To pursue its goal, the fund normally invests at least 80% of its net assets in short-term, high quality municipal obligations that provide income exempt from federal income tax. Among these are municipal notes, short-term municipal bonds, tax-exempt commercial paper and municipal leases.

Although the fund seeks to provide income exempt from federal income tax, income from some of the fund's holdings may be subject to the federal alternative minimum tax.

The fund is a money market fund subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, and seeks to maintain a stable share price of $1.00.

The fund seeks to invest in securities that present minimal credit risk, based on BNY Mellon Investment Adviser, Inc.'s (BNYM Investment Adviser) assessment of the issuer's or guarantor's credit quality and capacity to meet its financial obligations, among other factors. As part of the security selection process, where appropriate and as applicable, and to the extent relevant information is available, BNYM Investment Adviser also evaluates whether environmental, social and governance (ESG) factors could have a positive, negative or neutral impact on the cash flows or risk profiles of the guarantors of the securities in which the fund may invest. In evaluating ESG factors, BNYM Investment Adviser will use ESG research developed by one or more of its affiliates as well as ESG ratings and other material information provided by third parties and the guarantors of securities in which the fund may invest. When considered material, identified ESG factors are incorporated within BNYM Investment Adviser's credit risk analysis, but BNYM Investment Adviser may determine that other attributes of an investment outweigh ESG considerations when making an investment

decision. Further, BNYM Investment Adviser may not consider ESG ratings or other ESG data in connection with every investment decision it makes on behalf of the fund. As a result, securities guaranteed by guarantors that may be negatively impacted by ESG factors may be purchased and retained by the fund, while the fund may divest or not invest in securities guaranteed by guarantors that may be positively impacted by such factors.