Fund Summary
Dreyfus New York Tax Exempt Bond
Fund, Inc.
Investment Objective
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.
This table
describes the fees and expenses that you may pay if you buy and hold shares of the fund.
|
|
|
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage
of the value of your investment)
|
|
Management
fees
|
.60
|
|
Other expenses
(including shareholder services fees)
*
|
.12
|
|
Total annual fund operating expenses
|
.72
|
|
*
Other expenses include interest
expense associated with the fund's investment in inverse floaters. Not shown in the table is the additional
income generated by these investments which was approximately the same as the interest expense.
|
Example
The
Example is intended to help you compare the cost of investing in the fund with the cost of investing
in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the fund's operating expenses remain the same. Although
your actual costs may be higher or lower, based on these assumptions your costs would be:
|
|
|
|
|
|
1 Year
|
3 Years
|
5
Years
|
10 Years
|
|
$74
|
$230
|
$401
|
$894
|
Portfolio
Turnover
The fund pays transaction costs, such as commissions, when it buys and sells securities
(or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and
may result in higher taxes when fund shares are held in a taxable account. These costs, which are not
reflected in annual fund operating expenses or in the example, affect the fund's performance. During
the most recent fiscal year, the fund's portfolio turnover rate was 4.70% of the average value of its
portfolio.
Principal Investment Strategy
To pursue
its goal, the fund normally invests substantially all of its net assets in municipal bonds that provide
income exempt from federal, New York state and New York city income taxes. Municipal bonds are debt
securities or other obligations issued by states, territories and possessions of the United States (such
as Puerto Rico, the U.S. Virgin Islands, Guam and the Northern Mariana Islands) and the District of Columbia
and their political subdivisions, agencies and instrumentalities, or multistate agencies and authorities,
and certain other specified securities, the interest from which is, in the opinion of bond counsel to
the issuer, exempt from federal, New York state and New York city income taxes. The fund invests at
least 80% of its assets in municipal bonds rated at the time of purchase, investment grade (
i.e.,
Baa/BBB or higher), or the unrated
equivalent as determined by The Dreyfus Corporation. 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 The Dreyfus Corporation. The dollar-weighted average maturity of the fund's portfolio
normally exceeds ten years, but the fund may invest without regard to maturity. Dollar-weighted average
maturity is an average of the stated maturities of the securities held by the fund, based on their dollar-weighted
proportions in the fund.
4
The portfolio managers focus on identifying undervalued sectors and securities and select
municipal bonds by (i) using fundamental credit analysis to estimate the relative value and attractiveness
of various sectors and securities and to exploit pricing inefficiencies in the municipal bond market,
and (ii) actively trading among various sectors based on their apparent relative values.
Although
the fund seeks to provide income exempt from federal, New York state and New York city income taxes,
income from some of the fund's holdings may be subject to the federal alternative minimum tax. In addition,
the fund may invest temporarily in taxable obligations and municipal bonds that pay income exempt only
from federal income tax, including when the portfolio managers believe acceptable New York municipal
bonds are not available for investment. During such periods, the fund may not achieve its investment
objective.
An investment in the fund is
not a bank deposit. It is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC)
or any other government agency. It is not a complete investment program. The fund's share price fluctuates,
sometimes dramatically, which means you could lose money.
·
Municipal securities risk.
The amount
of public information available about municipal securities is generally less than that for corporate
equities or bonds. Special factors, such as legislative changes, and state and local economic and business
developments, may adversely affect the yield and/or value of the fund's investments in municipal securities.
Other factors include the general conditions of the municipal securities market, the size of the particular
offering, the maturity of the obligation and the rating of the issue. Changes in economic, business
or political conditions relating to a particular municipal project, municipality, or state, territory
or possession of the United States in which the fund invests may have an impact on the fund's share price.
Puerto Rico, for example, is facing significant fiscal challenges, including persistent government deficits,
underfunded public pensions, sizable debt service obligations and a high unemployment rate. Many rating
agencies have downgraded Puerto Rico's various municipal issuers, including the Commonwealth itself and
its general obligation debt. If the economic situation in Puerto Rico persists or worsens, to the extent
the fund invests in municipal bonds issued in Puerto Rico, the volatility, credit quality and performance
of the fund could be adversely affected.
·
Interest rate risk.
Prices of bonds
tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect
bond prices and, accordingly, the fund's share price. The longer the effective maturity and duration
of the fund's fixed-income portfolio, the more the fund's share price is likely to react to interest
rates. For example, the market price of a fixed-income security with a duration of three years would
be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security
would be expected to increase 3% if interest rates fell 1%.
·
Credit risk.
Failure of an issuer to
make timely interest or principal payments, or a decline or perception of a decline in the credit quality
of a bond, can cause the bond's price to fall, potentially lowering the fund's share price. The lower
a bond's credit rating, the greater the chance – in the rating agency's opinion – that the
bond issuer will default or fail to meet its payment obligations. To the extent the fund invests in
high yield ("junk") bonds, its portfolio is subject to heightened credit risk.
·
Liquidity risk.
When there is little or no active trading market for specific types of securities, it can become more
difficult to sell the securities in a timely manner at or near their perceived value. In such a market,
the value of such securities and the fund's share price may fall dramatically, even during periods of
declining interest rates. The secondary market for certain municipal bonds tends to be less well developed
or liquid than many other securities markets, which may adversely affect the fund's ability to sell such
municipal bonds at attractive prices.
·
State-specific risk
. The fund is subject
to the risk that New York's economy, and the revenues underlying its municipal obligations, may decline.
Investing primarily in a single state makes the fund more sensitive to risks specific to the state and
may magnify other risks.
·
Non-diversification risk.
The fund
is non-diversified, which means that the fund may invest a relatively high percentage of its assets in
a limited number of issuers. Therefore, the fund's performance may be more vulnerable to changes in
the market value of a single issuer or group of issuers and more susceptible to risks associated with
a single economic, political or regulatory occurrence than a diversified fund.
The
following bar chart and table provide some indication of the risks of investing in the fund. The bar
chart shows changes in the performance of the fund's shares from year to year. The table compares the
average annual total returns of the fund's shares to those of a broad measure of market performance.
The fund's past performance (before and after
5
taxes) is not necessarily an indication of how the fund will perform in the future.
More recent performance information may be available at
www.dreyfus.com
.
|
|
|
|
Year-by-Year Total Returns
as of 12/31 each year (%)
|
|
|
Best Quarter
Q3, 2009: 7.48%
Worst Quarter
Q4, 2010: -4.75%
|
|
The fund's year-to-date total return as of June 30, 2013 was -3.01%.
|
|
After-tax returns are calculated
using the historical highest individual federal marginal income tax rates, and do not reflect the impact
of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ
from those shown, and the after-tax returns shown are not relevant to investors who hold their shares
through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
|
|
|
|
|
|
Average Annual Total Returns
(as of 12/31/12)
|
|
|
1
Year
|
5 Years
|
10 Years
|
|
Fund
returns
before taxes
|
6.37%
|
5.31%
|
4.35%
|
|
Fund
returns
after taxes on distributions
|
6.35%
|
5.30%
|
4.32%
|
|
Fund
returns after taxes on distributions
and sale of fund shares
|
5.45%
|
5.11%
|
4.28%
|
|
Barclays Municipal
Bond Index
reflects no deduction for fees, expenses or taxes
|
6.78%
|
5.91%
|
5.10%
|
The fund's investment adviser is The Dreyfus Corporation (Dreyfus).
