Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund. |
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Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
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Dreyfus Cash Management Funds
| | The Funds |
LETTERS TO SHAREHOLDERS
Dear Shareholder:
This annual report for the Dreyfus Cash Management Funds (Taxable) covers the 12-month period ended January 31, 2016. Over the reporting period, these funds achieved the following yields and, taking into account the effects of compounding, the following effective yields:1,2
| | | | |
| Annualized
Yield (%) | Annualized
Effective
Yield (%) | |
Dreyfus Cash Management | |
Institutional Shares | 0.07% | 0.07% | |
Investor Shares | 0.00% | 0.00% | |
Administrative Shares | 0.02% | 0.02% | |
Participant Shares | 0.00% | 0.00% | |
Agency Shares | 0.03% | 0.03% | |
Dreyfus Government Cash Management | |
Institutional Shares | 0.03% | 0.03% | |
Investor Shares | 0.01% | 0.01% | |
Administrative Shares | 0.01% | 0.01% | |
Participant Shares | 0.01% | 0.01% | |
Agency Shares | 0.02% | 0.02% | |
Dreyfus Government Prime Cash Management | |
Institutional Shares | 0.01% | 0.01% | |
Investor Shares | 0.00% | 0.00% | |
Administrative Shares | 0.00% | 0.00% | |
Participant Shares | 0.00% | 0.00% | |
Agency Shares | 0.00% | 0.00% | |
Dreyfus Treasury & Agency Cash Management | |
Institutional Shares | 0.02% | 0.02% | |
Investor Shares | 0.01% | 0.01% | |
Administrative Shares | 0.01% | 0.01% | |
Participant Shares | 0.01% | 0.01% | |
Service Shares | 0.01% | 0.01% | |
Select Shares | 0.01% | 0.01% | |
Agency Shares | 0.01% | 0.01% | |
Premier Shares | 0.01% | 0.01% | |
Dreyfus Treasury Prime Cash Management | |
Institutional Shares | 0.01% | 0.01% | |
Investor Shares | 0.00% | 0.00% | |
Administrative Shares | 0.00% | 0.00% | |
Participant Shares | 0.00% | 0.00% | |
Agency Shares | 0.00% | 0.00% | |
Uneven U.S. Economic Recovery Continued
The U.S. economic recovery stalled during the first quarter of 2015 when domestic GDP grew at a tepid 0.6% annualized rate due to severe winter weather and an appreciating U.S. dollar. Nonetheless, job creation remained positive, and the unemployment rate fell from 5.7% at the start of the reporting period to 5.5% by the end of March 2015.
The recovery regained traction in the spring. The unemployment rate dipped to 5.4% in April, and 251,000 new jobs were created. In May, employers added 273,000 jobs and average hourly wages rose 0.3%, yet the unemployment rate ticked higher to 5.5%. Meanwhile, stabilizing currency exchange rates enabled the U.S. trade deficit to shrink significantly. Sentiment in the financial markets deteriorated in June during contentious negotiations surrounding a debt crisis in Greece, but the U.S. economy continued to grow. 228,000 new jobs were added, the unemployment rate fell to 5.3%, and consumer spending rose. The U.S. economy grew at a 3.9% annualized rate over the second quarter of 2015.
July brought more good economic news when 277,000 jobs were added and the unemployment rate stayed steady. Average hourly wages and retail sales increased, and the manufacturing and service sectors continued to expand. In contrast, equity investors reacted nervously to economic weakness in China. While the unemployment rate fell to 5.1% in August, only 150,000 jobs were added. Stock and commodity prices fell sharply after China unexpectedly devalued its currency. On a brighter note, U.S. wages and personal incomes grew at a healthy pace.
Disappointing job creation continued in September with 149,000 new positions. Average hourly wages declined slightly, and the unemployment rate stayed at 5.1%. On the other hand, personal incomes and real personal consumption expenditures climbed. U.S. GDP growth decelerated to a 2.0% annualized rate during the third quarter, reflecting high business inventory levels and lower exports.
October brought generally good economic news with 295,000 new jobs and a 5.0% unemployment rate. Meanwhile, average annual wages increased at a 4.3% rate compared to September. Fuel prices fell, putting more money in consumers’ pockets, and retail sales moved mildly higher. Conversely, housing starts declined sharply. In November, the service sector continued to expand, but manufacturing activity contracted for the first time in three years due to weaker overseas demand. The U.S. labor market added 280,000 new jobs and the unemployment rate stayed unchanged.
Manufacturing activity continued to shrink as commodity prices fell in December, yet holiday retail sales proved robust, especially for online sellers. 262,000 new jobs were created and the unemployment rate remained steady at 5.0%. The Federal Reserve Board (the “Fed”) responded to the strengthening U.S. labor market by raising the federal funds rate by 25 basis points to between 0.25% and 0.50%. The move was widely expected by investors, and yields of money market instruments had already repriced slightly higher by the time of the Fed’s announcement.
In January, disappointing economic developments in China and plunging commodity prices spooked investors, sparking a flight
3
to quality away from riskier assets toward traditional safe havens. Yet, U.S. economic data generally remained positive, as the unemployment rate dipped to 4.9%, its lowest level since February 2008, and 151,000 jobs were added. On the other hand, global economic instability continued to dampen manufacturing activity, and U.S. GDP growth moderated to an estimated annualized rate of just 0.7%. The U.S. economy grew at a 2.4% rate for 2015 overall.
Gradual Rate Hikes Expected
At its January 2016 meeting, the Fed refrained from implementing a second rate hike. The Fed indicated that it is “closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation” before making additional monetary policy changes. The Fed added that it expects that “economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate.” Therefore, while many analysts expect additional rate hikes at some point this year, those increases are likely to be modest and gradual.
Although we recently increased the funds’ weighted average maturities to capture higher yields, they generally remain consistent with industry averages. We have lengthened maturities more moderately for the prime funds in advance of money market reforms scheduled to take effect later this year. For all funds, we have maintained our longstanding focus on well-established issuers with sound quality and liquidity characteristics.
An investment in the funds is not insured or guaranteed by the FDIC or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.
Short-term corporate, asset-backed securities holdings and municipal securities holdings (as applicable), while rated in the highest rating category by one or more NRSRO (or unrated, if deemed of comparable quality by Dreyfus), involve credit and liquidity risks and risk of principal loss.
1 Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate.
2 Yields provided reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an undertaking, which is voluntary and temporary, not contractual, and can be terminated at any time without notice. Had these expenses not been absorbed, fund yields would have been lower, and in some cases, 7-day yields during the reporting period would have been negative absent the expense absorption.
Sincerely,
Patricia A. Larkin
President
Senior Portfolio Manager
February 16, 2016
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Dear Shareholder:
We are pleased to present the annual report for the Dreyfus Cash Management Funds (Tax Exempt). For the 12-month period ended January 31, 2016, these tax-exempt money market funds achieved the following yields and effective yields:1,2
| | | | |
| Annualized
Yield (%) | Annualized
Effective
Yield (%) | |
Dreyfus Municipal Cash
Management Plus | | | |
Institutional Shares | 0.00 | 0.00 | |
Investor Shares | 0.00 | 0.00 | |
Administrative Shares | 0.00 | 0.00 | |
Participant Shares | 0.00 | 0.00 | |
Dreyfus New York Municipal
Cash Management | | | |
Institutional Shares | 0.00 | 0.00 | |
Investor Shares | 0.00 | 0.00 | |
Administrative Shares | 0.00 | 0.00 | |
Participant Shares | 0.00 | 0.00 | |
Dreyfus Tax Exempt
Cash Management | | | |
Institutional Shares | 0.00 | 0.00 | |
Investor Shares | 0.00 | 0.00 | |
Administrative Shares | 0.00 | 0.00 | |
Participant Shares | 0.00 | 0.00 | |
Dreyfus California AMT-Free
Municipal Cash Management | | | |
Institutional Shares | 0.00 | 0.00 | |
Investor Shares | 0.00 | 0.00 | |
Administrative Shares | 0.00 | 0.00 | |
Participant Shares | 0.00 | 0.00 | |
Despite a short-term interest-rate hike in December from the Federal Reserve Board (the “Fed”) and heightened volatility among stocks and longer-term bonds, supply-and-demand dynamics kept yields of tax-exempt money market instruments near historical lows throughout the reporting period.
Global Economic Concerns Sparked a Flight to Quality
The adoption of increasingly accommodative monetary policies in major overseas markets bolstered the international economic outlook early in the reporting period, while domestic investors responded positively at the time to improving U.S. labor and housing markets. However, global investor sentiment took a turn for the worse over the second half of 2015 due to persistent economic slowdowns in the emerging markets and sharp declines in commodity prices. These concerns triggered a global flight to quality in which high-quality bond yields and prices of riskier assets fell. In January 2016, investors again reacted negatively to weak global economic data, and demand for relative safe havens in the United States intensified further.
Issuance volumes also put downward pressure on municipal money market yields over the reporting period. Rising tax receipts for most state and local governments reduced the need for financing, and robust investor demand was met with a relatively limited supply of new tax-exempt instruments. Expectations of higher interest rates—combined with caution in advance of money market reforms scheduled to take effect later this year—also convinced investors to stay focused on highly liquid instruments with short maturities. Consequently, yields of variable rate demand notes (“VRDNs”) produced an average yield of just 0.03% over 2015, according to a weekly high-grade market index. In contrast, yields of one-year notes climbed moderately over the reporting period’s second half.
The U.S. economic recovery has continued to support better credit conditions for most municipal issuers. With a few notable exceptions, rising revenues from personal income and sales taxes have enabled state and local governments to balance their budgets, and reserve funds have rebounded to pre-recession levels. The economic recovery in California enabled the state to refrain from cash-flow borrowing for the first time in many years. New York’s fiscal condition has benefited from higher-than-projected tax collections and relatively low unfunded pension liabilities.
Maintaining a Prudent Investment Posture
Most tax-exempt money market funds have maintained a focus on highly liquid, short-term instruments in this uncertain market environment, as have we. In our judgment, it has made little sense to incur the risks of adding longer-dated instruments, and we have set the funds’ weighted average maturities in a range that is roughly in line with industry averages which continue to trend lower. At the same time, we have continued to employ a careful and well-researched credit selection strategy. We have focused mainly on instruments with strong liquidity characteristics, including VRDNs, and we have maintained broad diversification across municipal issuers and instruments backed by third parties. In our judgment, state general obligation bonds; essential service revenue bonds issued by water, sewer, and electric enterprises; certain local credits with strong financial positions and stable tax bases; and various health care and education issuers should remain stable credits.
Gradual Rate Hikes Expected
At its January 2016 meeting, the Fed refrained from implementing a second rate hike, choosing instead to leave rates unchanged. The Fed indicated that it is “closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation” before making additional monetary policy changes. The Fed added that it expects that “economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.”
Therefore, while many analysts expect additional rate hikes at some point this year, those increases are likely to be modest and gradual, and an emphasis on preservation of capital and liquidity remains the prudent course for fund management.
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An investment in the funds is not insured or guaranteed by the FDIC or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.
Short-term corporate, asset-backed securities holdings and municipal securities holdings (as applicable), while rated in the highest rating category by one or more NRSRO (or unrated, if deemed of comparable quality by Dreyfus), involve credit and liquidity risks and risk of principal loss.
1 Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate.
2 Yields provided reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an undertaking, which is voluntary and temporary, not contractual, and can be terminated at any time without notice. Had these expenses not been absorbed, fund yields would have been lower, and in some cases, 7-day yields during the reporting period would have been negative absent the expense absorption.
Sincerely,
Colleen Meehan
Senior Portfolio Manager
February 16, 2016
6
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 redemption 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 August 1, 2015 to January 31, 2016. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
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Expenses and Value of a $1,000 Investment | | | | | | | | | | | | | | |
assuming actual returns for the six months ended January 31, 2016 | | | | | | | | | | |
| | | Institutional | | Investor | | Administrative | | Participant | | Service | | Select | | Agency | | Premier |
Dreyfus Cash
Management | | | | | | | | | | | | | | | |
Expenses paid
per $1,000† | $ 1.06 | | $ 1.51 | | $ 1.41 | | $ 1.56 | | - | | - | | $ 1.31 | | - |
Ending value
(after expenses) | $ 1,000.50 | | $ 1,000.00 | | $ 1,000.20 | | $ 1,000.00 | | - | | - | | $ 1,000.30 | | - |
Annualized
expense ratio (%) | .21 | | .30 | | .28 | | .31 | | - | | - | | .26 | | - |
Dreyfus Government
Cash Management | | | | | | | | | | | | | | | |
Expenses paid
per $1,000† | $ .71 | | $ .81 | | $ .81 | | $ .86 | | - | | | | $ .81 | | - |
Ending value
(after expenses) | $ 1,000.20 | | $ 1,000.10 | | $ 1,000.10 | | $ 1,000.10 | | - | | - | | $ 1,000.10 | | - |
Annualized
expense ratio (%) | .14 | | .16 | | .16 | | .17 | | - | | - | | .16 | | - |
Dreyfus Government Prime Cash Management | | | | | | | | | | | | | | | |
Expenses paid
per $1,000† | $ .66 | | $ .76 | | $ .81 | | $ .76 | | - | | | | $ .91 | | - |
Ending value
(after expenses) | $ 1,000.10 | | $ 1,000.00 | | $ 1,000.00 | | $ 1,000.00 | | - | | | | $ 1,000.00 | | - |
Annualized
expense ratio (%) | .13 | | .15 | | .16 | | .15 | | - | | | | .18 | | - |
Dreyfus Treasury & Agency Cash Management | | | | | | | | | | | | | | | |
Expenses paid
per $1,000† | $ .60 | | $ .71 | | $ .66 | | $ .71 | | $ .71 | | $ .76 | | $ .66 | | $ .76 |
Ending value
(after expenses) | $ 1,000.20 | | $ 1,000.10 | | $ 1,000.10 | | $ 1,000.10 | | $ 1,000.10 | | $ 1,000.10 | | $ 1,000.10 | | $1,000.10 |
Annualized
expense ratio (%) | .12 | | .14 | | .13 | | .14 | | .14 | | .15 | | .13 | | .15 |
Dreyfus Treasury Prime
Cash Management | | | | | | | | | | | | | | | |
Expenses paid
per $1,000† | $ .45 | | $ .50 | | $ .50 | | $ .50 | | - | | - | | $ .45 | | - |
Ending value
(after expenses) | $ 1,000.10 | | $ 1,000.00 | | $ 1,000.00 | | $ 1,000.00 | | - | | - | | $ 1,000.00 | | - |
Annualized
expense ratio (%) | .09 | | .10 | | .10 | | .10 | | - | | - | | .09 | | - |
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UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited) (continued)
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Expenses and Value of a $1,000 Investment (continued) | | | | | |
assuming actual returns for the six months ended January 31, 2016 | | | |
| | | Institutional | | Investor | | Administrative | | Participant | |
Dreyfus Municipal Cash
Management Plus | | | | | | | | |
Expenses paid
per $1,000† | $ .40 | | $ .40 | | $ .40 | | $ .40 | |
Ending value
(after expenses) | $ 1,000.10 | | $ 1,000.10 | | $ 1,000.10 | | $ 1,000.10 | |
Annualized
expense ratio (%) | .08 | | .08 | | .08 | | .08 | |
Dreyfus New York
Municipal Cash Management | | | | | | | | |
Expenses paid
per $1,000† | $ .40 | | $ .45 | | $ .40 | | $ .40 | |
Ending value
(after expenses) | $ 1,000.00 | | $ 1,000.00 | | $ 1,000.00 | | $ 1,000.00 | |
Annualized
expense ratio (%) | .08 | | .09 | | .08 | | .08 | |
Dreyfus Tax Exempt
Cash Management | | | | | | | | |
Expenses paid
per $1,000† | $ .35 | | $ .35 | | $ .35 | | $ .35 | |
Ending value
(after expenses) | $ 1,000.10 | | $ 1,000.10 | | $ 1,000.10 | | $ 1,000.10 | |
Annualized
expense ratio (%) | .07 | | .07 | | .07 | | .07 | |
Dreyfus California AMT-Free
Municipal Cash Management | | | | | | | | |
Expenses paid
per $1,000† | $ .25 | | $ .20 | | $ .25 | | $ .20 | |
Ending value
(after expenses) | $ 1,000.00 | | $ 1,000.00 | | $ 1,000.00 | | $ 1,000.00 | |
Annualized
expense ratio (%) | .05 | | .04 | | .05 | | .04 | |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
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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.
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Expenses and Value of a $1,000 Investment | | | | | | | | | | | | | | |
assuming a hypothetical 5% annualized return for the six months ended January 31, 2016 | | | | |
| | | Institutional | | Investor | | Administrative | | Participant | | Service | | Select | | Agency | | Premier |
Dreyfus Cash Management | | | | | | | | | | | | | | | |
Expenses paid
per $1,000† | $ 1.07 | | $ 1.53 | | $ 1.43 | | $ 1.58 | | - | | - | | $ 1.33 | | - |
Ending value
(after expenses) | $ 1,024.15 | | $ 1,023.69 | | $ 1,023.79 | | $ 1,023.64 | | - | | - | | $ 1,023.89 | | - |
Annualized
expense ratio (%) | .21 | | .30 | | .28 | | .31 | | - | | - | | .26 | | - |
Dreyfus Government Cash Management | | | | | | | | | | | | | | | |
Expenses paid
per $1,000† | $ .71 | | $ .82 | | $ .82 | | $ .87 | | - | | | | $ .82 | | - |
Ending value
(after expenses) | $ 1,024.50 | | $ 1,024.40 | | $ 1,024.40 | | $ 1,024.35 | | - | | - | | $ 1,024.40 | | - |
Annualized
expense ratio (%) | .14 | | .16 | | .16 | | .17 | | - | | - | | .16 | | - |
Dreyfus Government Prime Cash Management | | | | | | | | | | | | | | | |
Expenses paid
per $1,000† | $ .66 | | $ .77 | | $ .82 | | $ .77 | | - | | | | $ .92 | | - |
Ending value
(after expenses) | $ 1,024.55 | | $ 1,024.45 | | $ 1,024.40 | | $ 1,024.45 | | - | | | | $ 1,024.30 | | - |
Annualized
expense ratio (%) | .13 | | .15 | | .16 | | .15 | | - | | | | .18 | | - |
Dreyfus Treasury & Agency Cash Management | | | | | | | | | | | | | | | |
Expenses paid
per $1,000† | $ .61 | | $ .71 | | $ .66 | | $ .71 | | $ .71 | | $ .77 | | $ .66 | | $ .77 |
Ending value
(after expenses) | $ 1,024.60 | | $ 1,024.50 | | $ 1,024.55 | | $ 1,024.50 | | $ 1,024.50 | | $ 1,024.45 | | $ 1,024.55 | | $1,024.45 |
Annualized
expense ratio (%) | .12 | | .14 | | .13 | | .14 | | .14 | | .15 | | .13 | | .15 |
Dreyfus Treasury Prime Cash Management | | | | | | | | | | | | | | | |
Expenses paid
per $1,000† | $ .46 | | $ .51 | | $ .51 | | $ .51 | | - | | - | | $ .46 | | - |
Ending value
(after expenses) | $ 1,024.75 | | $ 1,024.70 | | $ 1,024.70 | | $ 1,024.70 | | - | | - | | $ 1,024.75 | | - |
Annualized
expense ratio (%) | .09 | | .10 | | .10 | | .10 | | - | | - | | .09 | | - |
9
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited) (continued)
| | | | | | | | | | | | | |
Expenses and Value of a $1,000 Investment (continued) | | | | | |
assuming a hypothetical 5% annualized return for the six months ended January 31, 2016 | | | |
| | | Institutional | | Investor | | Administrative | | Participant | |
Dreyfus Municipal Cash Management Plus | | | | | | | | |
Expenses paid
per $1,000† | $ .41 | | $ .41 | | $ .41 | | $ .41 | |
Ending value
(after expenses) | $ 1,024.80 | | $ 1,024.80 | | $ 1,024.80 | | $ 1,024.80 | |
Annualized
expense ratio (%) | .08 | | . 08 | | .08 | | .08 | |
Dreyfus New York Municipal Cash Management | | | | | | | | |
Expenses paid
per $1,000† | $ .41 | | $ .46 | | $ .41 | | $ .41 | |
Ending value
(after expenses) | $ 1,024.80 | | $ 1,024.75 | | $ 1,024.80 | | $ 1,024.80 | |
Annualized
expense ratio (%) | .08 | | .09 | | .08 | | .08 | |
Dreyfus Tax Exempt Cash Management | | | | | | | | |
Expenses paid
per $1,000† | $ .36 | | $ .36 | | $ .36 | | $ .36 | |
Ending value
(after expenses) | $ 1,024.85 | | $ 1,024.85 | | $ 1,024.85 | | $ 1,024.85 | |
Annualized
expense ratio (%) | .07 | | .07 | | .07 | | .07 | |
Dreyfus California AMT-Free Municipal Cash Management | | | | | | | | |
Expenses paid
per $1,000† | $ .26 | | $ .20 | | $ .26 | | $ .20 | |
Ending value
(after expenses) | $ 1,024.95 | | $ 1,025.00 | | $ 1,024.95 | | $ 1,025.00 | |
Annualized
expense ratio (%) | .05 | | .04 | | .05 | | .04 | |
† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
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STATEMENT OF INVESTMENTS
January 31, 2016
| | | | | | |
| |
Dreyfus Cash Management |
Negotiable Bank Certificates of Deposit - 42.1% | | Principal
Amount ($) | | Value ($) | |
Bank of Nova Scotia (Yankee) | | | | | |
0.55%, 2/8/16 | | 300,000,000 | a,b | 300,000,000 | |
Canadian Imperial Bank of Commerce (Yankee) | | | | | |
0.50%, 3/4/16 | | 464,000,000 | | 464,000,000 | |
Credit Agricole CIB (Yankee) | | | | | |
0.62% - 0.64%, 3/18/16 - 4/20/16 | | 1,000,000,000 | | 1,000,000,000 | |
DZ Bank AG (Yankee) | | | | | |
0.37% - 0.67%, 2/18/16 - 5/12/16 | | 875,000,000 | | 875,000,000 | |
HSBC Bank USA (Yankee) | | | | | |
0.60%, 3/17/16 - 3/18/16 | | 200,000,000 | | 200,000,000 | |
HSBC Bank USA (Yankee) | | | | | |
0.60% - 0.73%, 2/5/16 - 2/8/16 | | 350,000,000 | a | 350,000,000 | |
Mitsubishi UFJ Trust and Banking Corp. (Yankee) | | | | | |
0.43% - 0.70%, 2/23/16 - 3/29/16 | | 675,000,000 | b | 675,000,000 | |
Mizuho Bank Ltd/NY (Yankee) | | | | | |
0.30% - 0.52%, 2/3/16 - 3/3/16 | | 1,050,000,000 | b | 1,050,000,000 | |
Norinchukin Bank/NY (Yankee) | | | | | |
0.43% - 0.63%, 2/8/16 - 4/27/16 | | 851,000,000 | | 851,000,000 | |
Rabobank Nederland/NY (Yankee) | | | | | |
0.50% - 0.65%, 4/1/16 - 4/4/16 | | 650,000,000 | | 650,000,000 | |
Royal Bank of Canada (Yankee) | | | | | |
0.60% - 0.66%, 2/1/16 - 2/4/16 | | 365,000,000 | a | 365,000,000 | |
Standard Chartered Bank (Yankee) | | | | | |
0.65%, 3/24/16 | | 500,000,000 | b | 500,000,000 | |
Sumitomo Mitsui Banking Corp. (Yankee) | | | | | |
0.68%, 4/20/16 | | 400,000,000 | b | 400,000,000 | |
Sumitomo Mitsui Trust Bank (Yankee) | | | | | |
0.50% - 0.68%, 3/10/16 - 4/29/16 | | 1,113,000,000 | b | 1,113,000,000 | |
Toronto Dominion Bank NY (Yankee) | | | | | |
0.45%, 4/8/16 | | 125,000,000 | | 125,000,000 | |
Toronto Dominion Bank NY (Yankee) | | | | | |
0.55%, 2/8/16 | | 300,000,000 | a | 300,000,000 | |
Wells Fargo Bank, NA | | | | | |
0.46% - 0.58%, 4/15/16 - 4/19/16 | | 1,000,000,000 | | 1,000,000,000 | |
Westpac Banking Corp/NY (Yankee) | | | | | |
0.98%, 3/14/16 | | 250,000,000 | a,b | 250,000,000 | |
Total Negotiable Bank Certificates of Deposit
(cost $10,468,000,000) | | | |
10,468,000,000
| |
Commercial Paper - 22.7% | | | | | |
| | | | | | |
Bank of Nova Scotia | | | | | |
0.58% - 0.64%, 2/1/16 - 3/24/16 | | 300,000,000 | a,b | 300,000,000 | |
BNP Paribas | | | | | |
0.61%, 3/17/16 - 4/7/16 | | 750,000,000 | b | 749,250,208 | |
Collateralized Commercial Paper II Co., LLC | | | | | |
0.75%, 2/8/16 | | 500,000,000 | a,b | 500,000,000 | |
Credit Suisse New York | | | | | |
0.62%, 4/5/16 | | 300,000,000 | | 299,669,333 | |
DBS Bank Ltd./Singapore | | | | | |
0.33% - 0.64%, 2/10/16 - 4/11/16 | | 828,000,000 | b | 827,399,245 | |
HSBC Bank PLC | | | | | |
0.58%, 2/22/16 | | 445,000,000 | a,b | 445,000,000 | |
ING (US) Funding LLC | | | | | |
0.29% - 0.36%, 2/4/16 - 2/11/16 | | 350,000,000 | | 349,972,583 | |
Mitsubishi UFJ Trust and Banking Corp. | | | | | |
0.65%, 4/13/16 | | 350,000,000 | b | 349,545,000 | |
11
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| |
Dreyfus Cash Management (continued) |
Commercial Paper - 22.7% (continued) | | Principal
Amount ($) | | Value ($) | |
Rabobank Nederland/NY | | | | | |
0.49%, 3/4/16 | | 500,000,000 | | 499,784,445 | |
Standard Chartered Bank | | | | | |
0.44%, 3/1/16 | | 500,000,000 | b | 499,822,778 | |
Sumitomo Mitsui Banking Corp. | | | | | |
0.44% - 0.63%, 2/24/16 - 5/6/16 | | 580,000,000 | b | 579,146,261 | |
Westpac Banking Corp. | | | | | |
0.54%, 2/17/16 | | 250,000,000 | a,b | 250,000,000 | |
Total Commercial Paper
(cost $5,649,589,853) | | | |
5,649,589,853
| |
Asset-Backed Commercial Paper - 2.8% | | | | | |
| | | | | | |
Collateralized Commercial Paper II Co., LLC | | | | | |
0.50%, 3/16/16 | | 250,000,000 | b | 249,847,222 | |
Collateralized Commercial Paper Program Co., LLC | | | | | |
0.52%-0.55%, 3/8/16 | | 300,000,000 | | 299,841,000 | |
Liberty Street Funding LLC | | | | | |
0.63%, 3/18/16 | | 35,000,000 | b | 34,971,825 | |
Old Line Funding LLC | | | | | |
0.65%, 4/1/16 | | 125,000,000 | b | 124,864,583 | |
Total Asset-Backed Commercial Paper
(cost $709,524,630) | | | |
709,524,630
| |
Time Deposits - 25.8% | | | | | |
| | | | | | |
Australia and New Zealand Banking Group Ltd. (Grand Cayman) | | | | | |
0.32%, 2/1/16 | | 200,000,000 | | 200,000,000 | |
Credit Industriel et Commercial (Grand Cayman) | | | | | |
0.27%, 2/1/16 | | 500,000,000 | | 500,000,000 | |
DnB Bank (Grand Cayman) | | | | | |
0.27%, 2/1/16 | | 700,000,000 | | 700,000,000 | |
DZ Bank AG | | | | | |
0.26%, 2/1/16 | | 250,000,000 | | 250,000,000 | |
Lloyds Bank (London) | | | | | |
0.28%, 2/1/16 | | 360,000,000 | | 360,000,000 | |
Natixis New York (Grand Cayman) | | | | | |
0.26%, 2/1/16 | | 978,000,000 | | 978,000,000 | |
Nordea Bank Finland (Grand Cayman) | | | | | |
0.27%, 2/1/16 | | 1,000,000,000 | | 1,000,000,000 | |
Royal Bank of Canada (Toronto) | | | | | |
0.28%, 2/1/16 | | 418,000,000 | | 418,000,000 | |
Skandinaviska Enskilda Banken NY (Grand Cayman) | | | | | |
0.27%, 2/1/16 | | 1,000,000,000 | | 1,000,000,000 | |
Svenska Handelsbanken Inc (Grand Cayman) | | | | | |
0.27%, 2/1/16 | | 1,000,000,000 | | 1,000,000,000 | |
Total Time Deposits
(cost $6,406,000,000) | | | |
6,406,000,000
| |
Repurchase Agreements - 6.5% | | | | | |
| | | | | | |
Bank of Nova Scotia | | | | | |
0.35%, dated 1/29/16, due 2/1/16 in the amount of $100,002,917 (fully collateralized by $383,778 Federal Farm Credit Bank, 1.13%-2.95%, due 9/22/17-7/13/23, value $387,021, $29,236,000 Federal Home Loan Bank, 0%-3.38%, due 3/1/16-9/11/20, value $29,266,570, $24,886,867 Federal Home Loan Mortgage Corp., Mortgage Pools, 1%-4.50%, due 7/28/17-6/1/45, value $21,161,418, $27,499,079 Federal National Mortgage Association, Mortgage Pools, 0%-7.25%, due 2/17/16-4/1/43, value $30,771,194 and $19,981,401 Government National Mortgage Association, Mortgage Pools, 3%-4%, due 3/20/45-12/20/45, value $20,413,797) | | 100,000,000 | | 100,000,000 | |
Credit Agricole CIB | | | | | |
0.33%, dated 1/29/16, due 2/1/16 in the amount of $700,019,250 (fully collateralized by $333,924,157 U.S. Treasury Inflation Protected Securities, 0.13%, due 4/15/17-4/15/20, value $344,096,710 and $363,400,896 U.S. Treasury Notes, 1.38%-2.13%, due 7/31/20-2/15/25, value $369,903,300) | | 700,000,000 | | 700,000,000 | |
12
| | | | | | |
| |
Dreyfus Cash Management (continued) |
Repurchase Agreements - 6.5% (continued) | | Principal
Amount ($) | | Value ($) | |
Merrill Lynch & Co. Inc. | | | | | |
0.52%, dated 9/10/14-10/21/15, due 3/6/16 in the amount of $825,035,750 (fully collateralized by $176,251,300 U.S. Treasury Notes, 3%, due 9/30/16, value $180,835,955 and Various Common Stocks, value $712,481,013) | | 825,000,000 | c | 825,000,000 | |
Total Repurchase Agreements
(cost $1,625,000,000) | | | |
1,625,000,000
| |
Total Investments (cost $24,858,114,483) | | 99.9% | | 24,858,114,483 | |
Cash and Receivables (Net) | | .1% | | 12,452,147 | |
Net Assets | | 100.0% | | 24,870,566,630 | |
a Variable rate security—interest rate subject to periodic change.
b Security 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 January 31, 2016, these securities amounted to $9,197,847,122 or 36.98% of net assets.
c Illiquid security; investment has a put feature and a variable or floating rate. The interest rate shown is the current rate as of January 31, 2016 and changes periodically. The maturity date reflects early termination date and the amount due represents the receivable of the fund as of the next interest payment date. At January 31, 2016, these securities amounted to $825,000,000 or 3.32% of net assets.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Banking | 90.6 |
Repurchase Agreements | 6.5 |
Asset-Backed/Banking | 2.3 |
Asset-Backed/Multi-Seller Programs | .5 |
| | 99.9 |
† Based on net assets.
