<PAGE>
Dreyfus
New York
Tax Exempt
Bond Fund, Inc.
Semi-Annual
Report
November 30, 1997
<PAGE>
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 the six-month period ended November 30, 1997. Your
Fund produced a total return, including share price changes and dividend
income, of 5.47%.* The Fund's tax-free annualized distribution rate per share
was 4.86%.**
Economic Review
Almost everything went right for the U.S. economy over the reporting period.
In its seventh year of expansion, the economy showed no sign of an upsurge in
inflation resulting from tightening labor markets. With the unemployment rate
at its lowest level in almost a decade, investors had been concerned that wage
gains might result in higher levels of inflation and cause the Federal Reserve
Board (the "Fed") to again raise interest rates. Given the longevity of our
economic recovery, the Fed's monetary policymakers apparently were hoping that
a cyclical easing in the economic growth rate would help dampen any incipient
inflationary pressure. Recent turmoil in the financial markets of Asia and
Latin America has raised prospects for a slowdown in U.S. exports as those
nations shore up their financial systems. If this were to occur, the diminished
demand for U.S. goods overseas could be a drag on domestic economic growth. What
is all but certain is that the Fed is reluctant to further unsettle world
financial markets by raising interest rates over the near term.
Indicators of future economic conditions showed high levels of consumer
optimism and pointed toward continued growth. Consumers' spirits have been
lifted by an unemployment rate at a quarter-century low (4.7% at the end of the
reporting period), and core inflation, which excludes food and energy price
changes, at the 2% level. The Conference Board, a business-sponsored research
group, recently reported that its Consumer Confidence Index hit a new high for
this economic expansion. Since consumers account for two thirds of all economic
activity, their confidence in the economy is an important indicator of future
conditions. Another important index of future economic conditions, the Index of
Leading Economic Indicators (also a Conference Board index), implied continued
growth. Government reports of personal income and consumer spending showed
healthy rates of increase as well.
The production side of the economy continued its robust advance. Industrial
output rose consistently, and while the factory utilization rate (a potential
harbinger of production bottlenecks and price pressures) also increased, there
was little evidence of producer-generated inflation. Additional good news
regarding inflation came from the report that the productivity of U.S. workers
rose at its fastest pace in five years during the third quarter of 1997. This
increase in worker efficiency helped push down unit labor costs and eased
concerns that labor costs, despite the tight labor market, would lead to higher
inflation.
The interplay between worker productivity and worker wage increases does
much in determining the future course of inflation. We continue to monitor that
closely, along with developments in the international financial arena. The
recent international turbulence underscored the close economic relationships
that exist among all countries, particularly in this age of multinational
companies and pervasive global capitalism.
Market Environment
Renewed concerns regarding Asia and Latin America have resulted in an
international flight to quality and projections of the US economy slowing down
due to diminished exports. In U.S. fixed income securities, these consequences
have raised prices, an appreciation from already high price levels, and further
lowered yield levels. The timing comes on the heels of many strong recent
economic indicators, especially on employment and housing, that show signs of
potential inflation that could push market prices lower.
These strong opposing forces have generated a potential dilemma for bond
market participants. With only potential evidence of weakness in the
economy, the 30-year Treasury bond's yield has been pushed to the 6.10% level.
Participants
<PAGE>
must now decide if they should position themselves for a run below 6%. More
importantly, the question arises whether a new level of interest rates is
sustainable from global currency devaluation and foreign economic weakness
alone. Anticipated information on U.S. wage pressure and retail sales should
provide needed conviction to many participants' sentiments.
The Portfolio
While global forces have recently gripped the fundamental market direction,
new issuance has also reemerged as the dominant technical market force in the
municipal arena. Lower yield levels have encouraged many municipal authorities
to issue new debt or refinance older, higher cost debt. Despite the increase in
supply, most issues are absorbed with relative ease. In the Fund, many existing
holdings have become premium bonds (currently valued above par) due to price
appreciation. Our investment approach has concentrated on longer-term
intermediate range (15-18 years) paper, and other bonds that are expected to
provide similar positive market performance. We continue to focus on shortening
maturities and lengthening call features in our bond selection. If rates
stabilize in the current ranges, it is intended that higher income paper will
perform well and be defensive against discount alternatives.
