<PAGE>
PRESIDENT'S LETTER
Dear Shareholder:
At the end of your Fund's semi-annual reporting period on
November 30, 1993, each share had a net asset value of $16.29,
which represents an increase of $.23 from our last reporting
period. During the six-month period, dividends of approximately
$.45 per share were paid, which can be translated into an
annualized distribution rate per share of 5.48% based on the
November 30 closing net asset value. As has been true from the
Fund's inception, all interest income paid to you has been exempt
from Federal, New York State and New York City income taxes.*
The municipal market's performance during the period was
laudable: volatility was restrained; price performance was
reasonably good; and interest rates, while generally lower than
experienced during 1992, were rewarding when viewed from an
historical perspective. Supply, as reflected in the volume of
newly issued securities, was high throughout the year. This might
have caused interest rates to move upward, but that did not
happen.
During this past year we have seen quality spreads narrow
considerably and we currently find the New York market to be
trading in a very narrow range. New York City has come to market
very successfully this year, achieving the lowest yields attained
by the City since the fiscal crisis of the early 1970s. The reins
of New York City government will change hands in January 1994 and
for the first time in many years a Republican Administration will
be in place. The important issues for the State are its ability to
maintain budgetary controls and keep business from leaving the
State. The effect of a potential national health plan and
additional taxes on many municipalities is yet to be seen. We
continue to believe that the New York market offers an attractive
return to its residents and this will be further highlighted when
the effects of the new tax program are realized.
Recent economic numbers indicate that we are at the beginning of
a recovery. We do not anticipate that this will be a robust
recovery; however, we do feel that the market may experience some
volatility during the first quarter of 1994. The yield curve has
continued to flatten and therefore we have felt it prudent to
target the 20-year range for the greater portion of our recent
investments.
The current investment climate continues to be favorable for
municipal securities and investors in these instruments. We have
your goals in mind and we will continue to act and react as
economic events occur which could have an effect on your Fund's
portfolio.
Very truly yours,
(SIGNATURE OF RICHARD J. MOYNIHAN LOGO)
Richard J. Moynihan
President
December 22, 1993
New York, N.Y.
*Some income may be subject to the Federal Alternative Minimum Tax
(AMT) for certain shareholders.
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1993 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
MUNICIPAL BONDS--95.5% AMOUNT VALUE
- ---------------------- -------------- --------------
<S> <C> <C>
NEW YORK--86.1%
- -------------------------------------------------
Allegany County Industrial Development Agency,
Solid Waste Disposal Facility Revenue (Atlantic
Richfield Co. Facility) 6.625%, 9/1/2016........ $ 3,000,000 $ 3,264,570
Battery Park City Authority, Senior Revenue
Refunding 5.25%, 11/1/2017...................... 16,650,000 15,718,599
Cohoes Industrial Development Agency, IDR
(Norlite Corp. Project)
6.75%, 5/1/2009(LOC; Dresdner Bank)(a).......... 5,000,000 5,423,200
Housing Corp., Revenue:
9%, 11/1/2017................................... 13,250,000 15,868,067
Refunding 5%, 11/1/2013......................... 6,500,000 6,049,680
Metropolitan Transportation Authority:
Service Contract:
Commuter Facilities 5.75%, 7/1/2013............ 8,825,000 8,805,497
Transit Facilities 7.125%, 7/1/2009............ 5,000,000 5,665,450
Transport Facilities 5.75%, 7/1/2015........... 13,815,000 13,630,432
Transit Facilities Revenue 7.804%,
7/1/2022(b,c).................................. 12,000,000 11,790,000
Monroe County Industrial Development Agency,
Revenue (Genesee Hospital Civic Facility)
7%, 11/1/2018................................... 6,900,000 7,618,428
Municipal Assistance Corp. for the City of New
York 7.30%, 7/1/2008............................ 6,000,000 6,874,800
Nassau County Industrial Development Agency, IDR
(Hofstra University Project) 8.25%, 7/1/2003.... 3,000,000 3,508,650
New York City:
7.875%, 8/1/2000................................ 3,000,000 3,419,640
7.50%, 2/1/2003................................. 3,500,000 4,025,175
7.50%, 2/1/2006................................. 10,000,000 11,500,500
