N-Q 1 lp1-021.htm FORM N-Q lp1-021.htm - Generated by SEC Publisher for SEC Filing

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number

811-04765

 

 

 

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:

  02/28/19

 

             

 


 

FORM N-Q

Item 1.                  Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
Dreyfus New York AMT-Free Municipal Bond Fund
February 28, 2019 (Unaudited)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 102.1%         
New York - 100.9%           
Build New York City Resource           
Corporation,           
Revenue Bonds, Refunding (The New           
York Methodist Hospital Project)  5.00  7/1/2029  650,000   727,610 
Build New York City Resource           
Corporation,           
Revenue Bonds, Refunding (YMCA of           
Greater New York Project)  5.00  8/1/2040  1,000,000   1,110,720 
Dutchess County Local Development           
Corporation,           
Revenue Bonds (Health Quest           
Systems Inc., Project) Ser. B  4.00  7/1/2041  2,585,000   2,598,003 
Dutchess County Local Development           
Corporation,           
Revenue Bonds (Health Quest           
Systems Inc., Project) Ser. B  5.00  7/1/2035  2,000,000   2,256,380 
Dutchess County Local Development           
Corporation,           
Revenue Bonds (Health Quest           
Systems Inc., Project) Ser. B  5.00  7/1/2032  1,000,000   1,141,970 
Glen Cove Local Economic Assistance           
Corporation,           
Revenue Bonds (Garvies Point Public           
Improvement Project) Ser. B  0.00  1/1/2045  6,000,000 a  1,534,620 
Hempstead Township Local           
Development Corporation,           
Revenue Bonds, Refunding (Molloy           
College Project)  5.00  7/1/2034  810,000   904,576 
Hudson Yards Infrastructure           
Corporation,           
Revenue Bonds  5.75  2/15/2047  940,000   1,008,037 
Hudson Yards Infrastructure           
Corporation,           
Revenue Bonds, Refunding, Ser. A  5.00  2/15/2039  2,000,000   2,271,540 
Long Island Power Authority,           
Electric System General Revenue           
Bonds  5.00  9/1/2047  1,000,000   1,120,560 
Long Island Power Authority,           
Electric System General Revenue           
Bonds, Refunding, Ser. A  5.00  9/1/2034  1,500,000   1,687,650 
Long Island Power Authority,           
Electric System General Revenue           
Bonds, Refunding, Ser. B  5.00  9/1/2036  1,000,000   1,137,220 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 102.1% (continued)     
New York - 100.9% (continued)         
Long Island Power Authority,         
Electric System General Revenue         
Bonds, Ser. B  5.00  9/1/2037  1,700,000  1,919,844 
Metropolitan Transportation Authority,         
Dedicated Tax Fund Revenue Bonds,         
Refunding, Ser. A  5.00   11/15/2027  2,000,000  2,225,120 
Metropolitan Transportation Authority,         
Revenue Bonds (Hudson Rail Yards         
Trust Obligations) Ser. A  5.00   11/15/2051  5,000,000  5,297,000 
Metropolitan Transportation Authority,         
Transportation Revenue Bonds,         
Refunding, Ser. B  5.00   11/15/2037  1,750,000  1,957,935 
Metropolitan Transportation Authority,         
Transportation Revenue Bonds,         
Refunding, Ser. C1  5.00   11/15/2034  2,260,000  2,533,912 
Metropolitan Transportation Authority,         
Transportation Revenue Bonds, Ser.         
C  5.00   11/15/2028  1,785,000  1,957,074 
Metropolitan Transportation Authority,         
Transportation Revenue Bonds, Ser.         
C  5.00   11/15/2041  965,000  1,040,222 
Metropolitan Transportation Authority,         
Transportation Revenue Bonds, Ser.         
C  5.00   11/15/2030  5,000,000  5,586,850 
Metropolitan Transportation Authority,         
Transportation Revenue Bonds, Ser.         
D1  5.25   11/15/2044  2,000,000  2,249,700 
Metropolitan Transportation Authority,         
Transportation Revenue Bonds, Ser.         
E  5.00   11/15/2043  6,210,000  6,749,028 
Monroe County Industrial Development         
Corporation,         
Revenue Bonds (The Rochester         
General Hospital Projects)  5.00  12/1/2035  1,150,000  1,299,408 
Monroe County Industrial Development         
Corporation,         
Revenue Bonds (The Rochester         
General Hospital Projects)  5.00  12/1/2034  1,100,000  1,246,762 
Monroe County Industrial Development         
Corporation,         
Revenue Bonds, Refunding         
(University of Rochester Project), Ser.         
A  5.00  7/1/2036  1,000,000  1,157,910 
New York City,         
GO, Refunding, Ser. A  5.00  8/1/2027  3,000,000  3,554,160 
New York City,         
GO, Refunding, Ser. C  5.00  8/1/2033  12,240,000  13,916,023 
New York City,         
GO, Refunding, Ser. F  5.00  8/1/2029  5,000,000  5,428,750 

