DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus New York
Tax Exempt Bond Fund, Inc. For its semi-annual reporting period ended
November 30, 1995, your Fund produced a total return of 4.45%.* Income
dividends of approximately $.401 per share** were paid, exempt from Federal,
State of New York and New York City personal income taxes, which is
equivalent to an annualized tax-free distribution rate per share of 5.18%.***
THE ECONOMY
Modest economic growth and low inflation have spurred a dramatic rally in
the bond market for most of 1995. The Federal Reserve Board's recent
reduction of the Fed Funds rate confirms what investors had already
suspected: that inflation, at least for the immediate future, is under
control. Now questions abound regarding the duration of the economic recovery
and the likelihood of recession.
The economic recovery of the 1990s was productivity-driven. Corporations
implemented extraordinary cost control measures that, while dramatically
improving bottom line earnings, now contribute to the slow rate of employment
growth. Job creation is a significant factor that affects consumer spending,
and is a major component of economic activity. New job creation, currently
running at the slowest pace of the post-World War II era, is worrisome.
Indeed, wages and salaries grew at under 3% over the past year, barely
keeping pace with inflation. Still, surveys indicate that consumers remain
optimistic, despite indications that their spending is being affected by the
slow growth in disposable income. Recent reports on retail sales confirm this
reticence in spending. A consumer-led weakening of the economy could lead to
further Federal Reserve easing of monetary policy.
It was concern about lagging economic growth that prompted the Federal
Reserve to ease the Federal Funds Rate two times in 1995: first in July and
then again in December. The housing market and new home construction had been
helped earlier this year by low interest rates, though both have exhibited
signs of weakness recently. Business capital spending, another engine of
economic growth, has been solid. Exports remain another bright area of the
economy. Because of the new competitiveness of American businesses abroad,
the U.S. trade deficit continues to shrink. Through September, the trade
deficit with Japan narrowed for the sixth consecutive month. Exports, while a
relatively small component of overall economic activity in this country,
provide an important support for the job market. If U.S. products lose
competitiveness in world markets, foreign orders may go elsewhere and jobs
could be lost here.
MARKET ENVIRONMENT
Municipal bonds have enjoyed a dramatic bull market for the past 12
months. Current business sluggishness may result in further Fed easing next
year, particularly if the Clinton Administration and Congress can arrive at a
meaningful budget agreement. Of course, the prospect of a balanced Federal
budget should be beneficial to the bond market since it could mean a
reduction in the issuance of government securities. A similar supply
situation is present in the municipal bond market. The redemption of existing
municipal bonds has outpaced the rate of new issuance for two years, and is
expected to recur in 1996.
Overall, we remain confident in our optimistic view of the municipal bond
market. Yet we are also mindful of the stimulatory effect of easing monetary
policy, and are watchful for any signs of a reigniting of inflationary
pressures in the economy.
THE PORTFOLIO
The recovery in the municipal market in 1995 more than offset the
declines of 1994. Decreased debt issuance, low inflation and a more
accommodative policy by the Federal Reserve all combined to move the fixed
income markets in a positive direction. The municipal market has experienced
a great deal of volatility throughout the year. Much of this can be
attributed to the uncertainty of tax reform and a Congress and President at
odds over a budget solution. This has kept the municipal market relatively
attractive, on an after-tax basis, compared to the Treasury market. Some
municipal issues, such as New York City, are currently yielding 100% of
Treasuries. Our focus has been to improve the structure and call protection
of the issues in the portfolio.
New York State continues to struggle with a lackluster economy and the
need to maintain jobs in an increasingly competitive market. In its attempt
to encourage business investment, both the State and New York City are
focusing on reduction in regressive taxes and a more streamlined government.
It is apparent that states such as New York will have heavy burdens imposed
on them with the proposed changes in Medicare and Federal reimbursements and
there is a serious need for the states to get their spending under control.
