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:  08/31/09   


FORM N-Q

Item 1.  Schedule of Investments. 

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SSL-DOCS2 70180139v2


STATEMENT OF INVESTMENTS 
Dreyfus New York AMT-Free Municipal Bond Fund 
August 31, 2009 (Unaudited) 

Long-Term Municipal  Coupon  Maturity  Principal   
Investments--97.7%  Rate (%)  Date  Amount ($)  Value ($) 
New York--88.6%         
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  1,802,260 
Dutchess County Industrial         
       Development Agency, Civic         
       Facility Revenue (Bard College         
       Civic Facility)               5.00  8/1/22  775,000                        792,763 
Hempstead Industrial Development         
       Agency, Civic Facility Revenue         
       (Adelphi University Civic         
       Facility)               5.00  10/1/30           1,565,000  1,575,532 
Hempstead Industrial Development         
       Agency, Civic Facility Revenue         
       (Adelphi University Civic         
       Facility)               5.00  10/1/35           1,500,000  1,493,430 
Huntington Housing Authority,         
       Senior Housing Facility         
       Revenue (Gurwin Jewish Senior         
       Residences Project)               6.00  5/1/29           1,370,000  1,016,581 
Long Island Power Authority,         
       Electric System General Revenue               6.00  5/1/33           1,500,000  1,656,120 
Long Island Power Authority,         
       Electric System General         
       Revenue (Insured; National         
       Public Finance Guarantee Corp.)               5.00  12/1/19           1,000,000  1,066,990 
Metropolitan Transportation         
       Authority, Transit Facilities         
       Revenue (Insured; FSA)         
       (Prerefunded)               5.13  1/1/12           1,225,000 a  1,343,482 
Metropolitan Transportation         
       Authority, Transportation         


       Revenue  6.50  11/15/28  1,000,000  1,130,780 
Metropolitan Transportation         
       Authority, Transportation         
       Revenue  5.00  11/15/31  1,500,000  1,509,810 
Metropolitan Transportation         
       Authority, Transportation         
       Revenue (Insured; AMBAC)  5.50  11/15/18  4,000,000  4,224,440 
New York City,         
       GO  5.38  12/1/20  150,000  155,148 
New York City,         
       GO  5.00  8/1/21  2,000,000  2,116,580 
New York City,         
       GO  5.25  8/15/24  1,420,000  1,487,351 
New York City,         
       GO (Prerefunded)  5.38  12/1/11  850,000 a  937,295 
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  2,265,000  2,337,639 
New York City Industrial         
       Development Agency, Civic         
       Facility Revenue (Vaughn         
       College of Aeronautics and         
       Technology Project)  5.25  12/1/36  1,000,000  638,990 
New York City Industrial         
       Development Agency, Civic         
       Facility Revenue (YMCA of         
       Greater New York Project)  5.00  8/1/36  4,000,000  3,616,800 
New York City Industrial         
       Development Agency, Liberty         
       Revenue (7 World Trade Center         
       Project)  6.25  3/1/15  2,000,000  1,791,060 
New York City Industrial         
       Development Agency, PILOT         
       Revenue (Yankee Stadium         
       Project) (Insured; Assured         
       Guaranty)  7.00  3/1/49  2,500,000  2,872,625 
New York City Municipal Water         


       Finance Authority, Water and         
       Sewer System Second General         
       Resolution Revenue  5.25  6/15/40  1,225,000  1,286,605 
New York City Municipal Water         
       Finance Authority, Water and         
       Sewer System Second General         
       Resolution Revenue  5.50  6/15/40  1,000,000  1,073,070 
New York City Transitional Finance         
       Authority, Building Aid         
       Revenue (Insured; National         
       Public Finance Guarantee Corp.)  5.00  7/15/25  1,000,000  1,034,510 
New York City Transitional Finance         
       Authority, Building Aid         
       Revenue (Insured; National         
       Public Finance Guarantee Corp.)  5.00  7/15/36  2,000,000  2,013,360 
New York City Transitional Finance         
       Authority, Future Tax Secured         
       Revenue  5.00  11/1/25  1,205,000  1,274,396 
New York City Transitional Finance         
       Authority, Future Tax Secured         
       Revenue (Prerefunded)  6.00  5/15/10   450,000 a  472,536 
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  1,893,720 
New York State Dormitory         
       Authority, Consolidated Second         
       General Resolution Revenue         
       (City University System)         
       (Insured; National Public         
       Finance Guarantee Corp.)  5.75  7/1/16  1,000,000  1,033,130 
New York State Dormitory         
       Authority, FHA-Insured         
       Mortgage HR (The Long Island         
       College Hospital)  6.00  8/15/15  1,485,000  1,613,720 
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  1,036,100 


