Dreyfus New York Municipal Income, Inc.
SEMIANNUAL REPORT March 31, 2000
(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
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
9 Statement of Assets and Liabilities
10 Statement of Operations
11 Statement of Changes in Net Assets
12 Financial Highlights
13 Notes to Financial Statements
17 Officers and Directors
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus New York
Municipal Income, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus New York Municipal
Income, Inc., covering the six-month period from October 1, 1999 through March
31, 2000. 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, Monica Wieboldt.
The U.S. economy grew strongly over the past six months 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
reporting period. These rate hikes contributed to a total interest-rate increase
of 125 basis points since late June 1999, before the current reporting period
began. While higher interest rates led to an erosion of municipal bond prices
during the first half of the reporting period, the tax-exempt bond market showed
renewed signs of strength during the first quarter of 2000.
Municipal bonds were also affected by supply-and-demand considerations. 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 and state income tax brackets.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus New York Municipal Income, Inc.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
April 12, 2000
DISCUSSION OF FUND PERFORMANCE
Monica Wieboldt, Portfolio Manager
How did Dreyfus New York Municipal Income, Inc. perform during the period?
The fund produced a 0.09% total return(1) and income dividends of $0.244 per
share, which is equal to an annualized distribution rate of 6.18%, over the
six-month reporting period ended March 31, 2000.(2)
We attribute the fund's performance to a rising interest-rate environment, which
caused most municipal bond prices to decline. However, the extent of that
decline was reduced by the fund' s security selection strategy, which was
designed to maximize income by taking advantage of potentially attractive values
created during the municipal market's decline.
What is the fund's investment approach?
The fund seeks a high level of current income from a portfolio of municipal
bonds from New York issuers.
We tactically manage the portfolio' s average duration -- a measure of
sensitivity to changes in interest rates -- in anticipation of temporary
supply-and-demand changes. If we expect the supply of newly issued bonds to
increase, we may reduce the fund's average duration to make cash available for
the purchase of higher yielding securities. Conversely, if we expect demand for
municipal bonds to surge at a time when we anticipate little issuance, we may
increase the fund's average duration to maintain current yields for as long as
practical.
Second, we attempt to add value by selecting the tax-exempt bonds that we
believe can provide high current levels of income consistent with the fund's
management policies.
What other factors influenced the fund's performance?
Although the portfolio' s performance was hurt by a difficult investment
environment during the fourth quarter of 1999, the first quarter of 2000
provided better market conditions and a market rally.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
When the reporting period began on October 1, 1999, investors had become
concerned that strong economic growth might rekindle long-dormant inflationary
pressures. In an attempt to forestall a reacceleration of inflation, the Federal
Reserve Board raised short-term interest rates three times during the reporting
period, causing most bond prices to fall. These interest-rate hikes followed two
previous increases implemented before the current reporting period began, for a
total increase of 125 basis points since last summer.
Municipal bond prices also fell during the fourth quarter of 1999 because of
adverse supply-and-demand influences. For a variety of reasons, institutional
investors participated less in the tax-exempt market. Despite strong demand from
individual investors, the absence of institutional buyers helped reduce overall
demand and drove municipal bond prices down. During the first quarter of 2000,
however, issuance of municipal bonds nationally declined approximately 40%
compared to the same period one year ago. This supply reduction, combined with
robust demand from individual investors, helped support a rebound of municipal
bond prices, including bonds from New York issuers, and especially among longer
term bonds.
The fund's performance was also affected by the maturity or early redemption of
some of its seasoned, higher yielding holdings. Because municipal bond yields
were generally lower over the past six months than they were when the portfolio
was originally constructed, we have been unable to maintain the fund's dividend
distribution rate. Accordingly, we reduced the fund's distribution rate during
the reporting period to reflect prevailing market conditions.
What is the fund's current strategy?
We have continued to follow our strategy of seeking high current income from a
portfolio of investment-grade municipal bonds from New York issuers. To that
end, we have been gradually modifying the portfolio, eliminating some of our
defensive, shorter maturity holdings in favor of longer term bonds. As a result,
the portfolio's average duration has lengthened to approximately 8 1/2 years.
We have also attempted to take advantage of what we believe are attractive
values among New York municipal bonds. Toward the end of the reporting period
generally, long-term tax-exempt bonds from New York issuers were providing more
than 90% of the yield of comparable U.S. Treasury securities, making them
especially attractive to investors in the higher federal and state tax brackets.
Accordingly, we took advantage of current higher yielding opportunities such as
New York City's issuance of bonds backed by its share of the settlement of a law
suit between several states, including New York, and the nation's tobacco
companies. We believe that bonds such as these can help provide income from
these current high yielding opportunities without sacrificing credit quality.
