N-Q 1 formnq021.htm FORM N-Q formnq021
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 Premier 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: 08/31/08

FORM N-Q

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS             
Dreyfus Premier New York AMT-Free Municipal Bond Fund         
August 31, 2008 (Unaudited)                 
 
Long-Term Municipal    Coupon    Maturity    Principal     
Investments--92.9%    Rate (%)    Date    Amount ($)    Value ($) 
New York--83.6%                 
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    1,920,580 
Dutchess County Industrial                 
       Development Agency, Civic                 
       Facility Revenue (Bard College                 
       Civic Facility)    5.00    8/1/22    775,000    791,756 
Hempstead Industrial Development                 
       Agency, Civic Facility Revenue                 
       (Adelphi University Civic                 
       Facility)    5.00    10/1/30    1,565,000    1,575,141 
Hempstead Industrial Development                 
       Agency, Civic Facility Revenue                 
       (Adelphi University Civic                 
       Facility)    5.00    10/1/35    1,500,000    1,491,120 
Huntington Housing Authority,                 
       Senior Housing Facility                 
       Revenue (Gurwin Jewish Senior             
       Residences Project)    6.00    5/1/29    1,370,000    1,264,085 
Long Island Power Authority,                 
       Electric System General                 
       Revenue (Insured; FGIC)    5.00    12/1/19    1,000,000    1,038,600 
Metropolitan Transportation                 
       Authority, Revenue (Insured;                 
       AMBAC)    5.50    11/15/18    4,000,000    4,210,520 
Metropolitan Transportation                 
       Authority, Transit Facilities                 
       Revenue (Insured; FSA)    5.13    1/1/12    1,225,000 a    1,331,661 
Metropolitan Transportation                 
       Authority, Transit Facilities                 
       Revenue (Insured; FSA)    5.13    7/1/12    1,775,000 a    1,947,548 
Metropolitan Transportation                 
       Authority, Transportation                 
       Revenue    5.00    11/15/31    1,500,000    1,487,670 
Nassau County Industrial                 
       Development Agency, Continuing             
       Care Retirement Community                 
       Revenue (Amsterdam at                 
       Harborside Project)    6.50    1/1/27    1,250,000    1,239,950 
New York City    6.75    2/1/09    140,000    143,000 
New York City    5.38    12/1/11    850,000 a    931,166 
New York City    5.00    11/1/19    2,000,000    2,095,720 
New York City    5.38    12/1/20    150,000    158,314 

New York City    5.00    8/1/21    2,000,000    2,077,400 
New York City    5.50    8/1/21    2,000,000    2,145,880 
New York City    5.25    8/15/24    1,420,000    1,469,856 
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    2,273,969 
New York City Industrial                 
       Development Agency, Civic                 
       Facility Revenue (Vaughn                 
       College of Aeronautics and                 
       Technology Project)    5.25    12/1/36    1,000,000    805,880 
New York City Industrial                 
       Development Agency, Civic                 
       Facility Revenue (YMCA of                 
       Greater New York Project)    5.00    8/1/36    3,000,000    2,894,880 
New York City Industrial                 
       Development Agency, Liberty                 
       Revenue (7 World Trade Center                 
       Project)    6.25    3/1/15    2,000,000    2,022,180 
New York City Transitional Finance                 
       Authority, Building Aid Revenue    4.50    1/15/38    2,000,000    1,870,120 
New York City Transitional Finance                 
       Authority, Building Aid                 
       Revenue (Insured; FGIC)    5.00    7/15/25    1,000,000    1,026,800 
New York City Transitional Finance                 
       Authority, Building Aid                 
       Revenue (Insured; FGIC)    5.00    7/15/36    2,000,000    2,009,400 
New York City Transitional Finance                 
       Authority, Future Tax Secured                 
       Revenue    6.00    5/15/10    450,000 a    484,749 
New York City Transitional Finance                 
       Authority, Future Tax Secured                 
       Revenue    5.00    11/1/25    1,205,000    1,253,501 
New York Liberty Development                 
       Corporation, Revenue (National                 
       Sports Museum Project)    6.13    2/15/19    1,000,000    887,880 
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    1,994,240 
New York State Dormitory                 
       Authority, Consolidated Second                 
       General Resolution Revenue                 
       (City University System)                 
       (Insured; FGIC)    5.75    7/1/16    1,000,000    1,050,080 
New York State Dormitory                 
       Authority, FHA-Insured                 
       Mortgage HR (The Long Island                 
       College Hospital)    6.00    8/15/15    1,760,000    1,914,141 

