Dreyfus
New York Tax Exempt
Bond Fund, Inc.
SEMIANNUAL REPORT November 30, 1999
(reg.tm)
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 Dreyfus and
the fund's other service providers do not properly process and calculate
date-related information from and after January 1, 2000. Dreyfus has taken steps
designed to avoid year 2000-related problems in its systems and to monitor the
readiness of other service providers. 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.
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 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
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus New York
Tax Exempt Bond Fund, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus New York Tax Exempt
Bond Fund, Inc., covering the six-month period from June 1, 1999 through
November 30, 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.
When the reporting period began, evidence had emerged that the U.S. economy was
growing strongly in an environment characterized by high levels of consumer
spending and low levels of unemployment. Concerns that inflationary pressures
might re-emerge caused the Federal Reserve Board to raise short-term interest
rates three times during the summer and fall of 1999. Higher interest rates led
to some erosion of municipal bond prices, especially toward the end of the
reporting period.
Municipal bonds were also adversely affected by supply-and-demand
considerations. Recently, however, these technical influences have caused the
yields of tax-exempt bonds to rise to very attractive levels compared to the
after-tax yields of taxable bonds of comparable maturity and credit quality.
This is especially true for investors in the higher federal income tax brackets
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus New York Tax Exempt Bond Fund, Inc.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
December 15, 1999
DISCUSSION OF FUND PERFORMANCE
Sam Weinstock, Portfolio Manager
How did Dreyfus New York Tax Exempt Bond Fund, Inc. perform?
The fund achieved a -3.08% total return(1) over the six-month period ended
November 30, 1999. In comparison, the Lipper New York Municipal Debt Funds
Category Average, the Lipper category in which the fund is reported, achieved a
- -3.87% total return for the same period.(2)
We attribute the fund's negative return over the period to a declining municipal
bond market and a rising interest-rate environment. The fund's modest favorable
outperformance of the Lipper average was primarily the result of our security
selection strategy, which was designed to take advantage of attractive values
created by the market's decline.
What is the fund's investment approach?
The funds objective is to seek as high a level of federal and New York State
tax-exempt income as is practical from a diversified portfolio of municipal
bonds. We also seek a competitive total return, which includes both income and
changes in share price.
To achieve these objectives, we employ four primary strategies. First, we strive
to identify the maturity range that we believe 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 yields at an attractive price. 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.
We also use computer models to evaluate the performance of the bonds under
various market scenarios, including a 25-percentage point rise in interest rates
and a 50-percentage point decline. When we find securities that we believe
potentially will provide participation The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
when the market rises and some protection against declines, we tend to hold them
for the long term. We also try to ensure that we select bonds that are most
likely to obtain attractive prices if and when we decide to sell them in the
secondary market.
What other factors influenced the portfolio's performance?
The portfolio was adversely affected by rising interest rates and a fall-off in
demand from institutional investors over the past six months.
When the reporting period began on June 1, 1999, investors had become concerned
that stronger than expected economic growth, low unemployment and rising
commodity prices might rekindle long-dormant inflation pressures. In fact, in an
attempt to forestall a potential reacceleration of inflation, the Federal
Reserve Board raised short-term interest rates three times during the summer and
fall of 1999, causing most bond prices to fall.
Municipal bond prices fell substantially for this reason, and also because of
differing supply-and-demand influences. For a variety of reasons, institutional
investors such as insurance companies and hedge funds participated less in the
tax-exempt market over the past year, which reduced overall demand and drove
municipal bond prices down significantly. One result has been that municipal
bonds -- including those from New York issuers -- are currently offering
tax-exempt yields that compare very favorably with the taxable yields on U.S.
Treasury securities, after adjusting for taxes. Of course, this yield increase
comes at the cost of having achieved a negative total return.
What is the portfolio's current strategy?
In this generally rising interest-rate environment, we have focused primarily on
maintaining the portfolio's average duration within the neutral range. Because a
portfolio' s duration naturally extends as interest rates rise and some bonds'
prices fall below levels at which issuers might redeem them early, bond
portfolios tend to become more sensitive to the adverse short-term effects of
higher interest rates. Accordingly, we
sold some of our longer maturity bonds, including those priced at discounts to
face value. We also sold bonds that were in danger of falling below the prices
at which corporations and other institutional investors remain eligible for
municipal bonds' tax advantages.
