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:

  08/31/17

 

             

 

 


 

FORM N-Q

Item 1.                         Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Bond Fund
August 31, 2017 (Unaudited)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.7%           
California - 98.7%           
ABAG Finance Authority for Nonprofit           
Corporations,           
Revenue (Sharp HealthCare)  6.00  8/1/30  5,000,000   5,846,650 
ABAG Finance Authority for Nonprofit           
Corporations,           
Revenue (Sharp HealthCare)  5.00  8/1/43  3,000,000   3,388,920 
Alameda Corridor Transportation Authority,           
Second Subordinate Lien Revenue  5.00  10/1/37  1,650,000   1,899,315 
Anaheim Community Facilities District           
Number 08-1,           
Special Tax Revenue (Platinum Triangle)  4.00  9/1/41  5,250,000   5,481,420 
Anaheim Community Facilities District           
Number 08-1,           
Special Tax Revenue (Platinum Triangle)  4.00  9/1/46  2,000,000   2,079,780 
Bay Area Toll Authority,           
San Francisco Bay Area Subordinate Lien           
Toll Bridge Revenue (Prerefunded)  5.00  4/1/23  7,500,000 a  9,049,275 
California,           
GO (Various Purpose)  5.00  11/1/23  5,000,000   5,641,000 
California,           
GO (Various Purpose)  5.25  2/1/29  13,835,000   16,199,125 
California,           
GO (Various Purpose)  5.00  10/1/29  2,750,000   2,817,815 
California,           
GO (Various Purpose)  5.25  3/1/30  15,000,000   16,589,100 
California,           
GO (Various Purpose)  5.25  9/1/31  25,000,000   29,017,250 
California,           
GO (Various Purpose)  5.25  9/1/32  19,500,000   22,683,375 
California,           
GO (Various Purpose)  5.25  10/1/32  9,170,000   10,697,355 
California,           
GO (Various Purpose)  6.00  3/1/33  3,000,000   3,372,120 
California,           
GO (Various Purpose)  6.50  4/1/33  30,000,000   32,743,800 
California,           
GO (Various Purpose)  5.50  11/1/35  10,000,000   11,357,600 
California,           
GO (Various Purpose)  5.00  8/1/36  7,000,000   8,329,230 
California,           
GO (Various Purpose)  5.00  9/1/36  10,000,000   11,914,900 
California,           
GO (Various Purpose)  5.00  2/1/38  5,000,000   5,759,000 
California,           
GO (Various Purpose)  5.50  3/1/40  17,500,000   19,367,775 
California Communities Development           
Authority,           
Revenue, Refunding (Front Porch           
Communities & Services)  5.00  4/1/47  1,250,000   1,429,750 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.7% (continued)         
California - 98.7% (continued)           
California County Tobacco Securitization           
Agency,           
Tobacco Settlement Asset-Backed           
Refunding Bonds (Kern County Tobacco           
Funding Corporation)  5.00  6/1/34  5,000,000   5,471,750 
California Department of Water Resources,           
Water System Revenue (Central Valley           
Project)  5.00  12/1/26  230,000   237,569 
California Education Facilities Authority,           
Revenue (Loma Linda University)  5.00  4/1/36  3,845,000   4,446,589 
California Education Facilities Authority,           
Revenue (Loma Linda University)  5.00  4/1/37  1,500,000   1,730,655 
California Educational Facilities Authority,           
Revenue (Chapman University)  5.00  4/1/40  5,000,000   5,677,250 
California Educational Facilities Authority,           
Revenue (Chapman University)  5.00  4/1/45  2,305,000   2,603,866 
California Educational Facilities Authority,           
Revenue (Occidental College)  5.00  10/1/45  500,000   584,980 
California Educational Facilities Authority,           
Revenue (Pepperdine University)  5.00  9/1/45  5,000,000   5,842,050 
California Educational Facilities Authority,           
Revenue (Pooled College and University           
Projects) (Escrowed to Maturity)  5.63  7/1/23  105,000   120,146 
California Health Facilities Financing           
Authority,           
Revenue (Adventist Health           
System/West)  4.00  3/1/39  7,500,000   7,835,400 
California Health Facilities Financing           
Authority,           
Revenue (Children's Hospital)  5.00  8/15/47  2,000,000   2,258,960 
California Health Facilities Financing           
Authority,           
Revenue (City of Hope)  5.00  11/15/23  1,650,000   1,947,759 
California Health Facilities Financing           
Authority,           
Revenue (City of Hope)  5.00  11/15/24  1,600,000   1,890,608 
