N-Q 1 form021.htm FORM N-Q form021.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)

Michael A. Rosenberg, 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:  02/28/09   

FORM N-Q

Item 1.  Schedule of Investments. 

 

 

STATEMENT OF INVESTMENTS
Dreyfus New York AMT-Free Municipal Bond Fund

February 28, 2009 (Unaudited)

Long-Term Municipal  Coupon  Maturity  Principal   
Investments--97.9%  Rate (%)  Date  Amount ($)  Value ($) 
New York--88.8%         
Albany Industrial Development         
       Agency, Civic Facility Revenue         
       (Saint Peter's Hospital of the         
       City of Albany Project)               5.25  11/15/27  2,000,000  1,545,180 
Dutchess County Industrial         
       Development Agency, Civic         
       Facility Revenue (Bard College         
       Civic Facility)               5.00  8/1/22  775,000  767,134 
Hempstead Industrial Development         
       Agency, Civic Facility Revenue         
       (Adelphi University Civic         
       Facility)               5.00  10/1/30  1,565,000  1,464,856 
Hempstead Industrial Development         
       Agency, Civic Facility Revenue         
       (Adelphi University Civic         
       Facility)               5.00  10/1/35  1,500,000  1,370,415 
Huntington Housing Authority,         
       Senior Housing Facility         
       Revenue (Gurwin Jewish Senior         
       Residences Project)               6.00  5/1/29  1,370,000  929,422 
Long Island Power Authority,         
       Electric System General Revenue               6.00  5/1/33  1,500,000  1,580,445 
Long Island Power Authority,         
       Electric System General         
       Revenue (Insured; FGIC)               5.00  12/1/19  1,000,000  1,022,400 
Metropolitan Transportation         
       Authority, Transit Facilities         
       Revenue (Insured; FSA)               5.13  1/1/12           1,225,000 a  1,351,249 
Metropolitan Transportation         
       Authority, Transportation         
       Revenue               6.50  11/15/28  1,000,000  1,104,910 
Metropolitan Transportation         
       Authority, Transportation         
       Revenue               5.00  11/15/31  1,500,000  1,450,455 
Metropolitan Transportation         
       Authority, Transportation         
       Revenue (Insured; AMBAC)               5.50  11/15/18  4,000,000  4,160,760 
Nassau County Industrial         
       Development Agency, Continuing         
       Care Retirement Community         
       Revenue (Amsterdam at         
       Harborside Project)               6.50  1/1/27  1,250,000  1,001,450 
New York City,         
       GO               5.38  12/1/11  850,000 a  941,205 
New York City,         
       GO               5.38  12/1/20  150,000  152,376 
New York City,         

       GO  5.00  8/1/21  2,000,000  2,017,760 
New York City,         
       GO  5.25  8/15/24  1,420,000  1,425,921 
New York City Housing Development         
       Corporation, Capital Fund         
       Program Revenue (New York City         
       Housing Authority Program)         
       (Insured; FGIC)  5.00  7/1/25  2,265,000  2,220,266 
New York City Industrial         
       Development Agency, Civic         
       Facility Revenue (Vaughn         
       College of Aeronautics and         
       Technology Project)  5.25  12/1/36  1,000,000  575,680 
New York City Industrial         
       Development Agency, Civic         
       Facility Revenue (YMCA of         
       Greater New York Project)  5.00  8/1/36  4,000,000  3,403,200 
New York City Industrial         
       Development Agency, Liberty         
       Revenue (7 World Trade Center         
       Project)  6.25  3/1/15  2,000,000  1,705,360 
New York City Industrial         
       Development Agency, PILOT         
       Revenue (Yankee Stadium         
       Project) (Insured; Assured         
       Guaranty)  7.00  3/1/49  2,500,000  2,752,350 
New York City Transitional Finance         
       Authority, Building Aid Revenue  4.50  1/15/38  2,000,000  1,702,160 
New York City Transitional Finance         
       Authority, Building Aid         
       Revenue (Insured; FGIC)  5.00  7/15/25  1,000,000  1,010,000 
New York City Transitional Finance         
       Authority, Building Aid         
       Revenue (Insured; FGIC)  5.00  7/15/36  2,000,000  1,880,740 
New York City Transitional Finance         
       Authority, Future Tax Secured         
       Revenue  6.00  5/15/10   450,000 a  482,598 
New York City Transitional Finance         
       Authority, Future Tax Secured         
       Revenue  5.00  11/1/25  1,205,000  1,233,197 
New York State Dormitory         
       Authority, Catholic Health         
       Services of Long Island         
       Obligated Group Revenue (Saint         
       Francis Hospital Project)  5.00  7/1/21  2,000,000  1,719,580 
New York State Dormitory         
       Authority, Consolidated Second         
       General Resolution Revenue         
       (City University System)         
       (Insured; FGIC)  5.75  7/1/16  1,000,000  1,046,760 
New York State Dormitory         
       Authority, FHA-Insured         
       Mortgage HR (The Long Island         
       College Hospital)  6.00  8/15/15  1,625,000  1,740,066 
New York State Dormitory         
       Authority, FHA-Insured         