Very truly yours,
/s/ Richard J. Moynihan
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 18, 1997
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains paid.
** 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. Some income may be subject to the
Federal Alternative Minimum Tax (AMT) for certain shareholders, and to state
and local taxes for non-residents of New York.
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments November 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Long-Term Municipal Investments--91.9% Amount Value
- ------------------------------------------------------------------------------- ------------ --------------
<S> <C> <C>
New York--88.4%
Castle Rest Residential Health Care Facility, Health Care Revenue,
Health, Hospital and Nursing Home Improvements,
5.60%, 8/1/2017 (Insured; FHA).............................................. $ 1,700,000 $ 1,724,599
Cohoes Industrial Development Agency, IDR (Norlite Corp. Project)
6.75%, 5/1/2009 (LOC; Dresdner Bank) (Prerefunded 5/1/2002) (a,b)........... 5,000,000 5,570,400
Metropolitan Transportation Authority, Revenue:
Commuter Facilities, Service Contract 6%, 7/1/2016 (Insured; FGIC)(c)....... 9,000,000 9,694,260
Transit Facilities, Service Contract:
7.50%, 7/1/2019 (Prerefunded 7/1/2000)(b)................................ 7,700,000 8,454,061
Refunding:
6.625%, 7/1/2014 (Prerefunded 7/1/2002)(b)............................ 5,950,000 6,616,341
7.125%, 7/1/2009...................................................... 5,000,000 5,541,000
Municipal Assistance Corporation for City of New York, Revenue, Refunding:
5.50%, 7/1/2001............................................................. 19,765,000 20,652,844
6%, 7/1/2005................................................................ 13,000,000 14,267,890
6%, 7/1/2006................................................................ 7,770,000 8,569,300
Nassau County Industrial Development Agency, IDR
(Hofstra University Project) 8.25%, 7/1/2003 (Prerefunded 7/1/1998) (b)..... 3,000,000 3,076,860
New York City:
7.50%, 2/1/2003............................................................. 3,500,000 3,901,345
6.375%, 8/1/2004............................................................ 16,000,000 17,269,920
7.50%, 2/1/2006............................................................. 4,000,000 4,493,440
7.75%, 8/15/2006 (Prerefunded 8/15/2001) (b)................................ 5,780,000 6,560,069
5.75%, 2/1/2007 (Insured; AMBAC) (c)........................................ 12,305,000 13,258,022
5.75%, 8/15/2008............................................................ 5,000,000 5,211,150
6.50%, 8/15/2009............................................................ 10,125,000 11,381,614
7.50%, 3/15/2010............................................................ 585,000 630,098
7%, 10/1/2010............................................................... 3,955,000 4,373,755
5.50%, 11/15/2010........................................................... 10,110,000 10,332,218
3.65%, 8/1/2011............................................................. 18,775,000 19,264,464
6%, 8/1/2011................................................................ 9,750,000 10,292,003
6.25%, 8/1/2011 (Insured; FSA) (Prerefunded 8/1/2002) (b)................... 3,950,000 4,332,795
5.75%, 8/15/2011............................................................ 8,870,000 9,113,570
5.75%, 2/1/2012............................................................. 3,000,000 3,092,970
5.875%, 8/15/2013........................................................... 4,550,000 4,719,897
6.85%, 10/1/2013............................................................ 5,000,000 5,377,500
5.875%, 2/1/2016............................................................ 2,500,000 2,576,750
7.50%, 8/1/2021 (Prerefunded 8/1/2002) (b).................................. 565,000 636,207
7.50%, 8/1/2021............................................................. 4,435,000 5,097,633
Refunding:
6.015%, 8/1/2003 (d)..................................................... 7,500,000 7,837,500
6.215%, 8/1/2004 (d)..................................................... 7,610,000 7,990,500
6.515%, 8/1/2005 (d)..................................................... 5,000,000 5,331,250