8.25%, 6/1/2006................................. 2,750,000 3,352,882
6%, 8/1/2006.................................... 5,000,000 5,075,700
6%, 5/15/2007................................... 15,000,000 15,147,900
6.50%, 8/1/2007................................. 10,350,000 10,841,728
7.50%, 3/15/2009................................ 2,500,000 2,832,550
7%, 10/1/2009................................... 9,270,000 10,143,327
7.50%, 3/15/2010................................ 10,000,000 11,330,200
5.75%, 8/15/2010................................ 7,255,000 7,085,088
7%, 10/1/2010................................... 3,955,000 4,313,283
6.25%, 8/1/2011 (Insured; FSA).................. 8,000,000 8,540,560
7.18.%, 8/1/2011(b)............................. 18,775,000 18,012,360
5.75%, Ser.B, 8/15/2011......................... 11,870,000 11,560,074
5.75%, Ser.D, 8/15/2011......................... 5,000,000 4,869,450
6.50%, 12/1/2012................................ 7,250,000 7,474,243
7.20%, 2/1/2013................................. 30,000,000 34,062,600
7.20%, 2/1/2014................................. 10,000,000 11,304,400
7%, 6/1/2015.................................... 6,100,000 6,584,096
7%, 8/1/2016.................................... 4,200,000 4,549,146
7.50%, 2/1/2017................................. 7,000,000 8,050,350
7%, 2/1/2019.................................... 2,000,000 2,163,020
7.50%, 8/1/2021................................. 5,000,000 5,804,900
</TABLE>
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
- --------------------------- -------------- --------------
<S> <C> <C>
NEW YORK (CONTINUED)
- -------------------------------------------------
New York City Health and Hospital Corp., Revenue:
6%, 2/15/2005................................... $ 8,000,000 $ 8,162,640
8.292%, 2/15/2011(b)............................ 12,000,000 12,150,000
New York City Housing Development Corp., MFHR
5.70%, 11/1/2013................................ 5,125,000 5,156,724
New York City Municipal Water Finance Authority,
Water and Sewer Systems Revenue:
7%, 6/15/2009................................... 19,175,000 21,743,108
7%, 6/15/2015................................... 16,400,000 18,365,540
6.75%, 6/15/2017................................ 29,290,000 32,347,876
7.75%, 6/15/2020................................ 11,750,000 14,320,312
6.50%, 6/15/2021 (Insured; AMBAC)............... 30,000,000 32,266,200
6.375%, 6/15/2022............................... 3,800,000 3,963,476
Refunding 6%, 6/15/2017......................... 29,100,000 29,553,087
State of New York:
COP:
Commissioner General Services of the Executive
Department 6.90%, 3/1/1998.................... 2,030,000 2,276,503
Commissioner Office of Mental Health 8.30%,
9/1/2012...................................... 4,000,000 4,546,040
Refunding 6.125%, 11/15/2011.................... 11,630,000 12,345,361
New York State Dormitory Authority, Revenues:
(City University Systems):
8.125%, 7/1/1997............................... 2,950,000 3,424,242
7.875%, 7/1/2007............................... 5,000,000 6,052,500
8.125%, 7/1/2007............................... 10,000,000 11,477,000
6.375%, 7/1/2008............................... 5,625,000 6,048,337
7%, 7/1/2009................................... 8,500,000 9,756,725
5.60%, 7/1/2010................................ 12,000,000 11,896,320
7.50%, 7/1/2010 (Insured; FGIC)................ 5,000,000 6,222,550
5.50%, 7/1/2012................................ 21,775,000 21,139,170
5.75%, 7/1/2013................................ 10,000,000 9,977,900
10.875%, 7/1/2014.............................. 24,500,000 26,000,870
10%, 7/1/2015.................................. 5,570,000 6,262,351
Refunding 8.20%, 7/1/2012...................... 5,250,000 6,104,858
(Cornell University) 7.375%, 7/1/2030........... 11,785,000 13,623,931
Judicial Facilities Lease (Suffolk County Issue)
9.50%, 4/15/2014............................... 4,500,000 5,266,305
(New York Medical College) 6.875%, 7/1/2021
(Insured; Asset Guaranty)...................... 19,310,000 21,433,714
(Park Ridge Housing Inc. Project) 7.85%,
2/1/2029....................................... 7,720,000 8,815,005
(Rochester General Hospital) 8.75%, 2/1/2025
(Insured; FHA)................................. 4,645,000 5,066,162
(Rochester Institute of Technology) 9.375%,
7/1/2003 (Collateralized; GNMA)................ 6,010,000 6,753,617
(State University):
7.60%, 7/1/2018................................ 3,000,000 3,379,170
Educational Facilities:
7%, 5/15/2000.................................. 7,010,000 8,122,277
7.375%, 5/15/2000.............................. 10,155,000 12,015,802