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    1,030,380 
New York State Dormitory                 
       Authority, Insured Revenue                 
       (Manhattan College) (Insured;                 
       Radian)    5.50    7/1/16    975,000    1,048,808 
New York State Dormitory                 
       Authority, Insured Revenue                 
       (New York University)                 
       (Insured; AMBAC)    5.00    7/1/32    1,345,000    1,348,726 
New York State Dormitory                 
       Authority, LR (State                 
       University Educational                 
       Facilities) (Insured; FGIC)    5.50    7/1/11    1,000,000 a    1,089,010 
New York State Dormitory                 
       Authority, Revenue (Columbia                 
       University)    5.00    7/1/31    2,000,000    2,054,680 
New York State Dormitory                 
       Authority, Revenue                 
       (Consolidated City University                 
       System)    5.63    7/1/16    4,000,000    4,449,080 
New York State Dormitory                 
       Authority, Revenue                 
       (Consolidated City University                 
       System) (Insured; FSA)    5.75    7/1/18    1,000,000    1,132,340 
New York State Dormitory                 
       Authority, Revenue (Cornell                 
       University)    5.00    7/1/24    2,000,000    2,093,580 
New York State Dormitory                 
       Authority, Revenue (Cornell                 
       University)    5.00    7/1/35    2,000,000    2,030,980 
New York State Dormitory                 
       Authority, Revenue (Fordham                 
       University) (Insured; Assured                 
       Guaranty)    5.00    7/1/33    1,000,000    1,014,690 
New York State Dormitory                 
       Authority, Revenue (Long                 
       Island University)    5.50    9/1/20    1,585,000    1,580,863 
New York State Dormitory                 
       Authority, Revenue (Memorial                 
       Sloan-Kettering Cancer Center)    5.00    7/1/35    1,000,000    1,008,970 
New York State Dormitory                 
       Authority, Revenue (Mental                 
       Health Services Facilities                 
       Improvement)    5.00    2/15/28    880,000    893,411 
New York State Dormitory                 
       Authority, Revenue (Miriam                 
       Osborne Memorial Home)                 
       (Insured; ACA)    6.88    7/1/19    1,000,000    1,036,070 

New York State Dormitory                 
       Authority, Revenue (Mount                 
       Sinai NYU Health Obligated                 
       Group)    5.50    7/1/26    2,000,000    1,999,840 
New York State Dormitory                 
       Authority, Revenue (New York                 
       Methodist Hospital)    5.25    7/1/24    1,250,000    1,211,363 
New York State Dormitory                 
       Authority, Revenue (New York                 
       State Department of Health)                 
       (Insured; CIFG)    5.00    7/1/25    2,500,000    2,555,000 
New York State Dormitory                 
       Authority, Revenue (North                 
       Shore-Long Island Jewish                 
       Obligated Group)    5.00    5/1/25    2,750,000    2,743,043 
New York State Dormitory                 
       Authority, Revenue (NYU                 
       Hospitals Center)    5.25    7/1/24    1,000,000    973,200 
New York State Dormitory                 
       Authority, Revenue (NYU                 
       Hospitals Center)    5.00    7/1/26    1,000,000    935,460 
New York State Dormitory                 
       Authority, Revenue (Orange                 
       Regional Medical Center                 
       Obligated Group)    6.25    12/1/37    1,500,000    1,468,290 
New York State Dormitory                 
       Authority, Revenue (State                 
       University Educational                 
       Facilities)    5.88    5/15/17    2,000,000    2,283,360 
New York State Dormitory                 
       Authority, Revenue (University                 
       of Rochester)    5.00    7/1/34    2,870,000    2,884,092 
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    1,657,854 
New York State Dormitory                 
       Authority, State Personal                 
       Income Tax Revenue (Education)    5.38    3/15/13    1,000,000 a    1,116,430 
New York State Dormitory                 
       Authority, State Personal                 
       Income Tax Revenue (Education)    5.00    3/15/23    1,500,000    1,576,575 
New York State Housing Finance                 
       Agency, State Personal Income                 
       Tax Revenue (Economic                 
       Development and Housing)    5.00    3/15/34    1,575,000    1,604,216 
New York State Thruway Authority,                 
       General Revenue (Insured; FGIC)    5.00    1/1/27    3,000,000    3,103,920 
New York State Thruway Authority,                 
       Second General Highway and                 
       Bridge Trust Fund Bonds    5.00    4/1/25    2,000,000    2,087,900 

