DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
For its semi-annual reporting period ended November 30, 1996, the Dreyfus
New York Tax Exempt Bond Fund, Inc. produced a total return of 6.85%.* Income
dividends exempt from Federal, New York State and New York City personal
income taxes of approximately $.379 per share** were paid, which is
equivalent to an annualized tax-free distribution rate per share of 4.98%.***
THE ECONOMY
For much of the year, investors were fearful that inflation would
accelerate should tightening labor markets lead to pressure to increase wages
and, ultimately, higher prices. This was of particular concern earlier in the
year because of the robust rate of new job growth at that time. More
specifically, it was expected that signs of any potential upsurge in
inflation would cause the Federal Reserve Board's Open Market Committee (the
"Fed") to tighten monetary policy. However, during the summer, the economy's
growth rate slowed by more than half of its 4.7% growth rate in the second
quarter. The pace of job creation also slowed, reducing the likelihood that
the tightening employment market would lead to inflation-inducing wage
increases. About 150,000 jobs per month over the past three months have been
added to the employment rolls compared to an average rate of over 250,000
during the spring and early summer months. The unemployment rate has declined
all year (the rate is now at 5.2%, near a seven-year low), yet wage increases
have remained under control. The Employment Cost Index, a broad measure of
wage and benefit growth, has risen a modest 2.8% over the past year, about
the same as the year before when the Index increased 2.7%. Inflation has remai
ned subdued throughout the reporting period. The Consumer Price Index
continues to show an inflation level at an annual rate of 3%, while the
Producer Price Index shows scant evidence of price pressures in the
production pipeline. The Fed has held short-term interest rates steady since
January, when it reduced its Federal Funds target rate to 5.25% from 5.5%.
(The Federal Funds rate is the rate that banks charge each other for
overnight loans.)
With both low unemployment and low inflation, measures of consumer
confidence remain high. The Index of Leading Economic Indicators, an index
compiled by the Conference Board (a private economic research group), has
reached record high levels every month since June. Retail sales show signs of
moderate expansion after having slowed over the summer when consumers paid
off more credit card debt than they borrowed. On the production side of the
economy, output from the nation's factories has slowed somewhat from its pace
earlier in the year. With a capacity utilization rate of under 83%, there
appears to be little indication of any production bottlenecks that could lead
to shortages and higher prices.
MARKET ENVIRONMENT
The municipal bond market, like its taxable counterparts, has been
buffeted by unprecedented price volatility during the past year. The market
continues to focus on the periodic releases of key economic data, and this
has resulted in large and dramatic swings in bond prices and yields. The
30-year U.S. Treasury bond fluctuated around the 7% level until mid-October
when the market established a new trading range as the Treasury bond market
rallied to 6.45%. The municipal market was able to stabilize, aided by strong
retail support reflected in strengthening demand for municipal bonds.
The decision of the Fed to maintain a hands-off policy toward interest
rates has enabled the fixed-income markets to turn in a strong performance
during the fourth quarter. Currently, the market has settled into a trading
range with a bias towards lower rates, and we anticipate that this
environment will continue through year-end. Of course, past performance is no
guarantee of future results.
THE PORTFOLIO
The Fund's ongoing focus has been to improve the call protection and
structure of the Fund. The Fund accomplished this by selling short-call,
current coupon paper and reinvesting in liquid discount bonds with 10-year or
longer calls; we also reduced our AMT percentage when the yield advantage of
this paper narrowed. At this juncture, we do not see inflation becoming a
problem and we will continue this approach. In a state-specific fund, the
ongoing challenge is to provide meaningful diversification. New York's new
issue supply tends to come at specific times during the year and then we will
have long periods when paper is scarce. Therefore, we try to take advantage
of the heavy supply periods, since often, as we saw during December, heavy
supply will provide some attractive buying opportunities.
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 greatly appreciate 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
The Dreyfus Corporation
December 20, 1996
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**Some income may be subject to state and local taxes for non-New York
residents and for certain shareholders to the Federal Alternative Minimum Tax
(AMT).
