UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number | 811-06395 | |||||
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| Dreyfus AMT-Free New York Municipal Cash Management |
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| (Exact name of Registrant as specified in charter) |
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c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286 |
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| (Address of principal executive offices) (Zip code) |
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| Bennett A. MacDougall, Esq. 240 Greenwich Street New York, New York 10286 |
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| (Name and address of agent for service) |
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Registrant's telephone number, including area code: | (212) 922-6400 | |||||
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Date of fiscal year end:
| 01/31 |
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Date of reporting period: | 07/31/19 |
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Dreyfus Cash Management Funds
SEMIANNUAL REPORT July 31, 2019
Dreyfus Cash Management Dreyfus Government Cash Management Dreyfus Government Securities Cash Management Dreyfus Treasury Obligations Cash Management Dreyfus Treasury Securities Cash Management Dreyfus AMT-Free Municipal Cash Management Plus Dreyfus AMT-Free New York Municipal Cash Management Dreyfus AMT-Free Tax Exempt Cash Management |
Contents
THE FUNDS
FOR MORE INFORMATION
Back Cover
The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
| The Funds |
Dear Shareholder:
This semiannual report for the Dreyfus Cash Management Funds (Taxable) covers the six-month period ended July 31, 2019. Over the reporting period, these funds achieved the following annualized yields and, taking into account the effects of compounding, the following annualized effective yields:1
| Annualized | Annualized | |
Dreyfus Cash Management2 | |||
Institutional Shares | 2.50 | 2.53 | |
Investor Shares | 2.25 | 2.27 | |
Administrative Shares | 2.40 | 2.43 | |
Dreyfus Government Cash Management2 | |||
Institutional Shares | 2.28 | 2.31 | |
Investor Shares | 2.03 | 2.05 | |
Administrative Shares | 2.18 | 2.21 | |
Participant Shares | 1.88 | 1.90 | |
Dreyfus Government Securities Cash Management | |||
Institutional Shares | 2.21 | 2.23 | |
Investor Shares | 1.96 | 1.98 | |
Administrative Shares | 2.11 | 2.13 | |
Participant Shares | 1.81 | 1.82 | |
Dreyfus Treasury Obligations Cash Management (formerly Dreyfus Treasury & Agency Cash Management)2 | |||
Institutional Shares | 2.26 | 2.28 | |
Investor Shares | 2.01 | 2.03 | |
Administrative Shares | 2.16 | 2.18 | |
Participant Shares | 1.86 | 1.88 | |
Dreyfus Treasury Securities Cash Management2 | |||
Institutional Shares | 2.22 | 2.24 | |
Investor Shares | 1.97 | 1.99 | |
Administrative Shares | 2.12 | 2.14 | |
Participant Shares | 1.82 | 1.83 |
Yields of money market instruments rose during the reporting period, as spreads over the London Interbank Offered Rate (LIBOR) and similar rates widened. In addition, although the Federal Reserve Board (the “Fed”) cut the federal funds rate in July 2019, securities based on LIBOR had not responded yet to this lower interest-rate environment since the Fed’s rate cut occurred at the close of the period.
The Fed Cuts Interest Rates Amid Economic Uncertainty
The reporting period began amid investor concerns about wavering economic growth and a dovish shift in the Fed’s stance on monetary policy. This shift came after a December 2018 rate hike that brought the federal funds target rate to 2.25%–2.50%. Core inflation, which excludes food and energy, remained well below the Fed’s target rate of 2.0%, despite steady economic growth and tight labor market conditions.
In February 2019, unemployment fell to 3.8%, and job creation slid to just 56,000, but the unemployment rate remained unchanged in March, while new jobs rebounded to 153,000, and the personal consumption expenditures (PCE) index, the Fed’s preferred measure of core inflation, fell to 1.5%. GDP for fourth quarter of 2018 came in at 2.2% (later revised to 1.1%), while GDP for 2018 rose 2.9%.
Also in March, the yield curve inverted, with the yield on the 10-year Treasury note falling below that of the three-month Treasury bill. An inverted yield curve is widely believed to be a reliable indicator of recession, though the economic downturn typically is not imminent and may not arrive for a year or longer.
April experienced a further drop in unemployment to 3.6%, while job creation improved to 216,000. The first estimate for first-quarter 2019 gross domestic product showed that the economy grew at a rate of 3.1%. In May, the unemployment rate held steady at 3.6%, but job creation slumped to just 62,000. In June, the unemployment rate edged up to 3.7%, and job creation rebounded, with new jobs totaling 178,000. The PCE index ticked up to 1.6%.