New York State Thruway Authority,                 
       Second General Highway and                 
       Bridge Trust Fund Bonds    5.00    4/1/27    2,000,000    2,073,840 
New York State Thruway Authority,                 
       Second General Highway and                 
       Bridge Trust Fund Bonds                 
       (Insured; AMBAC)    5.00    4/1/19    3,000,000    3,181,590 
New York State Thruway Authority,                 
       Second General Highway and                 
       Bridge Trust Fund Bonds                 
       (Insured; AMBAC)    5.00    4/1/22    2,000,000    2,092,400 
New York State Thruway Authority,                 
       State Personal Income Tax                 
       Revenue (Transportation)    5.25    3/15/27    1,000,000    1,057,490 
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    2,085,460 
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    2,748,288 
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    1,900,774 
Orange County Industrial                 
       Development Agency, Life Care                 
       Community Revenue (Glenn Arden             
       Inc. Project)    5.63    1/1/18    1,000,000    946,380 
Port Authority of New York and New                 
       Jersey (Consolidated Bonds,                 
       142nd Series)    5.00    7/15/23    2,000,000    2,088,900 
Rensselaer County Industrial                 
       Development Agency, Civic                 
       Facility Revenue (Emma Willard                 
       School Project)    5.00    1/1/31    1,000,000    1,017,760 
Rensselaer County Industrial                 
       Development Agency, Civic                 
       Facility Revenue (Emma Willard                 
       School Project)    5.00    1/1/36    1,000,000    1,010,950 
Schenectady Industrial Development                 
       Agency, Civic Facility Revenue                 
       (Union College Project)    5.00    7/1/26    1,380,000    1,414,072 
Schenectady Industrial Development                 
       Agency, Civic Facility Revenue                 
       (Union College Project)    5.00    7/1/31    1,335,000    1,352,181 
Suffolk Tobacco Asset                 

       Securitization Corporation,                 
       Tobacco Settlement                 
       Asset-Backed Bonds    6.00    6/1/48    2,000,000    1,958,300 
Tobacco Settlement Financing                 
       Corporation of New York,                 
       Asset-Backed Revenue Bonds             
       (State Contingency Contract                 
       Secured)    5.50    6/1/21    3,000,000    3,165,000 
Triborough Bridge and Tunnel                 
       Authority, General Purpose                 
       Revenue    6.00    1/1/12    2,000,000    2,136,760 
Triborough Bridge and Tunnel                 
       Authority, General Revenue                 
       (MTA Bridges and Tunnels)    5.00    11/15/33    2,000,000    2,038,320 
Triborough Bridge and Tunnel                 
       Authority, Subordinate Revenue             
       (Insured; MBIA, Inc.)    5.00    11/15/32    2,000,000    2,008,140 
Westchester Tobacco Asset                 
       Securitization Corporation,                 
       Tobacco Settlement                 
       Asset-Backed Bonds    5.13    6/1/45    1,200,000    1,041,648 
U.S. Related--9.3%                 
Children's Trust Fund of Puerto                 
       Rico, Tobacco Settlement                 
       Asset-Backed Bonds    6.00    7/1/10    2,000,000 a    2,122,920 
Guam Waterworks Authority,                 
       Water and Wastewater System             
       Revenue    5.88    7/1/35    1,000,000    961,960 
Puerto Rico Aqueduct and Sewer                 
       Authority, Revenue (Senior                 
       Lien)    6.00    7/1/38    2,000,000    2,096,720 
Puerto Rico Aqueduct and Sewer                 
       Authority, Revenue (Senior                 
       Lien) (Insured; Assured                 
       Guaranty)    5.00    7/1/28    1,000,000    1,010,780 
Puerto Rico Commonwealth,                 
       Public Improvement GO    5.25    7/1/14    1,000,000    1,034,640 
Puerto Rico Commonwealth,                 
       Public Improvement GO    5.25    7/1/16    1,180,000 a    1,341,672 
Puerto Rico Electric Power                 
       Authority, Power Revenue    5.50    7/1/38    1,500,000    1,531,890 
Puerto Rico Electric Power                 
       Authority, Power Revenue                 
       (Insured; FSA)    5.63    7/1/10    2,000,000 a    2,150,420 
Puerto Rico Highways and                 
       Transportation Authority,                 
       Transportation Revenue                 
       (Insured; MBIA, Inc.)    5.75    7/1/10    1,500,000 a    1,616,190 
Puerto Rico Infrastructure                 
       Financing Authority, Special                 
       Tax Revenue    5.00    7/1/46    1,000,000    957,430 
Total Long-Term Municipal Investments             