*** Distribution rate per share is based upon dividends per share paid
from net investment income during the period (annualized), 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, 1996 (UNAUDITED)
Principal
Long-Term Municipal Investments-98.4% Amount Value
________ ________
<S> <C> <C>
New York-94.6%
Cohoes Industrial Development Agency, IDR (Norlite Corp. Project)
6.75%, 5/1/2009 (LOC; Dresdner Bank) (a).................................. $ 5,000,000 $ 5,638,800
Metropolitan Transportation Authority:
Commuter Facilities, Service Contract 6%, 7/1/2016 (Insured; FGIC)........ 9,000,000 9,535,860
Transit Facilities, Service Contract:
7.125%, 7/1/2009........................................................ 5,000,000 5,517,150
5.75%, 7/1/2015......................................................... 15,500,000 15,382,045
5.625%, 7/1/2016........................................................ 19,000,000 18,407,580
7.50%, 7/1/2019 (Prerefunded 7/1/2000) (b).............................. 7,700,000 8,655,262
Municipal Assistance Corporation for City of New York, Refunding:
5.50%, 7/1/2001........................................................... 19,765,000 20,729,927
6%, 7/1/2006.............................................................. 7,770,000 8,538,997
Nassau County, 5.20%, 9/1/2014 (Insured; FGIC).............................. 5,450,000 5,366,996
Nassau County Industrial Development Agency, IDR
(Hofstra University Project) 8.25%, 7/1/2003 (Prerefunded 7/1/1998) (b)... 3,000,000 3,197,670
New York City:
7.50%, 2/1/2003........................................................... 3,500,000 3,897,495
6.375%, 8/1/2004.......................................................... 16,000,000 17,042,400
6.50%, 3/15/2005.......................................................... 13,770,000 14,846,952
5.60%, 11/1/2005.......................................................... 10,175,000 10,345,940
7.50%, 2/1/2006........................................................... 4,000,000 4,478,440
5.75%, 2/1/2007 (Insured; AMBAC).......................................... 12,305,000 13,042,931
6.25%, 2/15/2007.......................................................... 5,375,000 5,650,522
5.70%, 11/1/2007.......................................................... 10,830,000 10,917,073
5.75%, 8/15/2008.......................................................... 5,000,000 5,023,300
6.50%, 8/15/2009.......................................................... 10,125,000 10,830,409
6.25%, 8/1/2009........................................................... 10,500,000 10,876,425
7.50%, 3/15/2010.......................................................... 2,340,000 2,542,644
6.25%, 8/1/2010........................................................... 10,000,000 10,306,200
7%, 10/1/2010............................................................. 3,955,000 4,335,352
3.65%, 8/1/2011........................................................... 18,775,000 17,935,006
6.25%, 8/1/2011 (Insured; FSA) (Prerefunded 8/1/2002) (b)................. 3,950,000 4,368,739
5.75%, 8/15/2011.......................................................... 8,870,000 8,756,641
5.75%, 2/1/2012........................................................... 3,000,000 2,955,000
5.875%, 8/15/2013......................................................... 4,550,000 4,525,612
6.85%, 10/1/2013.......................................................... 5,000,000 5,225,300
5.75%, 2/1/2020........................................................... 10,025,000 9,694,275
7.50%, 8/1/2021........................................................... 5,000,000 5,615,500
5.875%, 8/1/2024.......................................................... 31,000,000 30,292,890
Refunding:
7.50%, 3/15/2010 (Prerefunded 3/15/2000) (b)............................ 7,660,000 8,546,032
6.375%, 8/15/2012....................................................... 18,000,000 18,698,760
New York City Housing Development Corp., MFHR 5.625%, 5/1/2012.............. 14,460,000 14,451,902
New York City Industrial Development Agency, Special Facility Revenue
(Terminal One Group Assoc., L.P. Project) 6%, 1/1/2019.................... 9,450,000 9,531,648
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1996 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
________ ________
New York (continued)
New York City Municipal Water Finance Authority, Water and Sewer Systems Revenue:
5.625%, 6/15/2011......................................................... $ 16,000,000 $16,205,120
7%, 6/15/2015 (Prerefunded 6/15/2001) (b)................................. 5,655,000 6,307,078
5.50%, 6/15/2019.......................................................... 5,090,000 4,990,032
6.20%, 6/15/2021 (Insured; AMBAC)......................................... 9,700,000 10,230,396
