Dreyfus New York Tax Exempt Bond Fund, Inc.
ANNUAL REPORT
May 31, 1999
[LION LOGO]
[Dreyfus Logo]
<PAGE>
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues
(Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
<PAGE>
Contents
THE FUND
- --------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Fund Performance
7 Statement of Investments
16 Statement of Assets and Liabilities
17 Statement of Operations
18 Statement of Changes in Net Assets
19 Financial Highlights
20 Notes to Financial Statements
24 Report of Independent Auditors
25 Important Tax Information
FOR MORE INFORMATION
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Back Cover
<PAGE>
Dreyfus New York The Fund
Tax Exempt Bond Fund, Inc.
LETTER FROM THE PRESIDENT
- -------------------------
Dear Shareholder:
We are pleased to present this annual report for Dreyfus New York Tax Exempt
Bond Fund, Inc., covering the 12-month period from June 1, 1998 through May 31,
1999. Inside, you'll find valuable information about how the fund was managed
during the reporting period, including a discussion with the fund's portfolio
manager, Sam Weinstock.
Lower short-term interest rates adopted by the Federal Reserve Board and other
central banks in the fall of 1998 appear to have helped many U.S. businesses
withstand the effects of economic weakness in Japan, Asia and Latin America. At
the same time, the U.S. economy has entered its eighth year of expansion in an
environment characterized by low inflation and high levels of consumer spending.
Tax-exempt fixed-income securities generally provided good results relative to
taxable U.S. Treasury securities over the past year. This was especially true
during much of the second half of the reporting period. While prices of U.S.
Treasury securities declined significantly over the first five months of 1999, a
lack of new issuance relative to robust investor demand supported most municipal
bond prices.
We appreciate your confidence over the past year, and we look forward to your
continued participation in Dreyfus New York Tax Exempt Bond Fund, Inc.
Sincerely,
/s/ Stephen E. Canter
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
June 14, 1999
2
<PAGE>
DISCUSSION OF FUND PERFORMANCE
- ------------------------------
Sam Weinstock, Portfolio Manager
How did Dreyfus New York Tax Exempt Bond Fund, Inc.
perform during the period?
The fund produced a 4.47% total return over the 12-month period ended May 31,
1999,1 compared to a 3.52% total return for the average of the Lipper New York
Municipal Debt Funds category.2
We attribute the fund's good relative performance to its focus on high-quality,
intermediate-term municipal bonds -- issued by New York State, its
municipalities and authorities -- that have what we believe to be attractive
maturity, credit, yield and redemption characteristics. The fund also benefited
from our emphasis on quality because, in the prevailing investment environment,
lower-rated issues have remained expensive compared to securities with high
credit ratings. In addition, highly rated securities tend to be more liquid,
making them easier to buy and sell as market conditions change and giving the
fund more flex ibility to react in a weak market.
What is the fund's investment approach?
The fund's goal is to seek a high level of triple tax-exempt income from a
diversified portfolio of municipal bonds from New York issuers. We also seek to
provide competitive total returns.
In pursuit of these objectives, we employ four primary strategies. First, we
strive to identify the maturity range that we believe potentially will provide
the most favorable returns over the next year or two. Second, we evaluate
issuers' credit quality to find bonds that we believe provide high current
yields at attractive prices. Third, we look for bonds with attractively high
interest payments, even if they sell at a premium to face value. Fourth, we
assess individual bonds' early redemption features, focusing on those that
cannot be redeemed soon by their issuers. Typically, the bonds we select for the
portfolio will have several of these qualities.
The Fund 3
<PAGE>
DISCUSSION OF FUND PERFORMANCE (continued)
We also evaluate bonds' likely performance under various market scenarios. We
generally select securities that we believe are most likely to provide the best
returns over an anticipated range of interest rate levels. In other cases, we
hold certain securities because of our belief that they potentially will
participate strongly in market rallies and provide protection against market
declines.
What other factors influenced the fund's performance?
When the Asian currency and credit crisis spread to Russia and threatened Latin
America last summer and fall, investors flocked to U.S. Treasury securities. As
a result, yields on taxable Treasuries fell briefly in October to levels that
were roughly equivalent to yields on comparable tax-exempt bonds.
However, the Federal Reserve Board and other central banks moved quickly to
stimulate global economic growth. Because investors feared that a stronger
economy might reignite inflationary pressures, yields on longer-term bonds rose
throughout the first half of 1999. However, the extent of that rise was much
greater for taxable U.S. Treasury securities than for tax-free municipal bonds.
In addition, because of strong economic conditions throughout the country, New
York and its municipalities have had less need to borrow. Yet, demand from
investors seeking invest ment income free from federal, state and New York
City income taxes has remained high. This imbalance between supply and demand
helped municipal bond prices decline less than comparable U.S. Treasury bonds,
as measured by major market indices and benchmarks, over the reporting period.
4
<PAGE>
What is the fund's current strategy?
We have continued to adhere to the disciplined investment strategy that we have
used for some time now, including the identification of tax-exempt bonds with
attractive maturity, credit, yield and redemption characteristics. We have found
such securities, in our opinion, primarily in intermediate-term municipal bonds.