       (cost $146,772,865)                147,962,793 
Short-Term Municipal    Coupon    Maturity    Principal     
Investments--6.1%    Rate (%)    Date    Amount ($)    Value ($) 
New York;                 
Albany Industrial Development                 
       Agency, Civic Facility Revenue                 
       (University at Albany                 
       Foundation Student Housing                 
       Corporation - Empire Commons                 
       East Project) (Insured; AMBAC                 
       and Liquidity Facility; Key                 
       Bank)    7.00    9/7/08    4,600,000 b    4,600,000 
Albany Industrial Development                 
       Agency, Civic Facility Revenue                 
       (University at Albany                 
       Foundation Student Housing                 
       Corporation - Empire Commons                 
       North Project) (Insured; AMBAC                 
       and Liquidity Facility; Key                 
       Bank)    7.00    9/7/08    700,000 b    700,000 
New York City                 
       (Liquidity Facility; Dexia                 
       Credit Locale)    2.50    9/1/08    1,000,000 b    1,000,000 
New York City                 
       (LOC; Landesbank                 
       Baden-Wurttemberg)    2.30    9/1/08    1,100,000 b    1,100,000 
New York City Municipal Water                 
       Finance Authority, Water and                 
       Sewer System Revenue                 
       (Liquidity Facility; Dexia                 
       Credit Locale)    2.30    9/1/08    1,100,000 b    1,100,000 
New York City Municipal Water                 
       Finance Authority, Water and                 
       Sewer System Second General                 
       Resolution Revenue (Liquidity                 
       Facility; Bank of Nova Scotia)    2.30    9/1/08    200,000 b    200,000 
New York City Trust for Cultural                 
       Resources, Revenue, Refunding                 
       (American Museum of Natural                 
       History) (Liquidity Facility;                 
       Bank of America)    2.50    9/1/08    1,000,000 b    1,000,000 
Total Short-Term Municipal Investments             
       (cost $9,700,000)                9,700,000 
Total Investments (cost $156,472,865)            99.0%    157,662,793 
Cash and Receivables (Net)            1.0%    1,550,906 
Net Assets            100.0%    159,213,699 

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 August 31, 2008. Maturity date represents the 
    next demand date, not the ultimate maturity date. 

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $156,472,856. Net unrealized appreciation on investments was $1,189,928 of which $3,188,942 related to appreciated investment securities and $1,999,014 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 securities. 
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, 2008 in valuing the fund's investments carried at fair value:

                                         Valuation Inputs    Investments in Securities ($)    Other Financial Instruments* ($)     
Level 1 - Quoted Prices    0        0 
Level 2 - Other Significant Observable Inputs    157,662,793        0 
Level 3 - Significant Unobservable Inputs    0        0 
Total    157,662,793        0 
*Other financial instruments include derivative instruments, such as futures, forward currency         
exchange contracts and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.     

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 Premier New York AMT-Free Municipal Bond Fund 
 
By:    /s/ J. David Officer 
    J. David Officer 
    President 
 
Date:    October 27, 2008 

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 27, 2008 
 
By:    /s/ James Windels 
    James Windels 
    Treasurer
 
Date:    October 27, 2008 

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)