5.45%, 8/1/2005.......................................................... 13,770,000 15,177,845
6.25%, 2/15/2007......................................................... 5,375,000 5,818,276
5.939%, 8/1/2008 (d)..................................................... 4,490,000 4,428,263
5.939%, 8/1/2008 (d)..................................................... 7,365,000 7,254,525
5.939%, 8/1/2008 (d)..................................................... 7,365,000 7,254,525
</TABLE>
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments November 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------------- ------------ --------------
<S> <C> <C>
New York (continued)
New York City (continued):
Refunding (continued):
6.139%, 8/1/2009 (d)..................................................... $ 4,280,000 $ 4,215,800
6.239%, 8/1/2010 (d)..................................................... 8,170,000 8,047,450
7.50%, 3/15/2010 (Prerefunded 3/15/2000) (b)............................. 9,415,000 10,256,230
5.25%, 8/1/2010.......................................................... 10,500,000 11,256,735
6.25%, 8/1/2010.......................................................... 10,000,000 10,662,200
6.375%, 8/15/2012........................................................ 13,000,000 13,926,900
6%, 8/1/2014............................................................. 2,250,000 2,367,405
6%, 8/1/2017............................................................. 3,000,000 3,130,320
5.875%, 8/1/2024......................................................... 16,000,000 16,426,080
6.125%, 8/1/2025......................................................... 12,250,000 12,870,953
New York City Housing Development Corp., MFHR Refunding 5.625%, 5/1/2012....... 14,460,000 14,890,474
New York City Industrial Development Agency:
Civic Facility Revenue, University and College Improvements
(College of New Rochelle Project) 5.80% 9/1/2026......................... 5,000,000 5,163,700
Industrial Improvements, Special Facility Revenue (Northwest Airlines, Inc.)
6%, 6/1/2027............................................................. 1,400,000 1,428,588
New York City Municipal Water Finance Authority, Water and Sewer Systems Revenue:
5.625%, 6/15/2011........................................................... 16,000,000 16,479,840
7%, 6/15/2015 (Prerefunded 6/15/2001) (b)................................... 5,655,000 6,213,544
6.20%, 6/15/2021 (Insured; AMBAC)........................................... 9,700,000 10,600,936
5.75%, 6/15/2029............................................................ 41,000,000 42,241,070
Refunding 5.625%, 6/15/2019................................................. 17,335,000 17,635,416
State of New York:
5.875%, 3/15/2014........................................................... 3,000,000 3,162,570
5.50%, 7/15/2016............................................................ 11,165,000 11,444,348
Environmental Quality:
5%, 1/15/2014............................................................ 7,170,000 7,060,371
5.125%, 1/15/2016........................................................ 4,035,000 4,003,245
Refunding:
5.625%, 8/15/2009........................................................ 15,000,000 15,843,150
5.70%, 8/15/2011......................................................... 4,500,000 4,735,845
6.125%, 11/15/2011....................................................... 3,130,000 3,317,424
5.80%, 10/1/2013......................................................... 4,715,000 5,001,248
New York State Dormitory Authority, Revenues:
(City University Systems):
7%, 7/1/2009............................................................. 8,500,000 9,875,470
7.50%, 7/1/2010 (Insured; FGIC).......................................... 5,000,000 6,253,600
5.625%, 7/1/2016......................................................... 9,120,000 9,478,234
5%, 7/1/2020............................................................. 10,000,000 9,345,000
Refunding:
6.13%, 7/1/2008 (Insured; FGIC) (d)................................... 5,000,000 5,318,750
6.33%, 7/1/2009 (Insured; FGIC) (d)................................... 4,050,000 4,323,375
5.60%, 7/1/2010....................................................... 12,000,000 12,297,240
5.375%, 7/1/2014 (Insured; FGIC)...................................... 6,500,000 6,614,205