 


 

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 102.1% (continued)     
New York - 100.9% (continued)         
New York City,         
GO, Refunding, Ser. J  5.00  8/1/2031  4,000,000  4,568,280 
New York City,         
GO, Ser. A1  5.00  8/1/2037  3,500,000  3,987,235 
New York City,         
GO, Ser. I  5.00  8/1/2028  2,000,000  2,205,000 
New York City Educational         
Construction Fund,         
Revenue Bonds, Ser. A  6.50  4/1/2025  3,960,000  4,336,952 
New York City Housing Development         
Corporation,         
Multi-Family Housing Revenue Bonds         
(Sustainable Neighborhood Bonds)         
Ser. C1-A  4.00  11/1/2053  2,500,000  2,501,625 
New York City Housing Development         
Corporation,         
Revenue Bonds, Ser. B2  5.00  7/1/2026  2,000,000  2,231,380 
New York City Industrial Development         
Agency,         
PILOT Revenue Bonds (Yankee         
Stadium Project) (Insured; Assured         
Guaranty Corp. )  7.00  3/1/2049  5,000,000  5,023,150 
New York City Municipal Water Finance         
Authority,         
Water and Sewer System Second         
General Resolution Revenue Bonds,         
Refunding, Ser. CC  5.00  6/15/2045  4,000,000  4,291,280 
New York City Municipal Water Finance         
Authority,         
Water and Sewer System Second         
General Resolution Revenue Bonds,         
Refunding, Ser. CC-1  5.00  6/15/2038  3,595,000  4,111,709 
New York City Municipal Water Finance         
Authority,         
Water and Sewer System Second         
General Resolution Revenue Bonds,         
Refunding, Ser. FF  5.00  6/15/2031  3,000,000  3,121,140 
New York City Municipal Water Finance         
Authority,         
Water and Sewer System Second         
General Resolution Revenue Bonds,         
Refunding, Ser. GG  5.00  6/15/2031  5,000,000  5,786,700 
New York City Municipal Water Finance         
Authority,         
Water and Sewer System Second         
General Resolution Revenue Bonds,         
Ser. CC  5.00  6/15/2047  1,685,000  1,840,660 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 102.1% (continued)       
New York - 100.9% (continued)           
New York City Municipal Water Finance           
Authority,           
Water and Sewer System Second           
General Resolution Revenue Bonds,           
Ser. DD  5.00  6/15/2034  2,000,000   2,222,380 
New York City Municipal Water Finance           
Authority,           
Water and Sewer System Second           
General Resolution Revenue Bonds,           
Ser. EE  5.25  6/15/2040  1,000,000   1,009,630 
New York City Transitional Finance           
Authority,           
Building Aid Revenue Bonds,           
Refunding, Ser. S-2A  5.00  7/15/2034  4,000,000   4,720,040 
New York City Transitional Finance           
Authority,           
Building Aid Revenue Bonds, Ser. S-1  5.00  7/15/2043  5,000,000   5,548,100 
New York City Transitional Finance           
Authority,           
Building Aid Revenue Bonds, Ser. S-2  5.00  7/15/2040  3,000,000   3,363,660 
New York City Transitional Finance           
Authority,           
Building Aid Revenue Bonds, Ser. S-3  5.00  7/15/2043  2,000,000   2,283,180 
New York City Transitional Finance           
Authority,           
Future Tax Secured Subordinate           
Revenue Bonds, Ser. D1  5.00  11/1/2038  3,000,000   3,240,720 
New York City Transitional Finance           
