N-Q 1 form021nq.htm FORM N-Q form021nq.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:

8/31/13

 

             

 

 

 

 

FORM N-Q

Item 1.                         Schedule of Investments.

 

 

 

STATEMENT OF INVESTMENTS

Dreyfus New York AMT-Free Municipal Bond Fund

August 31, 2013 (Unaudited)

Long-Term Municipal  Coupon  Maturity  Principal    
Investments--101.1%  Rate (%)  Date  Amount ($)   Value ($) 
New York--93.0%           
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   4,665,735 
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   1,012,520 
Hempstead Local Development           
Corporation, Revenue (Molloy           
College Project)  5.70  7/1/29  4,865,000   4,995,577 
Hudson Yards Infrastructure           
Corporation, Hudson Yards           
Senior Revenue  5.75  2/15/47  2,500,000   2,573,400 
JPMorgan Chase Putters/Drivers           
Trust (Series 3803) (New York           
State Dormitory Authority,           
Revenue (The Rockefeller           
University))  5.00  7/1/18  4,000,000 a,b  4,179,520 
JPMorgan Chase Putters/Drivers           
Trust (Series 4377) (New York           
City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue)  5.00  5/1/21  10,000,000 a,b  10,137,200 
Long Island Power Authority,           
Electric System General Revenue  6.00  5/1/33  3,000,000   3,271,770 
Long Island Power Authority,           
Electric System General           
Revenue (Insured; National           
Public Finance Guarantee Corp.)  5.00  12/1/19  2,375,000   2,582,670 
Metropolitan Transportation           
Authority, Dedicated Tax Fund           
Revenue  5.00  11/15/23  7,500,000   8,463,825 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/23  4,000,000   4,389,000 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/25  1,000,000   1,074,620 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/28  2,500,000   2,598,950 
Metropolitan Transportation           
Authority, Transportation           
Revenue  6.50  11/15/28  2,000,000   2,328,800 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/31  3,000,000   3,074,760 
Metropolitan Transportation           
Authority, Transportation           

 


Revenue  5.00  11/15/32  5,000,000   5,040,000 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/34  3,000,000   2,984,250 
Metropolitan Transportation           
Authority, Transportation           
Revenue  5.00  11/15/41  1,755,000   1,715,934 
Monroe County Industrial           
Development Corporation,           
Revenue (University of           
Rochester Project)  5.00  7/1/25  2,420,000   2,613,431 
Nassau County Local Economic           
Assistance Corporation,           
Revenue (Winthrop-University           
Hospital Association Project)  5.00  7/1/42  1,000,000   917,910 
New York City,           
GO  5.00  3/1/18  3,150,000   3,604,797 
New York City,           
GO  5.00  8/1/19  5,000,000   5,782,750 
New York City,           
GO  5.00  4/1/20  5,000,000   5,772,700 
New York City,           
GO  5.38  12/1/20  5,000   5,017 
New York City,           
GO  5.00  8/1/21  730,000   789,232 
New York City,           
GO  5.00  8/1/22  440,000   475,438 
New York City,           
GO  5.50  6/1/23  25,000   25,082 
New York City,           
GO  5.00  8/1/23  3,000,000   3,355,770 
New York City           
GO  5.00  8/1/26  3,565,000   3,843,284 
New York City,           
GO  5.00  8/1/28  4,000,000   4,245,040 
New York City,           
GO  5.00  8/1/29  5,000,000   5,241,250 
New York City,           
GO  5.00  10/1/32  730,000   753,484 
New York City,           
GO (Prerefunded)  5.00  8/1/15  1,270,000 c  1,381,163 
New York City,           
GO (Prerefunded)  5.00  8/1/15  760,000 c  826,523 
New York City Educational           
Construction Fund, Revenue  6.50  4/1/25  3,960,000   4,888,858 
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   3,615,970 
New York City Industrial           
Development Agency, PILOT           
Revenue (Yankee Stadium           
Project) (Insured; Assured           
Guaranty Corp.)  7.00  3/1/49  5,000,000   5,785,600 
New York City Municipal Water           