Thomas Casey and David Belton are the fund's primary portfolio managers, positions they have held since
December 2009. Mr. Casey is a senior portfolio manager for tax- sensitive strategies at Standish Mellon
Asset Management Company LLC (Standish), an affiliate of Dreyfus, and Mr. Belton is the Head of Municipal
Bond Research at Standish. Messrs. Casey and Belton also are employees of Dreyfus.
Purchase and
Sale of Fund Shares
In general, the fund's minimum initial investment is $2,500 and
the minimum subsequent investment is $100. You may sell (redeem) your shares on any business day by
calling 1-800-DREYFUS (inside the U.S. only) or by visiting
www.dreyfus.com
. If you invested
in the fund through a third party, such as a bank, broker-dealer or financial adviser, you may mail your
request to sell shares to Dreyfus Institutional Department, P.O. Box 9882, Providence, Rhode Island 02940-8082.
If you invested directly through the fund, you may mail your request to sell shares to Dreyfus Shareholder
Services, P.O. Box 9879, Providence, Rhode Island 02940-8079. If you are an Institutional Direct accountholder,
please contact your BNY Mellon relationship manager for instructions.
The
fund anticipates that virtually all dividends paid by the fund will be exempt from federal and New York
state and New York city income taxes. However, for federal tax purposes, certain distributions, such
as distributions of short-term capital gains, are taxable as ordinary income, while long-term capital
gains are taxable as capital gains.
Payments to Broker-Dealers and
Other Financial Intermediaries
If you purchase shares through a broker-dealer
or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary
for the sale of fund shares and related services. These payments may create a conflict of interest by
influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another
investment. Ask your salesperson or visit your financial intermediary's website for more information.
6
Fund Details
Dreyfus New York AMT-Free Municipal
Money Market Fund
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 and the maintenance of liquidity. As a money market fund, the fund is subject to the maturity,
quality, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of
1940, as amended, which are designed to help money market funds maintain a stable share price of $1.00.
To
pursue its goal, the fund normally invests substantially all of its net assets in short-term, high quality
municipal obligations that provide income exempt from federal, New York state and New York city income
taxes. The fund also seeks to provide income exempt from the federal alternative minimum tax. The fund's
investments include municipal notes, short-term municipal bonds, tax-exempt commercial paper and municipal
leases. The fund also may invest in high quality, short-term structured notes, which are derivative
instruments whose value is tied to underlying municipal obligations.
While the fund generally invests
solely in securities with the highest credit rating or the unrated equivalent as determined by The Dreyfus
Corporation, it may invest up to 3% of its assets in securities with the second-highest credit rating
that mature in 45 days or less. The fund is required to hold at least 30% of its assets in cash, U.S.
Treasury securities, certain other government securities with remaining maturities of 60 days or less,
or securities that can readily be converted into cash within five business days. The maximum weighted
average maturity of the fund's portfolio is 60 days and the maximum weighted average life to maturity
of the fund's portfolio is 120 days.
Although the fund seeks to provide income exempt
from federal, New York state and New York city income taxes, the fund may invest temporarily in high
quality, taxable money market instruments and/or municipal obligations that pay income exempt only from
federal income tax, including when the portfolio manager believes acceptable New York state or New York
city municipal obligations are not available for investment. During such periods, the fund may not achieve
its investment objective.
In response to liquidity needs or unusual market conditions, the
fund may hold all or a significant portion of its total assets in cash for temporary defensive purposes.
This may result in a lower current yield and prevent the fund from achieving its investment objective.
The fund is non-diversified.
Dreyfus New York Tax Exempt Bond Fund, Inc.
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 its goal, the fund normally invests
substantially all of its net assets in municipal bonds that provide income exempt from federal, New York
state and New York city income taxes.
The fund invests at least 80% of its assets in
municipal bonds rated, at the time of purchase, investment grade (Baa/BBB or higher), or the unrated
equivalent as determined by The Dreyfus Corporation. 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 The Dreyfus Corporation.
The dollar-weighted average maturity of the fund's
portfolio normally exceeds ten years, but the fund may invest without regard to maturity. Dollar-weighted
average maturity is an average of the stated maturities of the securities held by the fund, based on
their dollar-weighted proportions in the fund.
The portfolio managers focus on identifying undervalued
sectors and securities and minimize the use of interest rate forecasting. The portfolio managers select
municipal bonds for the fund's portfolio by:
·
Using fundamental
credit analysis to estimate the relative value and attractiveness of various sectors and securities and
to exploit pricing inefficiencies in the municipal bond market; and
·
Actively
trading among various sectors, such as pre-refunded, general obligation, and revenue, based on their
apparent relative values. The fund seeks to invest in several of these sectors.
7
Although the fund seeks to provide income exempt from federal, New York state and New
York city income taxes, income from some of the fund's holdings may be subject to the federal alternative
minimum tax. In addition, the fund may invest temporarily in taxable obligations and municipal bonds
that pay income exempt only from federal income tax, including when the portfolio managers believe acceptable
New York municipal bonds are not available for investment. During such periods, the fund may not achieve
its investment objective.
A rigorous sell discipline is employed to continuously evaluate
all fund holdings. Current holdings may become sell candidates if creditworthiness is deteriorating,
if bonds with better risk and return characteristics become available, or if the holding no longer meets
the portfolio managers' strategic or structural objectives.
Although not a principal investment
strategy, the fund may, but is not required to, use derivatives, such as options, futures, options on
futures (including those relating to securities, indexes and interest rates) and swaps, as a substitute
for investing directly in an underlying asset, to increase returns, to manage credit or interest rate
risk, or as part of a hedging strategy. The fund may buy securities that pay interest at rates that
float inversely with changes in prevailing interest rates (inverse floaters) in an effort to increase
returns, to manage interest rate risk or as part of a hedging strategy. Inverse floaters are created
by depositing municipal bonds in a trust which divides the bond's income stream into two parts: a short
term variable rate demand note and a residual interest bond (the inverse floater) which receives interest
based on the remaining cash flow of the trust after payment of interest on the note and various trust
expenses. Interest on the inverse floater usually moves in the opposite direction as the interest on
the variable rate demand note. The fund also may make forward commitments in which the fund agrees to
buy or sell a security in the future at a price agreed upon today.
The fund is non-diversified.
