UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number | 811- 22169 | |||||
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| Dreyfus Institutional Reserves Funds |
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| (Exact name of Registrant as specified in charter) |
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c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 |
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| (Address of principal executive offices) (Zip code) |
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| John Pak, Esq. 200 Park Avenue New York, New York 10166 |
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| (Name and address of agent for service) |
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Registrant's telephone number, including area code: | (212) 922-6000 | |||||
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Date of fiscal year end:
| 12/31 |
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Date of reporting period: | 6/30/13 |
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Dreyfus Institutional Reserves Funds
The Funds
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The Funds 3
DISCUSSION OF FUND PERFORMANCE (continued)
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TheFunds 5
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemptions fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from January 1, 2013 to June 30, 2013. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment | ||||||||||
assuming actual returns for the six months ended June 30, 2013 | ||||||||||
Institutional | Hamilton | Agency | Premier | Classic | ||||||
Shares | Shares | Shares | Shares | Shares | ||||||
Dreyfus Institutional Reserves | ||||||||||
Money Fund | ||||||||||
Expenses paid per $1,000† | $ | .69 | $ | .94 | $ | .99 | $ | .99 | $ | .99 |
Ending value (after expenses) | $ | 1,000.30 | $ | 1,000.10 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 |
Annualized expense ratio (%) | .14 | .19 | .20 | .20 | .20 | |||||
Dreyfus Institutional Reserves | ||||||||||
Treasury Fund | ||||||||||
Expenses paid per $1,000† | $ | .50 | $ | .50 | $ | .50 | $ | .50 | $ | .50 |
Ending value (after expenses) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 |
Annualized expense ratio (%) | .10 | .10 | .10 | .10 | .10 | |||||
Dreyfus Institutional Reserves | ||||||||||
Treasury Prime Fund | ||||||||||
Expenses paid per $1,000† | $ | .35 | $ | .35 | — | $ | .35 | — | ||
Ending value (after expenses) | $ | 1,000.00 | $ | 1,000.00 | — | $ | 1,000.00 | — | ||
Annualized expense ratio (%) | .07 | .07 | — | .07 | — |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half |
year period). |
6
COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return.You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment | |||||||||||
assuming a hypothetical 5% annualized return for the six months ended June 30, 2013 | |||||||||||
Institutional | Hamilton | Agency | Premier | Classic | |||||||
Shares | Shares | Shares | Shares | Shares | |||||||
Dreyfus Institutional Reserves | |||||||||||
Money Fund | |||||||||||
Expenses paid per $1,000† | $ | .70 | $ | .95 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |
Ending value (after expenses) | $ | 1,024.10 | $ | 1,023.85 | $ | 1,023.80 | $ | 1,023.80 | $ | 1,023.80 | |
Annualized expense ratio (%) | .14 | .19 | .20 | .20 | .20 | ||||||
Dreyfus Institutional Reserves | |||||||||||
Treasury Fund | |||||||||||
Expenses paid per $1,000† | $ | .50 | $ | .50 | $ | .50 | $ | .50 | $ | .50 | |
