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DREYFUS CALIFORNIA AMT-FREE MUNICIPAL BOND FUND (Prospectus Summary) | DREYFUS CALIFORNIA AMT-FREE MUNICIPAL BOND FUND
Fund Summary
Investment Objective
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.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold
shares of the fund. This table describes the fees and expenses that you may pay
if you buy and hold shares of the fund. You may qualify for sales charge
discounts if you and your family invest, or agree to invest in the future, at
least $50,000 in certain funds in the Dreyfus Family of Funds. More information
about these and other discounts is available from your financial professional
and in the Shareholder Guide section on page 9 of the prospectus and in the How
to Buy Shares section and the Additional Information About How to Buy Shares
section on page II-1 and page III-1, respectively, of the fund's Statement of
Additional Information. Class A shares bought without an initial sales charge as
part of an investment of $1 million or more may be charged a deferred sales
charge of 1.00% if redeemed within one year.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees DREYFUS CALIFORNIA AMT-FREE MUNICIPAL BOND FUND
Class A
Class C
Class I
Class Z
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 4.50% none none none
Maximum deferred sales charge (load) (as a percentage of lower of purchase or sale price) none 1.00% none none
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses DREYFUS CALIFORNIA AMT-FREE MUNICIPAL BOND FUND
Class A
Class C
Class I
Class Z
Management fees 0.60% 0.60% 0.60% 0.60%
Distribution (12b-1) fees none 0.75% none none
Other expenses (including shareholder services fees) 0.33% 0.31% 0.08% 0.13%
Total annual fund operating expenses 0.93% 1.66% 0.68% 0.73%
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:
Expense Example DREYFUS CALIFORNIA AMT-FREE MUNICIPAL BOND FUND (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A
541 733 942 1,542
Class C
269 523 902 1,965
Class I
69 218 379 847
Class Z
75 233 406 906
You would pay the following expenses if you did not redeem your shares:
Expense Example, No Redemption DREYFUS CALIFORNIA AMT-FREE MUNICIPAL BOND FUND (USD $)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Class A
541 733 942 1,542
Class C
169 523 902 1,965
Class I
69 218 379 847
Class Z
75 233 406 906
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 20.88% 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 and California state
income taxes. The fund also seeks to provide income exempt from the federal
alternative minimum tax. The fund invests at least 80% of its assets in municipal
bonds rated investment grade (Baa/BBB or higher) or the unrated equivalent as
determined by The Dreyfus Corporation. For additional yield, 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.

The portfolio managers focus on identifying undervalued sectors and securities. To
select municipal bonds for the fund, the portfolio managers use fundamental credit
analysis to estimate the relative value and attractiveness of various sectors and
securities and actively trade among various sectors, based on their apparent
relative values.

Although the fund seeks to provide income exempt from federal and California state
income taxes, the fund may invest temporarily in taxable bonds and/or municipal
bonds that pay income exempt only from federal income tax, including when the
portfolio managers believe acceptable California municipal bonds are not available
for investment.
Principal Risks
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.

o Municipal bond market risk. The amount of public information available about
municipal bonds 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 bonds. Other factors include the general conditions of
the municipal bond 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 in which the fund invests may have an impact on the fund's share price.

o Interest rate risk. Prices of municipal 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 portfolio, the more the fund's share price is likely to react to
interest rates.

o 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 municipal 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.

o 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 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.

o State-specific risk. The fund is subject to the risk that California's economy, and
the revenues underlying its municipal bonds, may decline. Investing primarily in a
single state makes the fund more sensitive to risks specific to the state and may
magnify other risks.

o Non-diversification risk. The fund is non-diversified, meaning that a relatively
high percentage of the fund's assets may be invested 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.
Performance
The following bar chart and table provide some indication of the risks of investing
in the fund. 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 no guarantee of future results. More recent performance
information may be available at www.dreyfus.com.
The bar chart shows changes in the performance of the fund's Class Z shares
from year to year. Sales charges, if any, are not reflected in the bar chart,
and if those charges were included, returns would have been less than those
shown.
Year-by-Year Total Returns as of 12/31 each year (%) -- Class Z
Bar Chart
Best Quarter Q3, 2009: 8.07%
Worst Quarter Q4, 2010: -6.01%

The year-to-date total return of the fund's Class Z shares as of 6/30/12 was 4.50%.
After-tax performance is shown only for Class Z shares. After-tax performance of
the fund's other share classes will vary. After-tax returns are calculated using
the historical highest individual federal marginal 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.

Performance figures for the fund's Class A, Class C and Class I shares for
periods prior to the inception date of such classes reflect the performance of
the fund's Class Z shares adjusted to reflect any applicable sales charge. Such
performance figures have not been adjusted, however, to reflect applicable class
fees and expenses; if such fees and expenses had been reflected, the performance
shown for Class A and Class C shares for such periods may have been lower.
Average Annual Total Returns (as of 12/31/11)
Average Annual Total Returns DREYFUS CALIFORNIA AMT-FREE MUNICIPAL BOND FUND
Label
1 Year
5 Years
10 Years
Inception Date
Class A
Class A returns before taxes 6.56% 3.03% 4.12% Oct. 21, 2004
Class C
Class C returns before taxes 9.61% 3.16% 4.01% Oct. 21, 2004
Class I
Class I returns before taxes 11.77% 4.22% 4.77% Dec. 15, 2008
Class Z
Class Z returns before taxes 11.79% 4.20% 4.76% Jul. 26, 1983
After Taxes on Distributions Class Z
Class Z returns after taxes on distributions 11.79% 4.20% 4.69% Jul. 26, 1983
After Taxes on Distributions and Sales Class Z
Class Z returns after taxes on distributions and sale of fund shares 9.19% 4.18% 4.65% Jul. 26, 1983
Barclays Municipal Bond Index
Barclays Municipal Bond Index reflects no deduction for fees, expenses or taxes 10.70% 5.22% 5.38%