| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| |
| |
| FORM N-CSR |
| |
| CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT |
| INVESTMENT COMPANIES |
| |
| Investment Company Act file number 811-3726 |
| |
| DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC. |
| (Exact name of Registrant as specified in charter) |
| |
| |
| c/o The Dreyfus Corporation |
| 200 Park Avenue |
| New York, New York 10166 |
| (Address of principal executive offices) (Zip code) |
| |
| Mark N. Jacobs, Esq. |
| 200 Park Avenue |
| New York, New York 10166 |
| (Name and address of agent for service) |
| |
| Registrant's telephone number, including area code: (212) 922-6000 |
| Date of fiscal year end: | | 5/31 |
| Date of reporting period: | | 11/30/2006 |
FORM N-CSR
Item 1. Reports to Stockholders.
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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
| Contents |
| |
| | | THE FUND |
| |
|
| 2 | | A Letter from the CEO |
| 3 | | Discussion of Fund Performance |
| 6 | | Understanding Your Fund’s Expenses |
| 6 | | Comparing Your Fund’s Expenses |
| With Those of Other Funds |
| 7 | | Statement of Investments |
| 21 | | Statement of Assets and Liabilities |
| 22 | | Statement of Operations |
| 23 | | Statement of Changes in Net Assets |
| 24 | | Financial Highlights |
| 25 | | Notes to Financial Statements |
| 32 | | Proxy Results |
| FOR MORE INFORMATION |
|
| | | Back Cover |
| Dreyfus New York |
| Tax Exempt Bond Fund, Inc. |
The Fund
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, 2006, through November 30, 2006.
Although reports of declining housing prices have raised some economic concerns, we believe that neither a domestic recession nor a major shortfall in global growth is likely.A stubbornly low unemployment rate suggests that labor market conditions remain strong, and stimulative monetary policies over the last several years have left a legacy of ample financial liquidity worldwide.These and other factors should continue to support further economic expansion, but at a slower rate than we saw earlier this year.
The U.S. bond market also appears to be expecting a slower economy, as evidenced by an “inverted yield curve” at the end of November, in which yields of two-year U.S.Treasury securities were lower than the overnight federal funds rate.This anomaly may indicate that short-term interest rates have peaked, while the Federal Reserve Board remains “on hold” as it assesses new releases of economic data. As always, we encourage you to discuss the implications of these and other matters with your financial advisor.
For information about how the fund performed during the reporting period, as well as market perspectives, we have provided a Discussion of Fund Performance given by the fund’s portfolio manager.
Thank you for your continued confidence and support.
Thomas F. Eggers
Chief Executive Officer
The Dreyfus Corporation
December 15, 2006
|
DISCUSSION OF FUND PERFORMANCE
Joseph P. Darcy, Senior Portfolio Manager
How did Dreyfus New York Tax Exempt Bond Fund perform relative to its benchmark?
For the six-month period ended November 30, 2006, the fund achieved a total return of 4.71% .1 In comparison, the Lehman Brothers Municipal Bond Index, the fund’s benchmark, achieved a total return of 4.53% for the same period.2 In addition, the average total return for all funds reported in the Lipper New York Municipal Debt Funds category was 4.39% .3
After encountering weakness at the start of the reporting period, municipal bonds rallied over the summer and fall as inflation and interest-rate concerns eased.The fund produced a higher return than its benchmark and its Lipper category average, primarily due to its relatively long duration posture during the market rally.
What is the fund’s investment approach?
The fund seeks 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.To pursue this goal, the fund normally invests substantially all of its assets in municipal bonds that provide income exempt from federal, New York state and New York city personal income taxes.The dollar-weighted average maturity of the fund’s portfolio normally exceeds 10 years, but the fund may invest without regard to maturity.The fund will invest at least 80% of its assets in investment-grade municipal bonds or the unrated equivalent as determined by Dreyfus.The fund may invest up to 20% of its assets in municipal bonds rated below investment grade (“high yield” or “junk” bonds) or the unrated equivalent as determined by Dreyfus.
We may buy and sell bonds based on credit quality, market outlook and yield potential. In selecting municipal bonds for investment, we may assess the current interest-rate environment and the municipal
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued)
|
bond’s potential volatility in different rate environments.We focus on bonds with the potential to offer attractive current income, typically looking for bonds that can provide consistently attractive current yields or that are trading at competitive market prices.A portion of the fund’s assets may be allocated to “discount” bonds, which are bonds that sell at a price below their face value, or to “premium” bonds, which are bonds that sell at a price above their face value.The fund’s allocation either to discount bonds or to premium bonds will change along with our changing views of the current interest-rate and market environment.We also may look to select bonds that are most likely to obtain attractive prices when sold.
What other factors influenced the fund’s performance?
Municipal bond prices fell at the start of the reporting period, when hawkish comments by members of the Federal Reserve Board (the “Fed”) rekindled investors’ inflation and interest-rate concerns. However, these worries eased over the summer, as softening housing markets and less impressive employment gains indicated that inflationary pressures might be moderating. Indeed, the Fed cited a slowing economy when it refrained from raising short-term interest rates at its meetings in August, September and October, its first pauses in more than two years. As investors anticipated and reacted to the change in Fed policy, municipal bond prices rallied, more than offsetting earlier weakness.
Supply-and-demand factors also supported higher municipal bond prices. The robust U.S. economy enabled New York state and New York city to take in more tax revenue than originally projected, reducing their need to borrow. At the same time, demand remained robust from individual and institutional investors seeking competitive levels of tax-exempt income.
At the start of the reporting period, we maintained the fund’s average duration in a position we considered to be roughly in line with industry averages. This strategy helped limit the effects of heightened market
volatility on the fund’s performance. Later, as market conditions improved, we increased the fund’s average duration to a longer-than-average position, enabling the fund to participate more fully in the market rally over the summer and fall. In addition, the fund benefited from our emphasis on securities that we believed had the potential for price gains in a rallying market, such as non-callable municipal bonds. However, because yield differences along the market’s quality spectrum were unusually narrow compared to historical norms, it made little sense to us to “reach” for higher yields among lower-rated credits. Instead, when making new purchases, we generally focused on securities with strong liquidity characteristics and maturities in the 20-year range.
What is the fund’s current strategy?
If the market can sustain its gains over the next month, 2006 will become the seventh consecutive calendar year of positive municipal bond market performance. In our view, slower economic growth, steady interest rates and favorable supply-and-demand dynamics could continue to support municipal bond prices over the foreseeable future.