California Health Facilities Financing           
Authority,           
Revenue (Lucie Salter Packard Children's           
Hospital at Sanford)  5.00  7/1/37  590,000 b  677,355 
California Health Facilities Financing           
Authority,           
Revenue (Lucie Salter Packard Children's           
Hospital at Sanford)  5.00  7/1/47  875,000 b  991,148 
California Health Facilities Financing           
Authority,           
Revenue (Providence Health and           
Services)  5.00  10/1/30  3,500,000   4,119,990 
California Health Facilities Financing           
Authority,           
Revenue (Providence Health and           
Services)  5.00  10/1/31  4,430,000   5,204,453 
California Health Facilities Financing           
Authority,           
Revenue (Rady Children's Hospital - San           
Diego)  5.25  8/15/41  8,500,000   9,338,015 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.7% (continued)         
California - 98.7% (continued)           
California Health Facilities Financing           
Authority,           
Revenue (Saint Joseph Health System)  5.00  7/1/37  7,500,000   8,546,550 
California Health Facilities Financing           
Authority,           
Revenue (Scripps Health)  5.00  11/15/36  7,525,000   8,179,901 
California Health Facilities Financing           
Authority,           
Revenue (Stanford Hospital and Clinics)  5.00  8/15/42  1,000,000   1,125,260 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00  11/15/30  750,000   894,818 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.25  8/15/31  3,500,000   4,016,740 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00  11/15/31  1,150,000   1,365,809 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00  8/15/43  2,000,000   2,294,920 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00  11/15/46  12,275,000   14,268,583 
California Infrastructure and Economic           
Development Bank,           
Revenue (Academy of Motion Pictures           
Arts and Sciences Obligated Group)  5.00  11/1/41  2,250,000   2,607,165 
California Municipal Finance Authority,           
Charter School Revenue (The Palmdale           
Aerospace Academy Project)  5.00  7/1/41  1,750,000 b  1,829,975 
California Municipal Finance Authority,           
Charter School Revenue (The Palmdale           
Aerospace Academy Project)  5.00  7/1/46  1,670,000 b  1,741,643 
California Municipal Finance Authority,           
Revenue (Biola University)  5.00  10/1/39  1,000,000   1,155,930 
California Municipal Finance Authority,           
Revenue (California Baptist University)  5.00  11/1/46  2,500,000 b  2,650,925 
California Municipal Finance Authority,           
Revenue (Community Medical Centers)  5.00  2/1/36  1,000,000   1,148,830 
California Municipal Finance Authority,           
Revenue (Community Medical Centers)  5.00  2/1/37  1,000,000   1,146,200 
California Municipal Finance Authority,           
Revenue (Eisenhower Medical Center)  5.00  7/1/36  1,100,000   1,269,884 
California Municipal Finance Authority,           
Revenue (Eisenhower Medical Center)  5.00  7/1/37  1,000,000   1,151,700 
California Municipal Finance Authority,           
Revenue (Eisenhower Medical Center)  5.00  7/1/42  2,500,000   2,843,050 
California Municipal Finance Authority,           
Revenue (Eisenhower Medical Center)  5.00  7/1/42  3,500,000   3,992,870 
California Municipal Finance Authority,           
Student Housing Revenue (Bowles Hall           
Foundation)  5.00  6/1/50  1,500,000   1,607,280 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.7% (continued)         
California - 98.7% (continued)           
California Pollution Control Financing           
Authority,           
Revenue (San Jose Water Company           
Project)  5.10  6/1/40  5,500,000   6,004,295 
California Pollution Control Financing           
Authority,           
Water Facilities Revenue (American           
Water Capital Corporation Project)  5.25  8/1/40  7,500,000 b  8,193,300 
California Public Finance Authority,           
Revenue (Henry Mayo Newhall Hospital)  5.00  10/15/47  3,000,000   3,289,770 
California Public Finance Authority,           
University Housing Revenue (NCCD-           
Claremont Properties LLC-Claremont           
Colleges Project)  5.00  7/1/47  1,000,000 b  1,086,520 
California School Finance Authority,           
Charter School Revenue (Aspire Public           
Schools - Obligated Group)  5.00  8/1/41  1,750,000 b  1,939,017 
