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:

  02/28/18

 

             

 

 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 

 

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Bond Fund
February 28, 2018 (Unaudited)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.8%           
California - 99.1%           
ABAG Finance Authority for Nonprofit           
Corporations,           
Revenue (Sharp HealthCare)  6.00  8/1/30  5,000,000   5,605,700 
ABAG Finance Authority for Nonprofit           
Corporations,           
Revenue (Sharp HealthCare)  5.00  8/1/43  3,000,000   3,292,980 
Alameda Corridor Transportation           
Authority,           
Second Subordinate Lien Revenue  5.00  10/1/37  1,650,000   1,839,800 
Allan Hancock Joint Community College,           
GO (Convertible CABS-Election of           
2006)  0.00  8/1/47  11,375,000 a  7,066,036 
Anaheim Community Facilities District           
Number 08-1,           
Special Tax Revenue (Platinum           
Triangle)  4.00  9/1/41  5,250,000   5,360,092 
Anaheim Community Facilities District           
Number 08-1,           
Special Tax Revenue (Platinum           
Triangle)  4.00  9/1/46  2,000,000   2,034,640 
California,           
GO (Various Purpose)  5.25  2/1/29  13,835,000   15,641,989 
California,           
GO (Various Purpose)  5.00  10/1/29  2,750,000   2,758,140 
California,           
GO (Various Purpose)  5.25  3/1/30  15,000,000   16,084,200 
California,           
GO (Various Purpose)  5.25  9/1/31  25,000,000   27,910,750 
California,           
GO (Various Purpose)  5.25  9/1/32  19,500,000   21,742,305 
California,           
GO (Various Purpose)  5.25  10/1/32  9,170,000   10,245,182 
California,           
GO (Various Purpose)  6.00  3/1/33  3,000,000   3,258,450 
California,           
GO (Various Purpose)  6.50  4/1/33  30,000,000   31,638,000 
California,           
GO (Various Purpose)  5.50  11/1/35  10,000,000   10,963,400 
California,           
GO (Various Purpose)  5.00  8/1/36  7,000,000   8,022,840 
California,           
GO (Various Purpose)  5.00  9/1/36  10,000,000   11,474,200 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 99.8% (continued)     
California - 99.1% (continued)         
California,         
GO (Various Purpose)  5.00  2/1/38  5,000,000  5,500,450 
California,         
GO (Various Purpose)  5.50  3/1/40  17,500,000  18,782,575 
California Communities Development         
Authority,         
Revenue, Refunding (Front Porch         
Communities & Services)  5.00  4/1/47  1,250,000  1,383,475 
California County Tobacco Securitization         
Agency,         
Tobacco Settlement Asset-Backed         
Refunding Bonds (Kern County         
Tobacco Funding Corporation)  5.00  6/1/34  5,000,000  5,474,300 
California Education Facilities Authority,         
Revenue (Loma Linda University)  5.00  4/1/36  3,845,000  4,354,193 
California Education Facilities Authority,         
Revenue (Loma Linda University)  5.00  4/1/37  1,500,000  1,694,865 
California Educational Facilities         
Authority,         
Revenue (Chapman University)  5.00  4/1/40  5,000,000  5,512,750 
California Educational Facilities         
Authority,         
Revenue (Chapman University)  5.00  4/1/45  2,305,000  2,533,771 
California Educational Facilities         
Authority,         
Revenue (Occidental College)  5.00  10/1/45  500,000  558,360 
California Educational Facilities         
Authority,         
Revenue (Pepperdine University)  5.00  9/1/45  5,000,000  5,588,650 
California Educational Facilities         
Authority,         
Revenue (Pooled College and         
University Projects) (Escrowed to         
Maturity)  5.63  7/1/23  105,000  115,151 
California Health Facilities Authority,         
Revenue, Refunding (Stanford Health         
Care)  5.00  11/15/37  3,360,000  3,879,086 
California Health Facilities Financing         
Authority,         
Revenue (Adventist Health         
System/West)  4.00  3/1/39  2,925,000  2,995,463 
California Health Facilities Financing         
Authority,         
Revenue (Children's Hospital)  5.00  8/15/47  2,000,000  2,224,320 
California Health Facilities Financing         
Authority,         
Revenue (City of Hope)  5.00  11/15/24  1,600,000  1,811,296 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.8% (continued)       
California - 99.1% (continued)           
California Health Facilities Financing           
Authority,           
Revenue (Lucie Salter Packard           
Children's Hospital at Sanford)  5.00  7/1/37  590,000 b  654,682 
California Health Facilities Financing           
Authority,           
Revenue (Lucie Salter Packard           
Children's Hospital at Sanford)  5.00  7/1/47  875,000 b  961,476 
California Health Facilities Financing           
Authority,           
Revenue (Providence Health and           
Services)  5.00  10/1/30  3,500,000   3,999,800 
California Health Facilities Financing           
Authority,           
Revenue (Providence Health and           
Services)  5.00  10/1/31  4,430,000   5,064,730 
California Health Facilities Financing           
Authority,           
Revenue (Rady Children's Hospital -           
San Diego)  5.25  8/15/41  8,500,000   9,122,285 
California Health Facilities Financing           
Authority,           
