LETTER TO SHAREHOLDERS
Dear Shareholder:
At the end of your Fund's semi-annual period on March 31, 1995, the
closing market price was $9.375 and the net asset value was $9.96. As we have
discussed in previous letters, the volatility in the market price does not
necessarily have a direct correlation to the underlying net asset value. This
was demonstrated during the six-month period as the market price moved
between $8.50 and $10.00 and the net asset value between $9.46 and $9.96.
The portfolio currently has a basically defensive posture, with its
primary focus on income; it currently holds approximately 4% in derivatives.
During the six-month reporting period, income dividends of approximately $.30
per share were paid, which translated into an annualized distribution rate
per share of 6.40% based on the March 31, 1995 closing market price, adjusted
for capital gain distributions of $.0071. As has been true from the Fund's
inception, all interest income paid to you has been exempt from Federal, New
York State and New York City personal income taxes.*
Interest rates rose dramatically during 1994. The Federal Reserve Board,
in its effort to control inflation, has raised the Federal funds rate seven
times since February of 1994. The effect of this tightening brought long-term
Treasury yields to approximately 8.15% in November of 1994.
The New York market was particularly hurt by the upturn in rates during
1994. New York City, in particular, had the early stages of its recovery
curtailed by higher rates and the subsequent loss of employment in the
financial sector. Even the new Governor has not been able to change New York
State's annual budget stalemate, as we enter our 11th fiscal year without a
budget in place and with major economic problems that have to be addressed.
During the first quarter of 1995, interest rates experienced a
substantial reversal. The change in market perception has also been
significant. While many economists continued to focus on higher rates, the
market fundamentals reacted to signs of a slowing economy, and the
fixed-income markets began a considerable recovery. Since the beginning of
the year, the municipal market has regained most of the loss that it
experienced during 1994.
Indications of a slower, but not recessionary, economy brought fixed
income markets to their current levels. While no one can predict the future,
we currently believe that the Mexican crisis, pressure on the dollar and a
general worldwide slowing are likely to keep fixed-income markets near these
levels for the balance of the year. In addition, municipals continue to face
a lack of supply and a continuing loss of high coupon paper due to
pre-refundings and active calls. These technical factors should give relative
stability to the tax exempt market. Of course, we will be monitoring the
situation to see what develops.
We have enclosed a current Statement of Investments and recent financial
statements for your review. We greatly appreciate your investment in the Fund
and look forward to serving your investment needs in the future.
Very truly yours,
(logo Signature)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 17, 1995
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax (AMT)
for certain shareholders. Capital gains may be subject to Federal, State and
local taxes.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF INVESTMENTS MARCH 31, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS--100.0% AMOUNT VALUE
------------- -------------
<S> <C> <C>
NEW YORK--74.2%
Albany Industrial Development Agency, LR (New York State Assembly Building
Project)
7.75%, 1/1/2010......................................................... $ 1,225,000 $ 1,316,679
Babylon Industrial Development Agency, RRR (Ogden Martin System Babylon,
Inc.)