5.50%, 6/15/2023.......................................................... 16,000,000 15,790,560
5.50%, 6/15/2024.......................................................... 26,350,000 25,890,719
5.875%, 6/15/2025 (Insured; MBIA)......................................... 4,000,000 4,110,640
5.375%, 6/15/2026 (Insured; FSA).......................................... 16,200,000 15,870,654
State of New York:
5.875%, 3/15/2014......................................................... 3,000,000 3,121,950
5.50%, 7/15/2016.......................................................... 11,165,000 11,283,796
COP Commissioner Office of Mental Health 8.30%, 9/1/2012.................. 4,000,000 4,197,360
Environmental Quality 5%, 1/15/2014....................................... 7,170,000 6,878,755
Refunding:
5.625%, 8/15/2009....................................................... 15,000,000 15,573,450
5.70%, 8/15/2011........................................................ 4,500,000 4,646,385
6.125%, 11/15/2011...................................................... 3,130,000 3,295,640
5.80%, 10/1/2013........................................................ 4,715,000 4,878,375
5.625%, 10/1/2020....................................................... 5,175,000 5,212,156
New York State Dormitory Authority, Revenues:
(Bishop Henry B Hucles Nursing Home) 5.625% 7/1/2018 (Insured; SONYMA).... 5,890,000 5,939,594
(City University Systems):
7%, 7/1/2009............................................................ 8,500,000 9,659,145
5.60%, 7/1/2010......................................................... 12,000,000 11,942,880
7.50%, 7/1/2010 (Insured; FGIC)......................................... 5,000,000 6,182,450
5.50%, 7/1/2016 (Insured; AMBAC)........................................ 19,000,000 19,007,030
5.625%, 7/1/2016........................................................ 13,120,000 13,181,270
5%, 7/1/2020............................................................ 40,500,000 36,052,290
5.50%, 7/1/2024 (Insured; MBIA)......................................... 19,000,000 18,878,780
(Cornell University) 7.375%, 7/1/2030..................................... 11,785,000 13,090,307
Department Health:
5.75%, 7/1/2017......................................................... 17,010,000 16,917,636
5.50%, 7/1/2025......................................................... 20,000,000 19,314,800
Mental Health Services Facility Improvement 5.375%, 2/15/2026............. 17,550,000 16,634,241
(New York Medical College) 6.875%, 7/1/2021 (Insured; AGIC)............... 19,310,000 21,263,786
(Saint Vincent's Hospital and Medical Center) 5.80%, 8/1/2025............. 5,000,000 5,101,250
(State University) 7.60%, 7/1/2018 (Prerefunded 7/1/1998) (b)............. 3,000,000 3,230,250
Educational Facilities:
7.25%, 5/15/2008 (Prerefunded 5/15/2000) (b).......................... 11,590,000 12,944,060
5.875%, 5/15/2011..................................................... 20,000,000 20,670,200
7.50%, 5/15/2011...................................................... 3,750,000 4,475,025
5.50%, 5/15/2013...................................................... 16,035,000 15,846,589
6.375%, 5/15/2014..................................................... 7,110,000 7,353,731
7.375%, 5/15/2014 (Prerefunded 5/15/2000) (b)......................... 10,155,000 11,381,927
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1996 (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):
5.25%, 5/15/2015...................................................... $ 12,500,000 $12,035,000
7%, 5/15/2018 (Prerefunded 5/15/2000) (b)............................. 16,060,000 17,808,131
5.50%, 5/15/2026...................................................... 11,990,000 11,574,666
Refunding 7.375%, 5/15/2014........................................... 12,945,000 14,235,358
New York State Energy Research and Development Authority:
Electric Facilities Revenue (Long Island Lighting Co.) 7.15%, 9/1/2019.... 7,230,000 7,473,868
Facilities Revenue (Consolidated Edison Co. Project) 7.125%, 12/1/2029.... 13,000,000 14,720,810
New York State Environmental Facilities Corp.:
Solid Waste Disposal Revenue (Occidental Petroleum Corp. Project)
6.10%, 11/1/2030........................................................ 5,000,000 5,000,500
State Water Pollution Control Revolving Fund Revenue
(New York City Municipal Water Finance Authority Project):
6.875%, 6/15/2010..................................................... 21,340,000 23,550,611
7.25%, 6/15/2010...................................................... 16,065,000 18,050,313
7%, 6/15/2012......................................................... 21,660,000 24,008,594
New York State Housing Finance Agency, Revenue:
Health Facilities Refunding:
5.875%, 5/1/2004........................................................ 6,500,000 6,734,650
6%, 5/1/2008............................................................ 10,000,000 10,265,700
Housing Projects 6.10%, 11/1/2015 (Insured; FSA).......................... 13,300,000 13,718,817
Insured Multi-Family Mortgage 7%, 8/15/2022............................... 4,495,000 4,768,701
Multi-Family Housing Second Mortgage 6.95%, 8/15/2024 (Insured; FHA)...... 2,905,000 3,063,874
Service Contract Obligation:
5.50%, 9/15/2022........................................................ 4,000,000 3,786,400
Refunding 5.375%, 9/15/2011............................................. 13,520,000 12,933,908
New York State Local Government Assistance Corp.:
7%, 4/1/2005.............................................................. 4,300,000 4,801,767
5.50%, 4/1/2023........................................................... 7,000,000 6,889,400
6%, 4/1/2024.............................................................. 9,005,000 9,309,009
Refunding:
5.40%, 4/1/2015......................................................... 11,515,000 11,454,431
5.25%, 4/1/2016......................................................... 15,060,000 14,852,021
New York State Medical Care Facilities Finance Agency, Revenue:
FHA Insured Mortgage:
(Montefiore Medical Center) 5.75%, 2/15/2015 (Insured; AMBAC)........... 8,750,000 8,901,287
(New York Hospital) 6.50%, 8/15/2029 (Insured; AMBAC)................... 12,000,000 13,158,480
(Saint Lukes Hospital):
5.60%, 8/15/2013...................................................... 17,000,000 17,159,290
7.45%, 2/15/2029 (Prerefunded 2/15/2000) (b).......................... 10,000,000 11,148,900
Hospital and Nursing Home FHA Insured Mortgage:
6.45%, 2/15/2009........................................................ 6,235,000 6,788,044
6.85%, 2/15/2012........................................................ 6,000,000 6,487,980
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1996 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
________ ________
New York (continued)
New York State Medical Care Facilities Finance Agency, Revenue (continued):
Hospital and Nursing Home FHA Insured Mortgage (continued):
6.125%, 2/15/2015....................................................... $ 13,270,000 $13,957,784
7.45%, 8/15/2031........................................................ 4,250,000 4,695,315
Insured Long Term Health Care 6.45%, 11/1/2010 (Insured; FSA)............. 11,660,000 12,725,491
Mental Health Services:
5.375%, 8/15/2013 (Insured; FGIC)....................................... 10,000,000 9,895,900
5.80%, 8/15/2022 (Insured; AMBAC)....................................... 14,515,000 14,735,918
5.25%, 8/15/2023 (Insured; FGIC)........................................ 18,575,000 17,965,183
Refunding, Custodial Receipts:
5.375%, 2/15/2014 (Insured; FSA)...................................... 19,765,000 19,555,491
5.25%, 2/15/2019 (Insured; FSA) (Prerefunded 2/15/2004) (b)........... 17,015,000 16,503,699
5.25%, 2/15/2019 (Insured; FGIC)...................................... 39,060,000 37,886,247
Mental Health Services Facilities Improvement
6%, 2/15/2025 (Insured; MBIA)........................................... 8,710,000 9,090,888
New York State Mortgage Agency, Revenue Mortgage
Homeowner:
5.50%, 4/1/2019......................................................... 5,000,000 4,920,650
6.60%, 10/1/2019........................................................ 10,685,000 11,332,725
6.45%, 10/1/2020........................................................ 16,480,000 16,922,158
6.20%, 10/1/2026........................................................ 28,100,000 28,787,045
New York State Power Authority, Revenue and General Purpose
6.625%, 1/1/2012.......................................................... 6,490,000 7,100,709
New York State Thruway Authority:
Highway and Bridge Trust Fund:
5.25%, 4/1/2015 (Insured; AMBAC)........................................ 5,000,000 4,915,850
5.125%, 4/1/2015 (Insured; MBIA)........................................ 8,500,000 8,311,640
5.50%, 4/1/2015 (Insured; MBIA)......................................... 15,800,000 15,829,546
5.25%, 4/1/2016 (Insured; AMBAC)........................................ 5,175,000 5,085,214
Service Contract Revenue (Local Highway and Bridge):
7.25%, 1/1/2010 (Prerefunded 1/1/2001) (b).............................. 13,000,000 14,633,970
5.75%, 4/1/2013 (Insured; MBIA)......................................... 11,185,000 11,464,178
6.25%, 4/1/2014......................................................... 11,645,000 12,042,560
5.75%, 4/1/2016......................................................... 15,950,000 15,968,343
New York State Urban Development Corp., Revenue Refunding:
5.50%, 7/1/2016 (Insured; FHA)............................................ 23,250,000 23,517,143
