N-Q 1 lp1.htm FORM NQ 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

811-04765

 

 

 

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)

 

 

 

 

 

Bennett A. MacDougall, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6400

 

 

Date of fiscal year end:

 

  11/30

 

Date of reporting period:

  02/28/18

 

             

 


 

FORM N-Q

Item 1.                        Schedule of Investments.

 


 

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

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 100.4%           
New York - 98.8%           
Build New York City Resource           
Corporation,           
Revenue (The New York Methodist           
Hospital Project)  5.00  7/1/29  650,000   722,014 
Build New York City Resource           
Corporation,           
Revenue (YMCA of Greater New York           
Project)  5.00  8/1/40  1,000,000   1,092,400 
Dutchess County Local Development           
Corporation,           
Revenue (Health Quest Systems, Inc.           
Project)  5.00  7/1/32  1,000,000   1,134,580 
Dutchess County Local Development           
Corporation,           
Revenue (Health Quest Systems, Inc.           
Project)  5.00  7/1/35  2,000,000   2,249,300 
Dutchess County Local Development           
Corporation,           
Revenue (Health Quest Systems, Inc.           
Project)  4.00  7/1/41  2,585,000   2,636,338 
Glen Cove Local Economic Assistance           
Corporation,           
Revenue (Garvies Point Public           
Improvement Project)  0.00  1/1/45  6,000,000 a  1,590,120 
Hempstead Local Development           
Corporation,           
Revenue (Molloy College Project)           
(Prerefunded)  5.70  7/1/19  4,865,000 b  5,133,061 
Hempstead Township Local Development           
Corporation,           
Revenue (Molloy College Project)  5.00  7/1/34  810,000   899,837 
Hudson Yards Infrastructure Corporation,           
Revenue  5.75  2/15/47  940,000   1,029,234 
Hudson Yards Infrastructure Corporation,           
Revenue (Prerefunded)  5.75  2/15/21  1,560,000 b  1,738,324 
Hudson Yards Infrastructure Corporation           
Second Indenture,           
Revenue  5.00  2/15/39  2,000,000   2,276,620 
Long Island Power Authority,           
Electric System General Revenue  5.00  9/1/34  1,500,000   1,674,030 
Long Island Power Authority,           
Electric System General Revenue  5.00  9/1/36  1,000,000   1,128,230 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 100.4% (continued)       
New York - 98.8% (continued)           
Long Island Power Authority,           
Electric System General Revenue  5.00  9/1/37  1,700,000   1,903,745 
Long Island Power Authority,           
Electric System General Revenue, 1           
Month LIBOR + .88%  1.98  11/1/18  1,000,000 c  1,000,880 
Long Island Power Authority,           
Electric System Revenue  5.00  9/1/47  1,000,000   1,128,070 
Metropolitan Transportation Authority,           
Dedicated Tax Fund Revenue  5.00  11/15/27  3,000,000   3,390,420 
Metropolitan Transportation Authority,           
Revenue, Refunding  5.00  11/15/28  1,785,000   1,999,450 
Metropolitan Transportation Authority,           
Transportation Revenue  5.00  11/15/23  1,000,000   1,129,190 
Metropolitan Transportation Authority,           
Transportation Revenue  6.50  11/15/28  575,000   595,752 
Metropolitan Transportation Authority,           
Transportation Revenue  5.00  11/15/30  5,000,000   5,720,350 
Metropolitan Transportation Authority,           
Transportation Revenue  5.00  11/15/37  4,000,000   4,529,960 
Metropolitan Transportation Authority,           
Transportation Revenue  5.00  11/15/41  965,000   1,065,061 
Metropolitan Transportation Authority,           
Transportation Revenue  5.00  11/15/43  6,210,000   6,942,594 
Metropolitan Transportation Authority,           
Transportation Revenue  5.25  11/15/44  2,000,000   2,306,720 
Metropolitan Transportation Authority,           
Transportation Revenue (Prerefunded)  6.50  11/15/18  110,000 b  113,994 
Metropolitan Transportation Authority,           
Transportation Revenue (Prerefunded)  5.00  11/15/22  205,000 b  233,753 
Metropolitan Transportation Authority,           
Transportation Revenue (Prerefunded)  5.00  11/15/22  585,000 b  667,052 
Metropolitan Transportation Authority,           
Transportation Revenue (Prerefunded)  5.00  11/15/22  715,000 b  815,286 
Metropolitan Transportation Authority,           
Transportation Revenue (Prerefunded)  5.00  11/15/22  5,000,000 b  5,701,300 
Metropolitan Transportation Authority           
Hudson Rail Yards Trust,           