See notes to financial statements.
13
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | |
| |
Dreyfus Government Cash Management |
U.S. Government Agencies - 62.6% | Annualized Yield on Date of Purchase (%) | | Principal
Amount ($) | | Value ($) | |
Federal Farm Credit Bank: | | | | | | |
2/1/16 | | 0.41 | | 280,000,000 | a | 280,000,888 | |
2/1/16 | | 0.63 | | 140,000,000 | a | 139,648,884 | |
2/6/16 | | 0.42 | | 225,000,000 | a | 224,980,084 | |
2/20/16 | | 0.40 | | 180,000,000 | a | 180,040,612 | |
2/20/16 | | 0.40 | | 70,000,000 | a | 70,013,072 | |
2/21/16 | | 0.41 | | 225,000,000 | a | 225,015,793 | |
2/21/16 | | 0.56 | | 250,000,000 | a | 249,960,114 | |
2/26/16 | | 0.41 | | 100,000,000 | a | 100,053,372 | |
2/28/16 | | 0.59 | | 85,000,000 | a | 85,000,000 | |
6/8/16 | | 0.36 | | 50,000,000 | | 49,936,000 | |
Federal Home Loan Bank: | | | | | | |
2/19/16 | | 0.40 | | 300,000,000 | | 299,940,000 | |
2/19/16 | | 0.51 | | 500,000,000 | a | 499,981,901 | |
2/22/16 | | 0.14 | | 100,000,000 | | 99,991,833 | |
2/23/16 | | 0.52 | | 750,000,000 | a | 750,000,000 | |
3/7/16 | | 0.27 | | 325,000,000 | | 324,913,958 | |
3/9/16 | | 0.40 | | 200,000,000 | | 199,917,778 | |
3/11/16 | | 0.32 | | 300,000,000 | | 299,896,000 | |
3/14/16 | | 0.29 | | 1,015,000,000 | | 1,014,653,208 | |
3/21/16 | | 0.21 | | 248,957,000 | | 248,886,535 | |
3/22/16 | | 0.25 | | 499,890,000 | | 499,718,501 | |
3/30/16 | | 0.38 | | 50,000,000 | | 49,969,389 | |
3/31/16 | | 0.48 | | 25,000,000 | | 24,980,333 | |
4/6/16 | | 0.22 | | 63,600,000 | | 63,575,311 | |
4/8/16 | | 0.23 | | 52,000,000 | | 51,978,225 | |
4/13/16 | | 0.36 | | 370,000,000 | | 369,733,100 | |
4/13/16 | | 0.57 | | 500,000,000 | a | 500,000,000 | |
4/15/16 | | 0.30 | | 100,000,000 | | 99,987,915 | |
4/19/16 | | 0.38 | | 200,000,000 | | 199,835,333 | |
5/5/16 | | 0.36 | | 100,000,000 | | 99,906,000 | |
5/9/16 | | 0.37 | | 100,000,000 | | 99,899,278 | |
5/27/16 | | 0.25 | | 370,000,000 | | 369,707,906 | |
5/31/16 | | 0.39 | | 250,000,000 | | 249,675,000 | |
6/6/16 | | 0.26 | | 80,000,000 | | 79,928,600 | |
Federal Home Loan Mortgage Corp.: | | | | | | |
2/8/16 | | 0.24 | | 500,000,000 | b | 499,976,667 | |
2/16/16 | | 0.21 | | 700,000,000 | b | 699,938,750 | |
2/22/16 | | 0.27 | | 152,632,000 | b | 152,607,960 | |
3/2/16 | | 0.21 | | 500,000,000 | b | 499,914,583 | |
4/4/16 | | 0.22 | | 100,000,000 | b | 99,961,500 | |
5/3/16 | | 0.50 | | 500,000,000 | b | 499,361,111 | |
8/1/16 | | 0.48 | | 1,000,000,000 | b | 997,573,333 | |
Federal National Mortgage Association: | | | | | | |
2/8/16 | | 0.44 | | 200,000,000 | a,b | 199,967,619 | |
2/26/16 | | 0.45 | | 361,000,000 | a,b | 360,963,720 | |
3/14/16 | | 0.28 | | 170,000,000 | b | 169,944,467 | |
4/13/16 | | 0.21 | | 50,000,000 | b | 49,978,700 | |
4/21/16 | | 0.52 | | 200,000,000 | a,b | 199,992,652 | |
Total U.S. Government Agencies (cost $12,531,905,985) | | | | | | 12,531,905,985 | |
U.S. Treasury Notes - 2.0% | | | | | | |
2/15/16 | | 0.18 | | 265,000,000 | | 265,455,836 | |
2/29/16 | | 0.10 | | 35,000,000 | | 35,067,916 | |
4/15/16 | | 0.32 | | 100,000,000 | | 99,984,799 | |
Total U.S. Treasury Notes (cost $400,508,551) | | | | | | 400,508,551 | |
Repurchase Agreements - 29.9% | | | | | | |
ABN AMRO Bank N.V. | | 0.33 | | 382,000,000 | | 382,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $382,010,505 (fully collateralized by $29 U.S. Treasury Bonds, 4.50%, due 2/15/36, value $39, $2,526,624 U.S. Treasury Inflation Protected Securities, 0.13%-0.63%, due 4/15/18-7/15/21, value $2,599,640 and $378,222,478 U.S. Treasury Notes, 1%-2.63%, due 5/31/18-2/28/22, value $387,169,658) | | | | | | | |
14
| | | | | | | | |
| |
Dreyfus Government Cash Management (continued) |
Repurchase Agreements - 29.9% (continued) | Annualized Yield on Date of Purchase (%) | | Principal
Amount ($) | | Value ($) | |
Bank of Nova Scotia | | 0.34 | | 220,000,000 | | 220,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $220,006,233 (fully collateralized by $1,115,938 U.S. Treasury Bills, due 2/25/16-12/8/16, value $1,115,222, $40,456,649 U.S. Treasury Bonds, 2.75%-9.25%, due 2/15/16-5/15/44, value $52,724,462, $66,247,182 U.S. Treasury Inflation Protected Securities, 0.13%-3.38%, due 4/15/16-2/15/41, value $73,210,320 and $95,273,841 U.S. Treasury Notes, 0.38%-5.13%, due 1/31/16-2/15/23, value $97,349,998) | | | | | | | |
Bank of Nova Scotia | | 0.35 | | 250,000,000 | | 250,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $250,007,292 (fully collateralized by $959,444 Federal Farm Credit Bank, 1.13%-2.95%, due 9/22/17-7/13/23, value $967,552, $73,090,000 Federal Home Loan Bank, 0%-3.38%, due 3/1/16-9/11/20, value $73,166,426, $62,217,167 Federal Home Loan Mortgage Corp., Mortgage Pools, 1%-4.50%, due 7/28/17-6/1/45, value $52,903,545, $68,747,697 Federal National Mortgage Association, Mortgage Pools, 0%-7.25%, due 2/17/16-4/1/43, value $76,927,986 and $49,953,502 Government National Mortgage Association, Mortgage Pools, 3%-4%, due 3/20/45-12/20/45, value $51,034,492) | | | | | | | |
BNP Paribas | | 0.35 | | 140,000,000 | | 140,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $140,004,083 (fully collateralized by $141,683,000 U.S. Treasury Notes, 1.25%-1.75%, due 12/15/18-9/30/22, value $142,800,004) | | | | | | | |
Citigroup Global Markets Holdings Inc. | | 0.33 | | 40,000,000 | | 40,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $40,001,100 (fully collateralized by $23,650,000 Federal Home Loan Bank, 0%-0.39%, due 5/25/16-7/5/16, value $23,640,679 and $17,010,000 Federal National Mortgage Association, Mortgage Pools, 1.81%, due 4/8/20, value $17,160,042) | | | | | | | |
Credit Agricole CIB | | 0.33 | | 116,000,000 | | 116,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $116,003,190 (fully collateralized by $55,336,003 U.S. Treasury Inflation Protected Securities, 0.13%, due 4/15/17-4/15/20, value $57,021,741 and $60,220,720 U.S. Treasury Notes, 1.38%-2.13%, due 7/31/20-2/15/25, value $61,298,261) | | | | | | | |
Credit Agricole CIB | | 0.34 | | 400,000,000 | | 400,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $400,011,333 (fully collateralized by cash $293,332,744, $59,782,054 Federal Home Loan Mortgage Corp., Mortgage Pools, 1.25%-4%, due 12/30/20-9/1/45, value $16,897,615, $138,599,862 Federal National Mortgage Association, Mortgage Pools, 0%-5.50%, due 10/9/19-2/1/46, value $37,239,129 and $65,621,593 Government National Mortgage Association, Mortgage Pools, 3%-4.50%, due 5/20/44-1/20/46, value $54,663,857) | | | | | | | |
Goldman, Sachs & Co. | | 0.32 | | 250,000,000 | | 250,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $250,006,667 (fully collateralized by $286,904,862 Federal Home Loan Mortgage Corp., Mortgage Pools, 3.50%-4%, due 12/1/42-1/1/46, value $255,000,000) | | | | | | | |
JPMorgan Chase & Co. | | 0.37 | | 75,000,000 | | 75,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $75,002,313 (fully collateralized by $209,518,637 Federal Home Loan Mortgage Corp., Mortgage Pools, Interest Only, due 8/1/25-11/1/45, value $76,500,467) | | | | | | | |
15
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | |
| |
Dreyfus Government Cash Management (continued) |
Repurchase Agreements - 29.9% (continued) | Annualized Yield on Date of Purchase (%) | | Principal
Amount ($) | | Value ($) | |
Natixis New York Branch | | 0.35 | | 3,000,000,000 | | 3,000,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $3,000,087,500 (fully collateralized by $513,657,200 U.S. Treasury Bills, due 5/26/16-7/28/16, value $512,679,485, $110,372,100 U.S. Treasury Bonds, 2.75%-4.75%, due 8/15/40-8/15/45, value $129,283,964, $50 U.S. Treasury Floating Rate Notes, 0.39%, due 1/31/17, value $50, $360,454,800 U.S. Treasury Inflation Protected Securities, 0.13%-2.38%, due 1/15/17-2/15/44, value $387,514,219 and $2,003,210,917 U.S. Treasury Notes, 0.38%-4.63%, due 4/30/16-11/15/25, value $2,030,522,305) | | | | | | | |
Societe Generale | | 0.36 | | 725,000,000 | | 725,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $725,021,750 (fully collateralized by $4,591,248 U.S. Treasury Bills, due 2/11/16-1/5/17, value $4,588,050, $169,071,901 U.S. Treasury Bonds, 3.75%-8.75%, due 5/15/17-11/15/43, value $204,667,033, $178,309,948 U.S. Treasury Inflation Protected Securities, 0.13%-2.13%, due 4/15/17-2/15/44, value $191,163,603, $332,625,457 U.S. Treasury Notes, 0.25%-4.63%, due 4/15/16-8/15/25, value $338,812,992 and $285,570 U.S. Treasury Strips, due 5/15/20-5/15/44, value $268,323) | | | | | | | |
Societe Generale | | 0.37 | | 250,000,000 | | 250,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $250,007,708 (fully collateralized by $99,418,000 Federal Home Loan Bank, 0%-0.38%, due 2/19/16-3/1/16, value $99,393,379, $89,895,000 Federal Home Loan Mortgage Corp., Mortgage Pools, 0.40%-6.25%, due 5/27/16-7/15/32, value $90,015,713, $2,000 Federal National Mortgage Association, Mortgage Pools, 1.38%, due 11/15/16, value $2,017 and $71,950,000 Resolution Funding Corp., 0%, due 1/15/21, value $65,588,901) | | | | | | | |
TD Securities (USA) LLC | | 0.33 | | 150,000,000 | | 150,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $150,004,125 (fully collateralized by $116,804,200 U.S. Treasury Inflation Protected Securities, 0.13%-1.38%, due 4/15/18-2/15/44, value $122,535,918 and $67,504,300 U.S. Treasury Strips, due 11/15/43-2/15/44, value $30,464,113) | | | | | | | |
Total Repurchase Agreements (cost $5,998,000,000) | | | | | | 5,998,000,000 | |
Total Investments (cost $18,930,414,536) | | 94.5% | | 18,930,414,536 | |
Cash and Receivables (Net) | | 5.5% | | 1,104,829,769 | |
Net Assets | | 100.0% | | 20,035,244,305 | |
a Variable rate security—interest rate subject to periodic change.
b The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Federal Home Loan Bank | 32.5 |
Repurchase Agreements | 29.9 |
Federal Home Loan Mortgage Corp. | 17.2 |
Federal Farm Credit Bank | 8.0 |
Federal National Mortgage Association | 4.9 |
U.S. Treasury Notes | 2.0 |
| | 94.5 |
† Based on net assets.
See notes to financial statements.
16
| | | | | | | | |
| |
Dreyfus Government Prime Cash Management |
U.S. Government Agencies - 69.9% | Annualized Yield on Date of Purchase (%) | | Principal
Amount ($) | | Value ($) | |
Federal Farm Credit Bank: | | | | | | |
2/8/16 | | 0.57 | | 100,000,000 | a | 99,785,551 | |
2/9/16 | | 0.23 | | 125,000,000 | | 124,993,667 | |
2/10/16 | | 0.25 | | 50,000,000 | | 49,996,875 | |
2/17/16 | | 0.39 | | 150,000,000 | a | 150,000,568 | |
2/24/16 | | 0.28 | | 130,000,000 | | 129,976,361 | |
2/26/16 | | 0.27 | | 50,000,000 | | 49,990,625 | |
2/28/16 | | 0.59 | | 50,000,000 | a | 50,000,000 | |
3/1/16 | | 0.28 | | 70,000,000 | | 69,984,211 | |
3/9/16 | | 0.16 | | 25,000,000 | | 24,995,889 | |
4/13/16 | | 0.48 | | 50,000,000 | | 49,952,000 | |
4/21/16 | | 0.22 | | 20,000,000 | | 19,990,222 | |
Federal Home Loan Bank: | | | | | | |
2/1/16 | | 0.18 | | 24,000,000 | | 24,000,000 | |
2/12/16 | | 0.27 | | 124,937,000 | | 124,926,521 | |
2/17/16 | | 0.23 | | 150,000,000 | | 149,984,533 | |
2/19/16 | | 0.25 | | 87,200,000 | | 87,189,100 | |
2/23/16 | | 0.27 | | 125,000,000 | | 124,979,375 | |
2/24/16 | | 0.21 | | 43,300,000 | | 43,294,191 | |
3/2/16 | | 0.58 | | 100,000,000 | | 99,975,833 | |
3/18/16 | | 0.31 | | 35,299,000 | | 35,285,018 | |
3/30/16 | | 0.36 | | 10,500,000 | | 10,493,910 | |
4/6/16 | | 0.22 | | 200,000,000 | | 199,922,361 | |
4/13/16 | | 0.22 | | 125,000,000 | | 124,945,000 | |
4/22/16 | | 0.38 | | 300,000,000 | | 299,744,850 | |
5/5/16 | | 0.36 | | 50,000,000 | | 49,953,000 | |
7/6/16 | | 0.57 | | 82,250,000 | | 82,048,625 | |
7/8/16 | | 0.58 | | 250,000,000 | | 249,369,097 | |
Tennessee Valley Authority: | | | | | | |
2/2/16 | | 0.26 | | 10,000,000 | | 9,999,928 | |
2/9/16 | | 0.26 | | 135,000,000 | | 134,992,200 | |
Total U.S. Government Agencies (cost $2,670,769,511) | | | | | | 2,670,769,511 | |
U.S. Treasury Bills - 22.8% | | | | | | |
2/4/16 | | 0.02 | | 25,000,000 | | 24,999,969 | |
2/11/16 | | 0.19 | | 103,000,000 | | 102,994,561 | |
2/18/16 | | 0.24 | | 360,000,000 | | 359,958,610 | |
3/17/16 | | 0.25 | | 250,000,000 | | 249,923,437 | |
5/5/16 | | 0.27 | | 134,000,000 | | 133,904,146 | |
Total U.S. Treasury Bills (cost $871,780,723) | | | | | | 871,780,723 | |
U.S. Treasury Floating Rate Notes - 2.6% | | | | | | |
2/1/16
(cost $99,987,883) | | 0.39 | | 100,000,000 | a | 99,987,883 | |
U.S. Treasury Notes - 4.0% | | | | | | |
5/15/16
(cost $149,976,735) | | 0.30 | | 150,000,000 | | 149,976,735 | |
Total Investments (cost $3,792,514,852) | | 99.3% | | 3,792,514,852 | |
Cash and Receivables (Net) | | .7% | | 26,985,528 | |
Net Assets | | 100.0% | | 3,819,500,380 | |
a Variable rate security—interest rate subject to periodic change.
17
STATEMENT OF INVESTMENTS (continued)
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Federal Home Loan Bank | 52.5 |
U.S. Treasury Bills | 22.8 |
Federal Farm Credit Bank | 13.6 |
U.S. Treasury Notes | 4.0 |
Tennessee Valley Authority | 3.8 |
U.S. Treasury Floating Rate Notes | 2.6 |
| | 99.3 |
† Based on net assets.
See notes to financial statements.
18
| | | | | | | �� | |
| |
Dreyfus Treasury & Agency Cash Management |
U.S. Treasury Bills - 1.5% | Annualized Yield on Date of Purchase (%) | | Principal
Amount ($) | | Value ($) | |
5/26/16
(cost $299,666,979) | | 0.35 | | 300,000,000 | | 299,666,979 | |
U.S. Treasury Floating Rate Notes - 13.0% | | | | | | |
2/1/16 | | 0.38 | | 250,000,000 | a | 249,985,042 | |
2/1/16 | | 0.38 | | 150,000,000 | a | 149,973,495 | |
2/1/16 | | 0.39 | | 200,000,000 | a | 199,997,973 | |
2/1/16 | | 0.43 | | 175,000,000 | a | 174,872,783 | |
2/1/16 | | 0.54 | | 1,180,000,000 | a | 1,178,614,330 | |
2/1/16 | | 0.55 | | 600,000,000 | a | 599,682,580 | |
Total U.S. Treasury Floating Rate Notes (cost $2,553,126,203) | | | | | | 2,553,126,203 | |
U.S. Treasury Notes - 24.2% | | | | | | |
2/29/16 | | 0.13 | | 22,000,000 | | 22,002,004 | |
3/31/16 | | 0.25 | | 175,000,000 | | 175,034,042 | |
4/15/16 | | 0.28 | | 520,000,000 | | 519,959,421 | |
4/30/16 | | 0.18 | | 500,000,000 | | 502,262,196 | |
4/30/16 | | 0.29 | | 400,000,000 | | 400,082,519 | |
5/15/16 | | 0.35 | | 514,000,000 | | 513,840,593 | |
5/15/16 | | 0.40 | | 625,000,000 | | 633,451,850 | |
5/31/16 | | 0.25 | | 540,000,000 | | 540,214,150 | |
6/15/16 | | 0.23 | | 353,000,000 | | 353,341,944 | |
6/30/16 | | 0.22 | | 100,000,000 | | 100,113,523 | |
7/31/16 | | 0.60 | | 372,300,000 | | 372,077,523 | |
8/31/16 | | 0.51 | | 639,650,000 | | 639,600,031 | |
Total U.S. Treasury Notes (cost $4,771,979,796) | | | | | | 4,771,979,796 | |
Repurchase Agreements - 64.1% | | | | | | |
ABN AMRO Bank N.V. | | 0.33 | | 300,000,000 | | 300,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $300,008,250 (fully collateralized by $23 U.S. Treasury Bonds, 4.50%, due 2/15/36, value $31, $1,984,260 U.S. Treasury Inflation Protected Securities, 0.13%-0.63%, due 4/15/18-7/15/21, value $2,041,602 and $297,033,360 U.S. Treasury Notes, 1%-2.63%, due 5/31/18-2/28/22, value $304,059,941) | | | | | | | |
ABN AMRO Bank N.V. | | 0.34 | | 800,000,000 | | 800,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $800,022,667 (fully collateralized by $1,966,140,628 Government National Mortgage Association, Mortgage Pools, Interest Only, due 7/15/39-7/20/44, value $767,845,167, $14 U.S. Treasury Bonds, 4.50%, due 2/15/36, value $19, $100 U.S. Treasury Inflation Protected Securities, 0.13%, due 4/15/19, value $102 and $47,404,600 U.S. Treasury Notes, 1%-1.75%, due 5/31/18-2/28/22, value $48,154,761) | | | | | | | |
Bank of Nova Scotia | | 0.34 | | 250,000,000 | | 250,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $250,007,083 (fully collateralized by $1,268,111 U.S. Treasury Bills, due 2/25/16-12/8/16, value $1,267,298, $45,973,465 U.S. Treasury Bonds, 2.75%-9.25%, due 2/15/16-5/15/44, value $59,914,162, $75,280,889 U.S. Treasury Inflation Protected Securities, 0.13%-3.38%, due 4/15/16-2/15/41, value $83,193,546 and $108,265,728 U.S. Treasury Notes, 0.38%-5.13%, due 1/31/16-2/15/23, value $110,624,998) | | | | | | | |
Citigroup Global Markets Holdings Inc. | | 0.32 | | 40,000,000 | | 40,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $40,001,067 (fully collateralized by $40,333,800 U.S. Treasury Notes, 1.50%-2.25%, due 3/31/16-10/31/19, value $40,800,001) | | | | | | | |
Credit Agricole CIB | | 0.33 | | 1,392,000,000 | | 1,392,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $1,392,038,280 (fully collateralized by $664,032,037 U.S. Treasury Inflation Protected Securities, 0.13%, due 4/15/17-4/15/20, value $684,260,886 and $722,648,640 U.S. Treasury Notes, 1.38%-2.13%, due 7/31/20-2/15/25, value $735,579,133) | | | | | | | |
19
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | |
| |
Dreyfus Treasury & Agency Cash Management (continued) |
Repurchase Agreements - 64.1% (continued) | Annualized Yield on Date of Purchase (%) | | Principal
Amount ($) | | Value ($) | |
Credit Suisse Securities LLC | | 0.35 | | 150,000,000 | | 150,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $150,004,375 (fully collateralized by $279,418,947 Government National Mortgage Association, Mortgage Pools, Interest Only, due 3/15/18-8/15/57, value $153,000,299) | | | | | | | |
Federal Reserve Bank of New York | | 0.25 | | 4,200,000,000 | | 4,200,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $4,200,087,500 (fully collateralized by $1,068,695,100 U.S. Treasury Bonds, 6.63%, due 2/15/27, value $1,582,572,370 and $2,586,747,500 U.S. Treasury Notes, 1%-2%, due 8/31/19-5/15/22, value $2,617,515,190) | | | | | | | |
HSBC USA Inc. | | 0.31 | | 650,000,000 | | 650,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $650,016,792 (fully collateralized by $117,872,919 U.S. Treasury Bonds, 2.75%-3.75%, due 8/15/41-11/15/42, value $130,911,115 and $512,548,800 U.S. Treasury Notes, 1.50%-4.75%, due 5/31/16-8/15/23, value $532,093,102) | | | | | | | |
JPMorgan Chase & Co. | | 0.34 | | 180,000,000 | | 180,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $180,005,100 (fully collateralized by $8,548,400 U.S. Treasury Bills, due 1/5/17, value $8,512,154 and $174,009,200 U.S. Treasury Notes, 0.50%-1.88%, due 4/30/17-11/30/18, value $175,090,545) | | | | | | | |
Merrill Lynch & Co. Inc. | | 0.32 | | 250,000,000 | | 250,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $250,006,667 (fully collateralized by $249,653,900 U.S. Treasury Notes, 1.50%-2.25%, due 5/31/19-11/15/25, value $255,000,080) | | | | | | | |
Merrill Lynch & Co. Inc. | | 0.34 | | 120,000,000 | | 120,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $120,003,400 (fully collateralized by $119,338,007 Government National Mortgage Association, Mortgage Pools, 4%, due 8/20/45, value $122,400,001) | | | | | | | |
Natixis New York Branch | | 0.35 | | 3,000,000,000 | | 3,000,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $3,000,087,500 (fully collateralized by $513,657,200 U.S. Treasury Bills, due 5/26/16-7/28/16, value $512,679,485, $110,372,100 U.S. Treasury Bonds, 2.75%-4.75%, due 8/15/40-8/15/45, value $129,283,964, $50 U.S. Treasury Floating Rate Notes, 0.39%, due 1/31/17, value $50, $360,454,800 U.S. Treasury Inflation Protected Securities, 0.13%-2.38%, due 1/15/17-2/15/44, value $387,514,219 and $2,003,210,917 U.S. Treasury Notes, 0.38%-4.63%, due 4/30/16-11/15/25, value $2,030,522,305) | | | | | | | |
Societe Generale | | 0.36 | | 1,200,000,000 | | 1,200,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $1,200,036,000 (fully collateralized by $7,599,307 U.S. Treasury Bills, due 2/11/16-1/5/17, value $7,594,013, $279,843,147 U.S. Treasury Bonds, 3.75%-8.75%, due 5/15/17-11/15/43, value $338,759,226, $295,133,708 U.S. Treasury Inflation Protected Securities, 0.13%-2.13%, due 4/15/17-2/15/44, value $316,408,722, $550,552,480 U.S. Treasury Notes, 0.25%-4.63%, due 4/15/16-8/15/25, value $560,793,917 and $472,668 U.S. Treasury Strips, due 5/15/20-5/15/44, value $444,122) | | | | | | | |
20
| | | | | | | | |
| |
Dreyfus Treasury & Agency Cash Management (continued) |
Repurchase Agreements - 64.1% (continued) | Annualized Yield on Date of Purchase (%) | | Principal
Amount ($) | | Value ($) | |
TD Securities (USA) LLC | | 0.33 | | 100,000,000 | | 100,000,000 | |
dated 1/29/16, due 2/1/16 in the amount of $100,002,750 (fully collateralized by $226,700 U.S. Treasury Inflation Protected Securities, 2.38%, due 1/15/25, value $329,211 and $226,377,100 U.S. Treasury Strips, due 11/15/43-2/15/44, value $101,670,832) | | | | | | | |
Total Repurchase Agreements (cost $12,632,000,000) | | | | | | 12,632,000,000 | |
Total Investments (cost $20,256,772,978) | | 102.8% | | 20,256,772,978 | |
Liabilities, Less Cash and Receivables | | (2.8%) | | (551,324,878) | |
Net Assets | | 100.0% | | 19,705,448,100 | |
a Variable rate security—interest rate subject to periodic change.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Repurchase Agreements | 64.1 |
U.S. Treasury Notes | 24.2 |
U.S. Treasury Floating Rate Notes | 13.0 |
U.S. Treasury Bills | 1.5 |
| | 102.8 |
† Based on net assets.
See notes to financial statements.