Revenue (Saint Joseph Health System)  5.00  7/1/37  7,500,000   8,354,775 
California Health Facilities Financing           
Authority,           
Revenue (Scripps Health)  5.00  11/15/36  7,525,000   7,926,985 
California Health Facilities Financing           
Authority,           
Revenue (Stanford Hospital and Clinics)  5.00  8/15/42  1,000,000   1,102,940 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00  11/15/30  750,000   871,478 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.25  8/15/31  3,500,000   3,891,265 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00  11/15/31  1,150,000   1,332,793 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00  8/15/43  2,000,000   2,251,120 
California Health Facilities Financing           
Authority,           
Revenue (Sutter Health)  5.00  11/15/46  12,275,000   13,782,615 
California Infrastructure and Economic           
Development Bank,           
Revenue (Academy of Motion Pictures           
Arts and Sciences Obligated Group)  5.00  11/1/41  2,250,000   2,510,010 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.8% (continued)       
California - 99.1% (continued)           
California Municipal Finance Authority,           
Charter School Revenue (The Palmdale           
Aerospace Academy Project)  5.00  7/1/41  1,750,000 b  1,771,280 
California Municipal Finance Authority,           
Charter School Revenue (The Palmdale           
Aerospace Academy Project)  5.00  7/1/46  1,670,000 b  1,685,715 
California Municipal Finance Authority,           
Revenue (Biola University)  5.00  10/1/39  1,000,000   1,141,280 
California Municipal Finance Authority,           
Revenue (California Baptist University)  5.00  11/1/46  2,500,000 b  2,671,875 
California Municipal Finance Authority,           
Revenue (Channing House Project)  5.00  5/15/47  2,500,000   2,851,450 
California Municipal Finance Authority,           
Revenue (Community Medical Centers)  5.00  2/1/36  1,000,000   1,107,520 
California Municipal Finance Authority,           
Revenue (Community Medical Centers)  5.00  2/1/37  1,000,000   1,103,500 
California Municipal Finance Authority,           
Revenue (Eisenhower Medical Center)  5.00  7/1/36  1,100,000   1,242,472 
California Municipal Finance Authority,           
Revenue (Eisenhower Medical Center)  5.00  7/1/37  1,000,000   1,126,960 
California Municipal Finance Authority,           
Revenue (Eisenhower Medical Center)  5.00  7/1/42  2,500,000   2,796,200 
California Municipal Finance Authority,           
Revenue (Eisenhower Medical Center)  5.00  7/1/42  3,500,000   3,914,645 
California Municipal Finance Authority,           
Student Housing Revenue (Bowles Hall           
Foundation)  5.00  6/1/50  1,500,000   1,617,945 
California Pollution Control Financing           
Authority,           
Revenue (San Jose Water Company           
Project)  5.10  6/1/40  5,500,000   5,877,685 
California Pollution Control Financing           
Authority,           
Water Facilities Revenue (American           
Water Capital Corporation Project)  5.25  8/1/40  7,500,000 b  8,031,075 
California Public Finance Authority,           
Revenue (Henry Mayo Newhall           
Hospital)  5.00  10/15/47  3,000,000   3,246,330 
California Public Finance Authority,           
Revenue, Refunding (Sharp Healthcare)  5.00  8/1/47  4,000,000   4,552,760 
California Public Finance Authority,           
University Housing Revenue (NCCD-           
Claremont Properties LLC-Claremont           
Colleges Project)  5.00  7/1/47  1,000,000 b  1,078,800 
California School Finance Authority,           
Charter School Revenue (Aspire Public           
Schools - Obligated Group)  5.00  8/1/41  1,750,000 b  1,892,748 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.8% (continued)       
California - 99.1% (continued)           
California School Finance Authority,           
School Facility Revenue (Alliance for           
College-Ready Public Schools Projects)  5.00  7/1/45  3,500,000 b  3,768,660 
California State Public Works Board,           
LR (Department of Corrections and           
Rehabilitation) (Various Correctional           
Facilities)  5.00  9/1/26  5,000,000   5,794,050 
California State Public Works Board,           
LR (Judicial Council of California)           
(Various Judicial Council Projects)  5.00  12/1/31  10,000,000   11,001,500 
California State University Trustees,           
Systemwide Revenue  5.00  11/1/27  85,000   85,510 
California Statewide Communities           
Development Authority,           
Revenue (American Baptist Homes of           
the West)  5.00  10/1/45  3,550,000   3,867,228 
California Statewide Communities           
Development Authority,           
Revenue (Baptist University)  5.00  11/1/32  1,855,000 b  2,036,697 
California Statewide Communities           
Development Authority,           
Revenue (Baptist University)  5.00  11/1/41  700,000 b  756,196 
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   2,690,543 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.25  11/1/30  3,750,000   4,022,250 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.00  11/1/40  11,940,000   12,574,730 
California Statewide Communities           
Development Authority,           
Revenue (Cottage Health System           
Obligated Group)  5.00  11/1/43  4,000,000   4,401,120 
