N-Q 1 lp1.htm FORM N-Q lp1.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)

 

 

 

 

 

Janette E. Farragher, 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:

2/29/12

 

             

 

 

 

 

FORM N-Q

Item 1.                        Schedule of Investments.

 

 

 

STATEMENT OF INVESTMENTS           
Dreyfus New York AMT-Free Municipal Bond Fund           
February 29, 2012 (Unaudited)           
 
Long-Term Municipal  Coupon  Maturity  Principal    
Investments--99.1%  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   4,818,780 
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   1,055,100 
Hempstead Local Development           
Corporation, Revenue (Molloy           
College Project)  5.70  7/1/29  4,865,000   5,477,406 
Hudson Yards Infrastructure           
Corporation, Hudson Yards           
Senior Revenue  5.75  2/15/47  2,500,000   2,829,725 
JPMorgan Chase Putters/Drivers           
Trust (New York State           
Dormitory Authority, Revenue           
(The Rockefeller University))  5.00  7/1/18  4,000,000 a,b  4,487,360 
Long Island Power Authority,           
Electric System General Revenue  6.00  5/1/33  3,000,000   3,543,870 
Long Island Power Authority,           
Electric System General           
Revenue (Insured; National           
Public Finance Guarantee Corp.)  5.00  12/1/19  2,375,000   2,702,085 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/25  1,000,000   1,140,190 
Metropolitan Transportation           
Authority, Transportation           
Revenue  6.50  11/15/28  1,000,000   1,245,610 
Metropolitan Transportation           

 


Authority, Transportation           
Revenue  5.00  11/15/31  3,000,000   3,190,380 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/34  3,000,000   3,279,810 
Metropolitan Transportation           
Authority, Transportation           
Revenue (Insured; AMBAC)  5.50  11/15/18  7,745,000   8,016,075 
Monroe County Industrial           
Development Corporation,           
Revenue (University of           
Rochester Project)  5.00  7/1/25  2,420,000   2,868,958 
New York City,           
GO  5.38  12/1/20  5,000   5,021 
New York City,           
GO  5.00  8/1/21  2,000,000   2,269,780 
New York City,           
GO  5.00  8/1/22  1,200,000   1,361,868 
New York City,           
GO  5.50  6/1/23  25,000   26,472 
New York City,           
GO  5.00  8/1/23  3,000,000   3,637,290 
New York City,           
GO  5.00  8/1/26  3,565,000   4,171,014 
New York City,           
GO  5.00  8/1/29  5,000,000   5,859,600 
New York City,           
GO  5.00  10/1/32  730,000   838,069 
New York City,           
GO  5.00  10/1/36  2,000,000   2,243,400 
New York City,           
GO (Prerefunded)  5.50  6/1/13  125,000 c  133,274 
New York City Educational           
Construction Fund, Revenue  6.50  4/1/25  3,960,000   5,100,876 
New York City Health and Hospitals           
Corporation, Health System           
Revenue  5.00  2/15/30  5,000,000   5,511,650 
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  3,708,520 
New York City Industrial         
Development Agency, Civic         
Facility Revenue (YMCA of         
Greater New York Project)  5.00  8/1/36  7,500,000  7,701,525 
New York City Industrial         
Development Agency, PILOT         
Revenue (Yankee Stadium         
Project) (Insured; Assured         
Guaranty Municipal Corp.)  7.00  3/1/49  5,000,000  5,916,950 
New York City Municipal Water         
Finance Authority, Water and         
Sewer System Revenue  5.00  6/15/22  530,000  580,096 
New York City Municipal Water         
Finance Authority, Water and         
Sewer System Second General         
Resolution Revenue  5.00  6/15/31  3,000,000  3,429,270 
New York City Municipal Water         
Finance Authority, Water and         
Sewer System Second General         
Resolution Revenue  5.25  6/15/40  2,975,000  3,361,601 
New York City Municipal Water         
Finance Authority, Water and         
Sewer System Second General         
Resolution Revenue  5.50  6/15/40  2,500,000  2,888,025 
New York City Municipal Water         
Finance Authority, Water and         
Sewer System Second General         
Resolution Revenue  5.00  6/15/45  4,000,000  4,408,200 
New York City Transitional Finance         
Authority, Future Tax Secured         
Revenue  5.00  11/1/22  4,000,000  4,575,120 
New York City Transitional Finance         
Authority, Future Tax Secured         
Revenue  5.00  11/1/25  3,565,000  4,043,708 
New York City Transitional Finance         
Authority, Future Tax Secured         

 