7.25%, 5/15/2002............................... 16,065,000 19,228,520
5.50%, 5/15/2008............................... 12,150,000 11,939,076
</TABLE>
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
- --------------------------- -------------- --------------
<S> <C> <C>
NEW YORK (CONTINUED)
- -------------------------------------------------
New York State Dormitory Authority, Revenues
(continued):
(State University) (continued):
Educational Facilities (continued):
7.25%, 5/15/2008............................... $ 11,590,000 $ 13,625,783
5.875%, 5/15/2011.............................. 25,000,000 25,708,750
7.50%, 5/15/2011............................... 3,750,000 4,532,250
5.50%, 5/15/2013............................... 6,330,000 6,176,181
6.25%, 5/15/2017............................... 6,000,000 6,248,700
7%, 5/15/2018.................................. 9,050,000 10,485,964
7.25%, 5/15/2018............................... 2,055,000 2,459,671
Refunding:
7.375%, 5/15/2014.............................. 12,945,000 14,659,954
7%, 5/15/2016.................................. 17,240,000 19,173,638
New York State Energy Research and Development
Authority:
Electric Facilities Revenue:
(Consolidated Edison Co. Project):
7.375%, 7/1/2024............................... 7,000,000 7,814,380
7.50%, 7/1/2025................................ 8,000,000 9,112,480
6.75%, 1/15/2027............................... 8,015,000 8,633,117
(Long Island Lighting Co. Project):
7.15%, 6/1/2020................................ 15,000,000 16,248,300
6.90%, 8/1/2022................................ 11,975,000 12,770,020
Facilities Revenue (Consolidated Edison Co.
Project):
6.375%, 12/1/2027.............................. 23,715,000 25,086,913
9.087%, 3/15/2028 (b,c)........................ 16,300,000 16,829,750
Gas Facilities Revenue (Brooklyn Union Gas Co.
Project) 8.75%, 7/1/2015....................... 19,750,000 21,592,675
PCR (Orange and Rockland Utilities, Inc.
Project) 9%, 8/1/2015.......................... 2,000,000 2,200,280
New York State Environmental Facilities Corp.:
Riverbank State Park Special Obligation 7.375%,
4/1/2022....................................... 5,500,000 6,283,640
State Water Pollution Control Revolving Fund
Revenue
(New York City Municipal Water Finance
Authority Project):
6.875%, 6/15/2010.............................. 21,340,000 24,222,821
7.25%, 6/15/2010............................... 16,065,000 18,566,642
7.50%, 3/15/2011............................... 1,000,000 1,147,910
7%, 6/15/2012.................................. 21,660,000 24,754,564
7.50%, 6/15/2012............................... 20,700,000 24,083,415
6.50%, 6/15/2014............................... 16,680,000 18,520,972
New York State Housing Finance Agency, Revenue:
(Adult Care) 7.85%, 2/15/2030 (Insured; FHA).... 2,070,000 2,444,401
Insured Multi-family Mortgage:
6.95%, 8/15/2012............................... 1,300,000 1,387,893
7%, 8/15/2022.................................. 4,500,000 4,832,775
Multi-family Housing Second Mortgage 6.95%,
8/15/2024...................................... 3,000,000 3,195,540
Service Contract Obligation:
5.875%, 3/15/2011.............................. 7,945,000 8,030,012
7.375%, 9/15/2021.............................. 6,500,000 7,860,450
Refunding 5.375%, 9/15/2011.................... 7,395,000 7,138,098
</TABLE>
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
- --------------------------- -------------- --------------
<S> <C> <C>
NEW YORK (CONTINUED)
- -------------------------------------------------
New York State Local Government Assistance Corp.:
7%, 4/1/2005.................................... $ 4,300,000 $ 4,817,247
7%, 4/1/2011.................................... 2,500,000 2,822,700
6.25%, 4/1/2021................................. 14,360,000 14,946,175
Refunding:
5.625%, 4/1/2013............................... 10,970,000 10,924,145
5%, 4/1/2021................................... 7,000,000 6,405,980
New York State Medical Care Facilities Finance
Agency, Revenue:
Hospital and Nursing Home Insured Mortgage:
6.45%, 2/15/2009 (Insured; FHA)................ 6,790,000 7,436,272
6.35%, 2/15/2012 (Insured; FHA)................ 15,000,000 16,435,050
6.85%, 2/15/2012 (Insured; FHA)................ 6,000,000 6,706,980
6.25%, 8/15/2012 (Insured; FHA)................ 5,425,000 5,772,037
6.30%, 8/15/2023 (Insured; FHA)................ 6,500,000 6,907,680
7.45%, 8/15/2031 (Insured; FHA)................ 4,250,000 4,952,015
6.875%, 2/15/2032 (Insured; FHA)............... 5,000,000 5,491,750
Hospital and Nursing Home Mortgage (St.