We attempted to reinvest the proceeds of those sales in intermediate-term,
tax-exempt bonds that we believed would provide highly competitive yields and
remain highly liquid in a declining market. We also took steps to upgrade the
portfolio by using high quality bonds to replace pre-refunded bonds as well as
bonds that are near their redemption dates. Typically, these new purchases were
available at face value or modest premiums. Because of uncertainties in the
pre-refunded bond market sector, these new purchases often gave us opportunities
to enhance the fund's income stream.
As of November 30, 1999, the portfolio's average duration was slightly shorter
than our peer group' s, the Lipper New York Municipal Debt Funds Category
Average. This relatively defensive posture was designed to help us take
advantage of opportunities to lock in prevailing high yields, as well as capture
any potential capital appreciation if longer term interest rates moderate from
present levels.
December 15, 1999
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE, YIELD 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 INVESTORS. CAPITAL GAINS, IF ANY, ARE
FULLY TAXABLE. RETURN FIGURES PROVIDED REFLECT THE ABSORPTION OF FUND EXPENSES
BY THE DREYFUS CORPORATION PURSUANT TO AN UNDERTAKING IN EFFECT THAT MAY BE
EXTENDED, TERMINATED OR MODIFIED AT ANY TIME. HAD THESE EXPENSES NOT BEEN
ABSORBED, THE FUND'S RETURNS WOULD HAVE BEEN LOWER.
(2) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
November 30, 1999 (Unaudited)
Principal
LONG-TERM MUNICIPAL INVESTMENTS--95.1% Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK--91.6%
Allegany County Industrial Development Agency,
Civic Facility Revenue
<S> <C> <C>
(Houghton College Civic Facility) 5.25%, 1/15/2018 2,750,000 2,432,237
Castle Rest Residential Health Care Facility, Health Care
Revenue 5.60%, 8/1/2017 (Insured; FHA) 1,700,000 1,671,780
Cohoes Industrial Development Agency, IDR
(Norlite Corp. Project) 6.75%, 5/1/2009
(LOC; Dresdner Bank) (Prerefunded 5/1/2002) 5,000,000 (a) 5,333,400
Erie County Industrial Development Agency, Life Care
Community Revenue (Episcopal Church Home)
5.875%, 2/1/2018 11,000,000 9,737,310
Huntington Housing Authority, Senior Housing Facility
Revenue (Gurwin Jewish Senior Residences)
6%, 5/1/2039 3,750,000 3,377,625
Long Island Power Authority, Electric Power and Light
System Revenue:
5.125%, 4/1/2012 (Insured; MBIA) 7,000,000 6,830,810
5.25%, 12/1/2014 (Insured; FSA) 13,000,000 12,548,640
Metropolitan Transportation Authority, Revenue:
Commuter Facilities, Service Contract
6%, 7/1/2016 (Insured; FGIC) 9,000,000 9,202,230
Transit Facilities, Service Contract:
7.125%, 7/1/2009 5,000,000 5,362,700
5.125%, 7/1/2014 (Insured; FSA) 100,000 95,159
6.625%, 7/1/2014 (Prerefunded 7/1/2002) 5,950,000 (a) 6,355,016
6.379%, 7/1/2014 (Insured; FSA) 6,950,000 (b,c) 6,277,101
Monroe County Industrial Development Agency, Revenue
(DePaul Community Facilities) 5.875%, 2/1/2028 1,000,000 848,330
Municipal Assistance Corporation for City of New York,