New York State Dormitory         
       Authority, Insured Revenue         
       (Manhattan College) (Insured;         
       Radian)  5.50  7/1/16  975,000  996,050 
New York State Dormitory         
       Authority, Insured Revenue         
       (New York University)         
       (Insured; AMBAC)  5.00  7/1/32  1,345,000  1,375,531 
New York State Dormitory         
       Authority, LR (State         
       University Educational         
       Facilities) (Insured; FGIC)         
       (Prerefunded)  5.50  7/1/11  1,000,000 a  1,086,030 
New York State Dormitory         
       Authority, Revenue         
       (Consolidated City University         
       System)  5.63  7/1/16  4,000,000  4,428,640 
New York State Dormitory         
       Authority, Revenue         
       (Consolidated City University         
       System) (Insured; FSA)  5.75  7/1/18  1,000,000  1,143,970 
New York State Dormitory         
       Authority, Revenue (Cornell         
       University)  5.00  7/1/24  2,000,000  2,159,380 
New York State Dormitory         
       Authority, Revenue (Cornell         
       University)  5.00  7/1/35  2,000,000  2,054,600 
New York State Dormitory         
       Authority, Revenue (Fordham         
       University) (Insured; Assured         
       Guaranty)  5.00  7/1/33  1,000,000  1,019,250 
New York State Dormitory         
       Authority, Revenue (Mental         
       Health Services Facilities         
       Improvement)  5.00  2/15/28  880,000  886,266 
New York State Dormitory         
       Authority, Revenue (Miriam         
       Osborne Memorial Home)         
       (Insured; ACA)  6.88  7/1/19  1,000,000  1,008,540 
New York State Dormitory         
       Authority, Revenue (Mount         


       Sinai NYU Health Obligated         
       Group)  5.50  7/1/26  2,000,000  2,000,220 
New York State Dormitory         
       Authority, Revenue (New York         
       State Department of Health)         
       (Insured; CIFG)  5.00  7/1/25  2,500,000  2,568,525 
New York State Dormitory         
       Authority, Revenue (North         
       Shore-Long Island Jewish         
       Obligated Group)  5.00  5/1/25  2,750,000  2,735,040 
New York State Dormitory         
       Authority, Revenue (NYU         
       Hospitals Center)  5.25  7/1/24  1,000,000  941,900 
New York State Dormitory         
       Authority, Revenue (NYU         
       Hospitals Center)  5.00  7/1/26  1,000,000  875,620 
New York State Dormitory         
       Authority, Revenue (Orange         
       Regional Medical Center         
       Obligated Group)  6.25  12/1/37  1,500,000  1,217,445 
New York State Dormitory         
       Authority, Revenue (Rochester         
       Institute of Technology)  6.00  7/1/33  3,250,000  3,477,141 
New York State Dormitory         
       Authority, Revenue (State         
       University Educational         
       Facilities)  5.88  5/15/17  2,000,000  2,296,280 
New York State Dormitory         
       Authority, Revenue (Teachers         
       College)  5.38  3/1/29  2,000,000  2,093,120 
New York State Dormitory         
       Authority, Revenue (The         
       Bronx-Lebanon Hospital Center)         
       (LOC; TD Bank)  6.50  8/15/30  2,000,000  2,185,960 
New York State Dormitory         
       Authority, Revenue (The         
       Rockefeller University)  5.00  7/1/40  1,500,000  1,562,610 
New York State Dormitory         
       Authority, Revenue (University         
       of Rochester)  5.00  7/1/34  2,870,000  2,889,401 


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  1,556,759 
New York State Housing Finance         
       Agency, State Personal Income         
       Tax Revenue (Economic         
       Development and Housing)  5.00  3/15/34  1,575,000  1,612,658 
New York State Thruway Authority,         
       General Revenue (Insured;         
       National Public Finance         
       Guarantee Corp.)  5.00  1/1/27  3,000,000  3,128,520 
New York State Thruway Authority,         
       Second General Highway and         
       Bridge Trust Fund Bonds  5.00  4/1/25  2,000,000  2,115,960 
New York State Thruway Authority,         
       Second General Highway and         
       Bridge Trust Fund Bonds  5.00  4/1/27  2,000,000  2,096,060 
New York State Thruway Authority,         
       Second General Highway and         
       Bridge Trust Fund Bonds         
       (Insured; AMBAC)  5.00  4/1/19  3,000,000  3,270,300 
New York State Thruway Authority,         
       Second General Highway and         
       Bridge Trust Fund Bonds         
       (Insured; AMBAC)  5.00  4/1/22  2,000,000  2,135,920 
New York State Thruway Authority,         
       State Personal Income Tax         
       Revenue (Transportation)  5.25  3/15/27  1,000,000  1,073,110 
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  2,128,540 
New York State Urban Development         
       Corporation, State Personal         
       Income Tax Revenue (State         
       Facilities and Equipment)         
       (Insured; FGIC) (Prerefunded)  5.50  3/15/13  2,450,000 a  2,810,077 
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  1,861,532 
Orange County Industrial         
       Development Agency, Life Care         
       Community Revenue (Glenn         
       Arden, Inc. Project)  5.63  1/1/18  920,000  772,174 
Port Authority of New York and New         
       Jersey (Consolidated Bonds,         
       142nd Series)  5.00  7/15/23  2,000,000  2,147,360 
Rensselaer County Industrial         
       Development Agency, Civic         
       Facility Revenue (Emma Willard         
       School Project)  5.00  1/1/31  1,000,000  1,003,700 
Rensselaer County Industrial         
       Development Agency, Civic         
       Facility Revenue (Emma Willard         
       School Project)  5.00  1/1/36  1,000,000  979,850 
Rensselaer County Industrial         
       Development Agency, Civic         
       Facility Revenue (Rensselaer         
       Polytechnic Institute Project)  5.00  3/1/36  2,000,000  2,027,680 
Schenectady Industrial Development         
       Agency, Civic Facility Revenue         
       (Union College Project)  5.00  7/1/26  1,380,000  1,440,748 
Schenectady Industrial Development         
       Agency, Civic Facility Revenue         
       (Union College Project)  5.00  7/1/31  1,335,000  1,370,645 
Suffolk Tobacco Asset         
       Securitization Corporation,         
       Tobacco Settlement         
       Asset-Backed Bonds  6.00  6/1/48  2,000,000  1,661,320 
Tobacco Settlement Financing         
       Corporation of New York,         
       Asset-Backed Revenue Bonds         
       (State Contingency Contract         
       Secured)  5.50  6/1/21  3,930,000  4,148,705 
Triborough Bridge and Tunnel         
       Authority, General Purpose         