The high level of volatility exhibited by the market in recent years
underscores the need to maintain a disciplined and long-term focus. Our
primary task - to maximize current income exempt from Federal and New York
income taxes to the extent consistent with preservation of capital -
continues to guide our portfolio management decisions.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
December 15, 1995
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
***Annualized distribution rate per share is based upon dividends per share
paid from net investment income during the period, divided by the net asset
value per share at the end of the period.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS-96.5% AMOUNT VALUE
-------- --------
<S> <C> <C>
NEW YORK-87.8%
Allegany County Industrial Development Agency, Solid Waste Disposal Facility
Revenue
(Atlantic Richfield Co. Facility) 6.625%, 9/1/2016...................... $ 5,600,000 $ 5,858,216
Cohoes Industrial Development Agency, IDR (Norlite Corp. Project)
6.75%, 5/1/2009 (LOC; Dresdner Bank)(a)................................. 5,000,000 5,316,000
Metropolitan Transportation Authority:
Service Contract, Commuter Facilities 5.75%, 7/1/2015................... 9,250,000 9,179,700
Service Contract, Transit Facilities 7.125%, 7/1/2009................... 5,000,000 5,547,200
Transit Facilities Revenue 5.50%, 7/1/2022 (Insured; FGIC).............. 24,000,000 23,685,120
Nassau County Industrial Development Agency, IDR
(Hofstra University Project) 8.25%, 7/1/2003 (Prerefunded 7/1/1998)(b).. 3,000,000 3,307,950
New York City:
7.875%, 8/1/2000........................................................ 3,000,000 3,298,050
7.50%, 2/1/2003......................................................... 3,500,000 3,914,820
7.50%, 2/1/2006......................................................... 4,000,000 4,508,880
6.50%, 8/1/2007......................................................... 4,850,000 5,119,224
6.25%, 8/1/2009......................................................... 10,500,000 10,824,660
7.50%, 3/15/2010........................................................ 10,000,000 10,947,300
6.25%, 8/1/2010......................................................... 10,000,000 10,305,200
7%, 10/1/2010........................................................... 3,955,000 4,279,231
3.65%, 8/1/2011......................................................... 18,775,000 17,354,671
6.25%, 8/1/2011 (Insured; FSA) (Prerefunded 8/1/2002)(b)................ 3,950,000 4,436,837
5.75%, 8/15/2011........................................................ 11,870,000 11,700,022
6.85%, 10/1/2013........................................................ 5,000,000 5,225,800
6%, 2/15/2020........................................................... 24,470,000 24,516,737
7.50%, 8/1/2021......................................................... 5,000,000 5,599,250
6.625%, 2/15/2025....................................................... 5,000,000 5,277,950
Refunding:
6.375%, 8/15/2012..................................................... 15,000,000 15,581,700
6%, 2/15/2025......................................................... 10,000,000 9,996,200
New York City Health and Hospital Corp., Revenue
5.536%, 2/15/2011 (Insured; AMBAC)...................................... 24,000,000 24,180,000
New York City Housing Development Corp., MFHR 5.70%, 11/1/2013.............. 5,600,000 5,615,904
New York City Industrial Development Agency, Special Facility Revenue
(Terminal One Group Assoc., L.P. Project) 6.125%,1/1/2024............... 48,325,000 48,792,302
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue:
5.50%, 6/15/2015 (Insured; MBIA)........................................ 15,165,000 15,242,948
7%, 6/15/2015 (Prerefunded 6/15/2001)(b)................................ 5,655,000 6,424,362
5.50%, 6/15/2019........................................................ 5,090,000 5,007,389
5.50%, 6/15/2020........................................................ 54,835,000 53,570,504
6.125%, 6/15/2020....................................................... 34,015,000 35,209,606
6.20%, 6/15/2021 (Insured; AMBAC)....................................... 9,700,000 10,244,558
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------- --------
NEW YORK (CONTINUED)
State of New York:
5.875%, 3/15/2014....................................................... $ 3,000,000 $ 3,125,460
6.125%, 6/15/2014....................................................... 20,965,000 22,217,239
5.875%, 3/15/2015....................................................... 7,205,000 7,506,313
COP Commissioner Office of Mental Health 8.30%, 9/1/2012................ 4,000,000 4,319,560