Revenue 6%, 7/1/2005 13,000,000 13,798,330
New York City:
6.084%, 2/1/2002 7,415,000 (b,c) 7,662,809
7.50%, 2/1/2003 3,500,000 3,743,425
6.284%, 2/1/2003 7,525,000 (b,c) 7,838,492
5.20%, 8/1/2003 170,000 172,841
6.584%, 8/1/2003 4,920,000 (b,c) 5,167,279
5.30%, 8/1/2004 170,000 173,541
6.375%, 8/1/2004 16,000,000 16,828,320
6.50%, 3/15/2005 13,770,000 14,748,358
5.45%, 8/1/2005 160,000 164,021
7.50%, 2/1/2006 2,900,000 3,103,000
5.75%, 2/1/2007 (Insured; AMBAC) 12,305,000 12,880,751
6.25%, 2/15/2007 2,080,000 2,198,643
Principal
LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
New York City (continued):
6.25%, 2/15/2007 (Prerefunded 2/15/2005) 3,295,000 (a) 3,548,583
5.10%, Series A 8/1/2008 120,000 118,858
5.10%, Series B 8/1/2008 130,000 128,762
6.056%, Series A 8/1/2008 4,430,000 (b,c) 4,345,653
6.056%, Series B 8/1/2008 7,300,000 (b,c) 7,161,008
5.75%, 8/15/2008 5,000,000 5,125,200
5.20%, 8/1/2009 120,000 119,226
5.375%, 8/1/2009 (Insured; FGIC) 7,000,000 7,136,920
6.25%, 8/1/2009 9,845,000 10,485,220
6.256%, 8/1/2009 4,220,000 (b,c) 4,165,562
6.50%, 8/15/2009 10,125,000 11,040,806
5.25%, 8/1/2010 130,000 129,099
6.356%, 8/1/2010 8,105,000 (b,c) 7,992,665
6.25%, 8/1/2010 9,400,000 10,011,282
7%, 10/1/2010 (Prerefunded 10/1/2002) 3,860,000 (a) 4,177,331
5.50%, 11/15/2010 1,110,000 1,124,830
6.185%, 11/15/2010 5,940,000 (b,c) 6,060,226
5.25%, 3/15/2011 200,000 196,890
6.41%, 3/15/2011 3,900,000 (b,c) 3,778,710
3.65%, 8/1/2011 18,775,000 18,953,363
6%, 8/1/2011 9,750,000 10,132,785
6.25%, 8/1/2011 (Insured; FSA) (Prerefunded 8/1/2002) 3,950,000 (a) 4,188,225
5.75%, 8/15/2011 4,025,000 4,090,084
5.75%, 8/15/2011 (Prerefunded 8/15/2003) 4,845,000 (a) 5,099,944
5.75%, 2/1/2012 3,000,000 3,045,600
5.25%, 3/15/2012 200,000 194,948
6.43%, 3/15/2012 1,900,000 (b,c) 1,804,012
6.375%, 8/15/2012 10,365,000 10,928,545
5%, 5/15/2013 (Insured; MBIA) 8,010,000 7,614,146
5.25%, 8/1/2013 200,000 192,528
5.35%, 8/1/2013 (Insured; FGIC) 19,660,000 19,386,923
6.50%, 8/1/2013 7,400,000 (b,c) 6,847,072
5.875%, 8/15/2013 4,550,000 4,630,171
7%, 10/1/2013 5,000,000 5,361,800
6%, 8/1/2014 2,250,000 2,295,248
5.875%, 2/1/2016 2,500,000 2,499,750
6%, 8/1/2017 3,000,000 3,016,080
7%, 2/1/2020 (Prerefunded 2/1/2002) 2,910,000 (a) 3,102,409
7%, 2/1/2020 5,930,000 6,272,339
5%, 3/15/2021 3,125,000 2,706,250
7.50%, 8/1/2021 (Prerefunded 8/1/2002) 4,800,000 (a) 5,236,512
5.875%, 8/1/2024 16,000,000 15,572,160
6.125%, 8/1/2025 12,250,000 12,275,235
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($)
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NEW YORK (CONTINUED)
New York City Health and Hospital Corp., Health System
Revenue 5.25%, 2/15/2017 3,000,000 2,700,780
New York City Industrial Development Agency:
IDR:
(Brooklyn Navy Yard Cogen Partners):
6.20%, 10/1/2022 2,750,000 2,719,915
5.65%, 10/1/2028 12,500,000 11,348,000
5.75%, 10/1/2036 9,000,000 8,174,790
(Field Hotel Association LP) 6%, 11/1/2028 13,525,000 12,492,366
Special Facilities Revenue (1990 American Airlines Inc.