       Revenue  6.00  1/1/12  1,630,000  1,736,178 
Triborough Bridge and Tunnel         
       Authority, Subordinate Revenue         
       (Insured; National Public         
       Finance Guarantee Corp.)  5.00  11/15/32  2,000,000  2,033,580 
Westchester Tobacco Asset         
       Securitization Corporation,         
       Tobacco Settlement         
       Asset-Backed Bonds  5.13  6/1/45  1,200,000  882,804 
U.S. Related--9.1%         
Children's Trust Fund of Puerto         
       Rico, Tobacco Settlement         
       Asset-Backed Bonds         
       (Prerefunded)  6.00  7/1/10  2,000,000 a  2,091,080 
Puerto Rico Aqueduct and Sewer         
       Authority, Senior Lien Revenue  6.00  7/1/38  2,000,000  2,014,800 
Puerto Rico Aqueduct and Sewer         
       Authority, Senior Lien Revenue         
       (Insured; Assured Guaranty)  5.00  7/1/28  1,000,000  1,004,190 
Puerto Rico Commonwealth,         
       Public Improvement GO  5.25  7/1/14  1,000,000  1,021,130 
Puerto Rico Commonwealth,         
       Public Improvement GO         
       (Prerefunded)  5.25  7/1/16  1,180,000 a  1,407,563 
Puerto Rico Electric Power         
       Authority, Power Revenue  5.50  7/1/38  1,500,000  1,503,000 
Puerto Rico Electric Power         
       Authority, Power Revenue         
       (Insured; FSA) (Prerefunded)  5.63  7/1/10  2,000,000 a  2,108,080 
Puerto Rico Highways and         
       Transportation Authority,         
       Transportation Revenue         
       (Insured; National Public         
       Finance Guarantee Corp.)         
       (Prerefunded)  5.75  7/1/10  1,500,000 a  1,579,230 
Puerto Rico Infrastructure         
       Financing Authority, Special         
       Tax Revenue  5.00  7/1/46  1,000,000  830,880 
Total Investments (cost $143,405,801)           97.7%  144,852,475 
Cash and Receivables (Net)             2.3%  3,448,266 
Net Assets  100.0%  148,300,741 



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      At August 31, 2009, the fund had $38,206,445 or 25.8% of net assets invested in securities whose payment of principal and interest is dependent upon revenues generated from education.

At August 31, 2009, the aggregate cost of investment securities for income tax purposes was $143,405,801. Net unrealized appreciation on investments was $1,446,674 of which $4,711,186 related to appreciated investment securities and $3,264,512 related to depreciated investment securities.

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 Markets 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 August 31, 2009 in valuing the fund's investments: 

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Quoted  Significant Observable  Unobservable   
Assets ($)  Prices  Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds  -  144,852,475  -  144,852,475 
Other Financial Instruments+  -  -  -  - 
Liabilities ($)         
Other Financial Instruments+  -  -  -  - 

† Other financial instruments include derivative instruments, such as futures, forward foreign currency 
exchange contracts, swap contracts and options contracts. Amounts shown represents unrealized appreciation (depreciation), 
or in the case of options, market value at period end. 


The fund adopted Statement of Financial Accounting Standards No. 161 “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. Since the fund held no derivatives during the period, FAS 161 disclosures did not impact the notes to the financial statements.

Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Trustees. 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: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Options and financial futures on municipal and U.S.Treasury securities are valued at the last sales price on the securities exchange on which such securities are primarily traded or at the last sales price on the national securities market on each business day.

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


Item 2.  Controls and Procedures. 

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

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

Item 3.  Exhibits. 

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

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FORM N-Q

SIGNATURES

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

Dreyfus New York AMT-Free Municipal Bond Fund

By:  /s/ J. David Officer 
  J. David Officer 
President         
 
Date:  October 28, 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:  October 28, 2009 

By:  /s/ James Windels 
  James Windels 
Treasurer        
 
Date:  October 28, 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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