| 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. |
| 2 | | SOURCE: LIPPER INC. — Reflects reinvestment of dividends and, where applicable, capital |
| | | gain distributions.The Lehman Brothers Municipal Bond Index is a widely accepted, unmanaged |
| | | and geographically unrestricted total return performance benchmark for the long-term, investment- |
| | | grade, tax-exempt bond market. Index returns do not reflect the fees and expenses associated with |
| | | operating a mutual fund. |
| 3 | | Source: Lipper Inc. |
The Fund 5
U N D E R S TA N D I N G YO U R F U N D ’ S E X P E N S E S ( U n a d i t e d )
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus New York Tax Exempt Bond Fund, Inc. from June 1, 2006 to November 30, 2006. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
| Expenses and Value of a $1,000 Investment |
| assuming actual returns for the six months ended November 30, 2006 |
| Expenses paid per $1,000 † | | $ 4.16 |
| Ending value (after expenses) | | $1,047.10 |
| COMPARING YOUR FUND’S EXPENSES |
| WITH THOSE OF OTHER FUNDS (Unaudited) |
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
| Expenses and Value of a $1,000 Investment |
| assuming a hypothetical 5% annualized return for the six months ended November 30, 2006 |
| Expenses paid per $1,000 † | | $ 4.10 |
| Ending value (after expenses) | | $1,021.01 |
| † Expenses are equal to the fund’s annualized expense ratio of .91%, multiplied by the average account value over the |
| period, multiplied by 183/365 (to reflect the one-half year period). |
STATEMENT OF INVESTMENTS
November 30, 2006 (Unaudited)
|
| Long-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments—100.2% | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Albany Industrial Development, | | | | | | | | |
| LR (New York Assembly | | | | | | | | |
| Building Project) | | 7.75 | | 1/1/10 | | 565,000 | | 605,556 |
| Battery Park City Authority, | | | | | | | | |
| Revenue | | 5.25 | | 11/1/18 | | 10,000,000 | | 10,960,700 |
| Erie County Industrial Development | | | | | | | | |
| Agency, Life Care Community | | | | | | | | |
| Revenue (Episcopal Church Home) | | 6.00 | | 2/1/28 | | 1,500,000 | | 1,549,020 |
| Huntington Housing Authority, | | | | | | | | |
| Senior Housing Facility | | | | | | | | |
| Revenue (Gurwin Jewish | | | | | | | | |
| Senior Residences Project) | | 6.00 | | 5/1/39 | | 5,750,000 | | 5,932,217 |
| Long Island Power Authority, | | | | | | | | |
| Electric System General Revenue | | 5.38 | | 5/1/33 | | 8,000,000 | | 8,471,200 |
| Long Island Power Authority, | | | | | | | | |
| Electric System General | | | | | | | | |
| Revenue (Insured; FGIC) | | 5.00 | | 12/1/25 | | 10,000,000 | | 10,829,300 |
| Long Island Power Authority, | | | | | | | | |
| Electric System General | | | | | | | | |
| Revenue (Insured; FSA) | | 5.25 | | 12/1/14 | | 16,000,000 | | 17,886,400 |
| Long Island Power Authority, | | | | | | | | |
| Electric System General | | | | | | | | |
| Revenue (Insured; MBIA) | | 5.00 | | 9/1/25 | | 28,765,000 | | 31,200,533 |
| Metropolitan Transportation | | | | | | | | |
| Authority, Commuter Facilities | | | | | | | | |
| Revenue (Insured; FGIC) | | 6.00 | | 7/1/08 | | 9,000,000 a | | 9,350,280 |
| Metropolitan Transportation | | | | | | | | |
| Authority, Dedicated Tax Fund | | | | | | | | |
| Revenue (Insured; FSA) | | 5.25 | | 11/15/25 | | 8,500,000 | | 9,160,875 |
| Metropolitan Transportation | | | | | | | | |
| Authority, Service Contract | | | | | | | | |
| Revenue (Insured; MBIA) | | 5.50 | | 7/1/24 | | 10,000,000 | | 10,926,900 |
| Monroe Tobacco Asset | | | | | | | | |
| Securitization Corp., Tobacco | | | | | | | | |
| Settement Asset-Backed Bonds | | 6.63 | | 6/1/10 | | 500,000 a | | 554,730 |
| Municipal Assistance Corporation | | | | | | | | |
| for the City of New York, Revenue | | 6.25 | | 7/1/07 | | 14,455,000 | | 14,967,719 |
| Nassau County Industrial | | | | | | | | |
| Development Agency, IDR | | | | | | | | |
| (Keyspan-Glenwood Energy | | | | | | | | |
| Center, LLC Project) | | 5.25 | | 6/1/27 | | 12,750,000 | | 13,416,060 |
The Fund 7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Long-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| New York City | | 7.25 | | 8/15/07 | | 210,000 | | 215,447 |
| New York City | | 7.25 | | 8/15/07 | | 1,290,000 | | 1,321,850 |
| New York City | | 5.80 | | 8/1/11 | | 190,000 | | 190,308 |
| New York City | | 5.50 | | 6/1/13 | | 870,000 a | | 966,944 |
| New York City | | 5.25 | | 8/1/15 | | 10,170,000 | | 11,120,081 |
| New York City | | 5.00 | | 11/1/18 | | 14,555,000 | | 15,662,053 |
| New York City | | 5.00 | | 11/1/19 | | 10,000,000 | | 10,732,400 |
| New York City | | 5.00 | | 8/1/22 | | 10,000,000 | | 10,799,000 |
| New York City | | 5.50 | | 6/1/23 | | 130,000 | | 142,275 |
| New York City | | 5.25 | | 8/15/25 | | 7,475,000 | | 8,117,476 |
| New York City | | 5.25 | | 8/15/26 | | 8,750,000 | | 9,496,025 |
| New York City | | | | | | | | |
| (Insured; AMBAC) | | 5.75 | | 2/1/07 | | 3,505,000 | | 3,517,863 |
| New York City | | | | | | | | |
| (Insured; AMBAC) | | 5.75 | | 8/1/12 | | 1,355,000 a | | 1,510,839 |
| New York City | | | | | | | | |
| (Insured; AMBAC) | | 5.75 | | 8/1/16 | | 3,645,000 | | 4,053,349 |
| New York City | | | | | | | | |
| (Insured; MBIA) | | 5.25 | | 5/15/18 | | 10,000,000 | | 10,974,700 |
| New York City Industrial | | | | | | | | |
| Development Agency, Civic | | | | | | | | |
| Facility Revenue (United Jewish | | | | | | | | |
| Appeals Federation Project) | | 5.00 | | 7/1/27 | | 1,000,000 | | 1,066,530 |
| New York City Industrial | | | | | | | | |
| Development Agency, PILOT | | | | | | | | |
| Revenue (Queens Baseball | | | | | | | | |
| Stadium Project) (Insured; AMBAC) | | 5.00 | | 1/1/36 | | 10,000,000 | | 10,835,900 |
| New York City Industrial | | | | | | | | |
| Development Agency, PILOT | | | | | | | | |
| Revenue (Yankee Stadium | | | | | | | | |
| Project) (Insured; FGIC) | | 5.00 | | 3/1/31 | | 31,900,000 | | 34,573,858 |
| New York City Industrial | | | | | | | | |
| Development Agency, Special | | | | | | | | |
| Facility Revenue (American | | | | | | | | |
| Airlines, Inc. John F. Kennedy | | | | | | | | |
| International Airport Project) | | 8.00 | | 8/1/28 | | 12,500,000 | | 15,461,875 |
| New York City Municipal Water | | | | | | | | |
| Finance Authority, Water and | | | | | | | | |
| Sewer System Revenue | | 5.50 | | 6/15/10 | | 13,490,000 a | | 14,516,859 |