Project) 5.40%, 7/1/2020 9,000,000 8,001,180
New York City Municipal Water Finance Authority, Water
and Sewer Systems Revenue:
5.625%, 6/15/2011 16,000,000 16,196,640
7%, 6/15/2015 (Prerefunded 6/15/2001) 5,655,000 (a) 5,940,125
5.625%, 6/15/2019 (Insured; MBIA) 17,335,000 16,854,300
6.20%, 6/15/2021 (Insured; AMBAC) 9,700,000 10,253,967
5.75%, 6/15/2029 (Insured; MBIA) 11,000,000 10,658,230
New York City Transitional Finance Authority,
Future Tax Secured Revenue:
5.25%, 11/15/2011 5,000,000 4,980,100
5.25%, 11/15/2012 5,000,000 4,937,500
6%, 8/15/2016 (Insured; FGIC) 5,000,000 5,132,800
5.75%, 8/15/2019 5,000,000 4,921,350
State of New York:
5.625%, 8/15/2009 15,000,000 15,471,450
5.70%, 8/15/2011 4,500,000 4,618,305
6.125%, 11/15/2011 3,130,000 3,306,125
5.80%, 10/1/2013 4,715,000 4,817,221
5.875%, 3/15/2014 3,000,000 3,056,640
5.50%, 7/15/2016 11,165,000 10,885,428
New York State Dormitory Authority, Revenues:
(City University Systems):
5.25%, 7/1/2008 (Insured; FGIC) 200,000 202,958
6.298%, 7/1/2008 (Insured; FGIC) 4,900,000 (b,c) 5,044,942
6.498%, 7/1/2008 (Insured; FGIC) 3,950,000 (b,c) 4,094,886
5.35%, 7/1/2009 (Insured; FGIC) 200,000 203,668
5.375%, 7/1/2014 (Insured; FGIC) 6,500,000 6,390,150
5.50%, 7/1/2016 (Insured; AMBAC) 24,000,000 23,526,000
5.625%, 7/1/2016 (Insured; FGIC) 9,120,000 9,158,578
5.625%, 7/1/2019 (Insured; FSA) 11,550,000 11,137,896
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
New York State Dormitory Authority, Revenues ( continued):
Health, Hospital and Nursing Home:
(Center for Nursing) 5.45%, 8/1/2017 2,110,000 2,034,947
(Frances Schervier Home)
5.50%, 7/1/2017 (Insured; AGIC) 4,000,000 3,761,560
(Interfaith Medical Center):
5.375%, 2/15/2013 4,580,000 4,399,640
5.375%, 2/15/2015 5,065,000 4,744,436
(Lakeside/Beikirch Nursing Home)
6%, 2/1/2037 (Insured; FHA) 5,000,000 4,868,300
(Menorah Campus):
5.95%, 2/1/2017 (Insured; FHA) 3,000,000 3,011,700
6.10%, 2/1/2037 (Insured; FHA) 8,500,000 8,409,050
Mental Health Services Facilities)
5.125%, 8/15/2014 (Insured; MBIA) 2,500,000 2,373,425
(North Shore University Hospital at Forest Hills):
5.50%, 11/1/2013 (Insured; MBIA) 2,625,000 2,646,499
5.50%, 11/1/2014 (Insured; MBIA) 1,000,000 999,450
New York Medical College)
6.875%, 7/1/2021 (Insured; FGIC) 19,310,000 20,793,008
(New York University):
5.75%, 7/1/2016 (Insured; MBIA) 2,300,000 2,340,572
6%, 7/1/2017 (Insured; MBIA) 3,500,000 3,641,190
(State University Educational Facilities):
5.875%, 5/15/2011 20,000,000 20,951,400
7.50%, 5/15/2011 3,750,000 4,301,887
5.50%, 5/15/2013 13,000,000 13,030,290
5.50%, 5/15/2013 (Insured; FGIC) 6,035,000 6,129,568
(Upstate Community Colleges)
5%, 7/1/2013 (Insured; AMBAC) 6,305,000 5,991,263
New York State Energy Research and Development
Authority:
Electric Facilities Revenue:
(Consolidated Edison Co. Project)
7.125%, 12/1/2029 13,000,000 14,263,860
(Long Island Lighting Company Project):
7.15%, 9/1/2019 8,930,000 9,625,826
6.90%, 8/1/2022 1,715,000 1,792,569
6.90%, 8/1/2022 (Prerefunded 1/21/2003) 1,295,000 (a) 1,400,504
5.30%, 8/1/2025 5,200,000 4,558,164
PCR (Central Hudson Gas)
5.45%, 8/1/2027 (Insured; AMBAC) 9,000,000 8,374,950
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($)
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NEW YORK (CONTINUED)
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) 10,800,000 (a) 11,425,104
6.875%, 6/15/2010 2,540,000 2,677,211
7.25%, 6/15/2010 (Prerefunded 6/15/2001) 15,500,000 (a) 16,479,290
7.25%, 6/15/2010 565,000 599,081
7%, 6/15/2012 (Prerefunded 6/15/2001) 21,105,000 (a) 22,363,913
7%, 6/15/2012 555,000 585,297
New York State Housing Finance Agency, Revenue:
Health Facilities 6%, 5/1/2008 10,000,000 10,390,800
Housing Projects 6.10%, 11/1/2015 (Insured; FSA) 13,120,000 13,387,254
Insured Multi-Family Mortgage 7%, 8/15/2022 4,495,000 4,729,190
Multi-Family Housing Second Mortgage
6.95%, 8/15/2024 (Insured; FHA) 2,785,000 2,860,836
Service Contract Obligation:
5.375%, 9/15/2011 13,520,000 13,253,115
5.50%, 9/15/2018 15,625,000 14,608,281
New York State Local Government Assistance Corp.:
5%, 4/1/2012 (Insured; FGIC) 105,000 101,659
5.645%, 4/1/2012 6,900,000 (b,c) 6,460,884
5.25%, 4/1/2013 (Insured; FGIC) 6,000,000 5,889,600
6%, 4/1/2024 17,005,000 16,927,967
New York State Medical Care Facilities Finance Agency, Revenue:
FHA Insured Mortgage:
(Montefiore Medical Center)
5.75%, 2/15/2015 (Insured; AMBAC) 8,750,000 8,756,825
(New York Hospital)
6.50%, 8/15/2029 (Insured; AMBAC) 12,000,000 13,154,520
Hospital and Nursing Home FHA Insured Mortgage:
6.45%, 2/15/2009 2,455,000 2,600,238
6.45%, 2/15/2009
(Prerefunded 2/15/2003) (Insured; FHA) 3,335,000 (a) 3,567,716
6.125%, 2/15/2015 13,270,000 13,551,059
(Saint Luke's and Waterfront Nursing Homes):
6.85%, 2/15/2012 (Insured; FHA) 5,300,000 5,628,653
6.85%, 2/15/2012
(Insured; FHA) (Prerefunded 2/15/2002) 585,000 (a) 623,598
Insured Long Term Health Care
6.45%, 11/1/2010 (Insured; FSA) 10,875,000 11,550,338
Mental Health Services 6%, 2/15/2025
(Insured; MBIA) (Prerefunded 2/15/2005) 8,710,000 (a) 9,332,417
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
New York State Mortgage Agency, Homeowner Mortgage,
Revenue:
5.10%, 10/1/2007 150,000 149,054
6.281%, 10/1/2007 860,000 (b,c) 849,147
5.40%, 10/1/2010 160,000 160,110
6.881%, 10/1/2010 1,380,000 (b,c) 1,381,904
5.55%, 10/1/2012 190,000 185,892
7.181%, 10/1/2012 2,405,000 (b,c) 2,301,008
6%, 4/1/2017 6,000,000 6,033,480
6.60%, 10/1/2019 5,000 5,184
9.68%, 10/1/2019 5,340,000 (b,c) 5,733,451
6%, 10/1/2022 5,000,000 4,968,800
6.20%, 10/1/2026 100,000 101,352
8.879%, 10/1/2026 14,000,000 (b,c) 14,378,560
5.80%, 10/1/2028 8,995,000 8,789,824
5.85%, 10/1/2028 9,975,000 9,494,903
5.40%, 4/1/2029 10,000,000 8,887,100
New York State Power Authority, Revenue and General
Purpose 6.625%, 1/1/2012 (Prerefunded 1/1/2002) 6,490,000 (a) 6,900,428
New York State Thruway Authority, Service Contract
Revenue (Local Highway and Bridge):
5.50%, 4/1/2004 250,000 256,023
6.806%, 4/1/2004 3,875,000 (b,c) 4,061,698
5%, 4/1/2006 250,000 248,310
5.806%, 4/1/2006 10,660,000 (b,c) 10,527,176
6%, 4/1/2011 5,000,000 5,178,350
6%, 4/1/2012 6,195,000 6,370,442
5.75%, 4/1/2013 (Insured; MBIA) 7,185,000 7,628,315
5.75%, 4/1/2016 35,950,000 35,183,546
New York State Urban Development Corp.:
Correctional Capital Facilities:
5.50%, 1/1/2016 (Insured; FSA) 4,035,000 3,936,021
5.625%, 1/1/2017 (Insured; FSA) 10,240,000 10,052,198
Local or Guaranteed Housing
5.50%, 7/1/2016 (Insured; FHA) 13,250,000 12,918,883
State Facilities 5.70%, 4/1/2020 (Insured; MBIA) 20,000,000 19,749,400
Niagara Frontier Transportation Authority, Airport Revenue
(Buffalo Niagara International Airport)
5.625%, 4/1/2029 (Insured; MBIA) 4,000,000 3,733,880
Orange County Industrial Development Agency,
Life Care Community Revenue
(Glen Arden Inc. Project) 5.70%, 1/1/2028 4,600,000 3,865,656
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($)
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NEW YORK (CONTINUED)
Port Authority of New York and New Jersey:
(Consolidated Bond 93rd Series) 6.125%, 6/1/2094 15,000,000 15,543,450
(Consolidated Bond 99th Series):
5.90%, 11/1/2012 (Insured; FGIC) 6,840,000 7,064,352
6%, 11/1/2013 (Insured; FGIC) 5,810,000 5,997,198
(Consolidated Bond 118th Series):
5.20%, 9/15/2012 (Insured; FGIC) 6,750,000 6,671,903
5.25%, 9/15/2013 (Insured; FGIC) 6,750,000 6,635,723
(Consolidated Bond 125th Series):
5%, 12/1/2010 155,000 150,218
6.447%, 12/1/2010 3,750,000 (b,c) 3,518,625
5.25%, 12/1/2012 455,000 442,269
6.947%, 12/1/2012 3,000,000 (b,c) 2,832,120
Special Obligation Revenue
(JFK International Air Terminal-6):
6.25%, 12/1/2014 (Insured; MBIA) 10,000,000 10,701,200
5.75%, 12/1/2022 (Insured; MBIA) 24,000,000 23,505,600
Scotia Housing Authority, Housing Revenue
(Coburg Village Inc. Project):
6.15%, 7/1/2028 3,880,000 3,422,664
6.20%, 7/1/2038 13,000,000 11,432,200
Suffolk County Industrial Development Agency:
IDR (Nissequogue Cogen Partners Facility) :
5.30%, 1/1/2013 2,250,000 2,092,072
5.50%, 1/1/2023 3,500,000 3,098,760
Solid Waste Disposal Facilities Revenue,
(Ogden Martin Systems):
