N-Q 1 formnq-021.htm FORM N-Q formnq-021.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

811-4765

 

 

 

Dreyfus New York AMT-Free Municipal Bond Fund

 

 

(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)

 

 

 

 

 

Michael A. Rosenberg, Esq.

200 Park Avenue

New York, New York 10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code:

(212) 922-6000

 

 

Date of fiscal year end:

 

11/30

 

Date of reporting period:

8/31/11

 

             

 

 

 

 

FORM N-Q

Item 1.                        Schedule of Investments.

 

 

STATEMENT OF INVESTMENTS           
Dreyfus New York AMT-Free Municipal Bond Fund           
August 31, 2011 (Unaudited)           
 
Long-Term Municipal  Coupon  Maturity  Principal    
Investments--99.2%  Rate (%)  Date  Amount ($)   Value ($) 
New York--88.5%           
Albany Industrial Development           
Agency, Civic Facility Revenue           
(Saint Peter's Hospital of the           
City of Albany Project)  5.25  11/15/27  4,500,000   4,287,240 
Albany Industrial Development           
Agency, Civic Facility Revenue           
(Saint Peter's Hospital of the           
City of Albany Project)  5.25  11/15/32  1,000,000   919,580 
Dutchess County Industrial           
Development Agency, Civic           
Facility Revenue (Bard College           
Civic Facility)  5.00  8/1/20  1,000,000   1,085,070 
Dutchess County Industrial           
Development Agency, Civic           
Facility Revenue (Bard College           
Civic Facility)  5.00  8/1/22  775,000   826,592 
Hempstead Local Development           
Corporation, Revenue (Molloy           
College Project)  5.70  7/1/29  4,865,000   5,164,051 
JPMorgan Chase Putters/Drivers           
Trust (New York State           
Dormitory Authority, Revenue           
(The Rockefeller University))  5.00  7/1/18  4,000,000 a,b  4,268,880 
Long Island Power Authority,           
Electric System General Revenue  6.00  5/1/33  3,000,000   3,366,300 
Long Island Power Authority,           
Electric System General           
Revenue (Insured; National           
Public Finance Guarantee Corp.)  5.00  12/1/19  2,375,000   2,676,957 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/25  1,000,000   1,064,020 

 

 

Metropolitan Transportation           
Authority, Transportation           
Revenue  6.50  11/15/28  1,000,000   1,173,890 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/31  3,000,000   3,074,310 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/34  3,000,000   3,064,170 
Metropolitan Transportation           
Authority, Transportation           
Revenue (Insured; AMBAC)  5.50  11/15/18  7,745,000   8,113,120 
Monroe County Industrial           
Development Corporation,           
Revenue (University of           
Rochester Project)  5.00  7/1/25  2,420,000   2,653,191 
New York City,           
GO  5.38  12/1/20  5,000   5,054 
New York City,           
GO  5.00  8/1/21  2,000,000   2,253,320 
New York City,           
GO  5.00  8/1/22  1,200,000   1,334,520 
New York City,           
GO  5.50  6/1/23  25,000   26,718 
New York City,           
GO  5.00  8/1/23  3,000,000   3,466,710 
New York City,           
GO  5.25  8/15/24  5,420,000   5,948,450 
New York City,           
GO  5.00  8/1/26  3,565,000   3,949,271 
New York City,           
GO (Prerefunded)  5.38  12/1/11  260,000 c  263,406 
New York City,           
GO (Prerefunded)  5.50  6/1/13  125,000 c  136,464 
New York City Educational           
Construction Fund, Revenue  6.50  4/1/25  3,960,000   4,851,238 
New York City Health and Hospitals           
Corporation, Health System           

 

 

