to Maturity)  5.63  7/1/23  120,000  140,408 
California Educational Facilities Authority,         
Revenue (University of Southern         
California)  5.25  10/1/38  5,000,000  5,463,400 
California Health Facilities Financing         
Authority,         
Revenue (Adventist Health         
System/West)  4.00  3/1/39  7,500,000  8,274,375 
California Health Facilities Financing         
Authority,         
Revenue (City of Hope)  5.00 11/15/23  1,650,000  2,010,344 
California Health Facilities Financing         
Authority,         
Revenue (City of Hope)  5.00 11/15/24  1,600,000  1,944,896 
California Health Facilities Financing         
Authority,         
Revenue (Providence Health and         
Services)  5.00  10/1/30  3,500,000  4,377,835 
California Health Facilities Financing         
Authority,         
Revenue (Providence Health and         
Services)  5.00  10/1/31  4,430,000  5,510,787 
California Health Facilities Financing         
Authority,         
Revenue (Providence Saint Joseph         
Health)  4.00  10/1/35  6,500,000  7,364,760 
California Health Facilities Financing         
Authority,         
Revenue (Providence Saint Joseph         
Health)  4.00  10/1/47  10,000,000  11,170,600 
California Health Facilities Financing         
Authority,         
Revenue (Rady Children's Hospital -         
San Diego)  5.25  8/15/41  8,500,000  9,779,760 
California Health Facilities Financing         
Authority,         
Revenue (Saint Joseph Health System)  5.00  7/1/37  7,500,000  8,919,675 

 


 

Long-Term Municipal Investments -  Coupon  Maturity  Principal    
100.2% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 98.3% (continued)           
California Health Facilities Financing           
Authority,           
Revenue (Scripps Health)  5.00   11/15/36  7,525,000   8,477,213 
California Health Facilities Financing           
Authority,           
Revenue (Stanford Hospital and Clinics)  5.00  8/15/42  1,000,000   1,179,940 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00   11/15/30  750,000   946,935 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.25  8/15/31  3,500,000   4,206,125 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00   11/15/31  1,150,000   1,446,424 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  4.00   11/15/41  10,000,000   11,181,000 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00  8/15/43  2,000,000   2,416,780 
California Housing Finance Agency,           
Home Mortgage Revenue           
(Collateralized; FNMA)  5.50  8/1/38  260,000   263,973 
California Infrastructure and Economic           
Development Bank,           
Revenue (Academy of Motion Pictures           
Arts and Sciences Obligated Group)  5.00  11/1/41  2,250,000   2,705,198 
California Municipal Finance Authority,           
Charter School Revenue (The Palmdale           
Aerospace Academy Project)  5.00  7/1/41  1,750,000 a  1,910,370 
California Municipal Finance Authority,           
Charter School Revenue (The Palmdale           
Aerospace Academy Project)  5.00  7/1/46  1,670,000 a  1,816,259 
California Municipal Finance Authority,           
COP (Community Hospitals of Central           
California Obligated Group)  5.25  2/1/27  3,965,000   4,031,810 
California Municipal Finance Authority,           
Student Housing Revenue (Bowles Hall           
Foundation)  5.00  6/1/50  1,500,000   1,716,105 
California Pollution Control Financing           
Authority,           
Revenue (San Jose Water Company           
Project)  5.10  6/1/40  5,500,000   6,228,750 
California Pollution Control Financing           
Authority,           
Water Facilities Revenue (American           
Water Capital Corporation Project)  5.25  8/1/40  7,500,000 a  8,480,775 
California School Finance Authority,           
Charter School Revenue (Aspire Public           
Schools - Obligated Group)  5.00  8/1/41  1,750,000 a  2,019,535 
California School Finance Authority,           
School Facility Revenue (Alliance for           
College-Ready Public Schools Projects)  5.00  7/1/45  3,500,000 a  4,040,540 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal Investments -  Coupon  Maturity  Principal    
100.2% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 98.3% (continued)           
California State Public Works Board,           
LR (Department of Corrections and           
Rehabilitation) (Various Correctional           
Facilities)  5.00  9/1/26  5,000,000   6,263,250 
California State Public Works Board,           
LR (Judicial Council of California)           
(Various Judicial Council Projects)  5.00  3/1/25  1,795,000   2,188,302 
California State Public Works Board,           
LR (Judicial Council of California)           
(Various Judicial Council Projects)  5.00  12/1/31  10,000,000   11,882,800 
California State University Trustees,           
Systemwide Revenue  5.00  11/1/27  85,000   90,987 
California State University Trustees,           
Systemwide Revenue  5.00  11/1/28  165,000   176,591 
California Statewide Communities           
Development Authority,           
COP (The Internext Group)  5.38  4/1/30  4,800,000   4,817,856 
California Statewide Communities           
Development Authority,           
Revenue (American Baptist Homes of           
the West)  2.10  10/1/19  2,000,000   2,001,480 
California Statewide Communities           
Development Authority,           
Revenue (American Baptist Homes of           
the West)  5.00  10/1/45  3,550,000   4,164,718 
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   2,903,826 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.25  11/1/30  3,750,000   4,316,700 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.00  11/1/40  11,940,000   13,479,663 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.00  11/1/43  4,000,000   4,794,880 
California Statewide Communities           
Development Authority,           
Revenue (Henry Mayo Newhall           
Memorial Hospital) (Insured; Assured           
Guaranty Municipal Corp.)  5.25  10/1/43  2,100,000   2,524,515 
California Statewide Communities           
Development Authority,           
Revenue (John Muir Health)  5.00  8/15/41  1,200,000   1,480,200 
California Statewide Communities           
Development Authority,           
Revenue (Kaiser Permanente)  5.00  4/1/42  3,000,000   3,499,050 
California Statewide Communities           
Development Authority,           
Revenue (Loma Linda University           
Medical Center)  5.25  12/1/56  5,250,000 a  6,102,075 