Revenue  5.00  11/1/28  2,695,000  3,010,746 
New York City Transitional Finance         
Authority, Future Tax Secured         
Subordinate Revenue  5.00  11/1/38  3,000,000  3,375,570 
New York Liberty Development         
Corporation, Liberty Revenue         
(4 World Trade Center Project)  5.00  11/15/44  2,000,000  2,133,800 
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  5,217,150 
New York State Dormitory         
Authority, FHA-Insured         
Mortgage Hospital Revenue         
(Hospital for Special Surgery)  6.00  8/15/38  3,470,000  4,170,246 
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  2,712,690 
New York State Dormitory         
Authority, Health Center         
Revenue (Guaranteed; SONYMA)  5.00  11/15/19  1,000,000  1,003,000 
New York State Dormitory         
Authority, Mortgage Hospital         
Revenue (The Long Island         
College Hospital)         
(Collateralized; FHA)  6.00  8/15/15  1,545,000  1,575,545 
New York State Dormitory         
Authority, Revenue         
(Consolidated City University         
System)  5.63  7/1/16  6,500,000  7,350,915 
New York State Dormitory         
Authority, Revenue         
(Consolidated City University         
System)  5.75  7/1/18  2,500,000  2,868,425 
New York State Dormitory         
Authority, Revenue         
(Consolidated City University         

 


System) (Insured; Assured         
Guaranty Municipal Corp.)  5.75  7/1/18  2,290,000  2,636,569 
New York State Dormitory         
Authority, Revenue (Cornell         
University)  5.00  7/1/24  4,500,000  5,213,745 
New York State Dormitory         
Authority, Revenue (Cornell         
University)  5.00  7/1/35  1,500,000  1,613,865 
New York State Dormitory         
Authority, Revenue (Cornell         
University)  5.00  7/1/35  2,000,000  2,274,900 
New York State Dormitory         
Authority, Revenue (Fordham         
University) (Insured; Assured         
Guaranty Municipal Corp.)  5.00  7/1/33  2,000,000  2,169,720 
New York State Dormitory         
Authority, Revenue (Manhattan         
College) (Insured; Radian)  5.50  7/1/16  2,975,000  3,013,169 
New York State Dormitory         
Authority, Revenue (Memorial         
Sloan-Kettering Cancer Center)  5.00  7/1/23  1,350,000  1,631,583 
New York State Dormitory         
Authority, Revenue (Miriam         
Osborne Memorial Home)         
(Insured; ACA)  6.88  7/1/19  2,275,000  2,305,530 
New York State Dormitory         
Authority, Revenue (Mount         
Sinai Hospital Obligated Group)  5.00  7/1/26  2,000,000  2,191,760 
New York State Dormitory         
Authority, Revenue (Mount         
Sinai School of Medicine of         
New York University)  5.50  7/1/25  2,320,000  2,667,281 
New York State Dormitory         
Authority, Revenue (New York         
State Department of Health)  5.00  7/1/15  3,885,000  4,257,999 
New York State Dormitory         
Authority, Revenue (New York         
University)  5.00  7/1/34  2,000,000  2,197,340 
New York State Dormitory         
Authority, Revenue (New York         

 


University) (Insured; AMBAC)  5.00  7/1/32  3,345,000  3,654,513 
New York State Dormitory         
Authority, Revenue (New York         
University Hospitals Center)  5.25  7/1/24  2,000,000  2,180,180 
New York State Dormitory         
Authority, Revenue (New York         
University Hospitals Center)  5.50  7/1/25  2,500,000  2,795,500 
New York State Dormitory         
Authority, Revenue (New York         
University Hospitals Center)  5.00  7/1/26  2,500,000  2,633,675 
New York State Dormitory         
Authority, Revenue (North         
Shore - Long Island Jewish         
Obligated Group)  5.00  5/1/25  5,515,000  5,976,054 
New York State Dormitory         
Authority, Revenue (North         
Shore - Long Island Jewish         
Obligated Group)  5.50  5/1/37  2,000,000  2,225,520 
New York State Dormitory         
Authority, Revenue (Orange         
Regional Medical Center         
Obligated Group)  6.13  12/1/29  1,500,000  1,553,610 
New York State Dormitory         
Authority, Revenue (Orange         
Regional Medical Center         
Obligated Group)  6.25  12/1/37  1,500,000  1,546,830 
New York State Dormitory         
Authority, Revenue (Rochester         
Institute of Technology)  6.00  7/1/33  5,250,000  6,147,855 
New York State Dormitory         
Authority, Revenue (State         
University Educational         
Facilities)  5.88  5/15/17  4,060,000  4,793,967 
New York State Dormitory         
Authority, Revenue (Teachers         
College)  5.00  3/1/24  2,500,000  2,852,275 
New York State Dormitory         
Authority, Revenue (Teachers         
College)  5.38  3/1/29  2,000,000  2,259,680 
New York State Dormitory         