Vincent's Hospital)
8%, 2/15/2027 (Insured; FHA)................... 2,500,000 2,823,225
Insured Hospital Mortgage:
9.50%, 1/15/2024 (Insured; FHA)................ 3,190,000 3,299,608
10.125%, 1/15/2024 (Insured; FHA).............. 5,000,000 5,152,600
(Catholic Medical Center) 8.30%, 2/15/2022
(Insured; FHA)................................ 14,000,000 15,832,180
(Good Samaritan Hospital) 8%, 11/1/2013........ 1,500,000 1,684,140
(Hospital and Nursing Home Project) 10%,
11/1/2006..................................... 5,035,000 5,314,140
(Kingston Hospital) 8.875%, 11/15/2017......... 7,160,000 7,952,612
(Mount Sinai Hospital Project) 8.875%,
1/15/2026 (Insured; FHA)...................... 26,500,000 29,947,385
Insured Long Term Health Care 6.45%, 11/1/2010
(Insured; FHA)................................. 11,660,000 12,889,430
Mental Health Services 5.375%, 8/15/2013........ 10,000,000 9,328,900
Mental Health Services Facilities Improvement
6.50%, 2/15/2019............................... 7,500,000 8,012,400
Mortgage:
(Saint Luke's Hospital) 7.45%, 2/15/2029
(Insured; FHA)................................ 10,000,000 11,831,900
(Saint Luke's--Roosevelt Hospital Center)
5.60%, 8/15/2013 (Insured; FHA)................ 13,690,000 13,559,671
New York State Mortgage Agency, Revenue Mortgage:
Homeowner:
7.375%, 10/1/2011.............................. 13,470,000 14,544,771
5.50%, 4/1/2019................................ 5,000,000 4,979,250
6.45%, 10/1/2020............................... 19,770,000 20,538,262
6.65%, 4/1/2022................................ 10,000,000 10,455,000
Homeownership:
8.05%, 4/1/2016................................ 1,535,000 1,660,118
7.50%, 10/1/2017............................... 7,500,000 8,121,525
7.85%, 4/1/2022................................ 5,000,000 5,404,750
</TABLE>
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
- --------------------------- -------------- --------------
<S> <C> <C>
NEW YORK (CONTINUED)
- -------------------------------------------------
New York State Power Authority, General Purpose:
6.625%, 1/1/2012................................ $ 5,690,000 $ 6,290,523
5.25%, 1/1/2018................................. 25,730,000 24,908,956
6.75%, 1/1/2018................................. 11,270,000 12,578,447
6.50%, 1/1/2019................................. 15,500,000 16,832,225
New York State Township Authority, Service
Contract Revenue
(Local Highway and Bridge):
7.25%, 1/1/2010................................ 13,000,000 14,659,580
6%, 4/1/2010................................... 5,980,000 6,118,437
New York State Urban Development Corp., Revenue:
7.50%, 4/1/2020................................. 11,645,000 13,303,015
(Cornell Center Project) 6%, 1/1/2014........... 4,500,000 4,554,450
(Correctional Facilities):
5.625%, 1/1/2007............................... 12,100,000 12,183,974
5.75%, 1/1/2013................................ 23,830,000 23,589,317
Niagara Falls Bridge Commission, Toll Bridge
System Revenue:
5.25%, 10/1/2015................................ 4,200,000 4,205,082
5.25%, 10/1/2021................................ 3,500,000 3,444,350
Onondaga County Industrial Development Agency,
IDR (Weyerhaeuser Project)
9%, 10/1/2007................................... 1,000,000 1,336,170
Port Authority of New York and New Jersey:
(Consolidated Bond 53rd Series) 8.70%,
7/15/2020...................................... 15,500,000 17,064,725
(Consolidated Bond 76th Series) 6.50%,
11/1/2026...................................... 20,005,000 21,551,186
Triborough Bridge and Tunnel Authority:
(Convention Center Project) 7.25%, 1/1/2010..... 17,500,000 20,394,325
Revenues:
7.375%, 1/1/2016................................ 8,280,000 9,706,561
7%, 1/1/2020.................................... 13,550,000 15,755,804
General Purpose:
6%, 1/1/2012................................... 7,400,000 7,899,204
5%, 1/1/2014................................... 10,750,000 10,340,855
6%, 1/1/2014................................... 6,375,000 6,551,141
6.50%, 1/1/2015................................ 13,525,000 15,086,596
5.50%, 1/1/2017................................ 67,475,000 67,296,191
6.50%, 1/1/2019................................ 18,545,000 19,782,508
6.125%, 1/1/2021............................... 15,060,000 16,264,951
Special Obligation Refunding 7.10%, 1/1/2010.... 8,000,000 9,150,880
</TABLE>