Dreyfus New York AMT-Free Municipal Money Market
Fund
An investment in the fund is not insured or guaranteed by the FDIC or any other government
agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible
to lose money by investing in the fund.
The fund's yield will fluctuate as the short-term
securities in its portfolio mature and the proceeds are reinvested in securities with different interest
rates. Additionally, while the fund has maintained a constant share price since inception, and will
continue to try to do so, neither The Dreyfus Corporation nor its affiliates are required to make a capital
infusion, enter into a capital support agreement or take other actions to prevent the fund's share price
from falling below $1.00. The following are the principal risks that could reduce the fund's income
level and/or share price:
·
Interest rate risk.
This risk refers
to the decline in the prices of fixed-income securities that may accompany a rise in the overall level
of interest rates. A sharp and unexpected rise in interest rates could cause a money market fund's share
price to drop below a dollar. The fund's yield will vary; it is not fixed for a specific period like
the yield on a bank certificate of deposit. However, the extremely short maturities of the securities
held in money market portfolios - a means of achieving an overall fund objective of principal safety
- reduces their potential for price fluctuation. A low interest rate environment may prevent the fund
from providing a positive yield or paying fund expenses out of fund assets and could impair the fund's
ability to maintain a stable net asset value.
·
Credit risk.
Failure of an issuer to
make timely interest or principal payments, or a decline or perception of a decline in the credit quality
of a security, can cause the security's price to fall, potentially lowering the fund's share price.
Although the fund invests only in high quality debt securities, any of the fund's holdings could have
its credit rating downgraded or could default. The credit quality of the securities held by the fund
can change rapidly in certain market environments, and the default of a single holding could have the
potential to cause significant deterioration of the fund's net asset value.
·
Liquidity risk.
When there is little or no active trading market for specific types of securities, it can become more
difficult to sell the securities in a timely manner at or near their perceived value. In such a market,
the value of such securities may fall dramatically, potentially lowering the fund's share price, even
during periods of declining interest rates. Also, during such periods, redemptions by a few large investors
in the fund may have a significant adverse effect on the fund's net asset value and remaining fund shareholders.
·
State-specific risk
.
The fund is subject to the risk that New York's economy, and the revenues underlying its municipal obligations,
may decline. Investing primarily in a single state makes the fund more sensitive to risks specific to
the state and may magnify other risks.
8
·
Tax risk.
To be tax-exempt, municipal obligations generally must meet certain
regulatory requirements. If any such municipal obligation fails to meet these regulatory requirements,
the interest received by the fund from its investment in such obligations and distributed to fund shareholders
will be taxable.
·
Structured notes risk.
Structured notes,
a type of derivative instrument, can be volatile, and the possibility of default by the financial institution
or counterparty may be greater for these instruments than for other types of money market instruments.
Structured notes typically are purchased in privately negotiated transactions from financial institutions
and, thus, an active trading market for such instruments may not exist.
·
Non-diversification risk
. The fund
is non-diversified, which means that the fund may invest a relatively high percentage of its assets in
a limited number of issuers. Therefore, the fund's performance may be more vulnerable to changes in
the market value of a single issuer or group of issuers and more susceptible to risks associated with
a single economic, political or regulatory occurrence than a diversified fund.
Dreyfus New
York Tax Exempt Bond Fund, Inc.
An investment in the fund is not a bank deposit. It is not insured
or guaranteed by the FDIC or any other government agency. It is not a complete investment program.
The value of your investment in the fund will fluctuate, sometimes dramatically, which means you could
lose money.
·
Municipal securities risk
. The amount of public information available about
municipal securities is generally less than that for corporate equities or bonds. Special factors, such
as legislative changes, and state and local economic and business developments, may adversely affect
the yield and/or value of the fund's investments in municipal securities. Other factors include the
general conditions of the municipal securities market, the size of the particular offering, the maturity
of the obligation and the rating of the issue. Changes in economic, business or political conditions
relating to a particular municipal project, municipality, or state, territory or possession of the United
States in which the fund invests may have an impact on the fund's share price. Puerto Rico, for example,
is facing significant fiscal challenges, including persistent government deficits, underfunded public
pensions, sizable debt service obligations and a high unemployment rate. Many rating agencies have downgraded
Puerto Rico's various municipal issuers, including the Commonwealth itself and its general obligation
debt. If the economic situation in Puerto Rico persists or worsens, to the extent the fund invests in
municipal bonds issued in Puerto Rico, the volatility, credit quality and performance of the fund could
be adversely affected.
·
Interest rate risk.
Prices of bonds
tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect
bond prices and, accordingly, the fund's share price. The longer the effective maturity and duration
of the fund's fixed-income portfolio, the more the fund's share price is likely to react to interest
rates. For example, the market price of a fixed-income security with a duration of three years would
be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security
would be expected to increase 3% if interest rates fell 1%. Unlike investment grade bonds, however,
the prices of high yield bonds may fluctuate unpredictably and not necessarily inversely with changes
in interest rates.
·
Credit risk
. Failure of an issuer to
make timely interest or principal payments, or a decline or perception of a decline in the credit quality
of a bond, can cause the bond's price to fall, potentially lowering the fund's share price. The lower
a bond's credit rating, the greater the chance – in the rating agency's opinion – that the
bond issuer will default or fail to meet its payment obligations. Although the fund invests primarily
in investment grade bonds, the fund may invest to a limited extent in high yield bonds. High yield ("junk")
bonds involve greater credit risk, including the risk of default, than investment grade bonds, and are
considered predominantly speculative with respect to the issuer's ability to make principal and interest
payments. The prices of high yield bonds can fall dramatically in response to bad news about the issuer
or its industry, or the economy in general.
·
Liquidity risk.
When there is little
or no active trading market for specific types of securities, it can become more difficult to sell the
securities in a timely manner at or near their perceived value. In such a market, the value of such
securities and the fund's share price may fall dramatically, even during periods of declining interest
rates. Liquidity risk also exists when a particular derivative instrument is difficult to purchase or
sell. If a derivative transaction is particularly large or if the relevant market is illiquid (as is
the case with many privately negotiated derivatives), it may not be possible to initiate a transaction
or liquidate a position at an advantageous time or price. The secondary market for certain municipal
bonds tends to be less well developed or liquid than many other securities markets, which may adversely
affect the fund's ability to sell such municipal bonds at attractive prices.
·
State-specific risk
.
The fund is subject to the risk that New York's economy, and the revenues underlying its municipal obligations,
may decline. Investing primarily in a single state makes the fund more sensitive to risks specific to
the state and may magnify other risks.
9
·
Non-diversification risk
. The fund is non-diversified, which means that the
fund may invest a relatively high percentage of its assets in a limited number of issuers. Therefore,
the fund's performance may be more vulnerable to changes in the market value of a single issuer or group
of issuers and more susceptible to risks associated with a single economic, political or regulatory occurrence
than a diversified fund.
In addition to the principal risks described above, the fund is
subject to the following additional risks.