 


Authority, Revenue (The         
Bronx-Lebanon Hospital Center)         
(LOC; TD Bank)  6.50  8/15/30  4,000,000  4,772,400 
New York State Dormitory         
Authority, Revenue (The New         
School)  5.25  7/1/30  2,500,000  2,782,375 
New York State Dormitory         
Authority, Revenue (The         
Rockefeller University)  5.00  7/1/40  4,000,000  4,438,440 
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  3,562,188 
New York State Dormitory         
Authority, State Personal         
Income Tax Revenue (Education)  5.00  3/15/19  5,500,000  6,444,515 
New York State Dormitory         
Authority, State Personal         
Income Tax Revenue (General         
Purpose)  5.25  2/15/22  2,500,000  3,048,925 
New York State Dormitory         
Authority, State Personal         
Income Tax Revenue (General         
Purpose)  5.00  2/15/26  1,730,000  2,035,535 
New York State Dormitory         
Authority, Third General         
Resolution Revenue (State         
University Educational         
Facilities Issue)  5.00  5/15/30  1,000,000  1,167,560 
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  5,018,700 
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  2,875,574 
New York State Housing Finance         
Agency, State Personal Income         
Tax Revenue (Economic         
Development and Housing)  5.00  3/15/34  3,575,000  3,889,099 
New York State Mortgage Agency,         
Education Loan Revenue (New         
York Higher Education Loan         
Program)  5.25  11/1/20  720,000  840,895 
New York State Mortgage Agency,         
Mortgage Revenue  5.00  4/1/28  1,500,000  1,620,375 
New York State Power Authority,         
Revenue  5.00  11/15/31  1,000,000  1,168,740 
New York State Thruway Authority,         
General Revenue (Insured;         
National Public Finance         
Guarantee Corp.)  5.00  1/1/27  5,000,000  5,673,550 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/25  5,000,000  5,648,050 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/26  2,500,000  2,879,575 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/26  2,500,000  2,925,750 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/27  3,000,000  3,379,710 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds         
(Insured; AMBAC)  5.00  4/1/19  7,500,000  8,556,375 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds         
(Insured; AMBAC)  5.00  4/1/22  5,000,000  5,602,750 
New York State Thruway Authority,         
State Personal Income Tax         
Revenue (Transportation)  5.25  3/15/27  3,000,000  3,567,690 

 


New York State Urban Development           
Corporation, Correctional           
Facilities Revenue  5.50  1/1/14  1,335,000   1,405,702 
New York State Urban Development           
Corporation, Correctional           
Facilities Revenue (Insured;           
Assured Guaranty Municipal           
Corp.)  5.50  1/1/14  1,225,000   1,289,876 
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   2,283,380 
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  2,585,019 
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   3,509,489 
North Country Development           
Authority, Solid Waste           
Management System Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  6.00  5/15/15  1,355,000   1,451,937 
Orange County Industrial           
Development Agency, Life Care           
Community Revenue (Glenn           
Arden, Inc. Project)  5.63  1/1/18  1,330,000   1,170,041 
Port Authority of New York and New           
Jersey (Consolidated Bonds,           
142nd Series)  5.00  7/15/23  2,000,000   2,266,840 
Port Authority of New York and New           
Jersey (Consolidated Bonds,           
163rd Series)  5.00  7/15/35  5,000,000   5,623,400 
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   2,245,740 
Rensselaer County Industrial           
Development Agency, Civic           
Facility Revenue (Emma Willard           
School Project)  5.00  1/1/31  2,000,000   2,159,700 
Schenectady Industrial Development           
Agency, Civic Facility Revenue           
(Union College Project)  5.00  7/1/25  2,260,000   2,570,117 
Schenectady Industrial Development           
Agency, Civic Facility Revenue           
(Union College Project)  5.00  7/1/26  1,380,000   1,569,364 
Suffolk County Economic           
Development Corporation,           
Revenue (Catholic Health           
Services of Long Island           
Obligated Group Project)  5.00  7/1/22  1,000,000   1,156,510 
Suffolk Tobacco Asset           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  6.00  6/1/48  5,000,000   4,094,800 
Triborough Bridge and Tunnel           
Authority, General Purpose           
Revenue (Prerefunded)  5.50  1/1/22  2,000,000 c  2,665,540 
Triborough Bridge and Tunnel           
Authority, General Revenue           
(MTA Bridges and Tunnels)  5.00  11/15/27  1,640,000   1,897,841 
Triborough Bridge and Tunnel           
Authority, General Revenue           
(MTA Bridges and Tunnels)  5.00  1/1/28  2,000,000   2,401,760 
Westchester County Health Care           
Corporation, Senior Lien           
Revenue  6.00  11/1/30  1,000,000   1,158,380 
Westchester Tobacco Asset           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.00  6/1/26  2,000,000   1,948,920 
Westchester Tobacco Asset           
Securitization Corporation,           
Tobacco Settlement           