Ending value (after expenses) | $ | 1,024.30 | $ | 1,024.30 | $ | 1,024.30 | $ | 1,024.30 | $ | 1,024.30 | |
Annualized expense ratio (%) | .10 | .10 | .10 | .10 | .10 | ||||||
Dreyfus Institutional Reserves | |||||||||||
Treasury Prime Fund | |||||||||||
Expenses paid per $1,000† | $ | .35 | $ | .35 | — | $ | .35 | — | |||
Ending value (after expenses) | $ | 1,024.45 | $ | 1,024.45 | — | $ | 1,024.45 | — | |||
Annualized expense ratio (%) | .07 | .07 | — | .07 | — |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half |
year period). |
The Funds 7
STATEMENT OF INVESTMENTS
June 30, 2013 (Unaudited)
Principal | |||
Dreyfus Institutional Reserves Money Fund | Amount ($) | Value ($) | |
Negotiable Bank Certificates of Deposit—26.7% | |||
Bank of Montreal (Yankee) | |||
0.33%, 8/15/13 | 50,000,000 | a | 50,000,000 |
Bank of Tokyo-Mitsubishi Ltd. (Yankee) | |||
0.23%, 8/8/13 | 50,000,000 | 50,000,000 | |
Credit Suisse New York (Yankee) | |||
0.24%, 7/1/13 | 55,000,000 | a | 55,000,000 |
JPMorgan Chase & Co. | |||
0.20%, 7/26/13 | 25,000,000 | b | 25,000,000 |
JPMorgan Chase Bank, N.A. | |||
0.20%, 7/1/13 | 50,000,000 | 50,000,000 | |
Mizuho Corporate Bank (Yankee) | |||
0.22%, 9/12/13 | 100,000,000 | 100,000,000 | |
Nordea Bank Finland (Yankee) | |||
0.24%, 8/1/13 | 100,000,000 | 100,000,000 | |
Norinchukin Bank (Yankee) | |||
0.24%, 7/25/13—8/2/13 | 100,000,000 | 100,000,000 | |
Rabobank Nederland (Yankee) | |||
0.27%, 7/16/13 | 100,000,000 | 100,000,000 | |
Royal Bank of Canada (Yankee) | |||
0.29%, 7/1/13 | 50,000,000 | a | 50,000,000 |
Sumitomo Mitsui Banking Corp. (Yankee) | |||
0.23%, 7/23/13 | 100,000,000 | b | 100,000,000 |
Toronto Dominion Bank (Yankee) | |||
0.22%, 7/22/13 | 20,250,000 | 20,251,002 | |
Total Negotiable Bank Certificates of Deposit | |||
(cost $800,251,002) | 800,251,002 | ||
Commercial Paper—28.3% | |||
ASB Finance Ltd. | |||
0.32%, 9/12/13 | 25,000,000 | a,b | 25,000,000 |
Bank of Nova Scotia | |||
0.01%, 7/1/13 | 125,000,000 | 125,000,000 | |
Barclays U.S. Funding | |||
0.20%, 8/2/13 | 100,000,000 | 99,982,222 | |
BNP Paribas Finance Inc. | |||
0.15%, 7/29/13 | 50,000,000 | 49,994,167 | |
Commonwealth Bank of Australia | |||
0.28%—0.32%, 9/3/13—9/9/13 | 100,000,000 | a,b | 100,000,000 |
Credit Suisse New York | |||
0.29%, 11/1/13 | 50,000,000 | 49,950,458 | |
National Australia Bank | |||
0.28%, 8/9/13 | 100,000,000 | a | 100,000,000 |
8
Principal | ||||
Dreyfus Institutional Reserves Money Fund (continued) | Amount ($) | Value ($) | ||
Commercial Paper (continued) | ||||
NRW Bank | ||||
0.17%, 7/17/13 | 100,000,000 | b | 99,992,667 | |
Skandinaviska Enskilda Banken | ||||
0.20%, 9/4/13—9/5/13 | 125,000,000 | b | 124,954,722 | |
UBS Finance (Delaware) Inc. | ||||
0.21%, 8/16/13 | 50,000,000 | 49,986,583 | ||
Westpac Banking Corp. | ||||
0.30%, 7/1/13 | 25,000,000 | a,b | 25,000,000 | |
Total Commercial Paper | ||||
(cost $849,860,819) | 849,860,819 | |||
Asset-Backed Commercial Paper—11.2% | ||||
Collateralized Commercial | ||||
Paper Program Co., LLC | ||||
0.25%—0.30%, 8/19/13—11/4/13 | 60,000,000 | 59,972,486 | ||
FCAR Owner Trust, Ser. II | ||||
0.20%, 9/9/13 | 100,000,000 | 99,961,111 | ||
Northern Pines Funding LLC | ||||
0.24%, 7/30/13 | 125,000,000 | b | 124,975,833 | |
Regency Markets No. 1 LLC | ||||
0.17%, 7/22/13 | 50,000,000 | b | 49,995,042 | |
Total Asset-Backed Commercial Paper | ||||
(cost $334,904,472) | 334,904,472 | |||
Time Deposits—18.2% | ||||
Bank of America N.A. (Grand Cayman) | ||||
0.01%, 7/1/13 | 45,000,000 | 45,000,000 | ||
DnB Bank (Grand Cayman) | ||||