 


 

Long-Term Municipal Investments -  Coupon  Maturity  Principal    
100.2% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 98.3% (continued)           
California Statewide Communities           
Development Authority,           
Revenue (Saint Joseph Health System)           
(Insured; FGIC)  5.75  7/1/47  10,000,000   10,932,700 
California Statewide Communities           
Development Authority,           
Revenue (Saint Joseph Health System)           
(Insured; National Public Finance           
Guarantee Corp.)  5.13  7/1/24  5,000,000   5,397,050 
California Statewide Communities           
Development Authority,           
Revenue (University of California,           
Irvine East Campus Apartments)  5.00  5/15/40  3,000,000   3,642,690 
California Statewide Communities           
Development Authority,           
School Facility Revenue (Aspire Public           
Schools) (Prerefunded)  6.00  1/1/19  7,975,000 b  8,954,410 
Eastern Municipal Water District,           
Water and Wastewater Revenue  5.00  7/1/42  5,000,000   6,216,750 
Escondido Union High School District,           
GO  0.00  8/1/41  2,525,000 c  1,104,814 
Escondido Union High School District,           
GO  0.00  8/1/46  3,000,000 c  1,095,780 
Foothill/Eastern Transportation Corridor           
Agency,           
Senior Lien Toll Road Revenue           
(Insured; Assured Guaranty Municipal           
Corp.)  0.00  1/15/35  10,000,000 c  5,545,600 
Golden State Tobacco Securitization           
Corporation,           
Enhanced Tobacco Settlement Asset-           
Backed Bonds  5.00  6/1/40  3,500,000   4,266,710 
Golden State Tobacco Securitization           
Corporation,           
Enhanced Tobacco Settlement Asset-           
Backed Bonds (Insured; Assured           
Guaranty Municipal Corp.)  4.55  6/1/22  1,725,000   1,827,379 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  4.50  6/1/27  9,755,000   9,910,982 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  6/1/47  70,000,000 c  7,449,400 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  5.13  6/1/47  8,000,000   8,032,320 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  5.75  6/1/47  12,500,000   12,779,000 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/21  4,375,000 c  4,043,769 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal Investments -  Coupon  Maturity  Principal    
100.2% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 98.3% (continued)           
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/22  4,605,000 c  4,121,199 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/23  4,850,000 c  4,223,913 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/26  3,265,000 c  2,609,780 
Imperial Irrigation District,           
Electric System Revenue  5.00  11/1/37  2,500,000   3,101,575 
Imperial Irrigation District,           
Electric System Revenue  5.00  11/1/38  1,800,000   2,233,134 
Irvine Community Facilities District           
Number 2013-3 Improvement Area           
Number 1,           
Special Tax Revenue (Great Park)  5.00  9/1/44  2,500,000   2,869,225 
Jurupa Public Financing Authority,           
Special Tax Revenue  5.00  9/1/42  3,420,000   3,990,593 
Kaweah Delta Health Care District,           
Revenue  5.00  6/1/40  2,500,000   2,961,400 
Long Beach,           
Harbor Revenue  5.00  5/15/42  3,500,000   4,303,600 
Los Angeles Community Facilities District           
Number 4,           
Special Tax Revenue (Playa Vista-Phase           
1)  5.00  9/1/29  1,190,000   1,419,396 
Los Angeles Community Facilities District           
Number 4,           
Special Tax Revenue (Playa Vista-Phase           
1)  5.00  9/1/30  1,110,000   1,318,047 
Los Angeles County Public Works           
Financing Authority,           
LR  5.00  12/1/45  4,000,000   4,891,400 
Los Angeles County Regional Financing           
Authority,           
Revenue (MonteCedro Inc. Project)  5.00   11/15/44  2,000,000   2,343,360 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.25  5/15/26  5,000,000   5,794,900 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/29  3,915,000   4,486,355 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.25  5/15/29  16,090,000   18,007,767 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/35  25,000,000   28,520,000 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/38  3,500,000   4,211,760 
Los Angeles Department of Airports,           
Subordinate Revenue (Los Angeles           
International Airport)  5.00  5/15/38  4,500,000   5,505,120 
Los Angeles Harbor Department,           
Revenue  5.25  8/1/25  26,055,000   29,423,911 