21
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | |
| |
Dreyfus Treasury Prime Cash Management |
U.S. Treasury Bills - 66.2% | Annualized Yield on Date of Purchase (%) | | Principal
Amount ($) | | Value ($) | |
2/4/16 | | 0.14 | | 2,486,000,000 | | 2,485,971,197 | |
2/11/16 | | 0.20 | | 158,000,000 | | 157,991,332 | |
2/18/16 | | 0.20 | | 3,019,000,000 | | 3,018,721,023 | |
2/25/16 | | 0.23 | | 4,825,000,000 | | 4,824,272,585 | |
3/3/16 | | 0.19 | | 139,000,000 | | 138,977,809 | |
3/10/16 | | 0.27 | | 1,500,000,000 | | 1,499,572,500 | |
3/17/16 | | 0.17 | | 490,000,000 | | 489,894,031 | |
3/24/16 | | 0.20 | | 1,283,000,000 | | 1,282,622,141 | |
3/31/16 | | 0.26 | | 2,152,000,000 | | 2,151,099,201 | |
4/7/16 | | 0.23 | | 2,818,000,000 | | 2,816,792,988 | |
4/14/16 | | 0.21 | | 1,517,000,000 | | 1,516,364,647 | |
4/21/16 | | 0.25 | | 1,656,000,000 | | 1,655,079,583 | |
4/28/16 | | 0.30 | | 2,367,000,000 | | 2,365,311,052 | |
5/5/16 | | 0.32 | | 100,000,000 | | 99,917,750 | |
6/16/16 | | 0.49 | | 750,000,000 | | 748,616,389 | |
6/23/16 | | 0.42 | | 500,000,000 | | 499,160,868 | |
7/14/16 | | 0.48 | | 175,000,000 | | 174,617,333 | |
Total U.S. Treasury Bills (cost $25,924,982,429) | | | | | | 25,924,982,429 | |
U.S. Treasury Floating Rate Notes - 11.0% | | | | | | |
2/1/16 | | 0.36 | | 455,000,000 | a | 455,001,874 | |
2/1/16 | | 0.39 | | 300,000,000 | a | 299,975,006 | |
2/1/16 | | 0.39 | | 500,000,000 | a | 499,981,012 | |
2/1/16 | | 0.44 | | 750,000,000 | a | 749,467,866 | |
2/1/16 | | 0.54 | | 1,285,000,000 | a | 1,283,566,957 | |
2/1/16 | | 0.57 | | 1,025,000,000 | a | 1,024,562,340 | |
Total U.S. Treasury Floating Rate Notes (cost $4,312,555,055) | | | | | | 4,312,555,055 | |
U.S. Treasury Notes - 21.5% | | | | | | |
2/15/16 | | 0.05 | | 89,000,000 | | 89,011,629 | |
2/15/16 | | 0.05 | | 299,907,000 | | 301,021,943 | |
2/15/16 | | 0.22 | | 1,359,000,000 | | 1,361,316,132 | |
2/29/16 | | 0.07 | | 93,000,000 | | 93,147,269 | |
2/29/16 | | 0.23 | | 1,280,000,000 | | 1,280,003,941 | |
3/15/16 | | 0.31 | | 352,000,000 | | 352,025,940 | |
3/31/16 | | 0.31 | | 843,600,000 | | 843,684,740 | |
4/15/16 | | 0.28 | | 725,000,000 | | 724,945,803 | |
4/30/16 | | 0.34 | | 916,000,000 | | 916,066,924 | |
4/30/16 | | 0.39 | | 490,000,000 | | 491,921,839 | |
4/30/16 | | 0.39 | | 250,000,000 | | 251,367,323 | |
5/15/16 | | 0.39 | | 500,000,000 | | 506,757,294 | |
5/15/16 | | 0.51 | | 385,554,000 | | 392,975,966 | |
6/15/16 | | 0.48 | | 221,251,000 | | 221,261,568 | |
6/30/16 | | 0.57 | | 95,000,000 | | 96,026,326 | |
7/15/16 | | 0.62 | | 477,700,000 | | 477,693,997 | |
Total U.S. Treasury Notes (cost $8,399,228,634) | | | | | | 8,399,228,634 | |
Total Investments (cost $38,636,766,118) | | 98.7% | | 38,636,766,118 | |
Cash and Receivables (Net) | | 1.3% | | 526,622,783 | |
Net Assets | | 100.0% | | 39,163,388,901 | |
a Variable rate security—interest rate subject to periodic change.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
U.S. Treasury Bills | 66.2 |
U.S. Treasury Notes | 21.5 |
U.S. Treasury Floating Rate Notes | 11.0 |
| | 98.7 |
† Based on net assets.
See notes to financial statements.
22
| | | | | | | | | | | | |
| |
Dreyfus Municipal Cash Management Plus |
Short-Term Investments - 100.8% | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Alabama - .9% | | | | | |
Mobile County Industrial Development Authority,
Gulf Opportunity Zone Revenue (SSAB Alabama Inc.) (LOC; Swedbank) | | 0.02 | | 2/7/16 | | 2,000,000 | a | 2,000,000 | |
Arizona - .7% | | | | | |
Tucson,
Senior Lien Street and Highway User Revenue, Refunding | | 3.00 | | 7/1/16 | | 1,500,000 | | 1,515,730 | |
Colorado - .7% | | | | | |
Lafayette, Exempla Improvement District, Special Improvement District Number 02-01,
Special Assessment and Improvement Revenue, Refunding (LOC; Wells Fargo Bank) | | 0.05 | | 2/7/16 | | 1,725,000 | a | 1,725,000 | |
Connecticut - .2% | | | | | |
Plainville,
GO Notes, BAN | | 2.00 | | 5/18/16 | | 500,000 | | 502,490 | |
Delaware - .1% | | | | | |
Delaware,
GO Notes | | 3.63 | | 3/1/16 | | 300,000 | | 300,793 | |
District of Columbia - 1.1% | | | | | |
Metropolitan Washington Airports Authority,
Dulles Toll Road Revenue, CP (LOC; JPMorgan Chase Bank) | | 0.07 | | 3/3/16 | | 2,500,000 | | 2,500,000 | |
Florida - 8.0% | | | | | |
Collier County Health Facilities Authority,
Revenue, CP (Cleveland Clinic Health System) | | 0.06 | | 2/10/16 | | 2,000,000 | | 2,000,000 | |
Gainesville,
Utility System Revenue, CP (Liquidity Facility; Bank of America) | | 0.02 | | 2/8/16 | | 2,750,000 | | 2,750,000 | |
Jacksonville Electric Authority,
Electric System Revenue, CP (Liquidity Facility; U.S. Bank NA) | | 0.04 | | 2/16/16 | | 2,000,000 | | 2,000,000 | |
Jacksonville Electric Authority,
Electric System Revenue, CP (Liquidity Facility; U.S. Bank NA) | | 0.04 | | 2/16/16 | | 4,500,000 | | 4,500,000 | |
Jacksonville Electric Authority,
Water and Sewer System Subordinated Revenue (Liquidity Facility; State Street Bank and Trust Co.) | | 0.02 | | 2/7/16 | | 7,470,000 | a | 7,470,000 | |
| | 18,720,000 | |
Illinois - 2.1% | | | | | |
DuPage County,
Revenue (The Morton Arboretum Project) (LOC; Northern Trust Company) | | 0.01 | | 2/7/16 | | 5,000,000 | a | 5,000,000 | |
Iowa - 1.7% | | | | | |
Iowa Finance Authority,
Revenue (YMCA and Rehabilitation Center Project) (LOC; Bank of America) | | 0.03 | | 2/7/16 | | 4,085,000 | a | 4,085,000 | |
Maryland - 2.0% | | | | | |
Maryland,
GO Notes (State and Local Facilities Loan) | | 5.00 | | 3/1/16 | | 2,000,000 | | 2,007,474 | |
Maryland,
GO Notes (State and Local Facilities Loan) | | 3.50 | | 3/15/16 | | 1,610,000 | | 1,616,161 | |
Maryland Department of Transportation,
Consolidated Transportation Revenue | | 4.25 | | 2/15/16 | | 975,000 | | 976,610 | |
| | 4,600,245 | |
Massachusetts - .6% | | | | | |
Tender Option Bond Trust Receipts (Series 2015-XF2197),
(Massachusetts, GO Notes, Refunding) (Liquidity Facility; Citibank NA) | | 0.01 | | 2/7/16 | | 1,325,000 | a,b,c | 1,325,000 | |
Michigan - 1.6% | | | | | |
Pittsfield Township Economic Development Corporation,
LOR, Refunding (Arbor Project) (LOC; Comerica Bank) | | 0.06 | | 2/7/16 | | 2,545,000 | a | 2,545,000 | |
Tender Option Bond Trust Receipts (Series 2015-XF2205),
(University of Michigan Regents, General Revenue) (Liquidity Facility; Citibank NA) | | 0.01 | | 2/7/16 | | 1,300,000 | a,b,c | 1,300,000 | |
| | 3,845,000 | |
23
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | | | | | | | | | | | |
| |
Dreyfus Municipal Cash Management Plus (continued) |
Short-Term Investments - 100.8% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Minnesota - .6% | | | | | |
Metropolitan Council (Minneapolis-Saint Paul Metropolitan Area),
GO Park Notes | | 5.00 | | 3/1/16 | | 1,450,000 | | 1,455,448 | |
Missouri - .8% | | | | | |
Missouri Health and Educational Facilities Authority,
Revenue (Ascension Health Senior Health Group) | | 0.01 | | 2/7/16 | | 1,975,000 | a | 1,975,000 | |
Nevada - 1.3% | | | | | |
Clark County,
Airport System Subordinate Lien Revenue (LOC; Royal Bank of Canada) | | 0.01 | | 2/7/16 | | 3,080,000 | a | 3,080,000 | |
New Jersey - 2.8% | | | | | |
Burlington County Bridge Commission,
Lease Revenue Notes (Governmental Leasing Program) | | 1.50 | | 5/17/16 | | 2,000,000 | | 2,007,094 | |
New Brunswick,
GO Notes, BAN | | 2.00 | | 6/8/16 | | 2,881,000 | | 2,895,013 | |
Pennsauken Township,
GO Notes, BAN | | 1.00 | | 6/23/16 | | 1,536,000 | | 1,538,082 | |
| | 6,440,189 | |
New York - 14.5% | | | | | |
Metropolitan Transportation Authority,
Dedicated Tax Fund, BAN | | 0.75 | | 6/1/16 | | 2,000,000 | | 2,003,428 | |
Metropolitan Transportation Authority,
Transportation Revenue, BAN | | 1.00 | | 3/1/16 | | 5,000,000 | | 5,002,604 | |
Monroe County Industrial Development Agency,
Revenue (HDF-RWC Project 1, LLC - Robert Weslayan College Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 2,600,000 | a | 2,600,000 | |
New York City Transitional Finance Authority,
Future Tax Secured Subordinate Revenue (Liquidity Facility; U.S. Bank NA) | | 0.01 | | 2/1/16 | | 8,400,000 | a | 8,400,000 | |
New York State Dormitory Authority,
Revenue (The Rockefeller University) (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 15,000,000 | a | 15,000,000 | |
New York State Housing Finance Agency,
Housing Revenue (160 Madison Avenue) (LOC; PNC Bank NA) | | 0.01 | | 2/1/16 | | 1,000,000 | a | 1,000,000 | |
| | 34,006,032 | |
North Dakota - .6% | | | | | |
North Dakota Rural Water Finance Corporation,
Public Projects Construction Notes | | 1.00 | | 4/1/16 | | 1,500,000 | | 1,501,716 | |
Ohio - 2.0% | | | | | |
Ohio,
GO Notes (Third Frontier Research and Development) | | 2.00 | | 5/1/16 | | 2,125,000 | | 2,134,323 | |
Union Township,
GO Notes, BAN (Various Purpose) | | 1.50 | | 9/8/16 | | 2,500,000 | | 2,514,195 | |
| | 4,648,518 | |
Oregon - 1.5% | | | | | |
Oregon,
GO Notes, Refunding (Veterans' Welfare Bonds) (Liquidity Facility; U.S. Bank NA) | | 0.01 | | 2/7/16 | | 3,585,000 | a | 3,585,000 | |
South Carolina - 8.3% | | | | | |
Beaufort County,
GO Notes | | 5.00 | | 3/1/16 | | 465,000 | | 466,736 | |
Columbia,
Waterworks and Sewer System Revenue (LOC; Sumitomo Mitsui Banking Corp.) | | 0.01 | | 2/7/16 | | 10,000,000 | a | 10,000,000 | |
Fairfield County School District,
GO Notes | | 2.00 | | 3/1/16 | | 1,270,000 | | 1,271,624 | |
Oconee County School District,
GO Notes | | 5.00 | | 3/1/16 | | 1,235,000 | | 1,239,689 | |
South Carolina Association of Governmental Organizations,
COP | | 1.50 | | 4/14/16 | | 6,000,000 | | 6,015,539 | |
Spartanburg County,
GO Notes, Refunding | | 3.00 | | 4/1/16 | | 535,000 | | 537,402 | |
| | 19,530,990 | |
Tennessee - 14.6% | | | | | |
Blount County Public Building Authority,
Local Government Public Improvement Revenue (Liquidity Facility; Branch Banking and Trust Co.) | | 0.02 | | 2/7/16 | | 5,375,000 | a | 5,375,000 | |
24
| | | | | | | | | | | | | | | | | | | | | |
| |
Dreyfus Municipal Cash Management Plus (continued) |
Short-Term Investments - 100.8% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Tennessee - 14.6% (continued) | | | | | |
Clarksville Public Building Authority,
Pooled Financing Revenue (Tennessee Municipal Bond Fund) (LOC; Bank of America) | | 0.05 | | 2/7/16 | | 7,300,000 | a | 7,300,000 | |
Memphis,
CP (Liquidity Facility; Mizuho Bank, Ltd.) | | 0.09 | | 2/18/16 | | 4,000,000 | | 4,000,000 | |
Metropolitan Government of Nashville and Davidson County,
CP (Liquidity Facility; Mizuho Bank, Ltd.) | | 0.02 | | 2/17/16 | | 5,000,000 | | 5,000,000 | |
Metropolitan Government of Nashville and Davidson County,
CP (Liquidity Facility; Mizuho Bank, Ltd.) | | 0.02 | | 2/17/16 | | 2,500,000 | | 2,500,000 | |
Sevier County Public Building Authority,
Local Government Public Improvement Revenue (LOC; Bank of America) | | 0.01 | | 2/7/16 | | 10,000,000 | a | 10,000,000 | |
| | 34,175,000 | |
Texas - 22.3% | | | | | |
Aldine Independent School District,
GO Notes (LOC; Permanent School Fund Guarantee Program) | | 5.00 | | 2/15/16 | | 700,000 | | 701,351 | |
Aldine Independent School District,
GO Notes, Refunding (LOC; Permanent School Fund Guarantee Program) | | 5.00 | | 2/15/16 | | 800,000 | | 801,535 | |
Conroe Independent School District,
GO Notes, Refunding (LOC; Permanent School Fund Guarantee Program) | | 3.00 | | 2/15/16 | | 1,340,000 | | 1,341,550 | |
Cypress-Fairbanks Independent School District,
GO Notes, Refunding (LOC; Permanent School Fund Guarantee Program) | | 2.00 | | 2/15/16 | | 1,130,000 | | 1,130,836 | |
Dallas,
CP (Liquidity Facility; State Street Bank and Trust Co.) | | 0.03 | | 2/17/16 | | 3,000,000 | | 3,000,000 | |
Dallas County Community College District,
GO Notes | | 5.00 | | 2/15/16 | | 430,000 | | 430,815 | |
Dallas Independent School District,
Unlimited Tax School Building Bonds (LOC; Permanent School Fund Guarantee Program) | | 5.25 | | 2/15/16 | | 500,000 | | 501,024 | |
Dripping Springs Independent School District,
GO Notes, Refunding | | 2.00 | | 2/15/16 | | 1,290,000 | | 1,290,965 | |
El Paso,
Water and Sewer Revenue, Refunding | | 1.00 | | 3/1/16 | | 1,585,000 | | 1,586,057 | |
El Paso Independent School District,
Unlimited Tax School Building Bonds (Liquidity Facility; JPMorgan Chase Bank and LOC; Permanent School Fund Guarantee Program) | | 0.09 | | 2/18/16 | | 2,000,000 | | 2,000,000 | |
Harris County Cultural Education Facilities Finance Corporation,
Revenue, CP (The Methodist Hospital System) | | 0.18 | | 2/3/16 | | 1,000,000 | | 1,000,000 | |
Harris County Cultural Education Facilities Finance Corporation,
Revenue, CP (The Methodist Hospital System) | | 0.12 | | 3/9/16 | | 2,000,000 | | 2,000,000 | |
Harris County Cultural Education Facilities Finance Corporation,
Revenue, CP (The Methodist Hospital System) | | 0.08 | | 3/17/16 | | 2,000,000 | | 2,000,000 | |
Houston,
GO Notes, Refunding (Public Improvement Bonds) | | 5.00 | | 3/1/16 | | 2,000,000 | | 2,007,440 | |
Liberty Independent School District,
GO Notes (LOC; Permanent School Fund Guarantee Program) | | 5.00 | | 2/15/16 | | 395,000 | | 395,735 | |
Northwest Independent School District,
GO Notes, Refunding (LOC; Permanent School Fund Guarantee Program) | | 1.50 | | 2/15/16 | | 1,380,000 | | 1,380,749 | |
Port Arthur Navigation District Industrial Development Corporation,
Exempt Facilities Revenue (Air Products Project) | | 0.01 | | 2/1/16 | | 1,000,000 | a | 1,000,000 | |
San Antonio,
Electric and Gas Systems Junior Lien Revenue, Refunding | | 5.00 | | 2/1/16 | | 1,885,000 | | 1,885,000 | |
San Antonio,
Electric and Gas Systems Revenue, Refunding | | 5.00 | | 2/1/16 | | 400,000 | | 400,000 | |
San Antonio,
Tax Notes | | 2.00 | | 2/1/16 | | 1,030,000 | | 1,030,000 | |
San Antonio,
Water System Revenue, CP (Liquidity Facility; Wells Fargo Bank) | | 0.02 | | 2/4/16 | | 7,660,000 | | 7,660,000 | |
25
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | | | | | | | | | | | |
| |
Dreyfus Municipal Cash Management Plus (continued) |
Short-Term Investments - 100.8% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Texas - 22.3% (continued) | | | | | |
Sherman Independent School District,
GO Notes, Refunding | | 3.00 | | 2/15/16 | | 400,000 | | 400,438 | |
Texas Transportation Commission,
GO Mobility Fund Bonds (Liquidity Facility: California Public Employees Retirement System and State Street Bank and Trust Co.) | | 0.01 | | 2/7/16 | | 14,000,000 | a | 14,000,000 | |
Texas Transportation Commission,
State Highway Fund First Tier Revenue | | 5.00 | | 4/1/16 | | 1,200,000 | | 1,209,360 | |
Tyler Independent School District,
GO Notes (Permanent School Fund Guarantee Program | | 5.00 | | 2/15/16 | | 1,000,000 | | 1,001,957 | |
University of North Texas,
University Revenue, CP | | 0.07 | | 4/20/16 | | 2,000,000 | | 2,000,000 | |
| | 52,154,812 | |
Utah - 1.3% | | | | | |
Intermountain Power Agency,
Power Supply Revenue, CP (Liquidity Facility; Bank of America) | | 0.08 | | 3/28/16 | | 3,000,000 | | 3,000,000 | |
Virginia - .2% | | | | | |
Richmond,
Public Improvement GO Notes | | 5.00 | | 3/1/16 | | 500,000 | | 501,910 | |
Washington - .8% | | | | | |
Tender Option Bond Trust Receipts (Series 2015-ZM0121),
(Washington, GO Notes (Various Purpose)) (Liquidity Facility; Royal Bank of Canada) | | 0.01 | | 2/7/16 | | 1,850,000 | a,b,c | 1,850,000 | |
Wisconsin - 9.5% | | | | | |
PMA Levy and Aid Anticipation Notes Program,
Notes Participations | | 2.00 | | 2/22/16 | | 2,500,000 | | 2,502,480 | |
Wisconsin Health and Educational Facilities Authority,
Revenue, CP (Aurora Health Care, Inc.) (LOC; JPMorgan Chase Bank) | | 0.09 | | 3/3/16 | | 3,470,000 | | 3,470,000 | |
Wisconsin Health and Educational Facilities Authority,
Revenue, CP (Aurora Health Care, Inc.) (LOC; JPMorgan Chase Bank) | | 0.15 | | 4/5/16 | | 2,000,000 | | 2,000,000 | |
Wisconsin Housing and Economic Development Authority,
Home Ownership Revenue (Liquidity Facility; Royal Bank of Canada) | | 0.02 | | 2/7/16 | | 5,500,000 | a | 5,500,000 | |
Wisconsin Housing and Economic Development Authority,
MFHR (Liquidity Facility; PNC Bank NA) | | 0.02 | | 2/7/16 | | 8,790,000 | a | 8,790,000 | |
| | 22,262,480 | |
Total Investments (cost $236,286,353) | | 100.8% | 236,286,353 | |
Liabilities, Less Cash and Receivables | | (0.8%) | (1,877,415) | |
Net Assets | | 100.0% | 234,408,938 | |
a Variable rate demand note—rate shown is the interest rate in effect at January 31, 2016. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
b Security 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 January 31, 2016, these securities amounted to $4,475,000 or 1.91% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates).
26
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Utility-Water and Sewer | 16.9 |
Education | 15.1 |
State/Territory | 11.4 |
Health Care | 7.9 |
City | 7.3 |
Transportation Services | 7.0 |
Housing | 6.5 |
Utility-Electric | 6.2 |
Special Tax | 5.4 |
County | 2.7 |
Industrial | 2.0 |
Other | 12.4 |
| | 100.8 |
† Based on net assets.
See notes to financial statements.
27
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | |
| |
Dreyfus New York Municipal Cash Management |
Short-Term Investments - 100.0% | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
New York - 100.0% | | | | | |
Albany Industrial Development Agency,
Civic Facility Revenue (Albany Medical Center Hospital Project) (LOC; Bank of America) | | 0.03 | | 2/7/16 | | 1,900,000 | a | 1,900,000 | |
Binghamton,
GO Notes, BAN | | 1.00 | | 5/27/16 | | 8,000,000 | | 8,016,606 | |
Build New York City Resource Corporation,
Revenue (Federation of Protestant Welfare Agencies, Inc. Project) (LOC; TD Bank) | | 0.04 | | 2/7/16 | | 1,200,000 | a | 1,200,000 | |
Dutchess County Industrial Development Agency,
Civic Facility Revenue (Anderson Foundation for Autism, Inc. Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 2,900,000 | a | 2,900,000 | |
Dutchess County Industrial Development Agency,
Civic Facility Revenue (Anderson Foundation for Autism, Inc. Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 4,985,000 | a | 4,985,000 | |
East Aurora Union Free School District,
GO Notes, BAN | | 1.00 | | 6/16/16 | | 4,600,000 | | 4,605,262 | |
Eastchester Union Free School District,
GO Notes, TAN | | 1.00 | | 2/25/16 | | 10,000,000 | | 10,004,888 | |
Franklin County Industrial Development Agency,
Civic Facility Revenue (Paul Smith's College Project) (LOC; U.S. Bank NA) | | 0.09 | | 2/7/16 | | 535,000 | a | 535,000 | |
Franklin County Industrial Development Agency,
Civic Facility Revenue (Trudeau Institute, Inc. Project) (LOC; HSBC Bank USA) | | 0.15 | | 2/7/16 | | 995,000 | a | 995,000 | |
Islip,
GO Notes, BAN (Various Purposes) | | 1.00 | | 4/1/16 | | 7,000,000 | | 7,009,113 | |
Ithaca,
GO Notes, BAN | | 1.00 | | 2/19/16 | | 16,388,228 | | 16,392,645 | |
Metropolitan Transportation Authority,
Dedicated Tax Fund, BAN | | 0.75 | | 6/1/16 | | 2,000,000 | | 2,003,428 | |
Metropolitan Transportation Authority,
Transportation Revenue (LOC; Bank of Montreal) | | 0.01 | | 2/1/16 | | 5,500,000 | a | 5,500,000 | |
Metropolitan Transportation Authority,
Transportation Revenue (LOC; Citibank NA) | | 0.01 | | 2/7/16 | | 2,400,000 | a | 2,400,000 | |
Metropolitan Transportation Authority,
Transportation Revenue (LOC; U.S. Bank NA) | | 0.01 | | 2/1/16 | | 4,000,000 | a | 4,000,000 | |
Metropolitan Transportation Authority,
Transportation Revenue, BAN | | 0.50 | | 3/1/16 | | 5,000,000 | | 5,000,928 | |
Metropolitan Transportation Authority,
Transportation Revenue, BAN | | 0.50 | | 3/1/16 | | 3,000,000 | | 3,000,529 | |
Metropolitan Transportation Authority,
Transportation Revenue, BAN | | 1.00 | | 3/1/16 | | 5,000,000 | | 5,002,604 | |
Middletown,
GO Notes, BAN | | 1.00 | | 2/19/16 | | 5,000,339 | | 5,002,119 | |
Nassau County Industrial Development Agency,
Civic Facility Improvement Revenue, Refunding (Cold Spring Harbor Laboratory Project) (Liquidity Facility; TD Bank) | | 0.01 | | 2/1/16 | | 10,300,000 | a | 10,300,000 | |
Nassau County Interim Finance Authority,
Sales Tax Secured Revenue (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 2,000,000 | a | 2,000,000 | |
New York City,
GO Notes | | 5.00 | | 3/1/16 | | 2,000,000 | | 2,007,653 | |
New York City,
GO Notes (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 4,200,000 | a | 4,200,000 | |
New York City,
GO Notes (LOC; Bank of Tokyo-Mitsubishi UFJ, Ltd.) | | 0.01 | | 2/7/16 | | 15,000,000 | a | 15,000,000 | |
New York City,
GO Notes (LOC; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 1,800,000 | a | 1,800,000 | |
New York City,
GO Notes (LOC; Mizuho Bank, Ltd.) | | 0.01 | | 2/1/16 | | 6,980,000 | a | 6,980,000 | |
New York City,
GO Notes (LOC; Sumitomo Mitsui Banking Corp.) | | 0.01 | | 2/7/16 | | 11,000,000 | a | 11,000,000 | |
New York City,
GO Notes, Refunding | | 5.00 | | 2/1/16 | | 1,000,000 | | 1,000,000 | |
New York City,
GO Notes, Refunding | | 3.00 | | 8/1/16 | | 3,600,000 | | 3,649,112 | |
28
| | | | | | | | | | | | | | | | | | |
| |
Dreyfus New York Municipal Cash Management (continued) |
Short-Term Investments - 100.0% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
New York - 100.0% (continued) | | | | | |
New York City Capital Resource Corporation,
Recovery Zone Facility Revenue (WytheHotel Project) (LOC; M&T Trust) | | 0.04 | | 2/7/16 | | 3,800,000 | a | 3,800,000 | |
New York City Capital Resource Corporation,
Revenue (Loan Enhanced Assistance Program - Cobble Hill Health Center, Inc. Project) (LOC; Bank of America) | | 0.08 | | 2/7/16 | | 750,000 | a | 750,000 | |
New York City Housing Development Corporation,
MFHR (456 Washington Street) (Liquidity Facility; TD Bank) | | 0.02 | | 2/7/16 | | 7,300,000 | a | 7,300,000 | |
New York City Housing Development Corporation,
MFHR (Sustainable Neighborhood Bonds) (Liquidity Facility; Wells Fargo Bank) | | 0.02 | | 2/7/16 | | 1,500,000 | a | 1,500,000 | |
New York City Industrial Development Agency,
Civic Facility Revenue (Children's Oncology Society of New York, Inc. Project) (LOC; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 3,100,000 | a | 3,100,000 | |
New York City Industrial Development Agency,
Civic Facility Revenue (Jewish Community Center on the Upper West Side, Inc. Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 4,350,000 | a | 4,350,000 | |
New York City Industrial Development Agency,
Civic Facility Revenue (Sephardic Community Youth Center, Inc. Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 7,200,000 | a | 7,200,000 | |
New York City Industrial Development Agency,
Civic Facility Revenue (Spence-Chapin, Services to Families and Children Project) (LOC; TD Bank) | | 0.04 | | 2/7/16 | | 8,095,000 | a | 8,095,000 | |
New York City Industrial Development Agency,
Civic Facility Revenue (The Allen-Stevenson School Project) (LOC; JPMorgan Chase Bank) | | 0.04 | | 2/7/16 | | 3,455,000 | a | 3,455,000 | |
New York City Industrial Development Agency,
Civic Facility Revenue (Village Community School Project) (LOC; TD Bank) | | 0.09 | | 2/7/16 | | 2,700,000 | a | 2,700,000 | |
New York City Municipal Water Finance Authority,
Water and Sewer System Revenue (Liquidity Facility; Northern Trust Company) | | 0.01 | | 2/1/16 | | 3,000,000 | a | 3,000,000 | |
New York City Municipal Water Finance Authority,
Water and Sewer System Revenue (Liquidity Facility; Wells Fargo Bank) | | 0.01 | | 2/7/16 | | 2,600,000 | a | 2,600,000 | |
New York City Municipal Water Finance Authority,
Water and Sewer System Second General Resolution Revenue (Liquidity Facility; Bank of Nova Scotia) | | 0.01 | | 2/1/16 | | 1,000,000 | a | 1,000,000 | |
New York City Municipal Water Finance Authority,
Water and Sewer System Second General Resolution Revenue (Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) | | 0.01 | | 2/1/16 | | 13,000,000 | a | 13,000,000 | |
New York City Municipal Water Finance Authority,
Water and Sewer System Second General Resolution Revenue (Liquidity Facility; Sumitomo Mitsui Banking Corp.) | | 0.01 | | 2/7/16 | | 3,500,000 | a | 3,500,000 | |
New York City Municipal Water Finance Authority,
Water and Sewer System Second General Resolution Revenue (Liquidity Facility; Wells Fargo Bank) | | 0.01 | | 2/1/16 | | 3,000,000 | a | 3,000,000 | |
New York City Transitional Finance Authority,
Building Aid Revenue (Citigroup ROCS, Series RR II R-14076) (Liquidity Facility; Citibank NA) | | 0.02 | | 2/7/16 | | 6,250,000 | a,b,c | 6,250,000 | |
New York City Transitional Finance Authority,
Future Tax Secured Revenue (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 14,900,000 | a | 14,900,000 | |
New York City Transitional Finance Authority,
Future Tax Secured Subordinate Revenue (Liquidity Facility; U.S. Bank NA) | | 0.01 | | 2/1/16 | | 2,100,000 | a | 2,100,000 | |
New York City Transitional Finance Authority,
Future Tax Secured Subordinate Revenue (SBPA; Royal Bank of Canada) | | 0.01 | | 2/1/16 | | 4,000,000 | a | 4,000,000 | |
New York City Transitional Finance Authority,
Revenue (New York City Recovery) (Liquidity Facility; Royal Bank of Canada) | | 0.01 | | 2/1/16 | | 1,300,000 | a | 1,300,000 | |
New York Local Government Assistance Corporation,
Subordinate Lien Revenue | | 5.00 | | 4/1/16 | | 565,000 | | 569,386 | |
New York Local Government Assistance Corporation,
Subordinate Lien Revenue, Refunding (Liquidity Facility; Bank of America) | | 0.01 | | 2/7/16 | | 14,000,000 | a | 14,000,000 | |
New York State Dormitory Authority,
HR (Wyckoff Heights Medical Center) | | 2.00 | | 2/15/16 | | 2,000,000 | | 2,001,430 | |
29
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | | | | | | | | |
| |
Dreyfus New York Municipal Cash Management (continued) |
Short-Term Investments - 100.0% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
New York - 100.0% (continued) | | | | | |
New York State Dormitory Authority,
Revenue (Blythedale Children's Hospital) (LOC; TD Bank) | | 0.01 | | 2/7/16 | | 6,655,000 | a | 6,655,000 | |
New York State Dormitory Authority,
Revenue (Catholic Health System Obligated Group) (LOC; HSBC Bank USA) | | 0.01 | | 2/7/16 | | 5,985,000 | a | 5,985,000 | |
New York State Dormitory Authority,
Revenue (Highland Community Development Corporation) (LOC; HSBC Bank USA) | | 0.03 | | 2/7/16 | | 1,200,000 | a | 1,200,000 | |
New York State Dormitory Authority,
Revenue (Le Moyne College) (LOC; TD Bank) | | 0.02 | | 2/7/16 | | 1,355,000 | a | 1,355,000 | |
New York State Dormitory Authority,
Revenue (The Rockefeller University) (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 2,000,000 | a | 2,000,000 | |
New York State Dormitory Authority,
Revenue, CP (Columbia University) | | 0.05 | | 3/1/16 | | 8,000,000 | | 8,000,000 | |
New York State Dormitory Authority,
State Personal Income Tax Revenue (Education) | | 5.00 | | 3/15/16 | | 150,000 | | 150,837 | |
New York State Dormitory Authority,
State Personal Income Tax Revenue (General Purpose) | | 5.00 | | 2/15/16 | | 3,500,000 | | 3,506,795 | |
New York State Dormitory Authority,
State Personal Income Tax Revenue (General Purpose) | | 5.00 | | 3/15/16 | | 1,350,000 | | 1,357,695 | |
New York State Dormitory Authority,
State Sales Tax Revenue | | 5.00 | | 3/15/16 | | 2,000,000 | | 2,011,412 | |
New York State Environmental Facilities Corporation,
State Revolving Funds Revenue (Master Financing Program) | | 2.00 | | 3/15/16 | | 2,190,000 | | 2,194,713 | |
New York State Housing Finance Agency,
Housing Revenue (20 River Terrace) (Liquidity Facility; FNMA and LOC; FNMA) | | 0.01 | | 2/7/16 | | 2,500,000 | a | 2,500,000 | |
New York State Housing Finance Agency,
Housing Revenue (25 Washington Street) (LOC; M&T Trust) | | 0.02 | | 2/7/16 | | 7,000,000 | a | 7,000,000 | |
New York State Housing Finance Agency,
Housing Revenue (29 Flatbush Avenue) (LOC; Landesbank Hessen-Thuringen Girozentrale) | | 0.02 | | 2/7/16 | | 14,000,000 | a | 14,000,000 | |
New York State Housing Finance Agency,
Housing Revenue (29 Flatbush Avenue) (LOC; Landesbank Hessen-Thuringen Girozentrale) | | 0.02 | | 2/7/16 | | 4,500,000 | a | 4,500,000 | |
New York State Housing Finance Agency,
Housing Revenue (80 DeKalb Avenue) (LOC; Landesbank Hessen-Thuringen Girozentrale) | | 0.01 | | 2/7/16 | | 6,000,000 | a | 6,000,000 | |
New York State Housing Finance Agency,
Housing Revenue (Baisley Park Gardens) (LOC; Citibank NA) | | 0.03 | | 2/7/16 | | 5,935,000 | a | 5,935,000 | |
New York State Housing Finance Agency,
Housing Revenue (North End Avenue) (Liquidity Facility; FNMA and LOC; FNMA) | | 0.01 | | 2/7/16 | | 3,500,000 | a | 3,500,000 | |
New York State Housing Finance Agency,
Service Contract Revenue, Refunding (LOC; Bank of America) | | 0.04 | | 2/7/16 | | 7,690,000 | a | 7,690,000 | |
New York State Housing Finance Agency,
State Personal Income Tax Revenue (Economic Development and Housing) (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 13,000,000 | a | 13,000,000 | |
New York State Power Authority,
CP (Liquidity Facility: JPMorgan Chase Bank, Toronto-Dominion Bank, State Street Bank and Trust Co. and Wells Fargo Bank) | | 0.09 | | 2/18/16 | | 1,954,000 | | 1,954,000 | |
New York State Power Authority,
CP (Liquidity Facility: JPMorgan Chase Bank, Toronto-Dominion Bank, State Street Bank and Trust Co. and Wells Fargo Bank) | | 0.07 | | 3/3/16 | | 4,500,000 | | 4,500,000 | |
New York State Thruway Authority,
Second General Highway and Bridge Trust Fund Revenue | | 5.00 | | 4/1/16 | | 1,080,000 | | 1,088,533 | |
New York State Thruway Authority,
Second General Highway and Bridge Trust Fund Revenue | | 5.00 | | 4/1/16 | | 1,450,000 | | 1,461,687 | |
New York State Thruway Authority,
State Personal Income Tax Revenue (Transportation) | | 3.00 | | 3/15/16 | | 500,000 | | 501,647 | |
New York State Urban Development Corporation,
State Personal Income Tax Revenue (General Purpose) | | 5.00 | | 3/15/16 | | 620,000 | | 623,501 | |
Orange County Industrial Development Agency,
Civic Facility Revenue (Tuxedo Park School Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 200,000 | a | 200,000 | |
30
| | | | | | | | | | | | | | | | | | |
| |
Dreyfus New York Municipal Cash Management (continued) |
Short-Term Investments - 100.0% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
New York - 100.0% (continued) | | | | | |
Port Authority of New York and New Jersey,
CP (Liquidity Facility: JPMorgan Chase Bank, Toronto-Dominion Bank, State Street Bank and Trust Co. and Wells Fargo Bank) | | 0.03 | | 2/22/16 | | 8,000,000 | | 8,000,000 | |
Putnam County Industrial Development Agency,
Civic Facility Revenue (United Cerebral Palsy of Putnam and Southern Dutchess Project) (LOC; TD Bank) | | 0.02 | | 2/7/16 | | 1,235,000 | a | 1,235,000 | |
Rochester,
GO Notes, BAN | | 1.00 | | 3/16/16 | | 10,345,000 | | 10,355,182 | |
Saratoga County Capital Resource Corporation,
Revenue (The Saratoga Hospital Project) (LOC; HSBC Bank USA) | | 0.01 | | 2/7/16 | | 4,520,000 | a | 4,520,000 | |
Sodus Central School District,
GO Notes, BAN | | 1.00 | | 2/3/16 | | 1,000,000 | | 1,000,025 | |
Syracuse Industrial Development Agency,
Civic Facility Revenue (Community Development Properties - Vanderbilt/Larned Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 1,705,000 | a | 1,705,000 | |
Syracuse Industrial Development Agency,
Civic Facility Revenue (Crouse Health Hospital, Inc. Project) (LOC; HSBC Bank USA) | | 0.01 | | 2/7/16 | | 905,000 | a | 905,000 | |
Syracuse Industrial Development Agency,
Civic Facility Revenue (Syracuse University Project) (LOC; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 4,400,000 | a | 4,400,000 | |
Tender Option Bond Trust Receipts (Series 2016-ZM0128),
(New York State Dormitory Authority, State Personal Income Tax Revenue (General Purpose)) (Liquidity Facility; Royal Bank of Canada) | | 0.01 | | 2/7/16 | | 4,375,000 | a,b,c | 4,375,000 | |
Triborough Bridge and Tunnel Authority,
General Revenue (MTA Bridges and Tunnels) (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 5,700,000 | a | 5,700,000 | |
Triborough Bridge and Tunnel Authority,
General Revenue (MTA Bridges and Tunnels) (LOC; State Street Bank and Trust Co.) | | 0.01 | | 2/7/16 | | 3,510,000 | a | 3,510,000 | |
Triborough Bridge and Tunnel Authority,
General Revenue, Refunding (MTA Bridges and Tunnels) (LOC; Wells Fargo Bank) | | 0.01 | | 2/1/16 | | 3,300,000 | a | 3,300,000 | |
Total Investments (cost $419,736,730) | | 100.0% | 419,736,730 | |
Cash and Receivables (Net) | | 0.0% | 93,050 | |
Net Assets | | 100.0% | 419,829,780 | |
a Variable rate demand note—rate shown is the interest rate in effect at January 31, 2016. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
b Security 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 January 31, 2016, these securities amounted to $10,625,000 or 2.53% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates).
