LETTER TO SHAREHOLDERS
Dear Shareholder:
When your Fund ended its semi-annual period on November 30, 1994, the
Fund closed with a net asset value of $13.92, a decrease of $1.14 from the
net asset value reported in our annual letter on May 31, 1994. During the
past six months, income dividends of approximately $.43 per share were paid,
which translates into an annualized distribution rate per share of 6.14%,
based on the November 30, 1994 closing price. All interest income paid to you
over the period was exempt from Federal, New York State and New York City
income taxes.*
During 1994, the bond markets have been affected by a strengthening
economy, fears of rising inflation and a weakening U.S. dollar. As a result
of these influences, interest rates have risen much faster this year than
most economists had anticipated. Prices of municipal bonds reached their low
points early in the second quarter, staged a modest rebound this summer, and
began sliding again through early December. In recent weeks, the market has
stabilized and rates have trended downward.
The Federal Reserve Board has tightened the Federal Funds rate six times
this year (for a 250 basis point increase overall). As of yet, we have not
seen the effect of the tightening, and the economic data continues to reflect
a growing economy. We do not believe that the Fed is finished, and we
anticipate further action during the first quarter of 1995. Along with
inflation concerns, the potential inability of the Administration to function
in the new congressional environment could make investors, both foreign and
domestic, very wary.
We continue to be very cautious in our investment strategy. It had been
anticipated that the Fed's tightening policy would have translated into more
favorable economic news for the markets by this time. It still is unclear how
much further the Fed may go before the effects of its rate increases are
felt. The municipal market does have several positive factors working to its
advantage (i.e., adequate retail demand for tax exempt securities, combined
with a sharp reduction in the supply of new issuance this year), and while we
view the municipal market more favorably today than we have in months, we are
wary of the strong influence exerted on it by the price volatility of taxable
securities. The New York market, like the market nationally, has seen a reduct
ion in issuance throughout 1994. Within the coming year, the State will be
addressing many new changes resulting from the election of a Republican
governor and, at present, it is unclear how campaign promises of lower taxes
will be implemented.
After enjoying a number of years of strong market performance, it is
unsettling, to say the least, to be faced with such an uncertain environment.
Most of the year has been a series of trading cycles with the market
stabilizing, moving up, and then falling back to cheaper levels. We attempted
to use this to our advantage by selling selectively during those periods of
strength.
There are two fundamental requirements for investing in a municipal bond
fund such as this one: a desire for tax exempt income and a long-term time
horizon. While the financial press focuses our attention on short-term market
swings, investors in this Fund need to maintain a longer perspective because
focusing too intently on short-term results can be detrimental. We trust that
our management of your Fund continues to meet your financial objectives.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 23, 1994
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS--93.5% AMOUNT VALUE
---------------- ----------------
<S> <C> <C>
NEW YORK--83.8%
Allegany County Industrial Development Agency, Solid Waste Disposal Facility Revenue
(Atlantic Richfield Co. Facility) 6.625%, 9/1/2016...................... $ 3,000,000 $ 2,814,510
Battery Park City Authority, Senior Revenue Refunding 5.25%, 11/1/2017...... 16,650,000 12,984,502
Cohoes Industrial Development Agency, IDR (Norlite Corp. Project)
6.75%, 5/1/2009(LOC; Dresdner Bank) (a)................................. 5,000,000 4,900,550
Housing Corp., Revenue Refunding 5%, 11/1/2013.............................. 6,500,000 4,892,290
Metropolitan Transportation Authority:
Service Contract, Transit Facilities 7.125%, 7/1/2009................... 5,000,000 4,997,300
Transit Facilities Revenue 5.50%, 7/1/2022.............................. 24,000,000 19,258,800
Monroe County Industrial Development Agency, Revenue (Genesee Hospital Civic
Facility)
7%, 11/1/2018........................................................... 6,900,000 6,750,684
Municipal Assistance Corp. for the City of New York 7.30%, 7/1/2008......... 6,000,000 6,355,080
Nassau County Industrial Development Agency, IDR
(Hofstra University Project) 8.25%, 7/1/2003............................ 3,000,000 3,279,240
New York City:
7.875%, 8/1/2000........................................................ 3,000,000 3,227,850