April 12, 2000
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID,
BASED UPON NET ASSET VALUE PER SHARE. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE
RESULTS. 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.
(2) DISTRIBUTION RATE PER SHARE IS BASED UPON DIVIDENDS PER SHARE PAID FROM NET
INVESTMENT INCOME DURING THE PERIOD, ANNUALIZED, DIVIDED BY THE MARKET PRICE PER
SHARE AT THE END OF THE PERIOD, ADJUSTED FOR CAPITAL GAIN DISTRIBUTIONS.
The Fund
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STATEMENT OF INVESTMENTS
STATEMENT OF INVESTMENTS
March 31, 2000 (Unaudited)
Principal
LONG-TERM MUNICIPAL INVESTMENTS--98.1% Amount ($) Value ($)
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NEW YORK--84.8%
Albany Industrial Development Agency, LR
(New York Assembly Building Project) 7.75%, 1/1/2010 1,105,000 1,128,338
Erie County Industrial Development Agency,
Life Care Community Revenue
(Episcopal Church Home) 5.875%, 2/1/2018 1,500,000 1,273,335
New York City, Refunding 7.25%, 8/15/2007 1,500,000 1,686,000
New York City Housing Development Corp., Mortgage Revenue
(South Williamsburg Cooperative)
7.90%, 2/1/2023 (Insured; SONYMA) 685,000 700,584
New York City Industrial Development Agency:
Civic Facility Revenue (YMCA of Greater New York Project)
8%, 8/1/2016 (Prerefunded 8/1/2001) 1,000,000 (a) 1,061,200
IDR:
(Brooklyn Navy Yard--Cogen Partners) 5.75%, 10/1/2036 1,000,000 886,360
Refunding (LaGuardia Association LP Project)
6%, 11/1/2028 1,000,000 864,460
Special Facility Revenue (American Airlines Inc. Project):
5.40%, 7/1/2019 (Guaranteed; AMR Corp.) 1,390,000 1,224,673
6.90%, 8/1/2024 500,000 508,895
(Terminal One Group Association Project) 6%, 1/1/2019 1,100,000 1,105,973
New York City Municipal Water Finance Authority,
Water and Sewer System Revenue
7.75%, 6/15/2020 (Prerefunded 6/15/2001) 1,250,000 (a) 1,316,675
New York City Transitional Finance Authority,
Future Tax Secured Revenue
6%, 8/15/2029 1,000,000 1,018,490
New York State Dormitory Authority, Revenue:
Judicial Facility Lease (Suffolk County Issue)
9.50%, 4/15/2014 100,000 114,428
Refunding (State University Educational Facilities)
6%, 5/15/2025 (Prerefunded 5/15/2005) 1,000,000 (a) 1,067,900
Secured Hospital (Saint Agnes Hospital) 5.40%, 2/15/2025 1,200,000 1,093,812
New York State Environmental Facilities Corp., SWDR
(Occidental Petroleum Corp)
5.70%, 9/1/2028 1,600,000 1,406,944
New York State Mortgage Agency,
Homeownership Mortgage Revenue:
6.05%, 4/1/2026 925,000 929,255
6.125%, 4/1/2027 1,990,000 2,009,860
6.40%, 4/1/2027 975,000 998,068
Onondaga County Industrial Development Agency,
IDR (Weyerhaeuser Project)
9%, 10/1/2007 1,200,000 1,391,160
Principal
LONG-TERM MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
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Port Authority of New York and New Jersey
5.663%, 12/1/2012 1,000,000 (b,c) 957,340
Scotia Housing Authority, Housing Revenue
(Coburg Village Inc. Project)
6.20%, 7/1/2038 1,150,000 974,291
Suffolk County Industrial Development Agency, IDR, Refunding
(Nissequogue Cogen Partners Facility) 5.50%, 1/1/2023 1,500,000 1,290,390
TSASC, Inc., Tobacco Flexible Amortization Bonds
6.375%, 7/15/2039 1,000,000 1,001,370
United Nations Development Corp., Revenue, Refunding
5.60%, 7/1/2026 1,000,000 936,720
Watervliet Housing Authority, Residential Housing
(Beltrone Living Center Project)
6.125%, 6/1/2038 1,000,000 842,710
Yonkers Industrial Development Agency, Civic Facility Revenue
(Saint Joseph's Hospital) 6.20%, 3/1/2020 1,600,000 1,398,464
U.S. RELATED--13.3%
Commonwealth of Puerto Rico
7.578%, 7/1/2018 (Insured; AMBAC) 1,500,000 (b,c) 1,614,375
Commonwealth of Puerto Rico Highway and
Transportation Authority,
Transportation Revenue, Refunding 6.26%, 7/1/2038 1,000,000 (b,c) 759,060
Commonwealth of Puerto Rico
Infrastructure Financing Authority, Special Tax
Revenue 7.90%, 7/1/2007 225,000 226,870
Virgin Islands Territory, Special Tax Revenue
(Hugo Insurance Claims Funds Program)
7.75%, 10/1/2006 (Prerefunded 10/1/2001) 910,000 (a) 953,908
Virgin Islands Public Finance Authority, Revenue
6.375%, 10/1/2019 1,000,000 1,007,290
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TOTAL INVESTMENTS
(cost $34,906,875) 98.1% 33,749,198
CASH AND RECEIVABLES (NET) 1.9% 655,475
NET ASSETS 100.0% 34,404,673
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The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Summary of Abbreviations
AMBAC American Municipal Bond
Assurance Corporation
IDR Industrial Development Revenue
LR Lease Revenue
SONYMA State of New York
Mortgage Agency
SWDR Solid Waste Disposal Revenue
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Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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AAA Aaa AAA 17.3
AA Aa AA 19.7
A A A 18.4
BBB Baa BBB 15.9
Not Rated (d) Not Rated (d) Not Rated (d) 28.7
100.0
(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 MARCH 31, 2000,
THESE SECURITIES AMOUNTED TO $3,330,775 OR 9.7% OF NET ASSETS.