In our view, these bonds have represented better values than longer-term bonds
because they have provided most of the tax-exempt yield with substantially less
potential volatility. The total returns of these bonds have been favorable
because of anticipated lower yields as maturities on these holdings shortened
over time. Accordingly, we have structured the portfolio to emphasize municipal
bonds with maturities of 13 to 18 years, which we believe is the range most
likely to provide these advantages.
June 14, 1999
1 Total return includes reinvestment of dividends and any capital gains paid.
Past performance is no guarantee of future results. Share price and investment
return fluctuate such that upon redemption fund shares may be worth more or
less than their original cost. Income may be subject to state and local
taxes for non-New York residents, and some income may be subject to the
Federal Alternative Minimum Tax (AMT) for certain shareholders. Capital
gains, if any, are fully taxable.
2 Source: Lipper Analytical Services, Inc.
The Fund 5
<PAGE>
FUND PERFORMANCE
[INSERT CHART PLOT POINTS]
$21,054
Lehman Brothers
Municipal Bond Index*
$19,589
Dreyfus New York Tax
Exempt Bond Fund, Inc.
Comparison of change in value of $10,000 investment in the fund and the Lehman
Brothers Municipal Bond Index
- ----------------------------------------------------------------------
Average Annual Total Returns as of 5/31/99
1 Year 5 Years 10 Years
- ----------------------------------------------------------------------
Fund 4.47% 6.23% 6.96%
* Source: Lehman Brothers
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Dreyfus New York Tax
Exempt Bond Fund, Inc. on 5/31/89 to a $10,000 investment made in the Lehman
Brothers Municipal Bond Index on that date. All dividends and capital gain
distributions are reinvested.
The fund invests primarily in New York municipal securities and its performance
shown in the line graph takes into account fees and expenses. The Lehman
Brothers Municipal Bond Index is not limited to investments principally in New
York municipal obligations and does not take into account charges, fees and
other expenses. The Lehman Brothers Municipal Bond Index, unlike the fund, is
an unmanaged total return performance benchmark for the long-term,
investment-grade, geographically unrestricted tax exempt bond market,
calculated by using municipal bonds selected to be representative of the
municipal market overall. These factors can contribute to the Index potentially
outperforming or underperforming the fund. Further information relating to fund
performance, including expense reimbursements, if applicable, is contained in
the Financial Highlights section of the Prospectus and elsewhere in this
report.
6
<PAGE>
STATEMENT OF INVESTMENTS
May 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Principal
Long-Term Municipal Investments--97.9% Amount ($) Value ($)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
New York--93.2%
Allegheny County Industrial Development Agency, Civic Facility
Revenue (Houghton College Civic Facility)
5.25%, 1/15/2018 2,750,000 2,687,520
Castle Rest Residential Health Care Facility, Health Care
Revenue
5.60%, 8/1/2017 (Insured; FHA) 1,700,000 1,751,034
Cohoes Industrial Development Agency, IDR
(Norlite Corp. Project)
6.75%, 5/1/2009 (LOC; Dresdner Bank)
(Prerefunded 5/1/2002)a 5,000,000 5,456,850
Erie County Industrial Development Agency,
Life Care Community
Revenue (Episcopal Church Home) 5.875%, 2/1/2018 11,000,000 10,938,510
Huntington Housing Authority, Senior Housing Facility
Revenue
(Gurwin Jewish Senior Residences) 6%, 5/1/2039 3,750,000 3,720,000
Long Island Power Authority, Electric Power and Light
System
Revenue:
5.25%, 12/1/2014 (Insured; FSA) 13,000,000 13,468,650