California School Finance Authority,           
School Facility Revenue (Alliance for           
College-Ready Public Schools Projects)  5.00  7/1/45  3,500,000 b  3,846,745 
California State Public Works Board,           
LR (Department of Corrections and           
Rehabilitation) (Various Correctional           
Facilities)  5.00  9/1/26  5,000,000   6,011,400 
California State Public Works Board,           
LR (Judicial Council of California)           
(Various Judicial Council Projects)  5.00  3/1/25  1,795,000   2,103,991 
California State Public Works Board,           
LR (Judicial Council of California)           
(Various Judicial Council Projects)  5.00  12/1/31  10,000,000   11,356,100 
California State University Trustees,           
Systemwide Revenue  5.00  11/1/27  85,000   87,409 
California State University Trustees,           
Systemwide Revenue  5.00  11/1/28  165,000   169,665 
California Statewide Communities           
Development Authority,           
Revenue (American Baptist Homes of the           
West)  5.00  10/1/45  3,550,000   3,906,242 
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   2,762,912 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.25  11/1/30  3,750,000   4,125,487 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.00  11/1/40  11,940,000   12,835,381 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.00  11/1/43  4,000,000   4,498,560 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.7% (continued)         
California - 98.7% (continued)           
California Statewide Communities           
Development Authority,           
Revenue (Henry Mayo Newhall Memorial           
Hospital) (Insured; Assured Guaranty           
Municipal Corp.)  5.25  10/1/43  2,100,000   2,376,549 
California Statewide Communities           
Development Authority,           
Revenue (John Muir Health)  5.00  8/15/41  1,200,000   1,371,036 
California Statewide Communities           
Development Authority,           
Revenue (Kaiser Permanente)  5.00  4/1/42  3,000,000   3,388,020 
California Statewide Communities           
Development Authority,           
Revenue (Loma Linda University Medical           
Center)  5.00  12/1/36  5,250,000 b  5,776,522 
California Statewide Communities           
Development Authority,           
Revenue (University of California, Irvine           
East Campus Apartments)  5.00  5/15/40  3,000,000   3,441,720 
California Statewide Communities           
Development Authority,           
School Facility Revenue (Aspire Public           
Schools) (Prerefunded)  6.00  1/1/19  1,000,000 a  1,069,790 
California Statewide Communities           
Development Authority,           
Student Housing Revenue (University of           
California Irvine Campus Apartments           
Phase IV)  5.00  5/15/42  4,000,000   4,665,480 
Escondido Union High School District,           
GO  0.00  8/1/41  2,525,000 c  1,038,381 
Escondido Union High School District,           
GO  0.00  8/1/46  3,000,000 c  1,018,770 
Foothill/Eastern Transportation Corridor           
Agency,           
Senior Lien Toll Road Revenue (Insured;           
Assured Guaranty Municipal Corp.)  0.00  1/15/35  10,000,000 c  5,155,700 
Fresno Joint Powers Financing Authority,           
Lease Revenue (Master Lease Project)           
(Insured; Assured Guaranty Municipal           
Corporation)  5.00  4/1/35  1,000,000   1,172,760 
Fresno Joint Powers Financing Authority,           
Lease Revenue (Master Lease Project)           
(Insured; Assured Guaranty Municipal           
Corporation)  5.00  4/1/37  850,000   992,197 
Golden State Tobacco Securitization           
Corporation,           
Enhanced Tobacco Settlement Asset-           
Backed Bonds (Insured; Assured           
Guaranty Municipal Corp.)  4.55  6/1/22  1,725,000   1,772,161 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed Bonds  5.00  6/1/29  6,000,000   7,119,780 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed Bonds  5.00  6/1/33  19,575,000   19,557,382 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.7% (continued)         
California - 98.7% (continued)           
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/21  4,375,000 c  4,166,181 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/22  4,605,000 c  4,278,275 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/23  4,850,000 c  4,388,425 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/26  3,265,000 c  2,662,738 