       Mortgage HR (The New York and         
       Presbyterian Hospital)         
       (Insured; FSA)  5.25  8/15/27  1,000,000  1,019,470 
New York State Dormitory         
       Authority, Insured Revenue         
       (Manhattan College) (Insured;         
       Radian)  5.50  7/1/16  975,000  1,041,934 
New York State Dormitory         
       Authority, Insured Revenue         
       (New York University)         
       (Insured; AMBAC)  5.00  7/1/32  1,345,000  1,317,683 
New York State Dormitory         
       Authority, LR (State         
       University Educational         
       Facilities) (Insured; FGIC)  5.50  7/1/11  1,000,000 a  1,099,460 
New York State Dormitory         
       Authority, Revenue         
       (Consolidated City University         
       System)  5.63  7/1/16  4,000,000  4,513,520 
New York State Dormitory         
       Authority, Revenue         
       (Consolidated City University         
       System) (Insured; FSA)  5.75  7/1/18  1,000,000  1,142,980 
New York State Dormitory         
       Authority, Revenue (Cornell         
       University)  5.00  7/1/24  2,000,000  2,092,380 
New York State Dormitory         
       Authority, Revenue (Cornell         
       University)  5.00  7/1/35  2,000,000  2,005,960 
New York State Dormitory         
       Authority, Revenue (Fordham         
       University) (Insured; Assured         
       Guaranty)  5.00  7/1/33  1,000,000  976,540 
New York State Dormitory         
       Authority, Revenue (Memorial         
       Sloan-Kettering Cancer Center)  5.00  7/1/35  1,000,000  958,960 
New York State Dormitory         
       Authority, Revenue (Mental         
       Health Services Facilities         
       Improvement)  5.00  2/15/28  880,000  841,544 
New York State Dormitory         
       Authority, Revenue (Miriam         
       Osborne Memorial Home)         
       (Insured; ACA)  6.88  7/1/19  1,000,000  944,810 
New York State Dormitory         
       Authority, Revenue (Mount         
       Sinai NYU Health Obligated         
       Group)  5.50  7/1/26  2,000,000  1,851,320 
New York State Dormitory         
       Authority, Revenue (New York         
       State Department of Health)         
       (Insured; CIFG)  5.00  7/1/25  2,500,000  2,431,825 
New York State Dormitory         
       Authority, Revenue (North         
       Shore-Long Island Jewish         
       Obligated Group)  5.00  5/1/25  2,750,000  2,557,720 

