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.
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report for Dreyfus New York Tax Exempt
Bond Fund, Inc. for the six-month period ended November 30, 1998. Your Fund
produced a total return, including share price changes and dividend income
generated, of 3.89%,* and an annualized tax-free distribution rate per share of
4.73%.**
ECONOMIC REVIEW
During 1998, the main regions of the world had very different economic
fundamentals. The U.S. began the period with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
beginning in September. After many years of subpar economic growth, continental
Europe moved into a sustained economic expansion. The overall European economy
benefited as interest rates in peripheral countries such as Spain and Italy
fell, approaching the lower levels established by Germany, on the eve of
currency unification. Unlike the U.S., Europe has substantial excess capacity of
productive plants and labor. In Asia, weak economies were pervasive as a result
of the Asian financial crisis. The Latin American economies weakened as the
financial stresses spread throughout that region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The drop
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in real income, a strong labor market and past
increases in the prices of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of the industrial weakness was to cool off a U.S.
economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for commodity
exporting countries throughout the world. The effect on Europe and the U.S. has
been to lower expectations of profit growth and drive down bond yields. Monetary
policy has begun to ease in both the U.S. and Europe.
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management hedge fund
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. There appears to be a shift in the priorities of key policymakers from
fighting potential inflation to restimulating future world economic growth.
MARKET ENVIRONMENT
Prices moved higher during the reporting period as various classes of
investors found municipal bonds appealing, despite the extent to which equities
vied for investors' attention for most of the period. Low inflation and low
interest rates helped create and maintain a bond-friendly atmosphere. Not to be
overlooked, either, is the improved fiscal posture enjoyed by many states and
municipalities, the result of several years of strong economic growth that
enhanced the creditworthiness of many municipal securities' issuers, and gave
added comfort to investors. The dollar value of newly issued bonds so far in
1998 has surpassed the volume experienced in all but a few previous years. At
$255 billion, it is approximately 29% above the same period last year, but
nonetheless, a dearth of appropriate bonds persists in several states.
Fortunately, the market has absorbed the new issuance without inordinate
volatility in the process. Municipal yields have been, and continue to be, very
favorably aligned vis-a-vis U.S. Treasury Bonds. Historically, longer-term
municipals have been viewed as being good values when their yields approached
80% to 85% of the yields available on comparable Treasuries. Presently, most
measures place the ratio well in excess of 90%. The environment for municipal
bonds still appears to be positive, particularly with the Federal Reserve
Board's Open Market Committee signaling explicitly, by recent cuts in the target
rate for Federal Funds, its preference for lower interest rates.
PORTFOLIO OVERVIEW
In the past six months, the municipal bond market has gone through a major
cycle, from a condition of subdued volatility to one, more recently, of
substantial volatility with brisk intraday price movement. During the period of
low volatility we found it advantageous to maintain previously purchased full
coupon positions. Since the greater part of performance in this earlier period
came mainly from income rather than principal value changes, the Fund benefited
greatly from this allocation, and still does. We also apportioned a percentage
of the portfolio to securities that were expected to benefit from a potential
drop in interest rates. This was done as a contingency should the overall trend
in rates respond to the notion of global economic weakness, primarily from the
Asian financial contraction. Normally, the prices of your Fund's municipal
securities, and ultimately, your Fund's share price, respond to the changing
supply and demand conditions in the tax-exempt market. In the recent quarter,
municipal yields fell during a worldwide flight into debt instruments perceived
to be safer, mainly U.S. Treasury notes and bonds. As yields on Treasuries fell,
it helped lift the price of your Fund's holdings, and of your Fund, while the
30-year Treasury Bond yield dropped below 5%. Of course, these were historically
unprecedented conditions, which cannot be expected to be an ongoing factor in
the Fund's long-term performance.
In addition, some high quality, intermediate maturity securities were recently
added to your Fund. This creates a new balance that leaves many defensive
securities in the portfolio. This is appropriate in the current scenario where
recent Fed rate cuts have primarily enhanced the value of the equity markets and
not the bond market. However, if there is another upward price rally in fixed
income securities, the newly added bonds can be expected to participate. We
anticipate this approach will bring continued success to your Fund.
Included in this report is a series of detailed financial statements, which
outline the portfolio' s current holdings and its financial condition. We hope
that you find them informative.