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
MUNICIPAL BONDS (CONTINUED) AMOUNT VALUE
- --------------------------- -------------- --------------
<S> <C> <C>
U.S. RELATED--9.4%
Commonwealth of Puerto Rico,
Public Improvement:
7.70%, 7/1/2008................................. $ 3,000,000 $ 3,556,320
5.85%, 7/1/2011................................. 6,980,000 7,191,075
5.50%, 7/1/2013................................. 15,490,000 15,129,238
7.75%, 7/1/2017................................. 4,850,000 5,761,364
6.80%, 7/1/2021................................. 23,140,000 26,919,225
Guam Airport Authority, Revenue:
6.60%, 10/1/2010................................ 4,000,000 4,301,680
6.70%, 10/1/2023................................ 12,200,000 13,115,122
Puerto Rico Aqueduct and Sewer Authority, Revenue
10.25%, 7/1/2009................................ 13,750,000 20,245,500
Puerto Rico Electric Power Authority, Refunding:
6.10%, 7/1/2003................................. 5,000,000 5,395,400
8.375%, 7/1/2007................................ 4,950,000 5,689,332
8.40%, 7/1/2015................................. 6,700,000 7,706,206
Puerto Rico Highway and Transportation Authority,
Highway Revenue Refunding 7.362%, 7/1/2005(b)... 8,950,000 9,095,438
Puerto Rico Highway Authority, Highway Revenue
8.125%, 7/1/2013................................ 6,750,000 7,962,098
Puerto Rico Housing Finance Corp.:
MFMR:
7.50%, 10/1/2015 (LOC; Government Development
Bank Puerto Rico)(a)........................... 6,515,000 7,018,544
7.50%, 4/1/2022 (LOC; Government Development
Bank Puerto Rico)(a)........................... 5,260,000 5,660,970
SFMR 10.255%, 8/4/2025(b)....................... 3,000,000 3,292,500
Puerto Rico Public Building Authority, Refunding
Public Education and Health Facilities 5.75%,
7/1/2010....................................... 35,355,000 36,589,597
Virgin Islands Public Finance Authority, Revenue
Refunding Matching Fund Loan Note 7.25%,
10/1/2018....................................... 10,900,000 12,224,023
--------------
TOTAL MUNICIPAL BONDS
(cost $1,819,160,770)........................... $1,993,944,736
==============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SHORT-TERM MUNICIPAL INVESTMENTS--4.5%
<CAPTION>
<S> <C> <C>
NEW YORK--4.1%
New York City, VRDN:
2.25% (LOC; Union Bank of Switzerland)(a,d)..... $ 2,300,000 $ 2,300,000
2.30% (Insured; FGIC)(d)........................ 2,500,000 2,500,000
1.90% (Insured; FGIC)(d)........................ 6,000,000 6,000,000
2% (SBPA; Citibank)(d).......................... 3,100,000 3,100,000
2% (SBPA; Citibank)(d).......................... 13,500,000 13,500,000
2.10% (LOC; Morgan Guaranty Trust Co.)(a,d)..... 2,000,000 2,000,000
2.15% (LOC; Sanwa Bank Ltd.)(a,d)............... 1,200,000 1,200,000
New York City Health and Hospital Corp., Revenue
Adjustable Rate Receipt Notes 2.54% (Insured;
AMBAC)(e)....................................... 11,000,000 11,000,000
New York City Housing Development Corp., Special
Obligation Revenue VRDN (East 96th Street
Project) 2.20% (Insured; FGIC, LOC; Mitsubishi
Bank)(a,d)...................................... 9,500,000 9,500,000
New York City Municipal Water Finance Authority,
Water and Sewer System Revenue, VRDN 1.85%
(Insured; FGIC)(d).............................. 3,400,000 3,400,000
</TABLE>
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
- -------------------------------------------- -------------- --------------
<S> <C> <C>
NEW YORK (CONTINUED)
New York State Energy Research and Development
Authority, PCR VRDN:
(Niagara Mohawk Power Corp.):
2.45% (LOC; Toronto Dominion Bank)(a,d)........ $ 6,800,000 $ 6,800,000
2.30% (LOC; Westpac Banking Corp.)(a,d)........ 6,000,000 6,000,000
2.30% (LOC; Canadian Imperial Bank)(a,d)....... 6,200,000 6,200,000
(Niagara Power Corp. Project) 2.20% (LOC; Morgan
Guaranty Trust Co.)(a,d)....................... 3,000,000 3,000,000
New York State Housing Finance Agency, Revenue
VRDN
(Normadine Court II) 2.30% (LOC; Bankers Trust
Co.)(a,d)...................................... 6,500,000 6,500,000
New York State Job Development Authority 1.90%
(LOC; Sumitomo Bank Ltd.)(a,d).................. 2,000,000 2,000,000
U.S. RELATED--.4%
Puerto Rico Electric Power Authority, Revenue
Adjustable Rate Receipt Notes
2.45% (Insured FSA)(e).......................... 8,300,000 8,300,000
