BNY Mellon Euro Liquidity Fund -- Moody's affirms Aaa-mf rating assigned to BNY Mellon Euro Liquidity Fund

The Fund has announced a plan to redeem all shareholder interests and close on 26 November 2012. The Moody's affirmation is based on the expectation that the Fund, as currently structured and managed, will meet all shareholder redemption requests in full prior to and upon the closure of the Fund.

This action follows the 8 November 2012 announcement that the Fund's board of directors, in concert with the investment advisor of the Fund, The Dreyfus Corporation, has decided to close the Fund, having determined that it is no longer economically viable to continue to operate the Fund under current market conditions following the European Central Bank's decision to cut its deposit interest rate to zero in July 2012.

RATINGS RATIONALE

The rating affirmation reflects the strong credit quality of the portfolio, very short weighted average maturity of about 5-days, 96% overnight liquidity and the mark-to-market value of the portfolio that currently stands in excess of 1.00. Furthermore, The Dreyfus Corporation continues to manage the portfolio conservatively to promptly satisfy shareholder redemptions and ensure an orderly wind down and preservation of EUR1.00 NAV.

Moody's will continue to monitor the Fund until its closure on 26 November 2012 and withdraw the rating at that time.

The Dreyfus Corporation is a wholly owned subsidiary of The Bank of New York Mellon Corporation (NYSE: BK), a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. The Bank of New York Mellon Corporation reported $27.9 trillion in assets under custody and administration and approximately $1.4 trillion in assets under management as of 30 September 2012.

The principal methodology used in rating BNY Mellon Euro Liquidity Fund was the Moody's Revised Money Market Fund Ratings and Symbols Industry Methodology published in March 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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Henry Shilling Senior Vice President Managed Investments Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Yaron Ernst MD - Managed Investments Managed Investments Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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