 


Finance Authority, Water and           
Sewer System Revenue  5.00  6/15/22  410,000   424,645 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Revenue           
(Prerefunded)  5.00  6/15/14  120,000 c  124,588 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue  5.00  6/15/31  3,000,000   3,095,610 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue  5.25  6/15/40  2,975,000   3,072,134 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue  5.50  6/15/40  2,500,000   2,660,350 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue  5.00  6/15/45  4,000,000   4,005,080 
New York City Transitional Finance           
Authority, Future Tax Secured           
Revenue  5.00  11/1/22  4,000,000   4,361,000 
New York City Transitional Finance           
Authority, Future Tax Secured           
Revenue  5.00  11/1/25  3,565,000   3,864,032 
New York City Transitional Finance           
Authority, Future Tax Secured           
Revenue  5.00  11/1/28  2,695,000   2,863,842 
New York City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue  5.00  11/1/18  6,000,000   6,958,440 
New York City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue  5.00  2/1/19  3,000,000   3,460,530 
New York City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue  5.00  11/1/38  3,000,000   3,062,310 
New York Liberty Development           
Corporation, Liberty Revenue           
(4 World Trade Center Project)  5.00  11/15/44  2,500,000   2,423,025 
New York Liberty Development           
Corporation, Liberty Revenue           
(7 World Trade Center Project)  5.00  9/15/40  2,000,000   2,020,740 
New York State,           
GO  5.00  3/1/18  2,000,000   2,302,220 
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   5,071,400 
New York State Dormitory           
Authority, Dormitory           
Facilities Revenue  5.00  7/1/43  2,500,000   2,492,150 
New York State Dormitory           
Authority, FHA-Insured           
Mortgage Hospital Revenue           

 


(Hospital for Special Surgery)  6.00  8/15/38  3,470,000   3,817,243 
New York State Dormitory           
Authority, FHA-Insured           
Mortgage Hospital Revenue (The           
New York and Presbyterian           
Hospital) (Insured; Assured           
Guaranty Municipal Corp.)           
(Prerefunded)  5.25  8/15/14  2,465,000 c  2,582,285 
New York State Dormitory           
Authority, Health Center           
Revenue (Guaranteed; SONYMA)  5.00  11/15/19  1,000,000   1,003,850 
New York State Dormitory           
Authority, Revenue           
(Consolidated City University           
System)  5.63  7/1/16  6,455,000   7,039,307 
New York State Dormitory           
Authority, Revenue           
(Consolidated City University           
System)  5.75  7/1/18  2,500,000   2,755,375 
New York State Dormitory           
Authority, Revenue           
(Consolidated City University           
System) (Insured; Assured           
Guaranty Municipal Corp.)  5.75  7/1/18  2,290,000   2,523,920 
New York State Dormitory           
Authority, Revenue (Cornell           
University)  5.00  7/1/24  4,500,000   4,958,730 
New York State Dormitory           
Authority, Revenue (Cornell           
University)  5.00  7/1/35  1,500,000   1,560,090 
New York State Dormitory           
Authority, Revenue (Cornell           
University)  5.00  7/1/35  2,000,000   2,090,480 
New York State Dormitory           
Authority, Revenue (Fordham           
University) (Insured; Assured           
Guaranty Corp.)  5.00  7/1/33  2,000,000   2,017,460 
New York State Dormitory           
Authority, Revenue (Memorial           
Sloan-Kettering Cancer Center)  5.00  7/1/23  1,350,000   1,488,618 
New York State Dormitory           
Authority, Revenue (Mount           
Sinai Hospital Obligated Group)  5.00  7/1/26  2,000,000   2,087,480 
New York State Dormitory           
Authority, Revenue (Mount           
Sinai School of Medicine of           
New York University)  5.50  7/1/25  2,320,000   2,486,970 
New York State Dormitory           
Authority, Revenue (New York           
University)  5.00  7/1/34  2,000,000   2,011,920 
New York State Dormitory           
Authority, Revenue (New York           
University Hospitals Center)  5.25  7/1/24  2,000,000   2,104,340 
New York State Dormitory           
Authority, Revenue (New York           
University Hospitals Center)  5.50  7/1/25  2,500,000   2,702,825 
New York State Dormitory           
Authority, Revenue (New York           
University Hospitals Center)  5.00  7/1/26  2,500,000   2,554,500 