0.03%, 7/1/13 | 125,000,000 | 125,000,000 | ||
DZ Bank AG (Grand Cayman) | ||||
0.03%, 7/1/13 | 125,000,000 | 125,000,000 | ||
Lloyds TSB Bank (London) | ||||
0.08%, 7/1/13 | 125,000,000 | 125,000,000 | ||
Natixis New York (Grand Cayman) | ||||
0.10%, 7/1/13 | 125,000,000 | 125,000,000 | ||
Total Time Deposits | ||||
(cost $545,000,000) | 545,000,000 | |||
U.S. Treasury Notes—6.4% | ||||
0.13%—0.14%, 9/30/13 | ||||
(cost $190,669,573) | 190,000,000 | 190,669,573 |
The Funds 9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Principal | |||
Dreyfus Institutional Reserves Money Fund (continued) | Amount ($) | Value ($) | |
Repurchase Agreements—9.2% | |||
ABN AMRO Bank N.V. | |||
0.12%, dated 6/28/13, due 7/1/13 in the | |||
amount of $125,001,250 (fully collateralized by | |||
$129,022,700 U.S. Treasury Notes, 0.25%-0.75%, | |||
due 4/15/16-3/31/18, value $127,500,023) | 125,000,000 | 125,000,000 | |
HSBC USA Inc. | |||
0.10%, dated 6/28/13, due 7/1/13 in the amount of | |||
$150,001,250 (fully collateralized by $53,221,600 | |||
U.S. Treasury Bonds, 3.13%-6%, due 2/15/26-11/15/41, | |||
value $61,079,414 and $85,411,000 U.S. Treasury Notes, | |||
0.50%-4.75%, due 8/15/14-9/30/18, value $91,925,510) | 150,000,000 | 150,000,000 | |
Total Repurchase Agreements | |||
(cost $275,000,000) | 275,000,000 | ||
Total Investments (cost $2,995,685,866) | 100.0 | % | 2,995,685,866 |
Cash and Receivables (Net) | .0 | % | 1,481,051 |
Net Assets | 100.0 | % | 2,997,166,917 |
a Variable rate security—interest rate subject to periodic change. |
b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified |
institutional buyers.At June 30, 2013, these securities amounted to $674,918,264 or 22.5% of net assets. |
Portfolio Summary (Unaudited)† | |||
Value (%) | Value (%) | ||
Banking | 73.2 | Asset-Backed/Single Seller | 3.3 |
Repurchase Agreements | 9.2 | Asset-Backed/Multi-Seller Programs | 1.7 |
U.S. Government | 6.4 | ||
Asset-Backed/Banking | 6.2 | 100.0 |
† Based on net assets. |
See notes to financial statements. |
10
STATEMENT OF INVESTMENTS
June 30, 2013 (Unaudited)
Annualized | |||
Yield on | |||
Date of | Principal | ||
Dreyfus Institutional Reserves Treasury Fund | Purchase (%) | Amount ($) | Value ($) |
U.S. Treasury Bills—25.4% | |||
7/11/13 | 0.06 | 100,000,000 | 99,998,333 |
7/25/13 | 0.05 | 150,000,000 | 149,995,000 |
8/1/13 | 0.05 | 25,000,000 | 24,998,924 |
8/29/13 | 0.13 | 100,000,000 | 99,978,694 |
Total U.S. Treasury Bills | |||
(cost $374,970,951) | 374,970,951 | ||
U.S. Treasury Notes—27.1% | |||
7/15/13 | 0.12 | 100,000,000 | 100,034,044 |
9/15/13 | 0.12 | 50,000,000 | 50,065,448 |
9/30/13 | 0.06 | 50,000,000 | 50,007,448 |
9/30/13 | 0.07 | 100,000,000 | 100,760,040 |
10/15/13 | 0.07 | 50,000,000 | 50,062,076 |
2/28/14 | 0.11 | 50,000,000 | 50,043,463 |
Total U.S. Treasury Notes | |||
(cost $400,972,519) | 400,972,519 |
Repurchase Agreements—47.4% | |||
ABN AMRO Bank N.V. | |||
dated 6/28/13, due 7/1/13 in the amount of $200,002,000 | |||
(fully collateralized by $207,270,800 U.S. Treasury Notes, | |||
0.25%-0.75%, due 4/15/16-10/31/17, value $204,000,065) | 0.12 | 200,000,000 | 200,000,000 |
Barclays Capital, Inc. | |||
dated 6/28/13, due 7/1/13 in the amount of $51,000,425 | |||
(fully collateralized by $28,937,338 U.S. Treasury Notes, | |||
0.25%-2.50%, due 3/31/15-8/31/17, value $29,516,085 | |||
and $22,062,664 U.S. Treasury Strips, due 2/15/22-2/15/24, | |||
value $22,503,917) | 0.10 | 51,000,000 | 51,000,000 |
BNP Paribas | |||
dated 6/28/13, due 7/1/13 in the amount of $110,000,917 | |||