5.50%, 12/1/2029 5,000,000 5,059,050
Metropolitan Transportation Authority, Revenue:
Commuter Facilities, Service Contract
6%, 7/1/2016 (Insured; FGIC) 9,000,000 9,654,030
Transit Facilities, Service Contract:
7.125%, 7/1/2009 5,000,000 5,496,850
5.125%, 7/1/2014 (Insured; FSA) 100,000 100,899
6.625%, 7/1/2014 (Prerefunded 7/1/2002)a 5,950,000 6,514,238
6.65%, 7/1/2014 (Insured; FSA)b 6,950,000 7,074,961
Monroe County Industrial Development Agency, Revenue
(DePaul Community Facilities) 5.875%, 2/1/2028 1,000,000 982,090
Municipal Assistance Corporation for City of New York,
Revenue
6%, 7/1/2005 13,000,000 14,212,770
New York City:
7.50%, 2/1/2003 3,500,000 3,836,525
5.20%, 8/1/2003 170,000 176,866
6.449%, 8/1/2003b 7,415,000 8,014,132
5.30%, 8/1/2004 170,000 178,243
6.375%, 8/1/2004 16,000,000 17,188,960
6.649%, 8/1/2004b 7,525,000 8,254,925
6.50%, 3/15/2005 13,770,000 15,230,722
</TABLE>
The Fund 7
<PAGE>
STATEMENT OF INVESTMENTS (continued)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Principal
Long-Term Municipal Investments (continued) Amount ($) Value ($)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
New York (continued)
New York City (continued):
5.45%, 8/1/2005 160,000 169,245
6.949%, 8/1/2005b 4,920,000 5,488,555
7.50%, 2/1/2006 2,900,000 3,180,227
5.75%, 2/1/2007 (Insured; AMBAC) 12,305,000 13,305,520
6.25%, 2/15/2007 2,215,000 2,410,806
6.25%, 2/15/2007 (Prerefunded 2/15/2005)a 3,160,000 3,506,494
5.10%, Series A 8/1/2008 120,000 123,943
5.10%, Series B 8/1/2008 130,000 134,272
6.373%, Series A 8/1/2008b 4,430,000 4,721,140
6.373%, Series B 8/1/2008b 7,300,000 7,779,756
5.75%, 8/15/2008 5,000,000 5,264,750
5.20%, 8/1/2009 120,000 124,456
5.375%, 8/1/2009 (Insured; FGIC) 7,000,000 7,402,850
6.25%, 8/1/2009 9,845,000 10,792,089
6.573%, 8/1/2009b 4,220,000 4,533,462
6.50%, 8/15/2009 10,125,000 11,558,092
5.25%, 8/1/2010 130,000 133,970
6.673%, 8/1/2010b 8,105,000 8,600,215
6.25%, 8/1/2010 9,400,000 10,304,280
7%, 10/1/2010 (Prerefunded 10/1/2002)a 3,860,000 4,290,506
5.50%, 11/15/2010 1,110,000 1,166,577
6.372%, 11/15/2010b 5,940,000 6,398,806
3.65%, 8/1/2011 18,775,000 19,888,733
6%, 8/1/2011 9,750,000 10,612,192
6.25%, 8/1/2011 (Insured; FSA) (Prerefunded 8/1/2002)a 3,950,000 4,284,881
5.75%, 8/15/2011 4,025,000 4,206,648
5.75%, 8/15/2011 (Prerefunded 8/15/2003)a 4,845,000 5,225,139
5.75%, 2/1/2012 3,000,000 3,173,400
6.375%, 8/15/2012 10,365,000 11,373,825
5%, 5/15/2013 (Insured; MBIA) 8,010,000 8,005,835
5.25%, 8/1/2013 200,000 202,422
5.35%, 8/1/2013 (Insured; FGIC) 19,660,000 20,243,705
6.50%, 8/1/2013b 7,400,000 7,579,376
5.875%, 8/15/2013 4,550,000 4,857,443
6.85%, 10/1/2013 5,000,000 5,452,850
6%, 8/1/2014 2,250,000 2,432,408
5%, 8/1/2015 (Insured; FGIC) 4,275,000 4,221,049
5.875%, 2/1/2016 2,500,000 2,668,350
5.25%, 8/1/2017 3,500,000 3,481,485
6%, 8/1/2017 3,000,000 3,234,810
7%, 2/1/2020 8,840,000 9,562,847
7.50%, 8/1/2021 (Prerefunded 8/1/2002)a 4,800,000 5,381,568
5.875%, 8/1/2024 16,000,000 17,027,360
6.125%, 8/1/2025 12,250,000 13,388,637
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Principal
Long-Term Municipal Investments (continued) Amount ($) Value ($)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
New York (continued)
New York City Health and Hospital Corp., Health System
Revenue
5.25%, 2/15/2017 3,000,000 2,942,130
New York City Housing Development Corp., MFHR
5.625%, 5/1/2012 14,025,000 14,845,883
New York City Industrial Development Agency:
IDR:
(Brooklyn Navy Yard Cogen Partners):
6.20%, 10/1/2022 2,750,000 3,043,590
5.65%, 10/1/2028 10,500,000 10,657,290
5.75%, 10/1/2036 9,000,000 9,229,230
(Field Hotel Association LP) 6%, 11/1/2028 13,525,000 13,588,703
Special Facilities Revenue (1990 American Airlines Inc.