6.25%, 8/1/2002 (Insured: FSA).......................................... 3,950,000 4,066,880
7.50%, 2/1/2003......................................................... 3,500,000 3,653,160
7.50%, 2/1/2006......................................................... 10,000,000 10,373,800
8.25%, 6/1/2006......................................................... 2,750,000 3,016,200
6.50%, 8/1/2007......................................................... 8,350,000 7,908,118
7.50%, 3/15/2009........................................................ 2,500,000 2,540,150
7.50%, 3/15/2010........................................................ 10,000,000 10,154,900
6.25%, 8/1/2010......................................................... 10,000,000 9,010,800
7%, 10/1/2010........................................................... 3,955,000 3,917,190
5.87%, 8/1/2011 (b)..................................................... 18,775,000 13,896,692
5.75%, 8/15/2011........................................................ 11,870,000 9,997,745
7.20%, 2/1/2013......................................................... 30,000,000 29,935,500
6.85%, 10/1/2013........................................................ 5,000,000 4,624,650
7.20%, 2/1/2014......................................................... 10,000,000 9,916,500
7.50%, 2/1/2017......................................................... 7,000,000 7,086,660
7.50%, 8/1/2021......................................................... 5,000,000 5,040,150
New York City Health and Hospital Corp., Revenue:
6%, 2/15/2005........................................................... 8,000,000 7,424,720
5.536%, 2/15/2011....................................................... 24,000,000 20,419,200
6.30%, 2/15/2020........................................................ 9,075,000 7,931,459
New York City Housing Development Corp., MFHR 5.70%, 11/1/2013.............. 5,125,000 4,544,491
New York City Industrial Development Agency, Special Facility Revenue
(Terminal One Group Assoc., L.P. Project) 6.125%, 1/1/2024.............. 48,325,000 40,502,149
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue:
6.50%, 6/15/1997 (Insured; AMBAC)....................................... 3,800,000 3,970,734
7%, 6/15/2001........................................................... 8,095,000 8,654,769
7%, 6/15/2009........................................................... 19,175,000 19,307,691
6.75%, 6/15/2017........................................................ 19,290,000 18,287,113
5.50%, 6/15/2020........................................................ 4,370,000 3,427,304
6.50%, 6/15/2021 (Insured; AMBAC)....................................... 26,200,000 24,779,174
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
NEW YORK (CONTINUED)
New York City Municipal Water Finance Authority,
Water and Sewer Systems Revenue (continued):
6.375%, 6/15/2022..................................................... $ 9,370,000 $ 8,347,077
Refunding 6%, 6/15/2017............................................... 38,000,000 32,799,700
State of New York:
5.50%, 3/1/2010......................................................... 5,265,000 4,548,907
6.125%, 6/15/2014....................................................... 20,965,000 19,005,821
COP:
Commissioner General Services of the Executive Department 6.90%, 3/1/1998 2,030,000 2,151,861
Commissioner Office of Mental Health 8.30%, 9/1/2012.................. 4,000,000 4,195,680
Refunding 6.125%, 11/15/2011............................................ 3,130,000 2,896,940
New York State Dormitory Authority, Revenues:
(City University Systems):
8.125%, 7/1/1997...................................................... 2,950,000 3,218,244
7.875%, 7/1/2007...................................................... 5,000,000 5,576,550
8.125%, 7/1/2007...................................................... 10,000,000 10,469,600
6.375%, 7/1/2008...................................................... 5,625,000 5,291,381
7%, 7/1/2009.......................................................... 8,500,000 8,415,170
5.60%, 7/1/2010....................................................... 12,000,000 10,257,960
7.50%, 7/1/2010 (Insured; FGIC)....................................... 5,000,000 5,397,950
5.50%, 7/1/2012....................................................... 28,625,000 23,762,471
5.75%, 7/1/2013....................................................... 10,000,000 8,445,000
5%, 7/1/2020.......................................................... 20,000,000 14,433,600
Refunding:
5.75%, 7/1/2012................................................... 2,500,000 2,126,000
8.20%, 7/1/2012................................................... 5,250,000 5,743,132
(Cornell University) 7.375%, 7/1/2030................................... 11,785,000 12,166,363
Court Facilities Lease:
5.50%, 5/15/2010...................................................... 15,000,000 12,681,450