8.50%, 1/1/2019......................................................... 1,480,000 1,614,517
New York City, GO 8.25%, 6/1/2019 (Prerefunded 6/1/2001) (a)................ 1,250,000 1,461,738
New York City Housing Development Corp., Mortgage Revenue
(South Williamsburg Cooperative) 7.90%, 2/1/2023 (Insured; SONYMA)...... 740,000 778,436
New York City Industrial Development Agency:
Civic Facility Revenue (YMCA of Greater New York Project) 8%, 8/1/2016.. 1,000,000 1,058,300
Special Facility Revenue (American Airlines, Inc. Project):
8%, 7/1/2020.......................................................... 1,325,000 1,392,310
6.90%, 8/1/2024....................................................... 500,000 501,490
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 1,440,775
New York State Dormitory Authority, Revenue:
Judicial Facilities Lease (Suffolk County Issue) 9.50%, 4/15/2014....... 1,000,000 1,169,250
Refunding (City University) 8.20%, 7/1/2013............................. 1,000,000 1,107,820
New York State Energy, Research and Development Authority, PCR:
(Central Hudson Gas and Electric) 8.375%, 12/1/2028..................... 1,000,000 1,089,990
(Rochester Gas and Electric Co.) 8.375%, 12/1/2028...................... 1,500,000 1,647,450
New York State Housing Finance Agency, Health Facilities Revenue,
Refunding (New York City) 8%, 11/1/2008................................. 1,000,000 1,109,010
New York State Medical Care Facilities Finance Agency, Insured Hospital Mortgage
Revenue, Refunding (Nyack Hospital Project) 8.30%, 11/1/2013............ 2,000,000 2,196,880
New York State Mortgage Agency:
Homeowner Mortgage Revenue:
8.125%, 10/1/2017..................................................... 1,375,000 1,453,801
6.45%, 10/10/2020..................................................... 3,000,000 3,047,010
Mortgage Revenue 8.375%, 4/1/2018....................................... 455,000 486,454
New York State Power Authority, General Purpose Revenue,
Refunding 6.50%, 1/1/2019............................................... 1,000,000 1,023,960
New York State Urban Development Corp., Revenue (Correctional Facilities)
8.125%, 1/1/2014 (Prerefunded 1/1/1998) (a)............................. 1,500,000 1,655,265
Onondaga County Industrial Development Agency, IDR (Weyerhaeuser Project)
9%, 10/1/2007........................................................... 1,200,000 1,473,888
U.S. RELATED--25.8%
Commonwealth of Puerto Rico 7.381%, 7/1/2018 (Insured; AMBAC) (b,c)......... 1,500,000 1,477,500
Commonwealth of Puerto Rico Aqueduct and Sewer Authority,
Revenue 7.90%, 7/1/2007................................................. 1,000,000 1,100,060
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995 (UNAUDITED)
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) AMOUNT VALUE
------------- -------------
U.S. RELATED (CONTINUED)
Commonwealth of Puerto Rico Highway Authority, Highway Revenue:
8.125%, 7/1/2013 (Prerefunded 7/1/1998) (a)............................. $ 1,000,000 $ 1,117,590
Refunding 8%, 7/1/2003 (Prerefunded 7/1/1998) (a)....................... 1,500,000 1,670,790
Commonwealth of Puerto Rico Infrastructure Financing Authority, Special Tax
Revenue
7.90% 7/1/2007.......................................................... 1,000,000 1,094,060
Virgin Islands Port Authority, Airport Revenue (Cyril E. King Airport Project)
8.10%, 10/1/2005........................................................ 1,400,000 1,521,282
Virgin Islands Territory, Special Tax Revenue (Hugo Insurance Claims Program)
7.75%, 10/1/2006 ....................................................... 1,335,000 1,434,057
------------
TOTAL INVESTMENTS
(cost $34,048,265)...................................................... $36,440,362
===========
</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
LR Lease Revenue
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (d) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
AAA Aaa AAA 24.2%
AA Aa AA 18.6
A A A 10.1
BBB Baa BBB 36.7
Not Rated (e) Not Rated (e) Not Rated (e) 10.4
------
100.0%
=======
</TABLE>
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) Residual interest 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,
1995, this security amounted to $1,477,500 or 4.0% of net assets.
(d) Fitch currently provides creditworthiness information for a limited
number of investments.