Project) 5.40%, 7/1/2020 9,000,000 9,050,400
New York City Municipal Water Finance Authority, Water
and Sewer Systems Revenue:
5.625%, 6/15/2011 16,000,000 16,788,000
7%, 6/15/2015 (Prerefunded 6/15/2001)a 5,655,000 6,067,250
5.625%, 6/15/2019 17,335,000 17,923,350
6.20%, 6/15/2021 (Insured; AMBAC) 9,700,000 10,483,178
5.75%, 6/15/2029 41,000,000 43,352,170
State of New York:
5.625%, 8/15/2009 15,000,000 16,069,050
5.70%, 8/15/2011 4,500,000 4,761,225
6.125%, 11/15/2011 3,130,000 3,386,754
5.80%, 10/1/2013 4,715,000 5,042,645
5.875%, 3/15/2014 3,000,000 3,198,960
5.50%, 7/15/2016 11,165,000 11,597,979
New York State Dormitory Authority, Revenues:
(City University Systems):
5.25%, 7/1/2008 (Insured; FGIC) 200,000 210,854
6.811%, 7/1/2008 (Insured; FGIC)b 4,900,000 5,431,846
5.35%, 7/1/2009 (Insured; FGIC) 200,000 212,076
7.011%, 7/1/2009 (Insured; FGIC)b 3,950,000 4,427,002
7.50%, 7/1/2010 (Insured; FGIC) 5,000,000 6,062,650
5.375%, 7/1/2014 (Insured; FGIC) 6,500,000 6,671,145
5.50%, 7/1/2016 (Insured; AMBAC) 24,000,000 24,804,960
5.625%, 7/1/2016 (Insured; FGIC) 9,120,000 9,807,557
5.625%, 7/1/2019 11,550,000 11,988,207
Court Facilities Lease Revenues 5.625%, 5/15/2013 5,000,000 5,142,450
Health, Hospital and Nursing Home:
(Bronx / Lebanon Hospital):
5.20%, 2/15/2013 60,000 60,668
6.75%, 2/15/2013b 6,400,000 6,542,720
</TABLE>
The Fund 9
<PAGE>
STATEMENT OF INVESTMENTS (continued)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Principal
Long-Term Municipal Investments (continued) Amount ($) Value ($)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
New York (continued)
New York State Dormitory Authority, Revenues (continued):
Health, Hospital and Nursing Home (continued):
(Center for Nursing) 5.45%, 8/1/2017 2,110,000 2,138,928
(Frances Schervier Home) 5.50%, 7/1/2017
(Insured; AGIC) 4,000,000 4,069,520
(Interfaith Medical Center):
5.375%, 2/15/2013 4,580,000 4,657,997
5.375%, 2/15/2015 5,065,000 5,097,365
(Lakeside/Beikirch Nursing Home)
6%, 2/1/2037 (Insured; FHA) 5,000,000 5,298,700
(Menorah Campus):
5.95%, 2/1/2017 (Insured; FHA) 3,000,000 3,160,950
6.10%, 2/1/2037 (Insured; FHA) 8,500,000 9,111,830
(Mental Health Services Facilities):
5.125%, 2/15/2012 (Insured; MBIA) 4,365,000 4,418,384
5.125%, 2/15/2013 (Insured; MBIA) 2,560,000 2,582,272
5.125%, 8/15/2014 (Insured; MBIA) 2,500,000 2,512,925
(North Shore University Hospital at Forest Hills):
5.50%, 11/1/2013 (Insured; MBIA) 2,625,000 2,790,638
5.50%, 11/1/2014 (Insured; MBIA) 1,000,000 1,062,700
(New York Medical College) 6.875%, 7/1/2021
(Insured; FGIC) 19,310,000 21,312,833
(New York University):
5.75%, 7/1/2016 (Insured; MBIA) 2,300,000 2,506,264
6%, 7/1/2017 (Insured; MBIA) 3,500,000 3,906,665
(State University Educational Facilities):
5.875%, 5/15/2011 20,000,000 21,796,400
7.50%, 5/15/2011 3,750,000 4,510,688
5.50%, 5/15/2013 10,000,000 10,575,400
5.50%, 5/15/2013 (Insured; FGIC) 6,035,000 6,445,259
7.375%, 5/15/2014 12,945,000 13,631,344
(Upstate Community Colleges)
5%, 7/1/2013 (Insured; AMBAC) 6,305,000 6,341,695
New York State Energy Research and Development Authority,
Electric Facilities Revenue:
(Consolidated Edison Co. Project) 7.125%, 12/1/2029 13,000,000 14,766,570
(Long Island Lighting Company Project):
7.15%, 9/1/2019 8,930,000 9,869,257
6.90%, 8/1/2022 1,715,000 1,863,193
6.90%, 8/1/2022 (Prerefunded 1/21/2003)a 1,295,000 1,437,295
5.30%, 8/1/2025 5,200,000 5,066,724
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)a 13,800,000 14,928,840
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Principal
Long-Term Municipal Investments (continued) Amount ($) Value ($)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
New York (continued)
New York State Environmental Facilities Corp.,
State Water Pollution Control Revolving Fund Revenue
(New York City Municipal Water Finance Authority
Project) (continued):
6.875%, 6/15/2010 2,540,000 2,734,285
7.25%, 6/15/2010 (Prerefunded 6/15/2001)a 15,500,000 16,875,005
7.25%, 6/15/2010 565,000 612,929
7%, 6/15/2012 (Prerefunded 6/15/2001)a 21,105,000 22,882,885
7%, 6/15/2012 555,000 598,118
New York State Housing Finance Agency, Revenue:
Health Facilities 6%, 5/1/2008 10,000,000 10,841,400
Housing Projects 6.10%, 11/1/2015 (Insured; FSA) 13,120,000 14,181,933
Insured Multi-Family Mortgage 7%, 8/15/2022 4,495,000 4,829,563
Multi-Family Housing Second Mortgage
6.95%, 8/15/2024 (Insured; FHA) 2,825,000 2,972,493
Service Contract Obligation:
5.375%, 9/15/2011 13,520,000 13,742,539
5.50%, 9/15/2018 15,625,000 16,013,750
New York State Local Government Assistance Corp.:
5%, 4/1/2013 (Insured; FGIC) 100,000 100,553
6.38%, 4/1/2013 (Insured; FGIC)b 3,700,000 3,740,922
6%, 4/1/2024 17,005,000 18,267,791
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 9,162,213
(New York Hospital) 6.50%, 8/15/2029
(Insured; AMBAC) 12,000,000 13,574,160
Hospital and Nursing Home FHA Insured Mortgage:
6.125%, 2/15/2015 13,270,000 14,233,933
(Saint Joseph's and Bayley Seton Hospital)
6.45%, 2/15/2009 5,860,000 6,401,581
(Saint Luke's and Waterfront Nursing Homes):
6.85%, 2/15/2012 (Insured; FHA) 5,300,000 5,764,545
6.85%, 2/15/2012
(Insured; FHA) (Prerefunded 2/15/2002)a 625,000 682,319
Insured Long Term Health Care 6.45%, 11/1/2010
(Insured; FSA) 10,875,000 11,828,955
Mental Health Services:
5.375%, 8/15/2013 (Insured, FGIC) 4,900,000 5,040,189
Custodial Receipts 5.375%, 2/15/2014 (Insured; FGIC) 15,000,000 15,372,150
Mental Health Services Facilities Improvement
6%, 2/15/2025 (Insured; MBIA)
(Prerefunded 2/15/2005)a 8,710,000 9,633,521
</TABLE>
The Fund 11
<PAGE>
STATEMENT OF INVESTMENTS (continued)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Principal
Long-Term Municipal Investments (continued) Amount ($) Value ($)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
New York (continued)
New York State Mortgage Agency, Homeowner Mortgage,
Revenue:
5.10%, 10/1/2007 150,000 154,604
6.55%, 10/1/2007b 860,000 912,787
5.40%, 10/1/2010 160,000 165,131
7.15%, 10/1/2010b 1,380,000 1,468,513
5.55%, 10/1/2012 190,000 197,125
7.45%, 10/1/2012b 2,405,000 2,585,423
6%, 4/1/2017 6,000,000 6,389,400
6.60%, 10/1/2019 5,000 5,393
9.68%, 10/1/2019b 5,340,000 6,179,768
6%, 10/1/2022 5,000,000 5,287,200
6.20%, 10/1/2026 100,000 107,008
8.879%, 10/1/2026b 14,000,000 15,962,240
5.80%, 10/1/2028 9,000,000 9,541,890
5.85%, 10/1/2028 10,000,000 10,520,900
5.40%, 4/1/2029 10,000,000 10,049,200
New York State Power Authority, Revenue and General
Purpose
6.625%, 1/1/2012 (Prerefunded 1/1/2002)a 6,490,000 7,055,084
New York State Thruway Authority, Revenues:
Highway and Bridge Trust Fund 5.50%, 4/1/2015
(Insured; MBIA) 15,800,000 16,311,288
Local Highway and Bridge Service Contract:
5.50%, 4/1/2004 250,000 262,805
7.173%, 4/1/2004b 3,875,000 4,271,955
5%, 4/1/2006 250,000 256,758
6.173%, 4/1/2006b 10,660,000 11,236,280
6%, 4/1/2011 5,000,000 5,455,100
6%, 4/1/2012 6,195,000 6,758,869
5.75%, 4/1/2013 (Insured; MBIA) 7,185,000 7,833,374
5.75%, 4/1/2016 35,950,000 37,842,049
New York State Urban Development Corp.:
Lease Revenue (Correctional Capital Facilities):
5.25%, 1/1/2010 (Insured; AMBAC) 5,000,000 5,203,850
5.25%, 1/1/2011 (Insured; AMBAC) 4,000,000 4,135,040
5.25%, 1/1/2012 (Insured; AMBAC) 3,500,000 3,599,400
5.25%, 1/1/2013 (Insured; AMBAC) 3,660,000 3,750,914
5.50%, 1/1/2016 8,385,000 8,577,436
5.625%, 1/1/2017 10,240,000 10,570,138
Local or Guaranteed Housing 5.50%, 7/1/2016
(Insured; FHA) 13,250,000 13,694,405
State Facilities 5.70%, 4/1/2020 (Insured; MBIA) 20,000,000 21,487,600
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Principal
Long-Term Municipal Investments (continued) Amount ($) Value ($)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
New York (continued)
Orange County Industrial Development Agency,
Life Care Community Revenue (Glen Arden Inc. Project)
5.70%, 1/1/2028 4,600,000 4,516,372
Port Authority of New York and New Jersey:
(Consolidated Bond 93rd Series) 6.125%, 6/1/2094 15,000,000 16,986,150
(Consolidated Bond 99th Series):
5.90%, 11/1/2012 (Insured; FGIC) 6,840,000 7,245,270
6%, 11/1/2013 (Insured; FGIC) 5,810,000 6,189,393
(Consolidated Bond 125th Series):
5%, 12/1/2010 155,000 156,476
6%, 12/1/2010b 3,750,000 3,821,400
5.25%, 12/1/2012 455,000 461,980
6.50%, 12/1/2012b 3,000,000 3,092,040
Special Obligation Revenue (JFK International