Very truly yours,
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 15, 1998
New York, NY
*Total return includes reinvestment of dividends and any capital gains paid.
Income may be subject to state and local income taxes for non-New York
residents.
**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.
<TABLE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--98.2% Amount Value
- ----------------------------------------------------- _______________ _______________
<S> <C> <C>
New York--93.2%
Allegany County Industrial Development Agency, Civic Facility Revenue
(Houghton College Civic Facility) 5.25%, 1/15/2018 . . . . . . . . . . . . . . . . $ 2,750,000 $ 2,764,795
Castle Rest Residential Health Care Facility, Health Care Revenue
5.60%, 8/1/2017 (Insured; FHA) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,000 1,791,341
Cohoes Industrial Development Agency, IDR (Norlite Corp. Project)
6.75%, 5/1/2009 (LOC; Dresdner Bank) (Prerefunded 5/1/2002) (a) . . . . . . . . . . 5,000,000 5,555,650
Erie County Industrial Development Agency, Life Care Community Revenue
(Episcopal Church Home) 5.875%, 2/1/2018 . . . . . . . . . . . . . . . . . . . . . 11,000,000 11,180,070
Long Island Power Authority, Electric Power and Light System Revenue, Refunding
5.50%, 12/1/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,173,400
Metropolitan Transportation Authority, Revenue:
Commuter Facilities, Service Contract 6%, 7/1/2016 (Insured; FGIC) . . . . . . . . 9,000,000 9,978,300
Transit Facilities, Service Contract, Refunding:
7.125%, 7/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,573,400
6.625%, 7/1/2014 (Prerefunded 7/1/2002) (a) . . . . . . . . . . . . . . . . . . 5,950,000 6,606,404
Monroe County Industrial Development Agency, Revenue
(DePaul Community Facilities) 5.875%, 2/1/2028 . . . . . . . . . . . . . . . . . . 1,000,000 1,009,610
Municipal Assistance Corporation for City of New York, Revenue, Refunding
6%, 7/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000,000 14,448,200
New York City:
7.50%, 2/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 3,894,870
6.375%, 8/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000,000 17,371,200
5.75%, 2/1/2007 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 12,305,000 13,607,115
5.75%, 8/15/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,319,700
5.375%, 8/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000 7,450,520
6.50%, 8/15/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,125,000 11,741,051
7.50%, 3/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000 169,965
7%, 10/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,000 106,187
7%, 10/1/2010 (Prerefunded 10/1/2002) (a) . . . . . . . . . . . . . . . . . . . . . 3,860,000 4,358,017
5.50%, 11/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,110,000 1,187,078
3.65%, 8/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,775,000 19,791,291
6%, 8/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,750,000 10,722,952
6.25%, 8/1/2011 (Insured; FSA) (Prerefunded 8/1/2002) (a) . . . . . . . . . . . . . 3,950,000 4,342,037
5.75%, 8/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,025,000 4,259,496
5.75%, 8/15/2011 (Prerefunded 8/15/2003) (a) . . . . . . . . . . . . . . . . . . . 4,845,000 5,297,281
5.75%, 2/1/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,226,620
5.875%, 8/15/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,550,000 4,938,161
6.85%, 10/1/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,464,100
5.875%, 2/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,694,100
7.50%, 8/1/2021 (Prerefunded 8/1/2002) (a) . . . . . . . . . . . . . . . . . . . . 4,800,000 5,476,848
7.50%, 8/1/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 225,626
Refunding:
5.20%, 8/1/2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000 178,048
6.282%, 8/1/2003 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,415,000 8,110,675
5.30%, 8/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000 179,556
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--98.2% Amount Value
- ----------------------------------------------------- _______________ _______________
New York (continued)
New York City (continued):
Refunding (continued):
6.482%, 8/1/2004 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,525,000 $ 8,378,937
6.50%, 3/15/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,770,000 15,451,592
5.45%, 8/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000 171,182
6.782%, 8/1/2005 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,920,000 5,613,622
7.50%, 2/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,900,000 3,236,835
7.50%, 2/1/2006 (Prerefunded 2/1/2002) (a) . . . . . . . . . . . . . . . . . . 1,100,000 1,237,060
6.25%, 2/15/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,830,000 3,124,178
6.25%, 2/15/2007 (Prerefunded 2/15/2005) (a) . . . . . . . . . . . . . . . . . 2,545,000 2,880,507
5.10%, Series A 8/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 125,443
5.10%, Series B 8/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,000 135,897
6.205%, Series A 8/1/2008 (b) . . . . . . . . . . . . . . . . . . . . . . . . . 4,430,000 4,824,890