(fully collateralized by $110,881,000 U.S. Treasury Notes, | |||
0.25%-4.13%, due 2/28/15-5/15/15, value $112,200,105) | 0.10 | 110,000,000 | 110,000,000 |
Citibank, NA | |||
dated 6/28/13, due 7/1/13 in the amount of $110,000,733 | |||
(fully collateralized by $110,805,800 U.S. Treasury Notes, | |||
0.25%-2.75%, due 10/31/13-1/31/20, value $112,200,024) | 0.08 | 110,000,000 | 110,000,000 |
The Funds 11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Annualized | ||||
Yield on | ||||
Date of | Principal | |||
Dreyfus Institutional Reserves Treasury Fund (continued) | Purchase (%) | Amount ($) | Value ($) | |
Repurchase Agreements (continued) | ||||
Goldman, Sachs & Co. | ||||
dated 6/28/13, due 7/1/13 in the amount of $50,000,167 | ||||
(fully collateralized by $50,329,900 U.S. Treasury Notes, | ||||
2.75%, due 10/31/13, value $51,000,041) | 0.04 | 50,000,000 | 50,000,000 | |
Morgan Stanley | ||||
dated 6/28/13, due 7/1/13 in the amount of $180,001,800 | ||||
(fully collateralized by $143,467,100 U.S. Treasury Bills, | ||||
due 2/6/14, value $143,382,455 and $39,926,100 | ||||
U.S. Treasury Notes, 0.25%-3.63%, due 3/31/15-2/15/21, | ||||
value $40,217,642) | 0.12 | 180,000,000 | 180,000,000 | |
Total Repurchase Agreements | ||||
(cost $701,000,000) | 701,000,000 | |||
Total Investments (cost $1,476,943,470) | 99.9 | % | 1,476,943,470 | |
Cash and Receivables (Net) | .1 | % | 1,729,777 | |
Net Assets | 100.0 | % | 1,478,673,247 |
Portfolio Summary (Unaudited)† | |||
Value (%) | Value (%) | ||
Repurchase Agreements | 47.4 | U.S. Treasury Bills | 25.4 |
U.S. Treasury Notes | 27.1 | 99.9 |
† Based on net assets. |
See notes to financial statements. |
STATEMENT OF INVESTMENTS
June 30, 2013 (Unaudited)
Annualized | |||||
Yield on | |||||
Date of | Principal | ||||
Dreyfus Institutional Reserves Treasury Prime Fund | Purchase (%) | Amount ($) | Value ($) | ||
U.S. Treasury Bills—66.2% | |||||
7/5/13 | 0.03 | 2,000,000 | 1,999,993 | ||
7/11/13 | 0.03 | 8,000,000 | 7,999,928 | ||
7/18/13 | 0.03 | 51,000,000 | 50,999,303 | ||
7/25/13 | 0.03 | 125,000,000 | 124,997,916 | ||
8/1/13 | 0.07 | 48,000,000 | 47,997,003 | ||
8/8/13 | 0.05 | 81,000,000 | 80,996,068 | ||
8/15/13 | 0.03 | 63,000,000 | 62,998,031 | ||
8/22/13 | 0.06 | 28,000,000 | 27,997,696 | ||
9/12/13 | 0.11 | 24,000,000 | 23,994,647 | ||
9/19/13 | 0.11 | 31,000,000 | 30,992,767 | ||
9/26/13 | 0.09 | 20,000,000 | 19,995,892 | ||
Total U.S. Treasury Bills | |||||
(cost $480,969,244) | 480,969,244 | ||||
U.S. Treasury Notes—34.3% | |||||
7/31/13 | 0.05 | 18,000,000 | 18,004,843 | ||
8/15/13 | 0.07 | 44,000,000 | 44,037,159 | ||
8/15/13 | 0.05 | 141,000,000 | 141,735,341 | ||
8/31/13 | 0.05 | 45,000,000 | 45,005,534 | ||
Total U.S. Treasury Notes | |||||
(cost $248,782,877) | 248,782,877 | ||||
Total Investments (cost $729,752,121) | 100.5 | % | 729,752,121 | ||
Liabilities, Less Cash and Receivables | (.5 | %) | (3,746,727 | ) | |
Net Assets | 100.0 | % | 726,005,394 |
Portfolio Summary (Unaudited)† | |||
Value (%) | Value (%) | ||
U.S. Treasury Bills | 66.2 | U.S. Treasury Notes | 34.3 |
100.5 |
† Based on net assets. |
See notes to financial statements. |
The Funds 13
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2013 (Unaudited)
Dreyfus | Dreyfus | |||||
Dreyfus | Institutional | Institutional | ||||
Institutional | Reserves | Reserves | ||||
Reserves | Treasury | Treasury Prime | ||||
Money Fund | Fund | Fund | ||||
Assets ($): | ||||||
Investments in securities at value—Note 1(a,b)† | 2,995,685,866 | a | 1,476,943,470 | a | 729,752,121 | |