·
Call risk
. Some bonds give the issuer
the option to call, or redeem, the bonds before their maturity date. If an issuer "calls" its bond during
a time of declining interest rates, the fund might have to reinvest the proceeds in an investment offering
a lower yield, and therefore might not benefit from any increase in value as a result of declining interest
rates. During periods of market illiquidity or rising interest rates, prices of "callable" issues are
subject to increased price fluctuation.
·
Market sector risk.
The fund may significantly
overweight or underweight certain industries or market sectors, which may cause the fund's performance
to be more or less sensitive to developments affecting those industries or sectors.
·
Tax risk.
To
be tax-exempt, municipal obligations generally must meet certain regulatory requirements. If any such
municipal obligation fails to meet these regulatory requirements, the interest received by the fund from
its investment in such obligations and distributed to fund shareholders will be taxable.
·
Derivatives risk.
A small investment in derivatives could have a potentially large impact on the fund's performance.
The use of derivatives involves risks different from, or possibly greater than, the risks associated
with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult
to value, and there is the risk that changes in the value of a derivative held by the fund will not correlate
with the underlying instruments or the fund's other investments. Derivative instruments, such as swap
agreements and over-the-counter options, also involve the risk that a loss may be sustained as a result
of the failure of the counterparty to the derivative instruments to make required payments or otherwise
comply with the derivative instruments' terms. Many of the regulatory protections afforded participants
on organized exchanges for futures contracts and exchange-traded options, such as the performance guarantee
of an exchange clearing house, are not available in connection with over-the-counter derivative transactions.
Certain types of derivatives, including swap agreements and other over-the-counter transactions, involve
greater risks than the underlying obligations because, in addition to general market risks, they are
subject to illiquidity risk, counterparty risk, credit risk and pricing risk. Because many derivatives
have a leverage component, adverse changes in the value or level of the underlying asset, reference rate
or index can result in a loss substantially greater than the amount invested in the derivative itself.
Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment.
The fund may be required to segregate liquid assets, or otherwise cover its obligations, relating to
the fund's transactions in derivatives. Future rules and regulations of the Securities and Exchange
Commission may impact the fund's operations as described in this prospectus. Certain derivatives may
cause taxable income.
·
Leverage risk.
The use of leverage,
such as lending portfolio securities, entering into futures contracts, investing in inverse floaters,
and engaging in forward commitment transactions, may cause taxable income and may magnify the fund's
gains or losses.
·
Other potential risks.
The fund may
lend its portfolio securities to brokers, dealers and other financial institutions. In connection with
such loans, the fund will receive collateral from the borrower equal to at least 100% of the value of
loaned securities. If the borrower of the securities fails financially, there could be delays in recovering
the loaned securities or exercising rights to the collateral.
Under
adverse market conditions, the fund could invest some or all of its assets in U.S. Treasury securities
or money market securities. Although the fund would do this for temporary defensive purposes, it could
reduce the benefit from any upswing in the market. During such periods, the fund may not achieve its
investment objective.
The investment
adviser for the fund is The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Founded
in 1947, Dreyfus manages approximately $265 billion in 167 mutual fund portfolios. For the past fiscal
year, Dreyfus New York AMT-Free Municipal Money Market Fund and Dreyfus New York Tax Exempt Bond Fund,
Inc. paid Dreyfus a management fee at an annual rate of 0.07% and 0.60%, respectively, of the fund's
average daily net assets. A discussion regarding the basis for the board's approving each fund's management
agreement with Dreyfus is available in the fund's semiannual report for the six-month period ended November
30, 2013. Dreyfus is the primary mutual fund business of The Bank of New York Mellon Corporation (BNY
Mellon), a global financial services company focused on helping clients manage and service their financial
assets, operating in 35 countries and serving more than 100 markets. BNY Mellon is a leading investment
management and investment services company, uniquely focused to help clients manage and move their financial
assets in the rapidly changing global marketplace. BNY Mellon has $27.6 trillion
10
in assets under custody and administration and $1.6 trillion in assets under management.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon Investment
Management is one of the world's leading investment management organizations, and one of the top U.S.
wealth managers, encompassing BNY Mellon's affiliated investment management firms, wealth management
services and global distribution companies. Additional information is available at
www.bnymellon.com
.
The
Dreyfus asset management philosophy is based on the belief that discipline and consistency are important
to investment success. For each fund, Dreyfus seeks to establish clear guidelines for portfolio management
and to be systematic in making decisions. This approach is designed to provide each fund with a distinct,
stable identity.
Thomas Casey and David Belton are Dreyfus New York Tax Exempt Bond
Fund, Inc.'s primary portfolio managers, positions they have held since December 2009. Mr. Casey is
a senior portfolio manager for tax-sensitive strategies at Standish Mellon Asset Management Company LLC
(Standish), an affiliate of Dreyfus, where he has been employed since July 1993. Mr. Belton is the Head
of Municipal Bond Research at Standish, where he has been employed since November 1997. Messrs. Casey
and Belton also have been employed by Dreyfus since April 2009 and December 2009, respectively.
The
fund's Statement of Additional Information (SAI) provides additional portfolio manager information, including
compensation, other accounts managed and ownership of fund shares.
MBSC Securities Corporation
(MBSC), a wholly-owned subsidiary of Dreyfus, serves as distributor of the fund and of the other funds
in the Dreyfus Family of Funds. Dreyfus or MBSC may provide cash payments out of its own resources to
financial intermediaries that sell shares of funds in the Dreyfus Family of Funds or provide other services.
Such payments are separate from any sales charges, 12b-1 fees and/or shareholder services fees or other
expenses that may be paid by a fund to those intermediaries. Because those payments are not made by
fund shareholders or the fund, the fund's total expense ratio will not be affected by any such payments.
These payments may be made to intermediaries, including affiliates, that provide shareholder servicing,
sub-administration, recordkeeping and/or sub-transfer agency services, marketing support and/or access
to sales meetings, sales representatives and management representatives of the financial intermediary.
Cash compensation also may be paid from Dreyfus' or MBSC's own resources to intermediaries for inclusion
of a fund on a sales list, including a preferred or select sales list or in other sales programs. These
payments sometimes are referred to as "revenue sharing." From time to time, Dreyfus or MBSC also may
provide cash or non-cash compensation to financial intermediaries or their representatives in the form
of occasional gifts; occasional meals, tickets or other entertainment; support for due diligence trips;
educational conference sponsorships; support for recognition programs; technology or infrastructure support;
and other forms of cash or non-cash compensation permissible under broker-dealer regulations. In some
cases, these payments or compensation may create an incentive for a financial intermediary or its employees
to recommend or sell shares of the fund to you. Please contact your financial representative for details
about any payments they or their firm may receive in connection with the sale of fund shares or the provision
of services to the fund.
Fund shares are subject to an annual shareholder services fee of
up to .25% to reimburse the fund's distributor for shareholder account service and maintenance expenses.
