PRESIDENT'S LETTER
Dear Shareholder:
Since our last report to shareholders on September 30, 1993, the
fixed-income markets have experienced considerable volatility. Bond
prices reached a cyclical high during October and have been on a downward
trend ever since. The Fund's net asset value declined by approximately
$.60 per share to $10.04 during the six months ended March 31, 1994,
adjusted for capital gain distributions. During the same time, income
dividends of approximately $.31 per share were paid. This is the
equivalent of an annualized distribution rate per share of 6.33%, based on
the March 31, 1994 market price, adjusted for capital gain distributions.
As has been true from the Fund's inception, all distributions paid from net
investment income and exempt from Federal, New York State and New York
City income taxes.*
The first quarter of 1994 probably will be memorialized as the end
of five years of accommodative Federal Reserve Board policy. Since
February, the Federal Funds rate has been raised three times. Generally, it
is anticipated that further rate hikes will be forthcoming should the
economy continue to signal an unacceptable rate of growth. With such a
heightened degree of nervousness influencing both bonds and stocks, the
markets could remain quite volatile.
ECONOMIC OUTLOOK
Higher bond yields have had an effect on the supply of new municipal
bonds: while 1993 was a record year for bond issuance, so far 1994's new
issuance has fallen dramatically. At the same time, the appetite of
individual investors for tax exempt investments has been tempered.
However, should inflation fears subside and interest rates stabilize,
attractive investment opportunities could exist in municipal securities;
new issuance has been reduced, the highest marginal Federal tax rate has
been increased to nearly 40%, and municipal bonds are yielding
substantially more than they were only a few months ago. At this
juncture, it is still uncertain as to whether or when such a scenario will
unfold.
After a protracted recession, the New York economy appears to be
finally on the rebound. The State has lost over 500,000 jobs since the
recession began, and with employment growth projected at approximately
1.4% for 1994, it will take a considerable amount of time to recover to
pre-recession job levels. The State has taken a more realistic outlook in
its economic forecasting and it appears that for fiscal 1994 the State
will have an operating surplus of approximately $1 billion. The long-range
outlook for the State is positive, and we would anticipate that a credit
upgrade is possible.
As we have witnessed in recent weeks, negative influences on the
markets can be quite powerful. The potential still exists for further
market volatility in the near term. This Fund seeks high current income
from a portfolio of long-term bonds. We appreciate your investment in the
Fund, and we want to assure you that we are at all times working in the
Fund's best interest.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
President
May 5, 1994
New York, N.Y.
*Some income may be subject to the Federal Alternative Minimum Tax for
certain investors.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF INVESTMENTS MARCH 31, 1994 (UNAUDITED)
PRINCIPAL
MUNICIPAL BONDS-98.9% AMOUNT VALUE
----------- -----------
<S> <C> <C>
NEW YORK-72.7%
Albany Industrial Development Agency, LR (New York State Assembly Building Project)
7.75%, 1/1/2010............................................................................. $ 1,225,000 $ 1,318,321
Babylon Industrial Development Agency, RRR (Ogden Martin System Babylon, Inc.)
8.50%, 1/1/2019............................................................................. 1,480,000 1,630,309
New York City, GO:
5.75%, 8/15/2014............................................................................ 900,000 819,000
8.25%, 6/1/2019 (Prerefunded 6/1/2001) (a).................................................. 1,250,000 1,494,738
New York City Housing Development Corp., Mortgage Revenue
(South Williamsburg Cooperative) 7.90%, 2/1/2023 (Insured; SONYMA).......................... 750,000 772,995
New York City Industrial Development Agency:
Civic Facility Revenue (YMCA of Greater New York Project) 8%, 8/1/2016...................... 1,000,000 1,079,590
Special Facility Revenue (American Airlines Inc. Project) 8%, 7/1/2020...................... 1,325,000 1,397,676
New York City Municipal Water Finance Authority, Water and Sewer System Revenue