Imperial Irrigation District,           
Electric System Revenue  5.00  11/1/37  2,500,000   2,964,950 
Imperial Irrigation District,           
Electric System Revenue  5.00  11/1/38  1,800,000   2,130,408 
Irvine Community Facilities District Number           
2013-3 Improvement Area Number 1,           
Special Tax Revenue (Great Park)  5.00  9/1/44  2,500,000   2,751,125 
Irvine Unified School District,           
Special Tax  5.00  9/1/42  1,000,000   1,150,540 
Irvine Unified School District,           
Special Tax  5.00  9/1/42  400,000   460,216 
Irvine Unified School District,           
Special Tax  5.00  9/1/42  1,000,000   1,150,540 
Jurupa Public Financing Authority,           
Special Tax Revenue  5.00  9/1/42  3,420,000   3,888,301 
Kaweah Delta Health Care District,           
Revenue  5.00  6/1/40  2,500,000   2,786,600 
Lancaster Redevelopment Agency,           
Successor Agency Tax Allocation (Comb           
Redevelopment Project Areas) (Insured;           
Assured Guaranty Municipal           
Corporation)  5.00  8/1/33  1,200,000   1,403,916 
Long Beach,           
Harbor Revenue  5.00  5/15/42  3,500,000   4,072,390 
Los Angeles Community Facilities District           
Number 4,           
Special Tax Revenue (Playa Vista-Phase           
1)  5.00  9/1/29  1,190,000   1,354,018 
Los Angeles Community Facilities District           
Number 4,           
Special Tax Revenue (Playa Vista-Phase           
1)  5.00  9/1/30  1,110,000   1,256,465 
Los Angeles County Public Works Financing           
Authority,           
LR  5.00  12/1/45  4,000,000   4,672,960 
Los Angeles County Regional Financing           
Authority,           
Revenue (MonteCedro Inc. Project)  5.00  11/15/44  2,000,000   2,281,360 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.25  5/15/26  5,000,000   5,577,700 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/29  3,915,000   4,344,593 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.7% (continued)         
California - 98.7% (continued)           
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.25  5/15/29  16,090,000   17,296,428 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/35  25,000,000   27,516,250 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/38  3,500,000   4,077,780 
Los Angeles Department of Airports,           
Subordinate Revenue (Los Angeles           
International Airport)  5.00  5/15/38  4,500,000   5,259,825 
Los Angeles Harbor Department,           
Revenue  5.25  8/1/25  26,055,000   28,224,079 
Los Angeles Harbor Department,           
Revenue  4.00  8/1/39  10,000,000   10,720,400 
Los Angeles Harbor Department,           
Revenue  5.00  8/1/39  2,050,000   2,404,896 
Los Angeles Unified School District,           
GO  5.00  7/1/28  3,000,000   3,728,130 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  10/1/34  5,000,000   5,759,150 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  1/1/39  5,000,000   5,266,900 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  7/1/40  2,000,000   2,366,120 
Murrieta Valley Unified School District,           
GO (Insured; National Public Finance           
Guarantee Corp.)  0.00  9/1/21  4,950,000 c  4,698,045 
North Natomas Community Facilities           
District Number 4,           
Special Tax Bonds  5.25  9/1/26  2,760,000   3,220,037 
Northern California Power Agency,           
Revenue (Hydroelectric Project Number           
1) (Insured; AMBAC) (Prerefunded)  7.50  7/1/21  340,000 a  401,469 
Northern California Power Agency,           
Revenue (Hydroelectric Project Number           
1) (Insured; National Public Finance           
Guarantee Corp.)  6.30  7/1/18  6,000,000   6,277,320 
Northern California Transmission Agency,           
Revenue (California-Oregon           
Transmission Project)  5.00  5/1/38  1,565,000   1,836,152 
Northern California Transmission Agency,           
Revenue (California-Oregon           
Transmission Project)  5.00  5/1/39  1,500,000   1,756,110 
Norwalk-La Mirada Unified School District,           
GO (Insured; Assured Guaranty Corp.)  0.00  8/1/38  5,645,000 c  2,563,394 
Oakland Redevelopment Successor Agency,           
Subordinated Tax Allocation Revenue           
(Insured; Assured Guaranty Municipal           
Corp.)  5.00  9/1/36  3,000,000   3,446,940 
Oakland Unified School District,           
GO  5.00  8/1/40  3,500,000   4,100,180 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.7% (continued)         