 


New York State Dormitory           
Authority, Revenue (North           
Shore - Long Island Jewish           
Obligated Group)  5.00  5/1/25  5,515,000   5,666,773 
New York State Dormitory           
Authority, Revenue (North           
Shore - Long Island Jewish           
Obligated Group)  5.50  5/1/37  2,000,000   2,055,480 
New York State Dormitory           
Authority, Revenue (Orange           
Regional Medical Center           
Obligated Group)  6.13  12/1/29  1,500,000   1,500,825 
New York State Dormitory           
Authority, Revenue (Orange           
Regional Medical Center           
Obligated Group)  6.25  12/1/37  1,500,000   1,470,480 
New York State Dormitory           
Authority, Revenue (Rochester           
Institute of Technology)  5.00  7/1/23  2,000,000   2,231,120 
New York State Dormitory           
Authority, Revenue (Rochester           
Institute of Technology)           
(Prerefunded)  6.00  7/1/18  5,250,000 c  6,272,280 
New York State Dormitory           
Authority, Revenue (State           
University Educational           
Facilities)  5.88  5/15/17  4,060,000   4,590,236 
New York State Dormitory           
Authority, Revenue (Teachers           
College)  5.00  3/1/24  2,500,000   2,662,200 
New York State Dormitory           
Authority, Revenue (Teachers           
College)  5.38  3/1/29  2,000,000   2,085,460 
New York State Dormitory           
Authority, Revenue (The           
Bronx-Lebanon Hospital Center)           
(LOC; TD Bank)  6.50  8/15/30  2,000,000   2,184,060 
New York State Dormitory           
Authority, Revenue (The New           
School)  5.25  7/1/30  2,500,000   2,598,700 
New York State Dormitory           
Authority, Revenue (The           
Rockefeller University)  5.00  7/1/40  4,000,000   4,147,120 
New York State Dormitory           
Authority, State Personal           
Income Tax Revenue (Education)  5.00  3/15/19  5,500,000   6,144,600 
New York State Dormitory           
Authority, State Personal           
Income Tax Revenue (General           
Purpose)  5.25  2/15/22  2,500,000   2,876,400 
New York State Dormitory           
Authority, State Personal           
Income Tax Revenue (General           
Purpose)  5.00  2/15/26  1,730,000   1,857,086 
New York State Dormitory           
Authority, Third General           
Resolution Revenue (State           
University Educational           
Facilities Issue)  5.00  5/15/30  2,000,000   2,068,340 

 


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  5,004,750 
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  2,633,020 
New York State Environmental         
Facilities Corporation, State         
Revolving Funds Revenue         
(Master Financing Program)  5.00  5/15/30  2,000,000  2,124,720 
New York State Housing Finance         
Agency, State Personal Income         
Tax Revenue (Economic         
Development and Housing)  5.00  3/15/34  3,575,000  3,633,702 
New York State Mortgage Agency,         
Education Loan Revenue (New         
York Higher Education Loan         
Program)  5.25  11/1/20  480,000  528,590 
New York State Mortgage Agency,         
Mortgage Revenue  5.00  4/1/28  1,160,000  1,235,017 
New York State Power Authority,         
Revenue  5.00  11/15/31  1,000,000  1,047,210 
New York State Thruway Authority,         
General Revenue  5.00  1/1/42  1,500,000  1,497,645 
New York State Thruway Authority,         
General Revenue (Insured;         
National Public Finance         
Guarantee Corp.)  5.00  1/1/27  5,000,000  5,290,600 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/25  5,000,000  5,454,300 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/26  2,500,000  2,703,875 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/26  2,500,000  2,678,200 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds  5.00  4/1/27  3,000,000  3,176,550 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds         
(Insured; AMBAC)  5.00  4/1/19  7,600,000  8,225,176 
New York State Thruway Authority,         
Second General Highway and         
Bridge Trust Fund Bonds         
(Insured; AMBAC)  5.00  4/1/22  5,000,000  5,428,450 
New York State Thruway Authority,         
State Personal Income Tax         
Revenue (Transportation)  5.25  3/15/27  3,000,000  3,293,370 
New York State Urban Development         
Corporation, Correctional         