Cash | 568,722 | 316,281 | — | |||
Interest receivable | 1,300,975 | 1,472,199 | 2,422,170 | |||
2,997,555,563 | 1,478,731,950 | 732,174,291 | ||||
Liabilities ($): | ||||||
Due to The Dreyfus Corporation and affiliates—Note 2(b) | 388,646 | 58,702 | 21,282 | |||
Payable for shares of Beneficial Interest redeemed | — | 1 | 15,846 | |||
Payable for investment securities purchased | — | — | 6,003,444 | |||
Accrued expenses | — | — | 128,325 | |||
388,646 | 58,703 | 6,168,897 | ||||
Net Assets ($) | 2,997,166,917 | 1,478,673,247 | 726,005,394 | |||
Composition of Net Assets ($): | ||||||
Paid-in capital | 2,997,273,163 | 1,479,014,673 | 726,009,111 | |||
Accumulated net realized gain (loss) on investments | (106,246 | ) | (341,426 | ) | (3,717 | ) |
Net Assets ($) | 2,997,166,917 | 1,478,673,247 | 726,005,394 | |||
Net Asset Value Per Share | ||||||
Institutional Shares | ||||||
Net Assets ($) | 1,066,864,964 | 106,636,466 | 367,980,104 | |||
Shares Outstanding | 1,066,184,659 | 106,610,486 | 367,985,067 | |||
Net Asset Value Per Share ($) | 1.00 | 1.00 | 1.00 | |||
Hamilton Shares | ||||||
Net Assets ($) | 1,357,314,636 | 136,564,093 | 5,305,188 | |||
Shares Outstanding | 1,356,524,589 | 136,525,810 | 5,305,215 | |||
Net Asset Value Per Share ($) | 1.00 | 1.00 | 1.00 | |||
Agency Shares | ||||||
Net Assets ($) | 13,757,046 | 2,730,957 | — | |||
Shares Outstanding | 13,750,008 | 2,730,287 | — | |||
Net Asset Value Per Share ($) | 1.00 | 1.00 | — | |||
Premier Shares | ||||||
Net Assets ($) | 385,750,142 | 1,008,369,445 | 352,720,102 | |||
Shares Outstanding | 385,539,725 | 1,008,187,422 | 352,718,829 | |||
Net Asset Value Per Share ($) | 1.00 | 1.00 | 1.00 | |||
Classic Shares | ||||||
Net Assets ($) | 173,480,129 | 224,372,286 | — | |||
Shares Outstanding | 173,375,465 | 224,317,851 | — | |||
Net Asset Value Per Share ($) | 1.00 | 1.00 | — | |||
† Investments at cost ($) | 2,995,685,866 | 1,476,943,470 | 729,752,121 |
a Amount includes repurchase agreements of $275,000,000 for Dreyfus Institutional Reserves Money Fund and $701,000,000 for Dreyfus Institutional Reserves Treasury Fund. |
See Note 1(b). |
See notes to financial statements. |
14
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2013 (Unaudited)
Dreyfus | Dreyfus | |||||
Dreyfus | Institutional | Institutional | ||||
Institutional | Reserves | Reserves | ||||
Reserves | Treasury | Treasury Prime | ||||
Money Fund | Fund | Fund | ||||
Investment Income ($): | ||||||
Interest Income | 2,977,839 | 613,825 | 229,934 | |||
Expenses: | ||||||
Management fee—Note 2(a) | 2,090,466 | 863,149 | 537,723 | |||
Service Plan fees—Note 2(b) | 1,516,951 | 1,771,275 | 481,317 | |||
Trustees' fees—Note 2(a,c) | 50,122 | 19,650 | 11,633 | |||
Total Expenses | 3,657,539 | 2,654,074 | 1,030,673 | |||
Less—reduction in expenses due to undertaking—Note 2(a) | (1,006,099 | ) | (2,021,087 | ) | (789,227 | ) |
Less—Trustees' fees reimbursed by the Manager—Note 2(a) | (50,122 | ) | (19,650 | ) | (11,633 | ) |
Net Expenses | 2,601,318 | 613,337 | 229,813 | |||
Investment Income—Net | 376,521 | 488 | 121 | |||
Net Realized Gain (Loss) on Investments—Note 1(b) ($) | 15,846 | 12,629 | 1,355 | |||
Net Increase in Net Assets Resulting from Operations | 392,367 | 13,117 | 1,476 |
See notes to financial statements. |
The Funds 15
STATEMENTS OF CHANGES IN ASSETS
Dreyfus Institutional | ||||
Reserves Money Fund | ||||
Six Months Ended | Year Ended | |||
June 30, 2013 | December 31, | |||
(Unaudited) | 2012 | |||
Operations ($): | ||||
Investment income—net | 376,521 | 2,179,312 | ||