| | |
Portfolio Summary (Unaudited) † | Value (%) |
City | 22.0 |
Housing | 18.4 |
Education | 12.2 |
Transportation Services | 12.0 |
Special Tax | 11.5 |
Utility-Water and Sewer | 6.8 |
Health Care | 6.4 |
Industrial | 5.3 |
Lease | 2.4 |
Utility-Electric | 1.6 |
Other | 1.4 |
| | 100.0 |
† Based on net assets.
See notes to financial statements.
31
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | | |
| |
Dreyfus Tax Exempt Cash Management |
Short-Term Investments - 100.1% | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Alabama - 4.7% | | | | | |
Chatom Industrial Development Board,
Gulf Opportunity Zone Revenue (PowerSouth Energy Cooperative Projects) (LOC; National Rural Utilities Cooperative Finance Corporation) | | 0.17 | | 2/7/16 | | 15,000,000 | a | 15,000,000 | |
Mobile County Industrial Development Authority,
Gulf Opportunity Zone Revenue (SSAB Alabama Inc.) (LOC; Swedbank) | | 0.02 | | 2/7/16 | | 14,000,000 | a | 14,000,000 | |
Tuscaloosa County Industrial Development Authority,
Gulf Opportunity Zone Revenue (Hunt Refining Project) (LOC; Bank of Nova Scotia) | | 0.01 | | 2/7/16 | | 15,000,000 | a | 15,000,000 | |
Tuscaloosa County Industrial Development Authority,
Gulf Opportunity Zone Revenue (Hunt Refining Project) (LOC; Bank of Nova Scotia) | | 0.01 | | 2/7/16 | | 20,000,000 | a | 20,000,000 | |
Tuscaloosa County Industrial Development Authority,
Gulf Opportunity Zone Revenue (Hunt Refining Project) (LOC; Sumitomo Mitsui Banking Corp.) | | 0.01 | | 2/7/16 | | 25,000,000 | a | 25,000,000 | |
| | 89,000,000 | |
Arizona - .9% | | | | | |
Arizona Health Facilities Authority,
Revenue, Refunding (Phoenix Children's Hospital) (P-FLOATS Series MT-836) (Liquidity Facility; Bank of America and LOC; Bank of America) | | 0.21 | | 2/7/16 | | 10,495,000 | a,b,c | 10,495,000 | |
Tender Option Bond Trust Receipts (Series 2015-ZM0125),
(Salt River Project Agricultural Improvement and Power District, Salt River Project Electric System Revenue) (Liquidity Facility; Royal Bank of Canada) | | 0.01 | | 2/7/16 | | 1,900,000 | a,b,c | 1,900,000 | |
Yavapai County Industrial Development Authority,
Revenue (Skanon Investments, Inc. - Drake Cement Project) (LOC; Citibank NA) | | 0.04 | | 2/7/16 | | 4,500,000 | a | 4,500,000 | |
| | 16,895,000 | |
California - 1.4% | | | | | |
California,
CP (LOC; Royal Bank of Canada) | | 0.07 | | 2/10/16 | | 6,750,000 | | 6,750,000 | |
California Statewide Communities Development Authority,
Revenue, CP (Kaiser Permanente) | | 0.07 | | 3/17/16 | | 9,000,000 | | 9,000,000 | |
Los Angeles County,
TRAN | | 5.00 | | 6/30/16 | | 10,000,000 | | 10,192,452 | |
| | 25,942,452 | |
Colorado - 8.7% | | | | | |
Colorado Educational and Cultural Facilities Authority,
Revenue (National Jewish Federation Bond Program) (LOC; Northern Trust Company) | | 0.01 | | 2/1/16 | | 7,300,000 | a | 7,300,000 | |
Colorado Educational and Cultural Facilities Authority,
Revenue, Refunding (The Nature Conservancy Project) | | 0.01 | | 2/7/16 | | 68,390,000 | a | 68,390,000 | |
Metro Wastewater Reclamation District,
Sewer Improvement Revenue | | 5.00 | | 4/1/16 | | 3,000,000 | | 3,023,715 | |
Sheridan Redevelopment Agency,
Tax Increment Revenue, Refunding (South Santa Fe Drive Corridor Redevelopment Project) (LOC; JPMorgan Chase Bank) | | 0.04 | | 2/7/16 | | 9,100,000 | a | 9,100,000 | |
Southern Ute Indian Tribe of the Southern Ute Indian Reservation,
Revenue | | 0.02 | | 2/7/16 | | 45,000,000 | a | 45,000,000 | |
Southern Ute Indian Tribe of the Southern Ute Indian Reservation,
Revenue | | 0.02 | | 2/7/16 | | 33,300,000 | a,b | 33,300,000 | |
| | 166,113,715 | |
Connecticut - .3% | | | | | |
Derby,
GO Notes, BAN | | 1.00 | | 3/15/16 | | 2,675,000 | | 2,677,366 | |
JPMorgan Chase Putters/Drivers Trust (Series 5003),
(Connecticut, GO Notes, Refunding) (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 3,200,000 | a,b,c | 3,200,000 | |
| | 5,877,366 | |
Delaware - 2.9% | | | | | |
Delaware Health Facilities Authority,
Revenue (Christiana Care Health Services) | | 0.01 | | 2/7/16 | | 56,000,000 | a | 56,000,000 | |
32
| | | | | | | | | | | | | | | | | | | |
| |
Dreyfus Tax Exempt Cash Management (continued) |
Short-Term Investments - 100.1% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
District of Columbia - 1.3% | | | | | |
District of Columbia Water and Sewer Authority,
Public Utility Subordinated Lien Revenue (Eagle Series 2013-0012) (Liquidity Facility; Citibank NA) | | 0.02 | | 2/7/16 | | 9,500,000 | a,b,c | 9,500,000 | |
Metropolitan Washington Airports Authority,
Dulles Toll Road Revenue, CP (LOC; JPMorgan Chase Bank) | | 0.07 | | 3/3/16 | | 16,000,000 | | 16,000,000 | |
| | 25,500,000 | |
Florida - 4.6% | | | | | |
Collier County Health Facilities Authority,
Revenue, CP (Cleveland Clinic Health System) | | 0.06 | | 2/10/16 | | 30,000,000 | | 30,000,000 | |
Gainesville,
Utility System Revenue, CP (Liquidity Facility; Bank of America) | | 0.02 | | 2/8/16 | | 19,000,000 | | 19,000,000 | |
Jacksonville Electric Authority,
Electric System Revenue, CP (Liquidity Facility; U.S. Bank NA) | | 0.04 | | 2/16/16 | | 12,800,000 | | 12,800,000 | |
Orlando Utilities Commission,
Utility System Revenue, Refunding | | 0.01 | | 2/7/16 | | 12,755,000 | a | 12,755,000 | |
Sunshine State Government Financing Commission,
Revenue, CP (Liquidity Facility; JPMorgan Chase Bank) | | 0.08 | | 3/10/16 | | 14,000,000 | | 14,000,000 | |
| | 88,555,000 | |
Georgia - 1.9% | | | | | |
Cobb County Hospital Authority,
RAC (Equipment Pool Project) (LOC; Wells Fargo Bank) | | 0.01 | | 2/7/16 | | 11,300,000 | a | 11,300,000 | |
Fulton County Development Authority,
Revenue (Children's Healthcare of Atlanta, Inc. Project) (Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) | | 0.02 | | 2/7/16 | | 5,925,000 | a | 5,925,000 | |
Private Colleges and Universities Authority,
Revenue (Emory University) | | 0.01 | | 2/7/16 | | 19,550,000 | a | 19,550,000 | |
| | 36,775,000 | |
Illinois - 3.1% | | | | | |
Brookfield,
Revenue (Brookfield Zoo Project) (LOC; Northern Trust Company) | | 0.04 | | 2/7/16 | | 30,720,000 | a | 30,720,000 | |
Illinois Development Finance Authority,
Revenue (Sinai Communitiy Institute Project) (LOC; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 5,000,000 | a | 5,000,000 | |
Illinois Educational Facilities Authority,
Revenue (National-Louis University) (LOC; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 9,150,000 | a | 9,150,000 | |
Illinois Finance Authority,
IDR (Fitzpatrick Brothers, Inc. Project) (Liquidity Facility; Northern Trust Company) | | 0.04 | | 2/7/16 | | 3,715,000 | a | 3,715,000 | |
Tender Option Bond Trust Receipts (Series 2015-XM0078),
(Illinois Toll Highway Authority, Toll Highway Senior Revenue) (Liquidity Facility; Royal Bank of Canada) | | 0.03 | | 2/7/16 | | 10,365,000 | a,b,c | 10,365,000 | |
| | 58,950,000 | |
Indiana - .2% | | | | | |
Indiana Municipal Power Agency,
Power Supply System Revenue, Refunding (LOC; U.S. Bank NA) | | 0.01 | | 2/1/16 | | 3,030,000 | a | 3,030,000 | |
The Trustees of Purdue University,
Student Facilities System Revenue (Purdue University) | | 0.01 | | 2/7/16 | | 1,500,000 | a | 1,500,000 | |
| | 4,530,000 | |
Louisiana - 2.5% | | | | | |
Louisiana Local Government Environmental Facilities and Community Development Authority,
Revenue (Kenner Theatres, L.L.C. Project) (LOC; FHLB) | | 0.01 | | 2/7/16 | | 3,650,000 | a | 3,650,000 | |
Louisiana Offshore Terminal Authority,
Deepwater Port Revenue, Refunding (LOOP LLC Project) (LOC; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 3,600,000 | a | 3,600,000 | |
Louisiana Public Facilities Authority,
Revenue (Air Products and Chemicals Project) | | 0.01 | | 2/7/16 | | 15,215,000 | a | 15,215,000 | |
Louisiana Public Facilities Authority,
Revenue (Air Products and Chemicals Project) | | 0.01 | | 2/7/16 | | 16,900,000 | a | 16,900,000 | |
Port of New Orleans Board of Commissioners,
Subordinate Lien Revenue, Refunding (LOC; FHLB) | | 0.01 | | 2/7/16 | | 8,195,000 | a | 8,195,000 | |
| | 47,560,000 | |
33
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | | | | | | | | | |
| |
Dreyfus Tax Exempt Cash Management (continued) |
Short-Term Investments - 100.1% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Maryland - 1.6% | | | | | |
Maryland Community Development Administration, Department of Housing and Community Development,
Multifamily Development Revenue (Crusaders Arms Apartments) (LOC; FHLMC) | | 0.01 | | 2/7/16 | | 1,800,000 | a | 1,800,000 | |
Maryland Economic Development Corporation,
Revenue (Easter Seals Facility) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 5,935,000 | a | 5,935,000 | |
Maryland Stadium Authority,
Sports Facilities LR, Refunding (Football Stadium Issue) (Liquidity Facility; Sumitomo Mitsui Banking Corp.) | | 0.01 | | 2/7/16 | | 14,900,000 | a | 14,900,000 | |
Montgomery County,
Consolidated Public Improvement GO Notes, BAN (Liquidity Facility; Wells Fargo Bank) | | 0.01 | | 2/1/16 | | 4,400,000 | a | 4,400,000 | |
Montgomery County,
Consolidated Public Improvement GO Notes, BAN (Liquidity Facility; Wells Fargo Bank) | | 0.01 | | 2/1/16 | | 1,400,000 | a | 1,400,000 | |
Montgomery County,
CP (Liquidity Facility; PNC Bank NA) | | 0.02 | | 2/17/16 | | 2,500,000 | | 2,500,000 | |
| | 30,935,000 | |
Massachusetts - 3.3% | | | | | |
Massachusetts Bay Transportation Authority,
Sales Tax Revenue, CP (Liquidity Facility; U.S. Bank NA) | | 0.02 | | 2/18/16 | | 8,300,000 | | 8,300,000 | |
Massachusetts Health and Educational Facilities Authority,
Revenue (Museum of Fine Arts Issue) (Liquidity Facility; Bank of America) | | 0.01 | | 2/1/16 | | 4,800,000 | a | 4,800,000 | |
Massachusetts Housing Finance Agency,
Housing Revenue (Princeton Westford Project) (LOC; Bank of America) | | 0.01 | | 2/7/16 | | 4,800,000 | a | 4,800,000 | |
Massachusetts School Building Authority,
CP (LOC; Citibank NA) | | 0.03 | | 2/16/16 | | 16,000,000 | | 16,000,000 | |
New Bedford,
GO Notes, BAN | | 1.50 | | 5/3/16 | | 11,220,000 | | 11,252,929 | |
University of Massachusetts Building Authority,
Project Revenue (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 18,275,000 | a | 18,275,000 | |
| | 63,427,929 | |
Michigan - 3.5% | | | | | |
Board of Trustees of the Michigan State University,
CP | | 0.02 | | 2/3/16 | | 7,655,000 | | 7,655,000 | |
Board of Trustees of the Michigan State University,
CP | | 0.03 | | 3/3/16 | | 23,220,000 | | 23,220,000 | |
Michigan Finance Authority,
HR (Catholic Health East Trinity Health Credit Group) | | 0.13 | | 3/1/16 | | 16,245,000 | | 16,245,000 | |
Michigan Housing Development Authority,
SFMR (Liquidity Facility; FHLB) | | 0.01 | | 2/7/16 | | 20,000,000 | a | 20,000,000 | |
| | 67,120,000 | |
Minnesota - 3.5% | | | | | |
Cohasset,
Revenue, Refunding (Minnesota Power and Light Company Project) (LOC; JPMorgan Chase Bank) | | 0.06 | | 2/7/16 | | 5,100,000 | a | 5,100,000 | |
Hennepin County,
GO Notes (Liquidity Facility; U.S. Bank NA) | | 0.01 | | 2/7/16 | | 21,000,000 | a | 21,000,000 | |
Minneapolis and Saint Paul Housing and Redevelopment Authority,
Health Care System Revenue (Allina Health System) (LOC; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 5,700,000 | a | 5,700,000 | |
Southern Minnesota Municipal Power Agency,
Power Supply System Revenue, CP (Liquidity Facility; U.S. Bank NA) | | 0.07 | | 3/8/16 | | 35,000,000 | | 35,000,000 | |
| | 66,800,000 | |
Mississippi - .8% | | | | | |
Mississippi Business Finance Corporation,
Gulf Opportunity Zone IDR (Chevron U.S.A. Inc. Project) | | 0.01 | | 2/1/16 | | 5,585,000 | a | 5,585,000 | |
Mississippi Business Finance Corporation,
Gulf Opportunity Zone IDR (Chevron U.S.A. Inc. Project) | | 0.01 | | 2/7/16 | | 10,000,000 | a | 10,000,000 | |
| | 15,585,000 | |
Missouri - 2.6% | | | | | |
Curators of the University of Missouri,
CP | | 0.02 | | 2/17/16 | | 20,000,000 | | 20,000,000 | |
Missouri Health and Educational Facilities Authority,
Revenue (Ascension Health Senior Health Group) | | 0.01 | | 2/7/16 | | 4,600,000 | a | 4,600,000 | |
34
| | | | | | | | | | | | | | | | | | | |
| |
Dreyfus Tax Exempt Cash Management (continued) |
Short-Term Investments - 100.1% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Missouri - 2.6% (continued) | | | | | |
Missouri State Board of Public Buildings,
Special Obligation Revenue | | 3.00 | | 4/1/16 | | 4,130,000 | | 4,148,697 | |
Saint Louis,
General Fund Revenue, TRAN | | 2.00 | | 6/1/16 | | 20,000,000 | | 20,108,533 | |
| | 48,857,230 | |
Montana - 1.0% | | | | | |
Forsyth,
PCR Refunding (PacifiCorp Project) | | 0.01 | | 2/1/16 | | 19,200,000 | a | 19,200,000 | |
Nebraska - .9% | | | | | |
Nebraska Investment Finance Authority,
SFHR (Liquidity Facility; FHLB) | | 0.01 | | 2/7/16 | | 13,400,000 | a | 13,400,000 | |
Tender Option Bond Trust Receipts (Series 2015-XF2206),
(University of Nebraska Board of Regents, Revenue (University of Nebraska-Lincoln Student Fees and Facilities)) (Liquidity Facility; Citibank NA) | | 0.01 | | 2/7/16 | | 3,100,000 | a,b,c | 3,100,000 | |
| | 16,500,000 | |
Nevada - .1% | | | | | |
Nevada,
GO Notes, Refunding (Capital Improvement and Cultural Affairs Bonds) | | 4.00 | | 3/1/16 | | 1,500,000 | | 1,504,604 | |
New Hampshire - 2.2% | | | | | |
New Hampshire,
GO Notes | | 5.00 | | 2/1/16 | | 6,000,000 | | 6,000,000 | |
New Hampshire Health and Education Facilities Authority,
Revenue (University System of New Hampshire Issue) (Liquidity Facility; U.S. Bank NA) | | 0.01 | | 2/1/16 | | 5,000,000 | a | 5,000,000 | |
New Hampshire Health and Education Facilities Authority,
Revenue (University System of New Hampshire Issue) (Liquidity Facility; U.S. Bank NA) | | 0.01 | | 2/1/16 | | 1,575,000 | a | 1,575,000 | |
New Hampshire Health and Education Facilities Authority,
Revenue (University System of New Hampshire Issue) (Liquidity Facility; Wells Fargo Bank) | | 0.01 | | 2/1/16 | | 29,100,000 | a | 29,100,000 | |
| | 41,675,000 | |
New Jersey - 1.4% | | | | | |
Burlington County Bridge Commission,
Lease Revenue Notes (Governmental Leasing Program) | | 1.50 | | 5/17/16 | | 7,000,000 | | 7,024,828 | |
Guttenberg,
GO Notes, BAN | | 1.00 | | 3/18/16 | | 6,000,000 | | 6,003,003 | |
Toms River Township,
GO Notes, BAN | | 1.00 | | 6/22/16 | | 13,909,200 | | 13,927,923 | |
| | 26,955,754 | |
New York - 6.6% | | | | | |
Dutchess County Industrial Development Agency,
Civic Facility Revenue (Anderson Foundation for Autism, Inc. Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 7,165,000 | a | 7,165,000 | |
Dutchess County Industrial Development Agency,
Civic Facility Revenue (Arbor Ridge at Brookmeade Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 8,635,000 | a | 8,635,000 | |
Lancaster Industrial Development Agency,
Civic Facility Revenue (GreenField Manor, Inc. Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 5,365,000 | a | 5,365,000 | |
Metropolitan Transportation Authority,
Dedicated Tax Fund, BAN | | 0.75 | | 6/1/16 | | 10,000,000 | | 10,017,138 | |
Metropolitan Transportation Authority,
Transportation Revenue (LOC; TD Bank) | | 0.01 | | 2/7/16 | | 3,275,000 | a | 3,275,000 | |
Metropolitan Transportation Authority,
Transportation Revenue (LOC; TD Bank) | | 0.01 | | 2/7/16 | | 9,000,000 | a | 9,000,000 | |
Metropolitan Transportation Authority,
Transportation Revenue, BAN | | 0.50 | | 3/1/16 | | 30,000,000 | | 30,005,314 | |
Metropolitan Transportation Authority,
Transportation Revenue, BAN | | 1.00 | | 3/1/16 | | 10,000,000 | | 10,005,208 | |
New York City,
GO Notes (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 1,850,000 | a | 1,850,000 | |
New York City,
GO Notes (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 1,600,000 | a | 1,600,000 | |
New York City Municipal Water Finance Authority,
Water and Sewer System General Resolution Revenue (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 2,700,000 | a | 2,700,000 | |
35
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | | | | | | | | | |
| |
Dreyfus Tax Exempt Cash Management (continued) |
Short-Term Investments - 100.1% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
New York - 6.6% (continued) | | | | | |
New York City Municipal Water Finance Authority,
Water and Sewer System Second General Resolution Revenue (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 1,100,000 | a | 1,100,000 | |
New York City Municipal Water Finance Authority,
Water and Sewer System Second General Resolution Revenue (Liquidity Facility; PNC Bank NA) | | 0.01 | | 2/1/16 | | 2,000,000 | a | 2,000,000 | |
New York City Municipal Water Finance Authority,
Water and Sewer System Second General Resolution Revenue (Liquidity Facility; State Street Bank and Trust Co.) | | 0.01 | | 2/1/16 | | 1,420,000 | a | 1,420,000 | |
New York City Transitional Finance Authority,
Future Tax Secured Revenue | | 0.01 | | 2/1/16 | | 5,965,000 | a | 5,965,000 | |
New York City Transitional Finance Authority,
Future Tax Secured Subordinate Revenue (Liquidity Facility; U.S. Bank NA) | | 0.01 | | 2/1/16 | | 9,000,000 | a | 9,000,000 | |
New York Local Government Assistance Corporation,
Subordinate Lien Revenue, Refunding (Liquidity Facility; Bank of America) | | 0.01 | | 2/7/16 | | 6,000,000 | a | 6,000,000 | |
New York State Dormitory Authority,
Revenue, CP (Columbia University) | | 0.05 | | 3/1/16 | | 3,400,000 | | 3,400,000 | |
Tompkins County Industrial Development Agency,
Civic Facility Revenue (Community Development Properties Ithaca, Inc. Project) (LOC; M&T Trust) | | 0.11 | | 2/7/16 | | 8,240,000 | a | 8,240,000 | |
| | 126,742,660 | |
North Carolina - 5.9% | | | | | |
Board of Governors of the University of North Carolina,
CP | | 0.04 | | 2/9/16 | | 33,500,000 | | 33,500,000 | |
Board of Governors of the University of North Carolina,
CP | | 0.04 | | 2/23/16 | | 25,000,000 | | 25,000,000 | |
Board of Governors of the University of North Carolina,
CP | | 0.04 | | 2/24/16 | | 5,000,000 | | 5,000,000 | |
Charlotte-Mecklenburg Hospital Authority,
Health Care Revenue (Carolinas HealthCare System) (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 3,100,000 | a | 3,100,000 | |
Guilford County,
GO Notes (Liquidity Facility; Branch Banking and Trust Co.) | | 0.03 | | 2/7/16 | | 11,600,000 | a | 11,600,000 | |
Guilford County,
Public Improvement GO Notes | | 5.00 | | 3/1/16 | | 1,900,000 | | 1,907,312 | |
North Carolina,
GO Notes, Refunding | | 5.00 | | 6/1/16 | | 4,070,000 | | 4,134,470 | |
North Carolina,
LOR, Refunding (Citigroup ROCS, Series 2015-XF2113) (Liquidity Facility; Citibank NA) | | 0.02 | | 2/7/16 | | 2,800,000 | a,b,c | 2,800,000 | |
North Carolina Capital Facilities Finance Agency,
Revenue (Duke University Project) (Eagle Series 2014-0051) (Liquidity Facility; Citibank NA) | | 0.02 | | 2/7/16 | | 12,000,000 | a,b,c | 12,000,000 | |
Raleigh,
Combined Enterprise System Revenue | | 0.01 | | 2/7/16 | | 5,570,000 | a | 5,570,000 | |
Raleigh,
Combined Enterprise System Revenue | | 0.01 | | 2/7/16 | | 8,610,000 | a | 8,610,000 | |
| | 113,221,782 | |
Ohio - .3% | | | | | |
Ohio,
GO Notes (Third Frontier Research and Development) | | 2.00 | | 5/1/16 | | 5,000,000 | | 5,021,938 | |
Oklahoma - .3% | | | | | |
Oklahoma Housing Finance Agency,
Revenue (Wesley Village Retirement Community) | | 0.25 | | 2/1/16 | | 5,000,000 | | 5,000,000 | |
Oklahoma Water Resource Board,
Revenue (Liquidity Facility; State Street Bank and Trust Co.) | | 0.25 | | 3/1/16 | | 1,050,000 | | 1,050,000 | |
| | 6,050,000 | |
Oregon - .2% | | | | | |
Portland,
Second Lien Sewer System Revenue | | 5.00 | | 3/1/16 | | 4,000,000 | | 4,015,229 | |
Pennsylvania - 3.1% | | | | | |
Delaware County Industrial Development Authority,
Airport Facilities Revenue, Refunding (United Parcel Service Project) | | 0.01 | | 2/1/16 | | 5,700,000 | a | 5,700,000 | |
East Hempfield Township Industrial Development Authority,
Revenue (The Mennonite Home Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 9,055,000 | a | 9,055,000 | |
36
| | | | | | | | | | | | | | | | | | | |
| |
Dreyfus Tax Exempt Cash Management (continued) |
Short-Term Investments - 100.1% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Pennsylvania - 3.1% (continued) | | | | | |
East Hempfield Township Industrial Development Authority,
Revenue (The Mennonite Home Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 2,015,000 | a | 2,015,000 | |
General Authority of South Central Pennsylvania,
Revenue (Lutheran Social Services of South Central Pennsylvania Project) (LOC; M&T Trust) | | 0.06 | | 2/7/16 | | 14,535,000 | a | 14,535,000 | |
Philadelphia,
GO Notes, TRAN | | 2.00 | | 6/30/16 | | 15,000,000 | | 15,105,409 | |
Philadelphia Hospitals and Higher Education Facilities Authority,
HR (The Children's Hospital of Philadelphia Project) (Liquidity Facility; Wells Fargo Bank) | | 0.01 | | 2/1/16 | | 495,000 | a | 495,000 | |
Philadelphia Hospitals and Higher Education Facilities Authority,
HR (The Children's Hospital of Philadelphia Project) (Liquidity Facility; Wells Fargo Bank) | | 0.01 | | 2/1/16 | | 4,500,000 | a | 4,500,000 | |
Pittsburgh Water and Sewer Authority,
Water and Sewer System First Lien Revenue, Refunding (LOC; Royal Bank of Canada) | | 0.01 | | 2/7/16 | | 6,600,000 | a | 6,600,000 | |
Ridley School District,
GO Notes (LOC; TD Bank) | | 0.02 | | 2/7/16 | | 2,000,000 | a | 2,000,000 | |
| | 60,005,409 | |
South Carolina - 1.2% | | | | | |
Horry County School District,
GO Notes, Refunding | | 5.00 | | 3/1/16 | | 3,775,000 | | 3,789,545 | |
Richland County School District Number 1,
GO Notes | | 1.00 | | 3/1/16 | | 14,975,000 | | 14,983,988 | |
Rock Hill School District Number 3,
GO Notes | | 1.00 | | 3/1/16 | | 5,000,000 | | 5,003,239 | |
| | 23,776,772 | |
Tennessee - 5.5% | | | | | |
Blount County Public Building Authority,
Local Government Public Improvement Revenue (LOC; Branch Banking and Trust Co.) | | 0.02 | | 2/7/16 | | 1,235,000 | a | 1,235,000 | |
Blount County Public Building Authority,
Local Government Public Improvement Revenue (LOC; Branch Banking and Trust Co.) | | 0.02 | | 2/7/16 | | 7,870,000 | a | 7,870,000 | |
Johnson City Health and Educational Facilities Board,
HR (Mountain States Health Alliance) (LOC; U.S. Bank NA) | | 0.01 | | 2/7/16 | | 4,075,000 | a | 4,075,000 | |
Memphis,
CP (Liquidity Facility; Mizuho Bank, Ltd.) | | 0.09 | | 2/18/16 | | 10,000,000 | | 10,000,000 | |
Metropolitan Government of Nashville and Davidson County,
CP (Liquidity Facility; Mizuho Bank, Ltd.) | | 0.02 | | 2/17/16 | | 10,000,000 | | 10,000,000 | |