7.75%, 6/15/2020 (Prerefunded 6/15/2001) (a)................................................ 1,250,000 1,458,488
New York State Dormitory Authority, Revenue:
Judicial Facilities Lease (Suffolk County Issue) 9.50%, 4/15/2014........................... 1,000,000 1,170,340
Refunding:
City University 8.20%, 7/1/2013......................................................... 1,000,000 1,138,910
State University Educational Facilities 7.375%, 5/15/2014............................... 500,000 554,132
New York State Energy, Research and Development Authority, PCR:
(Central Hudson Gas and Electric) 8.375%, 12/1/2028......................................... 1,000,000 1,120,890
(Rochester Gas and Electric Co.) 8.375%, 12/1/2028.......................................... 1,500,000 1,648,875
New York State Housing Finance Agency, Health Facilities Revenue, Refunding (New York City)
8%, 11/1/2008............................................................................... 1,000,000 1,134,530
New York State Medical Care Facilities Finance Agency, Insured Hospital Mortgage Revenue,
Refunding (Nyack Hospital Project) 8.30%, 11/1/2013......................................... 2,000,000 2,200,400
New York State Mortgage Agency:
Homeowner Mortgage Revenue 8.125%, 10/1/2017................................................ 1,375,000 1,475,306
Mortgage Revenue:
8.375%, 4/1/2018........................................................................ 530,000 555,716
9.064%, 10/1/2020 (b,c)................................................................. 1,500,000 1,428,750
New York State Power Authority, General Purpose Revenue, Refunding 6.50%, 1/1/2019.............. 1,000,000 1,023,780
New York State Urban Development Corp., Revenue (Correctional Facilities)
8.125%, 1/1/2014 (Prerefunded 1/1/1998) (a)................................................. 1,500,000 1,707,705
Onondaga County Industrial Development Agency, IDR (Weyerhaeuser Project)
9%, 10/1/2007............................................................................... 1,200,000 1,511,112
U.S. RELATED-26.2%
Commonwealth of Puerto Rico 8.492%, 7/1/2018 (Insured; AMBAC) (b,c)............................. 1,500,000 1,417,500
Commonwealth of Puerto Rico Aqueduct and Sewer Authority, Revenue 7.90%, 7/1/2007............... 1,000,000 1,107,700
Commonwealth of Puerto Rico Highway Authority, Highway Revenue:
8.125%, 7/1/2013 (Prerefunded 7/1/1998) (a)................................................. 1,000,000 1,148,110
Refunding 8%, 7/1/2003 (Prerefunded 7/1/1998) (a)........................................... 1,500,000 1,716,630
Commonwealth of Puerto Rico Infrastructure Financing Authority, Special Tax Revenue
7.90% 7/1/2007.............................................................................. 1,000,000 1,103,690
Virgin Islands Port Authority, Airport Revenue (Cyril E. King Airport Project) 8.10%, 10/1/2005. 1,400,000 1,546,172
Virgin Islands Territory, Special Tax Revenue (Hugo Insurance Claims Program) 7.75%, 10/1/2006.. 1,390,000 1,538,230
-----------
TOTAL MUNICIPAL BONDS (cost $33,676,186)........................................................ $36,219,595
===========
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994 (UNAUDITED)
PRINCIPAL
SHORT-TERM MUNICIPAL INVESTMENT-1.1% AMOUNT VALUE
----------- -----------
NEW YORK
New York City, GO, VRDN 2.55%,(LOC; Chemical Bank) (d) (cost $400,000).......................... $ 400,000 $ 400,000
-----------
TOTAL INVESTMENTS-100.0%
(cost $34,076,186).......................................................................... $36,619,595
===========
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation PCR Pollution Control Revenue
GO General Obligation RRR Resources Recovery Revenue
IDR Industrial Development Revenue SONYMA State of New York Mortgage Agency
LOC Letter of Credit VRDN Variable Rate Demand Notes
LR Lease Revenue
</TABLE>
SUMMARY OF COMBINED RATINGS
FITCH (E) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- ------- ----------------- -------------------
AAA Aaa AAA 19.8%
AA Aa AA 14.4
A A A 9.4
BBB Baa BBB 44.6
F1 P1 A1 1.1
Not Rated (f) Not Rated (f) Not Rated (f) 10.7
------
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 tax-exempt 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. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At March 31,
1994, these securities amounted to $2,846,250 or 7.6% of net assets.
(d) Securities payable on demand secured by bank letters of credit. The
interest rate, which is subject to change, is based upon bank prime rates
or an index of market interest rates.