6.205%, Series B 8/1/2008 (b) . . . . . . . . . . . . . . . . . . . . . . . . . 7,300,000 7,950,722
5.20%, 8/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 125,945
6.405%, 8/1/2009 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,220,000 4,631,956
6.25%, 8/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,857,000 10,983,162
6.25%, 8/1/2009 (Prerefunded 8/1/2004) (a) . . . . . . . . . . . . . . . . . . 643,000 725,323
7.50%, 3/15/2010 (Prerefunded 3/15/2000) (a) . . . . . . . . . . . . . . . . . 425,000 453,071
5.25%, 8/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,000 136,330
6.505%, 8/1/2010 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,105,000 8,882,594
6.25%, 8/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,400,000 10,473,950
6.25%, 8/1/2010 (Prerefunded 8/1/2004) (a) . . . . . . . . . . . . . . . . . . 600,000 677,802
6.285%, 11/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,940,000 6,558,235
6.375%, 8/15/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,365,000 11,584,339
5.25%, 8/1/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 206,000
6.50%, 8/1/2013 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,400,000 7,831,716
5.35%, 8/1/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,660,000 20,479,625
6%, 8/1/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250,000 2,465,280
5.25%, 8/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 3,566,430
6%, 8/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,282,570
7%, 2/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,840,000 9,709,237
7%, 2/1/2020 (Prerefunded 2/1/2002) (a) . . . . . . . . . . . . . . . . . . . . 1,160,000 1,286,254
5.875%, 8/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000,000 17,199,520
6.125%, 8/1/2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,250,000 13,493,252
New York City Housing Development Corp., MFHR Refunding 5.625%, 5/1/2012 . . . . . . . 14,460,000 15,332,372
New York City Industrial Development Agency:
Civic Facility Revenue, University and College Improvements
(College of New Rochelle Project) 5.80%, 9/1/2026 . . . . . . . . . . . . . . . 1,400,000 1,466,626
IDR, Refunding:
(Brooklyn Navy Yard Cogen Partners):
6.20%, 10/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,750,000 3,070,513
5.65%, 10/1/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,500,000 10,735,725
5.75%, 10/1/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000,000 9,200,970
(Field Hotel Association LP) 6%, 11/1/2028 . . . . . . . . . . . . . . . . . . 11,525,000 11,547,704
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--98.2% Amount Value
- ----------------------------------------------------- _______________ _______________
New York (continued)
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue:
5.625%, 6/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,000,000 $ 17,075,840
7%, 6/15/2015 (Prerefunded 6/15/2001) (a) . . . . . . . . . . . . . . . . . . . . . 5,655,000 6,160,444
6.20%, 6/15/2021 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 9,700,000 10,620,530
5.75%, 6/15/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,000,000 44,319,770
Refunding 5.625%, 6/15/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,335,000 18,308,360
State of New York:
5.875%, 3/15/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,224,940
5.50%, 7/15/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,165,000 11,805,871
Refunding:
5.625%, 8/15/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 16,350,900
5.70%, 8/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500,000 4,843,305
6.125%, 11/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,130,000 3,431,075
5.80%, 10/1/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,715,000 5,140,057
New York State Dormitory Authority, Revenues:
(City University Systems):
5.25%, 7/1/2008 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . 200,000 215,524
6.732%, 7/1/2008 (Insured; FGIC) (b) . . . . . . . . . . . . . . . . . . . . . 4,900,000 5,644,702
5.35%, 7/1/2009 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . 200,000 216,904
6.932%, 7/1/2009 (Insured; FGIC) (b) . . . . . . . . . . . . . . . . . . . . . 3,950,000 4,603,804
7%, 7/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,500,000 9,978,660
7.50%, 7/1/2010 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 6,387,000
5.625%, 7/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,120,000 9,887,357
Refunding:
5.60%, 7/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000,000 12,655,800
5.375%, 7/1/2014 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . 6,500,000 6,827,860
5.50%, 7/1/2016 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . 24,000,000 25,419,600
5.625%, 7/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,550,000 12,122,996
Court Facilities Lease Revenues 5.625%, 5/15/2013 . . . . . . . . . . . . . . . . . 5,000,000 5,206,900
Health, Hospital and Nursing Home:
(Center for Nursing) 5.45%, 8/1/2017 . . . . . . . . . . . . . . . . . . . . . 2,110,000 2,184,525
(Frances Schervier Home) 5.50%, 7/1/2017 (Insured; AGIC) . . . . . . . . . . . 4,000,000 4,201,280
(Interfaith Medical Center):
5.375%, 2/15/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,580,000 4,783,673