--------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $93,300,000).............................. $ 93,300,000
==============
TOTAL INVESTMENTS--100.0%
(cost $1,912,460,770)........................... $2,087,244,736
==============
</TABLE>
SUMMARY OF ABBREVIATIONS
<TABLE>
<C> <C> <C> <S>
AMBAC American Municipal Bond Assurance
Corporation LOC Letter of Credit
MFHR Multi-Family Housing
COP Certificate of Participation Revenue
MFMR Multi-Family Mortgage
FGIC Financial Guaranty Insurance Corporation Revenue
PCR Pollution Control
FHA Federal Housing Administration Revenue
SBPA Standby Bond Purchase
FSA Financial Security Assurance Agreement
SFMR Single Family Mortgage
GNMA Government National Mortgage Association Revenue
VRDN Variable Rate Demand
IDR Industrial Development Revenue Notes
</TABLE>
SUMMARY OF COMBINED RATINGS
<TABLE>
<CAPTION>
FITCH (F) MOODY'S STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- OR ------- OR ----------------- -------------------
<S> <C> <C> <C> <C> <C>
AAA Aaa AAA 12.0%
AA Aa AA 32.1
A A A 30.2
BBB Baa BBB 21.0
F1 MIG1 SP1 2.0
F1 P1 A1 1.1
Not Rated Not Rated Not Rated 1.6
-----
100.0%
=====
</TABLE>
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit.
(b) Inverse floater security--the interest rate is subject to change at
next reset date.
(c) Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At November
30, 1993, these securities amounted to $28,619,750 or 1.4% of net
assets.
(d) The interest rate, which is subject to change, is based upon bank
prime rates or an index of market interest rates.
(e) Inverse floater security--the interest rate is subject to change at
next auction date.
(f) Fitch currently provides creditworthiness information for a limited
amount of investments.
See independent accountants' review report and notes to financial
statements.
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1993 (UNAUDITED)
<TABLE>
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $1,912,460,770)--see statement.............. $2,087,244,736
Cash.............................................. 9,038,920
Interest receivable............................... 40,768,907
Receivable for investment securities sold......... 6,212,459
Prepaid expenses.................................. 116,512
--------------
2,143,381,534
LIABILITIES:
Due to The Dreyfus Corporation.................... $ 1,104,919
Payable for investment securities purchased....... 21,975,426
Payable for Common Stock redeemed................. 13,455,458
Accrued expenses.................................. 196,736 36,732,539
------------ --------------
NET ASSETS......................................... $2,106,648,995
==============
REPRESENTED BY:
Paid-in capital................................... $1,874,341,627
Accumulated undistributed net realized gain on
investments...................................... 57,523,402
Accumulated net unrealized appreciation on
investments--Note 3.............................. 174,783,966
--------------
NET ASSETS at value applicable to 129,308,824
outstanding shares of
Common Stock, equivalent to $16.29 per share (300
million shares of
$.01 par value authorized)........................ $2,106,648,995
==============
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1993 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME................................... $ 65,767,910
EXPENSES:
Management fee--Note 2(a)......................... $ 6,417,408
Shareholder servicing costs--Note 2(b)............ 906,104
Professional fees................................. 70,594
Custodian fees.................................... 69,499
Prospectus and shareholders' reports.............. 18,902
Directors' fees and expenses--Note 2(c)........... 15,328
Registration fees................................. 11,582
Miscellaneous..................................... 45,096
------------
TOTAL EXPENSES................................... 7,554,513
--------------
INVESTMENT INCOME--NET........................... 58,213,397
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments--Note 3.......... $ 24,910,841
Net unrealized appreciation on investments........ 6,347,498
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.. 31,258,339
--------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS........................................ $ 89,471,736
==============
</TABLE>
See independent accountants' review report and notes to financial
statements.
