N-Q 1 formnq021.htm FORM NQ formnq021.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: 8/31/12


FORM N-Q

Item 1. Schedule of Investments.

-2-


STATEMENT OF INVESTMENTS         
Dreyfus New York AMT-Free Municipal Bond Fund         
August 31, 2012 (Unaudited)           
 
Long-Term Municipal  Coupon  Maturity  Principal    
Investments--97.5%  Rate (%)  Date  Amount ($)   Value ($) 
New York--86.6%           
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   4,881,825 
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   1,077,390 
Hempstead Local Development           
Corporation, Revenue (Molloy           
College Project)  5.70  7/1/29  4,865,000   5,617,907 
Hudson Yards Infrastructure           
Corporation, Hudson Yards           
Senior Revenue  5.75  2/15/47  2,500,000   2,937,575 
JPMorgan Chase Putters/Drivers           
Trust (New York State           
Dormitory Authority, Revenue           
(The Rockefeller University))  5.00  7/1/18  4,000,000 a,b  4,613,440 
Long Island Power Authority,           
Electric System General Revenue  6.00  5/1/33  3,000,000   3,633,810 
Long Island Power Authority,           
Electric System General           
Revenue (Insured; National           
Public Finance Guarantee Corp.)  5.00  12/1/19  2,375,000   2,668,550 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/25  1,000,000   1,154,970 
Metropolitan Transportation           
Authority, Transportation           
Revenue  6.50  11/15/28  1,000,000   1,283,230 
Metropolitan Transportation           

 


Authority, Transportation         
Revenue  5.00  11/15/31  3,000,000  3,238,350 
Metropolitan Transportation         
Authority, Transportation         
Revenue  5.00  11/15/32  5,000,000  5,775,750 
Metropolitan Transportation         
Authority, Transportation         
Revenue  5.00  11/15/34  3,000,000  3,362,700 
Metropolitan Transportation         
Authority, Transportation         
Revenue  5.00  11/15/42  2,000,000  2,240,000 
Metropolitan Transportation         
Authority, Transportation         
Revenue (Insured; AMBAC)  5.50  11/15/18  7,745,000  7,824,309 
Monroe County Industrial         
Development Corporation,         
Revenue (University of         
Rochester Project)  5.00  7/1/25  2,420,000  2,897,829 
New York City,         
GO  5.38  12/1/20  5,000  5,020 
New York City,         
GO  5.00  8/1/21  2,000,000  2,238,100 
New York City,         
GO  5.00  8/1/22  1,200,000  1,341,012 
New York City,         
GO  5.50  6/1/23  25,000  25,906 
New York City,         
GO  5.00  8/1/23  3,000,000  3,659,850 
New York City,         
GO  5.00  8/1/26  3,565,000  4,224,810 
New York City,         
GO  5.00  8/1/28  4,000,000  4,820,760 
New York City,         
GO  5.00  8/1/29  5,000,000  5,961,950 
New York City,         
GO  5.00  10/1/32  730,000  850,049 
New York City,         
GO  5.00  10/1/36  2,000,000  2,284,320 

 


New York City,           
GO (Prerefunded)  5.50  6/1/13  125,000 c  130,003 
New York City Educational           
Construction Fund, Revenue  6.50  4/1/25  3,960,000   5,148,238 
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   3,692,096 
New York City Industrial           
Development Agency, PILOT           
Revenue (Yankee Stadium           
Project) (Insured; Assured           
Guaranty Municipal Corp.)  7.00  3/1/49  5,000,000   6,139,000 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Revenue  5.00  6/15/22  410,000   443,419 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Revenue           
(Prerefunded)  5.00  6/15/14  120,000 c  130,165 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue  5.00  6/15/31  3,000,000   3,480,510 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue  5.25  6/15/40  2,975,000   3,427,646 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue  5.50  6/15/40  2,500,000   2,940,775 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue  5.00  6/15/45  4,000,000   4,555,480 
New York City Transitional Finance           
Authority, Future Tax Secured           