5.375%, 2/15/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,065,000 5,254,684
(Lakeside/Beikirch Nursing Home) 6%, 2/1/2037 (Insured; FHA) . . . . . . . . . 5,000,000 5,431,800
(Menorah Campus) Refunding:
5.95%, 2/1/2017 (Insured; FHA) . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,240,960
6.10%, 2/1/2037 (Insured; FHA) . . . . . . . . . . . . . . . . . . . . . . . 8,500,000 9,290,670
(Mental Health Service Facilities) 5.25%, 8/15/2008 (Insured; AMBAC) . . . . . 50,000 53,591
(North General Hospital):
5.125%, 2/15/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 520,635
5.20%, 2/15/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,518,960
Refunding (North Shore University Hospital at Forest Hills):
5.50%, 11/1/2013 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . 2,625,000 2,858,599
5.50%, 11/1/2014 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,087,160
(New York Medical College) 6.875%, 7/1/2021 (Insured; FGIC) . . . . . . . . . . . . 19,310,000 21,668,330
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--98.2% Amount Value
- ----------------------------------------------------- _______________ _______________
New York (continued)
New York State Dormitory Authority, Revenues (continued):
(New York University):
5.75%, 7/1/2016 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . $ 2,300,000 $ 2,570,549
6%, 7/1/2017 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 4,014,815
State University Educational Facilities:
7.50%, 5/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,750,000 4,650,225
7%, 5/15/2018 (Prerefunded 5/15/2000) (a) . . . . . . . . . . . . . . . . . . . 4,010,000 4,291,743
4.75%, 5/15/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,800,000 7,414,446
Refunding:
5.875%, 5/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 22,488,400
5.50%, 5/15/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,870,800
5.50%, 5/15/2013 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . 6,035,000 6,620,576
7.375%, 5/15/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,945,000 13,831,474
New York State Energy Research and Development Authority,
Electric Facilities Revenue:
(Consolidated Edison Co. Project) 7.125%, 12/1/2029 . . . . . . . . . . . . . . 13,000,000 14,987,960
(Long Island Lighting Company Project):
7.15%, 9/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,930,000 9,742,987
6.90%, 8/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,010,000 3,288,726
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 15,140,808
6.875%, 6/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,540,000 2,773,121
7.25%, 6/15/2010 (Prerefunded 6/15/2001) (a) . . . . . . . . . . . . . . . . . 15,500,000 17,140,055
7.25%, 6/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,000 620,494
7%, 6/15/2012 (Prerefunded 6/15/2001) (a) . . . . . . . . . . . . . . . . . . . 21,105,000 23,216,344
7%, 6/15/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555,000 606,654
New York State Housing Finance Agency, Revenue:
Health Facilities, Refunding:
5.875%, 5/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,500,000 7,030,725
6%, 5/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 11,028,000
Housing Projects, Refunding 6.10%, 11/1/2015 (Insured; FSA) . . . . . . . . . . . . 13,120,000 14,358,134
Insured Multi-Family Mortgage 7%, 8/15/2022 . . . . . . . . . . . . . . . . . . . . 4,495,000 4,886,245
Multi-Family Housing Second Mortgage 6.95%, 8/15/2024 (Insured; FHA) . . . . . . . 2,825,000 2,998,794
Service Contract Obligation:
5.375%, 9/15/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,520,000 14,016,590
Refunding 5.50%, 9/15/2018 . . . . . . . . . . . . . . . . . . . . . . . . . . 15,625,000 16,243,750
New York State Local Government Assistance Corp.:
7%, 4/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300,000 4,704,114
6%, 4/1/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,005,000 18,549,394
Refunding:
5%, 4/1/2012 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . 105,000 108,940
5%, 4/1/2013 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . 100,000 103,106
6.30%, 4/1/2013 (Insured; FGIC) (b) . . . . . . . . . . . . . . . . . . . . 3,700,000 3,914,008
4.375%, 4/1/2018 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,677,050
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--98.2% Amount Value
- ----------------------------------------------------- _______________ _______________
New York (continued)
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 $ 9,387,350
(New York Hospital) 6.50%, 8/15/2029 (Insured; AMBAC) . . . . . . . . . . . . . 12,000,000 13,832,400
Hospital and Nursing Home FHA Insured Mortgage:
6.125%, 2/15/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,270,000 14,404,585
(Saint Joseph's and Bayley Seton Hospital) Refunding 6.45%, 2/15/2009 . . . . . . . 5,930,000 6,572,931
(Saint Luke's and Watefront Nursing Homes):
6.85%, 2/15/2012 (Insured; FHA) . . . . . . . . . . . . . . . . . . . . . . . . 5,300,000 5,884,484
6.85%, 2/15/2012 (Insured; FHA) (Prerefunded 2/15/2002) (a) . . . . . . . . . . 665,000 738,336
Insured Long Term Health Care 6.45%, 11/1/2010 (Insured; FSA) . . . . . . . . . . . 10,875,000 11,989,253
Mental Health Services:
5.375%, 8/15/2013 (Insured, FGIC) . . . . . . . . . . . . . . . . . . . . . . . 4,900,000 5,138,336
Refunding, Custodial Receipts 5.375%, 2/15/2014 (Insured; FGIC) . . . . . . . . 15,000,000 15,681,900
Mental Health Services Facilities Improvement 6%, 2/15/2025 (Insured; MBIA) . . . . 8,710,000 9,802,669
New York State Mortgage Agency, Homeowner Mortgage, Revenue:
5.10%, 10/1/2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000 156,371
6.383%, 10/1/2007 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 860,000 933,048
5.40%, 10/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000 167,198
6.983%, 10/1/2010 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,380,000 1,504,200
5.55%, 10/1/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,000 199,937
7.283%, 10/1/2012 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,405,000 2,656,611
6.60%, 10/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,685,000 11,666,631
5.80%, 10/1/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000,000 9,584,730
5.85%, 10/1/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,674,700
Refunding:
6%, 4/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,484,260
6%, 10/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,363,400
6.20%, 10/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,100,000 30,466,301
5.40%, 4/1/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,189,400
New York State Power Authority, Revenue and General Purpose Refunding
6.625%, 1/1/2012 (Prerefunded 1/1/2002) (a) . . . . . . . . . . . . . . . . . . . . 6,490,000 7,157,497
New York State Thruway Authority, Revenues:
Highway and Bridge Trust Fund 5.50%, 4/1/2015 (Insured; MBIA) . . . . . . . . . . . 15,800,000 16,668,052
(Local Highway and Bridge) Service Contract:
7.25%, 1/1/2010 (Prerefunded 1/1/2001) (a) . . . . . . . . . . . . . . . . . . 13,000,000 14,190,280
5.75%, 4/1/2013 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . 7,185,000 7,945,460
5.75%, 4/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,950,000 37,980,456
Refunding:
5.50%, 4/1/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 265,685
6.995%, 4/1/2004 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,875,000 4,365,033
5%, 4/1/2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000 260,338
5.995%, 4/1/2006 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,660,000 11,555,227
6%, 4/1/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,542,700
6%, 4/1/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,195,000 6,858,299
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--98.2% Amount Value
- ----------------------------------------------------- _______________ _______________
New York (continued)
New York State Urban Development Corp.:
Lease Revenue:
(Correctional Capital Facilities):
5.25%, 1/1/2010 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . $ 5,000,000 $ 5,340,100
5.25%, 1/1/2011 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,251,400
5.25%, 1/1/2012 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . 3,500,000 3,696,665
5.25%, 1/1/2013 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . 3,660,000 3,838,462
5.625%, 1/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,240,000 10,706,125
Refunding 5.50%, 1/1/2016 . . . . . . . . . . . . . . . . . . . . . . . . . 18,385,000 18,921,474
(State Facilities) Refunding 5.70%, 4/1/2020 . . . . . . . . . . . . . . . . . 20,000,000 21,863,800
Local or Guaranteed Housing, Refunding 5.50%, 7/1/2016 (Insured; FHA) . . . . . . . 13,250,000 14,033,738
Orange County Industrial Development Agency, Life Care Community Revenue,
Refunding
(Glen Arden Inc. Project) 5.70%, 1/1/2028 . . . . . . . . . . . . . . . . . . . . . 4,600,000 4,609,384
Port Authority of New York and New Jersey:
(Consolidated Bond 93rd Series) 6.125%, 6/1/2094 . . . . . . . . . . . . . . . . . 15,000,000 17,622,300
(Consolidated Bond 99th Series):
5.90%, 11/1/2012 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . 6,840,000 7,424,273
6%, 11/1/2013 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . 5,810,000 6,329,588
(Consolidated Bond 125th Series) Refunding:
5%, 12/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,000 160,482
6%, 12/1/2010 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,750,000 4,009,950
5.25%, 12/1/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455,000 473,414
6.50%, 12/1/2012 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,239,400
Special Obligation Revenue (JFK International Air Terminal-6):
6.25%, 12/1/2014 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 11,711,200
5.75%, 12/1/2022 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 24,000,000 25,666,560
Port Jervis Industrial Development Authority, Revenue
(Francisan Health Partnership / Mercy Community Hospital) 5.50%, 11/1/2016 . . . . 1,000,000 1,010,590
Scotia Housing Authority, Housing Revenue (Coburg Village Inc. Project):
6.15%, 7/1/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,880,000 3,947,318
6.20%, 7/1/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000,000 13,224,900
Tompkins County Industrial Development Agency, Civic Facility Revenue
(Ithacare Center Project) 6.20%, 2/1/2037 (Insured; FHA) . . . . . . . . . . . . . 6,000,000 6,610,920