Net realized gain (loss) on investments | 15,846 | (107,615 | ) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 392,367 | 2,071,697 | ||
Dividends to Shareholders from ($): | ||||
Investment income—net: | ||||
Institutional Shares | (269,822 | ) | (1,057,983 | ) |
Hamilton Shares | (106,597 | ) | (1,120,946 | ) |
Agency Shares | (3 | ) | (185 | ) |
Premier Shares | (75 | ) | (155 | ) |
Classic Shares | (24 | ) | (43 | ) |
Total Dividends | (376,521 | ) | (2,179,312 | ) |
Beneficial Interest Transactions ($1.00 per share): | ||||
Net proceeds from shares sold: | ||||
Institutional Shares | 2,166,987,822 | 4,533,901,564 | ||
Hamilton Shares | 3,016,652,457 | 7,758,824,280 | ||
Agency Shares | 17,476,626 | 60,314,069 | ||
Premier Shares | 860,716,230 | 1,579,195,945 | ||
Classic Shares | 547,322,175 | 1,328,501,207 | ||
Dividends reinvested: | ||||
Institutional Shares | 1,061 | 7,142 | ||
Hamilton Shares | 731 | 27,752 | ||
Premier Shares | 2 | 5 | ||
Classic Shares | 24 | 43 | ||
Cost of shares redeemed: | ||||
Institutional Shares | (1,860,921,741 | ) | (4,541,056,594 | ) |
Hamilton Shares | (3,129,025,768 | ) | (8,112,419,850 | ) |
Agency Shares | (26,010,007 | ) | (59,811,692 | ) |
Premier Shares | (812,755,793 | ) | (1,657,664,748 | ) |
Classic Shares | (543,702,320 | ) | (1,336,030,495 | ) |
Increase (Decrease) in Net Assets from | ||||
Beneficial Interest Transactions | 236,741,499 | (446,211,372 | ) | |
Total Increase (Decrease) In Net Assets | 236,757,345 | (446,318,987 | ) | |
Net Assets ($): | ||||
Beginning of Period | 2,760,409,572 | 3,206,728,559 | ||
End of Period | 2,997,166,917 | 2,760,409,572 |
See notes to financial statements. |
16
Dreyfus Institutional | Dreyfus Institutional | |||||||
Reserves Treasury Fund | Reserves Treasury Prime Fund | |||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||
June 30, 2013 | December 31, | June 30, 2013 | December 31, | |||||
(Unaudited) | 2012 | (Unaudited) | 2012 | a | ||||
Operations ($): | ||||||||
Investment income—net | 488 | 24,044 | 121 | 269 | ||||
Net realized gain (loss) on investments | 12,629 | 27,750 | 1,355 | 3,581 | ||||
Net Increase (Decrease) in Net Assets | ||||||||
Resulting from Operations | 13,117 | 51,794 | 1,476 | 3,850 | ||||
Dividends to Shareholders from ($): | ||||||||
Investment income—net: | ||||||||
Institutional Shares | (296 | ) | (23,348 | ) | (58 | ) | (147 | ) |
Hamilton Shares | (25 | ) | (348 | ) | (3 | ) | (23 | ) |
Agency Shares | —b | — | — | — | ||||
Premier Shares | (133 | ) | (293 | ) | (60 | ) | (99 | ) |
Classic Shares | (34 | ) | (55 | ) | — | — | ||
Total Dividends | (488 | ) | (24,044 | ) | (121 | ) | (269 | ) |
Beneficial Interest Transactions ($1.00 per share): | ||||||||
Net proceeds from shares sold: | ||||||||
Institutional Shares | 227,795,830 | 743,562,547 | 419,289,517 | 1,274,031,211 | ||||
Hamilton Shares | 433,802,398 | 538,876,412 | 231,778,316 | 430,655,103 | ||||
Agency Shares | 2,783,646 | 7,601,847 | — | — | ||||
Premier Shares | 1,977,833,211 | 2,612,184,706 | 481,021,106 | 1,199,246,774 | ||||
Classic Shares | 288,685,852 | 726,318,862 | — | — | ||||
Dividends reinvested: | ||||||||
Institutional Shares | —b | 27 | 14 | 12 | ||||
Hamilton Shares | 5 | 80 | — | — | ||||
Premier Shares | 2 | 5 | — | — | ||||
Classic Shares | 34 | 51 | — | — | ||||
Cost of shares redeemed: | ||||||||
Institutional Shares | (233,770,728 | ) | (756,425,994 | ) | (324,646,889 | ) | (1,580,678,044 | ) |
Hamilton Shares | (426,746,389 | ) | (691,086,646 | ) | (269,915,667 | ) | (411,846,169 | ) |