 


Revenue  5.00  11/1/22  4,000,000  4,542,040 
New York City Transitional Finance         
Authority, Future Tax Secured         
Revenue  5.00  11/1/25  3,565,000  4,018,112 
New York City Transitional Finance         
Authority, Future Tax Secured         
Revenue  5.00  11/1/28  2,695,000  3,004,656 
New York City Transitional Finance         
Authority, Future Tax Secured         
Subordinate Revenue  5.00  11/1/38  3,000,000  3,442,650 
New York Liberty Development         
Corporation, Liberty Revenue         
(4 World Trade Center Project)  5.00  11/15/44  2,500,000  2,768,950 
New York Liberty Development         
Corporation, Liberty Revenue         
(7 World Trade Center Project)  5.00  9/15/40  2,000,000  2,278,900 
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  5,176,000 
New York State Dormitory         
Authority, FHA-Insured         
Mortgage Hospital Revenue         
(Hospital for Special Surgery)  6.00  8/15/38  3,470,000  4,237,217 
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  2,689,168 
New York State Dormitory         
Authority, Health Center         
Revenue (Guaranteed; SONYMA)  5.00  11/15/19  1,000,000  1,003,700 
New York State Dormitory         
Authority, Mortgage Hospital         
Revenue (The Long Island         
College Hospital)         
(Collateralized; FHA)  6.00  8/15/15  1,215,000  1,219,641 
New York State Dormitory         

 


Authority, Revenue         
(Consolidated City University         
System)  5.63  7/1/16  6,480,000  7,346,311 
New York State Dormitory         
Authority, Revenue         
(Consolidated City University         
System)  5.75  7/1/18  2,500,000  2,871,050 
New York State Dormitory         
Authority, Revenue         
(Consolidated City University         
System) (Insured; Assured         
Guaranty Municipal Corp.)  5.75  7/1/18  2,290,000  2,629,882 
New York State Dormitory         
Authority, Revenue (Cornell         
University)  5.00  7/1/24  4,500,000  5,149,980 
New York State Dormitory         
Authority, Revenue (Cornell         
University)  5.00  7/1/35  1,500,000  1,703,235 
New York State Dormitory         
Authority, Revenue (Cornell         
University)  5.00  7/1/35  2,000,000  2,297,640 
New York State Dormitory         
Authority, Revenue (Fordham         
University) (Insured; Assured         
Guaranty Municipal Corp.)  5.00  7/1/33  2,000,000  2,201,840 
New York State Dormitory         
Authority, Revenue (Manhattan         
College) (Insured; Radian)  5.50  7/1/16  2,975,000  2,995,557 
New York State Dormitory         
Authority, Revenue (Memorial         
Sloan-Kettering Cancer Center)  5.00  7/1/23  1,350,000  1,658,367 
New York State Dormitory         
Authority, Revenue (Miriam         
Osborne Memorial Home)         
(Insured; ACA)  6.88  7/1/19  2,040,000  2,046,895 
New York State Dormitory         
Authority, Revenue (Mount         
Sinai Hospital Obligated Group)  5.00  7/1/26  2,000,000  2,249,820 
New York State Dormitory         
Authority, Revenue (Mount         

 