Refunding:
5.625%, 8/15/2009..................................................... 15,000,000 15,552,600
5.70%, 8/15/2011...................................................... 4,500,000 4,661,100
6.125%, 11/15/2011.................................................... 3,130,000 3,304,967
5.80%, 10/1/2013...................................................... 4,715,000 4,909,399
5.625%, 10/1/2020..................................................... 5,175,000 5,230,320
New York State Dormitory Authority, Revenues:
(City University Systems):
6.375%, 7/1/2008...................................................... 7,070,000 7,461,183
7%, 7/1/2009.......................................................... 8,500,000 9,765,820
5.60%, 7/1/2010....................................................... 12,000,000 11,811,600
7.50%, 7/1/2010 (Insured; FGIC)....................................... 5,000,000 6,209,150
5.50%, 7/1/2012....................................................... 23,625,000 22,985,471
5.75%, 7/1/2013....................................................... 17,100,000 17,259,543
5.75%, 7/1/2018....................................................... 36,410,000 36,568,384
5%, 7/1/2020.......................................................... 30,500,000 27,158,725
Refunding 8.20%, 7/1/2012............................................. 5,250,000 5,837,108
(Cornell University) 7.375%, 7/1/2030................................... 11,785,000 13,238,444
Court Facilities Lease 5.625%, 5/15/2013................................ 3,500,000 3,435,075
Department of Health, Refunding 5.50%, 7/1/2014......................... 10,000,000 9,666,400
(New York Medical College) 6.875%, 7/1/2021 (Insured; AGIC)............. 19,310,000 21,102,354
(Park Ridge Housing Inc. Project) 7.85%, 2/1/2029....................... 7,720,000 8,478,027
(State University):
7.60%, 7/1/2018....................................................... 3,000,000 3,307,470
Educational Facilities:
5.50%, 5/15/2008.................................................. 12,150,000 12,165,917
7.25%, 5/15/2008 (Prerefunded 5/15/2000)(b)....................... 11,590,000 13,231,376
5.875%, 5/15/2011................................................. 20,000,000 20,552,800
7.50%, 5/15/2011.................................................. 3,750,000 4,530,638
5.50%, 5/15/2013.................................................. 3,000,000 2,958,570
6.375%, 5/15/2014................................................. 7,110,000 7,391,058
7.375%, 5/15/2014 (Prerefunded 5/15/2000)(b)...................... 10,155,000 11,644,332
5.25%, 5/15/2015.................................................. 12,500,000 11,921,125
6.25%, 5/15/2017.................................................. 9,000,000 9,228,780
7%, 5/15/2018 (Prerefunded 5/15/2000)(b).......................... 16,060,000 18,172,532
7.25%, 5/15/2018 (Prerefunded 5/15/2002)(b)....................... 16,065,000 18,956,539
5.75%, 5/15/2024.................................................. 22,640,000 22,219,575
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995 (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):
Refunding:
7.375%, 5/15/2014............................................... $ 12,945,000 $14,447,397
6%, 5/15/2025................................................... 26,075,000 26,284,382
New York State Energy Research and Development Authority:
Electric Facilities Revenue:
(Consolidated Edison Co. Project) 7.375%, 7/1/2024.................... 7,000,000 7,500,290
(Long Island Lighting):
7.15%, 9/1/2019................................................... 12,230,000 12,571,095
7.15%, 6/1/2020................................................... 10,000,000 10,278,900
7.15%, 12/1/2020.................................................. 14,650,000 15,058,589
7.15%, 2/1/2022................................................... 5,000,000 5,139,450
Facilities Revenue (Consolidated Edison Co. Project):
6.375%, 12/1/2027..................................................... 23,715,000 24,627,079
6%, 3/15/2028......................................................... 32,600,000 33,013,042
7.125%, 12/1/2029..................................................... 13,000,000 14,437,540
Refunding 6.10%, 8/15/2020............................................ 7,000,000 7,276,850
SWDR (New York State Electric and Gas Co. Project) 5.70%, 12/1/2028..... 17,320,000 17,307,183
New York State Environmental Facilities Corp.:
PCR 6.50%, 6/15/2014.................................................... 5,000,000 5,412,250
State Water Pollution Control Revolving Fund Revenue
(New York City Municipal Water Finance Authority Project):
6.875%, 6/15/2010................................................. 21,340,000 23,601,827