(e) Fitch currently provides creditworthiness information for a limited
amount of investments.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's, have been determined by the Fund's Board of Directors to be of
comparable quality to those rated securities in which the Fund may invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1994 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $34,076,186)-see statement........................................................ $36,619,595
Cash........................................................................................ 26,368
Interest receivable......................................................................... 909,502
Prepaid expenses............................................................................ 4,614
-----------
37,560,079
LIABILITIES:
Due to The Dreyfus Corporation.............................................................. $ 22,761
Accrued expenses............................................................................ 59,227 81,988
----------- -----------
NET ASSETS...................................................................................... $37,478,091
===========
REPRESENTED BY:
Paid-in capital............................................................................. $34,585,155
Accumulated undistributed investment income-net............................................. 459,369
Accumulated distributions in excess of net realized gain on investments-Note 1(c)........... (109,842)
Accumulated net unrealized appreciation on investments-Note 3............................... 2,543,409
-----------
NET ASSETS at value applicable to 3,732,722 outstanding shares of
Common Stock, equivalent to $10.04 per share
(110 million shares of $.001 par value authorized).......................................... $37,478,091
===========
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1994 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME............................................................................. $ 1,353,867
EXPENSES:
Management fee-Note 2(a)................................................................ $ 136,659
Shareholders' reports................................................................... 16,423
Shareholder servicing costs............................................................. 14,371
Auditing fees........................................................................... 13,272
Directors' fees and expenses-Note 2(b).................................................. 11,133
Registration fees....................................................................... 4,000
Legal fees.............................................................................. 3,506
Custodian fees.......................................................................... 2,187
Miscellaneous........................................................................... 4,176
-----------
TOTAL EXPENSES...................................................................... 205,727
-----------
INVESTMENT INCOME-NET............................................................... 1,148,140
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized gain on investments-Note 3..................................................... $ 23,870
Net unrealized (depreciation) on investments................................................ (2,278,418)
-----------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................................... (2,254,548)
-----------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.......................................... $(1,106,408)
===========
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
SEPTEMBER 30, MARCH 31, 1994
1993 (UNAUDITED)
------------- ----------------
OPERATIONS:
<S> <C> <C>
Investment income-net....................................................................... $ 2,294,161 $ 1,148,140
Net realized gain on investments............................................................ 48,114 23,870
Net unrealized appreciation (depreciation) on investments for the period.................... 1,897,333 (2,278,418)
----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS......................... 4,239,608 (1,106,408)
----------- -----------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net....................................................................... (2,136,354) (1,135,918)
Net realized gain on investments............................................................ (179,330) --
Excess net realized gain on investments..................................................... -- (48,137)
----------- -----------
TOTAL DIVIDENDS......................................................................... (2,315,684) (1,184,055)
----------- -----------
CAPITAL STOCK TRANSACTIONS;
Dividends reinvested-Note 1(c).............................................................. 651,946 225,841
----------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS................................................. 2,575,870 (2,064,622)
NET ASSETS:
Beginning of period......................................................................... 36,966,843 39,542,713
----------- -----------
End of period (including undistributed investment income-net:
$447,147 in 1993 and $459,369 in 1994).................................................. $39,542,713 $37,478,091
=========== ===========
SHARES SHARES
----------- -----------
CAPITAL SHARE TRANSACTIONS;
INCREASE IN SHARES OUTSTANDING AS A RESULT OF DIVIDENDS REINVESTED.......................... 62,834 20,533
=========== ===========
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, 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 information provided in the financial statements and
market price data for the Fund's shares.
YEAR ENDED SEPTEMBER 30, SIX MONTHS ENDED
---------------------------------------------------- MARCH 31, 1994
PER SHARE DATA: 1989(1) 1990 1991 1992 1993 (UNAUDITED)
-------- ------ ------ ------ ------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........... $ 9.21(2) $ 9.41 $ 9.20 $ 9.67 $10.13 $10.65
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income-net.......................... .57 .63 .63 .62 .62 .31
Net realized and unrealized gain (loss)
on investments............................. .11 (.18) .48 .47 .53 (.60)
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS........... .68 .45 1.11 1.09 1.15 (.29)
------ ------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net........... (.48) (.66) (.63) (.61) (.58) (.31)
Dividends from net realized gain
on investments............................. -- -- (.01) (.02) (.05) --
Dividends from excess net realized gain
on investments............................. -- -- -- -- -- (.01)
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS........................ (.48) (.66) (.64) (.63) (.63) (.32)
------ ------ ------ ------ ------ ------
Net asset value, end of period................. $ 9.41 $ 9.20 $ 9.67 $ 10.13 $ 10.65 $ 10.04
======= ======= ======= ======= ======= =======
Market Value, end of period.................... $ 9 5/8 $ 9 1/4 $ 9 5/8 $10 1/8 $11 5/8 $ 9 5/8
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN(3) 1.24%(4) 3.07% 11.33% 12.09% 21.99% (29.54%)(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets........ 1.15%(4) 1.07% 1.10% 1.11% 1.06% 1.05%(4)
Ratio of net investment income to
average net assets......................... 6.65%(4) 6.68% 6.70% 6.36% 6.06% 5.88%(4)
Portfolio Turnover Rate........................ 38.28%(5) 11.76% 15.53% 15.23% 5.01% 5.64%(5)
Net Assets, end of period (000's Omitted)...... $33,007 $32,844 $34,860 $36,967 $39,543 $37,478
- --------------------------
(1) From October 21, 1988 (commencement of operations) to September 30, 1989.