Air Terminal-6):
6.25%, 12/1/2014 (Insured; MBIA) 10,000,000 11,390,100
5.75%, 12/1/2022 (Insured; MBIA) 24,000,000 25,266,720
Scotia Housing Authority, Housing Revenue
(Coburg Village Inc. Project):
6.15%, 7/1/2028 3,880,000 3,901,418
6.20%, 7/1/2038 13,000,000 13,071,500
Suffolk County Industrial Development Agency, IDR
(Nissequogue Cogen Partners Facility)
5.30%, 1/1/2013 2,250,000 2,248,808
5.50%, 1/1/2023 3,500,000 3,515,295
Tompkins County Industrial Development Agency, Civic Facility
Revenue (Ithacare Center Project) 6.20%, 2/1/2037
(Insured; FHA) 6,000,000 6,489,900
Triborough Bridge and Tunnel Authority,
General Purpose Revenues:
5%, 1/1/2014 5,000,000 5,074,950
5.30%, 1/1/2017 9,185,000 9,296,781
United Nations Development Corporation, Revenue:
Senior Lien:
5.10%, 7/1/2008 130,000 130,034
6.422%, 7/1/2008b 1,480,000 1,480,799
5.20%, 7/1/2009 130,000 130,036
6.622%, 7/1/2009b 1,695,000 1,695,949
5.40%, 7/1/2014 120,000 120,012
7.022%, 7/1/2014b 565,000 565,124
5.60%, 7/1/2026 7,000,000 7,023,660
</TABLE>
The Fund 13
<PAGE>
STATEMENT OF INVESTMENTS (continued)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Principal
Long-Term Municipal Investments (continued) Amount ($) Value ($)
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
New York (continued)
United Nations Development Corporation, Revenue (continued):
Subordinated Lien:
7.022%, 7/1/2014b 1,315,000 1,312,133
5.40%, 7/1/2014 120,000 119,994
Watervliet Housing Authority, Residential Housing Revenue
(Beltrone Living Center Project) :
6%, 6/1/2028 1,800,000 1,801,134
6.125%, 12/1/2038 6,800,000 6,760,968
Yonkers Industrial Development Agency, Civic Facilities Revenue
(Saint Joseph's Hospital):
6.15%, Series A 3/1/2015 1,000,000 992,500
6.15%, Series C 3/1/2015 3,500,000 3,473,750
U.S. Related--4.7%
Commonwealth of Puerto Rico, Public Improvement:
5.50%, 7/1/2010 (Insured; FSA) 500,000 539,860
7/1/2010b,c 4,800,000 5,565,312
5.50%, 7/1/2012 (Insured; MBIA) 8,000,000 8,607,920
5.50%, 7/1/2013 (Insured; MBIA) 3,000,000 3,227,490
5.25%, 7/1/2014 (Insured; MBIA) 1,000,000 1,048,430
Zero Coupon, 7/1/2015 (Insured; MBIA) 5,000,000 2,272,850
5.25%, 7/1/2015 (Insured; MBIA) 4,000,000 4,165,760
6%, 7/1/2026 5,000,000 5,623,150
Puerto Rico Aqueduct and Sewer Authority, Revenue
10.25%, 7/1/2009 13,750,000 18,312,663
Puerto Rico Highway and Transportation Authority,
Highway Revenue:
6%, 7/1/2022 9,500,000 10,567,705
5%, 7/1/2036 6,000,000 5,788,980
Puerto Rico Public Buildings Authority, Public Education and
Health Facilities, Lease Revenue
5.75%, 7/1/2015 (Guaranteed; Commonwealth of
Puerto Rico) 4,250,000 4,492,080
Virgin Islands Public Finance Authority, Revenue
(Senior Lien) 5.50%, 10/1/2015 5,000,000 5,067,000
- ----------------------------------------------------------------------------------------------
Total Investments (cost $1,474,298,509) 97.9% 1,568,669,862
Cash and Receivables (Net) 2.1% 33,443,049
Net Assets 100.00% 1,602,112,911
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Summary of Abbreviations
<S> <C> <C> <C>
AGIC Asset Guaranty Insurance Company IDR Industrial Development Revenue
AMBAC American Municipal Bond Assurance LOC Letter of Credit
Corporation MBIA Municipal Bond Investors
FGIC Financial Guaranty Insurance Company Assurance Insurance
FHA Federal Housing Administration Corporation
FSA Financial Security Assurance MFHR Multi-Family Housing Revenue
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C>
AAA Aaa AAA 36.2
AA Aa AA 11.4
A A A 35.3
BBB Baa BBB 9.3
Not Ratedd Not Ratedd Not Ratedd 7.8
100.0
<FN>
a 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.
b Inverse floater security-the interest rate is subject to change periodically.
c Security exempt from registration under Rule 144A of the Securities Act of
1933. This security may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At May 31, 1999, this security
amounted to $5,565,312 or approximately .3% of net assets.
d Securities which, while not rated by Fitch, Moody's and Standard & Poor's have
been determined by the Manager to be of comparable quality to those rated
securities in which the fund may invest.