(e) 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, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $34,048,265)_see statement...................................... $36,440,362
Interest receivable..................................................... 877,479
-------------
37,317,841
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $22,064
Due to Custodian........................................................ 63,648
Accrued expenses........................................................ 52,242 137,954
-------- -----------
NET ASSETS ................................................................ $37,179,887
===========
REPRESENTED BY:
Paid-in capital......................................................... $34,585,155
Accumulated undistributed investment income_net......................... 277,411
Accumulated net realized (loss) on investments.......................... (74,776)
Accumulated net unrealized appreciation on investments_Note 3........... 2,392,097
-------------
NET ASSETS at value, applicable to 3,732,722 outstanding shares of
Common Stock, equivalent to $9.96 per share
(110 million shares of $.001 par value authorized)...................... $37,179,887
===========
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1995 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $1,326,262
EXPENSES:
Management fee_Note 2(a).............................................. $127,072
Directors' fees and expenses_Note 2(b)................................ 16,316
Auditing fees......................................................... 12,687
Shareholders' reports................................................. 10,712
Shareholder servicing costs........................................... 10,637
Legal fees............................................................ 3,689
Custodian fees........................................................ 1,999
Miscellaneous......................................................... 4,335
----------
TOTAL EXPENSES.................................................. 187,447
---------
INVESTMENT INCOME--NET.......................................... 1,138,815
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized (loss) on investments_Note 3............................... $ (74,586)
Net unrealized appreciation on investments.............................. 223,995
----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 149,409
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $1,288,224
==========
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, 1995
1994 (UNAUDITED)
--------------- ---------------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................... $ 2,287,749 $ 1,138,815
Net realized gain (loss) on investments............................. 26,312 (74,586)
Net unrealized appreciation (depreciation) on investments for the period (2,740,761) 223,995
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS... (426,700) 1,288,224
------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net.............................................. (2,255,735) (1,119,817)
Net realized gain on investments.................................... (48,137) (26,502)
------------- -------------
TOTAL DIVIDENDS................................................... (2,303,872) (1,146,319)
------------- -------------
CAPITAL STOCK TRANSACTIONS;
Dividends reinvested_Note 1(c)...................................... 225,841 --
------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... (2,504,731) 141,905
NET ASSETS:
Beginning of period................................................. 39,542,713 37,037,982
------------- -------------
End of period (including undistributed investment income_net:
$258,413 in 1994 and $277,411 in 1995)............................ $37,037,982 $37,179,887
============ ============
SHARES SHARES
------------- -------------
CAPITAL SHARE TRANSACTIONS;
INCREASE IN SHARES OUTSTANDING AS A RESULT OF DIVIDENDS REINVESTED.. 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 the financial statements and market price
data for the Fund's shares.
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, MARCH 31, 1995
------------------------------------------ --------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
------ ------ ------ ------ ------ -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 9.41 $ 9.20 $ 9.67 $10.13 $10.65 $ 9.92
------ ------ ------ ------ ------ -------
INVESTMENT OPERATIONS:
Investment income_net................... .63 .63 .62 .62 .61 .31
Net realized and unrealized gain (loss)
on investments........................ (.18) .48 .47 .53 (.72) .04
------ ------ ------ ------ ------ -------
TOTAL FROM INVESTMENT OPERATIONS...... .45 1.11 1.09 1.15 (.11) .35
------ ------ ------ ------ ------ -------
DISTRIBUTIONS:
Dividends from investment income_net.... (.66) (.63) (.61) (.58) (.61) (.30)
Dividends from net realized gain on investments -- (.01) (.02) (.05) (.01) (.01)
------ ------ ------ ------ ------ -------
TOTAL DISTRIBUTIONS................... (.66) (.64) (.63) (.63) (.62) (.31)
------ ------ ------ ------ ------ -------
Net asset value, end of period.......... $ 9.20 $ 9.67 $10.13 $10.65 $9.92 $ 9.96
====== ====== ======= ====== ===== ======
Market Value, end of period............. $ 9 1/4 $ 9 5/8 $10 1/8 $11 5/8 $ 9 $ 9 3/8
====== ====== ======= ====== ===== ======
TOTAL INVESTMENT RETURN(1).................. 3.07% 11.33% 12.09% 21.99% (17.78%) 15.38%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets. 1.07% 1.10% 1.11% 1.06% 1.02% 1.03%(2)
Ratio of net investment income to
average net assets.................... 6.68% 6.70% 6.36% 6.06% 5.98% 6.27%(2)
Portfolio Turnover Rate................. 11.76% 15.53% 15.23% 5.01% 5.94% 8.07%(3)
Net Assets, end of period (000's Omitted) $32,844 $34,860 $36,967 $39,543 $37,038 $37,180
(1) Calculated based on market value.