California Statewide Communities           
Development Authority,           
Revenue (Henry Mayo Newhall           
Memorial Hospital) (Insured; Assured           
Guaranty Municipal Corp.)  5.25  10/1/43  2,100,000   2,327,430 
California Statewide Communities           
Development Authority,           
Revenue (John Muir Health)  5.00  8/15/41  1,200,000   1,347,504 
California Statewide Communities           
Development Authority,           
Revenue (Kaiser Permanente)  5.00  4/1/42  3,000,000   3,283,080 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.8% (continued)       
California - 99.1% (continued)           
California Statewide Communities           
Development Authority,           
Revenue (Loma Linda University           
Medical Center)  5.00  12/1/36  5,250,000 b  5,615,347 
California Statewide Communities           
Development Authority,           
Revenue (University of California,           
Irvine East Campus Apartments)  5.00  5/15/40  3,000,000   3,334,140 
California Statewide Communities           
Development Authority,           
Student Housing Revenue (University           
of California Irvine Campus Apartments           
Phase IV)  5.00  5/15/42  4,000,000   4,485,120 
Carlsbad Unified School District,           
GO  0/6.00  5/1/34  5,000,000 a  5,633,150 
Escondido Union High School District,           
GO  0.00  8/1/46  3,000,000 c  908,610 
Foothill/Eastern Transportation Corridor           
Agency,           
Senior Lien Toll Road Revenue           
(Insured; Assured Guaranty Municipal           
Corp.)  0.00  1/15/35  10,000,000 c  4,992,900 
Fresno Joint Powers Financing Authority,           
Lease Revenue (Master Lease Project)           
(Insured; Assured Guaranty Municipal           
Corporation)  5.00  4/1/35  1,000,000   1,134,940 
Fresno Joint Powers Financing Authority,           
Lease Revenue (Master Lease Project)           
(Insured; Assured Guaranty Municipal           
Corporation)  5.00  4/1/37  850,000   958,299 
Golden State Tobacco Securitization           
Corporation,           
Enhanced Tobacco Settlement Asset-           
Backed Bonds (Insured; Assured           
Guaranty Municipal Corp.)  4.55  6/1/22  1,725,000   1,737,886 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  5.00  6/1/29  6,000,000   6,868,620 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  5.00  6/1/33  19,575,000   19,599,273 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/21  4,375,000 c  4,095,919 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/22  4,605,000 c  4,190,228 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.8% (continued)       
California - 99.1% (continued)           
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/23  4,850,000 c  4,276,051 
Grossmont Union High School District,           
GO (Insured; Assured Guaranty           
Municipal Corp.)  0.00  8/1/26  3,265,000 c  2,562,568 
Imperial Irrigation District,           
Electric System Revenue  5.00  11/1/37  2,500,000   2,836,325 
Imperial Irrigation District,           
Electric System Revenue  5.00  11/1/38  1,800,000   2,036,610 
Irvine Community Facilities District           
Number 2013-3 Improvement Area           
Number 1,           
Special Tax Revenue (Great Park)  5.00  9/1/44  2,500,000   2,699,650 
Irvine Unified School District,           
Special Tax  5.00  9/1/42  1,000,000   1,110,920 
Irvine Unified School District,           
Special Tax  5.00  9/1/42  400,000   444,368 
Irvine Unified School District,           
Special Tax  5.00  9/1/42  1,000,000   1,110,920 
Jurupa Public Financing Authority,           
Special Tax Revenue  5.00  9/1/42  3,420,000   3,793,361 
Lancaster Redevelopment Agency,           
Successor Agency Tax Allocation (Comb           
Redevelopment Project Areas)           
(Insured; Assured Guaranty Municipal           
Corporation)  5.00  8/1/33  1,200,000   1,381,116 
Long Beach,           
Harbor Revenue  5.00  5/15/42  3,500,000   3,979,395 
Los Angeles Community Facilities District           
Number 4,           
Special Tax Revenue (Playa Vista-Phase           
1)  5.00  9/1/29  1,190,000   1,347,556 
Los Angeles Community Facilities District           
Number 4,           
Special Tax Revenue (Playa Vista-Phase           
1)  5.00  9/1/30  1,110,000   1,249,238 
Los Angeles County Public Works           
Financing Authority,           
LR  5.00  12/1/45  4,000,000   4,490,400 
Los Angeles County Regional Financing           
Authority,           
Revenue (MonteCedro Inc. Project)  5.00  11/15/44  2,000,000   2,218,600 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.25  5/15/26  5,000,000   5,388,800 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/29  3,915,000   4,195,705 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.8% (continued)       
California - 99.1% (continued)           
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.25  5/15/29  16,090,000   16,814,050 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/35  25,000,000   26,758,750 
Los Angeles Department of Airports,           
Senior Revenue (Los Angeles           
International Airport)  5.00  5/15/38  3,500,000   3,873,835 
Los Angeles Department of Airports,           
Subordinate Revenue (Los Angeles           
International Airport)  5.00  5/15/38  4,500,000   5,069,610 
Los Angeles Harbor Department,           