Triborough Bridge and Tunnel Authority, Revenues:
7.375%, 1/1/2016 (Prerefunded 1/1/2000) (a) . . . . . . . . . . . . . . . . . . . . 8,280,000 8,762,144
General Purpose:
5.30%, 1/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,185,000 9,516,395
Refunding 5%, 1/1/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,190,800
Special Obligation Refunding 7.10%, 1/1/2010 . . . . . . . . . . . . . . . . . 9,000,000 9,741,060
United Nations Development Corporation, Revenue, Refunding:
Senior Lien:
5.10%, 7/1/2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,000 130,452
6.323%, 7/1/2008 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,480,000 1,490,123
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--98.2% Amount Value
- ----------------------------------------------------- _______________ _______________
New York (continued)
United Nations Development Corporation, Revenue, Refunding (continued):
Senior Lien (continued):
5.20%, 7/1/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 130,000 $ 130,467
5.523%, 7/1/2009 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,695,000 1,707,001
5.40%, 7/1/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 120,383
6.923%, 7/1/2014 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,000 568,548
5.60%, 7/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000 7,060,340
Subordinated Lien:
6.923%, 7/1/2014 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,315,000 1,323,258
5.40%, 7/1/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 120,383
5.60%, 7/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,008,620
Watervliet Housing Authority, Residential Housing Revenue
(Beltrone Living Center Project):
6%, 6/1/2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800,000 1,820,574
6.125%, 6/1/2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,800,000 6,880,036
Yonkers Industrial Development Agency, Civic Facilities Revenue
(Saint Joseph's Hospital):
6.15%, Series A 3/1/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,014,260
6.15%, Series C 3/1/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 3,549,910
U.S. Related--5.0%
Commonwealth of Puerto Rico, Public Improvement, Refunding:
5.50%, 7/1/2010 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 555,490
7.459%, 7/1/2010 (b,c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800,000 5,865,408
5.50%, 7/1/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 11,077,700
5.50%, 7/1/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,313,110
Zero Coupon, 7/1/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 2,302,600
6%, 7/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,756,100
Puerto Rico Aqueduct and Sewer Authority, Revenue 10.25%, 7/1/2009 . . . . . . . . . . 13,750,000 18,826,225
Puerto Rico Highway and Transportation Authority, Highway Revenue:
6%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,500,000 10,794,280
5%, 7/1/2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,073,440
Refunding 5.50%, 7/1/2015 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . 8,000,000 8,804,160
Puerto Rico Public Buildings Authority, Public Education and Health Facilities, Lease
Revenue, Refunding 5.75%, 7/1/2015 (Guaranteed; Commonwealth of Puerto Rico) . . . 4,250,000 4,518,813
Virgin Island Public Finance Authority, Revenue, Refunding
(Senior Lien) 5.50%, 10/1/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,157,750
_______________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $1,507,140,067) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,641,003,054
_______________
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Short-Term Municipal Investments--.9% Amount Value
- ----------------------------------------------------- _______________ _______________
New York:
Long Island Power Authority, Electric Power and Light System Revenue, VRDN
3.30% (Insured; MBIA, SBPA; Credit Suisse First Boston) (d) . . . . . . . . . . . . $ 6,900,000 $ 6,900,000
New York State Dormitory Authority, Revenues, VRDN
(Oxford University Press Inc.) 3.30% (LOC; Landesbank Hessen-Thuringen) (d) . . . . 8,700,000 8,700,000
_______________
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $15,600,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,600,000
_______________
TOTAL INVESTMENTS
(cost $1,522,740,067) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.1% $1,656,603,054
_______ _______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9% $ 15,815,389
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $1,672,418,443
_______ _______________
Summary of Abbreviations
- -----------------------------------------------------------------------------
AGIC Asset Guaranty Insurance Company LOC Letter of Credit
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company Insurance Corporation
FHA Federal Housing Administration MFHR Multi-Family Housing Revenue
FSA Financial Security Assurance SBPA Standby Bond Purchase Agreement
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
Summary of Combined Ratings
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
_______ ________ __________________ ____________________
AAA Aaa AAA 29.2%
AA Aa AA 12.5
A A A 39.8
BBB Baa BBB 11.9
B B B 1.0
Not Rated (e) Not Rated (e) Not Rated (e) 5.6
