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With offices in New York, Pittsburgh and San Francisco, CIS draws on the expertise of experienced professionals who utilize an interactive, team-based decision-making approach. In total, our portfolio managers, traders, and analysts comprise a group of 68 investment professionals. CIS is also represented in London by its affiliate, BNY Mellon Asset Management (UK) Limited.

Money market funds are supported by a team of FINRA licensed servicing professionals dedicated to providing client service and operational support. National Quality Review (NQR) rated the team 5-Star for call center quality for the 12-month period ending March 2011. NQR is an independent evaluator that uses quality measurement and statistical reporting tools to analyze and benchmark the service quality provided by financial service organizations.¹

The CIS Team as of 3-31-11

¹ NQR recognizes top performing companies in processing operations, call center service, shareholder correspondence, and literature fulfillment. NQR’s 5-Star Rating is designed to recognize operational performance that is at a higher level than the NQR database over a four-quarter rolling period. The 5-Star threshold is determined by identifying the statistical low (at 95% confidence) around the top-quartile average for a calendar year and remains fixed for one year. An NQR client is considered to be a 5-Star performer for call center service quality or processing operations service quality when it attains the NQR 5-Star level for a given four-quarter period. It is important to acknowledge that the 5-Star Rating is not only a reflection of outstanding performance. It is also an opportunity to recognize service organizations that have been able to sustain that level of quality over the long term. The real beneficiaries of 5-Star service delivery are customers.
² CIO for short duration and index strategies is counted two times — one for each strategy.

Market and Sector Commentaries from our Chief Economist and Portfolio Managers

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Investors should consider the investment objectives, risks, charges and expenses of any mutual fund carefully before investing. Contact your sales representative to obtain a prospectus that contains this and other information on a fund, and read it carefully before investing.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in a money market fund. Fund yields fluctuate. Short-term corporate, asset-backed, and municipal securities holdings, while rated in the highest rating category by one or more NRSRO (or if an unrated municipal, deemed of comparable quality by Dreyfus), involve credit and liquidity risks and risk of principal loss.

An investment in a stable value fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a stable value fund seeks to preserve the value of your investment at a constant unit value, it is possible to lose money by investing in a stable value fund.

BNY Mellon Cash Investment Strategies short-duration portfolios are unregistered separate account products and differ from money market funds in terms of fees and portfolio structure, among other aspects. Also short duration portfolios involve higher risk of principal loss and are not designed to maintain a fixed share price. In addition, short-duration investments are subject generally to interest rate, credit, liquidity and market risks to higher degrees. Generally, all other factors being equal, bond prices move in the opposite direction of interest-rate changes and rate increases can produce price declines.

BNY Mellon Asset Management is the umbrella organization for The Bank of New York Mellon Corporation's affiliated investment management firms and global distribution companies. BNY Mellon Cash Investment Strategies is a division of The Dreyfus Corporation, a registered investment adviser and BNY Mellon Asset Management firm. All Dreyfus-managed money market mutual funds are structured within the confines of Rule 2a-7.

Securities are offered in the U.S. through MBSC Securities Corporation, a registered broker-dealer, distributor of the Dreyfus family of funds, and wholly owned subsidiary of The Bank of New York Mellon Corporation. Separate accounts are offered by BNY Mellon Cash Investment Strategies, a division of The Dreyfus Corporation, a registered investment advisor. Bank collective funds are unregistered products offered by The Bank of New York Mellon to qualified investors. BNY Mellon Asset Management is the umbrella organization for The Bank of New York Mellon Corporation's affiliated investment management firms and global distribution companies.

* Rankings based on 2007 year-end data. The rankings include assets managed by BNY Mellon Asset Management and BNY Wealth Management groups. Each ranking may not include the same mix of firms.

* Includes prior tenures at Standish Mellon Asset Management Company LLC and Mellon Bond Associates LLP, affiliates of Dreyfus, prior to joining BNY Mellon Cash Investment Strategies.