Agency Shares | (3,519,368 | ) | (7,598,965 | ) | — | (6,250 | ) | |
Premier Shares | (1,788,993,672 | ) | (2,817,198,727 | ) | (460,823,682 | ) | (1,110,853,469 | ) |
Classic Shares | (229,263,069 | ) | (765,025,632 | ) | — | — | ||
Increase (Decrease) in Net Assets from | ||||||||
Beneficial Interest Transactions | 248,607,752 | (408,791,427 | ) | 76,702,715 | (199,450,832 | ) | ||
Total Increase (Decrease) In Net Assets | 248,620,381 | (408,763,677 | ) | 76,704,070 | (199,447,251 | ) | ||
Net Assets ($): | ||||||||
Beginning of Period | 1,230,052,866 | 1,638,816,543 | 649,301,324 | 848,748,575 | ||||
End of Period | 1,478,673,247 | 1,230,052,866 | 726,005,394 | 649,301,324 |
a Effective as of the close of business on November 13, 2012,Agency Shares of Dreyfus Institutional Reserves Treasury Prime fund were terminated. |
b Amount represents less than $1. |
See notes to financial statements. |
The Funds 17
FINANCIAL HIGHLIGHTS
Please note that the financial highlights information in the following tables for the Dreyfus Institutional Reserves Money Fund, Dreyfus Institutional Reserves Treasury Fund and Dreyfus Institutional Reserves Treasury Prime Fund’s (the “funds”) Institutional, Hamilton, Agency, Premier and Classic shares represent the financial highlights of the fund’s predecessor, BNY Hamilton Funds, before the funds commenced operation as of the close of business on September 12, 2008, and represent the performance of the fund’s Institutional, Hamilton, Agency, Premier and Classic Shares threafter.Total return shows how much an investment in the fund’s Institutional, Hamilton,Agency, Premier and Classic Shares would have increased (or decreased) during each period, assuming all dividends and distributions were reinvested.
![](https://capedge.com/proxy/N-CSRS/0001423799-13-000040/irfncsrx18x1.jpg)
a | Amount represents less than $.001 per share. |
b | Annualized. |
c | Amount represents less than .01%. |
See notes to financial statements. |
18
![](https://capedge.com/proxy/N-CSRS/0001423799-13-000040/irfncsrx19x1.jpg)
a | Amount represents less than $.001 per share. |
b | Amount represents less than .01%. |
c | Annualized. |
See notes to financial statements. |
The Funds 19
FINANCIAL HIGHLIGHTS (continued)
![](https://capedge.com/proxy/N-CSRS/0001423799-13-000040/irfncsrx20x1.jpg)
a | Amount represents less than $.001 per share. |
b | Amount represents less than .01%. |
c | Annualized. |
See notes to financial statements. |
20
NOTES TO FINANCIAL STATEMENTS (Unaudited)
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The Funds 21
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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22
As of and during the period ended June 30, 2013, the funds At June 30, 2013, the cost of investments for federal did not have any liabilities for any uncertain tax positions. income tax purposes for each fund was substantially the Each fund recognizes interest and penalties, if any, related to same as the cost for financial reporting purposes (see the uncertain tax positions as income tax expense in the Statements of Investments).
Statements of Operations. During the period, the funds did
NOTE 2—Management Fee and Other Transactions not incur any interest or penalties.
With Affiliates:
Each tax year in the three-year period ended December 31,
(a) Pursuant to a management agreement with the Manager, 2012 remains subject to examination by the Internal the management fee for Dreyfus Institutional Reserves Revenue Service and state taxing authorities.