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED NOVEMBER 30, 1993
MAY 31, 1993 (UNAUDITED)
-------------- -----------------
<S> <C> <C>
OPERATIONS:
Investment income--net...................... $ 120,365,011 $ 58,213,397
Net realized gain on investments............ 73,289,223 24,910,841
Net unrealized appreciation on investments
for the period............................. 47,728,817 6,347,498
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS................................. 241,383,051 89,471,736
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net...................... (120,073,025) (59,171,570)
Net realized gain on investments............ (28,272,823) --
-------------- --------------
TOTAL DIVIDENDS............................. (148,345,848) (59,171,570)
-------------- --------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold............... 945,524,694 420,647,368
Dividends reinvested........................ 110,444,189 43,373,591
Cost of shares redeemed..................... (948,741,406) (485,925,289)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS................. 107,227,477 (21,904,330)
-------------- --------------
TOTAL INCREASE IN NET ASSETS............... 200,264,680 8,395,836
NET ASSETS:
Beginning of period......................... 1,897,988,479 2,098,253,159
-------------- --------------
End of period (including undistributed
investment
income--net; $958,173 at May 31, 1993)..... $2,098,253,159 $2,106,648,995
============== ==============
SHARES SHARES
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold................................. 60,164,762 25,689,825
Shares issued for dividends reinvested...... 7,045,202 2,645,116
Shares redeemed............................. (60,179,400) (29,646,052)
-------------- --------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING................................ 7,030,564 (1,311,111)
============== ==============
</TABLE>
See independent accountants' review report and notes to financial
statements.
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from information provided in the Fund's
financial statements.
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED MAY 31, NOVEMBER 30, 1993
---------------------------------------------------------- (UNAUDITED)
PER SHARE DATA: -----------------
1989 1990 1991 1992 1993
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period... $14.41 $14.92 $14.65 $14.89 $15.36 $16.06
---------- ---------- ---------- ---------- ---------- ----------
INVESTMENT OPERATIONS:
Investment income--net. 1.08 1.06 1.04 1.01 .95 .45
Net realized and
unrealized gain (loss)
on investments........ .51 (.27) .24 .47 .92 .23
---------- ---------- ---------- ---------- ---------- ----------
TOTAL FROM INVESTMENT
OPERATIONS............ 1.59 .79 1.28 1.48 1.87 .68
---------- ---------- ---------- ---------- ---------- ----------
DISTRIBUTIONS:
Dividends from
investment income--
net................... (1.08) (1.06) (1.04) (1.01) (.95) (.45)
Dividends from net
realized gain on
investments........... -- -- -- -- (.22) --
---------- ---------- ---------- ---------- ---------- ----------
TOTAL DISTRIBUTIONS.... (1.08) (1.06) (1.04) (1.01) (1.17) (.45)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of
period................ $14.92 $14.65 $14.89 $15.36 $16.06 $16.29
========== ========== ========== ========== ========== ==========
TOTAL INVESTMENT RETURN 11.39% 5.43% 9.06% 10.23% 12.63% 8.54%(1)
RATIOS/SUPPLEMENTAL
DATA:
Ratio of expenses to
average net assets.... .69% .70% .70% .69% .70% .71%(1)
Ratio of net investment
income to average net
assets................ 7.34% 7.12% 7.08% 6.69% 6.03% 5.44%(1)
Portfolio Turnover
Rate.................. 37.83% 31.22% 26.19% 40.05% 51.20% 18.01%(2)
Net Assets, end of
period (000's
Omitted).............. $1,643,808 $1,681,206 $1,752,334 $1,897,988 $2,098,253 $2,106,649
</TABLE>
- -------
(1) Annualized.
(2) Not annualized.
See independent accountants' review report and notes to financial
statements.
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Dreyfus
Service Corporation ("Distributor") acts as the exclusive distributor of
the Fund's shares, which are sold to the public without a sales charge.
The Distributor is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager").
(A) PORTFOLIO VALUATION: The Fund's investments are valued each
business day by an independent pricing service ("Service") approved by
the Board of Directors. Investments for which quoted bid prices in the
judgment of the Service are readily available and are representative of
the bid side of the market 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.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss
from securities transactions are recorded on the identified cost basis.