(D) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
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STATEMENT OF ASSETS AND LIABILITIES
March 31, 2000 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of Investments 34,906,875 33,749,198
Cash 7,213
Interest receivable 700,183
Prepaid expenses 12,834
34,469,428
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 23,986
Accrued expenses 40,769
64,755
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NET ASSETS ($) 34,404,673
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 35,468,166
Accumulated undistributed investment income--net 13,472
Accumulated net realized gain (loss) on investments 80,712
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 (1,157,677)
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NET ASSETS ($) 34,404,673
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SHARES OUTSTANDING
(110 million shares of $.001 par value Common Stock authorized) 3,821,501
NET ASSET VALUE per share ($) 9.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended March 31, 2000 (unaudited)
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INVESTMENT INCOME ($):
INTEREST INCOME 1,132,500
EXPENSES:
Management fee--Note 3(a) 120,169
Directors' fees and expenses--Note 3(c) 21,279
Shareholder servicing costs--Note 3(b) 13,566
Auditing fees 10,100
Shareholders' reports 9,360
Registration fees 4,563
Legal fees 3,382
Custodian fees--Note 3(b) 1,078
Miscellaneous 4,684
TOTAL EXPENSES 188,181
INVESTMENT INCOME--NET 944,319
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments 81,089
Net unrealized appreciation (depreciation) on investments (1,120,664)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (1,039,575)
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (95,256)
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
March 31, 2000 Year Ended
(Unaudited) September 30, 1999
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OPERATIONS ($):
Investment income--net 944,319 1,938,193
Net realized gain (loss) on investments 81,089 91,244
Net unrealized appreciation (depreciation)
on investments (1,120,664) (2,754,560)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (95,256) (725,123)
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DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (932,447) (2,029,436)
Net realized gain on investments (89,424) (103,583)
TOTAL DIVIDENDS (1,021,871) (2,133,019)
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CAPITAL STOCK TRANSACTIONS ($):
DIVIDENDS REINVESTED--NOTE 1(C) -- 181,077
TOTAL INCREASE (DECREASE) IN NET ASSETS (1,117,127) (2,677,065)
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NET ASSETS ($):
Beginning of Period 35,521,800 38,198,865
END OF PERIOD 34,404,673 35,521,800
Undistributed investment income--net 13,472 1,600
- --------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
INCREASE IN SHARES OUTSTANDING AS A RESULT OF
DIVIDENDS REINVESTED -- 18,298
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
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 and market price data for the fund's shares.
<TABLE>
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Six Months Ended
March 31, 2000 Year Ended September 30,
-----------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
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PER SHARE DATA ($):
Net asset value,
beginning of period 9.30 10.04 9.97 9.90 10.10 9.92
Investment Operations:
Investment income--net .24 .51 .55 .58 .59 .61
Net realized and unrealized
gain (loss) on investments (.28) (.69) .12 .12 (.14) .18
Total from Investment Operations (.04) (.18) .67 .70 .45 .79
Distributions:
Dividends from
investment income--net (.24) (.53) (.58) (.60) (.60) (.60)
Dividends from net realized gain
on investments (.02) (.03) (.02) (.03) (.05) (.01)
Total Distributions (.26) (.56) (.60) (.63) (.65) (.61)
Net asset value, end of period 9.00 9.30 10.04 9.97 9.90 10.10
Market value, end of period 7 7/8 8 3/8 10 3/16 10 1/4 10 1/4 9 11/16
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TOTAL RETURN (%) (a) (5.48)(b) (12.83) 5.43 6.58 12.92 14.74
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets 1.09(b) 1.01 1.06 1.03 1.03 1.05
Ratio of net investment income
to average net assets 5.47(b) 5.20 5.49 5.85 5.94 6.19
Portfolio Turnover Rate 8.78(c) 10.51 21.43 16.53 9.59 12.55
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Net Assets,
end of period ($ x 1,000) 34,405 35,522 38,199 37,603 37,127 37,715
(A) CALCULATED BASED ON MARKET VALUE.