The
fund, Dreyfus and MBSC have each adopted a code of ethics that permits its personnel, subject to such
code, to invest in securities, including securities that may be purchased or held by the fund. Each
code of ethics restricts the personal securities transactions of employees, and requires portfolio managers
and other investment personnel to comply with the code's preclearance and disclosure procedures. The
primary purpose of the respective codes is to ensure that personal trading by employees does not disadvantage
any fund managed by Dreyfus or its affiliates.
11
Shareholder Guide
Buying and Selling Shares
You
pay no sales charges to invest in shares of the fund. Your price for shares is the net asset value per
share (NAV).
Your order will be priced at the next NAV calculated after your order is received in
proper form by the fund's transfer agent or other authorized entity. When calculating NAVs, Dreyfus
generally values fixed-income investments based on values supplied by an independent pricing service
approved by the fund's board. The pricing service's procedures are reviewed under the general supervision
of the board. If market quotations or official closing prices or valuations from a pricing service are
not readily available, or are determined not to reflect accurately fair value, the fund may value those
investments at fair value as determined in accordance with procedures approved by the fund's board.
Fair value of investments may be determined by the fund's board, its pricing committee or its valuation
committee in good faith using such information as it deems appropriate under the circumstances. Using
fair value to price investments may result in a value that is different from a security's most recent
closing price and from the prices used by other mutual funds to calculate their net asset values. Funds
that seek tax-exempt income are not recommended for purchase in IRAs or other qualified retirement plans.
Money market fund investments are valued based on amortized cost, which does not take
into account unrealized gains or losses. As a result, portfolio securities are valued at their acquisition
cost, adjusted over time based on the discounts or premiums reflected in their purchase price. Money
market funds use the amortized cost method of valuation pursuant to Rule 2a-7 under the Investment Company
Act of 1940, as amended, in order to be able to maintain a price of $1.00 per share. In accordance with
Rule 2a-7, the fund is subject to certain maturity, quality, liquidity and diversification requirements
to help it maintain the $1.00 per share price. When calculating NAV, money market funds compare the
NAV using amortized cost to their NAV using available market quotations or market equivalents, which
generally are provided by an independent pricing service approved by the fund's board. The pricing service's
procedures are reviewed under the general supervision of the board.
Investments in certain types
of thinly traded securities may provide short-term traders arbitrage opportunities with respect to the
fund's shares. For example, arbitrage opportunities may exist when trading in a portfolio security or
securities is halted and does not resume, or the market on which such securities are traded closes before
the fund calculates its NAV. If short-term investors in the fund were able to take advantage of these
arbitrage opportunities, they could dilute the NAV of fund shares held by long-term investors. Portfolio
valuation policies can serve to reduce arbitrage opportunities available to short-term traders, but there
is no assurance that such valuation policies will prevent dilution of the fund's NAV by short-term traders.
While the fund has a policy regarding frequent trading, it too may not be completely effective to prevent
short-term NAV arbitrage trading, particularly in regard to omnibus accounts. Please see "Shareholder
Guide — General Policies" for further information about the fund's frequent trading policy.
How
to Buy Shares
Each fund's NAV is calculated at the following time on days the New York Stock Exchange
is open for regular business:
|
|
|
|
Name
of Fund
|
Fund Calculates
NAV at:
|
|
Dreyfus
New York AMT-Free Municipal Money Market Fund
|
12:00
p.m.
|
|
Dreyfus New York Tax Exempt Bond Fund, Inc.
|
4:00 p.m.
|
|
All times are Eastern time.
|
|
By Mail – Regular
Accounts.
To open a regular account, complete an application and mail it, together with a check
payable to The Dreyfus Family of Funds, to the appropriate address below. To purchase additional shares
in a regular account, mail a check payable to The Dreyfus Family of Funds (with your account number on
your check), together with an investment slip, to the appropriate address below.
12
Mailing
Address.
If you are investing directly through the fund, mail to:
Dreyfus
Shareholder Services
P.O. Box 9879
Providence, Rhode Island 02940-8079
If you are
investing through a third party, such as a bank, broker-dealer or financial adviser, mail to:
Dreyfus
Institutional Department
P.O. Box 9882
Providence, Rhode Island 02940-8082
If you are
applying for an Institutional Direct account (available only for Dreyfus New York Tax Exempt Bond Fund,
Inc.), please contact your BNY Mellon relationship manager for mailing instructions.
Electronic Check or Wire.
To purchase
shares in a regular account by wire or electronic check, please call 1-800-DREYFUS (inside the U.S. only)
for more information.
Telephone or Online.
To purchase additional shares by telephone or online,
you can call 1-800-DREYFUS (inside the U.S. only) or visit
www.dreyfus.com
to request your
transaction. In order to do so, you must have elected the Dreyfus TeleTransfer Privilege on your account
application or a Shareholder Services Form. See "Services for Fund Investors – Wire Redemption
and Dreyfus TeleTransfer Privileges" for more information. Institutional Direct accounts are not eligible
for online services.
Automatically.
You may purchase additional shares in a regular account by selecting
one of Dreyfus' automatic investment services made available to the fund on your account application
or service application. See "Services for Fund Investors."
The minimum initial and subsequent
investment for regular accounts is $2,500 and $100, respectively. Subsequent investments made through
Dreyfus TeleTransfer are subject to a $100 minimum and a $150,000 maximum. All investments must be in
U.S. dollars. Third-party checks, cash, travelers' checks or money orders will not be accepted. You
may be charged a fee for any check that does not clear.
How to Sell Shares
You may sell (redeem) shares at any time. Your
shares will be sold at the next NAV calculated after your order is received in proper form by the fund's
transfer agent or other authorized entity. Any certificates representing fund shares being sold must
be returned with your redemption request. Your order will be processed promptly and you will generally
receive the proceeds within a week.
Before selling or writing a check against shares
recently purchased by check, Dreyfus TeleTransfer or Automatic Asset Builder, please note that:
·
if
you send a written request to sell such shares, the fund may delay sending the proceeds (or selling the
shares in the case of a money market fund) for up to eight business days following the purchase of those
shares
·
the fund will not honor redemption checks, or process
wire, telephone, online or Dreyfus TeleTransfer redemption requests, for up to eight business days following
the purchase of those shares
By Mail – Regular Accounts.
To redeem shares in a regular account by mail,
send a letter of instruction that includes your name, your account number, the name of the fund, the
dollar amount to be redeemed and how and where to send the proceeds. Mail your request to the appropriate
address below.
Mailing
Address.
If you invested directly through the fund, mail to:
Dreyfus Shareholder Services
P.O.
Box 9879
Providence, Rhode Island 02940-8079
If you invested through a third party, such as
a bank, broker-dealer or financial adviser, mail to:
Dreyfus Institutional Department
P.O. Box
9882
Providence, Rhode Island 02940-8082
A medallion signature guarantee is required for
some written sell orders. These include:
·
amounts
of $10,000 or more on accounts whose address has been changed within the last 30 days
·
requests
to send the proceeds to a different payee or address
13
·
amounts of $100,000 or more
If you are
an Institutional Direct accountholder (available only for Dreyfus New York Tax Exempt Bond Fund, Inc.),
please contact your BNY Mellon relationship manager for mailing instructions.