5.625%, 5/15/2013..................................................... 3,500,000 2,929,185
5.50%, 5/15/2023...................................................... 13,170,000 10,177,513
Department Health, Refunding 5.50%, 7/1/2014............................ 10,000,000 8,085,600
Judicial Facilities Lease (Suffolk County Issue) 9.50%, 4/15/2014....... 4,500,000 5,251,005
(New York Medical College) 6.875%, 7/1/2021 (Insured; Asset Guaranty)... 19,310,000 18,769,706
(Park Ridge Housing Inc. Project) 7.85%, 2/1/2029....................... 7,720,000 8,129,700
(Rochester General Hospital) 8.75%, 8/1/2025
(Insured; FHA, Prerefunded 8/1/1995) (c).............................. 4,645,000 4,878,690
(Rochester Institute of Technology) 9.375%, 7/1/2003 (Collateralized; GNMA) 5,620,000 5,947,702
(State University):
7.60%, 7/1/2018....................................................... 3,000,000 3,040,980
Educational Facilities:
7.25%, 5/15/2002.................................................. 16,065,000 17,535,429
5.50%, 5/15/2008.................................................. 12,150,000 10,444,383
7.25%, 5/15/2008.................................................. 11,590,000 12,575,614
5.875%, 5/15/2011................................................. 15,000,000 13,140,000
7.50%, 5/15/2011.................................................. 3,750,000 3,879,262
6.25%, 5/15/2014.................................................. 8,000,000 7,195,200
6.375%, 5/15/2014................................................. 7,110,000 6,486,880
7.375%, 5/15/2014 (Prerefunded 5/15/2000) (c)..................... 10,155,000 11,072,403
7%, 5/15/2018..................................................... 9,050,000 9,710,469
7%, 5/15/2018 (Prerefunded 5/15/2000) (c)......................... 7,010,000 7,521,590
6.25%, 5/15/2020.................................................. 8,000,000 7,051,040
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
NEW YORK (CONTINUED)
New York State Dormitory Authority, Revenues (continued):
(State University) (continued):
Educational Facilities (continued):
5.75%, 5/15/2024.................................................. $ 12,000,000 $ 9,698,760
Refunding 7.375%, 5/15/2014....................................... 12,945,000 13,058,398
New York State Energy Research and Development Authority:
Electric Facilities Revenue (Consolidated Edison Co. Project):
7.375%, 7/1/2024...................................................... 7,000,000 6,995,100
6.75%, 1/15/2027...................................................... 8,015,000 7,360,014
Facilities Revenue (Consolidated Edison Co. Project):
6.375%, 12/1/2027..................................................... 23,715,000 20,676,634
8.297%, 3/15/2028 (b,d)............................................... 16,300,000 9,922,625
Gas Facilities Revenue (Brooklyn Union Gas Co. Project) 8.75%, 7/1/2015. 19,750,000 20,552,443
New York State Environmental Facilities Corp.:
PCR 6.50%, 6/15/2014.................................................... 5,000,000 4,771,450
State Water Pollution Control Revolving Fund Revenue
(New York City Municipal Water Finance Authority Project):
6.875%, 6/15/2010................................................. 21,340,000 21,634,279
7.25%, 6/15/2010.................................................. 16,065,000 16,727,199
7%, 6/15/2012..................................................... 21,660,000 22,132,838
7.50%, 6/15/2012.................................................. 8,200,000 8,612,706
New York State Housing Finance Agency, Revenue:
(Adult Care) 7.85%, 2/15/2030 (Insured; FHA)............................ 2,050,000 2,207,358
Insured Multi-Family Mortgage:
6.95%, 8/15/2012...................................................... 1,300,000 1,288,066
7%, 8/15/2022......................................................... 4,495,000 4,360,824
Multi-Family Housing Second Mortgage 6.95%, 8/15/2024................... 2,970,000 2,840,597
Service Contract Obligation:
5.875%, 3/15/2011..................................................... 7,945,000 6,888,871
5.875%, 9/15/2014..................................................... 8,890,000 7,598,105
5.50%, 9/15/2022...................................................... 4,000,000 3,085,800
Refunding 5.375%, 9/15/2011........................................... 7,395,000 6,041,419
New York State Local Government Assistance Corp.:
7%, 4/1/2005.......................................................... 4,300,000 4,464,131
6%, 4/1/2018.......................................................... 33,030,000 28,947,162
5%, 4/1/2023.......................................................... 20,325,000 14,949,444
Refunding 6%, 4/1/2014................................................ 5,125,000 4,565,965
New York State Medical Care Facilities Finance Agency, Revenue:
Hospital and Nursing Home Insured Mortgage:
6.45%, 2/15/2009 (Insured; FHA)....................................... 6,615,000 6,381,954
6.85%, 2/15/2012 (Insured; FHA)....................................... 6,000,000 6,023,460
7.45%, 8/15/2031 (Insured; FHA)....................................... 4,250,000 4,325,395
6.875%, 2/15/2032 (Insured; FHA)...................................... 5,000,000 4,802,250
Hospital and Nursing Home Mortgage (Saint Vincent's Hospital)
8%, 2/15/2027 (Insured; FHA).......................................... 2,500,000 2,711,950
Insured Hospital Mortgage:
10.125%, 1/15/2024 (Insured; FHA)..................................... 5,000,000 5,122,050
(Catholic Medical Center) 8.30%, 2/15/2022 (Insured; FHA)............. 14,000,000 15,450,400
(Hospital and Nursing Home Project) 10%, 11/1/2006.................... 4,585,000 4,834,286
(Kingston Hospital) 8.875%, 11/15/2017................................ 7,160,000 7,533,394
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
NEW YORK (CONTINUED)
New York State Medical Care Facilities Finance Agency, Revenue (continued):
Insured Long Term Health Care 6.45%, 11/1/2010 (Insured; FHA)........... $ 11,660,000 $ 11,443,357
Mental Health Services 5.375%, 8/15/2013................................ 10,000,000 7,880,000
Mental Health Services Facilities Improvement:
5.375%, 2/15/2014..................................................... 16,000,000 12,607,680
5.25%, 2/15/2019...................................................... 6,990,000 5,176,864
Mortgage (Saint Lukes Hospital)
7.45%, 2/15/2029 (Insured; FHA, Prerefunded 2/15/2000) (c)............ 10,000,000 10,912,800
New York State Mortgage Agency, Revenue Mortgage:
Homeowner:
7.375%, 10/1/2011..................................................... 13,260,000 13,356,268
6%, 10/1/2017......................................................... 8,945,000 7,776,425
5.50%, 4/1/2019....................................................... 5,000,000 4,364,950
6.45%, 10/1/2020...................................................... 18,950,000 18,167,744
6.65%, 4/1/2022 (Insured; FHA)........................................ 10,000,000 9,334,000
Homeownership:
7.50%, 10/1/2017...................................................... 7,500,000 7,582,500
7.85%, 4/1/2022....................................................... 5,000,000 5,038,150
New York State Power Authority, Revenue and General Purpose:
6.625%, 1/1/2012...................................................... 5,690,000 5,567,324
5.25%, 1/1/2018....................................................... 9,650,000 7,591,559
New York State Township Authority, Service Contract Revenue
(Local Highway and Bridge):
7.25%, 1/1/2010....................................................... 13,000,000 13,117,130
6%, 4/1/2010.......................................................... 5,980,000 5,365,435
New York State Urban Development Corp., Revenue:
(Cornell Center Project) 6%, 1/1/2014................................... 4,500,000 3,856,905
(Correctional Facilities):
5.625%, 1/1/2007...................................................... 12,100,000 10,489,853
5.75%, 1/1/2013....................................................... 23,830,000 19,942,374
Onondaga County Industrial Development Agency, IDR
(Weyerhaeuser Project) 9%, 10/1/2007.................................... 1,000,000 1,160,910
Port Authority of New York and New Jersey:
(Consolidated Bond 53rd Series) 8.70%, 7/15/2020........................ 15,500,000 16,371,565
(Consolidated Bond 76th Series) 6.50%, 11/1/2026........................ 14,005,000 12,882,219
(Consolidated Bond 93rd Series) 6.125%, 6/1/2094........................ 14,500,000 12,371,110
Triborough Bridge and Tunnel Authority:
Capital Appreciation General Purpose:
Zero Coupon, 1/1/2012................................................. 3,835,000 1,223,365
Zero Coupon, 1/1/2013................................................. 3,925,000 1,160,897
(Convention Center Project) 7.25%, 1/1/2010............................. 17,500,000 17,642,100
Revenues:
7.375%, 1/1/2016...................................................... 8,280,000 8,962,355
General Purpose:
6%, 1/1/2012...................................................... 7,400,000 6,771,666
5%, 1/1/2014...................................................... 10,750,000 8,428,107
6%, 1/1/2014...................................................... 6,375,000 5,770,778
6.50%, 1/1/2015................................................... 8,525,000 8,895,326
4.75%, 1/1/2019................................................... 27,140,000 19,705,811
5%, 1/1/2024...................................................... 5,375,000 3,962,665
Special Obligation Refunding 7.10%, 1/1/2010............................ 8,000,000 8,109,520
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
U.S. RELATED--9.7% AMOUNT VALUE
---------------- ----------------
Commonwealth of Puerto Rico, Public Improvement:
7.70%, 7/1/2008......................................................... $ 3,000,000 $ 3,295,350
5.85%, 7/1/2011......................................................... 6,980,000 6,199,078
5.50%, 7/1/2013......................................................... 6,490,000 5,462,244
7.75%, 7/1/2017 (Prerefunded 7/1/1999) (c).............................. 4,850,000 5,337,183
6.80%, 7/1/2021......................................................... 23,140,000 24,635,075
Guam Airport Authority, Revenue:
6.60%, 10/1/2010........................................................ 4,000,000 3,811,080
6.70%, 10/1/2023........................................................ 6,200,000 5,583,472
Puerto Rico Aqueduct and Sewer Authority, Revenue 10.25%, 7/1/2009.......... 13,750,000 17,717,562
Puerto Rico Electric Power Authority, Refunding:
6.10%, 7/1/2003......................................................... 5,000,000 4,972,350
8.375%, 7/1/2007........................................................ 4,950,000 5,429,754
8.40%, 7/1/2015......................................................... 6,700,000 7,353,384
Puerto Rico Highway and Transportation Authority,
Highway Revenue Refunding 6.61%, 7/1/2005 (b)........................... 8,950,000 7,059,313
Puerto Rico Highway Authority, Highway Revenue 8.125%, 7/1/2013............. 6,750,000 7,462,732
Puerto Rico Housing Finance Corp.:
MFMR:
7.50%, 10/1/2015 (LOC; Government Development Bank Puerto Rico) (a)... 5,475,000 5,428,627
7.50%, 4/1/2022 (LOC; Government Development Bank Puerto Rico) (a).... 4,420,000 4,434,100
SFMR 9.241%, 8/4/2025 (b)............................................... 3,000,000 2,340,000
Puerto Rico Public Building Authority, Refunding
Public Education and Health Facilities 5.75%, 7/1/2010.................. 35,355,000 31,414,332
Virigin Islands Public Finance Authority, Revenue Refunding Matching Fund
Loan Note
7.25%, 10/1/2018........................................................ 10,900,000 10,343,773
----------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $1,600,301,386)................................................... $1,517,436,361
==============
SHORT-TERM MUNICIPAL INVESTMENTS--6.5%
NEW YORK--6.4%
New York City:
ARRN, 3.80% (b)........................................................ $ 12,000,000 $ 12,000,000
VRDN:
3.55% (Insured; FGIC) (e)............................................. 5,500,000 5,500,000
3.40% (LOC; National Westminster Bank)(Insured; MBIA) (a,e)........... 13,800,000 13,800,000
3.55% (LOC; Chemical Bank) (a,e)...................................... 5,100,000 5,100,000
New York City Health and Hospital Corp., Revenue ARRN:
3.86% (Insured; AMBAC) (b).............................................. 4,300,000 4,300,000
3.80% (Insured; AMBAC) (b).............................................. 2,800,000 2,800,000
New York City Indusrial Development Agency, IDR VRDN
(Japan Airlines Co., Limited Project) 3.70% (LOC; Morgan Guaranty Trust Co.) (a,e) 2,800,000 2,800,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue VRDN:
3.40% (Insured; FGIC)(e)................................................ 4,400,000 4,400,000
3.40% (Insured; FGIC)(e)................................................ 24,700,000 24,700,000
New York City Trust, Cultural Resources Revenue VRDN
(Soloman R. Guggenheim) 3.40% (LOC; Swiss Bank) (a,e)................... 4,900,000 4,900,000
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
SHORT TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
---------------- ----------------
NEW YORK (CONTINUED)
New York State Energy Research and Development Authority, ARRN 3.54% (b,d).. $ 8,600,000 $ 8,600,000
New York State Job Development Authority, State Guaranteed, VRDN:
3.60% (LOC; Fuji Bank) (a,e)............................................ 4,200,000 4,200,000
3.65% (LOC; Fuji Bank) (a,e)............................................ 4,170,000 4,170,000
3.65% (LOC; Fuji Bank) (a,e)............................................ 2,870,000 2,870,000
(Special Purpose) 3.50% (LOC; The Sumitomo Bank) (a,e).................. 1,435,000 1,435,000
Port Authority of New York and New Jersey, Special Obligation Revenue
(Versatile Structure Obligation) 3.50% (LOC; Morgan Guaranty Trust Co.) (a,e) 2,100,000 2,100,000
U.S. RELATED--.1%
Commonwealth of Puerto Rico, ARRN 3.15% (b,d)............................... 1,500,000 1,500,000
----------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $105,175,000)..................................................... $ 105,175,000
==============
TOTAL INVESTMENTS--100.0%
(cost $1,705,476,386)................................................... $1,622,611,361
==============
</TABLE>
<TABLE>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation IDR Industrial Development Revenue
ARRN Adjustable Rate Receipt Notes LOC Letter of Credit
COP Certificate of Participation MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company MFHR Multi-Family Housing Revenue