New York State Dormitory         
       Authority, Revenue (NYU         
       Hospitals Center)  5.25  7/1/24  1,000,000  709,020 
New York State Dormitory         
       Authority, Revenue (NYU         
       Hospitals Center)  5.00  7/1/26  1,000,000  666,690 
New York State Dormitory         
       Authority, Revenue (Orange         
       Regional Medical Center         
       Obligated Group)  6.25  12/1/37  1,500,000  1,076,100 
New York State Dormitory         
       Authority, Revenue (Rochester         
       Institute of Technology)  6.00  7/1/33  3,250,000  3,403,498 
New York State Dormitory         
       Authority, Revenue (State         
       University Educational         
       Facilities)  5.88  5/15/17  2,000,000  2,363,160 
New York State Dormitory         
       Authority, Revenue (Teachers         
       College)  5.38  3/1/29  2,000,000  2,023,920 
New York State Dormitory         
       Authority, Revenue (The         
       Bronx-Lebanon Hospital Center)         
       (LOC; TD Banknorth NA)  6.50  8/15/30  2,000,000  2,024,060 
New York State Dormitory         
       Authority, Revenue (University         
       of Rochester)  5.00  7/1/34  2,870,000  2,773,798 
New York State Dormitory         
       Authority, South Nassau         
       Communities HR (Winthrop South         
       Nassau University Health         
       System Obligated Group)  5.50  7/1/23  1,650,000  1,453,204 
New York State Housing Finance         
       Agency, State Personal Income         
       Tax Revenue (Economic         
       Development and Housing)  5.00  3/15/34  1,575,000  1,555,013 
New York State Thruway Authority,         
       General Revenue (Insured; FGIC)  5.00  1/1/27  3,000,000  2,951,130 
New York State Thruway Authority,         
       Second General Highway and         
       Bridge Trust Fund Bonds  5.00  4/1/25  2,000,000  2,034,260 
New York State Thruway Authority,         
       Second General Highway and         
       Bridge Trust Fund Bonds  5.00  4/1/27  2,000,000  2,001,280 
New York State Thruway Authority,         
       Second General Highway and         
       Bridge Trust Fund Bonds         
       (Insured; AMBAC)  5.00  4/1/19  3,000,000  3,208,680 
New York State Thruway Authority,         
       Second General Highway and         
       Bridge Trust Fund Bonds         
       (Insured; AMBAC)  5.00  4/1/22  2,000,000  2,079,540 
New York State Thruway Authority,         
       State Personal Income Tax         
       Revenue (Transportation)  5.25  3/15/27  1,000,000  1,035,480 
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  2,071,040 
New York State Urban Development         
       Corporation, State Personal         
       Income Tax Revenue (State         
       Facilities and Equipment)         
       (Insured; FGIC)  5.50  3/15/13  2,450,000 a  2,813,996 
Niagara County Industrial         
       Development Agency, Solid         
       Waste Disposal Facility         
       Revenue (American Ref-Fuel         
       Company of Niagara, LP         
       Facility)  5.55  11/15/15  1,970,000  1,757,949 
Orange County Industrial         
       Development Agency, Life Care         
       Community Revenue (Glenn         
       Arden, Inc. Project)  5.63  1/1/18  920,000  721,565 
Port Authority of New York and New         
       Jersey (Consolidated Bonds,         
       142nd Series)  5.00  7/15/23  2,000,000  2,077,000 
Rensselaer County Industrial         
       Development Agency, Civic         
       Facility Revenue (Emma Willard         
       School Project)  5.00  1/1/31  1,000,000  933,200 
Rensselaer County Industrial         
       Development Agency, Civic         
       Facility Revenue (Emma Willard         
       School Project)  5.00  1/1/36  1,000,000  914,520 
Rensselaer County Industrial         
       Development Agency, Civic         
       Facility Revenue (Rensselaer         
       Polytechnic Institute Project)  5.00  3/1/36  2,000,000  1,868,140 
Schenectady Industrial Development         
       Agency, Civic Facility Revenue         
       (Union College Project)  5.00  7/1/26  1,380,000  1,365,717 
Schenectady Industrial Development         
       Agency, Civic Facility Revenue         
       (Union College Project)  5.00  7/1/31  1,335,000  1,281,133 
Suffolk Tobacco Asset         
       Securitization Corporation,         
       Tobacco Settlement         
       Asset-Backed Bonds  6.00  6/1/48  2,000,000  1,450,860 
Tobacco Settlement Financing         
       Corporation of New York,         
       Asset-Backed Revenue Bonds         
       (State Contingency Contract         
       Secured)  5.50  6/1/21  3,930,000  3,977,946 
Triborough Bridge and Tunnel         
       Authority, General Purpose         
       Revenue  6.00  1/1/12  1,630,000  1,761,378 
Triborough Bridge and Tunnel         
       Authority, General Revenue         
       (MTA Bridges and Tunnels)  5.00  11/15/33  2,000,000  1,966,400 
Triborough Bridge and Tunnel         
       Authority, Subordinate Revenue         