Authority,           
Future Tax Secured Subordinate           
Revenue Bonds, Ser. D1  5.00  2/1/2036  2,000,000   2,244,700 
New York City Transitional Finance           
Authority,           
Future Tax Secured Subordinate           
Revenue Bonds, Ser. E1  5.00  2/1/2040  4,000,000   4,499,880 
New York City Trust for Cultural           
Resources,           
Revenue Bonds, Refunding           
(American Museum of Natural           
History) Ser. A  5.00  7/1/2032  4,210,000   4,816,577 
New York Convention Center           
Development Corporation,           
Revenue Bonds, Refunding (Hotel           
Unit Fee Secured) (Credit Support           
Agreement; SONYMA)  5.00   11/15/2040  1,250,000   1,414,462 
New York Convention Center           
Development Corporation,           
Revenue Bonds, Ser. B  0.00   11/15/2046  4,000,000 a  1,242,320 
New York Counties Tobacco Trust V,           
Revenue Bonds  0.00  6/1/2050  10,000,000 a  1,291,500 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 102.1% (continued)       
New York - 100.9% (continued)           
New York Counties Tobacco Trust V,           
Revenue Bonds  0.00  6/1/2055  20,000,000 a  1,291,000 
New York Liberty Development           
Corporation,           
Liberty Revenue Bonds, Refunding (3           
World Trade Center Project) Ser. 1  5.00   11/15/2044  5,000,000 b  5,213,350 
New York Liberty Development           
Corporation,           
Liberty Revenue Bonds, Refunding (4           
World Trade Center Project)  5.00   11/15/2044  3,000,000   3,198,390 
New York Liberty Development           
Corporation,           
Liberty Revenue Bonds, Refunding (7           
World Trade Center Project)  5.00  9/15/2040  2,000,000   2,169,200 
New York Liberty Development           
Corporation,           
Revenue Bonds, Refunding (Goldman           
Sachs Headquarters)  5.25  10/1/2035  2,000,000   2,457,480 
New York State Dormitory Authority,           
Personal Income Tax Revenue Bonds,           
Ser. A  5.00  2/15/2034  3,700,000   4,268,394 
New York State Dormitory Authority,           
Revenue Bonds (Cornell University)           
Ser. A  5.00  7/1/2035  2,000,000   2,081,100 
New York State Dormitory Authority,           
Revenue Bonds (State University of           
New York Dormitory Facilities) Ser. A  5.00  7/1/2043  2,500,000   2,763,075 
New York State Dormitory Authority,           
Revenue Bonds (The Rockefeller           
University) Ser. C  5.00  7/1/2040  4,000,000   4,038,800 
New York State Dormitory Authority,           
Revenue Bonds, Refunding (Fordham           
University) Ser. A  5.00  7/1/2041  1,000,000   1,118,070 
New York State Dormitory Authority,           
Revenue Bonds, Refunding (Icahn           
School of Medicine at Mount Sinai)           
Ser. A  5.00  7/1/2040  1,000,000   1,106,660 
New York State Dormitory Authority,           
Revenue Bonds, Refunding           
(Memorial Sloan Kettering Cancer           
Center) Ser. 1  5.00  7/1/2042  500,000   566,890 
New York State Dormitory Authority,           
Revenue Bonds, Refunding           
(Montefiore Obligated Group) Ser. A  5.00  8/1/2035  2,800,000   3,170,272 
New York State Dormitory Authority,           
Revenue Bonds, Refunding           
(Montefiore Obligated Group) Ser. A  5.00  8/1/2034  1,010,000   1,149,350 
New York State Dormitory Authority,           