FHA Federal Housing Administration MFMR Multi-Family Mortgage Revenue
FSA Financial Security Assurance PCR Pollution Control Revenue
GNMA Government National Mortgage Association SFMR Single Family Mortgage Revenue
VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS
FITCH (F) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
AAA Aaa AAA 19.8%
AA Aa AA 24.0
A A A 30.8
BBB Baa BBB 20.1
F1 MIG1 SP1 4.7
Not Rated (g) Not Rated (g) Not Rated (g) .6
--------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit.
(b) Inverse floater security - the interest rate is subject to change
periodically.
(c) 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.
(d) 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, 1994, these securities amounted to $20,022,625 or 1.2% of net assets.
(e) Security payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(f) Fitch currently provides creditworthiness information for a limited
number of investments.
(g) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's, have been determined by the Fund's Manager to be of comparable
quality to those rated securities in which the Fund may invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $1,705,476,386)--see statement.................................. $1,622,611,361
Cash.................................................................... 54,378,287
Interest receivable..................................................... 34,062,677
Receivable for investment securities sold............................... 19,412,410
Receivable for subscriptions to Common Stock............................ 5,000
Prepaid expenses........................................................ 58,145
----------------
1,730,527,880
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $839,911
Payable for Common Stock redeemed....................................... 94,257
Accrued expenses........................................................ 92,714 1,026,882
---------- ----------------
NET ASSETS ................................................................ $1,729,500,998
==============
REPRESENTED BY:
Paid-in capital......................................................... $1,800,490,544
Accumulated undistributed net realized gain on investments.............. 11,875,479
Accumulated net unrealized (depreciation) on investments_Note 3......... (82,865,025)
----------------
NET ASSETS at value applicable to 124,273,611 outstanding shares of
Common Stock, equivalent to $13.92 per share (300 million shares of
$.01 par value authorized).............................................. $1,729,500,998
==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED NOVEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 60,947,592
EXPENSES:
Management fee--Note 2(a)............................................. $ 5,612,274
Shareholder servicing costs_Note 2(b)................................. 987,219
Custodian fees........................................................ 63,235
Prospectus and shareholders' reports.................................. 24,388
Directors' fees and expenses_Note 2(c)................................ 20,389
Registration fees..................................................... 12,271
Professional fees..................................................... 4,908
---------------
TOTAL EXPENSES.................................................... 6,724,684
---------------
INVESTMENT INCOME--NET............................................ 54,222,908
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized gain on investments--Note 3................................ $ 1,675,619
Net unrealized (depreciation) on investments............................ (143,837,554)
---------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (142,161,935)
---------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (87,939,027)
=============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1994
1994 (UNAUDITED)
---------------- -------------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................ $ 114,666,514 $ 54,222,908
Net realized gain on investments.................................. 26,918,597 1,675,619
Net unrealized (depreciation) on investments for the period....... (107,463,939) (143,837,554)
---------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS. 34,121,172 (87,939,027)
---------------- ----------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net............................................ (115,624,687) (54,222,908)
Net realized gain on investments.................................. (49,331,298) ____
---------------- ----------------
TOTAL DIVIDENDS................................................. (164,955,985) (54,222,908)
---------------- ----------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold..................................... 944,177,818 844,832,882
Dividends reinvested.............................................. 124,301,866 39,082,793