 


 

Long-Term Municipal Investments -  Coupon  Maturity  Principal    
100.2% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 98.3% (continued)           
Los Angeles Harbor Department,           
Revenue  5.00  8/1/39  2,050,000   2,484,826 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  10/1/34  5,000,000   6,017,850 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  1/1/39  5,000,000   5,500,350 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  7/1/40  2,000,000   2,483,560 
Murrieta Valley Unified School District,           
GO (Insured; National Public Finance           
Guarantee Corp.)  0.00  9/1/21  4,950,000 c  4,553,059 
North Natomas Community Facilities           
District Number 4,           
Special Tax Bonds  5.25  9/1/26  2,760,000   3,361,321 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; AMBAC)           
(Prerefunded)  7.50  7/1/21  375,000 b  454,418 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; National Public           
Finance Guarantee Corp.)  6.30  7/1/18  16,935,000   17,847,796 
Northern California Transmission Agency,           
Revenue (California-Oregon           
Transmission Project)  5.00  5/1/38  1,565,000   1,946,203 
Northern California Transmission Agency,           
Revenue (California-Oregon           
Transmission Project)  5.00  5/1/39  1,500,000   1,865,370 
Norwalk-La Mirada Unified School District,           
GO (Insured; Assured Guaranty Corp.)  0.00  8/1/38  5,645,000 c  2,681,770 
Oakland Redevelopment Successor Agency,           
Subordinated Tax Allocation Revenue           
(Insured; Assured Guaranty Municipal           
Corp.)  5.00  9/1/36  3,000,000   3,601,110 
Oakland Unified School District,           
GO  6.63  8/1/38  5,000,000   6,304,000 
Oakland Unified School District,           
GO  5.00  8/1/40  3,500,000   4,264,155 
Palomar Community College District,           
GO  0/6.38  8/1/45  15,515,000 d  12,635,106 
Peralta Community College District,           
GO (Dedicated Unlimited Ad Valorem           
Property Tax Bonds)  4.00  8/1/39  5,000,000   5,642,950 
Placentia-Yorba Linda Unified School           
District,           
GO  0.00  8/1/46  7,000,000 c  2,656,570 
Pomona Redevelopment Agency,           
Tax Allocation Revenue (West Holt           
Avenue Redevelopment Project)  5.50  5/1/32  3,000,000   4,085,670 
Pomona Unified School District,           
GO (Insured; Build America Mutual           
Assurance Company)  5.00  8/1/39  2,000,000   2,393,560 
Sacramento County,           
Airport System Senior Revenue  5.00  7/1/24  5,090,000   5,483,610 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal Investments -  Coupon  Maturity  Principal    
100.2% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 98.3% (continued)           
Sacramento County,           
Airport System Senior Revenue  5.13  7/1/25  5,890,000   6,357,725 
Sacramento County Sanitation Districts           
Financing Authority,           
Revenue (Sacramento Regional County           
Sanitation District)  5.00  12/1/26  7,000,000   8,432,410 
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   5,163,800 
Sacramento Municipal Utility District,           
Electric Revenue  5.00  8/15/28  1,845,000   2,186,731 
Sacramento Municipal Utility District,           
Electric Revenue (Prerefunded)  5.00  8/15/21  655,000 b  786,812 
San Bernardino County,           
COP (Capital Facilities Project)           
(Escrowed to Maturity)  6.88  8/1/24  5,000,000   6,600,550 
San Diego County Regional Airport           
Authority,           
Subordinate Airport Revenue  5.00  7/1/34  3,000,000   3,403,470 
San Diego County Regional Transportation           
Commission,           
Sales Tax Revenue  5.00  4/1/44  10,000,000   12,077,500 
San Diego Public Facilities Financing           
Authority,           
Water Revenue (Prerefunded)  5.25  8/1/20  6,000,000 b  7,036,320 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/23  6,775,000   8,028,104 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/28  2,000,000   2,409,060 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/29  2,000,000   2,382,100 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/29  1,000,000   1,287,190 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/32  1,000,000   1,267,500 
San Francisco City and County Public           
Utilities Commission,           
San Francisco Water Revenue  5.00  11/1/37  10,000,000   11,940,500 
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  405,925 