Money Fund, Dreyfus Institutional Reserves Treasury Fund Under the Regulated Investment Company Modernization and Dreyfus Institutional Reserves Treasury Prime Fund is Act of 2010 (the “2010 Act”), each fund is permitted to carry computed at the annual rates of .14%, .14% and .16%, respec-forward capital losses incurred in taxable years beginning after tively, of the value of each fund’s average daily net assets and December 22, 2010 (“post-enactment losses”) for an unlimited is payable monthly. Pursuant to each funds management period. Furthermore, post-enactment capital loss carryovers agreement, the Manager has agreed to reduce its manage-retain their character as either short-term or long-term capital ment fee in an amount equal to the Trustees’ fees and losses rather than short-term as they were under previous expenses of independent counsel of each fund. During the statute. The 2010 Act requires post-enactment losses to be period ended June 30, 2013, fees reimbursed by the Manager utilized before the utilization of losses incurred in taxable years amounted to $50,122 for Dreyfus Institutional Reserves prior to the effective date of the 2010 Act (“pre-enactment Money Fund, $19,650 for Dreyfus Institutional Reserves losses”). As a result of this ordering rule, pre-enactment losses Treasury Fund and $11,633 fore Dreyfus Institutional may be more likely to expire unused. Reserves Treasury Prime Fund.
Table 1 summarizes each fund’s unused capital loss carryover As to each fund, unless the Manager gives a fund’s investors 90 available for federal income tax purposes to be applied against days notice to the contrary, the Manager, and not the fund, future net realized capital gains, if any, realized subsequent to will be liable for fund expenses (exclusive of taxes, brokerage December 31, 2012. fees and extraordinary expenses) other than the following expenses, which will be borne by the fund: the management The tax character of distributions paid to shareholders for each fee, and with respect to the funds’ Hamilton shares, Agency fund during the fiscal year ended December 31, 2012 was all shares, Premier shares and Classic shares, Service Plan expenses. ordinary income. The tax character of current year distributions will be determined at the end of the current fiscal year.
Table 1—Capital Loss Carryover
Post-Enactment | ||||||||||||||
Short-Term | ||||||||||||||
2013 | † | 2014 | † | 2015 | † | 2016 | † | 2017 | † | 2018 | † | Losses ($)†† Total | ||
Dreyfus Institutional Reserves Money Fund | — | — | 14,477 | — | — | — | 107,615 | 122,092 | ||||||
Dreyfus Institutional Reserves Treasury Fund | 27,071 | 214,708 | 112,276 | — | — | — | — | 354,055 | ||||||
Dreyfus Institutional Reserves Treasury Prime Fund | — | — | — | 5,056 | — | 16 | — | 5,072 |
† If not applied, the carryovers expire in the above fiscal years. |
†† Post-enactment short-term capital losses which can be carried forward for an unlimited period. |
The Funds 23
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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Table 2—Expense Reductions | |||||
Institutional | Hamilton | Agency | Premier | Classic | |
Shares ($) | Shares ($) | Shares ($) | Shares ($) | Shares ($) | |
Dreyfus Institutional Reserves Money Fund | — | 33,680 | 7,248 | 498,996 | 466,175 |
Dreyfus Institutional Reserves Treasury Fund | 23,052 | 68,213 | 3,062 | 1,271,938 | 654,822 |
Dreyfus Institutional Reserves Treasury Prime Fund | 149,169 | 11,483 | — | 628,575 | — |
Table 3—12b-1 Service Plan Fees | ||||
Hamilton | Agency | Premier | Classic | |
Shares ($) | Shares ($) | Shares ($) | Shares ($) | |
Dreyfus Institutional Reserves MoneyFund | 358,384 | 12,367 | 623,318 | 522,882 |
Dreyfus Institutional Reserves Treasury Fund | 36,681 | 2,408 | 1,123,950 | 608,236 |
Dreyfus Institutional Reserves Treasury Prime Fund | 3,593 | — | 477,724 | — |
Table 4—Due to The Dreyfus Corporation and Affiliates | ||||
Management | Service Plan | Less Expense | ||
Fees ($) | Fees ($) | Reimbursement ($) | ||
Dreyfus Institutional Reserves Money Fund | 342,309 | 237,493 | (191,156 | ) |
Dreyfus Institutional Reserves Treasury Fund | 127,335 | 292,683 | (361,316 | ) |
Dreyfus Institutional Reserves Treasury Prime Fund | 87,987 | 79,950 | (146,655 | ) |
24
NOTES
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Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable. [CLOSED END FUNDS ONLY]
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures applicable to Item 10.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus Institutional Reserves Funds
By: /s/ Bradley J. Skapyak | |
Bradley J. Skapyak, President
| |
Date: | August 20, 2013 |
| |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. | |
| |
By: /s/Bradley J. Skapyak | |
Bradley J. Skapyak, President
| |
Date: | August 20, 2013 |
| |
By: /s/ James Windels | |
James Windels, Treasurer
| |
Date: | August 20, 2013 |
|
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)