A medallion
signature guarantee helps protect against fraud. You can obtain one from most banks or securities dealers,
but not from a notary public. For joint accounts, each signature must be guaranteed. Please call to
ensure that your medallion signature guarantee will be processed correctly.
Telephone or Online.
To redeem shares
by telephone or online, call 1-800-DREYFUS (inside the U.S. only) or, for regular accounts, visit
www.dreyfus.com
to request your transaction. Institutional Direct accounts are not eligible for online services.
By
calling 1-800-DREYFUS (inside the U.S. only), you may speak to a Dreyfus representative and request that
redemption proceeds be paid by check and mailed to your address of record (maximum $250,000 per day).
For redemption requests made online through
www.dreyfus.com
or through Dreyfus Express
®
automated account access system, there is a $100,000 per day limit.
If the fund has your bank account
information on file, you may request a wire via the Wire Redemption Privilege ($1,000 minimum) or electronic
check via the Dreyfus TeleTransfer Privilege ($500 minimum) and proceeds will be wired or sent by electronic
check, as applicable, to your bank account. See "Services for Fund Investors – Wire Redemption
and Dreyfus TeleTransfer Privileges" for more information.
Automatically.
You may sell shares in
a regular account by completing a Dreyfus Automatic Withdrawal Form which you can obtain by calling 1-800-DREYFUS
(inside the U.S. only), visiting
www.dreyfus.com
or contacting your financial representative. See "Services
for Fund Investors – Automatic Services."
The
fund and the fund's transfer agent are authorized to act on telephone or online instructions from any
person representing himself or herself to be you and reasonably believed by the transfer agent to be
genuine. You may be responsible for any fraudulent telephone or online order as long as the fund or
the fund's transfer agent (as applicable) takes reasonable measures to confirm that the instructions
are genuine.
The fund reserves the right to reject any purchase or exchange request in whole or in
part. All shareholder services and Privileges offered to shareholders may be modified or terminated
at any time, except as otherwise stated in the fund's SAI. Please see the fund's SAI for additional
information on buying and selling shares, Privileges and other shareholder services.
If you invest
through a financial intermediary (rather than directly through the fund), the policies and fees may be
different than those described herein. Banks, brokers, financial advisers and financial supermarkets
may charge transaction fees and may set different minimum investments or limitations on buying or selling
shares. Please consult your financial representative.
The fund reserves the right
to:
·
change or discontinue fund exchanges, or temporarily
suspend exchanges during unusual market conditions
·
change
its minimum or maximum investment amounts
·
delay sending
out redemption proceeds for up to seven days (generally applies only during unusual market conditions
or in cases of very large redemptions or excessive trading)
·
"redeem
in kind," or make payments in securities rather than cash, if the amount redeemed is large enough to
affect fund operations (for example, if it exceeds 1% of the fund's assets)
·
refuse
any purchase or exchange request, including those from any individual or group who, in Dreyfus' view,
is likely to engage in frequent trading
Money market funds generally are used by investors
for short-term investments, often in place of bank checking or savings accounts, or for cash management
purposes. Investors value the ability to add and withdraw their funds quickly, without restriction.
For this reason, although Dreyfus discourages excessive trading and other abusive trading practices,
the money market fund has not adopted policies and procedures, or imposed redemption fees or other restrictions
such as minimum holding periods, to deter frequent purchases and redemptions of fund shares. Dreyfus
also believes that money market funds, such as the fund, are not targets of abusive trading practices,
because money market funds seek to maintain a $1.00 per share price and typically do not fluctuate in
value based on market prices. However, frequent purchases and redemptions of the fund's shares could
increase the fund's transaction costs, such as market spreads and
14
custodial fees, and may interfere with the efficient management of the fund's portfolio,
which could detract from the fund's performance. Accordingly, the fund reserves the right to refuse
any purchase or exchange request. Funds in the Dreyfus Family of Funds that are not money market mutual
funds have approved policies and procedures that are intended to discourage and prevent abusive trading
practices in those mutual funds, which may apply to exchanges from or into a fund. If you plan to exchange
your fund shares for shares of another Dreyfus fund, please read the prospectus of that other Dreyfus
fund for more information.
The money market fund also may process purchase and sale orders
and calculate its NAV on days the fund's primary trading markets are open and the fund's management determines
to do so.
The
bond fund is designed for long-term investors.
Frequent purchases, redemptions and exchanges
may disrupt portfolio management strategies and harm fund performance by diluting the value of fund shares
and increasing brokerage and administrative costs. As a result, Dreyfus and the fund's board have adopted
a policy of discouraging excessive trading, short-term market timing and other abusive trading practices
(frequent trading) that could adversely affect the fund or its operations. Dreyfus and the fund will
not enter into arrangements with any person or group to permit frequent trading.
More than
four roundtrips within a rolling 12-month period generally is considered to be frequent trading. A roundtrip
consists of an investment that is substantially liquidated within 60 days. Based on the facts and circumstances
of the trades, the fund may also view as frequent trading a pattern of investments that are partially
liquidated within 60 days.
Transactions made through Automatic Investment Plans, Automatic
Withdrawal Plans, Dreyfus Auto-Exchange Privileges and automatic non-discretionary rebalancing programs
generally are not considered to be frequent trading.
Dreyfus monitors selected transactions to identify
frequent trading. When its surveillance systems identify multiple roundtrips, Dreyfus evaluates trading
activity in the account for evidence of frequent trading. Dreyfus considers the investor's trading history
in other accounts under common ownership or control, in other Dreyfus Funds and BNY Mellon Funds and,
if known, in non-affiliated mutual funds and accounts under common control. These evaluations involve
judgments that are inherently subjective, and while Dreyfus seeks to apply the policy and procedures
uniformly, it is possible that similar transactions may be treated differently. In all instances, Dreyfus
seeks to make these judgments to the best of its abilities in a manner that it believes is consistent
with shareholder interests. If Dreyfus concludes the account is likely to engage in frequent trading,
Dreyfus may cancel or revoke the purchase or exchange on the following business day. Dreyfus may also
temporarily or permanently bar such investor's future purchases into the fund in lieu of, or in addition
to, canceling or revoking the trade. At its discretion, Dreyfus may apply these restrictions across
all accounts under common ownership, control or perceived affiliation.
Fund shares often are held
through omnibus accounts maintained by financial intermediaries, such as brokers, where the holdings
of multiple shareholders, such as all the clients of a particular broker, are aggregated. Dreyfus' ability
to monitor the trading activity of investors whose shares are held in omnibus accounts is limited. However,
the agreements between the distributor and financial intermediaries include obligations to comply with
the terms of this prospectus and to provide Dreyfus, upon request, with information concerning the trading
activity of investors whose shares are held in omnibus accounts. If Dreyfus determines that any such
investor has engaged in frequent trading of fund shares, Dreyfus may require the intermediary to restrict
or prohibit future purchases or exchanges of fund shares by that investor.