Revenue  5.00  2/15/30  5,000,000  5,131,650 
New York City Housing Development         
Corporation, Capital Fund         
Program Revenue (New York City         
Housing Authority Program)         
(Insured; National Public         
Finance Guarantee Corp.)  5.00  7/1/25  3,465,000  3,637,730 
New York City Industrial         
Development Agency, Civic         
Facility Revenue (YMCA of         
Greater New York Project)  5.00  8/1/36  7,500,000  7,342,725 
New York City Industrial         
Development Agency, PILOT         
Revenue (Yankee Stadium         
Project) (Insured; Assured         
Guaranty Municipal Corp.)  7.00  3/1/49  5,000,000  5,649,050 
New York City Municipal Water         
Finance Authority, Water and         
Sewer System Revenue  5.00  6/15/22  530,000  576,142 
New York City Municipal Water         
Finance Authority, Water and         
Sewer System Second General         
Resolution Revenue  5.00  6/15/31  3,000,000  3,212,250 
New York City Municipal Water         
Finance Authority, Water and         
Sewer System Second General         
Resolution Revenue  5.25  6/15/40  2,975,000  3,208,151 
New York City Municipal Water         
Finance Authority, Water and         
Sewer System Second General         
Resolution Revenue  5.50  6/15/40  2,500,000  2,739,050 
New York City Transitional Finance         
Authority, Future Tax Secured         
Revenue  5.00  11/1/22  4,000,000  4,456,800 
New York City Transitional Finance         
Authority, Future Tax Secured         
Revenue  5.00  11/1/25  3,565,000  3,914,726 
New York City Transitional Finance         
Authority, Future Tax Secured         
Revenue  5.00  11/1/28  2,695,000  2,942,185 

 

 

New York State Dormitory         
Authority, Catholic Health         
Services of Long Island         
Obligated Group Revenue (Saint         
Francis Hospital Project)  5.00  7/1/21  5,000,000  5,175,800 
New York State Dormitory         
Authority, FHA-Insured         
Mortgage Hospital Revenue         
(Hospital for Special Surgery)  6.00  8/15/38  3,470,000  3,968,049 
New York State Dormitory         
Authority, FHA-Insured         
Mortgage Hospital Revenue (The         
New York and Presbyterian         
Hospital) (Insured; Assured         
Guaranty Municipal Corp.)  5.25  8/15/27  2,505,000  2,618,777 
New York State Dormitory         
Authority, Health Center         
Revenue (Guaranteed; SONYMA)  5.00  11/15/19  1,000,000  1,007,020 
New York State Dormitory         
Authority, Mortgage Hospital         
Revenue (The Long Island         
College Hospital)         
(Collateralized; FHA)  6.00  8/15/15  1,895,000  1,967,882 
New York State Dormitory         
Authority, Revenue         
(Consolidated City University         
System)  5.63  7/1/16  6,500,000  7,255,885 
New York State Dormitory         
Authority, Revenue         
(Consolidated City University         
System)  5.75  7/1/18  2,500,000  2,875,800 
New York State Dormitory         
Authority, Revenue         
(Consolidated City University         
System) (Insured; Assured         
Guaranty Municipal Corp.)  5.75  7/1/18  2,290,000  2,644,240 
New York State Dormitory         
Authority, Revenue (Cornell         
University)  5.00  7/1/24  4,500,000  5,020,560 
New York State Dormitory         
Authority, Revenue (Cornell         

 

 

University)  5.00  7/1/35  1,500,000  1,564,245 
New York State Dormitory         
Authority, Revenue (Cornell         
University)  5.00  7/1/35  2,000,000  2,145,180 
New York State Dormitory         
Authority, Revenue (Fordham         
University) (Insured; Assured         
Guaranty Municipal Corp.)  5.00  7/1/33  2,000,000  2,077,820 
New York State Dormitory         
Authority, Revenue (Manhattan         
College) (Insured; Radian)  5.50  7/1/16  2,975,000  3,010,997 
New York State Dormitory         
Authority, Revenue (Miriam         
Osborne Memorial Home)         
(Insured; ACA)  6.88  7/1/19  2,275,000  2,303,506 
New York State Dormitory         
Authority, Revenue (Mount         
Sinai Hospital Obligated Group)  5.00  7/1/26  2,000,000  2,083,960 
New York State Dormitory         
Authority, Revenue (Mount         
Sinai School of Medicine of         
New York University)  5.50  7/1/25  2,320,000  2,504,950 
New York State Dormitory         
Authority, Revenue (New York         
State Department of Health)  5.00  7/1/15  3,885,000  4,315,691 
New York State Dormitory         
Authority, Revenue (New York         
University)  5.00  7/1/34  2,000,000  2,105,060 
New York State Dormitory         
Authority, Revenue (New York         
University) (Insured; AMBAC)  5.00  7/1/32  3,345,000  3,493,418 
New York State Dormitory         
Authority, Revenue (New York         
University Hospitals Center)  5.25  7/1/24  2,000,000  2,091,740 
New York State Dormitory         
Authority, Revenue (New York         
University Hospitals Center)  5.50  7/1/25  2,500,000  2,625,525 
New York State Dormitory         
Authority, Revenue (New York         
University Hospitals Center)  5.00  7/1/26  2,500,000  2,530,850 