Revenue Bonds, Refunding (New           
York University Hospitals Center)  5.00  7/1/2032  500,000   574,545 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 102.1% (continued)       
New York - 100.9% (continued)           
New York State Dormitory Authority,           
Revenue Bonds, Refunding (New           
York University Hospitals Center)  5.00  7/1/2034  2,500,000   2,792,700 
New York State Dormitory Authority,           
Revenue Bonds, Refunding (New           
York University) Ser. A  5.00  7/1/2045  3,540,000   4,006,537 
New York State Dormitory Authority,           
Revenue Bonds, Refunding (North           
Shore - Long Island Jewish Obligated           
Group) Ser. A  5.00  5/1/2043  1,300,000   1,418,326 
New York State Dormitory Authority,           
Revenue Bonds, Refunding (Orange           
Regional Medical Center Obligated           
Group)  5.00  12/1/2036  3,400,000 b  3,761,862 
New York State Dormitory Authority,           
Revenue Bonds, Refunding (Orange           
Regional Medical Center Obligated           
Group)  5.00  12/1/2045  1,400,000 b  1,500,240 
New York State Dormitory Authority,           
Sales Tax Revenue Bonds, Ser. A  5.00  3/15/2044  5,000,000   5,638,050 
New York State Dormitory Authority,           
State Personal Income Tax Revenue           
Bonds (General Purpose) Ser. C  5.00  3/15/2031  5,000,000   5,677,550 
New York State Dormitory Authority,           
State Personal Income Tax Revenue           
Bonds (General Purpose) Ser. F  5.00  2/15/2039  2,000,000   2,238,820 
New York State Dormitory Authority,           
State Sales Tax Revenue Bonds, Ser. A  5.00  3/15/2043  2,500,000   2,752,875 
New York State Dormitory Authority,           
State Sales Tax Revenue Bonds, Ser. A  5.00  3/15/2044  3,000,000   3,299,700 
New York State Dormitory Authority,           
Third General Resolution Revenue           
Bonds (State University Educational           
Facilities)  5.00  5/15/2030  2,000,000   2,189,000 
New York State Environmental           
Facilities Corporation,           
State Revolving Funds Revenue           
Bonds (Master Financing Program)           
Ser. B  5.00  5/15/2030  2,000,000   2,245,120 
New York State Mortgage Agency,           
Mortgage Revenue Bonds, Ser. 39th  5.00  4/1/2028  90,000   91,774 
New York State Thruway Authority,           
General Revenue Bonds Junior           
Indebtedness Obligations, Ser. A  5.00  1/1/2041  1,000,000   1,115,740 
New York State Thruway Authority,           
General Revenue Bonds, Ser. I  5.00  1/1/2042  1,500,000   1,592,280 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 102.1% (continued)       
New York - 100.9% (continued)           
Niagara Area Development           
Corporation,           
Solid Disposal Facility Revenue           
Bonds, Refunding (Convanta Holding           
Project) Ser. B  3.50  11/1/2024  3,250,000 b  3,236,675 
Niagara Tobacco Asset Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Revenue Bonds, Refunding  5.25  5/15/2040  1,750,000   1,835,715 
Niagara Tobacco Asset Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Revenue Bonds, Refunding  5.25  5/15/2034  2,000,000   2,113,260 
Port Authority of New York & New           
Jersey,           
Consolidated Revenue Bonds,           
Refunding, Ser. 195th  5.00  4/1/2036  4,000,000   4,529,720 
Port Authority of New York and New           