Obligations Revenue  5.00  11/15/51  5,000,000   5,431,900 
Monroe County Industrial Development           
Corp.,           
Revenue (The Rochester General           
Hospital Projects)  5.00  12/1/34  1,100,000   1,229,712 
Monroe County Industrial Development           
Corp.,           
Revenue (The Rochester General           
Hospital Projects)  5.00  12/1/35  1,150,000   1,282,837 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 100.4% (continued)       
New York - 98.8% (continued)           
Monroe County Industrial Development           
Corporation,           
Revenue (University of Rochester           
Project)  5.00  7/1/36  1,000,000   1,154,640 
Monroe County Industrial Development           
Corporation,           
Revenue (University of Rochester           
Project) (Prerefunded)  5.00  7/1/21  2,420,000 b  2,679,134 
Monroe County Industrial Development           
Corporation,           
Revenue (University of Rochester           
Project) (Prerefunded)  5.00  7/1/23  1,000,000 b  1,152,040 
New York City,           
GO  5.25  9/1/25  260,000   264,917 
New York City,           
GO  5.00  8/1/27  5,000,000   5,833,650 
New York City,           
GO  5.00  8/1/28  4,000,000   4,459,680 
New York City,           
GO  5.00  8/1/29  5,000,000   5,508,350 
New York City,           
GO  5.00  8/1/31  4,000,000   4,578,920 
New York City,           
GO  5.00  8/1/32  3,940,000   4,525,169 
New York City,           
GO  5.00  10/1/32  730,000   801,051 
New York City,           
GO  5.00  8/1/33  12,240,000   13,946,501 
New York City,           
GO  5.00  8/1/37  3,500,000   3,964,170 
New York City Educational Construction           
Fund,           
Revenue  6.50  4/1/25  3,960,000   4,492,264 
New York City Housing Development           
Corporation,           
Revenue  5.00  7/1/26  2,000,000   2,243,760 
New York City Industrial Development           
Agency,           
PILOT Revenue (Yankee Stadium           
Project) (Insured; Assured Guaranty           
Corp.)  7.00  3/1/49  5,000,000   5,264,000 
New York City Municipal Water Finance           
Authority,           
Water and Sewer System Second           
General Resolution Revenue  5.00  6/15/31  3,000,000   3,221,700 
New York City Municipal Water Finance           
Authority,           
Water and Sewer System Second           
General Resolution Revenue  5.00  6/15/31  5,000,000   5,748,700 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 100.4% (continued)       
New York - 98.8% (continued)           
New York City Municipal Water Finance           
Authority,           
Water and Sewer System Second           
General Resolution Revenue  5.00  6/15/34  2,000,000   2,258,760 
New York City Municipal Water Finance           
Authority,           
Water and Sewer System Second           
General Resolution Revenue  5.00  6/15/38  3,595,000   4,110,739 
New York City Municipal Water Finance           
Authority,           
Water and Sewer System Second           
General Resolution Revenue  5.25  6/15/40  2,975,000   3,104,829 
New York City Municipal Water Finance           
Authority,           
Water and Sewer System Second           
General Resolution Revenue  5.50  6/15/40  2,500,000   2,625,525 
New York City Municipal Water Finance           
Authority,           
Water and Sewer System Second           
General Resolution Revenue  5.00  6/15/45  4,000,000   4,372,600 
New York City Transitional Finance           
Authority,           
Building Aid Revenue  5.00  7/15/40  3,000,000   3,398,190 
New York City Transitional Finance           
Authority,           
Building Aid Revenue  5.00  7/15/43  5,000,000   5,599,950 
New York City Transitional Finance           
Authority,           
Future Tax Secured Subordinate           
Revenue  5.00  2/1/36  2,000,000   2,252,160 
New York City Transitional Finance           
Authority,           
Future Tax Secured Subordinate           
Revenue  5.00  11/1/38  3,000,000   3,286,290 
New York City Transitional Finance           
Authority,           
Future Tax Secured Subordinate           
Revenue  5.00  2/1/40  4,000,000   4,502,720 
New York City Trust for Cultural           
Resources,           
Revenue (American Museum of Natural           
History)  5.00  7/1/32  4,210,000   4,796,116 
New York Convention Center           
Development Corporation,           
Revenue (Hotel Unit Fee Secured)           
(Credit Support Agreement; SONYMA)  5.00  11/15/40  1,250,000   1,407,012 
New York Convention Center           
Development Corporation,           