Certain
financial intermediaries that maintain omnibus accounts with the fund may have developed policies designed
to control frequent trading that may differ from the fund's policy. At its sole discretion, the fund
may permit such intermediaries to apply their own frequent trading policy. If you are investing in fund
shares through an intermediary, please contact the intermediary for information on the frequent trading
policies applicable to your account.
To the extent the fund significantly invests
in thinly traded securities, certain investors may seek to trade fund shares in an effort to benefit
from their understanding of the value of these securities (referred to as price arbitrage). Any such
frequent trading strategies may interfere with efficient management of the fund's portfolio to a greater
degree than funds that invest in highly liquid securities, in part because the fund may have difficulty
selling these portfolio securities at advantageous times or prices to satisfy large and/or frequent redemption
requests. Any successful price arbitrage may also cause dilution in the value of fund shares held by
other shareholders.
Although the fund's frequent trading and fair valuation policies
and procedures are designed to discourage market timing and excessive trading, none of these tools alone,
nor all of them together, completely eliminates the potential for frequent trading.
Small Account
Policy
To offset the relatively higher costs of servicing smaller accounts, the money market
fund charges regular accounts with balances below $2,000 an annual fee of $12. The fee will be imposed
during the fourth quarter of each calendar year.
15
The fee will be waived for: any investor whose aggregate Dreyfus mutual fund investments
total at least $25,000; IRA accounts; Education Savings Accounts; accounts participating in automatic
investment programs; and accounts opened through a financial institution.
If your
account falls below $500, the fund may ask you to increase your balance. If it is still below $500 after
45 days, the fund may close your account and send you the proceeds.
The fund earns dividends, interest and other income
from its investments, and distributes this income (less expenses) to shareholders as dividends. The
fund also realizes capital gains from its investments, and distributes these gains (less any losses)
to shareholders as capital gain distributions. The fund normally pays dividends monthly and capital
gain distributions, if any, annually. Fund dividends and capital gain distributions will be reinvested
in the fund unless you instruct the fund otherwise. There are no fees or sales charges on reinvestments.
The
fund anticipates that virtually all dividends paid by the fund will be exempt from federal and New York
state and New York city income taxes. However, for federal tax purposes, certain fund distributions,
including distributions of short-term capital gains, are taxable as ordinary income, while long-term
capital gains are taxable as capital gains.
For New York state income tax purposes, distributions derived from interest
on municipal securities of New York issuers and from interest on qualifying securities issued by U.S.
territories and possessions are generally exempt from New York state and New York city income taxes.
Distributions that are federally taxable as ordinary income or capital gains are generally subject to
state income taxes.
High portfolio turnover (Dreyfus New York Tax Exempt Bond Fund only) and more volatile
markets can result in significant taxable distributions to shareholders, regardless of whether their
shares have increased in value.
The tax status of any distribution generally
is the same regardless of how long you have been in the fund and whether you reinvest your distributions
or take them in cash.
If you buy shares of a fund when the fund has realized but not yet
distributed income or capital gains, you will be "buying a dividend" by paying the full price for the
shares and then receiving a portion back in the form of a taxable distribution.
Your sale
of shares, including exchanges into other funds, may result in a capital gain or loss for tax purposes.
A capital gain or loss on your investment in the fund generally is the difference between the cost of
your shares and the amount you receive when you sell them.
The tax status of your distributions
will be detailed in your annual tax statement from the fund. Because everyone's tax situation is unique,
please consult your tax adviser before investing.
Services for Fund Investors
Automatic
Services
Buying or selling shares automatically is easy with the services described
below. With each service, you select a schedule and amount, subject to certain restrictions. If you
purchase shares through a third party, the third party may impose different restrictions on these services
and privileges, or may not make them available at all. For information, call 1-800-DREYFUS (inside the
U.S. only) or your financial representative.
Dreyfus Automatic Asset Builder
®
permits you to purchase fund shares (minimum
of $100 and maximum of $150,000 per transaction) at regular intervals selected by you. Fund shares are
purchased by transferring funds from the bank account designated by you.
Dreyfus Payroll Savings Plan
permits you
to purchase fund shares (minimum of $100 per transaction) automatically through a payroll deduction.
Dreyfus Government Direct
Deposit
permits you to purchase fund shares (minimum of $100 and maximum of $50,000 per transaction)
automatically from your federal employment, Social Security or other regular federal government check.
Dreyfus Dividend Sweep
permits you to automatically reinvest dividends and distributions from the fund into another Dreyfus
Fund.
Dreyfus
Auto-Exchange Privilege
permits you to exchange at regular intervals your fund shares for shares
of other Dreyfus Funds.
16
Dreyfus
Automatic Withdrawal Plan
permits you to make withdrawals (minimum of $50) on a specific day each
month, quarter or semi-annual or annual period, provided your account balance is at least $5,000.
Fund
Exchanges
Generally, you can exchange shares worth $500 or more (no minimum for retirement accounts)
into shares of the same class, or another class in which you are eligible to invest, of another fund
in the Dreyfus Family of Funds. You can request your exchange by calling 1-800-DREYFUS (inside the U.S.
only) or your financial representative. If you are an Institutional Direct accountholder, please contact
your BNY Mellon relationship manager for instructions. Be sure to read the current prospectus for any
fund into which you are exchanging before investing. Any new account established through an exchange
generally will have the same privileges as your original account (as long as they are available). There
is currently no fee for exchanges, although you may be charged a sales load when exchanging into any
fund that has one.
Your exchange request will be processed on the same business day
it is received in proper form, provided that each fund is open at the time of the request. If the exchange
is accepted at a time of day after one or both of the funds is closed (i.e., at a time after the NAV
for the fund has been calculated for that business day), the exchange will be processed on the next business
day. See the SAI for more information regarding exchanges.
Wire Redemption and Dreyfus TeleTransfer
Privileges
To redeem shares from your Dreyfus Fund account with a phone call or online, use the
Wire Redemption Privilege or the Dreyfus TeleTransfer Privilege. To purchase additional shares of your
Dreyfus Fund account with a phone call or online, use the Dreyfus TeleTransfer Privilege. You can set
up the Wire Redemption Privilege and Dreyfus TeleTransfer Privilege on your account by providing bank
account information and following the instructions on your application or, if your account has already
been established, a Shareholder Services Form which you can obtain by calling 1-800-DREYFUS (inside the
U.S. only), visiting
www.dreyfus.com
or by contacting your financial representative. Institutional
Direct accounts are not eligible for the Wire Redemption or Dreyfus TeleTransfer Privileges initiated
online.
Account Statements
Every Dreyfus Fund investor automatically receives
regular account statements. You will also be sent a yearly statement detailing the tax characteristics
of any dividends and distributions you have received.