 


Facilities Revenue  5.50  1/1/14  635,000   646,379 
New York State Urban Development           
Corporation, Correctional           
Facilities Revenue (Insured;           
Assured Guaranty Municipal           
Corp.)  5.50  1/1/14  630,000   641,290 
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   2,192,760 
New York State Urban Development           
Corporation, State Personal           
Income Tax Revenue (General           
Purpose)  5.00  3/15/20  2,000,000   2,314,840 
North Country Development           
Authority, Solid Waste           
Management System Revenue           
(Insured; Assured Guaranty           
Municipal Corp.)  6.00  5/15/15  780,000   818,906 
Port Authority of New York and New           
Jersey (Consolidated Bonds,           
93rd Series)  6.13  6/1/94  1,955,000   2,123,326 
Port Authority of New York and New           
Jersey (Consolidated Bonds,           
142nd Series)  5.00  7/15/23  2,000,000   2,183,980 
Port Authority of New York and New           
Jersey (Consolidated Bonds,           
163rd Series)  5.00  7/15/35  5,000,000   5,072,300 
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   2,194,100 
Schenectady Industrial Development           
Agency, Civic Facility Revenue           
(Union College Project)  5.00  7/1/25  2,260,000   2,406,267 
Schenectady Industrial Development           
Agency, Civic Facility Revenue           
(Union College Project)  5.00  7/1/26  1,380,000   1,434,110 
Suffolk County Economic           
Development Corporation,           
Revenue (Catholic Health           
Services of Long Island           
Obligated Group Project)  5.00  7/1/22  1,000,000   1,072,220 
Suffolk Tobacco Asset           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  6.00  6/1/48  5,000,000   4,056,100 
Triborough Bridge and Tunnel           
Authority, General Purpose           
Revenue (Prerefunded)  5.50  1/1/22  2,000,000 c  2,406,340 
Triborough Bridge and Tunnel           
Authority, General Revenue           
(MTA Bridges and Tunnels)  5.00  11/15/22  4,260,000   4,877,785 
Triborough Bridge and Tunnel           
Authority, General Revenue           
(MTA Bridges and Tunnels)  5.00  11/15/23  1,000,000   1,140,930 
Triborough Bridge and Tunnel           
Authority, General Revenue           

 