7.25%, 6/15/2010.................................................. 16,065,000 18,114,733
7%, 6/15/2012..................................................... 21,660,000 24,174,726
7.50%, 6/15/2012.................................................. 8,200,000 9,158,088
New York State Housing Finance Agency, Revenue:
Insured Multi-Family Mortgage 7%, 8/15/2022............................. 4,495,000 4,777,106
Multi-Family Housing Second Mortgage 6.95%, 8/15/2024 (Insured; FHA).... 2,940,000 3,102,464
Service Contract Obligation:
5.875%, 3/15/2011..................................................... 7,945,000 7,991,160
5.875%, 9/15/2014..................................................... 8,890,000 8,907,958
6.375%, 9/15/2015..................................................... 5,000,000 5,218,650
5.50%, 9/15/2022...................................................... 4,000,000 3,798,400
Refunding:
5.375%, 9/15/2011................................................. 7,395,000 7,142,535
5.875%, 9/15/2014................................................. 9,500,000 9,520,045
New York State Local Government Assistance Corp.:
7%, 4/1/2005............................................................ 4,300,000 4,877,877
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------- --------
NEW YORK (CONTINUED)
New York State Local Government Assistance Corp. (continued):
6%, 4/1/2016............................................................ $ 12,540,000 $ 12,844,597
7%, 4/1/2016............................................................ 11,130,000 12,754,646
7.125%, 4/1/2021........................................................ 5,325,000 6,232,540
5%, 4/1/2023............................................................ 17,000,000 15,770,050
6%, 4/1/2024............................................................ 18,590,000 19,229,868
Refunding 5%, 4/1/2021.................................................. 9,980,000 9,282,099
New York State Medical Care Facilities Finance Agency, Revenue:
Hospital and Nursing Home Insured Mortgage:
6.45%, 2/15/2009 (Insured; FHA)....................................... 6,425,000 7,054,008
6.85%, 2/15/2012 (Insured; FHA)....................................... 6,000,000 6,484,740
6.125%, 2/15/2015 (Insured; FHA)...................................... 13,270,000 13,758,867
6.20%, 2/15/2028 (Insured; FHA)....................................... 7,000,000 7,301,000
6.375%, 8/15/2029 (Insured; FHA)...................................... 5,000,000 5,206,000
7.45%, 8/15/2031 (Insured; FHA)....................................... 4,250,000 4,707,640
Insured Long Term Health Care 6.45%, 11/1/2010 (Insured; Capital Guaranty) 11,660,000 12,749,977
Mental Health Services:
5.375%, 8/15/2013 (Insured; FGIC)..................................... 10,000,000 10,029,100
5.80%, 8/15/2022...................................................... 14,515,000 14,777,722
Refunding 5.375%, 2/15/2014........................................... 16,000,000 15,925,120
Mental Health Services Facilities Improvement
6%, 2/15/2025 (Insured; MBIA)......................................... 8,710,000 9,073,643
Mortgage:
(Montefiore Medical Center) 5.75%, 2/15/2015 (Insured: AMBAC,FHA)..... 8,750,000 8,897,438
(New York Hospital) 6.50%, 8/15/2029 (Insured: AMBAC,FHA)............. 12,000,000 12,917,880
(Saint Lukes Hospital) 7.45%, 2/15/2029 (Insured; FHA)
(Prerefunded 2/15/2000)(b)........................................ 10,000,000 11,429,600
New York State Mortgage Agency, Revenue Mortgage:
Homeowner:
7.375%, 10/1/2011..................................................... 13,260,000 14,312,446
5.50%, 4/1/2019....................................................... 5,000,000 4,877,700
6.60%, 10/1/2019...................................................... 10,685,000 11,133,984
6.45%, 10/1/2020...................................................... 17,780,000 18,343,982
6.65%, 4/1/2022 (Insured; FHA)........................................ 10,000,000 10,374,000
6.625%, 4/1/2025...................................................... 7,135,000 7,421,399
6.65%, 10/1/2025...................................................... 11,000,000 11,451,880
Homeownership 7.85%, 4/1/2022........................................... 5,000,000 5,325,500
New York State Power Authority, Revenue and General Purpose
6.625%, 1/1/2012........................................................ 5,690,000 6,230,379
New York State Thruway Authority:
General Revenue 6%, 1/1/2025 (Insured; FGIC)............................ 10,000,000 10,431,400
Highway and Bridge Trust Fund 5.50%, 4/1/2015 (Insured; MBIA)........... 10,550,000 10,606,654
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