Revenue  5.25  8/1/25  10,000,000   10,521,100 
Los Angeles Harbor Department,           
Revenue  4.00  8/1/39  10,000,000   10,435,600 
Los Angeles Harbor Department,           
Revenue  5.00  8/1/39  2,050,000   2,315,619 
Los Angeles Unified School District,           
GO  5.00  7/1/28  3,000,000   3,580,680 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  10/1/34  5,000,000   5,555,850 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  1/1/39  5,000,000   5,145,050 
Metropolitan Water District of Southern           
California,           
Water Revenue  5.00  7/1/40  2,000,000   2,292,540 
Murrieta Valley Unified School District,           
GO (Insured; National Public Finance           
Guarantee Corp.)  0.00  9/1/21  4,950,000 c  4,610,826 
North Natomas Community Facilities           
District Number 4,           
Special Tax Bonds  5.25  9/1/26  2,760,000   3,164,368 
Northern California Power Agency,           
Revenue (Hydroelectric Project           
Number 1) (Insured; AMBAC)           
(Prerefunded)  7.50  7/1/21  340,000 d  383,945 
Northern California Transmission           
Agency,           
Revenue (California-Oregon           
Transmission Project)  5.00  5/1/38  1,565,000   1,779,170 
Northern California Transmission           
Agency,           
Revenue (California-Oregon           
Transmission Project)  5.00  5/1/39  1,500,000   1,702,950 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.8% (continued)       
California - 99.1% (continued)           
Norwalk-La Mirada Unified School           
District,           
GO (Insured; Assured Guaranty Corp.)  0.00  8/1/38  5,645,000 c  2,402,738 
Oakland Redevelopment Successor           
Agency,           
Subordinated Tax Allocation Revenue           
(Insured; Assured Guaranty Municipal           
Corp.)  5.00  9/1/36  3,000,000   3,317,400 
Oakland Unified School District,           
GO  5.00  8/1/40  3,500,000   3,932,425 
Orange County Community Facilities           
District,           
Special Tax Revenue (Escencia Village           
Improvement Area #1)  5.00  8/15/42  3,000,000   3,332,730 
Orange County Community Facilities           
District,           
Special Tax Revenue (Escencia Village           
Improvement Area #1)  5.00  8/15/47  1,000,000   1,106,340 
Orange County Community Facilities           
District Number 2016-1,           
Special Tax Revenue (Village of           
Escencia)  5.00  8/15/41  6,000,000   6,575,340 
Palomar Community College District,           
GO  0/6.38  8/1/45  16,615,000 a  12,676,082 
Palomar Health,           
Revenue  5.00  11/1/26  1,845,000   2,087,027 
Palomar Health,           
Revenue, Refunding (Palomar Health           
and Arch Health Partners)  5.00  11/1/42  5,000,000   5,418,050 
Peralta Community College District,           
GO (Dedicated Unlimited Ad Valorem           
Property Tax Bonds)  4.00  8/1/39  5,000,000   5,145,400 
Pomona Redevelopment Agency,           
Tax Allocation Revenue (West Holt           
Avenue Redevelopment Project)  5.50  5/1/32  3,000,000   3,672,690 
Pomona Unified School District,           
GO (Insured; Build America Mutual           
Assurance Company)  5.00  8/1/39  2,000,000   2,216,980 
Sacramento County,           
Airport System Senior Revenue  5.13  7/1/25  5,890,000   5,963,154 
Sacramento County,           
Airport System Senior Revenue  5.00  7/1/41  3,250,000   3,679,780 
Sacramento County Sanitation Districts           
Financing Authority,           
Revenue (Sacramento Regional County           
Sanitation District)  5.00  12/1/26  7,000,000   7,794,500 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.8% (continued)       
California - 99.1% (continued)           
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   5,014,400 
Sacramento Municipal Utility District,           
Electric Revenue  5.00  8/15/28  1,845,000   2,044,389 
San Diego Association of Governments,           
South Bay Expressway Toll Revenue,           
Refunding  5.00  7/1/38  2,000,000   2,300,520 
San Diego Association of Governments,           
South Bay Expressway Toll Revenue,           
Refunding  5.00  7/1/42  4,000,000   4,576,640 
San Diego County Regional Airport           
Authority,           
Revenue, Refunding  5.00  7/1/42  3,000,000   3,414,330 
San Diego County Regional Airport           
Authority,           
Subordinate Airport Revenue  5.00  7/1/34  3,000,000   3,206,700 
San Diego County Regional           
Transportation Commission,           
Sales Tax Revenue  5.00  4/1/44  10,000,000   11,329,500 
San Francisco City & County Commission           
International Airport,           
Revenue, Refunding  5.00  5/1/47  10,000,000   11,309,200 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/28  2,000,000   2,234,280 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/29  2,000,000   2,233,420 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/29  1,000,000   1,183,550 
San Francisco City and County Airport           
Commission,           
Second Series Revenue (San Francisco           
International Airport)  5.00  5/1/32  1,000,000   1,171,470 
San Francisco City and County Public           
Utilities Commission,           
San Francisco Water Revenue  5.00  11/1/37  10,000,000   11,108,000 
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  414,495 