(2) Net of offering costs charged to paid-in capital.
(3) Calculated based on market value.
(4) Annualized.
(5) Not annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940
("Act") as a non-diversified closed-end management investment company.
The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser.
(A) PORTFOLIO VALUATION: Investments in municipal debt securities
(excluding options and financial futures on municipal and U.S. treasury
securities) are valued on the last business day of each week and month by
an independent pricing service ("Service") approved by the Board of
Directors. Investments for which quoted bid prices in the judgment of the
Service are readily available and are representative of the bid side of the
market 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.
Options and financial futures on municipal and U.S. treasury securities are
valued at the last sales price on the securities exchange on which such
securities are primarily traded or at the last sales price on the national
securities market on the last business day of each week and month.
Investments not listed on an exchange or the national securities market,
or securities for which there were no transactions, are valued at the
average of the most recent bid and asked prices. Bid price is used when no
asked price is available.
(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 is earned from settlement date and recognized on the
accrual basis. Securities purchased or sold on a when-issued or delayed-
delivery basis may be settled a month or more after the trade date.
The Fund follows an investment policy of investing primarily in
municipal obligations of one state. Economic changes affecting the state
and certain of its public bodies and municipalities may affect the ability
of issuers within the state to pay interest on, or repay principal of,
municipal obligations held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-
dividend date. Dividends from investment income-net are declared and
paid monthly. Dividends from net realized capital gain are declared and
paid at least annually. 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.
Dividends in excess of net realized gains on investment for financial
statement purposes result primarily from distributions of taxable income
necessary to satisfy tax requirements and avoid the 4% excise tax.
For shareholders who elect to receive their distributions in additional
shares of the Fund, in lieu of cash, such distributions will be reinvested at
the lower of the market price or net asset value per share (but not less
than 95% of the market price) based on the record date's respective price.
If the net asset value per share on the record date is lower than the
market price per share, shares will be issued by the Fund at the record
date's net asset value on the payable date of the distribution. If the net
asset value per share is less than 95% of market value, shares will be
issued by the Fund at 95% of market value. If the market price is lower
than the net asset value per share on the record date, Mellon Bank, N.A.
will purchase Fund shares in the open market commencing on the payable
date, and reinvest those shares accordingly. As a result of purchasing Fund
shares in the open market, Fund shares outstanding will not be affected by
this form of reinvestment.
On March 29, 1994, the Board of Directors declared a cash dividend of
$.05 per share from investment income-net, payable on April 27, 1994 to
shareholders of record as of the close of business on April 13, 1994.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(D) QUARTERLY RESULTS OF OPERATIONS:
NET INCREASE
NET REALIZED & (DECREASE)
UNREALIZED GAIN IN NET ASSETS
TOTAL INVESTMENT NET INVESTMENT (LOSS) ON RESULTING FROM
INCOME INCOME INVESTMENTS OPERATIONS
---------------- -------------- --------------- ---------------
(000'S) PER (000'S) PER (000'S) PER (000'S) PER
QUARTER ENDED OMITTED SHARE OMITTED SHARE OMITTED SHARE OMITTED SHARE
------- ------ ------- ------ ------- ------ ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
December 31, 1992............. $ 670 $ 0.18 $ 573 $ 0.16 $ 10 $ -- $ 583 $ 0.16
March 31, 1993................ 671 0.18 575 0.16 697 0.19 1,272 0.35
June 30, 1993................. 675 0.18 574 0.15 572 0.15 1,146 0.30
September 30, 1993............ 681 0.19 572 0.15 667 0.19 1,239 0.34
------- ------ ------- ------ ------- ------ ------- ------
TOTAL................. $ 2,697 $ 0.73 $ 2,294 $ 0.62 $ 1,946 $ 0.53 $ 4,240 $ 1.15
======= ====== ======= ====== ======= ====== ======= ======
December 31, 1993............. $ 679 $ 0.18 $ 575 $ 0.16 $ (191) $(0.05) $ 384 $ 0.11
March 31, 1994................ 675 0.18 573 0.15 (2,063) (0.55) (1,490) (0.40)
------- ------ ------- ------ ------- ------ ------- ------
TOTAL................. $ 1,354 $ 0.36 $ 1,148 $ 0.31 $(2,254) $(0.60) $(1,106) $(0.29)
======= ====== ======= ====== ======= ====== ======= ======
</TABLE>
(E) 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 provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from all, or substantially all, Federal income
taxes.