</TABLE>
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments November 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------------- ------------ --------------
<S> <C> <C>
New York (continued)
New York State Dormitory Authority, Revenues (continued):
(City University Systems) (continued):
Refunding (continued):
5.50%, 7/1/2016 (Insured; AMBAC)...................................... $ 24,000,000 $ 24,638,400
5.625%, 7/1/2019...................................................... 11,550,000 11,645,172
(Cornell University) 7.375%, 7/1/2030....................................... 11,785,000 12,902,689
Court Facilities Lease Revenues, 5.625%, 5/15/2013.......................... 5,000,000 5,086,650
(New York Medical College) 6.875%, 7/1/2021 (Insured; FGIC)................. 19,310,000 21,114,906
Nursing Home:
(Frances Schervier Home) 5.50%, 7/1/2017 (Insured; AGIC)................. 4,000,000 4,003,160
(Lakeside/Beikirch Nursing Home) 6%, 2/1/2037 (Insured; FHA) (e)......... 5,000,000 5,270,300
(Menorah Campus) Refunding:
5.95%, 2/1/2017 (Insured; FHA)........................................ 3,000,000 3,141,960
6.10%, 2/1/2037 (Insured; FHA)........................................ 8,500,000 9,074,515
(State University):
7.60% 7/1/2018 (Prerefunded 7/1/1998) (b)................................ 3,000,000 3,125,460
Educational Facilities:
7.25%, 5/15/2008 (Prerefunded 5/15/2000) (b).......................... 11,590,000 12,645,385
7.50%, 5/15/2011...................................................... 3,750,000 4,553,063
7.375%, 5/15/2014 (Prerefunded 5/15/2000) (b)......................... 10,155,000 11,126,732
7%, 5/15/2018 (Prerefunded 5/15/2000) (b)............................. 16,060,000 17,456,899
Refunding:
5.875%, 5/15/2011.................................................. 20,000,000 21,587,200
5.50%, 5/15/2013................................................... 10,000,000 10,364,400
5.50%, 5/15/2013 (Insured; FGIC)................................... 6,035,000 6,367,166
7.375%, 5/15/2014.................................................. 12,945,000 14,086,361
5%, 5/15/2018...................................................... 6,000,000 5,676,360
New York State Energy Research and Development Authority
Electric Facilities, Revenue:
(Consolidated Edison Co. Project) 7.125%, 12/1/2029...................... 13,000,000 14,767,090
(Long Island Lighting Company Project):
7.15%, 9/1/2019....................................................... 8,930,000 9,718,966
6.90%, 8/1/2022....................................................... 3,010,000 3,265,940
New York State Environmental Facilities Corp., State Water Pollution Control
Revolving Fund Revenue (New York City Municipal Water Finance Authority
Project):
6.875%, 6/15/2010 (Prerefunded 6/15/2001) (b)............................ 18,800,000 20,775,128
6.875%, 6/15/2010........................................................ 2,540,000 2,792,247
7.25%, 6/15/2010 (Prerefunded 6/15/2001) (b)............................. 15,500,000 17,318,150
7.25%, 6/15/2010......................................................... 565,000 625,048
7%, 6/15/2012 (Prerefunded 6/15/2001) (b)................................ 21,105,000 23,408,400
7%, 6/15/2012............................................................ 555,000 609,484
</TABLE>
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments November 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------------- ------------ --------------
<S> <C> <C>
New York (continued)
New York State Housing Finance Agency, Revenue:
Health Facilities, Refunding:
5.875%, 5/1/2004......................................................... $ 6,500,000 $ 6,907,940
6%, 5/1/2008............................................................. 10,000,000 10,736,300
Housing Projects, Refunding 6.10%, 11/1/2015 (Insured; FSA)................. 13,300,000 14,077,651
Insured Multi-Family Mortgage 7%, 8/15/2022................................. 4,495,000 4,802,053
Multi-Family Housing Second Mortgage 6.95%, 8/15/2024 (Insured; FHA)........ 2,865,000 3,034,092
Service Contract Obligation:
5.375%, 9/15/2011........................................................ 13,520,000 13,574,350
Refunding 5.50%, 9/15/2018............................................... 15,625,000 15,604,375