5.50%, 7/1/2026 (Insured; FHA)............................................ 12,000,000 11,973,240
(Correctional Capital Facilities):
5.25%, 1/1/2013......................................................... 8,935,000 8,442,771
5.50%, 1/1/2016......................................................... 33,885,000 32,398,804
5.50%, 4/1/2016 (Insured; MBIA)......................................... 5,000,000 5,001,700
5.625%, 1/1/2017........................................................ 10,240,000 10,022,502
5.50%, 1/1/2018......................................................... 5,000,000 4,780,500
5.375%, 1/1/2025 (Insured; AMBAC)....................................... 5,020,000 4,955,242
5.50%, 1/1/2025 (Insured; MBIA)......................................... 5,000,000 4,967,900
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1996 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
________ ________
New York (continued)
New York State Urban Development Corp., Revenue Refunding (continued):
(Correctional Facilities) 5.50%, 1/1/2016................................. $ 7,900,000 $ 7,553,506
(State Facilities) 5.70%, 4/1/2020........................................ 28,600,000 28,837,380
Port Authority of New York and New Jersey:
(Consolidated Bond 99th Series) 5.90%, 11/1/2012 (Insured; FGIC).......... 6,840,000 7,112,916
(Consolidated Bond 99th Series) 6%, 11/1/2013 (Insured; FGIC)............. 5,810,000 6,072,205
(Consolidated Bond 104th Series) 5.20%, 7/15/2017 (Insured; AMBAC)........ 8,025,000 7,860,488
(Consolidated Bond 105th Series) 5.50%, 9/1/2013 (Insured; MBIA).......... 7,500,000 7,518,000
(Consolidated Bond 105th Series) 5.50%, 9/1/2014 (Insured; MBIA).......... 6,000,000 6,014,400
Triborough Bridge and Tunnel Authority:
Capital Appreciation General Purpose 5%, 1/1/2015......................... 11,000,000 10,404,350
Revenues:
7.375%, 1/1/2016 (Prerefunded 1/1/2000) (b)............................. 8,280,000 9,167,119
General Purpose:
5%, 1/1/2014.......................................................... 5,000,000 4,851,650
6.50%, 1/1/2015 (Prerefunded 1/1/1999) (b)............................ 8,525,000 9,076,568
5.20%, 1/1/2022....................................................... 5,500,000 5,345,835
5.20%, 1/1/2027....................................................... 6,500,000 6,274,580
Special Obligation Refunding 7.10%, 1/1/2010.............................. 9,000,000 9,998,550
U.S. Related-3.8%
Commonwealth of Puerto Rico, Public Improvement:
5.85%, 7/1/2011........................................................... 2,480,000 2,530,815
7.75%, 7/1/2017 (Prerefunded 7/1/1999) (b)................................ 4,850,000 5,370,405
Puerto Rico Aqueduct and Sewer Authority, Revenue:
10.25%, 7/1/2009.......................................................... 13,750,000 19,325,625
7.875%, 7/1/2017 (Prerefunded 7/1/2098) (b)............................... 4,340,000 4,698,007
Puerto Rico Electric Power Authority, Power Revenue, Refunding 5.50%, 7/1/2016 8,250,000 8,099,273
Puerto Rico Highway and Transportation Authority, Highway Revenue
5.50%, 7/1/2013 (Insured; MBIA)........................................... 9,625,000 9,969,960
Refunding:
5.50%, 7/1/2015 (Insured; MBIA)......................................... 8,000,000 8,288,240
5%, 7/1/2022............................................................ 5,465,000 4,997,415
Puerto Rico Public Building Authority, Refunding
Guaranteed Government Facilities 6.25%, 7/1/2009 (Insured; AMBAC)......... 3,090,000 3,476,775
________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $1,650,920,573)..................................................... $1,741,164,860
========
Short-Term Municipal Investments-1.6%
New York-1.5%
New York City Municipal Water Finance Authority,
Water and Sewer System Revenue, VRDN 4.25% (c)............................ $ 14,700,000 $14,700,000
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1996 (UNAUDITED)
Principal
Short-Term Municipal Investments (continued) Amount Value
________ ________
New York (continued)
New York State Energy Research and Development Agency, PCR, Refunding
VRDN (New York Electric and Gas) 4.10% (LOC; Union Bank of Switzerland) (a,c) $ 11,600,000 $ 11,600,000
Port Authority of New York and New Jersey, Special Obligation Revenue
VRDN 4.10% (SBPA; Morgan Guaranty Trust) (c).............................. 1,100,000 1,100,000
U.S. Related-.1%
Commonwealth of Puerto Rico 3.28% (Insured; AMBAC) (d)...................... 1,500,000 1,500,000
________
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $28,900,000)........................................................ $ 28,900,000
========
TOTAL INVESTMENTS-100.0%
(cost $1,679,820,573)..................................................... $1,770,064,860