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the
Manager, the management fee is computed at the annual rate of .70 of 1%
of the average weekly value of the Fund's net assets and is payable
monthly. The Agreement provides for an expense reimbursement from the
Manager should the Fund's aggregate expenses, exclusive of taxes, interest
on borrowings, brokerage and extraordinary expenses, exceed the expense
limitation of any state having jurisdiction over the Fund for any full
fiscal year. There was no expense reimbursement for the six months ended
March 31, 1994.
(B) Certain officers and directors of the Fund are "affiliated persons,"
as defined in the Act, of the Manager. Each director who is not an
"affiliated person" receives an annual fee of $2,500 and an attendance fee
of $250 per meeting.
(C) On December 5, 1993, the Manager entered into an Agreement and
Plan of Merger (the "Merger Agreement") providing for the merger of the
Manager with a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a
number of contingencies, including receipt of certain regulatory approvals
and approvals of the stockholders of the Manager and of Mellon. The merger
is expected to occur in mid-1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's board
and shareholders before completion of the merger. Shareholder approval
will be solicited by a proxy statement.
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 3-SECURITIES TRANSACTIONS:
Purchases and sales of securities amounted to $4,395,680 and
$4,138,525, respectively, for the six months ended March 31, 1994, and
consisted entirely of municipal bonds and short-term municipal
investments.
At March 31, 1994, for Federal income tax purposes, the cost of
investments was $33,969,864 and accumulated net unrealized
appreciation on investments was $2,649,731, consisting of $2,939,266
gross unrealized appreciation and $289,535 gross unrealized depreciation.
At March 31, 1994, for financial reporting purposes, the cost of
investments was $34,076,186 and accumulated net unrealized
appreciation on investments was $2,543,409, consisting of $2,839,448
gross unrealized appreciation and $296,039 gross unrealized depreciation.
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
We have reviewed the accompanying statement of assets and liabilities
of Dreyfus New York Municipal Income, Inc., including the statement of
investments, as of March 31, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended March 31, 1994. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants. A review of
interim financial information consists principally of applying analytical
procedures to financial data, and making inquiries of persons responsible
for financial and accounting matters. It is substantially less in scope than
an audit conducted in accordance with generally accepted auditing
standards, which will be performed for the full year with the objective of
expressing an opinion regarding the financial statements and financial
highlights taken as a whole. Accordingly, we do not express such an
opinion.
Based on our review, we are not aware of any material modifications
that should be made to the interim financial statements and financial
highlights referred to above for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year
ended September 30, 1993 and financial highlights for each of the five
years in the period ended September 30, 1993 and in our report dated
November 2, 1993, we expressed an unqualified opinion on such statement
of changes in net assets and financial highlights.
(Ernst & Young Signature Logo)
New York, New York
May 9, 1994
DREYFUS
NEW YORK
MUNICIPAL
INCOME, INC.
SEMI-ANNUAL REPORT
MARCH 31, 1994
(Dreyfus Lion Logo)
OFFICERS AND DIRECTORS
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
DIRECTORS
Lucy Wilson Benson
David Burke
Martin D. Fife
Whitney I. Gerard
Robert R. Glauber
Arthur A. Hartman
Richard J. Moynihan
George L. Perry
Paul Wolfowitz
OFFICERS
President and
Chief Investment Officer
Richard J. Moynihan
Vice President-Financial
Jeffrey N. Nachman
Treasurer
John J. Pyburn
Secretary
Daniel C. Maclean III
Assistant Secretary
Christine Pavalos
Controller
Jean Farley
Vice Presidents and
Investment Officers:
A. Paul Disdier
Karen M. Hand
Stephen C. Kris
Jill C. Shaffro
L. Lawrence Troutman
Samuel J. Weinstock
Monica S. Wieboldt
INVESTMENT ADVISER
The Dreyfus Corporation
CUSTODIAN
The Bank of New York
COUNSEL
Stroock & Stroock & Lavan
TRANSFER AGENT,
DIVIDEND DISTRIBUTION AGENT
AND REGISTRAR
Mellon Bank, N.A.
STOCK EXCHANGE LISTING
AMEX Symbol: DNM
INITIAL SEC EFFECTIVE DATE
10/21/88
The Net Asset Value appears in the
following publications: Barron's,
Closed-End Bond Funds section
under the heading "Municipal
Bond Funds" every Monday; Wall
Street Journal, Mutual Funds section
under the heading "Closed-End
Bond Funds" every Monday; New
York Times, Business section under
the heading "Closed-End Bond
Funds" every Monday.
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Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may purchase shares of its
common stock in the open market when it can do so at prices below the then
current net asset value per share.
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Printed in U.S.A 858SA943