Metropolitan Government of Nashville and Davidson County,
CP (Liquidity Facility; Mizuho Bank, Ltd.) | | 0.02 | | 2/17/16 | | 10,000,000 | | 10,000,000 | |
Sevier County Public Building Authority,
Local Government Public Improvement Revenue (LOC; Bank of America) | | 0.01 | | 2/7/16 | | 30,125,000 | a | 30,125,000 | |
Sevier County Public Building Authority,
Local Government Public Improvement Revenue (LOC; FHLB) | | 0.01 | | 2/7/16 | | 5,030,000 | a | 5,030,000 | |
Shelby County,
GO Notes, Refunding | | 5.00 | | 3/1/16 | | 4,250,000 | | 4,265,978 | |
Shelby County,
GO Notes, Refunding | | 5.00 | | 4/1/16 | | 2,405,000 | | 2,423,960 | |
Shelby County Health Educational and Housing Facility Board,
Educational Facilities Revenue (Rhodes College) (LOC; Wells Fargo Bank) | | 0.06 | | 2/7/16 | | 5,000,000 | a | 5,000,000 | |
Tennessee,
CP (Liquidity Facility; Tennessee Consolidated Retirement System) | | 0.06 | | 2/16/16 | | 15,600,000 | | 15,600,000 | |
| | 105,624,938 | |
Texas - 14.9% | | | | | |
Allen Independent School District,
GO Notes, Refunding | | 4.00 | | 2/15/16 | | 2,580,000 | | 2,583,953 | |
Bryan Independent School District,
Unlimited Tax Bonds, Refunding (LOC; Permanent School Fund Guarantee Program) | | 2.00 | | 2/15/16 | | 5,815,000 | | 5,819,247 | |
Dallas,
CP (Liquidity Facility; State Street Bank and Trust Co.) | | 0.03 | | 2/17/16 | | 15,000,000 | | 15,000,000 | |
37
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | | | | | | | | | |
| |
Dreyfus Tax Exempt Cash Management (continued) |
Short-Term Investments - 100.1% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Texas - 14.9% (continued) | | | | | |
Dallas,
CP (Liquidity Facility; State Street Bank and Trust Co.) | | 0.07 | | 2/17/16 | | 9,870,000 | | 9,870,000 | |
Dallas,
CP (Liquidity Facility; State Street Bank and Trust Co.) | | 0.04 | | 3/1/16 | | 9,690,000 | | 9,690,000 | |
Dallas,
CP (Liquidity Facility; State Street Bank and Trust Co.) | | 0.04 | | 3/3/16 | | 2,248,000 | | 2,248,000 | |
Denton Independent School District,
Unlimited Tax School Building Bonds (Liquidity Facility; Bank of America) | | 0.01 | | 2/7/16 | | 25,000,000 | a | 25,000,000 | |
El Paso County,
Water and Sewer Revenue, CP (Liquidity Facility; JPMorgan Chase Bank) | | 0.04 | | 2/17/16 | | 5,000,000 | | 5,000,000 | |
El Paso Independent School District,
Unlimited Tax School Building Bonds (Liquidity Facility; JPMorgan Chase Bank and LOC; Permanent School Fund Guarantee Program) | | 0.09 | | 2/18/16 | | 10,000,000 | | 10,000,000 | |
Garland,
GO Notes, Refunding | | 3.00 | | 2/15/16 | | 5,645,000 | | 5,651,505 | |
Goose Creek Consolidated Independent School District,
GO Notes, Refunding | | 5.25 | | 2/15/16 | | 1,325,000 | | 1,327,721 | |
Gulf Coast Industrial Development Authority,
Revenue (ExxonMobil Project) | | 0.01 | | 2/1/16 | | 11,600,000 | a | 11,600,000 | |
Harris County Cultural Education Facilities Finance Corporation,
HR, Refunding (Memorial Hermann Health System) | | 0.01 | | 2/7/16 | | 20,000,000 | a | 20,000,000 | |
Harris County Cultural Education Facilities Finance Corporation,
Revenue (The Methodist Hospital System) | | 0.01 | | 2/1/16 | | 5,620,000 | a | 5,620,000 | |
Harris County Cultural Education Facilities Finance Corporation,
Revenue, CP (The Methodist Hospital System) | | 0.18 | | 2/3/16 | | 6,000,000 | | 6,000,000 | |
Harris County Cultural Education Facilities Finance Corporation,
Revenue, CP (The Methodist Hospital System) | | 0.12 | | 3/9/16 | | 10,000,000 | | 10,000,000 | |
Harris County Cultural Education Facilities Finance Corporation,
Revenue, CP (The Methodist Hospital System) | | 0.08 | | 3/17/16 | | 6,000,000 | | 6,000,000 | |
Harris County Metropolitan Transportation Authority,
CP (Liquidity Facility; JPMorgan Chase Bank) | | 0.09 | | 4/6/16 | | 20,000,000 | | 20,000,000 | |
Houston,
CP (Liquidity Facility; Sumitomo Mitsui Banking Corp.) | | 0.13 | | 3/15/16 | | 5,000,000 | | 5,000,000 | |
Lubbock,
GO Notes, Refunding | | 2.00 | | 2/15/16 | | 6,965,000 | | 6,970,208 | |
Marshall Independent School District,
GO Notes | | 1.50 | | 2/15/16 | | 3,405,000 | | 3,406,833 | |
Plemons-Stinnett-Phillips Consolidated School District,
GO Notes (LOC; Permanent School Fund Guarantee Program) | | 2.00 | | 2/15/16 | | 1,415,000 | | 1,416,056 | |
Red River Education Finance Corporation,
Higher Education Revenue (Texas Christian University Project) (Liquidity Facility; Northern Trust Company) | | 0.01 | | 2/7/16 | | 53,500,000 | a | 53,500,000 | |
Tarrant County Cultural Education Facilities Finance Corporation,
Revenue (Texas Health Resources System) (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 3,000,000 | a | 3,000,000 | |
Texas,
GO Notes (Veterans Bonds) (Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) | | 0.02 | | 2/7/16 | | 13,825,000 | a | 13,825,000 | |
Texas Public Finance Authority,
CP | | 0.02 | | 2/4/16 | | 5,000,000 | | 5,000,000 | |
Texas Transportation Commission,
GO Mobility Fund Bonds (Liquidity Facility: California Public Employees Retirement System and State Street Bank and Trust Co.) | | 0.01 | | 2/7/16 | | 16,300,000 | a | 16,300,000 | |
Travis County,
GO Notes, Refunding | | 5.50 | | 3/1/16 | | 1,905,000 | | 1,913,048 | |
University of Texas,
University Revenue, CP | | 0.02 | | 2/25/16 | | 3,300,000 | | 3,300,000 | |
| | 285,041,571 | |
38
| | | | | | | | | | | | | | | | | | | |
| |
Dreyfus Tax Exempt Cash Management (continued) |
Short-Term Investments - 100.1% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
Utah - 2.1% | | | | | |
Intermountain Power Agency,
Power Supply Revenue, CP (Liquidity Facility; Bank of America) | | 0.08 | | 3/28/16 | | 15,000,000 | | 15,000,000 | |
Jordanelle Special Service District,
Assessment Revenue (Tuhaye Project) (LOC; Wells Fargo Bank) | | 0.02 | | 2/7/16 | | 1,026,000 | a | 1,026,000 | |
Utah County,
HR (Intermountain Health Care Health Services, Inc.) (Liquidity Facility; U.S. Bank NA) | | 0.01 | | 2/7/16 | | 18,600,000 | a | 18,600,000 | |
Utah Housing Finance Agency,
MFHR, Refunding (Candlestick Apartments Project) (Liquidity Facility; FNMA and LOC; FNMA) | | 0.04 | | 2/7/16 | | 6,400,000 | a | 6,400,000 | |
| | 41,026,000 | |
Vermont - .1% | | | | | |
Vermont Educational and Health Buildings Financing Agency,
Revenue (North Country Hospital Project) (LOC; TD Bank) | | 0.01 | | 2/1/16 | | 2,635,000 | a | 2,635,000 | |
Virginia - .3% | | | | | |
Alexandria Industrial Development Authority,
Headquarters Facilities Revenue (American Academy of Otolaryngology-Head and Neck Surgery Foundation, Inc.) (LOC; Bank of America) | | 0.01 | | 2/7/16 | | 6,310,000 | a | 6,310,000 | |
Washington - 1.7% | | | | | |
King County,
Junior Lien Sewer Revenue (LOC; Landesbank Hessen-Thuringen Girozentrale) | | 0.02 | | 2/7/16 | | 7,500,000 | a | 7,500,000 | |
Washington,
Various Purpose GO, Refunding (P-FLOATS Series PT-4658) (Liquidity Facility; Bank of America) | | 0.02 | | 2/7/16 | | 7,250,000 | a,b,c | 7,250,000 | |
Washington Housing Finance Commission,
MFHR (Reserve at Renton Apartments Project) (LOC; FHLB) | | 0.02 | | 2/7/16 | | 8,000,000 | a | 8,000,000 | |
Washington Housing Finance Commission,
Nonprofit Revenue, Refunding (Panorama City Project) (LOC; Wells Fargo Bank) | | 0.02 | | 2/7/16 | | 4,030,000 | a | 4,030,000 | |
Washington Housing Finance Commission,
Revenue (Reserve at SeaTac Apartments Project) (LOC; FHLB) | | 0.02 | | 2/7/16 | | 5,500,000 | a | 5,500,000 | |
| | 32,280,000 | |
Wisconsin - 4.5% | | | | | |
Milwaukee Redevelopment Authority,
Redevelopment LR (University of Wisconsin-Milwaukee Kenilworth Project) (LOC; U.S. Bank NA) | | 0.01 | | 2/7/16 | | 5,385,000 | a | 5,385,000 | |
Oneida Tribe of Indians of Wisconsin,
Health Facilities Revenue (LOC; Bank of America) | | 0.07 | | 2/7/16 | | 11,090,000 | a | 11,090,000 | |
Wisconsin Health and Educational Facilities Authority,
Revenue (Ascension Health Senior Credit Group) (Eclipse Funding Trust, Series 0029) (Liquidity Facility; U.S. Bank NA and LOC; U.S. Bank NA) | | 0.01 | | 2/7/16 | | 22,750,000 | a,b,c | 22,750,000 | |
Wisconsin Health and Educational Facilities Authority,
Revenue (Mequon Jewish Campus, Inc. Project) (LOC; JPMorgan Chase Bank) | | 0.04 | | 2/7/16 | | 8,345,000 | a | 8,345,000 | |
Wisconsin Health and Educational Facilities Authority,
Revenue, CP (Aurora Health Care, Inc.) (LOC; JPMorgan Chase Bank) | | 0.09 | | 3/3/16 | | 26,000,000 | | 26,000,000 | |
Wisconsin Health and Educational Facilities Authority,
Revenue, CP (Aurora Health Care, Inc.) (LOC; JPMorgan Chase Bank) | | 0.15 | | 4/5/16 | | 13,000,000 | | 13,000,000 | |
| | 86,570,000 | |
Total Investments (cost $1,918,580,349) | | 100.1% | 1,918,580,349 | |
Liabilities, Less Cash and Receivables | | (0.1%) | (1,318,240) | |
Net Assets | | 100.0% | 1,917,262,109 | |
a Variable rate demand note—rate shown is the interest rate in effect at January 31, 2016. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
b Security 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 January 31, 2016, these securities amounted to $116,660,000 or 6.08% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates).
39
STATEMENT OF INVESTMENTS (continued)
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Education | 25.1 |
Health Care | 15.9 |
Industrial | 10.0 |
State/Territory | 6.8 |
City | 6.3 |
Transportation Services | 6.3 |
Utility-Electric | 5.7 |
Utility-Water and Sewer | 5.3 |
County | 3.6 |
Housing | 3.6 |
Special Tax | 2.0 |
Lease | 1.6 |
Pollution Control | 1.0 |
Other | 6.9 |
| | 100.1 |
† Based on net assets.
See notes to financial statements.
40
| | | | | | | | | | | |
| |
Dreyfus California AMT-Free Municipal Cash Management |
Short-Term Investments - 100.0% | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
California - 100.0% | | | | | |
ABAG Finance Authority for Nonprofit Corporations,
Revenue (California Alumni Association Project) (LOC; Bank of America) | | 0.04 | | 2/7/16 | | 3,890,000 | a | 3,890,000 | |
Alameda County Industrial Development Authority,
Recovery Zone Facility Revenue (Dale Hardware, Inc. Project) (LOC; Comerica Bank) | | 0.03 | | 2/7/16 | | 2,095,000 | a | 2,095,000 | |
Alameda County Industrial Development Authority,
Revenue (Santini Foods, Inc. Project) (LOC; Comerica Bank) | | 0.03 | | 2/7/16 | | 2,900,000 | a | 2,900,000 | |
California,
CP (LOC; Royal Bank of Canada) | | 0.05 | | 2/22/16 | | 10,500,000 | | 10,500,000 | |
California,
CP (LOC; Royal Bank of Canada) | | 0.09 | | 2/29/16 | | 4,700,000 | | 4,700,000 | |
California,
CP (LOC; Royal Bank of Canada) | | 0.05 | | 3/9/16 | | 3,500,000 | | 3,500,000 | |
California,
CP (LOC; U.S. Bank NA) | | 0.04 | | 3/7/16 | | 3,400,000 | | 3,400,000 | |
California,
CP (LOC; Wells Fargo Bank) | | 0.04 | | 3/29/16 | | 11,100,000 | | 11,100,000 | |
California,
GO Notes (Kindergarten-University) (LOC; Citibank NA) | | 0.01 | | 2/1/16 | | 3,900,000 | a | 3,900,000 | |
California,
GO Notes (Kindergarten-University) (LOC; Citibank NA) | | 0.01 | | 2/1/16 | | 2,400,000 | a | 2,400,000 | |
California,
GO Notes (Kindergarten-University) (LOC; Citibank NA) | | 0.01 | | 2/1/16 | | 2,950,000 | a | 2,950,000 | |
California,
GO Notes (Kindergarten-University) (LOC; Citibank NA) | | 0.01 | | 2/1/16 | | 1,000,000 | a | 1,000,000 | |
California,
GO Notes (Kindergarten-University) (LOC; State Street Bank and Trust Co.) | | 0.01 | | 2/1/16 | | 2,195,000 | a | 2,195,000 | |
California,
GO Notes (Kindergarten-University) (LOC; State Street Bank and Trust Co.) | | 0.01 | | 2/1/16 | | 1,500,000 | a | 1,500,000 | |
California,
GO Notes (LOC; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 13,350,000 | a | 13,350,000 | |
California,
GO Notes (LOC; Mizuho Bank, Ltd.) | | 0.01 | | 2/7/16 | | 9,500,000 | a | 9,500,000 | |
California,
GO Notes (LOC; Sumitomo Mitsui Banking Corp.) | | 0.01 | | 2/7/16 | | 10,000,000 | a | 10,000,000 | |
California,
GO Notes (LOC; Sumitomo Mitsui Banking Corp.) | | 0.01 | | 2/7/16 | | 6,140,000 | a | 6,140,000 | |
California Department of Water Resources,
Water Revenue, CP (Liquidity Facility; Bank of Montreal) | | 0.07 | | 3/1/16 | | 9,961,000 | | 9,961,000 | |
California Department of Water Resources,
Water Revenue, CP (Liquidity Facility; Bank of Montreal) | | 0.08 | | 3/2/16 | | 4,383,000 | | 4,383,000 | |
California Educational Facilities Authority,
Revenue, CP (Stanford University) | | 0.07 | | 3/30/16 | | 1,200,000 | | 1,200,000 | |
California Enterprise Development Authority,
IDR (Tri Tool Inc. Project) (LOC; Comerica Bank) | | 0.05 | | 2/7/16 | | 7,830,000 | a | 7,830,000 | |
California Enterprise Development Authority,
Recovery Zone Facility Revenue (Regional Properties, Inc. Project) (LOC; FHLB) | | 0.02 | | 2/7/16 | | 15,000,000 | a,b | 15,000,000 | |
California Health Facilities Financing Authority,
Revenue (Saint Joseph Health System) (LOC; U.S. Bank NA) | | 0.01 | | 2/1/16 | | 5,275,000 | a | 5,275,000 | |
California Infrastructure and Economic Development Bank,
(Alegacy Foodservice Products Group, Inc. and Eagleware Manufacturing Company, Inc. Project) (LOC; Wells Fargo Bank) | | 0.02 | | 2/7/16 | | 4,125,000 | a | 4,125,000 | |
California Infrastructure and Economic Development Bank,
Revenue (Goodwill Industries of Orange County, California) (LOC; Wells Fargo Bank) | | 0.07 | | 2/7/16 | | 1,280,000 | a | 1,280,000 | |
California Infrastructure and Economic Development Bank,
Revenue (SRI International) (LOC; Wells Fargo Bank) | | 0.02 | | 2/7/16 | | 2,310,000 | a | 2,310,000 | |
California Infrastructure and Economic Development Bank,
Revenue, Refunding (Los Angeles County Museum of Natural History Foundation) (LOC; Wells Fargo Bank) | | 0.01 | | 2/1/16 | | 3,245,000 | a | 3,245,000 | |
California Municipal Finance Authority,
MFHR (Pacific Meadows Apartments) (Liquidity Facility; FHLMC and LOC; FHLMC) | | 0.07 | | 2/7/16 | | 6,645,000 | a,b | 6,645,000 | |
41
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | |
| |
Dreyfus California AMT-Free Municipal Cash Management (continued) |
Short-Term Investments - 100.0% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
California - 100.0% (continued) | | | | | |
California Municipal Finance Authority,
Recovery Zone Facility Revenue (Chevron U.S.A. Inc. Project) | | 0.01 | | 2/1/16 | | 1,600,000 | a | 1,600,000 | |
California Municipal Finance Authority,
Recovery Zone Facility Revenue (Chevron U.S.A. Inc. Project) | | 0.01 | | 2/1/16 | | 750,000 | a | 750,000 | |
California Municipal Finance Authority,
Revenue (Notre Dame High School, San Jose) (LOC; Comerica Bank) | | 0.05 | | 2/7/16 | | 960,000 | a | 960,000 | |
California Pollution Control Financing Authority,
PCR, Refunding (Pacific Gas and Electric Company) (LOC; JPMorgan Chase Bank | | 0.01 | | 2/1/16 | | 9,000,000 | a | 9,000,000 | |
California Pollution Control Financing Authority,
PCR, Refunding (Pacific Gas and Electric Company) (LOC; JPMorgan Chase Bank) | | 0.01 | | 2/1/16 | | 11,000,000 | a | 11,000,000 | |
California Pollution Control Financing Authority,
SWDR (Big Bear Disposal, Inc. Project) (LOC; Union Bank NA) | | 0.01 | | 2/7/16 | | 3,900,000 | a | 3,900,000 | |
California Pollution Control Financing Authority,
SWDR (Garden City Sanitation, Inc. Project) (LOC; Union Bank NA) | | 0.01 | | 2/7/16 | | 7,150,000 | a | 7,150,000 | |
California Pollution Control Financing Authority,
SWDR (Mission Trail Waste Systems, Inc. Project) (LOC; Comerica Bank) | | 0.03 | | 2/7/16 | | 1,750,000 | a | 1,750,000 | |
California Pollution Control Financing Authority,
SWDR (South Bay Recycling Project) (LOC; Union Bank NA) | | 0.01 | | 2/7/16 | | 1,550,000 | a | 1,550,000 | |
California Pollution Control Financing Authority,
SWDR, Refunding (BLT Enterprises of Fremont LLC Project) (LOC; Union Bank NA) | | 0.01 | | 2/7/16 | | 8,165,000 | a | 8,165,000 | |
California Pollution Control Financing Authority,
SWDR, Refunding (MarBorg Industries Project) (LOC; Union Bank NA) | | 0.01 | | 2/7/16 | | 2,055,000 | a | 2,055,000 | |
California Statewide Communities Development Authority,
MFHR (Foxwood Apartments Project) (LOC; Wells Fargo Bank) | | 0.02 | | 2/7/16 | | 4,150,000 | a | 4,150,000 | |
California Statewide Communities Development Authority,
Revenue (Goodwill of Santa Cruz) (LOC; Wells Fargo Bank) | | 0.11 | | 2/7/16 | | 1,555,000 | a | 1,555,000 | |
California Statewide Communities Development Authority,
Revenue (Metropolitan Area Advisory Committee Project) (LOC; Bank of America) | | 0.09 | | 2/7/16 | | 2,990,000 | a | 2,990,000 | |
California Statewide Communities Development Authority,
Revenue, CP (Kaiser Permanente) | | 0.07 | | 3/17/16 | | 28,200,000 | | 28,200,000 | |
East Bay Municipal Utility District,
CP (Liquidity Facility; Bank of America) | | 0.06 | | 3/3/16 | | 10,000,000 | | 10,000,000 | |
East Bay Municipal Utility District,
CP (Liquidity Facility; Sumitomo Mitsui Banking Corp.) | | 0.07 | | 3/8/16 | | 18,000,000 | | 18,000,000 | |
Golden Valley Unified School District,
GO Notes, TRAN | | 2.00 | | 6/30/16 | | 1,400,000 | | 1,409,763 | |
Hillsborough,
COP (Water and Sewer Systems Projects) (Liquidity Facility; JPMorgan Chase Bank) | | 0.01 | | 2/7/16 | | 8,020,000 | a | 8,020,000 | |
Imperial Community College District,
GO Notes, TRAN | | 2.00 | | 2/26/16 | | 2,500,000 | | 2,503,020 | |
Irvine Ranch Water District,
(Improvement District Numbers 105, 112, 113, 121, 130, 140, 161, 182, 184, 186, 188, 212, 213, 221, 230, 240, 250, 261, 282, 284, 286 and 288) (LOC; U.S. Bank NA) | | 0.01 | | 2/1/16 | | 4,200,000 | a | 4,200,000 | |
Kern County,
GO Notes, TRAN | | 7.00 | | 6/30/16 | | 1,000,000 | | 1,027,329 | |
Lancaster School District,
GO Notes, TRAN | | 2.00 | | 6/30/16 | | 3,680,000 | | 3,706,366 | |
Los Angeles County,
TRAN | | 5.00 | | 6/30/16 | | 4,000,000 | | 4,076,981 | |
Los Angeles Department of Water and Power,
Power System Revenue (Liquidity Facility; Bank of Montreal) | | 0.01 | | 2/1/16 | | 6,100,000 | a | 6,100,000 | |
Los Angeles Municipal Improvement Corporation,
LR (Real Property) | | 4.00 | | 3/1/16 | | 1,000,000 | | 1,002,896 | |
Los Angeles Municipal Improvement Corporation,
LR, CP (LOC; Wells Fargo Bank) | | 0.04 | | 2/10/16 | | 3,000,000 | | 3,000,000 | |
Los Angeles Municipal Improvement Corporation,
LR, CP (LOC; Wells Fargo Bank) | | 0.08 | | 2/23/16 | | 6,700,000 | | 6,700,000 | |
42
| | | | | | | | | | | | | | | | | | | | |
| |
Dreyfus California AMT-Free Municipal Cash Management (continued) |
Short-Term Investments - 100.0% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
California - 100.0% (continued) | | | | | |
Manteca Redevelopment Agency,
Subordinate Tax Allocation Revenue, Refunding (Amended Merged Project Area) (LOC; State Street Bank and Trust Co.) | | 0.01 | | 2/1/16 | | 12,535,000 | a | 12,535,000 | |
Monterey Peninsula Water Management District,
COP (Wastewater Reclamation Project) (LOC; Wells Fargo Bank) | | 0.03 | | 2/7/16 | | 4,331,000 | a | 4,331,000 | |
Oakland,
GO Notes, TRAN | | 2.00 | | 6/30/16 | | 2,000,000 | | 2,013,973 | |
Orange County,
Apartment Development Revenue, Refunding (Villa Aliento Issue) (LOC; FNMA) | | 0.01 | | 2/7/16 | | 240,000 | a | 240,000 | |
Orange County,
Apartment Development Revenue, Refunding (Villa La Paz Issue) (LOC; FNMA) | | 0.01 | | 2/7/16 | | 3,550,000 | a | 3,550,000 | |
Riverside County,
GO Notes, TRAN | | 2.00 | | 6/30/16 | | 4,000,000 | | 4,027,945 | |
Sacramento County Housing Authority,
MFHR (Ashford Park Apartments) (LOC; FNMA) | | 0.02 | | 2/7/16 | | 3,560,000 | a | 3,560,000 | |
Sacramento County Housing Authority,
MFHR, Refunding (Stonebridge Apartments) (LOC; FNMA) | | 0.01 | | 2/7/16 | | 8,000,000 | a | 8,000,000 | |
Sacramento Municipal Utility District,
Subordinated Electric Revenue, Refunding (LOC; Bank of America) | | 0.01 | | 2/7/16 | | 20,000,000 | a | 20,000,000 | |
San Bernardino County,
MFHR (Sycamore Terrace Apartments) (LOC; FNMA) | | 0.03 | | 2/7/16 | | 5,600,000 | a | 5,600,000 | |
San Bernardino County,
MFHR, Refunding (Rosewood Apartments) (LOC; FNMA) | | 0.03 | | 2/7/16 | | 2,725,000 | a | 2,725,000 | |
San Bernardino County,
MFHR, Refunding (Somerset Apartments) (Liquidity Facility; FNMA and LOC; FNMA) | | 0.03 | | 2/7/16 | | 2,995,000 | a | 2,995,000 | |
San Diego County,
COP (Friends of Chabad Lubavitch) (LOC; Comerica Bank) | | 0.04 | | 2/7/16 | | 400,000 | a | 400,000 | |
San Diego County,
COP (Museum of Contemporary Art San Diego) (LOC; Northern Trust Company) | | 0.01 | | 2/7/16 | | 950,000 | a | 950,000 | |
San Diego County,
COP (San Diego Museum of Art) (LOC; Wells Fargo Bank) | | 0.05 | | 2/7/16 | | 400,000 | a | 400,000 | |
San Francisco City and County Public Utilities Commission,
Wastewater Revenue, CP (Liquidity Facility; Bank of America) | | 0.03 | | 3/14/16 | | 6,400,000 | | 6,400,000 | |
San Francisco City and County Redevelopment Agency,
MFHR (Mercy Terrace Project) (LOC; FNMA) | | 0.02 | | 2/7/16 | | 9,100,000 | a | 9,100,000 | |
San Jose Redevelopment Agency,
CP (Merged Area Redevelopment Project) (LOC; JPMorgan Chase Bank) | | 0.10 | | 4/11/16 | | 12,400,000 | | 12,400,000 | |
Santa Clara Valley Transportation Authority,
Measure A Sales Tax Revenue (Liquidity Facility; Sumitomo Mitsui Banking Corp.) | | 0.01 | | 2/7/16 | | 11,000,000 | a | 11,000,000 | |
Southern California Public Power Authority,
Revenue, Refunding (Magnolia Power Project) (LOC; Wells Fargo Bank) | | 0.01 | | 2/7/16 | | 1,990,000 | a | 1,990,000 | |
Tahoe Forest Hospital District,
Revenue (LOC; U.S. Bank NA) | | 0.01 | | 2/1/16 | | 4,445,000 | a | 4,445,000 | |
Turlock Irrigation District,
Revenue, CP (LOC; Bank of America) | | 0.04 | | 3/10/16 | | 2,300,000 | | 2,300,000 | |
University of California,
General Revenue | | 0.01 | | 2/7/16 | | 16,800,000 | a | 16,800,000 | |
Yolo County,
MFHR (Primero Grove Student Apartments Project) (LOC; California State Teachers Retirement System) | | 0.08 | | 2/7/16 | | 685,000 | a | 685,000 | |
Yosemite Unified School District,
GO Notes, TRAN | | 2.00 | | 6/30/16 | | 975,000 | | 981,985 | |
Total Investments (cost $448,225,258) | | 100.0% | 448,225,258 | |
Cash and Receivables (Net) | | 0.0% | 158,625 | |
Net Assets | | 100.0% | 448,383,883 | |
a Variable rate demand note—rate shown is the interest rate in effect at January 31, 2016. Maturity date represents the next demand date, or the ultimate maturity date if earlier.
b Security 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 January 31, 2016, these securities amounted to $21,645,000 or 4.83% of net assets.