Jersey,           
Consolidated Revenue Bonds, Ser.           
163rd  5.00  7/15/2035  5,000,000   5,209,300 
Port Authority of New York and New           
Jersey,           
Consolidated Revenue Bonds, Ser.           
184th  5.00  9/1/2039  2,000,000   2,261,140 
Port Authority of New York and New           
Jersey,           
Consolidated Revenue Bonds, Ser.           
184th  5.00  9/1/2036  2,500,000   2,837,425 
Port Authority of New York and New           
Jersey,           
Consolidated Revenue Bonds, Ser.           
184th  5.00  9/1/2032  3,000,000   3,424,830 
Port Authority of New York and New           
Jersey,           
Consolidated Revenue Bonds, Ser.           
93rd  6.13  6/1/2094  1,955,000   2,321,347 
Port Authority of New York and New           
Jersey,           
Special Project Revenue Bonds (JFK           
International Air Terminal LLC           
Project)  6.00  12/1/2036  2,000,000   2,117,380 
Sales Tax Asset Receivable Corporation,           
Sales Tax Asset Revenue Bonds,           
Refunding, Ser. A  5.00   10/15/2031  1,000,000   1,151,480 
Suffolk Tobacco Asset Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  6.00  6/1/2048  4,690,000   4,695,347 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 102.1% (continued)       
New York - 100.9% (continued)           
Tender Option Bond Trust Receipts           
(Series 2016-XM0367),           
(New York State Dormitory           
Authority, Revenue Bonds (The           
Rockefeller University)) Non-           
recourse  5.00   12/29/2019  4,000,000 b,c  4,161,100 
Tender Option Bond Trust Receipts           
(Series 2016-XM0382),           
(New York City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue Bonds) Non-           
recourse  5.00  5/1/2022  10,000,000 b,c  10,993,025 
Town of Oyster Bay,           
GO (Insured; Assured Guaranty           
Municipal Corporation) Ser. B  4.00  2/1/2033  3,000,000   3,133,620 
Triborough Bridge and Tunnel           
Authority,           
General Revenue Bonds (MTA           
Bridges and Tunnels) Ser. A  5.00   11/15/2042  3,000,000   3,416,670 
Triborough Bridge and Tunnel           
Authority,           
General Revenue Bonds (MTA           
Bridges and Tunnels) Ser. A  5.00   11/15/2038  1,000,000   1,098,640 
Triborough Bridge and Tunnel           
Authority,           
General Revenue Bonds (MTA           
Bridges and Tunnels) Ser. A  5.25   11/15/2045  1,500,000   1,722,390 
Triborough Bridge and Tunnel           
Authority,           
General Revenue Bonds, Refunding           
(MTA Bridges and Tunnels) Ser. A  5.00   11/15/2046  3,500,000   3,931,480 
Triborough Bridge and Tunnel           
Authority,           
Revenue Bonds (MTA Bridges &           
Tunnels) Ser. C2  5.00   11/15/2042  2,000,000   2,292,580 
TSASC,           
Senior Tobacco Settlement Revenue           
Bonds, Ser. A  5.00  6/1/2041  2,500,000   2,652,275 
TSASC,           
Tobacco Settlement Subordinate           
Revenue Bonds, Refunding, Ser. B  5.00  6/1/2048  1,220,000   1,172,725 
Utility Debt Securitization Authority,           
Restructuring Revenue Bonds,           
Refunding  5.00 1  2/15/2035  8,000,000   9,232,640 
Westchester Tobacco Asset           
Securitization Corporation,           
Tobacco Settlement Senior Revenue           
Bonds, Refunding, Ser. B  5.00  6/1/2041  1,500,000   1,582,770 