Senior Lien Revenue (Hotel Unit Fee           
Secured)  0.00  11/15/47  4,000,000 a  1,198,160 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 100.4% (continued)       
New York - 98.8% (continued)           
New York Counties Tobacco Trust VI,           
Tobacco Settlement Pass-Through           
Bonds  5.00  6/1/45  1,000,000   1,063,820 
New York Dormitory Authority,           
Revenue, Refunding (Memorial Sloan           
Kettering Cancer Center)  5.00  7/1/42  500,000   569,055 
New York Liberty Development           
Corporation,           
Liberty Revenue (4 World Trade Center           
Project)  5.00  11/15/44  3,000,000   3,269,100 
New York Liberty Development           
Corporation,           
Liberty Revenue (7 World Trade Center           
Project)  5.00  9/15/40  2,000,000   2,211,860 
New York Liberty Development           
Corporation,           
Revenue (3 World Trade Center           
Project)  5.00  11/15/44  5,000,000 d  5,291,150 
New York Liberty Development           
Corporation,           
Revenue (Goldman Sachs Headquarters           
Issue)  5.25  10/1/35  2,000,000   2,462,540 
New York State Dormitory Authority,           
FHA-Insured Mortgage Hospital           
Revenue (Hospital for Special Surgery)  6.00  8/15/38  3,470,000   3,670,809 
New York State Dormitory Authority,           
Health Center Revenue (Guaranteed;           
SONYMA)  5.00  11/15/19  1,000,000   1,003,050 
New York State Dormitory Authority,           
Revenue (Cornell University)  5.00  7/1/35  2,000,000   2,143,960 
New York State Dormitory Authority,           
Revenue (Fordham University)  5.00  7/1/41  1,000,000   1,122,900 
New York State Dormitory Authority,           
Revenue (Icahn School of Medicine at           
Mount Sinai)  5.00  7/1/40  1,000,000   1,097,560 
New York State Dormitory Authority,           
Revenue (Memorial Sloan-Kettering           
Cancer Center)  5.00  7/1/23  1,350,000   1,496,488 
New York State Dormitory Authority,           
Revenue (Mount Sinai School of           
Medicine of New York University)           
(Prerefunded)  5.50  7/1/19  2,320,000 b  2,438,598 
New York State Dormitory Authority,           
Revenue (New York University           
Hospitals Center)  5.00  7/1/32  500,000   567,290 
New York State Dormitory Authority,           
Revenue (New York University           
Hospitals Center)  5.00  7/1/34  2,500,000   2,804,625 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 100.4% (continued)       
New York - 98.8% (continued)           
New York State Dormitory Authority,           
Revenue (New York University)  5.00  7/1/45  3,540,000   3,985,297 
New York State Dormitory Authority,           
Revenue (North Shore - Long Island           
Jewish Obligated Group)  5.00  5/1/43  1,300,000   1,434,043 
New York State Dormitory Authority,           
Revenue (Orange Regional Medical           
Center Obligated Group)  5.00  12/1/36  1,700,000 d  1,834,317 
New York State Dormitory Authority,           
Revenue (Orange Regional Medical           
Center Obligated Group)  5.00  12/1/45  1,400,000 d  1,489,054 
New York State Dormitory Authority,           
Revenue (Rochester Institute of           
Technology)  5.00  7/1/23  2,000,000   2,237,960 
New York State Dormitory Authority,           
Revenue (State University of New York           
Dormitory Facilities)  5.00  7/1/43  2,500,000   2,791,500 
New York State Dormitory Authority,           
Revenue (The Bronx-Lebanon Hospital           
Center) (LOC; TD Bank) (Prerefunded)  6.50  2/15/19  2,000,000 b  2,093,260 
New York State Dormitory Authority,           
Revenue (The Rockefeller University)  5.00  7/1/40  4,000,000   4,178,800 
New York State Dormitory Authority,           
State Personal Income Tax Revenue           
(General Purpose)  5.00  2/15/26  1,730,000   1,841,602 
New York State Dormitory Authority,           
State Personal Income Tax Revenue           
(General Purpose)  5.00  3/15/31  5,000,000   5,687,250 
New York State Dormitory Authority,           
State Personal Income Tax Revenue           
(General Purpose)  5.00  2/15/39  2,000,000   2,272,160 
New York State Dormitory Authority,           
State Sales Tax Revenue  5.00  3/15/44  3,000,000   3,365,940 
New York State Dormitory Authority,           
Third General Resolution Revenue           
(State University Educational Facilities           
Issue)  5.00  5/15/30  2,000,000   2,230,380 
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  6/15/27  2,810,000   3,271,261 
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   2,653,101 