 


 

Long-Term Municipal Investments -  Coupon  Maturity  Principal    
100.2% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 98.3% (continued)           
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   1,715,636 
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  384,245 
San Joaquin Hills Transportation Corridor           
Agency,           
Senior Lien Toll Road Revenue  5.00  1/15/50  5,000,000   5,803,600 
Santa Margarita Water District Community           
Facilities District Number 2013-1,           
Special Tax Revenue (Village of           
Sendero)  5.63  9/1/43  7,000,000   8,250,760 
Santa Margarita Water District Community           
Facilities District Number 99-1,           
Special Tax Revenue (Talega)  5.00  9/1/27  1,945,000   2,348,296 
South Orange County Public Financing           
Authority,           
Special Tax Senior Lien Revenue           
(Ladera Ranch)  5.00  8/15/29  1,500,000   1,748,490 
South Orange County Public Financing           
Authority,           
Special Tax Senior Lien Revenue           
(Ladera Ranch)  5.00  8/15/30  1,000,000   1,163,120 
Southern California Public Power           
Authority,           
Revenue (Canyon Power Project)           
(Prerefunded)  5.25  1/1/20  7,485,000 b  8,609,097 
Southern California Public Power           
Authority,           
Revenue (Linden Wind Energy Project)  5.00  7/1/28  3,145,000   3,613,070 
Southern California Public Power           
Authority,           
Revenue (Linden Wind Energy Project)  5.00  7/1/29  2,230,000   2,559,170 
Southern California Public Power           
Authority,           
Revenue (Milford Wind Corridor Phase           
I Project)  5.00  7/1/29  11,865,000   13,408,636 
Southern California Public Power           
Authority,           
Revenue (Windy Point/Windy Flats           
Project)  5.00  7/1/27  13,765,000   15,824,932 
Stockton Unified School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/25  1,620,000   1,968,867 
Stockton Unified School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/26  1,115,000   1,350,566 
Stockton Unified School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  8/1/38  2,500,000   2,983,950 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Long-Term Municipal Investments -  Coupon  Maturity  Principal    
100.2% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 98.3% (continued)           
Successor Agency to the Redevelopment           
Agency of the City and County of San           
Francisco,           
Tax Allocation Revenue (Mission Bay           
North Redevelopment Project)  5.00  8/1/36  1,555,000   1,926,909 
Successor Agency to the Redevelopment           
Agency of the City and County of San           
Francisco,           
Tax Allocation Revenue (Mission Bay           
South Redevelopment Project)           
(Insured; National Public Finance           
Guarantee Corp.)  5.00  8/1/41  1,750,000   2,173,815 
Successor Agency to the Redevelopment           
Agency of the City and County of San           
Francisco,           
Tax Allocation Revenue (Mission Bay           
South Redevelopment Project)           
(Insured; National Public Finance           
Guarantee Corp.)  5.00  8/1/43  1,100,000   1,358,698 
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   3,764,580 
Tender Option Bond Trust Receipts (Series           
2016-XM0375),           
(Riverside County Transportation           
Commission, Sales Tax Revenue) Non-           
recourse  5.25  6/1/21  7,500,000 a,e  9,260,925 
Tender Option Bond Trust Receipts (Series           
2016-XM0379),           
(Los Angeles Department of Water and           
Power, Water System Revenue) Non-           
recourse  5.00  7/1/20  12,000,000 a,e  14,267,280 
Tobacco Securitization Authority of           
Southern California,           
Tobacco Settlement Asset-Backed           
Bonds (San Diego County Tobacco Asset           
Securitization Corporation)  4.75  6/1/25  925,000   939,791 
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   8,850,531 
Torrance,           
Revenue (Torrance Memorial Medical           
Center)  5.00  9/1/40  3,000,000   3,330,300 
Tuolumne Wind Project Authority,           
Revenue (Tuolumne Company Project)  5.63  1/1/29  8,000,000   8,864,880 
Turlock Irrigation District,           
Revenue  5.00  1/1/25  5,610,000   6,339,861 
Turlock Irrigation District,           
Revenue  5.00  1/1/26  8,120,000   9,162,121 
University of California Regents,           
General Revenue  5.25  5/15/30  3,000,000   3,808,200 