| Long-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| New York City Municipal Water | | | | | | | | |
| Finance Authority, Water and Sewer | | | | | | |
| System Revenue (Insured; MBIA) | | 5.75 | | 6/15/07 | | 13,000,000 a | | 13,284,700 |
| New York City Municipal Water | | | | | | | | |
| Finance Authority, Water and Sewer | | | | | | |
| System Revenue (Insured; MBIA) | | 5.63 | | 6/15/19 | | 9,340,000 | | 9,441,246 |
| New York City Transitional Finance | | | | | | | | |
| Authority, Building Aid | | | | | | | | |
| Revenue (Insured; FGIC) | | 5.00 | | 7/15/27 | | 10,000,000 | | 10,881,900 |
| New York City Transitional Finance | | | | | | | | |
| Authority, Building Aid | | | | | | | | |
| Revenue (Insured; FGIC) | | 5.00 | | 7/15/31 | | 10,000,000 | | 10,881,900 |
| New York City Transitional Finance | | | | | | | | |
| Authority, Future Tax | | | | | | | | |
| Secured Revenue | | 5.75 | | 8/15/09 | | 5,000,000 a | | 5,339,550 |
| New York City Transitional Finance | | | | | | | | |
| Authority, Future Tax | | | | | | | | |
| Secured Revenue | | 6.00 | | 8/15/09 | | 1,000,000 a | | 1,074,320 |
| New York City Transitional Finance | | | | | | | | |
| Authority, Future Tax | | | | | | | | |
| Secured Revenue | | 5.00 | | 11/1/23 | | 10,000,000 | | 10,833,400 |
| New York City Transitional Finance | | | | | | | | |
| Authority, Future Tax | | | | | | | | |
| Secured Revenue | | 0/14.00 | | 11/1/29 | | 9,000,000 b | | 7,526,340 |
| New York City Transitional Finance | | | | | | | | |
| Authority, Future Tax Secured | | | | | | | | |
| Revenue (Insured; FGIC) | | 6.00 | | 8/15/09 | | 5,000,000 a | | 5,371,600 |
| New York Counties Tobacco Trust | | | | | | | | |
| IV, Tobacco Settlement | | | | | | | | |
| Pass-Through Bonds | | 6.50 | | 6/1/10 | | 675,000 a | | 747,542 |
| New York Counties Tobacco Trust | | | | | | | | |
| IV, Tobacco Settlement | | | | | | | | |
| Pass-Through Bonds | | 6.50 | | 6/1/35 | | 325,000 | | 349,723 |
| New York Liberty Development | | | | | | | | |
| Corp., Revenue (Goldman Sachs | | | | | | | | |
| Headquarters Issue) | | 5.25 | | 10/1/35 | | 5,000,000 | | 5,962,250 |
| New York State Dormitory | | | | | | | | |
| Authority, Insured Revenue | | | | | | | | |
| (New York University) | | | | | | | | |
| (Insured; MBIA) | | 5.75 | | 7/1/27 | | 33,625,000 | | 41,906,501 |
The Fund 9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Long-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| New York State Dormitory | | | | | | | | |
| Authority, LR (State | | | | | | | | |
| University Educational | | | | | | | | |
| Facilities) (Insured; FGIC) | | 5.50 | | 7/1/11 | | 10,000,000 a | | 10,846,900 |
| New York State Dormitory | | | | | | | | |
| Authority, Mortgage Nursing | | | | | | | | |
| Home Revenue (Menorah | | | | | | | | |
| Campus, Inc.) (Insured; FHA) | | 6.10 | | 2/1/37 | | 8,300,000 | | 8,496,129 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue | | 7.92 | | 5/15/11 | | 19,900,000 c,d | | 21,727,715 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (City University | | | | | | |
| Systems) (Insured; FGIC) | | 5.63 | | 7/1/16 | | 9,120,000 | | 10,361,688 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (City | | | | | | | | |
| University Systems) | | | | | | | | |
| (Insured; FSA) | | 5.50 | | 7/1/09 | | 10,000,000 a | | 10,593,000 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue | | | | | | | | |
| (Columbia University) | | 5.00 | | 7/1/19 | | 16,530,000 | | 18,264,493 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue | | | | | | | | |
| (Columbia University) | | 5.00 | | 7/1/20 | | 7,920,000 | | 8,727,523 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue | | | | | | | | |
| (Columbia University) | | 5.00 | | 7/1/21 | | 10,000,000 | | 11,002,700 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue | | | | | | | | |
| (Columbia University) | | 5.00 | | 7/1/23 | | 10,255,000 | | 11,239,993 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue | | | | | | | | |
| (Columbia University) | | 5.00 | | 7/1/31 | | 10,000,000 | | 10,901,700 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (Memorial | | | | | | | | |
| Sloan-Kettering Cancer Center) | | 5.00 | | 7/1/35 | | 18,000,000 | | 19,368,900 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (Memorial | | | | | | | | |
| Sloan-Kettering Cancer Center) | | | | | | | | |
| (Insured; MBIA) | | 5.75 | | 7/1/20 | | 3,000,000 | | 3,596,760 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (Mental | | | | | | | | |
| Health Services Facilities | | | | | | | | |
| Improvement) (Insured; FGIC) | | 5.00 | | 8/15/19 | | 10,000,000 | | 10,823,400 |
| Long-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (Mental | | | | | | | | |
| Health Services Facilities | | | | | | | | |
| Improvement) (Insured; FGIC) | | 5.00 | | 2/15/21 | | 10,150,000 | | 10,945,760 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (Miriam | | | | | | | | |
| Osborne Memorial Home) | | | | | | | | |
| (Insured; ACA) | | 6.88 | | 7/1/25 | | 6,105,000 | | 6,838,516 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (Mount Sinai | | | | | | | | |
| NYU Health Obligated Group) | | 5.50 | | 7/1/26 | | 3,000,000 | | 3,068,160 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (Mount Sinai | | | | | | | | |
| NYU Health Obligated Group) | | 5.50 | | 7/1/26 | | 3,000,000 | | 3,068,160 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (North | | | | | | | | |
| Shore University Hospital at | | | | | | | | |
| Forest Hills) (Insured; MBIA) | | 5.50 | | 11/1/13 | | 2,625,000 | | 2,929,369 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue | | | | | | | | |
| (Rockefeller University) | | 5.00 | | 7/1/32 | | 18,505,000 | | 19,612,524 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (School | | | | | | | | |
| District Financing Program) | | | | | | | | |
| (Insured; MBIA) | | 5.38 | | 10/1/22 | | 31,000,000 | | 33,871,530 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (State | | | | | | | | |
| University Educational Facilities) | | 5.88 | | 5/15/11 | | 100,000 | | 109,184 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (State | | | | | | | | |
| University Educational Facilities) | | 7.50 | | 5/15/11 | | 1,180,000 | | 1,308,974 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (State | | | | | | | | |
| University Educational Facilities) | | 7.50 | | 5/15/11 | | 1,730,000 | | 1,917,030 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (State | | | | | | | | |