 

 

New York State Dormitory         
Authority, Revenue (North         
Shore - Long Island Jewish         
Obligated Group)  5.00  5/1/25  5,515,000  5,644,051 
New York State Dormitory         
Authority, Revenue (North         
Shore - Long Island Jewish         
Obligated Group)  5.50  5/1/37  2,000,000  2,039,920 
New York State Dormitory         
Authority, Revenue (Orange         
Regional Medical Center         
Obligated Group)  6.13  12/1/29  1,500,000  1,490,385 
New York State Dormitory         
Authority, Revenue (Orange         
Regional Medical Center         
Obligated Group)  6.25  12/1/37  1,500,000  1,466,730 
New York State Dormitory         
Authority, Revenue (Rochester         
Institute of Technology)  6.00  7/1/33  5,250,000  5,774,895 
New York State Dormitory         
Authority, Revenue (State         
University Educational         
Facilities)  5.88  5/15/17  4,060,000  4,781,381 
New York State Dormitory         
Authority, Revenue (Teachers         
College)  5.00  3/1/24  2,500,000  2,739,450 
New York State Dormitory         
Authority, Revenue (Teachers         
College)  5.38  3/1/29  2,000,000  2,159,860 
New York State Dormitory         
Authority, Revenue (The         
Bronx-Lebanon Hospital Center)         
(LOC; TD Bank)  6.50  8/15/30  4,000,000  4,491,080 
New York State Dormitory         
Authority, Revenue (The New         
School)  5.25  7/1/30  2,500,000  2,596,475 
New York State Dormitory         
Authority, Revenue (The         
Rockefeller University)  5.00  7/1/40  4,000,000  4,243,040 
New York State Dormitory         

 

 

Authority, South Nassau         
Communities HR (Winthrop South         
Nassau University Health         
System Obligated Group)  5.50  7/1/23  3,475,000  3,543,840 
New York State Dormitory         
Authority, State Personal         
Income Tax Revenue (Education)  5.00  3/15/19  5,500,000  6,362,235 
New York State Dormitory         
Authority, State Personal         
Income Tax Revenue (General         
Purpose)  5.25  2/15/22  2,500,000  2,940,600 
New York State Dormitory         
Authority, State Personal         
Income Tax Revenue (General         
Purpose)  5.00  2/15/26  1,730,000  1,937,981 
New York State Energy Research and         
Development Authority, Gas         
Facilities Revenue (The         
Brooklyn Union Gas Company         
Project)  6.37  4/1/20  5,000,000  5,024,100 
New York State Environmental         
Facilities Corporation, State         
Clean Water and Drinking Water         
Revolving Funds Revenue (New         
York City Municipal Water         
Finance Authority Projects -         
Second Resolution Bonds)  5.00  6/15/29  2,470,000  2,711,838 
New York State Housing Finance         
Agency, State Personal Income         
Tax Revenue (Economic         
Development and Housing)  5.00  3/15/34  3,575,000  3,754,286 
New York State Mortgage Agency,         
Education Loan Revenue (New         
York Higher Education Loan         
Program)  5.25  11/1/20  720,000  816,343 
New York State Mortgage Agency,         
Mortgage Revenue  5.00  4/1/28  1,500,000  1,644,315 
New York State Thruway Authority,         
General Revenue (Insured;         
National Public Finance         
Guarantee Corp.)  5.00  1/1/27  5,000,000  5,315,850 

 

 

New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/25  5,000,000  5,431,400 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/26  2,500,000  2,739,125 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/26  2,500,000  2,780,775 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/27  3,000,000  3,242,010 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds         
(Insured; AMBAC)  5.00  4/1/19  7,500,000  8,518,275 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds         
(Insured; AMBAC)  5.00  4/1/22  5,000,000  5,525,000 
New York State Thruway Authority,         
State Personal Income Tax         
Revenue (Transportation)  5.25  3/15/27  3,000,000  3,379,440 
New York State Urban Development         
Corporation, Correctional         
Facilities Revenue  5.50  1/1/14  2,170,000  2,281,364 
New York State Urban Development         
Corporation, Correctional         
Facilities Revenue (Insured;         
Assured Guaranty Municipal         
Corp.)  5.50  1/1/14  2,135,000  2,252,745 
New York State Urban Development         
Corporation, State Personal         
Income Tax Revenue (Economic         
Development and Housing)         
(Insured; AMBAC)  5.00  12/15/23  2,000,000  2,238,020 
New York State Urban Development         
Corporation, State Personal         
Income Tax Revenue (State         
Facilities and Equipment)         