California - 98.7% (continued)           
Oakland Unified School District,           
GO (Prerefunded)  6.63  8/1/21  5,000,000 a  6,088,350 
Orange County Community Facilities District           
Number 2016-1,           
Special Tax Revenue (Village of Esencia)  5.00  8/15/41  6,000,000   6,752,400 
Palomar Community College District,           
GO  0/6.38  8/1/30  16,615,000 d  12,939,097 
Palomar Health,           
Revenue  5.00  11/1/26  1,845,000   2,192,395 
Peralta Community College District,           
GO (Dedicated Unlimited Ad Valorem           
Property Tax Bonds)  4.00  8/1/39  5,000,000   5,331,750 
Placentia-Yorba Linda Unified School           
District,           
GO  0.00  8/1/46  7,000,000 c  2,357,040 
Pomona Redevelopment Agency,           
Tax Allocation Revenue (West Holt           
Avenue Redevelopment Project)  5.50  5/1/32  3,000,000   3,938,970 
Pomona Unified School District,           
GO (Insured; Build America Mutual           
Assurance Company)  5.00  8/1/39  2,000,000   2,274,880 
Sacramento County,           
Airport System Senior Revenue  5.00  7/1/24  5,090,000   5,268,863 
Sacramento County,           
Airport System Senior Revenue  5.13  7/1/25  5,890,000   6,102,629 
Sacramento County,           
Airport System Senior Revenue  5.00  7/1/41  3,250,000   3,819,887 
Sacramento County Sanitation Districts           
Financing Authority,           
Revenue (Sacramento Regional County           
Sanitation District)  5.00  12/1/26  7,000,000   8,154,650 
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   5,110,650 
Sacramento Municipal Utility District,           
Electric Revenue  5.00  8/15/28  1,845,000   2,131,307 
San Bernardino County,           
COP (Capital Facilities Project)           
(Escrowed to Maturity)  6.88  8/1/24  5,000,000   6,353,750 
San Diego County Regional Airport           
Authority,           
Revenue, Refunding  5.00  7/1/42  3,000,000   3,555,270 
San Diego County Regional Airport           
Authority,           
Subordinate Airport Revenue  5.00  7/1/34  3,000,000   3,289,290 
San Diego County Regional Transportation           
Commission,           
Sales Tax Revenue  5.00  4/1/44  10,000,000   11,660,500 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/28  2,000,000   2,340,280 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.7% (continued)         
California - 98.7% (continued)           
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/29  2,000,000   2,338,300 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/29  1,000,000   1,220,420 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/32  1,000,000   1,197,130 
San Francisco City and County Public           
Utilities Commission,           
San Francisco Water Revenue  5.00  11/1/37  10,000,000   11,419,700 
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  428,010 
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   1,641,252 
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  407,165 
San Joaquin Hills Transportation Corridor           
Agency,           
Senior Lien Toll Road Revenue  5.00  1/15/50  5,000,000   5,512,800 
San Jose Airport,           
Revenue  5.00  3/1/42  2,550,000   2,987,274 
Santa Margarita Water District Community           
Facilities District Number 2013-1,           
Special Tax Revenue (Village of Sendero)  5.63  9/1/43  7,000,000   7,856,450 
Santa Margarita Water District Community           
Facilities District Number 99-1,           
Special Tax Revenue (Talega)  5.00  9/1/27  1,945,000   2,246,008 
South Orange County Public Financing           
Authority,           
Special Tax Senior Lien Revenue (Ladera           
Ranch)  5.00  8/15/29  1,500,000   1,670,985 
South Orange County Public Financing           
Authority,           
Special Tax Senior Lien Revenue (Ladera           
Ranch)  5.00  8/15/30  1,000,000   1,110,470 
Southern California Public Power Authority,           
Revenue (Linden Wind Energy Project)  5.00  7/1/28  3,145,000   3,499,725 
Southern California Public Power Authority,           
Revenue (Linden Wind Energy Project)  5.00  7/1/29  2,230,000   2,475,902 
Southern California Public Power Authority,           
Revenue (Milford Wind Corridor Phase I           
Project)  5.00  7/1/29  11,865,000   12,956,699 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.7% (continued)         
California - 98.7% (continued)           
Southern California Public Power Authority,           