 


Asset-Backed Bonds  5.13  6/1/45  1,200,000   922,260 
U.S. Related--10.6%           
Guam,           
Hotel Occupancy Tax Revenue  5.25  11/1/18  1,100,000   1,245,123 
Guam,           
Hotel Occupancy Tax Revenue  5.50  11/1/19  1,000,000   1,152,240 
Guam Power Authority,           
Revenue  5.50  10/1/30  1,000,000   1,021,910 
Guam Waterworks Authority,           
Water and Wastewater System           
Revenue  5.63  7/1/40  1,000,000   1,004,210 
Puerto Rico Aqueduct and Sewer           
Authority, Senior Lien Revenue  6.00  7/1/38  4,000,000   4,314,840 
Puerto Rico Aqueduct and Sewer           
Authority, Senior Lien Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/28  2,000,000   2,128,760 
Puerto Rico Commonwealth,           
Public Improvement GO  5.25  7/1/14  1,000,000   1,047,930 
Puerto Rico Commonwealth,           
Public Improvement GO  6.50  7/1/40  1,000,000   1,174,830 
Puerto Rico Commonwealth,           
Public Improvement GO           
(Prerefunded)  5.25  7/1/16  3,045,000 c  3,674,493 
Puerto Rico Electric Power           
Authority, Power Revenue  5.25  7/1/27  4,000,000   4,433,600 
Puerto Rico Electric Power           
Authority, Power Revenue  5.50  7/1/38  3,000,000   3,183,180 
Puerto Rico Electric Power           
Authority, Power Revenue  5.25  7/1/40  2,000,000   2,102,500 
Puerto Rico Electric Power           
Authority, Power Revenue           
(Insured; National Public           
Finance Guarantee Corp.)  5.25  7/1/25  1,705,000   2,013,758 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           
(First Subordinate Series)  5.38  8/1/39  2,500,000   2,705,775 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           

 


(First Subordinate Series)  6.00  8/1/39  4,000,000   4,602,600  
Puerto Rico Sales Tax Financing             
Corporation, Sales Tax Revenue             
(First Subordinate Series)  6.00  8/1/42  3,000,000   3,405,630  
Virgin Islands Public Finance             
Authority, Revenue (Virgin             
Islands Matching Fund Loan             
Note)  5.00  10/1/25  2,500,000   2,704,675  
Total Long-Term Municipal Investments             
(cost $359,445,435)          390,829,326  
Short-Term Municipal  Coupon  Maturity  Principal      
Investments--1.1%  Rate (%)  Date  Amount ($)   Value ($)  
New York;             
New York City,             
GO Notes (LOC; JPMorgan Chase             
Bank)  0.09  3/1/12  1,800,000 d  1,800,000  
New York City,             
GO Notes (LOC; JPMorgan Chase             
Bank)  0.14  3/1/12  100,000 d  100,000  
New York City,             
GO Notes (LOC; JPMorgan Chase             
Bank)  0.14  3/1/12  2,300,000 d  2,300,000  
Total Short-Term Municipal Investments             
(cost $4,200,000)          4,200,000  
Total Investments (cost $363,645,435)      100.2 %  395,029,326  
Liabilities, Less Cash and Receivables      (.2 %)  (844,702 ) 
Net Assets      100.0 %  394,184,624  

 

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 February 29, 2012, this security 
was valued at $4,487,360 or 1.1% 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 February 29, 2012. Maturity date represents the 
next demand date, or the ultimate maturity date if earlier. 

 


At February 29, 2012, net unrealized appreciation on investments was $31,383,891 of which $32,548,123 related to appreciated investment securities and $1,164,232 related to depreciated investment securities. At February 29, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

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  MERLOTS  Municipal Exempt Receipt Liquidity Option 
      Tender 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempts Receipts 

 


PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  ROCS  Reset Option Certificates 
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 February 29, 2012 in valuing the fund's investments:

    Level 2 - Other  Level 3 -   
  Level 1 -  Significant  Significant   
  Unadjusted Quoted  Observable  Unobservable   
Assets ($)  Prices  Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds  -  395,029,326  -  395,029,326 

 


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:

April 23, 2012

 

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 23, 2012

 

By: /s/ James Windels

James Windels

Treasurer

 

Date:

April 23, 2012

 

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)