_______
100.0%
_______
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(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 November 30, 1998, this
security amounted to $5,865,408 or approximately .4% of net assets.
(d)Securities payable on demand. Variable interest rate--subject to periodic
change.
(e)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.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1998 (UNAUDITED)
Cost Value
_______________ _______________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $1,522,740,067 $1,656,603,054
Interest receivable . . . . . . . . . . . . . . . . . . . 28,222,911
Receivable for shares of Common Stock subscribed . . . . 6,510,000
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 232,225
_______________
1,691,568,190
_______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 820,409
Payable for investment securities purchased . . . . . . . 17,073,049
Cash overdrafts due to Custodian . . . . . . . . . . . . 1,017,266
Payable for shares of Common Stock redeemed . . . . . . . 10,000
Accrued expenses . . . . . . . . . . . . . . . . . . . . 229,023
_______________
19,149,747
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,672,418,443
_______________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $1,523,879,162
Accumulated net realized gain (loss) on investments . . . 14,676,294
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 . . . . . . . . . . . . . . . . 133,862,987
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,672,418,443
_______________
SHARES OUTSTANDING
(300 million shares of $.01 par value Common Stock authorized) . . . . . . . . . . . . . . 106,627,860
NET ASSET VALUE, offering and redemption price per share--Note 3(d). . . . . . . . . . . . $15.68
_______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . $45,597,927
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . $ 4,966,371
Shareholder servicing costs--Note 3(b) . . . . . 1,082,141
Custodian fees . . . . . . . . . . . . . . . . . 55,335
Directors' fees and expenses--Note 3(c) . . . . . 28,380
Professional fees . . . . . . . . . . . . . . . . 22,768
Registration fees . . . . . . . . . . . . . . . . 16,899
Prospectus and shareholders' reports . . . . . . 16,843
Loan commitment fees--Note 2 . . . . . . . . . . 4,048
Interest expense--Note 2 . . . . . . . . . . . . 1,446
Miscellaneous . . . . . . . . . . . . . . . . . . 73,160
____________
Total Expenses . . . . . . . . . . . . . . . . 6,267,391
Less--reduction in management fee due to
undertaking--Note 3(a) . . . . . . . . . . . . (55,121)
____________
Net Expenses . . . . . . . . . . . . . . . . . 6,212,270
____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,385,657
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . $ 4,939,523
Net unrealized appreciation (depreciation) on
investments . . . . . . . . . . . . . . . . . 18,829,504
____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . 23,769,027
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $63,154,684
____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
November 30, 1998 Year Ended
(Unaudited) May 31, 1998
__________________ _______________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 39,385,657 $ 81,611,592
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . 4,939,523 19,763,787
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . 18,829,504 50,902,492
_______________ _______________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . 63,154,684 152,277,871
_______________ _______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39,817,336) (81,414,282)
Net realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . --- (15,301,748)
_______________ _______________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39,817,336) (96,716,030)
_______________ _______________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . 147,167,736 703,593,539
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,726,765 67,930,411
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (198,006,245) (857,579,387)
_______________ _______________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . . . . . (23,111,744) (86,055,437)
_______________ _______________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . 225,604 (30,493,596)
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,672,192,839 1,702,686,435
_______________ _______________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,672,418,443 $1,672,192,839
_______________ _______________
Undistributed investment income--net . . . . . . . . . . . . . . . . . . . . . . . . ---------- $ 431,679
_______________ _______________
Shares Shares
_______________ _______________
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,423,383 45,942,093
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . 1,774,291 4,418,815
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,693,312) (55,942,685)
_______________ _______________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . . (1,495,638) (5,581,777)
_______________ _______________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of Common
Stock outstanding, total investment return, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from the Fund's financial statements.