 

 

(Insured; FGIC) (Prerefunded)  5.50  3/15/13  2,450,000 c  2,645,412 
Niagara County Industrial           
Development Agency, Solid           
Waste Disposal Facility           
Revenue (American Ref-Fuel           
Company of Niagara, LP           
Facility)  5.55  11/15/15  3,470,000   3,513,063 
North Country Development           
Authority, Solid Waste           
Management System Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  6.00  5/15/15  1,355,000   1,466,842 
Orange County Industrial           
Development Agency, Life Care           
Community Revenue (Glenn           
Arden, Inc. Project)  5.63  1/1/18  1,515,000   1,281,084 
Port Authority of New York and New           
Jersey (Consolidated Bonds,           
142nd Series)  5.00  7/15/23  2,000,000   2,207,560 
Port Authority of New York and New           
Jersey (Consolidated Bonds,           
163rd Series)  5.00  7/15/35  5,000,000   5,310,600 
Port Authority of New York and New           
Jersey, Special Project Bonds           
(JFK International Air           
Terminal LLC Project)  6.00  12/1/36  2,000,000   2,041,020 
Rensselaer County Industrial           
Development Agency, Civic           
Facility Revenue (Emma Willard           
School Project)  5.00  1/1/31  2,000,000   2,051,120 
Rensselaer County Industrial           
Development Agency, Civic           
Facility Revenue (Emma Willard           
School Project)  5.00  1/1/36  2,000,000   2,027,460 
Rensselaer County Industrial           
Development Agency, Civic           
Facility Revenue (Rensselaer           
Polytechnic Institute Project)  5.00  3/1/36  2,000,000   2,003,600 
Schenectady Industrial Development           
Agency, Civic Facility Revenue           
(Union College Project)  5.00  7/1/25  2,260,000   2,404,256 

 

 

Schenectady Industrial Development           
Agency, Civic Facility Revenue           
(Union College Project)  5.00  7/1/26  1,380,000   1,455,541 
Schenectady Industrial Development           
Agency, Civic Facility Revenue           
(Union College Project)  5.00  7/1/31  3,335,000   3,382,624 
Suffolk Tobacco Asset           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  6.00  6/1/48  5,000,000   3,890,500 
Triborough Bridge and Tunnel           
Authority, General Purpose           
Revenue  6.00  1/1/12  705,000   718,656 
Triborough Bridge and Tunnel           
Authority, General Purpose           
Revenue (Prerefunded)  5.50  1/1/22  2,000,000 c  2,578,120 
Triborough Bridge and Tunnel           
Authority, General Revenue           
(MTA Bridges and Tunnels)  5.00  11/15/27  1,640,000   1,785,042 
Westchester County Health Care           
Corporation, Senior Lien           
Revenue  6.00  11/1/30  1,000,000   1,042,850 
Westchester Tobacco Asset           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.00  6/1/26  2,000,000   1,822,300 
Westchester Tobacco Asset           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.13  6/1/45  1,200,000   809,172 
U.S. Related--10.7%           
Guam,           
Hotel Occupancy Tax Revenue  5.25  11/1/18  1,100,000   1,184,381 
Guam,           
Hotel Occupancy Tax Revenue  5.50  11/1/19  1,000,000   1,086,000 
Guam Power Authority,           
Revenue  5.50  10/1/30  1,000,000   973,460 
Guam Waterworks Authority,           
Water and Wastewater System           

 

 

