Fund Description

The fund was incepted in July 1983 and is managed by Dreyfus Corporation. The fund seeks as high a level of current income, exempt from federal and California state income taxes, as is consistent with the preservation of capital. The fund invests substantially all of its assets in municipal bonds that provide income exempt from federal and California state personal income taxes. The fund invests at least 80% of its assets in investment grade municipal bonds or the unrated equivalent as determined by Dreyfus. The fund may also 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. The dollar-weighted average maturity of the fund's portfolio normally exceeds ten years, but the fund's average portfolio maturity is not restricted. . Dividends are distributed monthly and capital gains are offered once in a year.