(B) ANNUALIZED.
(C) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus New York Municipal Income, Inc. (the "fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a non-diversified
closed-end management investment company. The fund's investment objective is to
maximize current income exempt from Federal, New York State and New York City
personal income taxes to the extent consistent with the preservation of capital.
The Dreyfus Corporation (the "Manager") serves as the fund's investment adviser.
The Manager is a direct subsidiary of Mellon Bank, N.A. ("Mellon"), which is a
wholly-owned subsidiary of Mellon Financial Corporation.
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 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.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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 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 the market value, shares will be issued by the fund at 95% of the market
value. If the market price is lower than the net asset value per share on the
record date, Mellon 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, 2000, the Board of Directors declared a cash dividend of $.04 per
share from investment income-net, payable on April 28, 2000 to shareholders of
record as of the close of business on April 13, 2000.
(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 Internal Revenue Code of 1986,
as amended, 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 $100 million
unsecured line of credit primarily to be utilized for temporary or emergency
purposes. Interest is charged to the fund at rates which are related to the
Federal funds rate in effect at the time of borrowings. During the period ended
March 31, 2000, the fund did not borrow under the line of credit.
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 .70 of 1% of the value of the
fund' s average weekly 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 and extraordinary expenses, exceed the
expense limitation of any state having jurisdiction over the fund, the fund may
deduct from payments to be made to the Manager, or the Manager will bear the
amount of such excess to the extent required by state law. There was no expense
reimbursement for the period ended March 31, 2000.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(b) The fund compensates Mellon under a transfer agency agreement for providing
personnel and facilities to perform transfer agency services for the fund.
During the period ended March 31, 2000, the fund was charged $12,047 pursuant to
the transfer agency agreement.
The fund compensates Mellon under a custody agreement for providing custodial
services for the fund. During the period ended March 31, 2000, the fund was
charged $1,078 pursuant to the custody agreement.
(c) Each director who is not an "affiliated person" as defined in the Act
receives from the fund 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 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended March 31, 2000, amounted to
$2,987,140 and $2,960,641, respectively.
At March 31, 2000, accumulated net unrealized depreciation on investments was
$1,157,677, consisting of $786,883 gross unrealized appreciation and $1,944,560
gross unrealized depreciation.
At March 31, 2000, 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).
OFFICERS AND DIRECTORS
Dreyfus New York Municipal Income, Inc.
200 Park Avenue
New York, NY 10166
DIRECTORS
Joseph S. DiMartino, Chairman
Lucy Wilson Benson
David W. Burke
Martin D. Fife
Whitney I Gerard
Robert R. Glauber
Arthur A. Hartman
George L. Perry
Paul Wolfowitz
OFFICERS
President
Stephen E. Canter
Vice President
Mark N. Jacobs
Vice President and Treasurer
Joseph Connolly
Executive Vice President
Monica S. Wieboldt
Secretary
Michael A. Rosenberg
Assistant Secretary
Steven F. Newman
Assistant Secretary
Robert R. Mullery
Assistant Treasurer
Gregory S. Gruber
PORTFOLIO MANAGERS
Joseph P. Darcy
A. Paul Disdier
Douglas J. Gaylor
Joseph Irace
Colleen Meehan
Richard J. Moynihan
W. Michael Petty
Jill C. Schaffro
Scott Sprauer
Samuel J. Weinstock
Monica S. Wieboldt
INVESTMENT ADVISER
The Dreyfus Corporation
CUSTODIAN
Mellon Bank, N.A.
COUNSEL
Stroock & Stroock & Lavan LLP
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, MONEY AND BUSINESS SECTION UNDER THE HEADING
"CLOSED-END BOND FUNDS--SINGLE STATE MUNICIPAL BOND FUNDS" EVERY SUNDAY.
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.
The Fund
For More Information
Dreyfus
New York Municipal Income, Inc.
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258
Transfer Agent &
Dividend Disbursing Agent
Mellon Bank, N.A.
85 Challenger Road
Ridgefield Park, NJ 07660
(c) 2000 Dreyfus Service Corporation 858SA003