| University Educational | | | | | | | | |
| Facilities) (Insured; FGIC) | | 5.50 | | 5/15/13 | | 11,010,000 | | 12,138,415 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (State | | | | | | | | |
| University Educational | | | | | | | | |
| Facilities) (Insured; FSA) | | 5.75 | | 5/15/10 | | 2,000,000 a | | 2,165,460 |
The Fund 11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Long-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (State | | | | | | | | |
| University Educational | | | | | | | | |
| Facilities) (Insured; FSA) | | 5.75 | | 5/15/16 | | 4,000,000 | | 4,670,880 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (State | | | | | | | | |
| University Educational | | | | | | | | |
| Facilities) (Insured; MBIA) | | 5.50 | | 5/15/13 | | 100,000 | | 110,466 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (State | | | | | | | | |
| University Educational | | | | | | | | |
| Facilities) (Insured; MBIA) | | 7.30 | | 5/15/13 | | 12,900,000 c,d | | 14,250,307 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (State | | | | | | | | |
| University Educational | | | | | | | | |
| Facilities) (Insured; MBIA) | | 5.25 | | 5/15/15 | | 5,000,000 | | 5,561,450 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (Winthrop | | | | | | | | |
| University Hospital Association) | | 5.50 | | 7/1/32 | | 1,000,000 | | 1,066,380 |
| New York State Dormitory | | | | | | | | |
| Authority, State Personal | | | | | | | | |
| Income Tax Revenue (Education) | | 5.00 | | 3/15/13 | | 8,150,000 a | | 8,822,619 |
| New York State Dormitory | | | | | | | | |
| Authority, State Personal | | | | | | | | |
| Income Tax Revenue (Education) | | 5.05 | | 3/15/13 | | 500,000 a | | 542,665 |
| New York State Dormitory | | | | | | | | |
| Authority, State Personal | | | | | | | | |
| Income Tax Revenue (Education) | | 5.38 | | 3/15/13 | | 7,370,000 a | | 8,132,942 |
| New York State Dormitory | | | | | | | | |
| Authority, Third General | | | | | | | | |
| Resolution Revenue (State | | | | | | | | |
| University Educational | | | | | | | | |
| Facilities Issue) (Insured; MBIA) | | 5.25 | | 11/15/12 | | 10,000,000 | | 10,930,900 |
| New York State Energy Research and | | | | | | |
| Development Authority, PCR | | | | | | | | |
| (Central Hudson Gas and | | | | | | | | |
| Electric Corp. Project) | | | | | | | | |
| (Insured; AMBAC) | | 5.45 | | 8/1/27 | | 9,000,000 | | 9,501,030 |
| Long-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| New York State Environmental | | | | | | | | |
| Facilities Corp., State Water | | | | | | | | |
| and Drinking Revolving Funds | | | | | | | | |
| (New York City Municipal Water | | | | | | | | |
| Finance Authority Project) | | 5.25 | | 6/15/20 | | 13,745,000 | | 14,928,857 |
| New York State Housing Finance | | | | | | | | |
| Agency, Health Facilities Revenue | | 6.00 | | 5/1/08 | | 10,000,000 | | 10,167,800 |
| New York State Medical Care | | | | | | | | |
| Facilities Finance Agency, | | | | | | | | |
| Hospital and Nursing Home | | | | | | | | |
| Insured Mortgage Revenue | | | | | | | | |
| (Insured; FHA) | | 6.13 | | 2/15/07 | | 1,630,000 a | | 1,637,074 |
| New York State Mortgage Agency, | | | | | | | | |
| Homeowner Mortgage Revenue | | 5.40 | | 10/1/10 | | 160,000 | | 164,290 |
| New York State Mortgage Agency, | | | | | | | | |
| Homeowner Mortgage Revenue | | 7.07 | | 10/1/10 | | 2,760,000 c,d | | 2,834,009 |
| New York State Mortgage Agency, | | | | | | | | |
| Homeowner Mortgage Revenue | | 5.55 | | 10/1/12 | | 190,000 | | 195,151 |
| New York State Mortgage Agency, | | | | | | | | |
| Homeowner Mortgage Revenue | | 7.37 | | 10/1/12 | | 4,810,000 c,d | | 4,940,375 |
| New York State Mortgage Agency, | | | | | | | | |
| Homeowner Mortgage Revenue | | 5.80 | | 10/1/28 | | 8,560,000 | | 8,703,637 |
| New York State Mortgage Agency, | | | | | | | | |
| Homeowner Mortgage Revenue | | 5.85 | | 10/1/28 | | 3,215,000 | | 3,302,255 |
| New York State Mortgage Agency, | | | | | | | | |
| Homeowner Mortgage Revenue | | 5.40 | | 4/1/29 | | 9,390,000 | | 9,564,184 |
| New York State Power Authority, | | | | | | | | |
| Revenue and General Purpose | | 5.00 | | 11/15/19 | | 17,210,000 | | 18,524,844 |
| New York State Power Authority, | | | | | | | | |
| Revenue and General Purpose | | 5.00 | | 11/15/21 | | 10,500,000 | | 11,189,115 |
| New York State Thruway Authority, | | | | | | | | |
| Local Highway and Bridge | | | | | | | | |
| Service Contract Bonds | | 5.25 | | 4/1/07 | | 1,450,000 a | | 1,487,120 |
| New York State Thruway Authority, | | | | | | | | |
| Local Highway and Bridge | | | | | | | | |
| Service Contract Bonds | | 6.00 | | 4/1/07 | | 2,800,000 a | | 2,878,624 |
The Fund 13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Long-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| New York State Thruway Authority, | | | | | | | | |
| Local Highway and Bridge | | | | | | | | |
| Service Contract Bonds | | 6.00 | | 4/1/07 | | 3,800,000 a | | 3,906,704 |
| New York State Thruway Authority, | | | | | | | | |
| Second General Highway and | | | | | | | | |
| Bridge Trust Fund Revenue | | | | | | | | |
| (Insured; AMBAC) | | 5.00 | | 4/1/19 | | 11,000,000 | | 12,049,620 |
| New York State Thruway Authority, | | | | | | | | |
| State Personal Income Tax | | | | | | | | |
| Revenue (Transportation) | | | | | | | | |
| (Insured; FSA) | | 5.00 | | 3/15/20 | | 27,965,000 | | 30,300,078 |
| New York State Urban Development | | | | | | | | |
| Corp., Corporate Purpose | | | | | | | | |
| Senior Lien Revenue | | 5.50 | | 7/1/08 | | 960,000 a | | 989,712 |
| New York State Urban Development | | | | | | | | |
| Corp., Corporate Purpose | | | | | | | | |
| Senior Lien Revenue | | 5.50 | | 7/1/16 | | 9,040,000 | | 9,234,179 |
| New York State Urban Development | | | | | | | | |
| Corp., State Facilities | | | | | | | | |
| (Insured; MBIA) | | 5.70 | | 4/1/20 | | 20,000,000 | | 23,393,800 |
| New York State Urban Development | | | | | | | | |
| Corp., State Personal Income | | | | | | | | |
| Tax Revenue (Economic | | | | | | | | |
| Development and Housing) | | | | | | | | |
| (Insured; AMBAC) | | 5.00 | | 12/15/22 | | 8,520,000 | | 9,265,415 |
| New York State Urban Development | | | | | | | | |
| Corp., State Personal Income | | | | | | | | |
| Tax Revenue (Economic | | | | | | | | |
| Development and Housing) | | | | | | | | |
| (Insured; AMBAC) | | 5.00 | | 12/15/23 | | 8,175,000 | | 8,864,234 |
