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Hamilton Shares Prospectus | Dreyfus Institutional Treasury Obligations Cash Advantage Fund  
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November 18, 2020


DREYFUS INSTITUTIONAL TREASURY OBLIGATIONS CASH ADVANTAGE FUND


Hamilton Shares


Supplement to Summary Prospectus and Prospectus


Effective on or about February 1, 2021 (the "Effective Date"), the management agreement between Dreyfus Institutional Reserves Funds, on behalf of the fund, and BNY Mellon Investment Adviser, Inc. ("BNYM Investment Adviser") will be amended to reflect a reduction in the management fee payable by the fund to BNYM Investment Adviser from an annual rate of 0.14% to an annual rate of 0.10% of the value of thefund's average daily net assets.


In addition, as of the Effective Date, the fund's name will be changed to "Dreyfus Institutional Preferred Treasury Obligations Fund".

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