(2) Annualized.
(3) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
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. The Manager
is a direct subsidiary of Mellon Bank, N.A.
(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 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. 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 adjusted for amortization of premiums and original issue discounts on
investments is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery
basis may be settled a month or more after the trade date.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: 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.
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 prices. 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 30, 1995, the Board of Directors declared a cash dividend of
$.05 per share from investment income-net, payable on April 28, 1995 to
shareholders of record as of the close of business on April 13, 1995.
<TABLE>
<CAPTION>
(D) QUARTERLY RESULTS OF OPERATIONS:
NET INCREASE
NET REALIZED & (DECREASE)
UNREALIZED IN NET ASSETS
TOTAL INVESTMENT NET INVESTMENT GAIN (LOSS) RESULTING FROM
INCOME INCOME ON 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, 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)
June 30, 1994.................. 676 0.18 576 0.15 (188) (0.05) 388 0.10
September 30, 1994............. 646 0.17 563 0.15 (272) (0.07) 291 0.08
------- ------ ------- ------ ------ ------- ------ -------
TOTAL...................... $2,676 $0.71 $2,287 $ 0.61 $(2,714) $(0.72) $(427) $(0.11)
======= ====== ======= ====== ======= ======= ====== =======
December 31, 1994.............. $673 $0.18 $576 $ 0.16 $ (999) $(0.27) $(423) $(0.11)
March 31, 1995................. 653 0.18 563 0.15 1,148 0.31 1,711 0.46
------- ------ ------- ------ ------ ------- ------ -------
TOTAL...................... $1,326 $0.36 $1,139 $ 0.31 $149 $ 0.04 $1,288 $ 0.35
======= ====== ======= ====== ====== ======= ======= =======
</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 applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
NOTE 2--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, 1995.
(B) Prior to August 24, 1994, certain officers and directors, and prior
to February 1, 1995, certain officers, of the Fund were "affiliated persons,"
as defined in the Act, of the Manager and/or Dreyfus Service Corporation.
Each director who is not an "affiliated person" receives an annual fee of
$2,500 and an attendance fee of $250 per meeting. The Chairman of the Board
receives an additional 25% of such compensation.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $5,745,068 and $5,599,983, respectively, for the six months ended
March 31, 1995, and consisted entirely of long-term and short-term municipal
investments.
At March 31, 1995, accumulated net unrealized appreciation on investments
was $2,392,097, consisting of $2,447,581 gross unrealized appreciation and
$55,484 gross unrealized depreciation.
At March 31, 1995, 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).
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, 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, 1995, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended March 31, 1995. 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, 1994 and financial highlights for each of the five years in the
period ended September 30, 1994 and in our report dated November 4, 1994, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(logo signature)
New York, New York
May 8, 1995
OFFICERS AND DIRECTORS
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
200 Park Avenue
New York, NY 10166
DIRECTORS
Lucy Wilson Benson
David W. Burke
Joseph S. DiMartino
Martin D. Fife
Whitney I. Gerard
Robert R. Glauber
Arthur A. Hartman
George L. Perry
Paul Wolfowitz
OFFICERS
President and Treasurer
Marie E. Connolly
Vice President and Secretary
John E. Pelletier
Vice President and Assistant Treasurer
Frederick C. Dey
Vice President and Assistant Secretary
Eric B. Fischman
Assistant Treasurer
John J. Pyburn
Assistant Treasurer
Joseph F. Tower, III
Assistant Secretary
Paul D. Furcinito
Assistant Secretary
Ruth Leibert
PORTFOLIO MANAGERS:
Joseph P. Darcy
A. Paul Disdier
Karen M. Hand
Stephen C. Kris
Richard J. Moynihan
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.
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.
Printed in U.S.A. 858SA953
DREYFUS
NEW YORK
MUNICIPAL
INCOME, INC.
Semi-Annual Report
March 31, 1995