New York State Local Government Assistance Corp.:
7%, 4/1/2005................................................................ 4,300,000 4,758,380
6%, 4/1/2024................................................................ 17,005,000 18,051,828
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 9,104,462
(New York Hospital) 6.50%, 8/15/2029 (Insured; AMBAC).................... 12,000,000 13,361,880
(Saint Lukes Hospital) 7.45%, 2/15/2029 (Prerefunded 2/15/2000)(b)....... 10,000,000 10,894,100
Hospital and Nursing Home FHA Insured Mortgage:
6.125%, 2/15/2015........................................................ 13,270,000 14,178,332
(Saint Joseph's and Bayley Seton Hospital) Refunding 6.45%, 2/15/2009.... 6,065,000 6,666,163
(Saint Lukes and Waterfront Nursing Homes) 6.85%, 2/15/2012.............. 6,000,000 6,521,100
Insured Long Term Health Care 6.45%, 11/1/2010 (Insured; FSA)............... 10,875,000 11,925,960
Mental Health Services:
5.375%, 8/15/2013 (Insured, FGIC)........................................ 4,900,000 4,959,731
Refunding, Custodial Receipts 5.375%, 2/15/2014 (Insured; FGIC).......... 15,000,000 15,092,700
Mental Health Services Facilities Improvement 6%, 2/15/2025 (Insured; MBIA). 8,710,000 9,240,352
New York State Mortgage Agency, Homeowner Mortgage Revenue:
6.11%, 10/1/2007 (d)........................................................ 935,000 952,531
6.71%, 10/1/2010 (d)........................................................ 1,460,000 1,483,725
7.01%, 10/1/2012 (d)........................................................ 2,500,000 2,596,875
6.60%, 10/1/2019............................................................ 10,685,000 11,522,277
5.80%, 10/1/2028............................................................ 9,000,000 9,144,900
5.85%, 10/1/2028............................................................ 10,000,000 10,253,400
Refunding:
6%, 4/1/2017.......................................................... 6,000,000 6,275,940
6%, 10/1/2022......................................................... 5,000,000 5,209,450
6.20%, 10/1/2026(c)................................................... 28,100,000 29,542,654
New York State Power Authority, Revenue and General Purpose Refunding
6.625%, 1/1/2012............................................................ 6,490,000 7,082,537
New York State Thruway Authority, Revenues:
Highway and Bridge Trust Fund:
5.50%, 4/1/2015 (Insured; MBIA)(c)....................................... 15,800,000 16,216,646
5%, 4/1/2016 (Insured; FSA).............................................. 8,270,000 8,104,104
</TABLE>
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments November 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------------- ------------ --------------
<S> <C> <C>
New York (continued)
New York State Thruway Authority, Revenues (continued):
(Local Highway and Bridge) Service Contract:
7.25%, 1/1/2010 (Prerefunded 1/1/2001)(b)................................ $ 13,000,000 $ 14,364,350
5.75%, 4/1/2013 (Insured; MBIA)(c)....................................... 7,185,000 7,498,553
5.75%, 4/1/2016.......................................................... 35,950,000 37,020,231
Refunding:
6.73%, 4/1/2004 (d)................................................... 4,000,000 4,315,000
5.73%, 4/1/2006 (d)................................................... 10,785,000 10,865,887
6%, 4/1/2011.......................................................... 5,000,000 5,356,800
6%, 4/1/2012.......................................................... 6,195,000 6,659,129
5%, 4/1/2017.......................................................... 8,250,000 7,837,335
New York State Urban Development Corp., Lease Revenue:
(Correctional Capital Facilities):
5.25%, 1/1/2013.......................................................... 8,935,000 8,851,904
5.625%, 1/1/2017......................................................... 10,240,000 10,353,357
Refunding 5.50%, 1/1/2016................................................ 18,385,000 18,407,797
Refunding:
5.50%, 7/1/2016 (Insured; FHA)........................................... 13,250,000 13,624,312
5.75%, 1/1/2013.......................................................... 10,030,000 10,269,617
(State Facilities) Refunding 5.70%, 4/1/2020................................ 20,000,000 20,904,600