Revenue (Windy Point/Windy Flats           
Project)  5.00  7/1/27  13,765,000   15,333,935 
Stockton Unified School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/25  1,620,000   1,888,742 
Stockton Unified School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/26  1,115,000   1,295,719 
Stockton Unified School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  5.00  8/1/38  2,500,000   2,843,600 
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   1,805,946 
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   2,020,532 
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   1,269,114 
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   3,618,060 
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 b,e  8,884,650 
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 b,e  13,603,200 
Tobacco Securitization Authority,           
North Tobacco Settlement Revenue           
(Capital Appreciation-2nd Sub-Asset           
Backed C)  0.00  6/1/45  41,410,000 c  3,887,157 
Tobacco Securitization Authority of           
Southern California,           
Tobacco Settlement Asset-Backed Bonds           
(San Diego County Tobacco Asset           
Securitization Corporation)  4.75  6/1/25  840,000   845,813 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.7% (continued)         
California - 98.7% (continued)           
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   8,849,469 
Torrance,           
Revenue (Torrance Memorial Medical           
Center)  5.00  9/1/40  3,000,000   3,204,720 
Turlock Irrigation District,           
First Priority Subordinated Revenue  5.00  1/1/36  4,415,000   5,203,784 
Turlock Irrigation District,           
Revenue  5.00  1/1/25  1,255,000   1,371,088 
Turlock Irrigation District,           
Revenue  5.00  1/1/26  25,000   27,361 
University of California,           
Systemwide Revenue  5.00  11/1/38  5,000,000   5,996,050 
University of California Regents,           
General Revenue  5.25  5/15/30  3,000,000   3,669,810 
University of California Regents,           
Limited Project Revenue  5.00  5/15/42  10,000,000   11,380,700 
University of California Regents,           
Medical Center Pooled Revenue  5.00  5/15/43  10,000,000   11,528,100 
University of California Regents,           
Medical Center Pooled Revenue  4.00  5/15/44  3,000,000   3,159,990 
Walnut Energy Center Authority,           
Revenue  5.00  1/1/27  3,150,000   3,829,203 
Wiseburn School District,           
GO  0.00  8/1/37  6,400,000 c  3,071,616 
          958,494,086 
U.S. Related - 1.0%           
Guam,           
Business Privilege Tax Revenue  5.00  1/1/31  1,925,000   2,041,674 
Guam,           
Business Privilege Tax Revenue  5.00  11/15/34  3,465,000   3,781,077 
Guam,           
Hotel Occupancy Tax Revenue  6.00  11/1/26  3,300,000   3,772,923 
          9,595,674 
Total Investments (cost $897,598,022)      99.7 %  968,089,760 
Cash and Receivables (Net)      0.3 %  3,090,363 
Net Assets      100.0 %  971,180,123 

 

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 August 31, 2017, these securities were valued 

at $51,221,000 or 5.27% of net assets. 

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, 2017 (Unaudited)

The following is a summary of the inputs used as of August 31, 2017 in valuing the fund’s investments:

        Level 3 -     
  Level 1 -  Level 2 - Other   Significant     
  Unadjusted Quoted  Significant   Unobservable     
  Prices Observable Inputs    Inputs  Total  
Assets ($)             
Investments in Securities:             
Municipal Bonds  -  968,089,760   -  968,089,760  
Liabilities ($)             
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 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 is engaged 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 Trust Certificates 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. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity


 

NOTES

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, 2017, accumulated net unrealized appreciation on investments was $70,491,738, consisting of $73,988,007 gross unrealized appreciation and $3,496,269 gross unrealized depreciation.

At August 31, 2017, 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 18, 2017

 

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 18, 2017

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    October 18, 2017

 

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)