========
</TABLE>
<TABLE>
<CAPTION>
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 PCR Pollution Control Revenue
FHA Federal Housing Administration SBPA Standby Purchase Agreement
FSA Financial Security Assurance SONYMA State of New York Mortgage Agency
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings
Fitch (e) or Moody's or Standard & Poor's Percentage of Value
____ ____ ________________ _________________
<S> <C> <C> <C>
AAA Aaa AAA 34.2%
AA Aa AA 14.9
A A A 33.9
BBB Baa BBB 15.1
BB Ba BB .4
F1 MIG1 SP1 1.5
____
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 upon demand. The interest rate, which is subject to
change, is based upon bank prime rate or an index of market interest
rates.
(d) Inverse floater security-interest rate is subject to change
periodically.
(e) Fitch currently provides creditworthiness information for a limited
number of investments.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1996 (UNAUDITED)
Cost Value
________ ________
<S> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $1,679,820,573 $1,770,064,860
Interest receivable........................ 28,505,169
Receivable for investment securities sold.. 20,175,776
Receivable for subscriptions to Common Stock 4,000
Prepaid expenses........................... 20,311
________
1,818,770,116
________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 952,816
Cash overdraft due to Custodian............ 6,418,623
Payable for investment securities purchased 22,786,105
Payable for Common Stock redeemed.......... 46,497
Accrued expenses........................... 117,685
________
30,321,726
________
NET ASSETS.................................................................. $1,788,448,390
========
REPRESENTED BY: Paid-in capital............................ $1,686,761,035
Accumulated undistributed investment income-net 245,690
Accumulated net realized gain (loss) on investments 11,197,378
Accumulated net unrealized appreciation (depreciation)
....................... on investments-Note 3 90,244,287
________
NET ASSETS.................................................................. $1,788,448,390
========
SHARES OUTSTANDING
(300 million shares of $ .01 par value Common Stock authorized)............. 117,231,108
NET ASSET VALUE, offering and redemption price per share.................... $15.26
========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1996 (UNAUDITED)
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME Interest Income............................ 51,489,845
EXPENSES: Management fee-Note 2(a)................... $ 5,273,959
Shareholder servicing costs-Note 2(b)...... 1,056,609
Custodian fees............................. 60,172
Professional fees.......................... 36,574
Directors' fees and expenses-Note 2(c)..... 30,609
Prospectus and shareholders' reports....... 20,484
Registration fees.......................... 16,646
Miscellaneous.............................. 66,950
_______
Total Expenses......................... 6,562,003
_______
INVESTMENT INCOME-NET....................................................... 44,927,842
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 3:
Net realized gain (loss) on investments.... $ 2,244,691
Net unrealized appreciation (depreciation) on investments 71,396,968
_______
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS.......................... 73,641,659
_______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $118,569,501
=======
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
November 30, 1996 Year Ended
(Unaudited) May 31, 1996
__________ ________
OPERATIONS:
Investment income-net.................................................... $ 44,927,842 $ 94,688,075
Net realized gain (loss) on investments.................................. 2,244,691 18,576,683
Net unrealized appreciation (depreciation) on investments................ 71,396,968 (72,041,092)
________ ________
Net Increase (Decrease) in Net Assets Resulting from Operations...... 118,569,501 41,223,666
________ ________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net.................................................... (44,682,152) (94,688,075)
Net realized gain on investments......................................... __ (5,306,076)
________ ________
Total Dividends...................................................... (44,682,152) (99,994,151)
________ ________
CAPITAL STOCK TRANSACTIONS :
Net proceeds from shares sold............................................ 1,489,050,000 2,435,800,035
Dividends reinvested..................................................... 31,284,165 70,937,968
Cost of shares redeemed.................................................. (1,504,451,512) (2,628,486,012)
________ ________
Increase ( Decrease) in Net Assets from Capital Stock Transactions... 15,882,653 (121,748,009)