| Niagara County Industrial | | | | | | | | |
| Development Agency, Solid | | | | | | | | |
| Waste Disposal Facility | | | | | | | | |
| Revenue (American Ref-Fuel | | | | | | | | |
| Company of Niagara, LP Facility) | | 5.55 | | 11/15/15 | | 2,500,000 | | 2,624,475 |
| Niagara Falls City School | | | | | | | | |
| District, COP (High School | | | | | | | | |
| Facility) (Insured; FSA) | | 5.00 | | 6/15/21 | | 3,595,000 | | 3,870,413 |
| Niagara Falls City School | | | | | | | | |
| District, COP (High School | | | | | | | | |
| Facility) (Insured; FSA) | | 5.00 | | 6/15/22 | | 3,770,000 | | 4,055,992 |
| Long-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Niagara Falls City School | | | | | | | | |
| District, COP (High School | | | | | | | | |
| Facility) (Insured; FSA) | | 5.00 | | 6/15/25 | | 3,365,000 | | 3,600,113 |
| Niagara Falls City School | | | | | | | | |
| District, COP (High School | | | | | | | | |
| Facility) (Insured; FSA) | | 5.00 | | 6/15/28 | | 4,155,000 | | 4,439,119 |
| Niagara Falls Public Water | | | | | | | | |
| Authority, Water and Sewer | | | | | | | | |
| System Revenue (Insured; XLCA) | | 5.00 | | 7/15/28 | | 1,000,000 | | 1,068,910 |
| Onondaga County Industrial | | | | | | | | |
| Development Agency, IDR | | | | | | | | |
| (Weyerhaeuser Project) | | 9.00 | | 10/1/07 | | 1,200,000 | | 1,255,752 |
| Orange County Industrial | | | | | | | | |
| Development Agency, Life Care | | | | | | | | |
| Community Revenue | | | | | | | | |
| (Glen Arden Inc. Project) | | 5.70 | | 1/1/28 | | 4,600,000 | | 4,703,822 |
| Port Authority of New York and New | | | | | | | | |
| Jersey (Consolidated Bonds, | | | | | | | | |
| 93rd Series) | | 6.13 | | 6/1/94 | | 15,000,000 | | 18,628,050 |
| Port Authority of New York and New | | | | | | | | |
| Jersey (Consolidated Bonds, | | | | | | | | |
| 121st Series) (Insured; MBIA) | | 5.38 | | 10/15/35 | | 14,950,000 | | 15,328,684 |
| Port Authority of New York and New | | | | | | | | |
| Jersey (Consolidated Bonds, | | | | | | | | |
| 132nd Series) | | 5.00 | | 9/1/33 | | 11,300,000 | | 12,038,342 |
| Port Authority of New York and New | | | | | | | | |
| Jersey (Consolidated Bonds, | | | | | | | | |
| 142th Series) | | 5.00 | | 7/15/25 | | 13,600,000 | | 14,614,424 |
| Port Authority of New York and New | | | | | | | | |
| Jersey, Special Project Bonds | | | | | | | | |
| (JFK International Air Terminal | | | | | | | | |
| LLC Project) (Insured; MBIA) | | 6.25 | | 12/1/13 | | 6,000,000 | | 6,881,340 |
| Port Authority of New York and New | | | | | | | | |
| Jersey, Special Project Bonds | | | | | | | | |
| (JFK International Air | | | | | | | | |
| Terminal LLC Project) | | | | | | | | |
| (Insured; MBIA) | | 6.25 | | 12/1/14 | | 10,000,000 | | 11,641,000 |
| Sales Tax Asset Receivable Corp., | | | | | | | | |
| Sales Tax Asset Revenue | | | | | | | | |
| (Insured; AMBAC) | | 5.00 | | 10/15/29 | | 23,495,000 | | 25,223,762 |
The Fund 15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Long-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Sales Tax Asset Receivable Corp., | | | | | | | | |
| Sales Tax Asset Revenue | | | | | | | | |
| (Insured; MBIA) | | 5.25 | | 10/15/18 | | 30,000,000 | | 33,236,700 |
| Tobacco Settlement Financing Corp. | | | | | | |
| of New York, Asset-Backed | | | | | | | | |
| Revenue Bonds (State | | | | | | | | |
| Contingency Contract Secured) | | 5.50 | | 6/1/20 | | 10,000,000 | | 10,992,500 |
| Tompkins County Industrial | | | | | | | | |
| Development Agency, Civic | | | | | | | | |
| Facility Revenue (Ithacare | | | | | | | | |
| Center Project) (Insured; FHA) | | 6.20 | | 2/1/37 | | 6,000,000 | | 6,142,560 |
| Triborough Bridge and Tunnel | | | | | | | | |
| Authority, General | | | | | | | | |
| Purpose Revenue | | 5.50 | | 1/1/12 | | 18,635,000 a | | 20,361,533 |
| Triborough Bridge and Tunnel | | | | | | | | |
| Authority, General | | | | | | | | |
| Purpose Revenue | | 5.38 | | 1/1/16 | | 7,500,000 a | | 8,520,525 |
| Triborough Bridge and Tunnel | | | | | | | | |
| Authority, General | | | | | | | | |
| Purpose Revenue | | 5.25 | | 11/15/19 | | 11,065,000 | | 12,045,359 |
| Triborough Bridge and Tunnel | | | | | | | | |
| Authority, General | | | | | | | | |
| Purpose Revenue | | 5.50 | | 1/1/22 | | 10,540,000 a | | 12,567,896 |
| Triborough Bridge and Tunnel | | | | | | | | |
| Authority, General | | | | | | | | |
| Purpose Revenue | | 5.13 | | 11/15/29 | | 10,000,000 | | 10,683,900 |
| TSASC Inc. of New York, | | | | | | | | |
| Tobacco Settlement | | | | | | | | |
| Asset-Backed Bonds | | 5.75 | | 7/15/12 | | 19,910,000 a | | 22,137,730 |
| TSASC Inc. of New York, | | | | | | | | |
| Tobacco Settlement | | | | | | | | |
| Asset-Backed Bonds | | 5.13 | | 6/1/42 | | 16,230,000 | | 16,760,072 |
| Watervliet Housing Authority, | | | | | | | | |
| Residential Housing Revenue | | | | | | | | |
| (Beltrone Living Center Project) | | 6.00 | | 6/1/28 | | 1,800,000 | | 1,817,208 |
| Long-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Watervliet Housing Authority, | | | | | | | | |
| Residential Housing Revenue | | | | | | | | |
| (Beltrone Living Center Project) | | 6.13 | | 6/1/38 | | 1,000,000 | | 1,010,800 |
| U.S. Related—3.2% | | | | | | | | |
| Puerto Rico Commonwealth, | | | | | | | | |
| Public Improvement | | 6.00 | | 7/1/07 | | 5,000,000 a | | 5,146,850 |
| Puerto Rico Commonwealth, | | | | | | | | |
| Public Improvement | | | | | | | | |
| (Insured; FSA) | | 5.50 | | 7/1/10 | | 500,000 | | 534,370 |
| Puerto Rico Commonwealth, | | | | | | | | |
| Public Improvement | | | | | | | | |
| (Insured; FSA) | | 7.34 | | 7/1/10 | | 9,600,000 c,d | | 10,259,856 |
| Puerto Rico Commonwealth, | | | | | | | | |
| Public Improvement | | | | | | | | |
| (Insured; MBIA) | | 6.00 | | 7/1/15 | | 3,000,000 | | 3,533,700 |
| Puerto Rico Electric Power | | | | | | | | |
| Authority, Power Revenue | | | | | | | | |
| (Insured; MBIA) | | 5.00 | | 7/1/22 | | 4,750,000 | | 5,169,568 |
| Puerto Rico Highway and | | | | | | | | |
| Transportation Authority, | | | | | | | | |
| Transportation Revenue | | | | | | | | |
| (Insured; MBIA) | | 6.23 | | 7/1/38 | | 2,000,000 c,d | | 2,055,380 |
| Puerto Rico Infrastructure | | | | | | | | |
| Financing Authority, Special | | | | | | | | |
| Tax Revenue | | 5.50 | | 10/1/40 | | 5,000,000 | | 5,400,500 |
| Puerto Rico Infrastructure | | | | | | | | |
| Financing Authority, Special | | | | | | | | |