(MTA Bridges and Tunnels)  5.00  11/15/24  1,100,000  1,226,258 
Triborough Bridge and Tunnel         
Authority, General Revenue         
(MTA Bridges and Tunnels)  5.00  11/15/24  2,000,000  2,236,200 
Triborough Bridge and Tunnel         
Authority, General Revenue         
(MTA Bridges and Tunnels)  5.00  11/15/25  1,250,000  1,360,313 
Triborough Bridge and Tunnel         
Authority, General Revenue         
(MTA Bridges and Tunnels)  5.00  11/15/27  1,640,000  1,750,798 
Triborough Bridge and Tunnel         
Authority, General Revenue         
(MTA Bridges and Tunnels)  5.00  1/1/28  2,000,000  2,114,320 
Triborough Bridge and Tunnel         
Authority, General Revenue         
(MTA Bridges and Tunnels)  5.00  11/15/31  3,265,000  3,386,752 
Triborough Bridge and Tunnel         
Authority, General Revenue         
(MTA Bridges and Tunnels)  5.00  11/15/38  1,000,000  1,007,270 
Westchester County Health Care         
Corporation, Senior Lien         
Revenue  6.00  11/1/30  1,000,000  1,074,810 
Westchester County Local         
Development Corporation,         
Revenue (Kendal on Hudson         
Project)  5.00  1/1/28  2,700,000  2,625,777 
Westchester Tobacco Asset         
Securitization Corporation,         
Tobacco Settlement         
Asset-Backed Bonds  5.00  6/1/26  2,000,000  1,860,420 
Westchester Tobacco Asset         
Securitization Corporation,         
Tobacco Settlement         
Asset-Backed Bonds  5.13  6/1/45  1,200,000  913,992 
U.S. Related--8.1%         
Guam,         
Business Privilege Tax Revenue  5.00  1/1/42  2,000,000  1,909,540 
Guam,         
Hotel Occupancy Tax Revenue  5.25  11/1/18  1,100,000  1,201,277 
Guam,         
Hotel Occupancy Tax Revenue  5.50  11/1/19  1,000,000  1,104,980 
Guam Power Authority,         
Revenue  5.50  10/1/30  1,000,000  1,001,690 
Guam Waterworks Authority,         
Water and Wastewater System         
Revenue  5.63  7/1/40  1,000,000  943,850 
Puerto Rico Aqueduct and Sewer         
Authority, Senior Lien Revenue  5.00  7/1/21  2,500,000  2,195,250 
Puerto Rico Aqueduct and Sewer         
Authority, Senior Lien Revenue  6.00  7/1/38  3,000,000  2,260,980 
Puerto Rico Aqueduct and Sewer         
Authority, Senior Lien Revenue         
(Insured; Assured Guaranty         
Corp.)  5.00  7/1/28  2,000,000  1,607,360 
Puerto Rico Commonwealth,         
Public Improvement GO  6.50  7/1/40  1,000,000  833,310 
Puerto Rico Electric Power         

 


Authority, Power Revenue  5.25  7/1/27  4,000,000   3,122,760  
Puerto Rico Electric Power             
Authority, Power Revenue  5.00  7/1/32  1,000,000   713,510  
Puerto Rico Electric Power             
Authority, Power Revenue  5.50  7/1/38  3,000,000   2,203,380  
Puerto Rico Electric Power             
Authority, Power Revenue  5.25  7/1/40  2,000,000   1,401,020  
Puerto Rico Electric Power             
Authority, Power Revenue             
(Insured; National Public             
Finance Guarantee Corp.)  5.25  7/1/25  1,705,000   1,406,131  
Puerto Rico Sales Tax Financing             
Corporation, Sales Tax Revenue             
(First Subordinate Series)  5.38  8/1/39  2,500,000   2,027,175  
Puerto Rico Sales Tax Financing             
Corporation, Sales Tax Revenue             
(First Subordinate Series)  6.00  8/1/42  7,000,000   6,238,750  
Virgin Islands Public Finance             
Authority, Revenue (Virgin             
Islands Matching Fund Loan             
Note)  5.00  10/1/25  2,500,000   2,570,450  
Total Investments (cost $410,792,874)      101.1 %  409,305,610  
Liabilities, Less Cash and Receivables      (1.1 %)  (4,447,821 ) 
Net Assets      100.0 %  404,857,789  

 

a     

Collateral for floating rate borrowings.

b     

Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2013, these securities were valued at $14,316,720 or 3.5% 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.

At August 31, 2013, the net unrealized depreciation on investments was $1,487,264 of which $13,421,531 related to appreciated investment securities and $14,908,795 related to depreciated investment securities. At August 31, 2013, 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 Receipts 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, 2013 in valuing the fund's investments:

  Level 1 - Unadjusted Quoted Prices  Level 2 - Other
Significant Observable Inputs 		 Level 3 - Significant
Unobservable Inputs 		  
   
   
Assets ($)  Total 
Investments in Securities:         
Municipal Bonds  -  409,305,610  -  409,305,610 

 


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.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust. The trust subsequently issues two or more variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One or more of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals. A residual interest tax-exempt security is also created by the trust, which is transferred to the fund, and is paid interest based on the remaining cash flow of the trust, after payment of interest on the other securities and various expenses of the trust.

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 22, 2013

 

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, 2013

 

By: /s/ James Windels

      James Windels

      Treasurer

 

Date:

October 22, 2013

 

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)