 


 

  Coupon  Maturity  Principal      
Description  Rate (%)  Date  Amount ($)   Value ($)  
Long-Term Municipal Investments - 102.1% (continued)         
New York - 100.9% (continued)             
Western Nassau County Water             
Authority,             
Water System Revenue Bonds, Ser. A  5.00  4/1/2040  1,000,000   1,123,690  
          315,255,218  
U.S. Related - 1.2%             
Guam,             
Hotel Occupancy Tax Revenue Bonds,             
Ser. A  5.50  11/1/2019  1,000,000   1,018,510  
Puerto Rico Highway & Transportation             
Authority,             
Highway Revenue Bonds (Insured;             
Assured Guaranty Municipal             
Corporation) Ser. CC  5.25  7/1/2033  2,405,000   2,672,436  
          3,690,946  
Total Long-Term Municipal Investments             
(cost $310,591,358)          318,946,164  
 
Short-Term Municipal Investments - .0%             
U. S. Government Securities             
U. S. Treasury Bills             
(cost $39,722)  2.46  6/13/2019  40,000 d,e  39,724  
Total Investments (cost $310,631,080)      102.1 %  318,985,888  
Liabilities, Less Cash and Receivables      (2.1 %)  (6,562,727 ) 
Net Assets      100.0 %  312,423,161  

 

a     

Security issued with a zero coupon. Income is recognized through the accretion of discount.

b     

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, 2019, these securities were valued at $28,866,252 or 9.24% of net assets.

c     

Collateral for floating rate borrowings.

d     

Held by a counterparty for open exchange traded derivative contracts.

e     

Security is a discount security. Income is recognized through the accretion of discount.


 

STATEMENT OF FINANCIAL FUTURES
Dreyfus New York AMT-Free Municipal Bond Fund
February 28, 2019 (Unaudited)

  Number of  Notional    Unrealized 
Description  Contracts   Expiration  Value ($)  Value ($)  Appreciation ($) 
Futures Short         
U.S. Treasury 10 Year         
   Notes  21   3/19  2,563,641  2,556,750  6,891 
Gross Unrealized Appreciation      6,891 

 

See notes to financial statements.


 

STATEMENT OF FINANCIAL FUTURES
Dreyfus New York AMT-Free Municipal Bond Fund
February 28, 2019 (Unaudited)

The following is a summary of the inputs used as of February 28, 2019 in valuing the fund’s investments:

    Level 2 - Other   Level 3 -     
  Level 1 -  Significant   Significant     
  Unadjusted  Observable   Unobservable     
  Quoted Prices  Inputs   Inputs  Total  
Assets ($)             
Investments in Securities:             
Municipal Bonds  -  318,946,164   -  318,946,164  
U.S. Treasury  -  39,724   -  39,724  
Other Financial Instruments:             
Futures††  6,891  -   -  6,891  
Liabilities ($)             
Floating Rate Notes†††  -  (10,500,000 )  -  (10,500,000 ) 

 

  See Statement of Investments for additional detailed categorizations. 
††  Amount shown represents unrealized appreciation at period end. 
†††  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 not to 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 such securities 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.

Derivatives: A derivative is a financial instrument whose performance is derived from the performance of another asset. Each type of derivative instrument that was held by the fund at February 28, 2019 is discussed below.

Futures: In the normal course of pursuing its investment objective, the fund is exposed to market risk, including interest rate risk as a result of changes in value of underlying financial instruments. The fund invests in futures in order to manage its exposure to or protect against changes in the market. A futures contract represents a commitment for the future purchase or a sale of an asset at a specified date. Upon entering into such contracts, these investments require initial margin deposits with a counterparty, which consist of cash or cash equivalents. The amount of these deposits is determined by the exchange or Board of Trade on which the contract is traded and is subject to change. Accordingly, variation margin payments are received or made to reflect daily unrealized gains or losses which are recorded in the Statement of Operations. When the contracts are closed, the fund recognizes a realized gain or loss which is reflected in the Statement of Operations. There is minimal counterparty credit risk to the fund with futures since they are exchange traded, and the exchange guarantees the futures against default.

At February 28, 2019, accumulated net unrealized appreciation on investments was $8,354,808, consisting of $9,428,540 gross unrealized appreciation and $1,073,732 gross unrealized depreciation.

At February 28, 2019, 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, 2019

 

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, 2019

 

By:         /s/ James Windels

               James Windels

               Treasurer

 

Date:      April 16, 2019

 

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)