 


 

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 100.4% (continued)     
New York - 98.8% (continued)         
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  6/15/41  5,000,000  5,708,900 
New York State Environmental Facilities         
Corporation,         
State Revolving Funds Revenue (Master         
Financing Program)  5.00  5/15/30  2,000,000  2,269,600 
New York State Mortgage Agency,         
Mortgage Revenue  5.00  4/1/28  200,000  201,976 
New York State Power Authority,         
Revenue  5.00  11/15/31  1,000,000  1,109,550 
New York State Thruway Authority,         
General Revenue  5.00  1/1/42  1,500,000  1,636,125 
New York State Thruway Authority,         
General Revenue (Insured; National         
Public Finance Guarantee Corp.)  5.00  1/1/27  5,000,000  5,013,900 
New York State Thruway Authority,         
General Revenue Junior Indebtedness         
Obligations  5.00  1/1/41  1,000,000  1,113,500 
Niagara Tobacco Asset Securitization         
Corporation,         
Tobacco Settlement Asset-Backed         
Bonds  5.25  5/15/34  2,000,000  2,161,100 
Niagara Tobacco Asset Securitization         
Corporation,         
Tobacco Settlement Asset-Backed         
Bonds  5.25  5/15/40  1,750,000  1,872,972 
Port Authority of New York and New         
Jersey,         
(Consolidated Bonds, 163rd Series)  5.00  7/15/35  5,000,000  5,376,650 
Port Authority of New York and New         
Jersey,         
(Consolidated Bonds, 179th Series)  5.00  12/1/25  2,000,000  2,311,240 
Port Authority of New York and New         
Jersey,         
(Consolidated Bonds, 183rd Series)  5.00  12/15/26  3,000,000  3,454,380 
Port Authority of New York and New         
Jersey,         
(Consolidated Bonds, 184th Series)  5.00  9/1/32  3,000,000  3,435,600 
Port Authority of New York and New         
Jersey,         
(Consolidated Bonds, 184th Series)  5.00  9/1/36  2,500,000  2,840,550 
Port Authority of New York and New         
Jersey,         
(Consolidated Bonds, 184th Series)  5.00  9/1/39  2,000,000  2,266,080 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 100.4% (continued)       
New York - 98.8% (continued)           
Port Authority of New York and New           
Jersey,           
(Consolidated Bonds, 93rd Series)  6.13  6/1/94  1,955,000   2,358,688 
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   2,198,080 
Sales Tax Asset Receivable Corporation,           
Sales Tax Asset Revenue  5.00  10/15/31  1,000,000   1,157,570 
Suffolk County Economic Development           
Corporation,           
Revenue (Catholic Health Services of           
Long Island Obligated Group Project)  5.00  7/1/22  1,000,000   1,087,070 
Suffolk Tobacco Asset Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  6.00  6/1/48  5,000,000   5,006,200 
Tender Option Bond Trust Receipts           
(Series 2016-XM0367), 07/01/2041,           
(New York State Dormitory Authority,           
Revenue (The Rockefeller University))           
Non-recourse  5.00  7/1/41  4,000,000 d,e  4,284,940 
Tender Option Bond Trust Receipts           
(Series 2016-XM0382), 05/01/2042,           
(New York City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue) Non-recourse  5.00  5/1/42  10,000,000 d,e  11,160,300 
Triborough Bridge & Tunnel Authority,           
Revenue (MTA Bridges & Tunnels)  5.00  11/15/42  2,000,000   2,294,560 
Triborough Bridge and Tunnel Authority,           
General Purpose Revenue           
(Prerefunded)  5.50  1/1/22  2,000,000 b  2,238,900 
Triborough Bridge and Tunnel Authority,           
General Revenue (MTA Bridges and           
Tunnels)  5.00  11/15/38  1,000,000   1,114,000 
Triborough Bridge and Tunnel Authority,           
General Revenue (MTA Bridges and           
Tunnels)  5.00  11/15/42  3,000,000   3,422,250 
Triborough Bridge and Tunnel Authority,           
General Revenue (MTA Bridges and           
Tunnels)  5.25  11/15/45  1,500,000   1,728,645 
Triborough Bridge and Tunnel Authority,           
General Revenue (MTA Bridges and           
Tunnels)  5.00  11/15/46  6,000,000   6,755,040 
Triborough Bridge and Tunnel Authority,           
General Revenue (MTA Bridges and           
Tunnels) (Prerefunded)  5.00  1/1/22  2,000,000 b  2,235,820 
TSASC, Inc. of New York,           
Senior Tobacco Settlement Bonds  5.00  6/1/41  2,500,000   2,756,550 