-------- --------
NEW YORK (CONTINUED)
New York State Thruway Authority (continued):
Service Contract Revenue (Local Highway and Bridge):
7.25%, 1/1/2010 (Prerefunded 1/1/2001) (b)............................ $ 13,000,000 $ 14,866,930
6%, 4/1/2010.......................................................... 5,980,000 6,073,288
5.75%, 4/1/2013 (Insured; MBIA)....................................... 16,185,000 16,777,209
5.875%, 4/1/2014...................................................... 5,200,000 5,211,492
6.25%, 4/1/2014....................................................... 11,645,000 12,119,068
New York State Urban Development Corp., Revenue:
(Cornell Center Project) 6%, 1/1/2014................................... 4,500,000 4,532,580
Refunding (State Facilities) 5.70%, 4/1/2020............................ 8,250,000 8,287,125
Onondaga County Industrial Development Agency, IDR (Weyerhaeuser Project)
9%, 10/1/2007........................................................... 1,000,000 1,270,160
Port Authority of New York and New Jersey:
(Consolidated Bond 76th Series) 6.50%, 11/1/2026........................ 14,005,000 14,823,452
(Consolidated Bond 93rd Series) 6.125%, 6/1/2094........................ 14,500,000 15,741,490
(Consolidated Bond 99th Series) 5.90%, 11/1/2012 (Insured; FGIC)........ 6,840,000 7,149,031
(Consolidated Bond 99th Series) 6%, 11/1/2013 (Insured; FGIC)........... 5,810,000 6,115,025
Triborough Bridge and Tunnel Authority:
Capital Appreciation General Purpose:
Zero Coupon, 1/1/2012................................................. 3,835,000 1,632,598
Zero Coupon, 1/1/2013................................................. 3,925,000 1,571,374
Revenues:
7.375%, 1/1/2016 (Prerefunded 1/1/2000)(b)............................ 8,280,000 9,378,756
General Purpose:
6%, 1/1/2012...................................................... 6,900,000 7,476,633
6.50%, 1/1/2015 (Prerefunded 1/1/1999)(b)......................... 8,525,000 9,250,819
Special Obligation Refunding 7.10%, 1/1/2010............................ 6,000,000 6,671,340
U.S. RELATED-8.7%
Guam Airport Authority, Revenue 6.60%, 10/1/2010............................ 4,000,000 4,135,400
Commonwealth of Puerto Rico, Public Improvement:
5.85%, 7/1/2011......................................................... 6,980,000 7,133,071
7.75%, 7/1/2017 (Prerefunded 7/1/1999)(b)............................... 4,850,000 5,506,157
5.375%, 7/1/2022 (Insured; MBIA)........................................ 7,500,000 7,499,625
Puerto Rico Aqueduct and Sewer Authority, Revenue 10.25%, 7/1/2009.......... 13,750,000 19,328,650
Puerto Rico Electric Power Authority, Refunding:
6.10%, 7/1/2003......................................................... 5,000,000 5,432,150
8.375%, 7/1/2007 (Prerefunded 7/1/1997)(b).............................. 4,950,000 5,388,372
Power Revenue:
6%, 7/1/2015.......................................................... 5,000,000 5,132,050
5.50%, 7/1/2016....................................................... 8,250,000 8,075,513
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
--------- --------
U.S RELATED (CONTINUED)
Puerto Rico Highway and Transportation Authority,
Highway Revenue Refunding:
5.35%, 7/1/2005....................................................... $ 17,900,000 $ 18,059,310
5.50%, 7/1/2013....................................................... 9,625,000 9,651,469
8.125%, 7/1/2013 (Prerefunded 7/1/1998)(b)............................ 6,750,000 7,557,300
5.50%, 7/1/2015....................................................... 8,000,000 7,919,200
Puerto Rico Housing Finance Corp., MFMR:
7.50%, 10/1/2015 (LOC; Government Development Bank Puerto Rico)(a)...... 5,475,000 5,864,218
7.50%, 4/1/2022 (LOC; Government Development Bank Puerto Rico)(a)....... 4,420,000 4,725,510
Puerto Rico Public Building Authority, Refunding:
Guaranteed Government Facilities 6.25%, 7/1/2009 (Insured; AMBAC)....... 3,090,000 3,446,339
Guaranteed Public Education and Health Facilities
5.75%. 7/1/2010 (Insured; AMBAC)...................................... 35,355,000 37,942,986
----------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $1,686,332,532)................................................... $1,800,574,410
=============
SHORT-TERM MUNICIPAL INVESTMENTS-3.5%
NEW YORK-3.4%
New York City, VRDN:
3.85% (LOC; Industrial Bank of Japan)(a,c).............................. $ 12,400,000 $ 12,400,000
3.80% (LOC; Chemical Bank)(a,c)......................................... 2,000,000 2,000,000
4% (LOC; Union Bank of Switzerland)(a,c)................................ 1,800,000 1,800,000
4.05% (LOC; The Norinchukin Bank)(a,c).................................. 13,700,000 13,700,000
