This
table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage
of the value of your investment)
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Management
fees
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.60
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Other expenses
(including shareholder services fees)
*
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.12
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Total annual fund operating expenses
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.72
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*
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.
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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:
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1 Year
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3 Years
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5
Years
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10 Years
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$74
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$230
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$401
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$894
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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.
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0980SP0314
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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.
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.
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Dreyfus New York Tax Exempt Bond Fund, Inc. Summary
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2
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·
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 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
.
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Year-by-Year Total Returns
as of 12/31 each year (%)
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Best Quarter
Q3, 2009: 7.48%
Worst Quarter
Q4, 2010: -4.75%
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The fund's year-to-date total return as of June 30, 2013 was -3.01%.
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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.
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Average Annual Total Returns
(as of 12/31/12)
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1
Year
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5 Years
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10 Years
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Fund
returns
before taxes
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6.37%
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5.31%
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4.35%
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Fund
returns
after taxes on distributions
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6.35%
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5.30%
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4.32%
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Fund
returns after taxes on distributions
and sale of fund shares
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5.45%
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5.11%
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4.28%
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Barclays Municipal
Bond Index
reflects no deduction for fees, expenses or taxes
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6.78%
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5.91%
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5.10%
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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.
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Dreyfus New York Tax Exempt Bond Fund, Inc. Summary
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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.
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Dreyfus New York Tax Exempt Bond Fund, Inc. Summary
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Dreyfus New York Tax Exempt Bond Fund, Inc. Summary
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