| Tax Revenue (Insured; AMBAC) | | 5.50 | | 7/1/28 | | 6,225,000 | | 7,653,638 |
| Virgin Islands Public Finance | | | | | | | | |
| Authority, Revenue, Virgin | | | | | | | | |
| Islands Gross Receipts | | | | | | | | |
| Taxes Loan Note | | 6.38 | | 10/1/19 | | 1,000,000 | | 1,100,270 |
| Total Long-Term Municipal Investments | | | | | | |
| (cost $1,197,954,187) | | | | | | | | 1,267,827,906 |
The Fund 17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Short-Term Municipal | | Coupon | | Maturity | | Principal | | |
| Investments—.6% | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| New York City | | | | | | | | |
| (LOC; The Bank of New York) | | 3.52 | | 12/1/06 | | 3,300,000 e | | 3,300,000 |
| New York City Transitional Finance | | | | | | |
| Authority, Revenue (New York | | | | | | | | |
| City Recovery) (Liquidity | | | | | | | | |
| Facility; Royal Bank of Canada) | | 3.53 | | 12/1/06 | | 3,100,000 e | | 3,100,000 |
| New York State Dormitory | | | | | | | | |
| Authority, Revenue (Cornell | | | | | | | | |
| University) (Liquidity | | | | | | | | |
| Facility; JPMorgan Chase Bank) | | 3.53 | | 12/1/06 | | 1,500,000 e | | 1,500,000 |
| Total Short-Term Municipal Investments | | | | | | |
| (cost $7,900,000) | | | | | | | | 7,900,000 |
| |
| |
| |
| |
|
| |
| Total Investments (cost $1,205,854,187) | | | | 100.8% | | 1,275,727,906 |
| Liabilities, Less Cash and Receivables | | | | (.8%) | | (10,194,365) |
| Net Assets | | | | | | 100.0% | | 1,265,533,541 |
| a These securities are prerefunded; the date shown represents the prerefunded date. 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 Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. |
| c Collateral for floating rate borrowings. |
| d 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, 2006, these |
| securities amounted to $56,067,642 or 4.4% of net assets. |
| e Securities payable on demand.Variable interest rate—subject to periodic change. |
| Summary of Abbreviations | | | | |
| |
| ACA | | American Capital Access | | AGC | | ACE Guaranty Corporation |
| AGIC | | Asset Guaranty Insurance | | AMBAC | | American Municipal Bond |
| | | Company | | | | Assurance Corporation |
| ARRN | | Adjustable Rate Receipt Notes | | BAN | | Bond Anticipation Notes |
| BIGI | | Bond Investors Guaranty Insurance | | BPA | | Bond Purchase Agreement |
| CGIC | | Capital Guaranty Insurance | | CIC | | Continental Insurance |
| | | Company | | | | Company |
| CIFG | | CDC Ixis Financial Guaranty | | CMAC | | Capital Market Assurance |
| | | | | | | Corporation |
| COP | | Certificate of Participation | | CP | | Commercial Paper |
| EDR | | Economic Development Revenue | | EIR | | Environmental Improvement |
| | | | | | | Revenue |
| FGIC | | Financial Guaranty Insurance | | | | |
| | | Company | | FHA | | Federal Housing Administration |
| FHLB | | Federal Home Loan Bank | | FHLMC | | Federal Home Loan Mortgage |
| | | | | | | Corporation |
| FNMA | | Federal National | | | | |
| | | Mortgage Association | | FSA | | Financial Security Assurance |
| GAN | | Grant Anticipation Notes | | GIC | | Guaranteed Investment Contract |
| GNMA | | Government National | | | | |
| | | Mortgage Association | | GO | | General Obligation |
| HR | | Hospital Revenue | | IDB | | Industrial Development Board |
| IDC | | Industrial Development Corporation | | IDR | | Industrial Development Revenue |
| LOC | | Letter of Credit | | LOR | | Limited Obligation Revenue |
| LR | | Lease Revenue | | MBIA | | Municipal Bond Investors Assurance |
| | | | | | | Insurance Corporation |
| MFHR | | Multi-Family Housing Revenue | | MFMR | | Multi-Family Mortgage Revenue |
| PCR | | Pollution Control Revenue | | PILOT | | Payment in Lieu of Taxes |
| RAC | | Revenue Anticipation Certificates | | RAN | | Revenue Anticipation Notes |
| RAW | | Revenue Anticipation Warrants | | RRR | | Resources Recovery Revenue |
| SAAN | | State Aid Anticipation Notes | | SBPA | | Standby Bond Purchase Agreement |
| SFHR | | Single Family Housing Revenue | | SFMR | | Single Family Mortgage Revenue |
| SONYMA | | State of New York Mortgage Agency | | SWDR | | Solid Waste Disposal Revenue |
| TAN | | Tax Anticipation Notes | | TAW | | Tax Anticipation Warrants |
| TRAN | | Tax and Revenue Anticipation Notes | | XLCA | | XL Capital Assurance |
The Fund 19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| Summary of Combined Ratings (Unaudited) | | |
| |
| Fitch | | or Moody’s | | or | | Standard & Poor’s | | Value (%) † |
| |
| |
| |
| |
|
| AAA | | Aaa | | | | AAA | | 69.9 |
| AA | | Aa | | | | AA | | 20.6 |
| A | | | | A | | | | A | | 3.1 |
| BBB | | Baa | | | | BBB | | 1.9 |
| BB | | Ba | | | | BB | | .5 |
| B | | | | B | | | | B | | 1.2 |
| F1 | | MIG1/P1 | | | | SP1/A1 | | .6 |
| Not Rated f | | Not Rated f | | | | Not Rated f | | 2.2 |
| | | | | | | | | | | 100.0 |
| |
| † | | Based on total investments. | | | | | | |
| f | | 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. | | | | | | |
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2006 (Unaudited)
| | | Cost | | Value |
| |
| |
|
| Assets ($): | | | | |
| Investments in securities—See Statement of Investments | | 1,205,854,187 | | 1,275,727,906 |
| Interest receivable | | | | 17,907,153 |
| Receivable for shares of Common Stock subscribed | | | | 11,062 |
| Prepaid expenses | | | | 20,009 |
| | | | | 1,293,666,130 |
| |
| |
|
| Liabilities ($): | | | | |
| Due to The Dreyfus Corporation and affiliates—Note 3(b) | | | | 674,406 |
| Payable for floating rate notes issued | | | | 25,985,000 |
| Cash overdraft due to Custodian | | | | 920,835 |
| Payable for shares of Common Stock redeemed | | | | 295,106 |
| Interest and related expenses payable | | | | 146,250 |
| Accrued expenses | | | | 110,992 |
| | | | | 28,132,589 |
| |
| |
|
| Net Assets ($) | | | | 1,265,533,541 |
| |
| |
|
| Composition of Net Assets ($): | | | | |
| Paid-in capital | | | | 1,197,022,087 |
| Accumulated undistributed investment income—net | | | | 18,110 |
| Accumulated net realized gain (loss) on investments | | | | (1,380,375) |
| Accumulated gross unrealized appreciation on investments | | 69,873,719 |
| |
|
| Net Assets ($) | | | | 1,265,533,541 |
| |
| |
|
| Shares Outstanding | | | | |
| (300 million shares of $.001 par value Common Stock authorized) | | 84,561,316 |
| Net Asset Value , offering and redemption price per share—Note 3 (d) ($) | | 14.97 |
See notes to financial statements.
