PR Newswire | Nov 18, 2020 09:33AM EST

11/18 08:32 CST

Dreyfus Cash Investment Strategies to Optimize Money Market Fund Range NEW YORK, Nov. 18, 2020

NEW YORK, Nov. 18, 2020 /PRNewswire/ -- Dreyfus Cash Investment Strategies (Dreyfus CIS), a BNY Mellon Investment Management firm with $254bn in assets under management1, today announced that it will be optimizing its suite of money market funds to meet the evolving needs of cash investors.

The enhancements to Dreyfus CIS' money market fund range over the next several months will result in:

* A streamlined product offering of 19 funds across three fund families to provide investment choice across all major money market asset classes. * A uniform pricing structure within each fund family to improve client navigation, as well as reduced management fees in four retail funds and one institutional fund. * Broader investor eligibility through lower investment minimums in many fund share classes.

"For nearly 50 years, as markets and client needs have changed, Dreyfus CIS has met the cash management needs and preferences of investors," said Stephanie Pierce, CEO of ETF, Index, and Cash Investment Strategies at BNY Mellon Investment Management. "As part of BNY Mellon, Dreyfus CIS offers clients deep investment expertise, resilient infrastructure, and a record of strong financial stewardship across the entire cash spectrum. Streamlining our money market fund range is part of our ongoing commitment to providing clients with the professional money management and competitive market returns they expect from us."

These actions build upon Dreyfus CIS' other recent enhancements, which include trading platform technology upgrades that are currently being rolled out to institutional and intermediary clients, the launch of a money market IMPACT strategy (Diversity & Inclusion)2, and updates to the investment guidelines on one government money market fund to help meet the needs of Federal Credit Unions.

All fund changes have been approved by the respective Fund Boards and certain actions will require shareholder approval over the coming months.

Changes to Dreyfus CIS Money Market Fund Range3

Dreyfus CIS Proposed Fund Range

Cash Management Family

Fund Name Fund Classification

Dreyfus Cash Management Institutional Prime

Dreyfus Government Cash Management Government (Repo)

Dreyfus Government Securities Cash Management Government

Dreyfus Treasury Obligations Cash Management Treasury (Repo)

Dreyfus Treasury Securities Cash Management Treasury

Dreyfus Tax Exempt Cash Management Institutional Municipal

Dreyfus AMT-Free Municipal Cash Management Plus Retail Municipal

Dreyfus AMT-Free New York Municipal Cash Management Retail Municipal

Preferred Family

Fund Name Fund Classification

Dreyfus Institutional Preferred Government Money Market Government (Repo)

Dreyfus Institutional Preferred Government Plus Money Market GovernmentFund (Repo)

Dreyfus Institutional Preferred Treasury Securities Money Market TreasuryFund

Dreyfus Institutional Preferred Treasury Obligations (formerly TreasuryDreyfus Institutional Treasury Obligations Cash Advantage) (Repo)

Dreyfus Family & Specialty Funds

Fund Name Fund Classification

Dreyfus Money Market Fund, Inc. Retail Prime

Dreyfus National Municipal Money Market Retail Municipal

Dreyfus New York Municipal Money Market Retail Municipal

Dreyfus Treasury and Agency Liquidity Money Market Treasury (Repo)

BNY Mellon Variable Investment Fund Government Money Market GovernmentPortfolio (Repo)

Dreyfus Basic Money Market Fund, Inc. Retail Prime

Dreyfus Prime Money Market Fund Retail Prime

Fund Liquidations and Mergers

Mergers Fund Classification

General Government Securities to merge into Dreyfus Government GovernmentCash Management (Repo)

Dreyfus Institutional Treasury Securities Cash Advantage tomerge into Dreyfus Institutional Preferred Treasury Securities TreasuryMoney Market Fund

General Treasury Securities Money Market Fund to merge into TreasuryDreyfus Treasury Securities Cash Management

Dreyfus Institutional Preferred Money Market to merge into InstitutionalDreyfus Cash Management Prime

Dreyfus Liquid Assets to merge into Dreyfus General Money Market Retail PrimeFund, Inc.

Liquidations Fund Classification

General Treasury and Agency Money Market Fund Treasury (Repo)

General California Municipal Money Market Fund Retail Municipal

About Dreyfus Cash Investment StrategiesWith assets under management of $254 billion as of October 30, 2020, Dreyfus Cash Investment Strategies (Dreyfus CIS), a division of BNY Mellon Investment Adviser, Inc., is one of the industry's leading institutional managers of money market strategies. The firm provides institutional investors and intermediaries access to a broad array of domestic and offshore money market funds in all major asset categories, including prime, treasury, U.S. government, and municipal. Each money market fund combines the strength of our tenured investment management team with fundamental credit research. Dreyfus CIS' investment professionals utilize an interactive, team-based decision-making approach that strives to deliver sound results in various market cycles. Additional information on Dreyfus Cash Investment Strategies is available on www.dreyfus.com.

About BNY Mellon Investment ManagementBNY Mellon Investment Management is one of the world's largest investment firms, with US $2 trillion in assets under management as of September 30, 2020. Through an investor-first approach, the firm brings to clients the best of both worlds: specialist expertise from eight investment firms offering solutions across every major asset class, backed by the strength, stability, and global presence of BNY Mellon, one of the world's most trusted investment partners. Additional information on BNY Mellon Investment Management is available on www.bnymellonim.com.

BNY Mellon Investment Management is a division of BNY Mellon, which has US $38.6 trillion in assets under custody and/or administration as of September 30, 2020. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of the Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Media Contacts:Courtney WoolstonBNY Mellon Investment Management 212-635-6027 courtney.woolston@bnymellon.com

Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

Investors should consider the investment objectives, risks, charges, and expenses of a money market fund carefully before investing. To obtain a prospectus, or summary prospectus, if available that contains this and other information about the fund, visit www.dreyfus.com. Investors should read the prospectus carefully before investing.

Retail Prime and Tax-Exempt/Municipal Money Market Funds: You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Government/Treasury Money Market Funds: You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Although the fund's board has no current intention to impose a fee upon the sale of shares or temporarily suspend redemptions if the fund's liquidity falls below certain levels, the board reserves the ability to do so after providing at least 60 days prior written notice to shareholders.

Institutional Prime and Tax-Exempt Money Market Funds:You could lose money by investing in a money market fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

This information should not be construed as investment advice or the recommendation for any particular investment. Please consult a legal, tax or financial professional in order to determine whether an investment product or service is appropriate for a particular situation. No part of this material may be reproduced in any form without express written permission.

BNY Mellon is the corporate brand for The Bank of New York Mellon Corporation. Dreyfus Cash Investment Strategies (Dreyfus CIS) is a division of BNY Mellon Investment Adviser, Inc., a registered investment adviser. Dreyfus Cash Solutions is a division of BNY Mellon Securities Corporation, a registered broker dealer and the distributor for the BNY Mellon Family of Funds. BNY Mellon Investment Management is one of the world's leading asset 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.

1 As of October 30, 20202 Launched November 2019 for the Dreyfus Government Securities Cash Management Fund. 3 This does not encompass all changes that have been approved by the Fund boards to the Dreyfus CIS money market funds as of November 18, 2020 and is intended to be illustrative of approved actions, actions which require shareholder approval, and the resulting offering over the coming months. Please refer to the related prospectuses for a full list of changes to the funds, including but not limited to additional share classes and fee changes, as well important dates and information related to shareholder approval.

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SOURCE BNY Mellon Investment Management