Cost of shares redeemed........................................... (1,094,664,996) (953,485,776)
---------------- ----------------
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........ (26,185,312) (69,570,101)
---------------- ----------------
TOTAL (DECREASE) IN NET ASSETS.............................. (157,020,125) (211,732,036)
NET ASSETS:
Beginning of period............................................... 2,098,253,159 1,941,233,034
---------------- ----------------
End of period..................................................... $1,941,233,034 $1,729,500,998
=============== ================
SHARES SHARES
---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................................... 59,571,940 57,551,726
Shares issued for dividends reinvested............................ 7,764,706 2,665,348
Share redeemed.................................................... (69,044,234) (64,855,810)
---------------- ----------------
NET (DECREASE) IN SHARES OUTSTANDING............................ (1,707,588) (4,638,736)
=============== ===============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
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 the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED MAY 31, NOVEMBER 30, 1994
-----------------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
------- ------ ------ ------ ------ -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $14.92 $14.65 $14.89 $15.36 $16.06 $15.06
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income--net................ 1.06 1.04 1.01 .95 .88 .43
Net realized and unrealized gain (loss)
on investments...................... (.27) .24 .47 .92 (.62) (1.14)
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS.... .79 1.28 1.48 1.87 .26 (.71)
------ ------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income--net. (1.06) (1.04) (1.01) (.95) (.89) (.43)
Dividends from net realized gain
on investments...................... -_ -_ -_ (.22) (.37) -_
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS................. (1.06) (1.04) (1.01) (1.17) (1.26) (.43)
------ ------ ------ ------ ------ ------
Net asset value, end of period........ $14.65 $14.89 $15.36 $16.06 $15.06 $13.92
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 5.43% 9.06% 10.23% 12.63% 1.42% (9.63%)(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .70% .70% .69% .70% .71% .72%(1)
Ratio of net investment income to average
net assets.......................... 7.12% 7.08% 6.69% 6.03% 5.49% 5.80%(1)
Portfolio Turnover Rate............... 31.22% 26.19% 40.05% 51.20% 35.66% 15.72%(2)
Net Assets, end of period (000's Omitted) $1,681,206 $1,752,334 $1,897,988 $2,098,253 $1,941,233 $1,729,501
- ---------------------
(1) Annualized.
(2) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
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, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
(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 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.
(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 original issue 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 applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
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
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation 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, 1994, the Fund was charged an aggregate of $503,534
pursuant to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and directors of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each director who is not an "affiliated person"
receives an annual fee of $4,500 and an attendance fee of $500 per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $1,174,737,267 and $1,325,970,758, respectively, for the six
months ended November 30, 1994, and consisted entirely of long-term and
short-term municipal investments.
At November 30, 1994, accumulated net unrealized depreciation on
investments was $82,865,025, consisting of $34,095,908 gross unrealized
appreciation and $116,960,933 gross unrealized depreciation.
At November 30, 1994, 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).
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, 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, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended November 30, 1994. 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, 1994 and financial highlights for each of the five years in the
period ended May 31, 1994 and in our report dated July 5, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
January 6, 1995
(Dreyfus `D' Logo)
DREYFUS NEW YORK
TAX EXEMPT BOND FUND, INC.
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 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. 980SA9411
(Dreyfus Logo)
New York
Tax Exempt
Bond Fund, Inc.
Semi-Annual
Report
November 30, 1994
(Dreyfus Lion Logo)