Checkwriting Privilege
You
may write redemption checks against your account in amounts of $500 or more. These checks are free;
however, a fee will be charged if you request a stop payment or if the transfer agent cannot honor a
redemption check due to insufficient funds or another valid reason. Please do not postdate your checks
or use them to close your account.
Dreyfus Express
®
Voice-Activated Account Access
You can check your Dreyfus account balances, get fund price and
performance information, order documents and much more, by calling 1-800-DREYFUS (inside the U.S. only)
and using the Dreyfus Express
®
Voice-Activated System. You may also be able to purchase fund shares and/or transfer money between your
Dreyfus Funds using Dreyfus Express
®
. Certain requests require the services of a
representative.
17
These financial
highlights describe the performance of the fund's shares for the fiscal periods indicated. "Total return"
shows how much your investment in the fund would have increased (or decreased) during each period, assuming
you had reinvested all dividends and distributions. These financial highlights have been derived from
the fund's financial statements, which have been audited by Ernst & Young LLP, an independent registered
public accounting firm, whose report, along with the fund's financial statements, is included in the
annual report, which is available upon request.
|
|
|
|
|
|
|
|
Dreyfus
New York AMT-Free Municipal Money Market Fund
Year Ended May 31,
|
|
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
Per Share Data ($):
|
|
|
|
|
|
|
Net asset
value, beginning of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
|
Investment Operations:
|
|
|
|
|
|
|
Investment
income--net
|
.000
a
|
.000
a
|
.000
a
|
.001
|
.011
|
|
Distributions:
|
|
|
|
|
|
|
Dividends
from investment income--net
|
(.000)
a
|
(.000)
a
|
(.000)
a
|
(.001)
|
(.011)
|
|
Net asset value, end of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
|
Total Return
(%)
|
.00
b
|
.01
|
.00
b
|
.05
|
1.15
|
|
Ratios/Supplemental Data (%):
|
|
|
|
|
|
|
Ratio
of total expenses to average net assets
|
.69
|
.69
|
.69
|
.66
|
.68
|
|
Ratio of net expenses to average net assets
|
.26
|
.25
|
.40
|
.47
|
.67
|
|
Ratio
of net investment income to average net assets
|
.00
b
|
.00
b
|
.00
b
|
.06
|
1.11
|
|
Net Assets, end of period ($ x 1,000)
|
126,008
|
205,804
|
222,450
|
263,226
|
341,319
|
|
a
Amount represents less than $.001 per share.
|
|
|
|
|
|
|
b
Amount represents
less than .01%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus New York Tax Exempt Bond Fund, Inc.
|
Year Ended May 31,
|
|
|
2013
|
2012
|
2011
|
2010
|
2009
|
|
Per Share Data ($):
|
|
|
|
|
|
|
Net asset value, beginning of period
|
15.47
|
14.57
|
14.84
|
14.18
|
14.44
|
|
Investment
Operations:
|
|
|
|
|
|
|
Investment income--net
a
|
.54
|
.56
|
.58
|
.58
|
.58
|
|
Net realized and unrealized gain (loss) on investments
|
(.16)
|
.90
|
(.27)
|
.65
|
(.25)
|
|
Total from Investment Operations
|
.38
|
1.46
|
.31
|
1.23
|
.33
|
|
Distributions:
|
|
|
|
|
|
|
Dividends from investment income--net
|
(.54)
|
(.56)
|
(.58)
|
(.57)
|
(.57)
|
|
Dividends
from net realized gain on investments
|
(.01)
|
-
|
-
|
-
|
(.02)
|
|
Total Distributions
|
(.55)
|
(.56)
|
(.58)
|
(.57)
|
(.59)
|
|
Net asset value, end of period
|
15.30
|
15.47
|
14.57
|
14.84
|
14.18
|
|
Total Return (%)
|
2.44
|
10.22
|
2.15
|
8.86
|
2.48
|
|
Ratios/Supplemental Data (%):
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
|
.72
|
.74
|
.74
|
.73
|
.76
|
|
Ratio
of net expenses to average net assets
|
.72
|
.74
|
.74
|
.73
|
.75
|
|
Ratio of interest and expense related to floating
rate notes issued to average net assets
|
.01
|
.01
|
.01
|
.01
|
.02
|
|
Ratio of net investment income to average net assets
|
3.46
|
3.75
|
3.94
|
3.97
|
4.15
|
|
Portfolio Turnover Rate
|
4.70
|
11.99
|
8.75
|
11.35
|
16.88
|
|
Net Assets, end of period ($ x 1,000)
|
1,368,096
|
1,422,395
|
1,345,101
|
1,430,008
|
1,371,586
|
|
a
Based on average shares outstanding at each month end.
|
18
NOTES
19
NOTES
20
NOTES
21
For More Information
Dreyfus New York AMT-Free Municipal Money Market
Fund
SEC file number: 811-5160
Dreyfus New York Tax Exempt Bond Fund, Inc.
SEC
file number: 811-3726
More information on this fund is available free upon request, including
the following:
Annual/Semiannual Report
Describes the fund's performance, lists portfolio
holdings and contains a letter from the fund's manager discussing recent market conditions, economic
trends and fund strategies that significantly affected the fund's performance during the last fiscal
year. The fund's most recent annual and semiannual reports are available at
www.dreyfus.com
.
Statement
of Additional Information (SAI)
Provides more details about the fund and its policies. A current
SAI is available at
www.dreyfus.com
and is on file with the Securities and Exchange Commission
(SEC). The SAI is incorporated by reference (and is legally considered part of this prospectus).
Portfolio
Holdings
Dreyfus funds generally disclose their complete schedule of portfolio holdings monthly
with a 30-day lag at
www.dreyfus.com
under Products and Performance. Complete holdings
as of the end of the calendar quarter are disclosed 15 days after the end of such quarter. Dreyfus money
market funds generally disclose their complete schedule of holdings daily. The schedule of holdings
for a fund will remain on the website until the fund files its Form N-Q or Form N-CSR for the period
that includes the dates of the posted holdings.
A complete description of the fund's policies
and procedures with respect to the disclosure of the fund's portfolio securities is available in the
fund's SAI and at
www.dreyfus.com
.
To Obtain Information
By telephone.
Call 1-800-DREYFUS (inside
the U.S. only)
By
mail.
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
By E-mail.
Send
your request to info@dreyfus.com
On the Internet.
Certain fund documents can be viewed online or downloaded
from:
SEC:
http://www.sec.gov
Dreyfus:
http://www.dreyfus.com
You
can also obtain copies, after paying a duplicating fee, by visiting the SEC's Public Reference Room in
Washington, DC (for information, call 1-202-551-8090) or by E-mail request to publicinfo@sec.gov, or
by writing to the SEC's Public Reference Section, Washington, DC 20549-1520.
|
|
|
|
© 2014
MBSC Securities Corporation
NYTEFP0314
|
|