See notes to financial statements.
</FN>
</TABLE>
The Fund 15
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
May 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Cost Value
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Assets ($):
Investments in securities--See Statement of Investments 1,474,298,509 1,568,669,862
Cash 6,680,259
Receivable for shares of Common Stock subscribed 73,750
Interest receivable 27,686,598
Prepaid expenses 121,506
1,603,231,975
- ----------------------------------------------------------------------------------------------
Liabilities ($):
Due to The Dreyfus Corporation and affiliates 823,499
Payable for shares of Common Stock redeemed 12,000
Accrued expenses 283,565
1,119,064
- ----------------------------------------------------------------------------------------------
Net Assets ($) 1,602,112,911
- ----------------------------------------------------------------------------------------------
Composition of Net Assets ($):
Paid-in capital 1,496,934,459
Accumulated undistributed investment income--net 629,536
Accumulated net realized gain (loss) on investments 10,177,563
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 94,371,353
- ----------------------------------------------------------------------------------------------
Net Assets ($) 1,602,112,911
- ----------------------------------------------------------------------------------------------
Shares Outstanding
(300 million shares of $.01 par value Common Stock authorized) 104,893,503
Net Asset Value, offering and redemption price per share--Note 3(d) ($) 15.27
</TABLE>
See notes to financial statements.
16
<PAGE>
STATEMENT OF OPERATIONS
Year Ended May 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
Investment Income ($):
- ----------------------------------------------------------------------------------------------
<S> <C>
Interest Income 91,027,648
Expenses:
Management fee--Note 3(a) 9,906,017
Shareholder servicing costs--Note 3(b) 2,185,109
Custodian fees 103,484
Directors' fees and expenses--Note 3(c) 60,065
Professional fees 44,081
Prospectus and shareholders' reports 39,758
Registration fees 31,882
Loan commitment fees--Note 2 7,968
Interest expense--Note 2 5,164
Miscellaneous 51,886
Total Expenses 12,435,414
Less--reduction in management fee due to undertaking--Note 3(a) (90,536)
Net Expenses 12,344,878
Investment Income--Net 78,682,770
- ----------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) on Investments--Note 4 ($):
Net realized gain (loss) on investments and foreign currency transactions 14,895,176
Net unrealized appreciation (depreciation) on investments (20,662,130)
Net Realized and Unrealized Gain (Loss) on Investments (5,766,954)
Net Increase in Net Assets Resulting from Operations 72,915,816
</TABLE>
See notes to financial statements.
The Fund 17
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
Year Ended May 31,
--------------------------------
1999 1998
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
Operations ($):
Investment income--net 78,682,770 81,611,592
Net realized gain (loss) on investments 14,895,176 19,763,787
Net unrealized appreciation (depreciation)
on investments (20,662,130) 50,902,492
Net Increase (Decrease) in Net Assets
Resulting from Operations 72,915,816 152,277,871
- -----------------------------------------------------------------------------------------------
Dividends to Shareholders from ($):
Investment income--net (78,484,913) (81,414,282)
Net realized gain on investments (14,454,384) (15,301,748)
Total Dividends (92,939,297) (96,716,030)
- -----------------------------------------------------------------------------------------------
Capital Stock Transactions ($):
Net proceeds from shares sold 397,489,518 703,593,539
Dividends reinvested 65,752,265 67,930,411
Cost of shares redeemed (513,298,230) (857,579,387)
Increase (Decrease) in Net Assets from
Capital Stock Transactions (50,056,447) (86,055,437)
Total Increase (Decrease) in Net Assets (70,079,928) (30,493,596)
- -----------------------------------------------------------------------------------------------
Net Assets ($):
Beginning of Period 1,672,192,839 1,702,686,435
End of Period 1,602,112,911 1,672,192,839
Undistributed investment income--net 629,536 431,679
- -----------------------------------------------------------------------------------------------
Capital Share Transactions (Shares):
Shares sold 25,567,907 45,942,093
Shares issued for dividends reinvested 4,224,063 4,418,815
Shares redeemed (33,021,965) (55,942,685)
Net Increase (Decrease) in Shares Outstanding (3,229,995) (5,581,777)
</TABLE>
See notes to financial statements.