Sinai School of Medicine of         
New York University)  5.50  7/1/25  2,320,000  2,685,934 
New York State Dormitory         
Authority, Revenue (New York         
State Department of Health)  5.00  7/1/15  3,885,000  4,188,729 
New York State Dormitory         
Authority, Revenue (New York         
University)  5.00  7/1/34  2,000,000  2,265,860 
New York State Dormitory         
Authority, Revenue (New York         
University) (Insured; AMBAC)  5.00  7/1/32  3,345,000  3,695,288 
New York State Dormitory         
Authority, Revenue (New York         
University Hospitals Center)  5.25  7/1/24  2,000,000  2,187,320 
New York State Dormitory         
Authority, Revenue (New York         
University Hospitals Center)  5.50  7/1/25  2,500,000  2,889,875 
New York State Dormitory         
Authority, Revenue (New York         
University Hospitals Center)  5.00  7/1/26  2,500,000  2,717,775 
New York State Dormitory         
Authority, Revenue (North         
Shore - Long Island Jewish         
Obligated Group)  5.00  5/1/25  5,515,000  5,964,031 
New York State Dormitory         
Authority, Revenue (North         
Shore - Long Island Jewish         
Obligated Group)  5.50  5/1/37  2,000,000  2,277,320 
New York State Dormitory         
Authority, Revenue (Orange         
Regional Medical Center         
Obligated Group)  6.13  12/1/29  1,500,000  1,648,515 
New York State Dormitory         
Authority, Revenue (Orange         
Regional Medical Center         
Obligated Group)  6.25  12/1/37  1,500,000  1,632,990 
New York State Dormitory         
Authority, Revenue (Rochester         
Institute of Technology)  6.00  7/1/33  5,250,000  6,199,252 
New York State Dormitory         

 


Authority, Revenue (State         
University Educational         
Facilities)  5.88  5/15/17  4,060,000  4,738,385 
New York State Dormitory         
Authority, Revenue (Teachers         
College)  5.00  3/1/24  2,500,000  2,870,875 
New York State Dormitory         
Authority, Revenue (Teachers         
College)  5.38  3/1/29  2,000,000  2,286,880 
New York State Dormitory         
Authority, Revenue (The         
Bronx-Lebanon Hospital Center)         
(LOC; TD Bank)  6.50  8/15/30  2,000,000  2,411,280 
New York State Dormitory         
Authority, Revenue (The New         
School)  5.25  7/1/30  2,500,000  2,836,750 
New York State Dormitory         
Authority, Revenue (The         
Rockefeller University)  5.00  7/1/40  4,000,000  4,539,720 
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  3,531,990 
New York State Dormitory         
Authority, State Personal         
Income Tax Revenue (Education)  5.00  3/15/19  5,500,000  6,402,660 
New York State Dormitory         
Authority, State Personal         
Income Tax Revenue (General         
Purpose)  5.25  2/15/22  2,500,000  3,089,675 
New York State Dormitory         
Authority, State Personal         
Income Tax Revenue (General         
Purpose)  5.00  2/15/26  1,730,000  2,063,233 
New York State Dormitory         
Authority, Third General         
Resolution Revenue (State         
University Educational         
Facilities Issue)  5.00  5/15/30  2,000,000  2,355,780 

 


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  5,015,500 
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  2,934,286 
New York State Environmental         
Facilities Corporation, State         
Clean Water and Drinking Water         
Revolving Funds Revenue (New         
York City Municipal Water         
Finance Authority Projects)  5.00  6/15/21  5,000,000  5,973,150 
New York State Environmental         
Facilities Corporation, State         
Clean Water and Drinking Water         
Revolving Funds Revenue (New         
York City Municipal Water         
Finance Authority Projects)  5.00  6/15/24  4,000,000  5,040,840 
New York State Housing Finance         
Agency, State Personal Income         
Tax Revenue (Economic         
Development and Housing)  5.00  3/15/34  3,575,000  4,070,066 
New York State Mortgage Agency,         
Education Loan Revenue (New         
York Higher Education Loan         
Program)  5.25  11/1/20  480,000  565,445 
New York State Mortgage Agency,         
Mortgage Revenue  5.00  4/1/28  1,255,000  1,342,662 
New York State Power Authority,         
Revenue  5.00  11/15/31  1,000,000  1,189,460 
New York State Thruway Authority,         
General Revenue  5.00  1/1/42  1,500,000  1,687,305 
New York State Thruway Authority,         
General Revenue (Insured;         
National Public Finance         

 