|
The Fund 21
STATEMENT OF OPERATIONS
Six Months Ended November 30, 2006 (Unaudited)
|
| Investment Income ($): | | |
| Interest Income | | 29,417,512 |
| Expenses: | | |
| Management fee—Note 3(a) | | 3,724,058 |
| Interest and related expenses | | 581,024 |
| Shareholder servicing costs—Note 3(b) | | 581,538 |
| Custodian fees | | 43,195 |
| Directors’ fees and expenses—Note 3(c) | | 33,282 |
| Professional fees | | 33,111 |
| Registration fees | | 11,511 |
| Loan commitment fees—Note 2 | | 4,088 |
| Prospectus and shareholders’ reports | | 2,332 |
| Miscellaneous | | 32,177 |
| Total Expenses | | 5,046,316 |
| Less—reduction in custody fees | | |
| due to earnings credits—Note 1(b) | | (35,208) |
| Net Expenses | | 5,011,108 |
| Investment Income—Net | | 24,406,404 |
| |
|
| Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): |
| Net realized gain (loss) on investments | | 2,501,907 |
| Net unrealized appreciation (depreciation) on investments | | 29,520,113 |
| Net Realized and Unrealized Gain (Loss) on Investments | | 32,022,020 |
| Net Increase In Net Assets Resulting from Operations | | 56,428,424 |
See notes to financial statements.
|
STATEMENT OF CHANGES IN NET ASSETS
| | | Six Months Ended | | |
| | | November 30, 2006 | | Year Ended |
| | | (Unaudited) | | May 31, 2006 |
| |
| |
|
| Operations ($): | | | | |
| Investment income—net | | 24,406,404 | | 50,909,682 |
| Net realized gain (loss) on investments | | 2,501,907 | | 1,488,696 |
| Net unrealized appreciation | | | | |
| (depreciation) on investments | | 29,520,113 | | (35,275,969) |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | 56,428,424 | | 17,122,409 |
| |
| |
|
| Dividends to Shareholders from ($): | | | | |
| Investment income—net | | (24,388,294) | | (50,882,166) |
| Net realized gain on investments | | — | | (3,363,409) |
| Total Dividends | | (24,388,294) | | (54,245,575) |
| |
| |
|
| Capital Stock Transactions ($): | | | | |
| Net proceeds from shares sold | | 35,169,813 | | 76,626,306 |
| Dividends reinvested | | 17,689,476 | | 38,797,655 |
| Cost of shares redeemed | | (53,609,343) | | (143,343,060) |
| Increase (Decrease) in Net Assets | | | | |
| from Capital Stock Transactions | | (750,054) | | (27,919,099) |
| Total Increase (Decrease) in Net Assets | | 31,290,076 | | (65,042,265) |
| |
| |
|
| Net Assets ($): | | | | |
| Beginning of Period | | 1,234,243,465 | | 1,299,285,730 |
| End of Period | | 1,265,533,541 | | 1,234,243,465 |
| Undistributed investment income—net | | 18,110 | | — |
| |
| |
|
| Capital Share Transactions (Shares): | | | | |
| Shares sold | | 2,389,162 | | 5,180,021 |
| Shares issued for dividends reinvested | | 1,199,347 | | 2,627,587 |
| Shares redeemed | | (3,652,102) | | (9,704,589) |
| Net Increase (Decrease) in Shares Outstanding | | (63,593) | | (1,896,981) |
See notes to financial statements.
|
The Fund 23
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, 2006 | | | | | | Year Ended May 31, | | |
| |
| |
| |
| |
|
| (Unaudited) | | 2006 | | 2005 | | 2004 | | 2003 | | 2002 |
| |
| |
| |
| |
| |
|
| Per Share Data ($): | | | | | | | | | | | | |
| Net asset value, | | | | | | | | | | | | |
| beginning of period | | 14.58 | | 15.02 | | 14.63 | | 15.57 | | 15.02 | | 14.96 |
| Investment Operations: | | | | | | | | | | | | |
| Investment income—net a | | .29 | | .59 | | .61 | | .64 | | .69 | | .72 |
| Net realized and unrealized | | | | | | | | | | | | |
| gain (loss) on investments | | .39 | | (.40) | | .40 | | (.88) | | .71 | | .11 |
| Total from | | | | | | | | | | | | |
| Investment Operations | | .68 | | .19 | | 1.01 | | (.24) | | 1.40 | | .83 |
| Distributions: | | | | | | | | | | | | |
| Dividends from investment | | | | | | | | | | | | |
| income—net | | (.29) | | (.59) | | (.62) | | (.63) | | (.69) | | (.73) |
| Dividends from net realized | | | | | | | | | | | | |
| gain on investments | | — | | (.04) | | — | | (.07) | | (.16) | | (.04) |
| Total Distributions | | (.29) | | (.63) | | (.62) | | (.70) | | (.85) | | (.77) |
| Net asset value, | | | | | | | | | | | | |
| end of period | | 14.97 | | 14.58 | | 15.02 | | 14.63 | | 15.57 | | 15.02 |
| |
| |
| |
| |
| |
| |
|
| Total Return (%) | | 4.71b | | 1.32 | | 7.11 | | (1.57) | | 9.56 | | 5.64 |
| |
| |
| |
| |
| |
| |
|
| Ratios/Supplemental | | | | | | | | | | | | |
| Data (%): | | | | | | | | | | | | |
| Ratio of total expenses, | | | | | | | | | | | | |
| to average net assets | | .81c | | .81d | | .80d | | .79d | | .84d | | .93d |
| Ratio of net expenses, | | | | | | | | | | | | |
| to average net assets | | .81c | | .74d | | .75d | | .79d | | .84d | | .93d |
| Ratio of net investment | | | | | | | | | | | | |
| income to average | | | | | | | | | | | | |
| net assets | | 3.93c | | 4.02 | | 4.13 | | 4.25 | | 4.53 | | 4.82 |
| Portfolio Turnover Rate | | 20.05b | | 46.18 | | 40.69 | | 24.22 | | 29.28 | | 19.47 |
| |
| |
| |
| |
| |
| |
|
| Net Assets, end of period | | | | | | | | | | | | |
| ($ x 1,000) 1,265,534 | | 1,234,243 1,299,286 | | 1,296,430 | | 1,475,917 | | 1,461,723 |
| a | | Based on average shares outstanding at each month end. |
| b | | Not annualized. |
| c | | Annualized. |
| d | | Ratio of total expenses to average net assets and ratio of net expenses to average net assets for all periods have been |
| | | restated.This restatement has no impact on the fund’s previously reported net assets, net investment income, net asset |
| | | value or total return. See Note 5. |
| See notes to financial statements. |
| |
| 24 | | |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
Dreyfus New York Tax Exempt Bond Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a non-diversified, open-end management investment com-pany.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 personal income taxes as is consistent with the preservation of capital.The Dreyfus Corporation (the “Manager” or “Dreyfus”) serves as the fund’s investment adviser. The Manager is a wholly-owned subsidiary of Mellon Financial Corporation (“Mellon Financial”). Dreyfus Service Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares, which are sold to the public without a sales charge.
On December 4, 2006, Mellon Financial and The Bank of New York Company, Inc. announced that they had entered into a definitive agreement to merge. The new company will be called The Bank of New York Mellon Corporation. As part of this transaction, Dreyfus would become a wholly-owned subsidiary of The Bank of New York Mellon Corporation.The transaction is subject to certain regulatory approvals and the approval of The Bank of New York Company, Inc.’s and Mellon Financial’s shareholders, as well as other customary conditions to closing. Subject to such approvals and the satisfaction of the other conditions, Mellon Financial and The Bank of New York Company, Inc. expect the transaction to be completed in the third quarter of 2007.
The fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
The Fund 25
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(a) Portfolio valuation: Investments in securities are valued each business day by an independent pricing service (the “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 each business day.
On September 20, 2006, the Financial Accounting Standards Board (FASB) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.
(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 accretion of discount and amortization of premium 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.
Inverse floaters purchased after January 1, 1997 in the agency market are accounted for as financing transactions in accordance with FASB 140 “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities.”
The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
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, if any, 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, it is the policy of the fund not to distribute such gain. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles.
(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.
The Fund 27
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
On July 13, 2006, the FASB released FASB Interpretation No. 48 Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority.Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.
As a result of the fund’s merger with New York Municipal Income, capital losses of $470,419 are available to offset future gains. Based on certain provisions in the Code, the amount of losses which can be utilized in subsequent years is subject to an annual limitation. These acquired capital losses are expected to expire between fiscal 2011-2012.
The tax character of distributions paid to shareholders during the fiscal year ended May 31, 2006 were as follows: tax exempt income $50,882,166 and long-term capital gains $3,363,409.The tax character of current year distributions will be determined at the end of the current fiscal year.
NOTE 2—Bank Line of Credit:
|
The fund participates with other Dreyfus-managed funds in a $350 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 charged to the fund based on prevailing market rates in effect at the time of borrowings. During the period ended November 30, 2006, 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 the value of the fund’s average daily net assets and is payable monthly. The Agreement provides that if in any fiscal year the aggregate expenses of the fund, exclusive of taxes, brokerage fees, interest on borrowings, commitment fees and extraordinary expenses, exceed 1 1 / 2% of the value of the fund’s average net assets, the fund may deduct from the payment to be made to the Manager, or the Manager will bear such excess expense. During the period ended November 30, 2006 there was no expense reimbursement pursuant to the Agreement.
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor an amount not to exceed an annual rate of .25% 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, 2006, the fund was charged $344,491 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, 2006, the fund was charged $153,471 pursuant to the transfer agency agreement.
During the period ended November 30, 2006, the fund was charged $2,044 for services performed by the Chief Compliance Officer.
The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $620,202, chief compliance officer fees $1,704 and transfer agency per account fees $52,500.
The Fund 29
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
(d) A .10% redemption fee is charged and retained by the fund on certain shares redeemed within thirty days following the date of their issuance, including redemptions made through the use of the fund’s exchange privilege.
NOTE 4—Securities Transactions:
|
The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended November 30, 2006, amounted to $252,520,804 and $242,723,348, respectively.
At November 30, 2006, the cost of investments for federal income tax purposes was substantially the same as the cost for federal reporting purposes (see the Statement of Investments).
Subsequent to the issuance of the May 31, 2006 financial statements, the fund determined that the transfers of certain tax-exempt municipal bond securities by the fund to special purpose bond trusts in connection with participation in inverse floater structures do not qualify for sale treatment under Statement of Financial Accounting Standard No. 140,Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities, and should have been accounted for as a secured borrowing.
The correction of the above item resulted in the restatement of the ratio of net expenses of the financial highlights table as shown below:
| Ratio of Total Expenses | | 2006 | | 2005 | | 2004 | | 2003 | | 2002 |
| |
| |
| |
| |
| |
|
| Class A shares: | | | | | | | | | | |
| As previously reported | | .72% | | .72% | | .71% | | .71% | | .70% |
| As restated | | .81% | | .80% | | .79% | | .84% | | .93% |
| Ratio of Net Expenses | | 2006 | | 2005 | | 2004 | | 2003 | | 2002 |
| |
| |
| |
| |
| |
|
| As previously reported | | .65% | | .67% | | .71% | | .71% | | .70% |
| As restated | | .74% | | .75% | | .79% | | .84% | | .93% |
This restatement has no impact on the fund’s previously reported net assets, net investment income, net asset value per share or total return.
In addition, the statement of investments, the statement of assets and liabilities, the statement of operations and the statement of changes in
| net assets were also restated as follows: | | |
| | | 2006 | | 2006 |
| | | Original Reported | | As Restated |
| |
| |
|
| Portfolio of Investments ($): | | | | |
| Total investments | | 1,229,272,348 | | 1,260,182,348 |
| Identified cost | | 1,190,586,268 | | 1,219,860,758 |
| Other assets and liabilities | | 4,971,117 | | (25,938,883) |
| Statement of Assets and Liabilities ($): | | |
| Total investments in securities, at value | | 1,229,272,348 | | 1,260,182,348 |
| Identified cost | | 1,190,586,268 | | 1,219,860,758 |
| Total assets | | 1,246,890,700 | | 1,277,965,108 |
| Payable for floating rate notes issued | | — | | 30,910,000 |
| Total liabilities | | 12,647,235 | | 43,721,643 |
| Net unrealized appreciation | | | | |
| on investments | | 38,686,080 | | 40,321,590 |
| Accumulated net realized loss | | | | |
| on investments | | (2,685,175) | | (4,320,685) |
| Statement of Operations ($): | | | | |
| Investment income—Interest | | 59,161,632 | | 60,336,372 |
| Expense—Interest | | — | | 1,174,740 |
| Total expenses | | 9,158,766 | | 10,333,506 |
| Net expenses | | 8,251,950 | | 9,426,690 |
The Fund 31
PROXY RESULTS (Unaudited)
|
The fund held a special meeting of shareholders on September 20, 2006.The proposal considered at the meeting, and the results, are as follows:
| | | | | Shares | | |
| |
| |
| |
|
| | | Votes For | | | | Authority Withheld |
| |
| |
| |
|
| To elect additional Board Members: | | | | | | |
| Hodding Carter III † | | 41,517,452 | | | | 2,521,602 |
| Ehud Houminer † | | 41,523,924 | | | | 2,515,130 |
| Richard C. Leone † | | 41,732,165 | | | | 2,306,890 |
| Hans C. Mautner † | | 41,659,969 | | | | 2,379,085 |
| Robin A. Melvin † | | 41,659,194 | | | | 2,379,860 |
| John E. Zuccotti † | | 41,684,970 | | | | 2,354,084 |
| † Each new Board member's term commenced on January 1, 2007. |
| In addition Joseph S. DiMartino, David W. Burke, Gordon J. Davis, Joni Evans,Arnold S. Hiatt and Burton N. |
| Wallack continue as Board members of the fund. |
| 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 |
| One Wall Street |
| New York, NY 10286 |
| Transfer Agent & |
| Dividend Disbursing Agent |
| Dreyfus Transfer, Inc. |
| 200 Park Avenue |
| New York, NY 10166 |
| |
| Distributor |
| Dreyfus Service Corporation |
| 200 Park Avenue |
| New York, NY 10166 |
Telephone 1-800-645-6561
Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 E-mail Send your request to info@dreyfus.com Internet Information can be viewed online or downloaded at: http://www.dreyfus.com
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund's Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.
Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2006, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.
© 2007 Dreyfus Service Corporation
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.
Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) The Registrant has revised its internal control over financial reporting with respect to investments in certain inverse floater structures to account for such investments as secured borrowings and to report the related income and expense.
| Item 12. Exhibits. |
| (a)(1) | | Not applicable. |
| (a)(2) | | Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) |
| under the Investment Company Act of 1940. |
| (a)(3) | | Not applicable. |
| (b) | | Certification of principal executive and principal financial officers as required by Rule 30a-2(b) |
| under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
DREYFUS NEW YORK TAX EXEMPT BOND FUND, INC.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)