Port Authority of New York and New Jersey:
(Consolidated Bond 93rd Series) 6.125%, 6/1/2094............................ 15,000,000 16,820,550
(Consolidated Bond 99th Series) 5.90%, 11/1/2012 (Insured; FGIC)............ 6,840,000 7,224,955
(Consolidated Bond 99th Series) 6%, 11/1/2013 (Insured; FGIC)............... 5,810,000 6,154,765
Special Obligation Revenue (JFK International Air Terminal-6):
6.25%, 12/1/2014 (Insured; MBIA)......................................... 10,000,000 11,266,800
5.75%, 12/1/2022 (Insured; MBIA)......................................... 24,000,000 24,906,960
Tompkins County Industrial Development Agency, Civic Facility Revenue
(Ithacare Center Project) 6.20%, 2/1/2037 (Insured; FHA).................... 6,000,000 6,450,420
Triborough Bridge and Tunnel Authority:
Revenues:
7.375%, 1/1/2016 (Prerefunded 1/1/2000)(b)............................... 8,280,000 8,946,706
General Purpose:
6.50%, 1/1/2015 (Prerefunded 1/1/1999)(b)............................. 8,525,000 8,889,273
Refunding 5%, 1/1/2014................................................ 5,000,000 4,980,600
Special Obligation Refunding 7.10%, 1/1/2010.......................... 9,000,000 9,865,890
United Nations Development Corporation, Revenue, Refunding:
Senior Lien:
5.96%, 7/1/2008 (d)...................................................... 1,545,000 1,543,069
6.16%, 7/1/2009 (d)...................................................... 1,760,000 1,757,800
6.56%, 7/1/2014 (d)...................................................... 625,000 625,000
5.60%, 7/1/2026.......................................................... 7,000,000 7,009,100
Subordinated Lien:
5.40%, 7/1/2014 (d)...................................................... 1,375,000 1,375,000
5.60%, 7/1/2026.......................................................... 1,000,000 1,001,600
</TABLE>
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments November 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------------------------------- ------------ --------------
<S> <C> <C>
U.S. Related--3.5%
Commonwealth of Puerto Rico, Public Improvement 6%, 7/1/2026................... $ 5,000,000 $ 5,348,550
Puerto Rico Aqueduct and Sewer Authority, Revenue:
10.25%, 7/1/2009............................................................ 13,750,000 18,911,613
7.875%, 7/1/2017 (Prerefunded 7/1/1998)(b).................................. 4,340,000 4,530,092
Puerto Rico Highway and Transportation Authority, Highway Revenue:
6%, 7/1/2022................................................................ 9,500,000 10,033,140
5%, 7/1/2036................................................................ 6,000,000 5,733,600
Refunding 5.50%, 7/1/2015 (Insured; MBIA)................................... 8,000,000 8,459,200
Puerto Rico Public Buildings Authority, Lease Revenue:
5%, 7/1/2027 (Insured; AMBAC)............................................... 2,000,000 1,948,660
Public Education and Health Facilities, Refunding 5.75%, 7/1/2015
(Guaranteed; Commonwealth of Puerto Rico)................................ 4,250,000 4,368,023
--------------
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $1,457,870,737)....................................................... $1,559,313,107
==============
Short-Term Municipal Investments--8.1%
- -------------------------------------------------------------------------------
New York:
New York City, Revenue, VRDN:
Public Improvements:
3.85% (LOC; Morgan Guaranty Trust) (a,f)................................. $ 7,850,000 $ 7,850,000
4.50% (LOC; Union Bank of Switzerland) (a,f)............................. 2,000,000 2,000,000
3.85% (Insured; MBIA, SBPA; Rabobank Nederland) (f)...................... 11,000,000 11,000,000
Refunding 3.85% (LOC; Morgan Guaranty Trust) (a,f).......................... 19,450,000 19,450,000
New York City Municipal Water Finance Authority, VRDN
Water and Sewer System Revenue:
3.85% (Insured; FGIC, SBPA; FGIC) (f).................................... 38,950,000 38,950,000
Refunding:
3.90% (Insured; FGIC, SBPA; FGIC) (f).................................. 4,000,000 4,000,000
4% (Insured; FGIC, SBPA, FGIC) (f)..................................... 8,700,000 8,700,000
New York State Dorm Authority, Revenues, VDRN (Oxford University Press, Inc.)