Six Months Ended
November 30, 1998 Year Ended May 31,
____________________________________________________
PER SHARE DATA: (Unaudited) 1998 1997 1996 1995 1994
_________ _______ _______ _______ _______ _______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . $15.47 $14.97 $14.64 $15.19 $15.06 $16.06
_______ _______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . .38 .75 .76 .79 .84 .88
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . .21 .63 .41 (.51) .23 (.62)
_______ _______ _______ _______ _______ _______
Total from Investment Operations . . . . . .59 1.38 1.17 .28 1.07 .26
_______ _______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . (.38) (.74) (.76) (.79) (.84) (.89)
Dividends from net realized gain on
investments . . . . . . . . . . . . . . -- (.14) (.08) (.04) (.08) (.37)
Dividends in excess of net realized gain
on investments . . . . . . . . . . . . -- -- -- -- (.02) --
_______ _______ _______ _______ _______ _______
Total Distributions . . . . . . . . . . . . (.38) (.88) (.84) (.83) (.94) (1.26)
_______ _______ _______ _______ _______ _______
Net asset value, end of period . . . . . . $15.68 $15.47 $14.97 $14.64 $15.19 $15.06
_______ _______ _______ _______ _______ _______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . 7.76%(1) 9.36% 8.14% 1.84% 7.55% 1.42%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . .75%(1) .73% .74% .71% .72% .71%
Ratio of net investment income
to average net assets . . . . . . . . . 4.76%(1) 4.86% 5.10% 5.24% 5.70% 5.49%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . .00%(2) .00%(2) -- -- -- --
Portfolio Turnover Rate . . . . . . . . . . 11.38%(3) 35.86% 74.46% 81.93% 49.03% 35.66%
Net Assets, end of period (000's Omitted) . . $1,672,418 $1,672,193 $1,702,686 $1,698,678 $1,879,197 $1,941,233
- ------------
(1) Annualized.
(2) Amount represents less than .01%.
(3) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus New York Tax Exempt Bond Fund, Inc. (the "Fund") is registered under
the Investment Company Act of 1940, as amended (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 (the "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. 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.
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 rates based on prevailing
market rates in effect at the time of borrowings.
The average daily amount of borrowings outstanding during the period ended
November 30, 1998 was approximately $19,200 with a related weighted average
annualized interest rate of 7.44%.
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 has undertaken from June 1,
1998 through November 30, 1998 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 $55,121 during the period ended November 30,
1998.
(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, 1998, the Fund was charged $725,572 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, 1998, the Fund was charged $241,985 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 (including on
redemptions through use of the Fund Exchange privilege) on shares redeemed
within fifteen days of their issuance. During the period ended November 30,
1998, redemption fees retained by the Fund amounted to $1,547.
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 4--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended November 30, 1998
amounted to $186,474,601 and $193,272,021, respectively.
At November 30, 1998, accumulated net unrealized appreciation on investments
was $133,862,987, consisting of $134,042,611 gross unrealized appreciation and
$179,624 gross unrealized depreciation.
At November 30, 1998, 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.
[reg.tm logo]
(reg.tm)
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. 980SA9811
New York
Tax Exempt
Bond Fund, Inc.
Semi-Annual
Report
November 30, 1998
