N-CSR 1 semiforms.htm SEMI-ANNUAL REPORT semiforms
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

A LETTER FROM THE CEO
Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus New York Tax Exempt Bond Fund, Inc., covering the six-month period from June 1, 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
2

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

4

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.

December 15, 2006
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). 

6
STATEMENT OF INVESTMENTS
November 30, 2006 (Unaudited)
Long-Term Municipal    Coupon    Maturity    Principal     
Investments—100.2%    Rate (%)    Date    Amount ($)    Value ($) 

New York—97.0%
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 (continued)
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 

8
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

New York (continued)
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 (continued)
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 

10
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

New York (continued)
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 (continued)
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 

12
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

New York (continued)
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 (continued)
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 

14
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

New York (continued)
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 ($)    Value ($) 

New York (continued)
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 

16
Long-Term Municipal    Coupon    Maturity    Principal     
Investments (continued)    Rate (%)    Date    Amount ($)    Value ($) 

New York (continued)
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;
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. 

18
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.             

20

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.
22

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

FINANCIAL HIGHLIGHTS

The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased or (decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.

Six Months Ended                     
November 30, 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.

26

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.

28

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).

NOTE 5—Restatement

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% 

30
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. 

32
For    More    Information 

Dreyfus 
New York Tax Exempt 
Bond Fund, Inc. 
200 Park Avenue 
New York, NY 10166 
 
Manager 
The Dreyfus Corporation 
200 Park Avenue 
New York, NY 10166 
 
Custodian 
The Bank of New York 
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.

-2-

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.

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EXHIBIT INDEX

(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)

  -4-