43
STATEMENT OF INVESTMENTS (continued)
| | |
Portfolio Summary (Unaudited) † | Value (%) |
State/Territory | 17.2 |
Utility-Water and Sewer | 16.4 |
Housing | 10.5 |
Industrial | 9.6 |
Pollution Control | 9.1 |
Education | 6.8 |
City | 6.3 |
Special Tax | 6.2 |
Utility-Electric | 4.9 |
Health Care | 2.2 |
Lease | 2.0 |
County | 1.1 |
Resource Recovery | .5 |
Other | 7.2 |
| | 100.0 |
† Based on net assets.
See notes to financial statements.
44
| | | | |
| |
Summary of Abbreviations |
| |
ABAG | Association of Bay Area
Governments | ACA | American Capital Access |
AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
AMBAC | American Municipal Bond
Assurance Corporation | ARRN | Adjustable Rate
Receipt Notes |
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse
Tax-Exempt Receipts |
EDR | Economic Development
Revenue | EIR | Environmental Improvement
Revenue |
FGIC | Financial Guaranty
Insurance Company | FHA | Federal Housing Administration |
FHLB | Federal Home
Loan Bank | FHLMC | Federal Home Loan Mortgage
Corporation |
FNMA | Federal National
Mortgage Association | GAN | Grant Anticipation Notes |
GIC | Guaranteed Investment
Contract | GNMA | Government National Mortgage
Association |
GO | General Obligation | HR | Hospital Revenue |
IDB | Industrial Development Board | IDC | Industrial Development Corporation |
IDR | Industrial Development
Revenue | LIFERS | Long Inverse Floating
Exempt Receipts |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | MERLOTS | Municipal Exempt Receipts
Liquidity Option Tender |
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue |
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes |
P-FLOATS | Puttable Floating Option
Tax-Exempt Receipts | PUTTERS | Puttable Tax-Exempt Receipts |
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
RAW | Revenue Anticipation Warrants | RIB | Residual Interest Bonds |
ROCS | Reset Options Certificates | RRR | Resources Recovery Revenue |
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
SONYMA | State of New York
Mortgage Agency | SPEARS | Short Puttable Exempt
Adjustable Receipts |
SWDR | Solid Waste Disposal Revenue | TAN | Tax Anticipation Notes |
TAW | Tax Anticipation Warrants | TRAN | Tax and Revenue Anticipation Notes |
XLCA | XL Capital Assurance | | |
See notes to financial statements.
45
STATEMENT OF ASSETS AND LIABILITIES
January 31, 2016
| | | | | | | | | | | |
| | Dreyfus
Cash
Management | | Dreyfus
Government
Cash
Management | | Dreyfus
Government
Prime Cash
Management | | Dreyfus
Treasury &
Agency Cash
Management | | Dreyfus Treasury
Prime Cash
Management |
Assets ($): | | | | | | | | | |
Investments at value—Note 1(a,b)† | 24,858,114,483 | a | 18,930,414,536 | a | 3,792,514,852 | | 20,256,772,978 | a | 38,636,766,118 |
Cash | 11,143,365 | | - | | 458,953 | | - | | - |
Interest receivable | 7,719,290 | | 9,183,640 | | 264,608 | | 21,875,408 | | 77,257,726 |
Receivable for shares of
Beneficial Interest subscribed | 20,009 | | 45,471 | | - | | 40,288,256 | | - |
Receivable for investment securities sold | - | | 1,100,000,000 | | 27,000,000 | | 632,000,000 | | 1,486,750,000 |
Prepaid expenses and other assets | 562,639 | | 206,466 | | 129,337 | | 97,503 | | 183,969 |
| | | 24,877,559,786 | | 20,039,850,113 | | 3,820,367,750 | | 20,951,034,145 | | 40,200,957,813 |
Liabilities ($): | | | | | | | | | |
Due to The Dreyfus Corporation
and affiliates—Note 2(c) | 5,276,767 | | 3,281,424 | | 743,125 | | 3,417,691 | | 6,681,220 |
Cash overdraft due to Custodian | - | | 1,093,124 | | - | | 1,366,857 | | 5,953,778 |
Payable for investment securities purchased | - | | - | | - | | 1,240,644,219 | | 1,024,573,322 |
Payable for shares of
Beneficial interest redeemed | 1,254,340 | | 5,717 | | - | | 298 | | 62,300 |
Accrued expenses | 462,049 | | 225,543 | | 124,245 | | 156,980 | | 298,292 |
| | | 6,993,156 | | 4,605,808 | | 867,370 | | 1,245,586,045 | | 1,037,568,912 |
Net Assets ($) | 24,870,566,630 | | 20,035,244,305 | | 3,819,500,380 | | 19,705,448,100 | | 39,163,388,901 |
Composition of Net Assets ($): | | | | | | | | | |
Paid-in capital | 24,870,602,950 | | 20,035,568,044 | | 3,819,520,344 | | 19,705,848,201 | | 39,163,447,826 |
Accumulated net realized
gain (loss) on investments | (36,320) | | (323,739) | | (19,964) | | (400,101) | | (58,925) |
Net Assets ($) | 24,870,566,630 | | 20,035,244,305 | | 3,819,500,380 | | 19,705,448,100 | | 39,163,388,901 |
Net Asset Value Per Share | | | | | | | | | |
Institutional Shares | | | | | | | | | |
| | Net Assets ($) | 20,312,767,696 | | 16,493,855,196 | | 2,282,377,480 | | 16,300,313,170 | | 30,851,896,212 |
| | Shares Outstanding | 20,312,794,063 | | 16,494,174,519 | | 2,282,392,280 | | 16,300,639,200 | | 30,851,936,760 |
| | Net Asset Value Per Share ($) | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
Investor Shares | | | | | | | | | |
| | Net Assets ($) | 1,577,869,394 | | 1,535,017,056 | | 580,123,513 | | 2,404,303,901 | | 4,346,184,508 |
| | Shares Outstanding | 1,577,874,235 | | 1,535,043,867 | | 580,127,238 | | 2,404,359,110 | | 4,346,213,778 |
| | Net Asset Value Per Share ($) | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
46
| | | | | | | | | | | |
| | Dreyfus
Cash
Management | | Dreyfus
Government
Cash
Management | | Dreyfus
Government
Prime Cash
Management | | Dreyfus
Treasury &
Agency Cash
Management | | Dreyfus Treasury
Prime Cash
Management |
Net Asset Value Per Share (continued) | | | | | | | | | |
Administrative Shares | | | | | | | | | |
| | Net Assets ($) | 2,034,366,351 | | 1,892,122,707 | | 646,417,772 | | 365,175,085 | | 705,722,133 |
| | Shares Outstanding | 2,034,374,268 | | 1,892,127,828 | | 646,420,115 | | 365,182,753 | | 705,723,285 |
| | Net Asset Value Per Share ($) | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
Participant Shares | | | | | | | | | |
| | Net Assets ($) | 804,501,877 | | 48,875,505 | | 297,958,391 | | 595,241,562 | | 3,234,511,103 |
| | Shares Outstanding | 804,498,438 | | 48,876,709 | | 297,960,894 | | 595,252,014 | | 3,234,499,084 |
| | Net Asset Value Per Share ($) | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
Service Shares | | | | | | | | | |
| | Net Assets ($) | - | | - | | - | | 4,756,709 | | - |
| | Shares Outstanding | - | | - | | - | | 4,756,792 | | - |
| | Net Asset Value Per Share ($) | - | | - | | - | | 1.00 | | - |
Select Shares | | | | | | | | | |
| | Net Assets ($) | - | | - | | - | | 4,914,493 | | - |
| | Shares Outstanding | - | | - | | - | | 4,914,586 | | - |
| | Net Asset Value Per Share ($) | - | | - | | - | | 1.00 | | - |
Agency Shares | | | | | | | | | |
| | Net Assets ($) | 141,061,312 | | 65,373,841 | | 12,623,224 | | 7,626,688 | | 25,074,945 |
| | Shares Outstanding | 141,061,945 | | 65,376,519 | | 12,623,619 | | 7,626,870 | | 25,074,918 |
| | Net Asset Value Per Share ($) | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
Premier Shares | | | | | | | | | |
| | Net Assets ($) | - | | - | | - | | 23,116,492 | | - |
| | Shares Outstanding | - | | - | | - | | 23,116,876 | | - |
| | Net Asset Value Per Share ($) | - | | - | | - | | 1.00 | | - |
† | Investments at cost ($) | 24,858,114,483 | | 18,930,414,536 | | 3,792,514,852 | | 20,256,772,978 | | 38,636,766,118 |
a Amount includes repurchase agreements of $1,625,000,000, $5,998,000,000 and $12,632,000,000 for Dreyfus Cash Management, Dreyfus Government Cash Management and Dreyfus Treasury & Agency Cash Management, respectively. See Note 1(b).
See notes to financial statements.
47
STATEMENT OF ASSETS AND LIABILITIES (continued)
| | | | | | | | | | |
| | Dreyfus
Municipal Cash
Management
Plus | | Dreyfus
New York
Municipal Cash
Management | | Dreyfus
Tax Exempt
Cash
Management | | Dreyfus
California
AMT-Free
Municipal Cash
Management | |
Assets ($): | | | | | | | | |
Investments at value—Note 1(a,b)† | 236,286,353 | | 419,736,730 | | 1,918,580,349 | | 448,225,258 | |
Cash | 95,717 | | 817,740 | | 630,086 | | - | |
Interest receivable | 637,672 | | 848,063 | | 2,319,671 | | 339,517 | |
Prepaid expenses and other assets | 71,467 | | 27,975 | | 46,095 | | 25,969 | |
| | | 237,091,209 | | 421,430,508 | | 1,921,576,201 | | 448,590,744 | |
Liabilities ($): | | | | | | | | |
Due to The Dreyfus Corporation
and affiliates—Note 2(c) | 16,380 | | 40,017 | | 142,033 | | 28,636 | |
Cash overdraft due to Custodian | - | | - | | - | | 146,249 | |
Payable for investment securities purchased | 2,600,004 | | 1,486,055 | | 4,075,002 | | - | |
Payable for shares of
Beneficial interest redeemed | 6 | | 1,322 | | 56 | | 2,794 | |
Accrued expenses | 65,881 | | 73,334 | | 97,001 | | 29,182 | |
| | | 2,682,271 | | 1,600,728 | | 4,314,092 | | 206,861 | |
Net Assets ($) | 234,408,938 | | 419,829,780 | | 1,917,262,109 | | 448,383,883 | |
Composition of Net Assets ($): | | | | | | | | |
Paid-in capital | 234,374,426 | | 419,829,780 | | 1,917,262,109 | | 448,383,883 | |
Accumulated net realized
gain (loss) on investments | 34,512 | | – | | – | | - | |
Net Assets ($) | 234,408,938 | | 419,829,780 | | 1,917,262,109 | | 448,383,883 | |
Net Asset Value Per Share | | | | | | | | |
Institutional Shares | | | | | | | | |
| | Net Assets ($) | 107,204,350 | | 184,513,967 | | 1,555,860,079 | | 202,860,153 | |
| | Shares Outstanding | 107,054,753 | | 184,516,382 | | 1,555,862,031 | | 202,855,760 | |
| | Net Asset Value Per Share ($) | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
Investor Shares | | | | | | | | |
| | Net Assets ($) | 101,477,202 | | 213,258,840 | | 287,319,124 | | 233,192,263 | |
| | Shares Outstanding | 101,333,072 | | 213,260,128 | | 287,317,191 | | 233,185,657 | |
| | Net Asset Value Per Share ($) | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
48
| | | | | | | | | | |
| | Dreyfus
Municipal Cash
Management
Plus | | Dreyfus
New York
Municipal Cash
Management | | Dreyfus
Tax Exempt
Cash
Management | | Dreyfus
California
AMT-Free
Municipal Cash
Management | |
Net Asset Value Per Share (continued) | | | | | | | | |
Administrative Shares | | | | | | | | |
| | Net Assets ($) | 7,698,696 | | 20,650,065 | | 35,306,120 | | - | |
| | Shares Outstanding | 7,683,121 | | 20,650,044 | | 35,306,092 | | - | |
| | Net Asset Value Per Share ($) | 1.00 | | 1.00 | | 1.00 | | - | |
Participant Shares | | | | | | | | |
| | Net Assets ($) | 18,028,690 | | 1,406,908 | | 38,776,786 | | 12,331,467 | |
| | Shares Outstanding | 18,002,978 | | 1,406,902 | | 38,776,795 | | 12,331,355 | |
| | Net Asset Value Per Share ($) | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
† | Investments at cost ($) | 236,286,353 | | 419,736,730 | | 1,918,580,349 | | 448,225,258 | |
See notes to financial statements.
49
STATEMENT OF OPERATIONS
Year Ended January 31, 2016
| | | | | | | | | | |
| Dreyfus
Cash
Management | | Dreyfus
Government
Cash
Management | | Dreyfus
Government
Prime Cash
Management | | Dreyfus
Treasury &
Agency Cash
Management | | Dreyfus
Treasury
Prime Cash
Management |
Investment Income ($): | | | | | | | | | |
Interest Income | 67,487,521 | | 28,379,252 | | 4,413,619 | | 23,671,513 | | 26,469,658 |
Expenses: | | | | | | | | | |
Management fee—Note 2(a) | 50,465,652 | | 38,746,071 | | 7,987,629 | | 39,865,843 | | 77,625,023 |
Service plan fees—Note 2(b) | 9,555,693 | | 5,454,257 | | 2,828,485 | | 9,901,666 | | 24,878,201 |
Custodian fees—Note 2(c) | 811,457 | | 564,148 | | 163,472 | | 584,199 | | 1,053,244 |
Prospectus and shareholders’ reports | 809,122 | | 290,439 | | 82,879 | | 37,696 | | 241,373 |
Shareholder servicing costs—Note 2(c) | 601,495 | | 505,047 | | 114,788 | | 234,439 | | 975,724 |
Registration fees | 354,565 | | 220,828 | | 197,313 | | 253,302 | | 226,824 |
Trustees’ fees and expenses—Note 2(d) | 172,100 | | 131,519 | | 27,912 | | 136,403 | | 263,553 |
Professional fees | 104,711 | | 86,220 | | 53,541 | | 90,274 | | 98,860 |
Miscellaneous | 361,571 | | 249,877 | | 96,406 | | 268,187 | | 420,512 |
Total Expenses | 63,236,366 | | 46,248,406 | | 11,552,425 | | 51,372,009 | | 105,783,314 |
Less—reduction in expenses
due to undertakings—Note 2(a) | (10,050,309) | | (22,405,982) | | (7,398,723) | | (31,592,846) | | (81,080,228) |
Less—reduction in fees
due to earnings credits—Note 2(c) | (61,225) | | (22,889) | | (2,390) | | (30,261) | | (2,127) |
Net Expenses | 53,124,832 | | 23,819,535 | | 4,151,312 | | 19,748,902 | | 24,700,959 |
Investment Income—Net | 14,362,689 | | 4,559,717 | | 262,307 | | 3,922,611 | | 1,768,699 |
Net Realized Gain (Loss) on
Investments—Note 1(b) ($) | (14,850) | | (259,460) | | 17,940 | | (309,714) | | 429,655 |
Net Increase in Net Assets
Resulting from Operations | 14,347,839 | | 4,300,257 | | 280,247 | | 3,612,897 | | 2,198,354 |
See notes to financial statements.
50
| | | | | | | | | |
| Dreyfus
Municipal Cash
Management
Plus | | Dreyfus
New York
Municipal Cash
Management | | Dreyfus
Tax Exempt
Cash
Management | | Dreyfus
California
AMT-Free
Municipal Cash
Management | |
Investment Income ($): | | | | | | | | |
Interest Income | 307,711 | | 399,805 | | 1,571,802 | | 311,193 | |
Expenses: | | | | | | | | |
Management fee—Note 2(a) | 626,035 | | 752,837 | | 3,957,366 | | 905,334 | |
Service plan fees—Note 2(b) | 441,234 | | 584,492 | | 989,372 | | 656,084 | |
Registration fees | 90,601 | | 34,295 | | 113,323 | | 13,228 | |
Professional fees | 83,380 | | 90,795 | | 84,047 | | 53,232 | |
Custodian fees—Note 2(c) | 35,655 | | 38,162 | | 114,353 | | 39,724 | |
Prospectus and shareholders’ reports | 23,045 | | 22,149 | | 25,470 | | 20,042 | |
Shareholder servicing costs—Note 2(c) | 15,538 | | 21,397 | | 129,253 | | 100,530 | |
Trustees’ fees and expenses—Note 2(d) | 2,208 | | 2,536 | | 12,975 | | 3,089 | |
Miscellaneous | 55,006 | | 45,377 | | 113,257 | | 45,863 | |
Total Expenses | 1,372,702 | | 1,592,040 | | 5,539,416 | | 1,837,126 | |
Less—reduction in expenses
due to undertakings—Note 2(a) | (1,068,454) | | (1,197,651) | | (3,993,425) | | (1,531,812) | |
Less—reduction in fees
due to earnings credits—Note 2(c) | (5) | | (8) | | (12) | | (2) | |
Net Expenses | 304,243 | | 394,381 | | 1,545,979 | | 305,312 | |
Investment Income—Net | 3,468 | | 5,424 | | 25,823 | | 5,881 | |
Net Realized Gain (Loss) on
Investments—Note 1(b) ($) | 73,405 | | 2,277 | | 148,677 | | 8,309 | |
Net Increase in Net Assets
Resulting from Operations | 76,873 | | 7,701 | | 174,500 | | 14,190 | |
See notes to financial statements.
51
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | |
. | Dreyfus Cash Management | | Dreyfus Government
Cash Management |
| | Year Ended January 31, | | Year Ended January 31, |
| 2016 | | 2015 | | 2016 | | 2015 | |
Operations ($): | | | | | | | | |
Investment income—net | 14,362,689 | | 6,805,987 | | 4,559,717 | | 1,768,751 | |
Net realized gain (loss) on investments | (14,850) | | 57,265 | | (259,460) | | 48,808 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 14,347,839 | | 6,863,252 | | 4,300,257 | | 1,817,559 | |
Dividends to Shareholders from ($): | | | | | | | | |
Investment income—net: | | | | | | | | |
Institutional Shares | (13,919,135) | | (6,836,284) | | (4,290,558) | | (1,491,844) | |
Investor Shares | (45,382) | | (2,882) | | (185,701) | | (201,802) | |
Administrative Shares | (374,350) | | (2,671) | | (62,632) | | (49,613) | |
Participant Shares | (11,394) | | (1,829) | | (7,055) | | (16,024) | |
Agency Shares | (34,612) | | (320) | | (13,771) | | (9,468) | |
Total Dividends | (14,384,873) | | (6,843,986) | | (4,559,717) | | (1,768,751) | |
Beneficial Interest Transactions ($1.00 per share): | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | |
Institutional Shares | 98,819,042,971 | | 82,582,123,199 | | 109,915,918,134 | | 84,638,110,766 | |
Investor Shares | 4,054,803,110 | | 6,099,627,846 | | 4,014,450,951 | | 6,112,447,235 | |
Administrative Shares | 14,716,656,934 | | 12,412,663,494 | | 2,406,203,184 | | 1,089,427,338 | |
Participant Shares | 1,380,214,334 | | 2,154,766,733 | | 604,509,330 | | 924,739,053 | |
Agency Shares | 613,780,344 | | 855,852,789 | | 308,587,814 | | 996,752,949 | |
Net assets received in connection
with reorganization—Note 1 | 518,903,511 | | - | | - | | - | |
Dividends reinvested: | | | | | | | | |
Institutional Shares | 2,421,035 | | 1,403,773 | | 865,023 | | 330,082 | |
Investor Shares | 28,774 | | 1,729 | | 131,172 | | 134,870 | |
Administrative Shares | 318,746 | | 2,165 | | 42,118 | | 33,192 | |
Participant Shares | 10,346 | | 1,617 | | 2,878 | | 10,915 | |
Agency Shares | 401 | | 12 | | 42 | | 31 | |
Cost of shares redeemed: | | | | | | | | |
Institutional Shares | (102,136,887,171) | | (83,830,598,138) | | (110,297,645,029) | | (82,340,940,799) | |
Investor Shares | (4,354,391,472) | | (6,450,279,571) | | (4,719,450,742) | | (5,735,782,002) | |
Administrative Shares | (14,204,563,836) | | (12,313,511,451) | | (1,023,097,482) | | (1,095,586,264) | |
Participant Shares | (1,644,493,418) | | (2,135,167,328) | | (669,370,050) | | (985,386,359) | |
Agency Shares | (613,273,077) | | (901,417,293) | | (344,186,554) | | (997,439,344) | |
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions | (2,847,428,468) | | (1,524,530,424) | | 196,960,789 | | 2,606,851,663 | |
Total Increase (Decrease) In Net Assets | (2,847,465,502) | | (1,524,511,158) | | 196,701,329 | | 2,606,900,471 | |
Net Assets ($): | | | | | | | | |
Beginning of Period | 27,718,032,132 | | 29,242,543,290 | | 19,838,542,976 | | 17,231,642,505 | |
End of Period | 24,870,566,630 | | 27,718,032,132 | | 20,035,244,305 | | 19,838,542,976 | |
See notes to financial statements.
52
| | | | | | | | | |
| | Dreyfus Government
Prime Cash Management | | Dreyfus Treasury &
Agency Cash Management |
| | Year Ended January 31, | | Year Ended January 31, |
| 2016 | | 2015 | | 2016 | | 2015 | |
Operations ($): | | | | | | | | |
Investment income—net | 262,307 | | 1,508 | | 3,922,611 | | 1,824,547 | |
Net realized gain (loss) on investments | 17,940 | | (9,698) | | (309,714) | | 57,797 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 280,247 | | (8,190) | | 3,612,897 | | 1,882,344 | |
Dividends to Shareholders from ($): | | | | | | | | |
Investment income—net: | | | | | | | | |
Institutional Shares | (242,206) | | (1,185) | | (3,532,948) | | (1,470,682) | |
Investor Shares | (7,206) | | (172) | | (265,515) | | (236,577) | |
Administrative Shares | (8,207) | | (61) | | (54,568) | | (58,846) | |
Participant Shares | (4,196) | | (86) | | (64,859) | | (52,790) | |
Service Shares | - | | - | | (419) | | (520) | |
Select Shares | - | | - | | (507) | | (495) | |
Agency Shares | (492) | | (4) | | (1,221) | | (1,825) | |
Premier Shares | - | | - | | (2,574) | | (2,812) | |
Total Dividends | (262,307) | | (1,508) | | (3,922,611) | | (1,824,547) | |
Beneficial Interest Transactions ($1.00 per share): | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | |
Institutional Shares | 6,348,932,447 | | 8,097,614,474 | | 70,338,895,342 | | 66,793,911,086 | |
Investor Shares | 1,252,720,118 | | 1,509,876,173 | | 8,754,873,595 | | 8,736,912,843 | |
Administrative Shares | 4,149,528,384 | | 3,205,295,040 | | 1,508,896,675 | | 1,573,997,416 | |
Participant Shares | 1,509,495,711 | | 1,345,431,108 | | 2,727,733,045 | | 2,940,563,808 | |
Service Shares | - | | - | | 16,301,242 | | 11,215,443 | |
Select Shares | - | | - | | 17,891,976 | | 26,212,244 | |
Agency Shares | 12,254,141 | | 10,842,331 | | 68,102,748 | | 74,178,256 | |
Premier Shares | - | | - | | 291,817,333 | | 383,446,388 | |
Dividends reinvested: | | | | | | | | |
Institutional Shares | 15,310 | | 64 | | 791,351 | | 328,201 | |
Investor Shares | 4,797 | | 126 | | 107,350 | | 93,196 | |
Administrative Shares | 7,671 | | 54 | | 37,701 | | 41,731 | |
Participant Shares | 3,703 | | 72 | | 35,771 | | 25,680 | |
Service Shares | - | | - | | 4 | | 15 | |
Cost of shares redeemed: | | | | | | | | |
Institutional Shares | (7,018,589,967) | | (9,056,660,142) | | (70,419,351,270) | | (65,481,891,637) | |
Investor Shares | (1,132,725,772) | | (1,564,480,811) | | (8,715,281,586) | | (8,442,012,285) | |
Administrative Shares | (3,804,007,372) | | (3,417,398,380) | | (1,677,786,454) | | (1,601,606,809) | |
Participant Shares | (1,511,898,298) | | (1,258,434,064) | | (2,786,944,608) | | (2,798,908,866) | |
Service Shares | - | | - | | (16,539,186) | | (14,338,455) | |
Select Shares | - | | - | | (17,333,362) | | (25,671,903) | |
Agency Shares | (10,406,327) | | (10,056,108) | | (69,036,129) | | (88,011,837) | |
Premier Shares | - | | - | | (286,146,781) | | (378,414,322) | |
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions | (204,665,454) | | (1,137,970,063) | | (262,935,243) | | 1,710,070,193 | |
Total Increase (Decrease) In Net Assets | (204,647,514) | | (1,137,979,761) | | (263,244,957) | | 1,710,127,990 | |
Net Assets ($): | | | | | | | | |
Beginning of Period | 4,024,147,894 | | 5,162,127,655 | | 19,968,693,057 | | 18,258,565,067 | |
End of Period | 3,819,500,380 | | 4,024,147,894 | | 19,705,448,100 | | 19,968,693,057 | |
See notes to financial statements.
53
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | | | | | | | | |
| | Dreyfus Treasury
Prime Cash Management | | Dreyfus Municipal
Cash Management Plus |
| | Year Ended January 31, | | Year Ended January 31, |
| 2016 | | 2015 | | 2016 | | 2015 | |
Operations ($): | | | | | | | | |
Investment income—net | 1,768,699 | | 12,184 | | 3,468 | | 103 | |
Net realized gain (loss) on investments | 429,655 | | 228,677 | | 73,405 | | (3,439) | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 2,198,354 | | 240,861 | | 76,873 | | (3,336) | |
Dividends to Shareholders from ($): | | | | | | | | |
Investment income—net: | | | | | | | | |
Institutional Shares | (1,667,192) | | (9,890) | | (11,653) | | (26) | |
Investor Shares | (51,289) | | (764) | | (13,875) | | (53) | |
Administrative Shares | (9,800) | | (263) | | (1,938) | | (20) | |
Participant Shares | (40,064) | | (1,261) | | (1,896) | | (4) | |
Agency Shares | (354) | | (6) | | - | | - | |
Total Dividends | (1,768,699) | | (12,184) | | (29,362) | | (103) | |
Beneficial Interest Transactions ($1.00 per share): | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | |
Institutional Shares | 77,806,332,898 | | 59,784,754,635 | | 515,328,245 | | 325,584,001 | |
Investor Shares | 14,143,385,087 | | 13,894,456,452 | | 230,322,873 | | 253,577,117 | |
Administrative Shares | 2,318,935,591 | | 1,690,910,486 | | 87,401,131 | | 139,285,011 | |
Participant Shares | 17,426,424,340 | | 15,556,060,384 | | 32,599,628 | | 40,097,497 | |
Agency Shares | 158,095,367 | | 311,196,536 | | - | | - | |
Dividends reinvested: | | | | | | | | |
Institutional Shares | 408,327 | | 1,918 | | 4,090 | | 11 | |
Investor Shares | 41,383 | | 597 | | 13,363 | | 52 | |
Administrative Shares | 8,694 | | 240 | | 1,847 | | 19 | |
Participant Shares | 28,778 | | 933 | | 1,896 | | 4 | |
Agency Shares | 298 | | 5 | | - | | - | |
Cost of shares redeemed: | | | | | | | | |
Institutional Shares | (75,767,671,681) | | (63,420,186,969) | | (469,779,241) | | (353,621,431) | |
Investor Shares | (13,346,304,231) | | (13,699,502,830) | | (283,999,810) | | (250,778,769) | |
Administrative Shares | (2,296,542,393) | | (1,706,125,047) | | (110,772,051) | | (184,729,168) | |
Participant Shares | (18,503,158,681) | | (14,708,696,491) | | (29,035,135) | | (33,900,477) | |
Agency Shares | (169,083,479) | | (317,317,903) | | - | | - | |
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions | 1,770,900,298 | | (2,614,447,054) | | (27,913,164) | | (64,486,133) | |
Total Increase (Decrease) In Net Assets | 1,771,329,953 | | (2,614,218,377) | | (27,865,653) | | (64,489,572) | |
Net Assets ($): | | | | | | | | |
Beginning of Period | 37,392,058,948 | | 40,006,277,325 | | 262,274,591 | | 326,764,163 | |
End of Period | 39,163,388,901 | | 37,392,058,948 | | 234,408,938 | | 262,274,591 | |
See notes to financial statements.