       (Insured; MBIA, Inc.)               5.00  11/15/32           2,000,000  1,972,500 
Westchester Tobacco Asset         
       Securitization Corporation,         
       Tobacco Settlement         
       Asset-Backed Bonds               5.13  6/1/45           1,200,000  742,224 
U.S. Related--9.1%         
Children's Trust Fund of Puerto         
       Rico, Tobacco Settlement         
       Asset-Backed Bonds               6.00  7/1/10           2,000,000 a  2,121,920 
Puerto Rico Aqueduct and Sewer         
       Authority, Senior Lien Revenue               6.00  7/1/38           2,000,000  1,811,600 
Puerto Rico Aqueduct and Sewer         
       Authority, Senior Lien Revenue         
       (Insured; Assured Guaranty)               5.00  7/1/28           1,000,000  924,040 
Puerto Rico Commonwealth,         
       Public Improvement GO               5.25  7/1/14           1,000,000  976,970 
Puerto Rico Commonwealth,         
       Public Improvement GO               5.25  7/1/16           1,180,000 a  1,402,996 
Puerto Rico Electric Power         
       Authority, Power Revenue               5.50  7/1/38           1,500,000  1,366,245 
Puerto Rico Electric Power         
       Authority, Power Revenue         
       (Insured; FSA)               5.63  7/1/10           2,000,000 a  2,147,840 
Puerto Rico Highways and         
       Transportation Authority,         
       Transportation Revenue         
       (Insured; MBIA, Inc.)               5.75  7/1/10           1,500,000 a  1,605,165 
Puerto Rico Infrastructure         
       Financing Authority, Special         
       Tax Revenue               5.00  7/1/46           1,000,000  763,470 
Total Long-Term Municipal Investments         
       (cost $146,093,903)        140,708,648 
Short-Term Municipal  Coupon  Maturity  Principal   
Investments--1.0%  Rate (%)  Date  Amount ($)  Value ($) 
New York;         
New York City,         
       GO Notes (Insured; FSA and         
       Liquidity Facility; Dexia         
       Credit Locale)               0.75  3/1/09  600,000 b  600,000 
New York City,         
       GO Notes (Liquidity Facility;         
       Dexia Credit Locale and LOC;         
       Dexia Credit Locale)               1.25  3/1/09  850,000 b  850,000 
Total Short-Term Municipal Investments         
       (cost $1,450,000)        1,450,000 
Total Investments (cost $147,543,903)      98.9%  142,158,648 
Cash and Receivables (Net)      1.1%  1,646,510 
Net Assets      100.0%  143,805,158 

a      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.
b      Variable rate demand note - rate shown is the interest rate in effect at February 28, 2009. Maturity date represents the next demand date, or the ultimate maturity date if earlier.

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $147,543,903. Net unrealized depreciation on investments was $5,385,255 of which $3,474,785 related to appreciated investment securities and $8,860,040 related to depreciated investment securities.

Securities valuation policies and other 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.

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  BIGI  Bond Investors Guaranty Insurance 
BPA  Bond Purchase Agreement  CGIC  Capital Guaranty Insurance Company 
CIC  Continental Insurance Company  CIFG  CDC Ixis Financial Guaranty 
CMAC  Capital Market Assurance Corporation  COP  Certificate of Participation 
CP  Commercial Paper  EDR  Economic Development Revenue 
EIR  Environmental Improvement Revenue  FGIC  Financial Guaranty Insurance Company 
FHA  Federal Housing Administration  FHLB  Federal Home Loan Bank 
FHLMC  Federal Home Loan Mortgage Corporation  FNMA  Federal National Mortgage Association 
FSA  Financial Security Assurance  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 
IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LOC  Letter of Credit 
LOR  Limited Obligation Revenue  LR  Lease Revenue 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  PILOT  Payment in Lieu of Taxes 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SWDR  Solid Waste Disposal Revenue 

TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), Fair Value Measurements.

These inputs are summarized in the three broad levels listed below.

  Level 1 - quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including 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.

The following is a summary of the inputs used as of February 28, 2009 in valuing the fund's investments:

      Level 3 -   
  Level 1 -    Significant   
  Quoted Level 2 - Other Significant  Unobservable   
Assets ($)  Prices  Observable Inputs  Inputs  Total 
Investment in Securities  0  142,158,648  0  142,158,648 
Other Financial Instruments+  0  0  0  0 
Liabilities ($)         
Other Financial Instruments+  0  0  0  0 

† Other financial instruments include derivative instruments, such as futures, forward currency exchange contracts, swap contracts and any options contracts.

Item 2.  Controls and Procedures. 

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

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

Item 3.  Exhibits. 

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

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FORM N-Q

SIGNATURES

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

Dreyfus New York AMT-Free Municipal Bond Fund

By:  /s/ J. David Officer 
  J. David Officer 
President
 
Date:  April 23, 2009 

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/ J. David Officer 
  J. David Officer 
President
 
Date:  April 23, 2009 

By:  /s/ James Windels 
  James Windels 
Treasurer
 
Date:  April 23, 2009 

EXHIBIT INDEX

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

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