Guarantee Corp.)  5.00  1/1/27  5,000,000  5,672,450 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/25  5,000,000  5,733,800 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/26  2,500,000  2,876,975 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/26  2,500,000  2,943,050 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/27  3,000,000  3,444,000 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds         
(Insured; AMBAC)  5.00  4/1/19  7,500,000  8,530,125 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds         
(Insured; AMBAC)  5.00  4/1/22  5,000,000  5,634,950 
New York State Thruway Authority,         
State Personal Income Tax         
Revenue (Transportation)  5.25  3/15/27  3,000,000  3,549,930 
New York State Urban Development         
Corporation, Correctional         
Facilities Revenue  5.50  1/1/14  1,335,000  1,379,509 
New York State Urban Development         
Corporation, Correctional         
Facilities Revenue (Insured;         
Assured Guaranty Municipal         
Corp.)  5.50  1/1/14  1,225,000  1,265,841 
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  2,259,340 
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  2,520,658 
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   3,505,984 
North Country Development           
Authority, Solid Waste           
Management System Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  6.00  5/15/15  1,070,000   1,144,504 
Orange County Industrial           
Development Agency, Life Care           
Community Revenue (Glenn           
Arden, Inc. Project)  5.63  1/1/18  1,330,000   1,235,091 
Port Authority of New York and New           
Jersey (Consolidated Bonds,           
93rd Series)  6.13  6/1/94  1,955,000   2,438,296 
Port Authority of New York and New           
Jersey (Consolidated Bonds,           
142nd Series)  5.00  7/15/23  2,000,000   2,235,760 
Port Authority of New York and New           
Jersey (Consolidated Bonds,           
163rd Series)  5.00  7/15/35  5,000,000   5,743,600 
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   2,332,080 
Rensselaer County Industrial           
Development Agency, Civic           
Facility Revenue (Emma Willard           
School Project)  5.00  1/1/31  2,000,000   2,194,860 
Schenectady Industrial Development           
Agency, Civic Facility Revenue           
(Union College Project)  5.00  7/1/25  2,260,000   2,544,737 
Schenectady Industrial Development           
Agency, Civic Facility Revenue           
(Union College Project)  5.00  7/1/26  1,380,000   1,557,868 

 


Suffolk County Economic           
Development Corporation,           
Revenue (Catholic Health           
Services of Long Island           
Obligated Group Project)  5.00  7/1/22  1,000,000   1,169,370 
Suffolk Tobacco Asset           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  6.00  6/1/48  5,000,000   4,058,250 
Triborough Bridge and Tunnel           
Authority, General Purpose           
Revenue (Prerefunded)  5.50  1/1/22  2,000,000 c  2,654,320 
Triborough Bridge and Tunnel           
Authority, General Revenue           
(MTA Bridges and Tunnels)  5.00  11/15/27  1,640,000   1,965,114 
Triborough Bridge and Tunnel           
Authority, General Revenue           
(MTA Bridges and Tunnels)  5.00  1/1/28  2,000,000   2,394,540 
Triborough Bridge and Tunnel           
Authority, General Revenue           
(MTA Bridges and Tunnels)  5.00  11/15/31  3,265,000   3,897,071 
Westchester County Health Care           
Corporation, Senior Lien           
Revenue  6.00  11/1/30  1,000,000   1,189,100 
Westchester Tobacco Asset           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.00  6/1/26  2,000,000   1,979,280 
Westchester Tobacco Asset           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.13  6/1/45  1,200,000   988,380 
U.S. Related--10.9%           
Guam,           
Business Privilege Tax Revenue  5.00  1/1/42  2,000,000   2,206,020 
Guam,           
Hotel Occupancy Tax Revenue  5.25  11/1/18  1,100,000   1,250,348 
Guam,           
Hotel Occupancy Tax Revenue  5.50  11/1/19  1,000,000   1,160,800 

 