54
| | | | | | | | | |
| | Dreyfus New York
Municipal Cash Management | | Dreyfus Tax Exempt
Cash Management |
| | Year Ended January 31, | | Year Ended January 31, |
| 2016 | | 2015 | | 2016 | | 2015 | |
Operations ($): | | | | | | | | |
Investment income—net | 5,424 | | 148 | | 25,823 | | 778 | |
Net realized gain (loss) on investments | 2,277 | | – | | 148,677 | | 133,541 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | 7,701 | | 148 | | 174,500 | | 134,319 | |
Dividends to Shareholders from ($): | | | | | | | | |
Investment income—net: | | | | | | | | |
Institutional Shares | (3,310) | | (41) | | (134,648) | | (98,607) | |
Investor Shares | (4,007) | | (102) | | (25,583) | | (22,959) | |
Administrative Shares | (365) | | (4) | | (3,298) | | (2,597) | |
Participant Shares | (19) | | (1) | | (2,130) | | (1,863) | |
Total Dividends | (7,701) | | (148) | | (165,659) | | (126,026) | |
Beneficial Interest Transactions ($1.00 per share): | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | |
Institutional Shares | 292,854,695 | | 189,169,824 | | 5,982,865,141 | | 6,179,346,863 | |
Investor Shares | 311,638,230 | | 582,250,281 | | 998,981,240 | | 955,943,437 | |
Administrative Shares | 37,343,873 | | 18,735,667 | | 56,691,611 | | 69,761,720 | |
Participant Shares | 2,294,749 | | 6,447,308 | | 116,339,813 | | 95,639,018 | |
Net assets received in connection
with reorganization—Note 1 | 39,157,484 | | – | | – | | – | |
Dividends reinvested: | | | | | | | | |
Institutional Shares | 289 | | 2 | | 38,550 | | 36,546 | |
Investor Shares | 3,465 | | 91 | | 14,115 | | 11,726 | |
Administrative Shares | 355 | | 4 | | 3,188 | | 2,538 | |
Participant Shares | 19 | | – | | 1,017 | | 1,084 | |
Cost of shares redeemed: | | | | | | | | |
Institutional Shares | (254,739,077) | | (205,487,318) | | (6,044,724,087) | | (6,411,400,836) | |
Investor Shares | (377,436,704) | | (677,121,290) | | (1,089,962,961) | | (986,266,168) | |
Administrative Shares | (26,869,813) | | (18,474,690) | | (72,889,123) | | (72,876,754) | |
Participant Shares | (2,107,146) | | (8,493,346) | | (108,682,895) | | (108,705,798) | |
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions | 22,140,419 | | (112,973,467) | | (161,324,391) | | (278,506,624) | |
Total Increase (Decrease) In Net Assets | 22,140,419 | | (112,973,467) | | (161,315,550) | | (278,498,331) | |
Net Assets ($): | | | | | | | | |
Beginning of Period | 397,689,361 | | 510,662,828 | | 2,078,577,659 | | 2,357,075,990 | |
End of Period | 419,829,780 | | 397,689,361 | | 1,917,262,109 | | 2,078,577,659 | |
See notes to financial statements.
55
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | | | | | | | | |
| | | | Dreyfus California AMT-Free
Municipal Cash Management |
| | | | Year Ended January 31, |
| | | | | 2016 | | 2015 | |
Operations ($): | | | | | | | | |
Investment income—net | | | | | 5,881 | | 166 | |
Net realized gain (loss) on investments | | | | | 8,309 | | 76 | |
Net Increase (Decrease) in Net Assets
Resulting from Operations | | | | | 14,190 | | 242 | |
Dividends to Shareholders from ($): | | | | | | | | |
Investment income—net: | | | | | | | | |
Institutional Shares | | | | | (5,827) | | (64) | |
Investor Shares | | | | | (8,032) | | (92) | |
Administrative Shares | | | | | (2) | | (1) | |
Participant Shares | | | | | (405) | | (9) | |
Total Dividends | | | | | (14,266) | | (166) | |
Beneficial Interest Transactions ($1.00 per share): | | | | | | | | |
Net proceeds from shares sold: | | | | | | | | |
Institutional Shares | | | | | 441,928,068 | | 431,038,733 | |
Investor Shares | | | | | 709,670,528 | | 707,797,036 | |
Administrative Shares | | | | | 2,387,809 | | 7,217,902 | |
Participant Shares | | | | | 116,141,718 | | 160,670,288 | |
Dividends reinvested: | | | | | | | | |
Institutional Shares | | | | | 2,493 | | 46 | |
Investor Shares | | | | | 7,381 | | 85 | |
Administrative Shares | | | | | 1 | | - | |
Participant Shares | | | | | 405 | | 9 | |
Cost of shares redeemed: | | | | | | | | |
Institutional Shares | | | | | (441,308,065) | | (373,655,400) | |
Investor Shares | | | | | (709,119,279) | | (711,893,433) | |
Administrative Shares | | | | | (2,840,800) | | (9,998,977) | |
Participant Shares | | | | | (118,483,855) | | (170,153,606) | |
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions | | | | | (1,613,596) | | 41,022,683 | |
Total Increase (Decrease) In Net Assets | | | | | (1,613,672) | | 41,022,759 | |
Net Assets ($): | | | | | | | | |
Beginning of Period | | | | | 449,997,555 | | 408,974,796 | |
End of Period | | | | | 448,383,883 | | 449,997,555 | |
See notes to financial statements.
56
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the funds’ financial statements.
| | | | | | | | | | | | | | | | | | | |
| | | | Per Share Data ($) | | | | Ratios/Supplemental Data (%) | | |
| | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value
Beginning of Period | Net
Investment
Income | | Dividends
from Net
Investment
Income | | Net Asset
Value End
of Period | | Total
Return (%) | | Ratio of
Total Expenses
to Average
Net Assets | | Ratio of
Net Expenses
to Average
Net Assets | | Ratio of Net
Investment
Income to
Average
Net Assets | | Net Assets
End of
Period
($ x 1,000) |
Dreyfus Cash Management | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .001 | | (.001) | | 1.00 | | .07 | | .21 | | .20 | | .07 | | 20,312,768 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .03 | | .21 | | .15 | | .03 | | 23,109,317 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .04 | | .21 | | .15 | | .04 | | 24,356,373 |
| | 2013 | 1.00 | .001 | | (.001) | | 1.00 | | .08 | | .21 | | .21 | | .08 | | 23,193,207 |
| | 2012 | 1.00 | .001 | | (.001) | | 1.00 | | .07 | | .21 | | .19 | | .07 | | 22,695,256 |
Investor Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .46 | | .26 | | .00 | b | 1,577,869 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .46 | | .18 | | .00 | b | 1,877,431 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .46 | | .19 | | .00 | b | 2,228,079 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .46 | | .29 | | .00 | b | 2,692,003 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .46 | | .26 | | .00 | b | 2,990,647 |
Administrative Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .02 | | .31 | | .25 | | .02 | | 2,034,366 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .31 | | .18 | | .00 | b | 1,521,958 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .31 | | .19 | | .00 | b | 1,422,803 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .31 | | .28 | | .00 | b | 1,271,175 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .31 | | .25 | | .00 | b | 941,381 |
Participant Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .26 | | .00 | b | 804,502 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .18 | | .00 | b | 1,068,772 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .19 | | .00 | b | 1,049,170 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .29 | | .00 | b | 768,484 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .25 | | .00 | b | 825,875 |
Agency Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .03 | | .27 | | .24 | | .03 | | 141,061 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .27 | | .18 | | .00 | b | 140,554 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .27 | | .19 | | .00 | b | 186,118 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .03 | | .27 | | .26 | | .03 | | 127,787 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .02 | | .27 | | .23 | | .01 | | 186,105 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
57
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | | | | |
| | | | Per Share Data ($) | | | | Ratios/Supplemental Data (%) | | |
| | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value
Beginning of Period | Net
Investment
Income | | Dividends
from Net
Investment
Income | | Net Asset
Value End
of Period | | Total
Return (%) | | Ratio of
Total Expenses
to Average
Net Assets | | Ratio of
Net Expenses
to Average
Net Assets | | Ratio of Net
Investment
Income to
Average
Net Assets | | Net Assets
End of
Period
($ x 1,000) |
Dreyfus Government
Cash Management | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .03 | | .21 | | .12 | | .03 | | 16,493,855 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .21 | | .07 | | .01 | | 16,874,952 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .21 | | .09 | | .01 | | 14,577,411 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .21 | | .16 | | .01 | | 13,228,266 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .21 | | .13 | | .00 | b | 18,081,580 |
Investor Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .46 | | .13 | | .01 | | 1,535,017 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .46 | | .07 | | .01 | | 2,239,904 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .46 | | .09 | | .01 | | 1,863,099 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .46 | | .16 | | .01 | | 1,766,148 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .46 | | .13 | | .00 | b | 1,510,010 |
Administrative Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .31 | | .13 | | .01 | | 1,892,123 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .31 | | .07 | | .01 | | 508,979 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .31 | | .09 | | .01 | | 515,103 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .31 | | .16 | | .01 | | 978,966 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .31 | | .14 | | .00 | b | 1,102,838 |
Participant Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .62 | | .12 | | .01 | | 48,876 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .61 | | .07 | | .01 | | 113,734 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .61 | | .10 | | .01 | | 174,370 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .61 | | .16 | | .01 | | 287,322 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .14 | | .00 | b | 289,269 |
Agency Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .02 | | .27 | | .13 | | .02 | | 65,374 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .27 | | .07 | | .01 | | 100,974 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .27 | | .10 | | .01 | | 101,660 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .27 | | .15 | | .01 | | 78,523 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .27 | | .14 | | .00 | b | 85,530 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
58
| | | | | | | | | | | | | | | | | | | |
| | | | Per Share Data ($) | | | | Ratios/Supplemental Data (%) | | |
| | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value
Beginning of Period | Net
Investment
Income | | Dividends
from Net
Investment
Income | | Net Asset
Value End
of Period | | Total
Return (%) | | Ratio of
Total Expenses
to Average
Net Assets | | Ratio of
Net Expenses
to Average
Net Assets | | Ratio of Net
Investment
Income to
Average
Net Assets | | Net Assets
End of
Period
($ x 1,000) |
Dreyfus Government Prime
Cash Management | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .22 | | .10 | | .01 | | 2,282,377 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .22 | | .06 | | .00 | b | 2,952,007 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .22 | | .08 | | .00 | b | 3,911,061 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .21 | | .12 | | .00 | b | 3,518,598 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .22 | | .11 | | .00 | b | 3,543,443 |
Investor Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .47 | | .11 | | .00 | b | 580,124 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .47 | | .06 | | .00 | b | 460,122 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .47 | | .08 | | .00 | b | 514,728 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .47 | | .12 | | .00 | b | 453,596 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .47 | | .12 | | .00 | b | 482,094 |
Administrative Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .33 | | .12 | | .00 | b | 646,418 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .33 | | .06 | | .00 | b | 300,887 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .33 | | .08 | | .00 | b | 512,911 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .32 | | .12 | | .00 | b | 567,735 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .32 | | .12 | | .00 | b | 632,286 |
Participant Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .62 | | .11 | | .00 | b | 297,958 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .62 | | .06 | | .00 | b | 300,356 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .08 | | .00 | b | 213,359 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .12 | | .00 | b | 229,473 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .13 | | .00 | b | 225,557 |
Agency Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .30 | | .13 | | .00 | b | 12,623 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .28 | | .06 | | .00 | b | 10,776 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .28 | | .09 | | .00 | b | 9,989 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .27 | | .12 | | .00 | b | 36,868 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .27 | | .13 | | .00 | b | 11,562 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
59
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | | | | |
| | | | Per Share Data ($) | | | | Ratios/Supplemental Data (%) | | |
| | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value
Beginning of Period | Net
Investment
Income | | Dividends
from Net
Investment
Income | | Net Asset
Value End
of Period | | Total
Return (%) | | Ratio of
Total Expenses
to Average
Net Assets | | Ratio of
Net Expenses
to Average
Net Assets | | Ratio of Net
Investment
Income to
Average
Net Assets | | Net Assets
End of
Period
($ x 1,000) |
Dreyfus Treasury & Agency
Cash Management | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .02 | | .21 | | .10 | | .02 | | 16,300,313 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .21 | | .06 | | .01 | | 16,380,228 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .21 | | .07 | | .01 | | 15,067,833 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .21 | | .13 | | .01 | | 14,498,847 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .21 | | .09 | | .01 | | 16,546,587 |
Investor Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .46 | | .11 | | .01 | | 2,404,304 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .46 | | .06 | | .01 | | 2,364,649 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .46 | | .07 | | .01 | | 2,069,648 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .46 | | .13 | | .01 | | 2,270,017 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .46 | | .09 | | .01 | | 2,176,009 |
Administrative Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .31 | | .10 | | .01 | | 365,175 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .31 | | .06 | | .01 | | 534,032 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .31 | | .07 | | .01 | | 561,598 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .31 | | .13 | | .01 | | 620,440 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .31 | | .09 | | .01 | | 602,077 |
Participant Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .61 | | .11 | | .01 | | 595,242 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .61 | | .06 | | .01 | | 654,427 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .61 | | .07 | | .01 | | 512,744 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .61 | | .13 | | .01 | | 603,156 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .61 | | .09 | | .01 | | 888,881 |
60
| | | | | | | | | | | | | | | | | | | |
| | | | Per Share Data ($) | | | | Ratios/Supplemental Data (%) | | |
| | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value
Beginning of Period | Net
Investment
Income | | Dividends
from Net
Investment
Income | | Net Asset
Value End
of Period | | Total
Return (%) | | Ratio of
Total Expenses
to Average
Net Assets | | Ratio of
Net Expenses
to Average
Net Assets | | Ratio of Net
Investment
Income to
Average
Net Assets | | Net Assets
End of
Period
($ x 1,000) |
Dreyfus Treasury & Agency
Cash Management (continued) | | | | | | | | | | | | | | | |
Service Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .71 | | .11 | | .01 | | 4,757 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .71 | | .06 | | .01 | | 4,995 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .71 | | .08 | | .01 | | 8,118 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .71 | | .12 | | .01 | | 15,393 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .73 | | .10 | | .01 | | 31,920 |
Select Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | 1.01 | | .12 | | .01 | | 4,914 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | 1.01 | | .06 | | .01 | | 4,356 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | 1.01 | | .08 | | .01 | | 3,816 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | 1.01 | | .13 | | .01 | | 6,319 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | 1.01 | | .09 | | .01 | | 23,804 |
Agency Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .02 | | .27 | | .10 | | .01 | | 7,627 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .27 | | .06 | | .01 | | 8,560 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .27 | | .08 | | .01 | | 22,394 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .27 | | .14 | | .01 | | 28,052 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .27 | | .10 | | .01 | | 22,797 |
Premier Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .52 | | .11 | | .01 | | 23,116 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .52 | | .06 | | .01 | | 17,446 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .52 | | .07 | | .01 | | 12,414 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .52 | | .14 | | .01 | | 25,154 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .52 | | .10 | | .01 | | 30,800 |
a Amount represents less than $.001 per share.
See notes to financial statements.
61
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | | | | |
| | | | Per Share Data ($) | | | | Ratios/Supplemental Data (%) | | |
| | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value
Beginning of Period | Net
Investment
Income | | Dividends
from Net
Investment
Income | | Net Asset
Value End
of Period | | Total
Return (%) | | Ratio of
Total Expenses
to Average
Net Assets | | Ratio of
Net Expenses
to Average
Net Assets | | Ratio of Net
Investment
Income to
Average
Net Assets | | Net Assets
End of
Period
($ x 1,000) |
Dreyfus Treasury
Prime Cash Management | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .21 | | .06 | | .01 | | 30,851,896 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .21 | | .04 | | .00 | b | 28,812,494 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .21 | | .06 | | .00 | b | 32,447,753 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .21 | | .09 | | .00 | b | 24,581,949 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .22 | | .06 | | .00 | b | 18,888,211 |
Investor Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .47 | | .07 | | .00 | b | 4,346,185 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .47 | | .04 | | .00 | b | 3,549,024 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .47 | | .06 | | .00 | b | 3,354,045 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .46 | | .09 | | .00 | b | 4,067,494 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .46 | | .06 | | .00 | b | 4,150,220 |
Administrative Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .31 | | .07 | | .00 | b | 705,722 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .31 | | .04 | | .00 | b | 683,313 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .31 | | .06 | | .00 | b | 698,523 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .31 | | .09 | | .00 | b | 749,657 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .31 | | .08 | | .00 | b | 609,825 |
Participant Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .06 | | .00 | b | 3,234,511 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .04 | | .00 | b | 4,311,165 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .06 | | .00 | b | 3,463,773 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .09 | | .00 | b | 3,674,210 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .61 | | .06 | | .00 | b | 2,866,413 |
Agency Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .28 | | .06 | | .00 | b | 25,075 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .27 | | .04 | | .00 | b | 36,063 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .27 | | .05 | | .00 | b | 42,183 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .27 | | .08 | | .00 | b | 24,151 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .26 | | .05 | | .00 | b | 20,746 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
62
| | | | | | | | | | | | | | | | | | | |
| | | | Per Share Data ($) | | | | Ratios/Supplemental Data (%) | | |
| | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value
Beginning of Period | Net
Investment
Income | | Dividends
from Net
Investment
Income | | Net Asset
Value End
of Period | | Total
Return (%) | | Ratio of
Total Expenses
to Average
Net Assets | | Ratio of
Net Expenses
to Average
Net Assets | | Ratio of Net
Investment
Income to
Average
Net Assets | | Net Assets
End of
Period
($ x 1,000) |
Dreyfus Municipal
Cash Management Plus | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .30 | | .10 | | .00 | b | 107,204 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .29 | | .13 | | .00 | b | 61,570 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .27 | | .20 | | .00 | b | 89,617 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .24 | | .23 | | .01 | | 352,511 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .03 | | .24 | | .22 | | .03 | | 346,483 |
Investor Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .54 | | .10 | | .00 | b | 101,477 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .54 | | .13 | | .00 | b | 155,166 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .52 | | .19 | | .00 | b | 152,336 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .49 | | .25 | | .00 | b | 211,525 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .49 | | .25 | | .00 | b | 257,005 |
Administrative Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .39 | | .10 | | .00 | b | 7,699 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .39 | | .13 | | .00 | b | 31,086 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .37 | | .18 | | .00 | b | 76,562 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .34 | | .25 | | .00 | b | 208,190 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .34 | | .26 | | .00 | b | 212,930 |
Participant Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .70 | | .10 | | .00 | b | 18,029 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .69 | | .13 | | .00 | b | 14,452 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .67 | | .19 | | .00 | b | 8,248 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .65 | | .25 | | .00 | b | 20,524 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .64 | | .25 | | .00 | b | 24,990 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
63
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | | | | |
| | | | Per Share Data ($) | | | | Ratios/Supplemental Data (%) | | |
| | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value
Beginning of Period | Net
Investment
Income | | Dividends
from Net
Investment
Income | | Net Asset
Value End
of Period | | Total
Return (%) | | Ratio of
Total Expenses
to Average
Net Assets | | Ratio of
Net Expenses
to Average
Net Assets | | Ratio of Net
Investment
Income to
Average
Net Assets | | Net Assets
End of
Period
($ x 1,000) |
Dreyfus New York Municipal
Cash Management | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .28 | | .10 | | .00 | b | 184,514 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .25 | | .13 | | .00 | b | 125,650 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .26 | | .18 | | .00 | b | 141,968 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .25 | | .23 | | .01 | | 133,276 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .03 | | .24 | | .21 | | .04 | | 320,277 |
Investor Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .51 | | .11 | | .00 | b | 213,259 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .50 | | .13 | | .00 | b | 260,668 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .50 | | .18 | | .00 | b | 355,539 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .50 | | .24 | | .00 | b | 199,883 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .49 | | .25 | | .00 | b | 266,591 |
Administrative Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .36 | | .10 | | .00 | b | 20,650 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .35 | | .13 | | .00 | b | 10,176 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .36 | | .19 | | .00 | b | 9,914 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .35 | | .25 | | .00 | b | 10,136 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .34 | | .25 | | .00 | b | 21,442 |
Participant Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .68 | | .10 | | .00 | b | 1,407 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .66 | | .13 | | .00 | b | 1,195 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .66 | | .19 | | .00 | b | 3,242 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .66 | | .25 | | .00 | b | 13,184 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .64 | | .25 | | .00 | b | 10,611 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
64
| | | | | | | | | | | | | | | | | | | |
| | | | Per Share Data ($) | | | | Ratios/Supplemental Data (%) | | |
| | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value
Beginning of Period | Net
Investment
Income | | Dividends
from Net
Investment
Income | | Net Asset
Value End
of Period | | Total
Return (%) | | Ratio of
Total Expenses
to Average
Net Assets | | Ratio of
Net Expenses
to Average
Net Assets | | Ratio of Net
Investment
Income to
Average
Net Assets | | Net Assets
End of
Period
($ x 1,000) |
Dreyfus Tax Exempt
Cash Management | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .23 | | .08 | | .00 | b | 1,555,860 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .24 | | .10 | | .00 | b | 1,617,674 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .24 | | .13 | | .00 | b | 1,849,687 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .24 | | .21 | | .00 | b | 1,775,527 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .03 | | .24 | | .20 | | .03 | | 2,081,780 |
Investor Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .47 | | .08 | | .00 | b | 287,319 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .47 | | .10 | | .00 | b | 378,285 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .47 | | .14 | | .00 | b | 408,593 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .47 | | .21 | | .00 | b | 442,625 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .47 | | .22 | | .00 | b | 379,559 |
Administrative Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .32 | | .08 | | .00 | b | 35,306 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .32 | | .10 | | .00 | b | 51,500 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .32 | | .14 | | .00 | b | 54,612 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .32 | | .21 | | .00 | b | 66,416 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .32 | | .22 | | .00 | b | 75,666 |
Participant Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .62 | | .08 | | .00 | b | 38,777 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .62 | | .10 | | .00 | b | 31,119 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .62 | | .13 | | .00 | b | 44,184 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .62 | | .20 | | .00 | b | 36,305 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .62 | | .21 | | .00 | b | 27,266 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
65
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | | | | |
| | | | Per Share Data ($) | | | | Ratios/Supplemental Data (%) | | |
| | | | | | | | | | | | | | | | | | | |
| | | Net Asset
Value
Beginning of Period | Net
Investment
Income | | Dividends
from Net
Investment
Income | | Net Asset
Value End
of Period | | Total
Return (%) | | Ratio of
Total Expenses
to Average
Net Assets | | Ratio of
Net Expenses
to Average
Net Assets | | Ratio of Net
Investment
Income to
Average
Net Assets | | Net Assets
End of
Period
($ x 1,000) |
Dreyfus California AMT-Free
Municipal Cash Management | | | | | | | | | | | | | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | 00 | b | .29 | | .08 | | .00 | b | 202,860 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .24 | | .08 | | .00 | b | 202,238 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .24 | | .13 | | .00 | b | 144,855 |
| | 2013 | 1.00 | .001 | | (.001) | | 1.00 | | .06 | | .24 | | .22 | | .01 | | 198,492 |
| | 2012 | 1.00 | .001 | | (.001) | | 1.00 | | .05 | | .24 | | .22 | | .05 | | 174,160 |
Investor Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | 00 | b | .49 | | .06 | | .00 | b | 233,192 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .49 | | .08 | | 00 | b | 232,633 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .49 | | .13 | | .00 | b | 236,729 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .04 | | .48 | | .22 | | .00 | b | 211,609 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .50 | | .27 | | .00 | b | 203,459 |
Administrative Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .36 | | .07 | | .00 | b | - |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .34 | | .09 | | .00 | b | 453 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .34 | | .12 | | .00 | b | 3,234 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .04 | | .35 | | .22 | | .00 | b | 1,369 |
| | 2012 | 1.00 | .000 | a | (.000) | a | 1.00 | | .01 | | .35 | | .27 | | .01 | | 1,979 |
Participant Shares | | | | | | | | | | | | | | | | |
Year Ended January 31, | | | | | | | | | | | | | | | | |
| | 2016 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .64 | | .06 | | .00 | b | 12,331 |
| | 2015 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .64 | | .08 | | .00 | b | 14,674 |
| | 2014 | 1.00 | .000 | a | (.000) | a | 1.00 | | .00 | b | .64 | | .13 | | .00 | b | 24,157 |
| | 2013 | 1.00 | .000 | a | (.000) | a | 1.00 | | .04 | | .63 | | .22 | | .00 | b | 33,530 |
| | 2012 | 1.00 | .000 | a | (.000) | a | .00 | | .00 | b | .64 | | .28 | | .00 | b | 61,651 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
66
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury & Agency Cash Management, Dreyfus Treasury Prime Cash Management, Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management and Dreyfus California AMT-Free Municipal Cash Management (each, a “fund” and collectively, the “funds”) are open-end management investment companies registered under the Investment Company Act of 1940, as amended (the “Act”). Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury & Agency Cash Management, Dreyfus Treasury Prime Cash Management, Dreyfus Municipal Cash Management Plus and Dreyfus Tax Exempt Cash Management are diversified funds. Dreyfus New York Municipal Cash Management and Dreyfus California AMT-Free Municipal Cash Management are non-diversified. Dreyfus Government Cash Management and Dreyfus Government Prime Cash Management are each a separate series of Dreyfus Government Cash Management Funds (the “Company”) and Dreyfus Tax Exempt Cash Management and Dreyfus California AMT-Free Municipal Cash Management are separate series of Dreyfus Tax Exempt Cash Management Funds (the “Trust”).
Each fund’s investment objective is to provide investors with as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. Dreyfus Municipal Cash Management Plus and Dreyfus Tax Exempt Cash Management are exempt from federal income tax; Dreyfus New York Municipal Cash Management is exempt from federal, New York state and New York city personal income taxes and Dreyfus California AMT-Free Municipal Cash Management is exempt from federal and California state personal income taxes. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser.
As of the close of business on June 19, 2015, pursuant to an Agreement and Plan of Reorganization previously approved by the funds’ Boards of Trustees (the “Board”), all of the assets, subject to the liabilities, of Touchstone Institutional Money Market Fund were transferred to Dreyfus Cash Management in exchange for shares of Beneficial Interest of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies. Shareholders of Touchstone Institutional Money Market Fund received Dreyfus Cash Management Institutional Shares in an amount equal to the aggregate net asset value of their investment in Touchstone Institutional Money Market Fund at the time of the exchange. The net asset value of Dreyfus Cash Management’s shares on the close of business on June 19, 2015, after the reorganization was $1.00, and a total of 518,912,697 shares were issued to shareholders of Touchstone Institutional Money Market Fund in the exchange.
The net assets as of the merger date for Touchstone Institutional Money Market Fund and Dreyfus Cash Management were as follows:
| | | | | | | |
| | | | | | | Net Assets ($) |
Touchstone Institutional
Money Market Fund | | | | 518,903,511 |
Dreyfus Cash Management | | | | 25,471,743,505 |
Total | | | | 25,990,647,016 |
Assuming the merger had been completed on February 1, 2015, Dreyfus Cash Management’s pro forma results in the Statement of Operations during the period ended January 31, 2016 would be as follows:
| | | | | |
Net investment income | | | $ 14,385,147 | 1 |
Net realized gain (loss) on investments | | | $ (7,596) | 2 |
Net increase (decrease) in net assets
resulting from operations | | | $14,377,551 | |
1 $14,362,689 as reported in the Statement of Operations plus $22,458 Touchstone Institutional Money Market Fund, pre-merger.
2 $(14,850) as reported in the Statement of Operations plus $7,254 Touchstone Institutional Money Market Fund, pre-merger.
Because the combined funds have been managed as a single integrated fund since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Touchstone Institutional Money Market Fund that have been included in Dreyfus Cash Management Fund’s Statement of Operations since June 19, 2015.
As of the close of business on September 4, 2015, pursuant to an Agreement and Plan of Reorganization previously approved by the Board, all of the assets, subject to the liabilities, of Dreyfus New York AMT-Free Municipal Cash Management were transferred to Dreyfus New York Municipal Cash Management in exchange for shares of Beneficial Interest of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies. Shareholders of Dreyfus New York AMT-Free Municipal Cash Management Institutional, Investor, Administrative and Classic Shares received Dreyfus New York Municipal Cash Management Institutional, Investor, Administrative and Participant Shares,
67
NOTES TO FINANCIAL STATEMENTS (continued)
respectively, in an amount equal to the aggregate net asset value of their investment in Dreyfus New York AMT-Free Municipal Cash Management at the time of the exchange. The net asset value of Dreyfus New York Municipal Cash Management’s shares on the close of business on September 4, 2015, after the reorganization was $1.00, and a total of 20,719,739 Institutional, 18,378,257 Investor, 0 Administrative and 23,612 Participant Shares were issued to shareholders of Dreyfus New York AMT-Free Municipal Cash Management in the exchange.
The net assets as of the merger date for Dreyfus New York AMT-Free Municipal Cash Management and Dreyfus New York Municipal Cash Management were as follows:
| | | | | | | |
| | | | | | | Net Assets ($) |
Dreyfus New York AMT-Free Municipal
Cash Management | | | | 39,157,484 |
Dreyfus New York Municipal
Cash Management | | | | 371,405,394 |
Total | | | | 410,562,878 |
Assuming the merger had been completed on February 1, 2015, Dreyfus New York Municipal Cash Management’s pro forma results in the Statement of Operations during the period ended January 31, 2016 would be as follows:
| | | | | |
Net investment income | | | $ 10,969 | 1 |
Net realized gain (loss) on investments | | | $ 2,277 | 2 |
Net increase (decrease) in net assets
resulting from operations | | | $ 13,246 | |
1 $5,424 as reported in the Statement of Operations plus $5,545 Dreyfus New York AMT-Free Municipal Cash Management, pre-merger.