5.75%, 10/1/2006 (Insured; AMBAC) 25,000 25,963
7.24%, 10/1/2006 (Insured; AMBAC) 4,925,000 (b,c) 5,304,225
Tompkins County Industrial Development Agency,
Civic Facility Revenue (Ithacare Center Project)
6.20%, 2/1/2037 (Insured; FHA) 6,000,000 5,968,260
Triborough Bridge and Tunnel Authority,
General Purpose Revenues:
5%, 1/1/2014 5,000,000 4,773,400
5.30%, 1/1/2017 9,185,000 8,670,824
5.375%, 1/1/2019 5,400,000 5,074,650
5.50%, 1/1/2030 10,540,000 9,774,901
TSASC, Inc., Tobacco Flexible Amortization Bonds
6.375%, 7/15/2039 11,000,000 10,790,340
United Nations Development Corporation, Revenue:
Senior Lien:
5.10%, 7/1/2008 120,000 117,910
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
LONG-TERM MUNICIPAL INVESTMENTS (continued) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
United Nations Development Corporation, Revenue (continued):
Senior Lien (continued):
5.967%, 7/1/2008 1,345,000 (b,c) 1,298,140
5.20%, 7/1/2009 120,000 118,138
6.16%, 7/1/2009 1,540,000 (b,c) 1,492,198
5.40%, 7/1/2014 105,000 100,192
6.545%, 7/1/2014 490,000 (b,c) 445,126
5.60%, 7/1/2026 5,995,000 5,501,971
Subordinated Lien:
6.545%, 7/1/2014 1,315,000 (b,c) 1,167,510
5.40%, 7/1/2014 120,000 113,270
Watervliet Housing Authority, Residential Housing
Revenue (Beltrone Living Center Project) :
6%, 6/1/2028 1,800,000 1,670,310
6.125%, 6/1/2038 6,800,000 6,259,060
Yonkers Industrial Development Agency,
Civic Facilities Revenue (Saint Joseph's Hospital):
6.15%, Series A 3/1/2015 1,000,000 917,180
6.15%, Series C 3/1/2015 3,500,000 3,210,130
U.S. RELATED--3.5%
Commonwealth of Puerto Rico, Public Improvement:
5.50%, 7/1/2010 (Insured; FSA) 500,000 520,125
7.346%, 7/1/2010 4,800,000 (b,c) 5,186,400
5.50%, 7/1/2012 (Insured; MBIA) 1,000,000 1,028,800
5.50%, 7/1/2013 (Insured; MBIA) 3,000,000 3,064,740
5.25%, 7/1/2014 (Insured; MBIA) 1,000,000 985,440
Zero Coupon, 7/1/2015 (Insured; MBIA) 5,000,000 2,057,150
5.25%, 7/1/2015 (Insured; MBIA) 1,000,000 968,420
5.65%, 7/1/2015 (Insured; MBIA) 10,000,000 10,181,400
6%, 7/1/2026 5,000,000 5,464,900
Puerto Rico Highway and Transportation Authority,
Highway Revenue:
6%, 7/1/2022 9,500,000 10,288,690
5%, 7/1/2036 6,000,000 5,049,960
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 4,260,795
Virgin Island Port Authority, Airport Revenue
4.20%, 9/1/2002 2,720,000 2,672,917
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost 1,412,206,370) 1,415,682,186
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
SHORT-TERM MUNICIPAL INVESTMENTS--3.3% Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK:
Long Island Power Authority, Electric Power and Light
System Revenue, VRDN 3.90% (LOC: ABN Amro
Bank, Morgan Guaranty Trust Co.) 8,180,000 (d) 8,180,000
New York City, VRDN:
3.90% (LOC; Morgan Guaranty Trust Co.) 14,000,000 (d) 14,000,000
3.90% (LOC; State Street Bank and Trust Co.) 2,000,000 (d) 2,000,000
3.90% (Insured; MBIA, SBPA Credit Agricole
Indosuez) 1,100,000 (d) 1,100,000
New York State Energy Research and Development
Authority, PCR, VRDN (Niagara Mowhawk
Power Corp.):
3.80% (LOC; Bank One) 3,000,000 (d) 3,000,000
3.85% (LOC; Canadian Imperial Bank) 10,650,000 (d) 10,650,000
3.90% (LOC; Toronto Dominion Bank) 5,500,000 (d) 5,500,000
Port Authority of New York and New Jersey, Revenue,
VRDN:
3.45% 500,000 (d) 500,000
3.85% (SBPA; Bayerische Landesbank) 4,000,000 (d) 4,000,000
3.95% (SBPA; Bank of Nova Scotia) 500,000 (d) 500,000
TOTAL SHORT-TERM MUNICIPAL INVESTMENTS
(cost $49,430,000) 49,430,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $1,461,636,370) 98.4% 1,465,112,186
CASH AND RECEIVABLES (NET) 1.6% 23,809,264
NET ASSETS 100.0% 1,488,921,450
</TABLE>
Summary of Abbreviations
AGIC Asset Guaranty Insurance
Company
AMBAC American Municipal Bond
Assurance Corporation
FGIC Financial Guaranty Insurance
Company
FHA Federal Housing Administration
FSA Financial Security Assurance
IDR Industrial Development Revenue
LOC Letter of Credit
MBIA Municipal Bond
Investors Assurance
Insurance Corporation
PCR Pollution Control
Revenue
SBPA Standby Bond Purchase
Agreement
VRDN Variable Rate Demand Notes