Guam Power Authority,           
Revenue  5.50  10/1/30  1,000,000   1,058,410 
Guam Waterworks Authority,           
Water and Wastewater System           
Revenue  5.63  7/1/40  1,000,000   1,027,430 
Puerto Rico Aqueduct and Sewer           
Authority, Senior Lien Revenue  6.00  7/1/38  4,000,000   4,263,360 
Puerto Rico Aqueduct and Sewer           
Authority, Senior Lien Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/28  2,000,000   2,157,500 
Puerto Rico Commonwealth,           
Public Improvement GO  5.50  7/1/39  2,500,000   2,604,850 
Puerto Rico Commonwealth,           
Public Improvement GO  6.50  7/1/40  1,000,000   1,162,990 
Puerto Rico Commonwealth,           
Public Improvement GO           
(Prerefunded)  5.25  7/1/13  1,000,000 c  1,042,240 
Puerto Rico Commonwealth,           
Public Improvement GO           
(Prerefunded)  5.25  7/1/16  3,045,000 c  3,609,421 
Puerto Rico Electric Power           
Authority, Power Revenue  5.25  7/1/27  4,000,000   4,362,680 
Puerto Rico Electric Power           
Authority, Power Revenue  5.50  7/1/38  3,000,000   3,208,530 
Puerto Rico Electric Power           
Authority, Power Revenue  5.25  7/1/40  2,000,000   2,081,220 
Puerto Rico Electric Power           
Authority, Power Revenue           
(Insured; National Public           
Finance Guarantee Corp.)  5.25  7/1/25  1,705,000   1,937,426 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           
(First Subordinate Series)  5.38  8/1/39  2,500,000   2,676,400 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           
(First Subordinate Series)  6.00  8/1/39  4,000,000   4,562,880 
Puerto Rico Sales Tax Financing           
Corporation, Sales Tax Revenue           

 


(First Subordinate Series)  6.00  8/1/42  3,000,000   3,367,980 
Virgin Islands Public Finance           
Authority, Revenue (Virgin           
Islands Matching Fund Loan           
Note)  5.00  10/1/25  2,500,000   2,769,750 
Total Long-Term Municipal Investments           
(cost $382,482,601)          417,086,254 
Short-Term Municipal  Coupon  Maturity  Principal    
Investments--1.9%  Rate (%)  Date  Amount ($)   Value ($) 
New York;           
New York City,           
GO Notes (LOC; JPMorgan Chase           
Bank)  0.16  9/1/12  500,000 d  500,000 
New York City,           
GO Notes (LOC; JPMorgan Chase           
Bank)  0.20  9/1/12  4,000,000 d  4,000,000 
New York City,           
GO Notes (LOC; JPMorgan Chase           
Bank)  0.20  9/1/12  3,800,000 d  3,800,000 
Total Short-Term Municipal Investments           
(cost $8,300,000)          8,300,000 
Total Investments (cost $390,782,601)      99.4 %  425,386,254 
Cash and Receivables (Net)      .6 %  2,512,702 
Net Assets      100.0 %  427,898,956 

 

a     

Collateral for floating rate borrowings.

b     

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2012, these securities were valued at $4,613,440 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 August 31, 2012. Maturity date represents the next demand date, or the ultimate maturity date if earlier.

At August 31, 2012, net unrealized appreciation on investments was $34,603,653 of which $35,649,250 related to appreciated investment securities and $1,045,597 related to depreciated investment securities. At August 31, 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  DRIVERS  Derivative Inverse Tax-Exempt Receipts 
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  LIFERS  Long Inverse Floating Exempt Receipts 
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 
SPEARS  Short Puttable Exempt Adjustable Receipts  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, 2012 in valuing the fund's investments:

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Unadjusted Quoted  Significant  Unobservable   
Assets ($)  Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds  -  425,386,254  -  425,386,254 

 


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 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 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.

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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 22, 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:  October 22, 2012 
 
By:  /s/ James Windels 
James Windels
  Treasurer 
 
Date:  October 22, 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)

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