 


 

  Coupon  Maturity  Principal      
Description  Rate (%)  Date  Amount ($)   Value ($)  
Long-Term Municipal Investments - 100.4% (continued)         
New York - 98.8% (continued)             
TSASC, Inc. of New York,             
Tobacco Settlement Subordinate Bonds  5.00  6/1/48  3,000,000   2,971,590  
Utility Debt Securitization Authority,             
Revenue  5.00  12/15/40  3,000,000   3,488,850  
Utility Debt Securitization Authority of             
New York,             
Restructuring Bonds  5.00  12/15/34  3,700,000   4,292,148  
Utility Debt Securitization Authority of             
New York,             
Restructuring Bonds  5.00  12/15/35  1,750,000   2,024,470  
Utility Debt Securitization Authority of             
New York,             
Restructuring Bonds  5.00  12/15/35  8,000,000   9,253,600  
Westchester Tobacco Asset Securitization             
Corporation,             
Tobacco Settlement Bonds  5.00  6/1/41  1,500,000   1,624,560  
Western Nassau County Water Authority,             
Water System Revenue  5.00  4/1/40  1,000,000   1,107,870  
          371,156,365  
U.S. Related - 1.6%             
Guam,             
Hotel Occupancy Tax Revenue  5.25  11/1/18  1,100,000   1,124,420  
Guam,             
Hotel Occupancy Tax Revenue  5.50  11/1/19  1,000,000   1,056,700  
Guam Waterworks Authority,             
Water and Wastewater System             
Revenue (Prerefunded)  5.63  7/1/20  1,000,000 b  1,091,210  
Puerto Rico Highway & Transportation             
Authority,             
Highway Revenue (Insured; Assured             
Guaranty Municipal Corporation)  5.25  7/1/33  2,405,000   2,606,250  
          5,878,580  
Total Investments (cost $367,514,445)      100.4 %  377,034,945  
Liabilities, Less Cash and Receivables      (0.4 %)  (1,505,540 ) 
Net Assets      100.0 %  375,529,405  
LIBOR—London Interbank Offered Rate             

 

a Security issued with a zero coupon. Income is recognized through the accretion of discount. 
b 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. 
c Variable rate security—rate shown is the interest rate in effect at period end. 
d Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At February 28, 2018, these securities were valued 
at $24,059,761 or 6.41% of net assets. 
e Collateral for floating rate borrowings. 

 


 

STATEMENT OF INVESTMENTS

Dreyfus New York AMT-Free Municipal Bond Fund

February 28, 2018 (Unaudited)

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

    Level 2 - Other   Level 3 -     
  Level 1 -  Significant   Significant     
  Unadjusted  Observable   Unobservable     
  Quoted Prices  Inputs   Inputs  Total  
Assets ($)             
Investments in Securities:             
Municipal Bonds  -  377,034,945   -  377,034,945  
Liabilities ($)             
Floating Rate Notes††  -  (8,000,000 )  -  (8,000,000 ) 

 

†    See Statement of Investments for additional detailed categorizations.

Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.

 

NOTES

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

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

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

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board Members (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at


 

NOTES

fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general supervision of the Board.

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

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.

The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.

The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity


 

NOTES

Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.

At February 28, 2018, accumulated net unrealized appreciation on investments was $9,520,500, consisting of $13,016,468 gross unrealized appreciation and $3,495,968 gross unrealized depreciation.

At February 28, 2018, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

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


 

 

Item 2.                        Controls and Procedures.

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

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

Item 3.                        Exhibits.

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


 

FORM N-Q

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus New York AMT-Free Municipal Bond Fund

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    April 16, 2018

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    April 16, 2018

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    April 16, 2018

 

EXHIBIT INDEX

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.  (EX-99.CERT)