¹Liquidity Direct^SM is for use with Institutional Investors only.

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, contact your financial professional or visit dreyfus.com. Read the prospectus carefully before investing.

You could lose money by investing in the 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 a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

Although the Fund's board has no current intention to impose a fee upon the sale of shares, the board reserves the ability to do so after providing at least 60 days prior written notice to shareholders.

BNY Dreyfus Stablecoin Reserves Fund
Stablecoin reserve risk: Shares of the fund are intended to be held by stablecoin issuers as reserves backing their outstanding payment stablecoins. The assets of the fund are therefore expected to fluctuate depending on the creation (minting) of additional stablecoins or the redemption (burning) of such stablecoins. Stablecoins are relatively new and may face periods of uncertainty, resulting in the potential for rapid and/or unexpected requests by stablecoin issuers for redemption of the fund's shares (including requests by multiple stablecoin issuers at the same time). Such redemption requests could adversely affect remaining fund shareholders, the fund's liquidity, and the fund's ability to maintain a stable price per share, particularly if such redemptions occur in times of overall market turmoil or declining prices.

Dreyfus Treasury Securities Cash Management Fund
The fund's Token-Enabled shares are designed generally for institutional investors, acting for themselves or in a fiduciary, advisory, agency, brokerage, custodial or similar capacity. Token-Enabled shares of the fund also may be purchased directly by individuals. Investors are required to purchase Token-Enabled shares through The Bank of New York Mellon, an affiliate of BNY Mellon Investment Adviser, Inc. (BNYIA), on The Bank of New York Mellon's platform. There are risks associated with shares maintained and recorded primarily on a blockchain. A "blockchain" is a type of digital database or ledger that facilitates the process of recording transactions and tracking assets in a business network. Unlike the currently implemented traditional books and records maintained by fund transfer agents, including the fund's transfer agent, a blockchain is a system that allows for the sharing of information across its network. Assets are represented on the blockchain through "tokens," which are a digital representation of an asset and are built into the blockchain.

The Bank of New York Mellon will mirror the ownership of its clients' Token-Enabled shares on a blockchain implemented by a financial institution (Blockchain). The recording of the ownership of Token-Enabled shares of the fund by The Bank of New York Mellon on the Blockchain will not affect the fund's investments.

BNY is not a stablecoin issuer but can help clients issue their own stablecoin. BNY can serve as a reserve custodian and cash bank and service the value chain as the investment manager, mint/burn bank, and cash bank.

ESG evaluation risk. Where appropriate and as applicable, Dreyfus incorporates environmental, social and governance (ESG) factors into its fundamental credit research process. Dreyfus may not consider ESG ratings or other ESG data or analysis in connection with every investment decision and may determine that other attributes of an investment outweigh ESG considerations when making an investment decision. ESG factors may not be determinative with respect to a given credit analysis or investment decision. Accordingly, a fund may invest in securities of a company/issuer with a negative ESG profile, and a fund may divest or not invest in a company/issuer with a positive ESG profile. In light of the fact that ESG data often lacks standardization, consistency and transparency, such data including ESG ratings for certain issuers/companies may not be available, complete or accurate. As a result, the fund's investments may differ from, and potentially underperform funds that incorporate ESG data from other sources or utilize other methodologies.

Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. BNY Investments is one of the world's leading investment management organizations encompassing BNY's  affiliated investment management firms and global distribution companies. BNY is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally.

BNY Investments Dreyfus provides institutional investors and intermediaries with a variety of domestic and offshore money funds and short duration separate account strategies. BNY Investments Dreyfus (Dreyfus) is a division of Mellon Investments Corporation (MIC), a registered investment adviser and subsidiary of The Bank of New York Mellon Corporation (BNY). Securities are offered by BNY Mellon Securities Corporation (BNYSC), a registered broker-dealer and affiliate of MIC. BNY Investments is the brand name for the investment management business of BNY and its investment firm affiliates worldwide. Certain offshore products are not available to US investors and are distributed by BNY entities licensed in the relevant jurisdictions.

The information provided on this site is for informational purposes only and should not be construed as investment advice or a recommendation of any particular investment product, strategy, investment manager or account arrangement, and should not serve as a primary basis for investment decisions. Prospective investors should consult a legal, tax or financial professional in order to determine whether any investment product, strategy or service is appropriate for their particular circumstances. This information may not be used for the purpose of an offer or solicitation in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorized.

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