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AAA Aaa AAA 38.1
AA Aa AA 13.2
A A A 31.3
BBB Baa BBB 6.4
F1 MIG1 SP1 3.4
Not Rated(e) Not Rated(e) Not Rated(e) 7.6
100.0
</TABLE>
(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) SECURITIES EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES ACT OF
1933. THESE SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION,
NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT NOVEMBER 30, 1999, THESE
SECURITIES AMOUNTED TO $145,178,589 APPROXIMATELY 9.8% OF NET ASSETS.
(D) SECURITIES PAYABLE ON DEMAND. VARIABLE RATE INTEREST--SUBJECT TO PERIODIC
CHANGE.(
(E) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1999 (Unaudited)
Cost Value
- --------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 1,461,636,370 1,465,112,18
Interest receivable 25,674,529
Receivable for investment securities sold 100,307
Prepaid expenses 17,874
1,490,904,896
- --------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 725,678
Cash overdraft due to Custodian 1,041,479
Payable for shares of Common Stock redeemed 116,472
Accrued expenses 99,817
1,983,446
- -------------------------------------------------------------------------------
NET ASSETS ($) 1,488,921,450
- -------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 1,471,621,52
Accumulated net realized gain (loss) on investments 13,824,105
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 3,475,816
- -------------------------------------------------------------------------------
NET ASSETS ($) 1,488,921,450
- -------------------------------------------------------------------------------
SHARES OUTSTANDING
(300 million shares of $.001 par value Common Stock authorized) 103,207,993
NET ASSET VALUE, offering and redemption price per share--Note 3(d) ($) 14.43
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Six Months Ended November 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 43,561,279
EXPENSES:
Management fee--Note 3(a) 4,572,166
Shareholder servicing costs--Note 3(b) 1,397,368
Custodian fees 43,246
Professional fees 29,878
Prospectus and shareholders' reports 21,432
Directors' fees and expenses--Note 3(c) 18,645
Registration fees 12,407
Loan commitment fees--Note 2 1,476
Miscellaneous 27,207
TOTAL EXPENSES 6,123,825
Less--reduction in management fee due to undertaking--Note 3(a) (411,504)
NET EXPENSES 5,712,321
INVESTMENT INCOME--NET 37,848,958
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 3,646,542
Net unrealized appreciation (depreciation) on investments (90,895,537)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (87,248,995)
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (49,400,037)
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
November 30, 1999 Year Ended
(Unaudited) May 31, 1999
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 37,848,958 78,682,770
Net realized gain (loss) on investments 3,646,542 14,895,176
Net unrealized appreciation (depreciation)
on investments (90,895,537) (20,662,130)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (49,400,037) 72,915,816
- --------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (38,478,494) (78,484,913)
Net realized gain on investments -- (14,454,384)
TOTAL DIVIDENDS (38,478,494) (92,939,297)
- --------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold 100,916,814 397,489,518
Dividends reinvested 27,010,820 65,752,265
Cost of shares redeemed (153,240,564) (513,298,230)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS (25,312,930) (50,056,447)
TOTAL INCREASE (DECREASE) IN NET ASSETS (113,191,461) (70,079,928)
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 1,602,112,911 1,672,192,839
END OF PERIOD 1,488,921,450 1,602,112,911
Undistributed investment income--net -- 629,536
- --------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 6,895,809 25,567,907
Shares issued for dividends reinvested 1,843,018 4,224,063
Shares redeemed (10,424,337) (33,021,965)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (1,685,510) (3,229,995)
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