________ ________
Total Increase (Decrease) in Net Assets............................ 89,770,002 (180,518,494)
NET ASSETS:
Beginning of Period...................................................... 1,698,678,388 1,879,196,882
________ ________
End of Period............................................................ $ 1,788,448,390 $1,698,678,388
======== ========
Undistributed investment income-net........................................ $ 245,690 __
________ ________
Shares Shares
________ ________
CAPITAL SHARE TRANSACTIONS:
Shares sold.............................................................. 100,218,079 161,812,682
Shares issued for dividends reinvested................................... 2,096,104 4,695,987
Shares redeemed.......................................................... (101,118,382) (174,178,872)
________ ________
Net Increase (Decrease) in Shares Outstanding........................ 1,195,801 (7,670,203)
======== ========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<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
November 30, 1996 Year Ended May 31,
__________________________________________________
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992
_____ ___ ___ ___ ___ ____
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $14.64 $15.19 $15.06 $16.06 $15.36 $14.89
___ ___ ___ ___ ___ ___
Investment Operations:
Investment income-net................. .38 .79 .84 .88 .95 1.01
Net realized and unrealized gain (loss)
on investments...................... .62 (.51) .23 (.62) .92 .47
___ ___ ___ ___ ___ ___
Total from Investment Operations...... 1.00 .28 1.07 .26 1.87 1.48
___ ___ ___ ___ ___ ___
Distributions:
Dividends from investment income-net.. (.38) (.79) (.84) (.89) (.95) (1.01)
Dividends from net realized gain
on investments...................... - (.04) (.08) (.37) (.22) -
Dividends in excess of net realized
gain on investments................. - - (.02) - - -
___ ___ ___ ___ ___ ___
Total Distributions................... (.38) (.83) (.94) (1.26) (1.17) (1.01)
___ ___ ___ ___ ___ ___
Net asset value, end of period........ $15.26 $14.64 $15.19 $ 15.06 $16.06 $15.36
=== === === === === ===
TOTAL INVESTMENT RETURN................... 13.66%(1) 1.84% 7.55% 1.42% 12.63% 10.23%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .75%(1) .71% .72% .71% .70% .69%
Ratio of net investment income
to average net assets............... 5.11%(1) 5.24% 5.70% 5.49% 6.03% 6.69%
Portfolio Turnover Rate............... 42.44%(2) 81.93% 49.03% 35.66% 51.20% 40.05%
Net Assets, end of period (000's Omitted) $1,788,448 $1,698,678 $1,879,197 $1,941,233 $2,098,253 $1,897,988
(1) Annualized.
(2) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus New York Tax Exempt Bond Fund, Inc. (the "Fund") is registered
under the Investment Company Act of 1940 ("Act") as a non-diversified,
open-end management investment company. The Fund's investment objective is to
provide investors with as high a level of current income exempt from Federal,
New York State and New York City income taxes as is consistent with the
preservation of capital. The Dreyfus Corporation ("Manager") serves as the
Fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank,
N.A. Premier Mutual Fund Services, Inc. acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(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 value
of the Fund's average daily net assets and is payable monthly. The Agreement
further provides that if in any full fiscal year the aggregate expenses of
the Fund, exclusive of taxes, interest on borrowings, brokerage commissions
and extraordinary expenses, exceed 11\2% of the value of the Fund's average
net
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
assets, the Fund may deduct from payments to be made to the Manager, or the
Manager will bear such excess expense. There was no expense reimbursement for
the period ended November 30, 1996.
(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 period ended November 30, 1996, the Fund was charged an aggregate
of $647,470 pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. Such
compensation amounted to $270,504 during the period ended November 30, 1996.
(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 period ended November 30, 1996
amounted to $726,851,082 and $721,242,538 respectively.
At November 30, 1996, accumulated net unrealized appreciation on
investments was $90,244,287, consisting of $91,479,221 gross unrealized
appreciation and $1,234,934 gross unrealized depreciation.
At November 30, 1996, 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 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.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 980SA9611
[Dreyfus logo]
New York
Tax Exempt
Bond Fund, Inc.
Semi-Annual
Report
November 30, 1996