3.90% (LOC; Landesbank Hessen-Thuringen Girozentrale) (a,f)................. 8,400,000 8,400,000
New York State Energy Research and Development Authority,
PCR, VDRN (Niagra Mohawk Power Project) 4.10% (LOC; Morgan Guaranty Trust) (a 22,900,000 22,900,000
Port Authority of New York and New Jersey, Special Obligation Revenue, VDRN,
Refunding:
3.85% (SBPA; Morgan Guaranty Trust) (f).................................. 12,400,000 12,400,000
3.90% (SBPA; Landesbank Hessen-Thuringen Girozentrale) (f)............... 2,300,000 2,300,000
--------------
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $137,950,000)......................................................... $ 137,950,000
==============
TOTAL INVESTMENTS--100.0%
(cost $1,595,820,737)....................................................... $1,697,263,107
==============
</TABLE>
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Summary of Abbreviations
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AGIC Asset Guaranty Insurance Company MBIA Municipal Bond Investors Assurance
AMBAC American Municipal Bond Assurance Corporation Insurance Corporation
FGIC Financial Guaranty Insurance Company MFHR Multi-Family Housing Revenue
FHA Federal Housing Administration PCR Pollution Control Revenue
FSA Financial Security Assurance SBPA Standby Bond Purchase Agreement
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------------------------------------
Fitch (g) or Moody's or Standard & Poor's Percentage of Value
- ------ ------- ---------------- ------------------
<S> <C> <C> <C>
AAA Aaa AAA 27.6%
AA Aa AA 17.5
A A A 34.9
BBB Baa BBB 13.3
BB Ba BB .9
F1 MIG1 SP1 5.8
-----
100.0%
=====
<FN>
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) Held in a segregated account as collateral for delayed-delivery.
(d) Inverse floater security--interest rate is subject to change periodically.
(e) Purchased on a delayed-delivery basis.
(f) Securities payable on demand. The interest rate, which is subject to change,
is based upon bank prime rates or an index of market interest rates.
(g) Fitch currently provides creditworthiness information for a limited number of investments.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Assets and Liabilities November 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Cost Value
-------------- --------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $1,595,820,737 $1,697,263,107
Cash............................................. 29,100
Interest receivable.............................. 28,270,463
Prepaid expenses................................. 18,296
--------------
1,725,580,966
--------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 768,569
Payable for investment securities purchased...... 15,511,745
Payable for shares of Common Stock redeemed...... 12,674
Accrued expenses................................. 97,433
--------------
16,390,421
--------------
NET ASSETS..................................................................... $1,709,190,545
==============
REPRESENTED BY: Paid-in capital.................................. $1,590,332,490
Accumulated undistributed investment income--net.. 449,050
Accumulated net realized gain (loss) on investments 16,966,635
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4.......................... 101,442,370
--------------
NET ASSETS..................................................................... $1,709,190,545
==============
SHARES OUTSTANDING
(300 million shares of $.01 par value Common Stock authorized)................. 110,905,191
NET ASSET VALUE, offering and redemption price per share--Note 3(d)............. $15.41
======
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Operations Six Months Ended November 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME: Interest Income............................ $47,345,534
EXPENSES: Management fee--Note 3(a)................... $ 5,075,989
Shareholder servicing costs--Note 3(b)...... 712,160
Directors' fees and expenses--Note 3(c)..... 31,367
Professional fees.......................... 25,645
Custodian fees............................. 24,984
Prospectus and shareholders' reports....... 22,774
Registration fees.......................... 14,573
Loan commitments fees--Note 2............... 6,205
------------
Total Expenses........................... 5,913,697
-----------
INVESTMENT INCOME--NET.................................................... 41,431,837
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments.... $11,691,903
Net unrealized appreciation (depreciation) on
investments.............................. 37,311,379
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS................... 49,003,282
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................... $90,435,119
===========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
November 30, 1997 Year Ended
(Unaudited) May 31, 1997
-------------- --------------
OPERATIONS:
<S> <C> <C>
Investment income--net.................................................. $ 41,431,837 $ 87,835,545
Net realized gain (loss) on investments................................ 11,691,903 5,326,888
Net unrealized appreciation (depreciation) on investments.............. 37,311,379 45,283,672
-------------- --------------
Net Increase (Decrease) in Net Assets Resulting from Operations..... 90,435,119 138,446,105
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net.................................................. (41,217,156) (87,601,176)
Net realized gain on investments....................................... -- (9,004,843)
-------------- --------------
Total Dividends..................................................... (41,217,156) (96,606,019)
-------------- --------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold.......................................... 450,794,850 2,685,271,128
Dividends reinvested................................................... 28,481,022 68,017,640
Cost of shares redeemed................................................ (521,989,725) (2,791,120,807)
-------------- --------------
Increase (Decrease) in Net Assets from Capital Stock Transactions... (42,713,853) (37,832,039)
-------------- --------------
Total Increase (Decrease) in Net Assets.......................... 6,504,110 4,008,047
NET ASSETS:
Beginning of Period.................................................... 1,702,686,435 1,698,678,388
-------------- --------------
End of Period.......................................................... $1,709,190,545 $1,702,686,435
============== ==============
Undistributed investment income--net....................................... $ 449,050 $ 234,369
-------------- --------------
Shares Shares
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 29,535,950 180,835,120
Shares issued for dividends reinvested................................. 1,857,709 4,558,729
Shares redeemed........................................................ (34,193,743) (187,723,881)
-------------- --------------
Net Increase (Decrease) in Shares Outstanding....................... (2,800,084) (2,330,032)
============== ==============
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
Financial Highlights
Contained below is per share operating performance data for a share of Common
Stock outstanding, total investment return, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from the Fund's financial statements.