Revenue  5.63  7/1/40  1,000,000   922,480 
Puerto Rico Aqueduct and Sewer           
Authority, Senior Lien Revenue  6.00  7/1/38  4,000,000   4,015,160 
Puerto Rico Aqueduct and Sewer           
Authority, Senior Lien Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/28  2,000,000   2,035,760 
Puerto Rico Commonwealth,           
Public Improvement GO  5.25  7/1/14  1,000,000   1,053,940 
Puerto Rico Commonwealth,           
Public Improvement GO  6.50  7/1/40  1,000,000   1,068,810 
Puerto Rico Commonwealth,           
Public Improvement GO           
(Prerefunded)  5.25  7/1/16  3,045,000 c  3,693,402 
Puerto Rico Electric Power           
Authority, Power Revenue  5.25  7/1/27  4,000,000   4,080,440 
Puerto Rico Electric Power           
Authority, Power Revenue  5.50  7/1/38  3,000,000   3,010,770 
Puerto Rico Electric Power           
Authority, Power Revenue  5.25  7/1/40  2,000,000   1,946,280 
Puerto Rico Electric Power           
Authority, Power Revenue           
(Insured; National Public           
Finance Guarantee Corp.)  5.25  7/1/25  1,705,000   1,786,192 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           
(First Subordinate Series)  5.38  8/1/39  2,500,000   2,521,775 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           
(First Subordinate Series)  6.00  8/1/39  4,000,000   4,258,120 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           
(First Subordinate Series)  6.00  8/1/42  3,000,000   3,175,920 
Virgin Islands Public Finance           
Authority, Revenue (Virgin           
Islands Matching Fund Loan           
Note)  5.00  10/1/25  2,500,000   2,506,225 
Total Long-Term Municipal Investments           
(cost $349,692,273)          365,792,682 

 

 

Short-Term Municipal  Coupon  Maturity  Principal   
Investments--1.1%  Rate (%)  Date  Amount ($)  Value ($) 
New York;         
New York City,         
GO Notes (LOC; JPMorgan Chase         
Bank)  0.10  9/1/11  500,000d  500,000 
New York City,         
GO Notes (LOC; JPMorgan Chase         
Bank)  0.11  9/1/11  3,600,000d  3,600,000 
Total Short-Term Municipal Investments         
(cost $4,100,000)        4,100,000 
Total Investments (cost $353,792,273)      100.3%  369,892,682 
Liabilities, Less Cash and Receivables      (.3%)  (1,165,121) 
Net Assets      100.0%  368,727,561 

 

a Collateral for floating rate borrowings. 
b Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2011, this security was 
valued at $4,268,880 or 1.2% of net assets. 
c 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. 
d Variable rate demand note - rate shown is the interest rate in effect at August 31, 2011. Maturity date represents the 
next demand date, or the ultimate maturity date if earlier. 

 

At August 31, 2011, the aggregate cost of investment securities for income tax purposes was $353,792,273. Net unrealized appreciation on investments was $16,100,409 of which $18,350,725 related to appreciated investment securities and $2,250,316 related to depreciated investment securities.

Summary of Abbreviations       
ABAG  Association of Bay Area Governments  ACA  American Capital Access 
AGC  ACE Guaranty Corporation  AGIC  Asset Guaranty Insurance Company 
AMBAC  American Municipal Bond Assurance Corporation  ARRN  Adjustable Rate Receipt Notes 
BAN  Bond Anticipation Notes  BPA  Bond Purchase Agreement 

 

 

CIFG  CDC Ixis Financial Guaranty  COP  Certificate of Participation 
CP  Commercial Paper  EDR  Economic Development Revenue 
EIR  Environmental Improvement Revenue  FGIC  Financial Guaranty Insurance Company 
FHA  Federal Housing Administration  FHLB  Federal Home Loan Bank 
FHLMC  Federal Home Loan Mortgage Corporation  FNMA  Federal National Mortgage Association 
GAN  Grant Anticipation Notes  GIC  Guaranteed Investment Contract 
GNMA  Government National Mortgage Association  GO  General Obligation 
HR  Hospital Revenue  IDB  Industrial Development Board 
IDC  Industrial Development Corporation  IDR  Industrial Development Revenue 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MFHR  Multi-Family Housing Revenue 
MFMR  Multi-Family Mortgage Revenue  PCR  Pollution Control Revenue 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 

 

 

The following is a summary of the inputs used as of August 31, 2011 in valuing the fund's investments:

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Unadjusted  Significant Observable  Unobservable   
Assets ($)  Quoted Prices  Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds  -  369,892,682  -  369,892,682 

 

 

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below: Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

 

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Directors. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All preceding securities are categorized as Level 2 in the hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

 

 

Item 2.                        Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.                        Exhibits.

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

 

 

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 New York AMT-Free Municipal Bond Fund

By: /s/ Bradley J. Skapyak

      Bradley J. Skapyak

       President

 

Date:

October 24, 2011

 

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 24, 2011

 

By: /s/ James Windels

     James Windels

     Treasurer

 

Date:

October 24, 2011

 

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)