 

 

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 99.8% (continued)     
California - 99.1% (continued)         
San Joaquin Hills Transportation Corridor         
Agency,         
Senior Lien Toll Road Revenue  5.00  1/15/50  5,000,000  5,428,800 
San Jose Airport,         
Revenue  5.00  3/1/42  2,550,000  2,906,388 
Santa Margarita Water District         
Community Facilities District Number         
2013-1,         
Special Tax Revenue (Village of         
Sendero)  5.63  9/1/43  7,000,000  7,642,950 
Santa Margarita Water District         
Community Facilities District Number         
99-1,         
Special Tax Revenue (Talega)  5.00  9/1/27  1,945,000  2,190,206 
South Orange County Public Financing         
Authority,         
Special Tax Senior Lien Revenue         
(Ladera Ranch)  5.00  8/15/29  1,500,000  1,642,950 
South Orange County Public Financing         
Authority,         
Special Tax Senior Lien Revenue         
(Ladera Ranch)  5.00  8/15/30  1,000,000  1,092,860 
Southern California Public Power         
Authority,         
Revenue (Linden Wind Energy Project)  5.00  7/1/28  3,145,000  3,385,593 
Southern California Public Power         
Authority,         
Revenue (Linden Wind Energy Project)  5.00  7/1/29  2,230,000  2,399,525 
Southern California Public Power         
Authority,         
Revenue (Milford Wind Corridor Phase         
I Project)  5.00  7/1/29  11,865,000  12,576,307 
Southern California Public Power         
Authority,         
Revenue (Windy Point/Windy Flats         
Project)  5.00  7/1/27  13,765,000  14,824,630 
Stockton Unified School District,         
GO (Insured; Assured Guaranty         
Municipal Corp.)  5.00  7/1/25  1,620,000  1,820,605 
Stockton Unified School District,         
GO (Insured; Assured Guaranty         
Municipal Corp.)  5.00  7/1/26  1,115,000  1,251,588 
Stockton Unified School District,         
GO (Insured; Assured Guaranty         
Municipal Corp.)  5.00  8/1/38  2,500,000  2,772,775 
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  1,757,539 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.8% (continued)         
California - 99.1% (continued)           
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   1,961,505 
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   1,228,667 
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   3,466,560 
Tender Option Bond Trust Receipts           
(Series 2016-XM0375), 06/01/39,           
(Riverside County Transportation           
Commission, Sales Tax Revenue) Non-           
recourse  5.25  6/1/21  7,500,000 b,e  8,735,812 
Tender Option Bond Trust Receipts           
(Series 2016-XM0379), 07/01/43,           
(Los Angeles Department of Water and           
Power, Water System Revenue) Non-           
recourse  5.00  7/1/20  12,000,000 b,e  13,232,340 
Tobacco Securitization Authority,           
North Tobacco Settlement Revenue           
(Capital Appreciation-2nd Sub-Asset           
Backed C)  0.00  6/1/45  66,760,000 c  6,592,550 
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   841,806 
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   8,865,222 
Torrance,           
Revenue (Torrance Memorial Medical           
Center)  5.00  9/1/40  3,000,000   3,142,620 
Turlock Irrigation District,           
First Priority Subordinated Revenue  5.00  1/1/36  4,415,000   5,054,822 