3% (LOC; The Sumitomo Bank)(a,c)........................................ 3,635,000 3,635,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue:
VRDN 3.80% (Insured; FGIC, SBPA; FGIC Securities Purchase Inc.)(c)...... 700,000 700,000
3.55%, 1/25/1996 (LOC;Canadian Imperial Bank) (a)....................... 28,000,000 28,008,680
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN,
3.35% (LOC; Morgan Guaranty Trust Co.)(a,c)............................. 1,000,000 1,000,000
U.S. RELATED-.1%
Commonwealth of Puerto Rico, 3.42% (Insured; AMBAC)(d)...................... 1,500,000 1,500,000
--------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $64,735,000)...................................................... $ 64,743,680
=========
TOTAL INVESTMENTS-100.0%
(cost $1,751,067,532)................................................... $1,865,318,090
=========
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AGIC Asset Guaranty Insurance Company MBIA Municipal Bond Investors Assurance
AMBAC American Municipal Bond Assurance Corporation Insurance Corporation
COP Certificate of Participation MFHR Multi-Family Housing Revenue
FGIC Financial Guaranty Insurance Company MFMR Multi-Family Mortgage Revenue
FHA Federal Housing Administration PCR Pollution Control Revenue
FSA Financial Security Assurance SBPA Standby Bond Purchase Agreement
IDR Industrial Development Revenue SWDR Solid Waste Disposal Revenue
LOC Letter of Credit VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (E) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ------- ------- ---------------- -------------------
<S> <C> <S> <C>
AAA Aaa AAA 25.9%
AA Aa AA 15.1
A A A 34.0
BBB Baa BBB 19.3
BB Ba BB 2.3
F1 MIG1 SP1 3.4
-----
100.0%
=====
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit.
(b) 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.
(c) 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.
(d) Inverse floater security - the interest rate is subject to change
periodically.
(e) Fitch currently provides creditworthiness information for a limited
number of investments.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $1,751,067,532)-see statement................................... $1,865,318,090
Interest receivable..................................................... 32,110,945
Receivable for subscriptions to Common Stock............................ 2,000,000
Prepaid expenses........................................................ 27,938
---------
1,899,456,973
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $ 970,373
Due to Custodian........................................................ 752,293
Payable for Common Stock redeemed....................................... 60,173
Accrued expenses........................................................ 127,627 1,910,466
------ ---------
NET ASSETS ................................................................ $1,897,546,507
=============
REPRESENTED BY:
Paid-in capital......................................................... $1,777,469,930
Accumulated undistributed net realized gain on investments.............. 5,826,019
Accumulated net unrealized appreciation on investments-Note 3........... 114,250,558
---------
NET ASSETS at value applicable to 122,855,194 outstanding shares of
Common Stock, equivalent to $15.45 per share (300 million shares of
$.01 par value authorized).............................................. $1,897,546,507
=============
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1995 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 54,704,784
EXPENSES:
Management fee-Note 2(a).............................................. $ 5,442,598
Shareholder servicing costs-Note 2(b)................................. 788,372
Custodian fees........................................................ 61,038
Prospectus and shareholders' reports.................................. 28,729
Directors' fees and expenses-Note 2(c)................................ 25,316
Professional fees..................................................... 19,080
Registration fees..................................................... 9,206
--------
TOTAL EXPENSES.................................................... 6,374,339
--------
INVESTMENT INCOME-NET............................................. 48,330,445
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3................................. $10,143,939
Net unrealized appreciation on investments.............................. 23,362,147
---------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 33,506,086
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 81,836,531
==========
See independent accountants' review report and notes to financial statements.