<TABLE>
<CAPTION>
Six Months Ended
November 30, 1997 Year Ended May 31,
--------------------------------------------------
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period. $14.97 $14.64 $15.19 $15.06 $16.06 $15.36
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net................ .38 .76 .79 .84 .88 .95
Net realized and unrealized gain (loss)
on investments.................... .43 .41 (.51) .23 (.62) .92
------ ------ ------ ------ ------ ------
Total from Investment Operations..... .81 1.17 .28 1.07 .26 1.87
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net. (.37) (.76) (.79) (.84) (.89) (.95)
Dividends from net realized gain on
investments....................... -- (.08) (.04) (.08) (.37) (.22)
Dividends in excess of net realized gain on
investments....................... -- -- -- (.02) -- --
------ ------ ------ ------ ------ ------
Total Distributions.................. (.37) (.84) (.83) (.94) (1.26) (1.17)
------ ------ ------ ------ ------ ------
Net asset value, end of period....... $15.41 $14.97 $14.64 $15.19 $15.06 $16.06
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN................. 10.91%(1) 8.14% 1.84% 7.55% 1.42% 12.63%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .70%(1) .74% .71% .72% .71% .70%
Ratio of net investment income
to average net assets............. 4.90%(1) 5.10% 5.24% 5.70% 5.49% 6.03%
Portfolio Turnover Rate.............. 21.98%(2) 74.46% 81.93% 49.03% 35.66% 51.20%
Net Assets, end of period (000's Omitted) $1,709,191 $1,702,686 $1,698,678 $1,879,197 $1,941,233 $2,098,253
<FN>
- ----------------
(1) Annualized.
(2) Not annualized.
</TABLE>
See notes to financial statements.
<PAGE>
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. is 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: Investments in securities 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--Bank Line of Credit:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion
of the Facility. Interest is charged to the Fund at
<PAGE>
Dreyfus New York Tax Exempt Bond Fund, Inc.
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
rates based on prevailing market rates in effect at the time of borrowings.
During the period ended November 30, 1997, the Fund did not borrow under the
Facility.
NOTE 3--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 provides
that if in any full fiscal year the aggregate expenses of the Fund, exclusive
of taxes, interest on borrowings, brokerage commissions, commitment fees and
extraordinary expenses, exceed 11/2% of the value of the Fund's average net
assets, the Fund may deduct from payments to be made to the Manager, or the
Manager will bear such excess expense. During the period ended November 30,
1997, there was no expense reimbursement pursuant to the Agreement.
(b) Under the 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, 1997, the Fund was charged $331,869 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. During the period
ended November 30, 1997, the Fund was charged $259,590 pursuant to the transfer
agency agreement.
(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.
(d) A .10% redemption fee is charged and retained by the Fund on certain
redemptions of Fund shares (including redemptions through use of the Fund
Exchanges service) where the shares being redeemed were issued subsequent to a
specified effective date and the redemption or exchange occurs less than
fifteen days following the date of issuance. During the period ended November
30, 1997, redemption fees amounted to $129,481.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended November 30, 1997
amounted to $352,012,902 and $502,118,770, respectively.
At November 30, 1997, accumulated net unrealized appreciation on investments
was $101,442,370, consisting of $101,805,463 gross unrealized appreciation and
$363,093 gross unrealized depreciation.
At November 30, 1997, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting purposes
(see the Statement of Investments).
<PAGE>
Dreyfus New York
Tax Exempt Bond Fund, Inc.
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. 980SA9711