Interest income, adjusted for amortization of premiums and, when
appropriate, discounts on investments, is earned from settlement date and
recognized on the accrual basis. Securities purchased or sold on a when-
issued or delayed-delivery basis may be settled a month or more after the
trade date.
The Fund follows an investment policy of investing primarily in
municipal obligations of one state. Economic changes affecting the state
and certain of its public bodies and municipalities may affect the
ability of issuers within the state to pay interest on, or repay
principal of, municipal obligations held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid
monthly. Dividends from net realized capital gain are normally declared
and paid annually, but the Fund may make distributions on a more frequent
basis to comply with the distribution requirements of the Internal
Revenue Code. To the extent that net realized capital gain can be offset
by capital loss carryovers, if any, it is the policy of the Fund not to
distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of income and net realized
capital gain sufficient to relieve it from all, or substantially all,
Federal income taxes.
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .60 of 1% of the
average daily value of the Fund's net assets and is payable monthly. The
Agreement provides for an expense reimbursement from the Manager should
the Fund's aggregate expenses, exclusive of taxes, interest on
borrowings, brokerage commissions and extraordinary expenses, exceed 1
1/2% of the average value of the Fund's net assets for any full fiscal
year. There was no expense reimbursement for the six months ended
November 30, 1993.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund
reimburses the Distributor an amount not to exceed an annual rate of .25
of 1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and
services related to the maintenance of shareholder accounts. During the
six months ended November 30, 1993 the Fund was charged an aggregate of
$396,490 pursuant to the Shareholder Services Plan.
(C) Certain officers and directors of the Fund are "affiliated
persons," as defined in the Act, of the Manager and/or the Distributor.
Each director who is not an "affiliated person" receives an annual fee of
$4,500 and an attendance fee of $500 per meeting.
(D) On December 5, 1993, the Manager entered into an Agreement and Plan
of Merger providing for the merger of the Manager with a subsidiary of
Mellon Bank Corporation ("Mellon").
Upon closing of the merger, it is planned that the Manager will retain
its New York headquarters and will be a separate subsidiary within the
Mellon organization. It is expected that the Manager's management team
and mutual fund managers will remain in place, and the Dreyfus mutual
funds will be operated in the same manner as they are currently.
Following the merger, the Manager will be either a direct or indirect
subsidiary of Mellon, whose principal banking subsidiary is Mellon Bank,
N.A. Closing of this merger is subject to a number of contingencies,
including the receipt of certain regulatory approvals and the approvals
of the stockholders of the Manager and of Mellon. The merger is expected
to occur in mid-1994, but could occur significantly later.
Because the merger will constitute an "assignment" of the Fund's
Management Agreement with the Manager under the Investment Company Act of
1940, and thus a termination of such Agreement, the Manager will seek
prior approval from the Fund's Board and shareholders.
NOTE 3--SECURITIES TRANSACTIONS:
Purchases and sales of securities amounted to $866,199,965 and
$887,781,609, respectively, for the six months ended November 30, 1993,
and consisted entirely of municipal bonds and short-term municipal
investments.
At November 30, 1993, accumulated net unrealized appreciation on
investments was $174,783,966, consisting of $177,439,079 gross unrealized
appreciation and $2,655,113 gross unrealized depreciation.
At November 30, 1993, 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).
<PAGE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
We have reviewed the accompanying statement of assets and liabilities
of Dreyfus New York Tax Exempt Bond Fund, Inc., including the statement
of investments, as of November 30, 1993, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended November 30, 1993. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical
procedures to financial data, and making inquiries of persons responsible
for financial and accounting matters. It is substantially less in scope
than an audit conducted in accordance with generally accepted auditing
standards, which will be performed for the full year with the objective
of expressing an opinion regarding the financial statements and financial
highlights taken as a whole. Accordingly, we do not express such an
opinion.
Based on our review, we are not aware of any material modifications
that should be made to the interim financial statements and financial
highlights referred to above for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year
ended May 31, 1993 and financial highlights for each of the five years in
the period ended May 31, 1993 and in our report dated July 12, 1993, we
expressed an unqualified opinion on such statement of changes in net
assets and financial highlights.
(SIGNATURE OF ERNST & YOUNG)
New York, New York
January 6, 1994
<PAGE>
(DREYFUS LION LOGO)
DREYFUS NEW YORK
TAX EXEMPT BOND FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 980SA9311
(DREYFUS LION LOGO)
New York
Tax Exempt
Bond Fund, Inc.
Semi-Annual
Report
November 30, 1993