2 $2,277 as reported in the Statement of Operations plus $0 Dreyfus New York AMT-Free Municipal Cash Management, pre-merger.
Because the combined funds have been managed as a single integrated fund since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Dreyfus New York AMT-Free Municipal Cash Management that have been included in Dreyfus New York Municipal Cash Management Fund’s Statement of Operations since September 4, 2015.
MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of each fund’s shares, which are sold to the public without a sales charge. Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest. Each fund offers Institutional Shares, Investor Shares, Administrative Shares, Participant Shares and Agency Shares with the exception of Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management and Dreyfus California AMT-Free Municipal Cash Management which do not offer Agency Shares. In addition, Dreyfus Treasury & Agency Cash Management offers Service Shares, Select Shares and Premier Shares. Each share class, except Institutional Shares, is subject to a Service Plan adopted pursuant to Rule 12b-1 under the Act. Other differences between the classes include the services offered (by Service Agents receiving Rule 12b-1 fees) to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
It is each fund’s policy to maintain a continuous net asset value per share of $1.00; the funds have adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the funds will be able to maintain a stable net asset value per share of $1.00.
As of January 31, 2016, Mellon Financial Corporation, an indirect subsidiary of BNY Mellon, held 122,381,000 Agency Shares of Dreyfus Cash Management and 1,063,338,000 Investor Shares of Dreyfus Treasury & Agency Cash Management.
The Company and the Trust account separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The Company and the Trust enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. The funds do not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be
68
determined by procedures established by and under the general supervision of the fund’s Board.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.
At January 31, 2016, all of the securities in each fund were considered Level 2 of the fair value hierarchy.
At January 31, 2016, there were no transfers between levels of the fair value hierarchy.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.
Dreyfus New York Municipal Cash Management and Dreyfus California AMT-Free Municipal Cash Management each follow an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the funds.
Dreyfus Cash Management, Dreyfus Government Cash Management and Dreyfus Treasury & Agency Cash Management may enter into repurchase agreements with financial institutions, deemed to be creditworthy by Dreyfus, subject to the seller’s agreement to repurchase and the funds’ agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, each fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, each fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller. Each fund may also jointly enter into one or more repurchase agreements with other Dreyfus-managed funds in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
(c) Dividends to shareholders: It is the policy of each fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of each fund not to distribute such gains.
(d) Federal income taxes: It is the policy of Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury & Agency Cash Management and Dreyfus Treasury Prime Cash Management to continue to qualify as a regulated investment company if such qualification is in the best
69
NOTES TO FINANCIAL STATEMENTS (continued)
interests of its shareholders, by complying with the applicable provisions of the Code and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.
It is the policy of Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management and Dreyfus California AMT-Free Municipal Cash Management to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
For federal tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended January 31, 2016, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended January 31, 2016, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended January 31, 2016 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At January 31, 2016, the components of accumulated earnings on a tax basis for each fund were substantially the same as for financial reporting purposes.
Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
Table 1 summarizes each relevant fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to January 31, 2016.
| | | | | | | |
Table 1—Capital Loss Carryover | | | | | | |
| | | | | | Short-Term Losses ($)† | |
Dreyfus Cash Management | | | | | - | †† |
Dreyfus Government Cash Management | | | | | 323,739 | |
Dreyfus Government Prime Cash Management | | | | | 19,964 | |
Dreyfus Treasury & Agency Cash Management | | | | | 400,101 | |
Dreyfus Treasury Prime Cash Management | | | | | 58,925 | |
† Short-term capital losses can be carried forward for an unlimited period.
†† In addition, the fund had $36,320 of capital losses realized after October 31, 2015, which were deferred for tax purposes to the first day of the following fiscal year.
Table 2 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended January 31, 2016 and January 31, 2015, respectively.
70
| | | | | | | | | | | | | | | | | | |
Table 2—Tax Character of Distributions Paid | | | | | | | | |
| | | | | | | | | |
| | 2016 | | 2015 | |
| Tax-Exempt Income ($) | | Ordinary Income ($) | Long-Term
Capital
Gains ($) | | Tax-Exempt Income ($) | | Ordinary Income ($) | Long-Term
Capital
Gains ($) |
Dreyfus Cash Management | – | | 14,384,873 | – | | – | | 6,843,986 | – |
Dreyfus Government
Cash Management | – | | 4,559,717 | – | | – | | 1,768,751 | – |
Dreyfus Government Prime
Cash Management | – | | 262,307 | – | | – | | 1,508 | – |
Dreyfus Treasury & Agency
Cash Management | – | | 3,922,611 | – | | – | | 1,824,547 | – |
Dreyfus Treasury Prime
Cash Management | – | | 1,768,699 | – | | – | | 12,184 | – |
Dreyfus Municipal
Cash Management Plus | 3,468 | | 25,894 | – | | 103 | | – | – |
Dreyfus New York Municipal
Cash Management | 5,424 | | 2,277 | – | | 148 | | – | – |
Dreyfus Tax-Exempt Cash Management | 25,823 | | 62,057 | 77,779 | | 778 | | 13,090 | 112,158 |
Dreyfus California AMT-Free
Municipal Cash Management | 5,881 | | – | 8,385 | | 166 | | – | – |
During the period ended January 31, 2016, as a result of permanent book to tax differences, each identified fund increased accumulated undistributed investment income-net and (decreased) accumulated net realized gain (loss) on investments as summarized in Table 3. These permanent book to tax differences are primarily due to dividend reclassification for each relevant fund. Net assets and net asset value per share were not affected by these reclassifications.
| | | | | |
Table 3—Reclassification of Components of Net Assets | | |
| | Accumulated
Undistributed
Investment Income-Net ($) | Accumulated
Net Realized
Gain (Loss) ($) | |
Dreyfus Cash Management | | 22,184 | (22,184) | |
Dreyfus Municipal Cash Management Plus | | 25,894 | (25,894) | |
Dreyfus New York Municipal Cash Management | | 2,277 | (2,227) | |
Dreyfus Tax Exempt Cash Management | | 139,836 | (139,836) | |
Dreyfus California AMT-Free Municipal Cash Management | | 8,385 | (8,385) | |
At January 31, 2016, the cost of investments for federal income tax purposes for each fund was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
NOTE 2—Mangement Fee and Other Transactions with Affiliates:
(a) Pursuant to separate management agreements with Dreyfus, the management fee of each fund is computed at the annual rate of .20% of the value of each fund’s average daily net assets and is payable monthly. For the funds listed in Table 4 below, Dreyfus had agreed, from December 10, 2015 through January 31, 2016, to waive receipt of its fee and/or assume the expenses of each relevant fund so that the direct expenses of the Institutional shares of each relevant fund do not exceed .18% of the value of the respective fund’s average daily net assets, provided that such expense limitation will be implemented for each relevant fund only when the fund’s current gross one-day yield (before deducting fees and expenses from the yield) is 18 basis points or higher. This direct expense limitation fluctuated between .16% to .18% during the period ended January 31, 2016. To the extent that
71
NOTES TO FINANCIAL STATEMENTS (continued)
it is necessary for Dreyfus to waive receipt of its management fee (or reimburse a fund’s custody expenses), the amount of the waiver will be applied equally to each share class of the fund. These expense limitations and waivers are voluntary, not contractual, and may be terminated by Dreyfus at any time. Table 4 summarizes the reduction in expenses for each fund, pursuant to these undertakings, during the period ended January 31, 2016.
| | |
Table 4—Fee Waivers | |
| | |
Dreyfus Government Cash Management | 896,793 |
Dreyfus Government Prime
Cash Management | 178,871 |
Dreyfus Treasury & Agency
Cash Management | 815,471 |
Dreyfus Treasury Prime
Cash Management | 1,215,896 |
Dreyfus has undertaken to waive receipt of the management fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time. This undertaking is voluntary and not contractual, and may be terminated at any time. Table 5 summarizes the reduction in expenses for each fund, pursuant to these undertakings, during the period ended January 31, 2016.
| | |
Table 5—Expense Reductions | |
| | |
Dreyfus Cash Management | $ 10,050,309 |
Dreyfus Government Cash Management | 21,509,189 |
Dreyfus Government Prime
Cash Management | 7,219,852 |
Dreyfus Treasury & Agency
Cash Management | 30,777,375 |
Dreyfus Treasury Prime
Cash Management | 79,864,332 |
Dreyfus Municipal
Cash Management Plus | 1,068,454 |
Dreyfus New York Municipal
Cash Management | 1,197,651 |
Dreyfus Tax Exempt Cash Management | 3,993,425 |
Dreyfus California AMT-Free
Municipal Cash Management | 1,531,812 |
(b) Under each fund’s Service Plan adopted pursuant to Rule 12b-1 under the Act, with respect to each fund’s applicable Investor Shares, Administrative Shares, Participant Shares, Service Shares, Select Shares, Agency Shares and Premier Shares, each fund pays the Distributor for distributing such classes of shares, for advertising and marketing and for providing certain services relating to shareholders of the respective class of shares. Investor Shares, Administrative Shares, Participant Shares, Service Shares, Select Shares, Agency Shares and Premier Shares pay the Distributor at annual rates of .25%, .10%, .40%, .50%, .80%, .06% and .31%, respectively, of the value of the applicable share class’ average daily net assets. These services include answering shareholder inquiries regarding the funds and providing reports and other information and services related to the maintenance of shareholder accounts (“Servicing”). Under the Service Plan, as to each class, the Distributor may make payments to Service Agents with respect to these services. Generally, the Service Agent may provide holders of Investor Shares, Administrative Shares, Participant Shares, Service Shares, Select Shares, Agency Shares and Premier Shares a consolidated statement. The Service Agent will generally also provide the holders of Investor Shares, Participant Shares, Service Shares, Select Shares and/or Premier Shares automated teller check writing privileges and, in the case of Participant Shares, Service Shares, and Premier Shares, automated teller machine access and bill paying services. The amount paid under the Service Plan for Servicing is intended to be a “service fee” as defined under the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”), and at no time will such amount exceed the maximum amount permitted to be paid under the FINRA Conduct Rules as a service fee. The fees payable under the Service Plan are payable without regard to actual expenses incurred. Table 6 summarizes the amount each fund was charged pursuant to the Service Plan during the period ended January 31, 2016.
72
| | | | | | | | | |
Table 6—Service Plan Fees | | | | | | | | |
| | | | | | | | | |
| | Investor
Shares ($) | Administrative
Shares ($) | Participant
Shares ($) | Service
Shares ($) | Select
Shares ($) | Agency
Shares ($) | Premier
Shares ($) |
Dreyfus Cash Management | | 4,167,642 | 1,705,775 | 3,601,490 | - | - | 80,786 | - |
Dreyfus Government Cash Management | | 4,643,550 | 475,721 | 283,376 | - | - | 51,610 | - |
Dreyfus Government
Prime Cash Management | | 1,251,137 | 411,170 | 1,157,371 | - | - | 8,807 | - |
Dreyfus Treasury & Agency
Cash Management | | 6,637,338 | 523,619 | 2,594,027 | 20,912 | 40,537 | 5,453 | 79,780 |
Dreyfus Treasury Prime
Cash Management | | 9,241,874 | 696,306 | 14,922,282 | - | - | 17,739 | - |
Dreyfus Municipal Cash
Management Plus | | 340,140 | 32,019 | 69,075 | - | - | - | - |
Dreyfus New York Municipal
Cash Management | | 565,880 | 14,460 | 4,152 | - | - | - | - |
Dreyfus Tax Exempt
Cash Management | | 811,359 | 40,081 | 137,932 | - | - | - | - |
Dreyfus California AMT-Free
Municipal Cash Management | | 617,456 | 146 | 38,482 | - | - | - | - |
(c) Each fund has adopted a Shareholder Services Plan with respect to its Institutional Shares. Each fund reimburses the Distributor at an amount not to exceed an annual rate of .25% of the value of each fund’s average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the funds and providing reports and other information, and services related to the maintenance of shareholder accounts. Table 7 summarizes the amount each fund’s Institutional Shares were charged pursuant to the Shareholder Services Plan during the period ended January 31, 2016.
| | |
Table 7—Shareholder Services Plan Fees | |
| Institutional
Shares ($) |
Dreyfus Cash Management | 439,688 |
Dreyfus Government Cash Management | 420,369 |
Dreyfus Government
Prime Cash Management | 25,621 |
Dreyfus Treasury & Agency
Cash Management | 191,683 |
Dreyfus Treasury Prime Cash Management | 411,804 |
Dreyfus Municipal Cash Management Plus | 13,974 |
Dreyfus New York Municipal Cash Management | 18,858 |
Dreyfus Tax Exempt Cash Management | 124,790 |
Dreyfus California AMT-Free Municipal
Cash Management | 99,885 |
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. Table 8 summarizes the amount each fund was charged during the period ended January 31, 2016 for cash management services, which is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were partially offset by earnings credits, also summarized in Table 8.
Each fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity. Table 9 summarizes the amount each fund was charged during the period ended January 31, 2016 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized in Table 9.
73
NOTES TO FINANCIAL STATEMENTS (continued)
| | | | | |
Table 8—Transfer Agency Agreement Fees and Cash Management Agreement Fees | | |
| Transfer Agency
Fees ($) | Dreyfus Transfer, Inc.
Cash Management Fees ($) | Dreyfus Transfer, Inc.
Earnings Credits ($) | |
Dreyfus Cash Management | 152,928 | 2,263 | (141) | |
Dreyfus Government Cash Management | 73,698 | 3,052 | (170) | |
Dreyfus Government Prime Cash Management | 78,089 | 3,226 | (161) | |
Dreyfus Treasury & Agency Cash Management | 37,649 | 1,634 | (90) | |
Dreyfus Treasury Prime Cash Management | 485,768 | 25,037 | (1,853) | |
Dreyfus Municipal Cash Management Plus | 1,378 | 67 | (5) | |
Dreyfus New York Municipal Cash Management | 2,215 | 110 | (8) | |
Dreyfus Tax Exempt Cash Management | 3,939 | 183 | (12) | |
Dreyfus California AMT-Free Municipal Cash Management | 587 | 25 | (2) | |
| | | | |
Table 9—Custody Agreement Fees | | | |
| Custody Fees ($) | Earnings Credits ($) | |
Dreyfus Cash Management | 811,457 | (61,084) | |
Dreyfus Government Cash Management | 564,148 | (22,719) | |
Dreyfus Government Prime Cash Management | 163,472 | (2,229) | |
Dreyfus Treasury & Agency Cash Management | 584,199 | (30,171) | |
Dreyfus Treasury Prime Cash Management | 1,053,244 | (274) | |
Dreyfus Municipal Cash Management Plus | 35,655 | – | |
Dreyfus New York Municipal Cash Management | 38,162 | – | |
Dreyfus Tax Exempt Cash Management | 114,353 | – | |
Dreyfus California AMT-Free Municipal Cash Management | 39,724 | – | |
During the period ended January 31, 2016, each fund was charged $10,834 for services performed by the Chief Compliance Officer and his staff.
Table 10 summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
74
| | | | | | | | |
Table 10—Due to The Dreyfus Corporation and Affiliates |
| Management
Fees ($) | Service Plan
Fees ($) | Custodian
Fees ($) | Shareholder
Service
Plan Fees ($) | Chief
Compliance
Officer
Fees ($) | Transfer
Agency
Fees ($) | Less Expense
Reimbursement ($) |
Dreyfus Cash Management | 4,040,273 | 782,846 | 520,000 | 30,000 | 3,529 | 12,560 | (112,441) |
Dreyfus Government
Cash Management | 3,286,745 | 364,877 | 368,000 | 25,000 | 3,529 | 13,187 | (779,914) |
Dreyfus Government
Prime Cash Management | 647,353 | 287,689 | 104,000 | 2,000 | 3,529 | 14,588 | (316,034) |
Dreyfus Treasury & Agency
Cash Management | 3,267,410 | 797,592 | 390,000 | 15,000 | 3,529 | 6,390 | (1,062,230) |
Dreyfus Treasury Prime
Cash Management | 6,824,846 | 1,969,412 | 704,000 | 23,000 | 3,529 | 83,407 | (2,926,974) |
Dreyfus Municipal
Cash Management Plus | 44,183 | 31,891 | 24,000 | 1,000 | 3,529 | 270 | (88,493) |
Dreyfus New York Municipal Cash Management | 71,721 | 47,338 | 29,857 | 1,104 | 3,529 | 489 | (114,021) |
Dreyfus Tax Exempt
Cash Management | 340,384 | 81,963 | 75,787 | 11,000 | 3,529 | 673 | (371,303) |
Dreyfus California AMT-Free
Municipal Cash Management | 78,316 | 58,073 | 28,070 | 4,000 | 3,529 | 115 | (143,467) |
(d) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 3—Securities Transactions:
The funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Boards. The procedures have been designed to ensure that any purchase or sale of securities by the funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers, complies with Rule 17a-7 under the Act. Table 11 summarizes the amounts of purchases and sales of securities engaged in by each relevant fund pursuant to Rule 17a-7 under the Act during the period ended January 31, 2016.
NOTE 4—Regulatory Developments:
On July 23, 2014, the SEC adopted amendments to the rules that govern the operations of money market mutual funds. The degree to which a fund will be impacted by the amendments will depend upon the type of fund and the type of investors (retail or institutional). The amendments have staggered compliance dates, but funds must be in compliance with all amendments by October 14, 2016. At this time, management continues to evaluate the implications of the amendments and their impact to the fund’s operations, financial statements and accompanying notes.
NOTE 5—Liquidation of Classes:
At a meeting of Dreyfus Treasury & Agency Cash Management’s Board, held on December 14, 2015, the Board approved, effective March 1, 2016, the termination of the fund’s Service and Select Shares. At a meeting of Dreyfus Municipal Cash Management Plus’ Board, held on December 14, 2015, the Board approved, effective December 15, 2015, the termination of the fund’s Agency Shares.
| | | |
Table 11—Affiliated Portfolio Holdings Transactions | |
| Purchases ($) | Sales ($) |
Dreyfus Municipal Cash Management Plus | 342,215,000 | 388,936,000 |
Dreyfus New York Municipal Cash Management | 536,120,339 | 342,950,000 |
Dreyfus Tax Exempt Cash Management | 901,455,000 | 1,160,225,000 |
Dreyfus California AMT-Free Municipal Cash Management | 550,060,000 | 616,315,000 |
75
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Shareholders and Board of Trustees
Dreyfus Cash Management
Dreyfus Government Cash Management
Dreyfus Government Prime Cash Management
Dreyfus Treasury & Agency Cash Management
Dreyfus Treasury Prime Cash Management
Dreyfus Municipal Cash Management Plus
Dreyfus New York Municipal Cash Management
Dreyfus Tax Exempt Cash Management
Dreyfus California AMT-Free
Municipal Cash Management
We have audited the accompanying statements of assets and liabilities, including the statements of investments, of Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury & Agency Cash Management, Dreyfus Treasury Prime Cash Management, Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management and Dreyfus California AMT-Free Municipal Cash Management (the “Funds”) as of January 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2016 by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds at January 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
New York, New York
March 24, 2016
76
IMPORTANT TAX INFORMATION (Unaudited)
In accordance with federal tax law, Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management and Dreyfus California AMT-Free Municipal Cash Management hereby make the following designations regarding the dividends paid from investment income-net during the fiscal year ended January 31, 2016:
• all the dividends paid from investment income-net are “exempt-interest dividends” (not generally subject to regular federal income taxes).
• except $25,894 of Dreyfus Municipal Cash Management Plus’ exempt-interest dividends that is being designated as an ordinary income distribution for reporting purposes.
• except $2,277 of Dreyfus New York Municipal Cash Management’s exempt-interest dividends that is being designated as an ordinary income distribution for reporting purposes.
• except $62,057 of Dreyfus Tax Exempt Cash Management’s exempt-interest dividends that is being designated as an ordinary income distribution and $77,779 that is being designated as a long-term capital gain distribution for reporting purposes.
• except $8,385 of Dreyfus California AMT-Free Municipal Cash Management’s exempt-interest dividends that is being designated as a long-term capital gain distribution for reporting purposes.
• for individuals who are residents of New York, “exempt-interest dividends” paid by Dreyfus New York Municipal Cash Management are also not subject to New York state and New York city personal income tax.
• for individuals who are residents of California, “exempt-interest dividends” paid by Dreyfus California AMT-Free Municipal Cash Management are also not subject to California personal income tax.
For state individual income tax purposes, Dreyfus Government Prime Cash Management and Dreyfus Treasury Prime Cash Management hereby report the following percentage of ordinary dividends paid during the fiscal year ended January 31, 2016 as attributable to interest income from direct obligations of the United States. Such dividends are currently exempt from taxation for income tax purposes in most states, including New York, Connecticut, California and the District of Columbia:
Dreyfus Government Prime Cash Management 100%
Dreyfus Treasury Prime Cash Management 100%
The funds below report the following percentage of ordinary income dividends paid during the fiscal year ended January 31, 2016 as qualifying interest-related dividends:
Dreyfus Cash Management 84.22%
Dreyfus Government Cash Management 100%
Dreyfus Government Prime Cash Management 100%
Dreyfus Treasury & Agency Cash Management 100%
Dreyfus Treasury Prime Cash Management 100%
77
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS
Joseph S. DiMartino (72)
Chairman of the Board (1995)
Principal Occupation During Past 5 Years:
· Corporate Director and Trustee (1995-present)
Other Public Company Board Memberships During Past 5 Years:
· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)
No. of Portfolios for which Board Member Serves: 138
———————
Francine J. Bovich (64)
Board Member (2015)
Principal Occupation During Past 5 Years:
· Trustee, The Bradley Trusts, private trust funds (2011-present)
Other Public Company Board Memberships During Past 5 Years:
· Annaly Capital Management, Inc., Board Member (May 2014-present)
No. of Portfolios for which Board Member Serves: 79
———————
Gordon J. Davis (74)
Board Member (2014)
Principal Occupation During Past 5 Years:
· Partner in the law firm of Venable LLP (2012-present)
· Partner in the law firm of Dewey & LeBoeuf LLP (1994-2012)
Other Public Company Board Memberships During Past 5 Years:
· Consolidated Edison, Inc., a utility company, Director (1997-2014)
· The Phoenix Companies, Inc., a life insurance company, Director (2000-2014)
No. of Portfolios for which Board Member Serves: 60
———————
Nathan Leventhal (72)
Board Member (2014)
Principal Occupation During Past 5 Years:
· President Emeritus of Lincoln Center for the Performing Arts (2001-present)
· Chairman of the Avery Fisher Artist Program (1997-2014)
· Commissioner, NYC Planning Commission (2007-2011)
Other Public Company Board Memberships During Past 5 Years:
· Movado Group, Inc., Director (2003-present)
No. of Portfolios for which Board Member Serves: 50
———————
Robin A. Melvin (52)
Board Member (2010)
Principal Occupation During Past 5 Years:
· Co-chairman, Illinois Mentoring Partnership, non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois; (2014-present; a board member since 2013)
· Director, Boisi Family Foundation, a private family foundation that supports youth-serving organizations that promote the self sufficiency of youth from disadvantaged circumstances (1995-2012)
No. of Portfolios for which Board Member Serves: 109
———————
Roslyn M. Watson (66)
Board Member (2010)
Principal Occupation During Past 5 Years:
· Principal, Watson Ventures, Inc., a real estate investment company (1993-present)
No. of Portfolios for which Board Member Serves: 65
———————
Benaree Pratt Wiley (69)
Board Member (2007)
Principal Occupation During Past 5 Years:
· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-present)
Other Public Company Board Memberships During Past 5 Years:
· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (2008-present)
No. of Portfolios for which Board Member Serves: 89
———————
78
INTERESTED BOARD MEMBERS
J. Charles Cardona (60)
Board Member (2014)
Principal Occupation During Past 5 Years:
· President and a Director of the Manager (2008-present), Chairman of the Distributor (2013-present; previously, Executive Vice President, 1997-2013), President of Dreyfus Institutional Services Division
No. of Portfolios for which Board Member Serves: 36
J. Charles Cardona is deemed to be an “interested person” (as defined under the Act) of the Company and the Trust as a result of his affiliation with The Dreyfus Corporation.
———————
Isabel P. Dunst (68)
Board Member (1991)
Principal Occupation During Past 5 Years:
· Of Counsel to the law firm of Hogan Lovells LLP (2015-present; previously, Partner, 1990-2014)
No. of Portfolios for which Board Member Serves: 36
Isabel P. Dunst is deemed to be an “interested person” (as defined under the Act) of the Company and the Trust as a result of her affiliation with Hogan Lovells LLP, which provides legal services to BNY Mellon and certain of its affiliates.
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Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS.
Whitney I. Gerard, Emeritus Board Member
Philip L. Toia, Emeritus Board Member
79
OFFICERS OF THE FUND (Unaudited)
BRADLEY J. SKAPYAK, President since January 2010.
Chief Operating Officer and a director of the Manager since June 2009, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Executive Vice President of the Distributor since June 2007. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 65 investment companies (comprised of 138 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since February 1988.
J. CHARLES CARDONA, Executive Vice President since November 2001
President and a Director of the Manager, Executive Vice President of the Distributor, President of Dreyfus Institutional Services Division, and an officer of 12 other investment companies (comprised of 18 portfolios) managed by the Manager. He is 60 years old and has been an employee of the Manager since February 1981.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Manager since June 2015; from June 2005 to June 2015, Director and Associate General Counsel of Deutsche Bank – Asset & Wealth Management Division, and Chief Legal Officer of Deutsche Investment Management Americas Inc. He is an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 2015.
JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.
Assistant General Counsel of BNY Mellon, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. She is 53 years old and has been an employee of the Manager since February 1984.
JAMES BITETTO, Vice President and Assistant Secretary since August 2005.
Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since December 1996.
JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.
Managing Counsel of BNY Mellon, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. She is 60 years old and has been an employee of the Manager since October 1988.
JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.
Managing Counsel of BNY Mellon, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since June 2000.
MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.
Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. She is 53 years old and has been an employee of the Manager since July 2014.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Senior Counsel of BNY Mellon, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager; from August 2005 to March 2013, Associate General Counsel of Third Avenue Management. She is 40 years old and has been an employee of the Manager since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.
Senior Managing Counsel of BNY Mellon, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since October 1990.
JAMES WINDELS, Treasurer since November 2001.
Director – Mutual Fund Accounting of the Manager, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since April 1985.
RICHARD CASSARO, Assistant Treasurer since January 2006.
Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since September 1982.
GAVIN C. REILLY, Assistant Treasurer since August 2005.
Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since April 1991.
ROBERT S. ROBOL, Assistant Treasurer since August 2003.
Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since October 1988.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – Equity Funds of the Manager, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since June 1989.
ROBERT SVAGNA, Assistant Treasurer since August 2005.
Senior Accounting Manager – Equity Funds of the Manager, and an officer of 66 investment companies (comprised of 163 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since September 2004.
Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (66 investment companies, comprised of 163 portfolios). He is 58 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARI M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016
Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the Dreyfus Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor and from 2007 to December 2011, Financial Processing Manager of the Distributor. She is an officer of 61 investment companies (comprised of 158 portfolios) managed by the Manager. She is 47 years old and has been an employee of the Distributor since 1997.
80
NOTES
81
NOTES
82
NOTES
83
Dreyfus Cash Management Funds
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166
| | | | | | | | | |
Ticker Symbols: | Institutional | Investor | Administrative | Participant | Service | Select | Agency | Premier |
Dreyfus Cash Management | DICXX | DVCXX | DSCXX | DPCXX | | | DMCXX | |
Dreyfus Government
Cash Management | DGCXX | DGVXX | DAGXX | DPGXX | | | DGMXX | |
Dreyfus Government Prime Cash Management | DIPXX | DVPXX | DAPXX | DGPXX | | | DRPXX | |
Dreyfus Treasury & Agency Cash Management | DTRXX | DTVXX | DTAXX | DTPXX | DSRXX | DTSXX | DYAXX | DYPXX |
Dreyfus Treasury Prime
Cash Management | DIRXX | DVRXX | DARXX | DPRXX | | | DSAXX | |
Dreyfus Municipal Cash Management Plus | DIMXX | DVMXX | DAMXX | DMPXX | | | | |
Dreyfus New York Municipal Cash Management | DIYXX | DVYXX | DAYXX | DPYXX | | | | |
Dreyfus Tax Exempt
Cash Management | DEIXX | DEVXX | DEAXX | DEPXX | | | | |
Dreyfus California AMT-Free
Municipal Cash Management | DIIXX | DAIXX | DFAXX | DFPXX | | | | |
Telephone Call your Dreyfus Cash Investment Services Division representative or 1-800-346-3621
Mail Dreyfus Investments Division, 144 Glen Curtiss Boulevard, Uniondale, NY 11556-0144
Internet Access Dreyfus Investments Division at www.dreyfus.com
You can obtain product information and e-mail requests for information or literature
Each fund will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.
Each fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
A description of the policies and procedures that each fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-DREYFUS.
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© 2016 MBSC Securities Corporation
CMGTAR0116 | 
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Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
Item 3. Audit Committee Financial Expert.
The Registrant's Board has determined that Joseph S. Martino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Joseph S. Martino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $99,093 in 2015 and $67,712 in 2016.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $18,360 in 2015 and $12,546 in 2016. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2015 and $0 in 2016.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $8,872 in 2015 and $8,828 in 2016. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2015 and $0 in 2016.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $335 in 2015 and $31 in 2016. [These services consisted of a review of the Registrant's anti-money laundering program].
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2015 and $0 in 2016.
(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
(e)(2) Note: None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal account's full-time, permanent employees.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $23,615,846 in 2015 and $19,689,299 in 2016.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable. [CLOSED-END FUNDS ONLY]
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.
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) Code of ethics referred to in Item 2.
(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 Tax Exempt Cash Management Funds
By: /s/ Bradley J. Skapyak
Bradley J. Skapyak,
President
Date: March 23, 2016
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: March 23, 2016
By: /s/ James Windels
James Windels,
Treasurer
Date: March 23, 2016
EXHIBIT INDEX
(a)(1) Code of ethics referred to in Item 2.
(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)