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.
Six Months Ended
November 30, 1999 Year Ended May 31,
------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
<S> <C> <C> <C> <C> <C> <C>
beginning of period 15.27 15.47 14.97 14.64 15.19 15.06
Investment Operations:
Investment income--net .37 .74 .75 .76 .79 .84
Net realized and unrealized
gain (loss) on investments (.84) (.06) .63 .41 (.51) .23
Total from Investment Operations (.47) .68 1.38 1.17 .28 1.07
Distributions:
Dividends from investment
income--net (.37) (.74) (.74) (.76) (.79) (.84)
Dividends from net realized gain
on investments -- (.14) (.14) (.08) (.04) (.08)
Dividends in excess of net realized
gain on investments -- -- -- -- -- (.02)
Total Distributions (.37) (.88) (.88) (.84) (.83) (.94)
Net asset value, end of period 14.43 15.27 15.47 14.97 14.64 15.19
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (6.14)(a) 4.47 9.36 8.14 1.84 7.55
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .75(a) .75 .73 .74 .71 .72
Ratio of net investment income
to average net assets 4.95(a) 4.77 4.86 5.10 5.24 5.70
Decrease reflected in above
expense ratios due to
undertakings by the Manager .05(a) .01 .00(b) -- -- --
Portfolio Turnover Rate 16.07(c) 20.77 35.86 74.46 81.93 49.03
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 1,488,921 1,602,113 1,672,193 1,702,686 1,698,678 1,879,197
</TABLE>
(A) ANNUALIZED.
(B) AMOUNT REPRESENTS LESS THAN .01%.
(C) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
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 (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., which is a
wholly-owned subsidiary of Mellon Financial Corporation. 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. Interes
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.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 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 The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
charged to the fund at rates based on prevailing market rates in effect at the
time of borrowings. During the period ended November 30, 1999, the fund did not
borrow under the Facility.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .60 of 1% of the value of the
fund' s average daily net assets and is payable monthly. The Agreement provides
that if in any full fiscal year the aggregate expenses of the fund, exclusive of
taxes, interest on borrowings, brokerage commissions, commitment fees and
extraordinary expenses, exceed 1(1)/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,
1999 through November 30, 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) exceeded 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 $411,504 during the period ended
November 30, 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
November 30, 1999, the fund was charged $1,061,382 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, 1999, the fund was charged $226,432 pursuant to the transfer
agency agreement.
(c) Each director who is not an "affiliated person" as defined in the Act
receives from the fund an annual fee of $4,500 and an attendance fee of $500 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
(d) A .10% redemption fee is charged and retained by the fund on shares redeemed
within fifteen days following the date of issuance, including redemptions made
through the use of the fund' s Exchange privilege. During the period ended
November 30, 1999, redemption fees retained by the fund amounted to $2,585.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended November 30, 1999, amounted to
$237,898,551 and $303,329,742, respectively.
At November 30, 1999, accumulated net unrealized appreciation on investments was
$3,475,816, consisting of $32,400,591 gross unrealized appreciation and
$28,924,775 gross unrealized depreciation.
At November 30, 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
NOTES
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
100 Church 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) 2000 Dreyfus Service Corporation 980SA9911