 


 

Long-Term Municipal Investments -  Coupon  Maturity  Principal      
100.2% (continued)  Rate (%)  Date  Amount ($)   Value ($)  
California - 98.3% (continued)             
University of California Regents,             
General Revenue (Prerefunded)  5.75  5/15/19  3,000,000 b  3,415,740  
University of California Regents,             
Limited Project Revenue  5.00  5/15/42  10,000,000   11,837,200  
University of California Regents,             
Medical Center Pooled Revenue  5.00  5/15/43  10,000,000   12,012,900  
University of California Regents,             
Medical Center Pooled Revenue  4.00  5/15/44  3,000,000   3,355,410  
Walnut Energy Center Authority,             
Revenue  5.00  1/1/27  3,150,000   3,991,176  
Wiseburn School District,             
GO  0.00  8/1/37  6,400,000 c  3,325,184  
          1,048,423,455  
U.S. Related - 1.9%             
Guam,             
Business Privilege Tax Revenue  5.00  1/1/31  1,925,000   2,149,571  
Guam,             
Business Privilege Tax Revenue  5.00   11/15/34  6,930,000   7,947,255  
Guam,             
Hotel Occupancy Tax Revenue  6.00  11/1/26  3,300,000   3,966,864  
Guam,             
LOR (Section 30) (Prerefunded)  5.63  12/1/19  5,450,000 b  6,288,700  
          20,352,390  
 
Total Investments (cost $952,283,398)      100.2 %  1,068,775,845  
Liabilities, Less Cash and Receivables      (0.2 %)  (1,866,658 ) 
Net Assets      100.0 %  1,066,909,187  

 

a 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 August 31, 2016, these securities were valued 
at $47,897,759 or 4.49% of net assets. 
b 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. 
c Security issued with a zero coupon. Income is recognized through the accretion of discount. 
d Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
e Collateral for floating rate borrowings. 

 


 

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Bond Fund
August 31, 2016 (Unaudited)

The following is a summary of the inputs used as of August 31, 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 ($)             
Investments in Securities:             
Municipal Bonds  -  1,068,775,845   -  1,068,775,845  
Liabilities ($)             
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 “Inverse Floater Trust”). The Inverse Floater 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 Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater 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 Inverse Floater 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


 

NOTES

Provider of par plus accrued interest on any business day prior to a termination event. 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 Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater 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 August 31, 2016, accumulated net unrealized appreciation on investments was $116,492,447, consisting of $116,620,304 gross unrealized appreciation and $127,857 gross unrealized depreciation.

At August 31, 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.


 

FORM N-Q

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 14, 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:    October 14, 2016

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    October 14, 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)