18
<PAGE>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods
indicated. Total return shows how much your investment in the fund would have
increased (or decreased) during each period, assuming you had reinvested all
dividends and distributions. These figures have been derived from the fund's
financial statements.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
Year Ended May 31,
------------------------------------------------------
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Data ($):
Net asset value, beginning
of period 15.47 14.97 14.64 15.19 15.06
Investment Operations:
Investment income--net .74 .75 .76 .79 .84
Net realized and unrealized gain
(loss) on investments (.06) .63 .41 (.51) .23
Total from Investment Operations .68 1.38 1.17 .28 1.07
Distributions:
Dividends from investment
income--net (.74) (.74) (.76) (.79) (.84)
Dividends from net realized gain
on investments (.14) (.14) (.08) (.04) (.08)
Dividends in excess of net realized
gain on investments -- -- -- -- (.02)
Total Distributions (.88) (.88) (.84) (.83) (.94)
Net asset value, end of period 15.27 15.47 14.97 14.64 15.19
- ---------------------------------------------------------------------------------------------
Total Return (%) 4.47 9.36 8.14 1.84 7.55
- ---------------------------------------------------------------------------------------------
Ratios/Supplemental Data (%):
Ratio of expenses to
average net assets .75 .73 .74 .71 .72
Ratio of net investment income
to average net assets 4.77 4.86 5.10 5.24 5.70
Decrease reflected in above expense
ratios due to undertakings by
the Manager .01 .00* -- -- --
Portfolio Turnover Rate 20.77 35.86 74.46 81.93 49.03
- ---------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 1,602,113 1,672,193 1,702,686 1,698,678 1,879,197
</TABLE>
* Amount represents less than .01%
See notes to financial statements.
The Fund 19
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus New York Tax Exempt Bond Fund, Inc. (the "fund") is registered under the
Investment Company Act of 1940 (the "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
20
<PAGE>
delayed-delivery basis may be settled a month or more after the trade date.
Under the terms of the custody agreement, the fund receives net earnings
credits based on available cash balances left on deposit.
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 of 1986, as amended (the
"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 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 (the "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 rates based on prevailing
market rates in effect at the time of borrowings.
The average daily amount of borrowings outstanding during the period ended May
31, 1999, was approximately $87,700, with a related weighted average annualized
interest rate of 5.89%.
The Fund 21
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
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. The Manager had undertaken, from June 1,
1998 through May 31, 1999 to reduce the management fee paid by the fund, to the
extent that the fund's aggregate annual expenses (exclusive of certain expenses
as described above) exceed an annual rate of .75 of 1% of the value of the
fund's average daily net assets. The reduction in management fee, pursuant to
the undertaking amounted to $90,536 during the period ended May 31, 1999.
(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 May
31, 1999, the fund was charged $1,500,901 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 May 31, 1999, the fund was charged $475,646 pursuant to the transfer
agency agreement.
22
<PAGE>
(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 shares redeemed
within fifteen days following the date of issuance, including redemptions made
through the use of the Fund Exchange privilege. During the period ended May 31,
1999, redemption fees retained by the fund amounted to $3,452.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended May 31, 1999, amounted to
$339,234,290 and $388,513,862, respectively.
At May 31, 1999, accumulated net unrealized appreciation on investments was
$94,371,353, consisting of $97,015,328 gross unrealized appreciation and
$2,643,975 gross unrealized depreciation.
At May 31, 1999, 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).
The Fund 23
<PAGE>
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Directors
Dreyfus New York Tax Exempt Bond Fund, Inc.
We have audited the accompanying statement of assets and liabilities of Dreyfus
New York Tax Exempt Bond Fund, Inc., including the statement of investments, as
of May 31, 1999, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and financial highlights for each of the years indicated
therein. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of May 31, 1999 by correspondence with the custodian. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Dreyfus New York Tax Exempt Bond Fund, Inc. at May 31, 1999, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the indicated years, in conformity with generally accepted accounting
principles.
Ernst & Young LLP
New York, New York
July 1, 1999
24
<PAGE>
IMPORTANT TAX INFORMATION (Unaudited)
In accordance with Federal tax law, the fund hereby makes the following
designations regarding its fiscal year ended May 31, 1999:
--all the dividends paid from investment income-net are "exempt-interest
dividends" (not subject to regular Federal and, for individuals who are New
York residents, New York State and New York City personal income taxes), and
--the fund hereby designates $.1311 per share as a long-term capital gain
distribution of the $.1363 per share paid on December 9, 1998.
As required by Federal tax law rules, shareholders will receive notification of
their portion of the fund's taxable ordinary dividends (if any) and capital
gains distributions (if any) paid for the 1999 calendar year on Form 1099-DIV
which will be mailed by January 31, 2000.
The Fund 25
<PAGE>
For More Information
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
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
By telephone
Call 1-800-645-6561
By mail Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
By E-mail Send your request
to [email protected]
On the Internet Information
can be viewed online or
downloaded from:
http://www.dreyfus.com
(C) 1999, Dreyfus Service Corporation 980AR995
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC. AND
THE LEHMAN BROTHERS MUNICIPAL BOND INDEX
EXHIBIT A:
DREYFUS
LEHMAN BROTHERS NEW YORK
PERIOD MUNICIPAL TAX EXEMPT
BOND INDEX * BOND FUND, INC.
5/31/89 10,000 10,000
5/31/90 10,732 10,543
5/31/91 11,813 11,498
5/31/92 12,974 12,674
5/31/93 14,526 14,275
5/31/94 14,884 14,478
5/31/95 16,240 15,570
5/31/96 16,982 15,856
5/31/97 18,389 17,145
5/31/98 20,114 18,750
5/31/99 21,054 19,589
*Source: Lehman Brothers