 

 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 99.8% (continued)       
California - 99.1% (continued)           
Turlock Irrigation District,           
Revenue  5.00  1/1/25  1,255,000   1,331,643 
Turlock Irrigation District,           
Revenue  5.00  1/1/26  25,000   26,518 
University of California,           
Systemwide Revenue  5.00  11/1/38  5,000,000   5,782,800 
University of California Regents,           
General Revenue  5.25  5/15/30  3,000,000   3,504,990 
University of California Regents,           
Limited Project Revenue  5.00  5/15/42  10,000,000   10,986,900 
University of California Regents,           
Medical Center Pooled Revenue  5.00  5/15/43  10,000,000   11,176,000 
University of California Regents,           
Medical Center Pooled Revenue  4.00  5/15/44  3,000,000   3,067,440 
Upland,           
COP, Refunding (San Antonio Regional           
Hospital)  5.00  1/1/47  3,000,000   3,305,820 
Walnut Energy Center Authority,           
Revenue  5.00  1/1/27  3,150,000   3,672,522 
Wiseburn School District,           
GO  0.00  8/1/37  6,400,000 c  3,000,640 
          919,052,482 
U.S. Related - .7%           
Puerto Rico Highway and Transportation           
Authority,           
Highway Revenue (Insured; Assured           
Guaranty Municipal Corporation)  5.25  7/1/34  5,905,000   6,406,216 
Total Investments (cost $886,645,859)      99.8 %  925,458,698 
Cash and Receivables (Net)      0.2 %  1,618,146 
Net Assets      100.0 %  927,076,844 

 

a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
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 28, 2018, these securities were valued 
at $52,892,703 or 5.71% of net assets. 
c Security issued with a zero coupon. Income is recognized through the accretion of discount. 
d 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. 
e Collateral for floating rate borrowings. 

 

 

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Bond Fund
February 28, 2018 (Unaudited)

The following is a summary of the inputs used as of February 28, 2018 in valuing the fund’s investments:

    Level 2 - Other   Level 3 -     
  Level 1 -  Significant   Significant     
  Unadjusted  Observable   Unobservable     
  Quoted Prices  Inputs   Inputs  Total  
Assets ($)             
Investments in Securities:             
Municipal Bonds†  -  925,458,698   -  925,458,698  
Liabilities ($)             
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 to not accurately reflect 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 Trust 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 February 28, 2018, accumulated net unrealized appreciation on investments was $38,812,839, consisting of $45,353,936 gross unrealized appreciation and $6,541,097 gross unrealized depreciation.

At February 28, 2018, 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:    April 16, 2018

 

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 16, 2018

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    April 16, 2018

 

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)