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<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1995
1995 (UNAUDITED)
--------- ----------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 103,879,086 $ 48,330,445
Net realized gain (loss) on investments........................... (1,930,409) 10,143,939
Net unrealized appreciation on investments for the period......... 29,915,882 23,362,147
--------- ---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 131,864,559 81,836,531
--------- ---------
DIVIDENDS TO SHAREHOLDERS:
From investment income-net........................................ (103,879,086) (48,330,445)
From net realized gain on investments............................. (10,590,662) --
In excess of net realized gain on investments..................... (1,996,709) --
--------- ---------
TOTAL DIVIDENDS................................................. (116,466,457) (48,330,445)
--------- ---------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold..................................... 1,842,837,132 1,368,202,551
Dividends reinvested.............................................. 84,285,040 34,197,011
Cost of shares redeemed........................................... (2,004,556,426) (1,417,556,023)
--------- ---------
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........ (77,434,254) (15,156,461)
--------- ---------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... (62,036,152) 18,349,625
NET ASSETS:
Beginning of period............................................... 1,941,233,034 1,879,196,882
---------- ---------
End of period..................................................... $ 1,879,196,882 $ 1,897,546,507
========= =========
SHARES SHARES
--------- ---------
CAPITAL SHARE TRANSACTIONS:
Shares sold....................................................... 126,069,512 90,931,652
Shares issued for dividends reinvested............................ 5,780,551 2,268,397
Shares redeemed................................................... (137,056,900) (94,050,365)
--------- ---------
NET (DECREASE) IN SHARES OUTSTANDING............................ (5,206,837) (850,316)
========= =========
See independent accountants' review report and notes to financial statements.
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<TABLE>
<CAPTION>
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, 1995
-------------------------------------------------------------
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED)
---- ---- ---- ---- ---- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $14.65 $14.89 $15.36 $16.06 $15.06 $15.19
---- ---- ---- ---- ---- ----
INVESTMENT OPERATIONS:
Investment income-net............... 1.04 1.01 .95 .88 .84 .40
Net realized and unrealized gain (loss)
on investments.................... .24 .47 .92 (.62) .23 .26
---- ---- ---- ---- ---- ----
TOTAL FROM INVESTMENT OPERATIONS.. 1.28 1.48 1.87 .26 1.07 .66
---- ---- ---- ---- ---- ----
DISTRIBUTIONS:
Dividends from investment income-net (1.04) (1.01) (.95) (.89) (.84) (.40)
Dividends from net realized gain
on investments.................... -- -- (.22) (.37) (.08) --
Dividends in excess of net realized gain
in investments.................... -- -- -- -- (.02) --
---- ---- ---- ---- ---- ----
TOTAL DISTRIBUTIONS............... (1.04) (1.01) (1.17) (1.26) (.94) (.40)
---- ---- ---- ---- ---- ----
Net asset value, end of period...... $14.89 $15.36 $16.06 $15.06 $15.19 $15.45
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................. 9.06% 10.23% 12.63% 1.42% 7.55% 8.88%(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .70% .69% .70% .71% .72% .70%(1)
Ratio of net investment income to average
net assets........................ 7.08% 6.69% 6.03% 5.49% 5.70% 5.31%(1)
Portfolio Turnover Rate............. 26.19% 40.05% 51.20% 35.66% 49.03% 28.18%(2)
Net Assets, end of period (000's Omitted) $1,752,334 $1,897,988 $2,098,253 $1,941,233 $1,879,197 $1,897,547
(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. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
(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.
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, 1995.
Effective December 1, 1995, Dreyfus Transfer, Inc., a wholly-owned
subsidiary of the Manager, serves as the Fund's Transfer and Dividend
Disbursing Agent.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining 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, 1995, the Fund was charged an
aggregate of $388,802 pursuant to the Shareholder Services Plan.
(C) Each director who is not an "affiliated person" as defined in the
Act, receives from the Fund an annual fee of $4,500 and an attendance fee of
$500 per meeting. The Chairman of the Board receives an additional 25% of
such compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the six months ended November 30,
1995 amounted to $514,866,417 and $486,459,011, respectively.
At November 30, 1995, accumulated net unrealized appreciation on
investments was $114,250,558, consisting of $115,984,931 gross unrealized
appreciation and $1,734,373 gross unrealized depreciation.
At November 30, 1995, 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, 1995, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended November 30, 1995. 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, 1995 and financial highlights for each of the five years in the
period ended May 31, 1995 and in our report dated June 28, 1995, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
January 4, 1996
[Dreyfus lion "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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 980SA9511
[Dreyfus logo]
New York
Tax Exempt
Bond Fund, Inc.
Semi-Annual
Report
November 30, 1995