In July 2019, the advance estimate for economic growth for the second quarter of 2019 indicated that the economy grew by 2.1%, down from 3.1% in the first quarter of 2019. Unemployment remained steady at 3.7% while new jobs amounted to an estimated 159,000. As expected, the Fed announced a cut in the federal funds rate to 2.00%-2.25%.
An Additional Rate Cut Expected
The July 31, 2019 reduction in the federal funds rate was the first since the global financial crisis, and Fed officials hinted that another cut could occur before the end of the year to protect the record-long U.S. economic expansion from the slowing global economy. Uncertainty resulting from actual and possible tariffs has also played a part in the Fed’s consideration. Many members of the Federal Open Market Committee now see a stronger case for a more accommodative policy, and markets appear to be expecting an additional cut of 25 basis points at the September 2019 meeting.
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In this interest-rate environment, we have maintained the Funds’ weighted average maturity in a range that is in line with industry averages. As always, we have retained our longstanding focus on quality and liquidity.
1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate.
2 Annualized yields provided reflect the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. 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.
You could lose money by investing in a money market fund. Because the share price of the fund will fluctuate, when you sell your shares, they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Short-term corporate, asset-backed securities holdings and municipal securities holdings (as applicable) involve credit and liquidity risks and risk of principal loss.
Sincerely,
Patricia A. Larkin
Chief Investment Officer
Dreyfus Cash Investment Strategies
August 15, 2019
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We are pleased to present the semiannual report for the Dreyfus Cash Management Funds (Tax Exempt). For the six-month period ended July 31, 2019, these tax-exempt money market funds achieved the following annualized yields and annualized effective yields:1,2
| Annualized | Annualized | |
Dreyfus AMT-Free Municipal | |||
Institutional Shares | 1.25 | 1.25 | |
Investor Shares | 1.00 | 1.01 | |
Participant Shares | 0.90 | 0.90 | |
Dreyfus AMT-Free New York | |||
Institutional Shares | 1.35 | 1.36 | |
Investor Shares | 1.11 | 1.11 | |
Participant Shares | 0.82 | 0.83 | |
Dreyfus AMT-Free Tax Exempt | |||
Institutional Shares | 1.45 | 1.46 | |
Investor Shares | 1.20 | 1.21 |
The Federal Reserve Board (the “Fed”) cut the federal funds rate by a quarter point during the reporting period, and yields of municipal money market instruments shrank slightly, largely as a result of strong demand and a relative scarcity of new supply.
Strong Demand Pushed Yields Lower
Assets in tax-free money market funds have been on a seesaw since the industry saw large outflows towards the end of April, as payments for the 2018 tax bills came into play. Large inflows back into the funds in May pushed rates on variable rate demand notes lower, but they ratcheted up again in June, before declining again in July in anticipation of a change in Fed policy. These securities are highly liquid and are used to meet redemptions and to react to changes in the federal funds rate.
The Securities Industry and Financial Markets Association (SIFMA) Index reached a high of 2.30% in April and declined toward the end of the reporting period, as demand strengthened, and reinvestment cash entered the market. The SIFMA Index is a weekly high-grade index produced by Bloomberg LP and comprised of seven-day tax-exempt variable rate demand notes. The index averaged 1.61% during the reporting period, down from 1.71% at the end of 2018.
Strong demand plus limited supply, combined with the change in Fed policy, resulted in a downward trend in fixed- income tax-exempt yields, moving the one-year index to 1.15%. Demand remained strong for shorter maturities due to the continued flattening of the yield curve and the strong inflows into tax-exempt funds, particularly longer-dated portfolios.
A number of states were finalizing budgets for fiscal year 2020 during the reporting period. Spending priorities among the states include augmenting reserve funds to counter a future economic slowdown, to fund pension liabilities and to address infrastructure needs. States and municipalities await any progress on a federal infrastructure program, but in the meantime, they are considering hikes in state gas taxes to fund serious needs.
Although a number of high-tax states, such as California, New Jersey and New York, noted lower-than-projected personal income tax collections, these concerns seem to have subsided as receipts during the final days of the tax collection season appear to have met or exceeded expectations, particularly in California, where April collections surpassed estimates.
Maintaining a Prudent Investment Posture
In this inverted yield curve environment, in which short-term yields exceed long-term yields, most municipal money market funds have maintained short weighted-average maturities, with a focus on liquidity. The funds were no exception, as we set their weighted average maturities in a range that is consistent with industry averages.
We have continued to identify what we believe to be low credit-risk opportunities among certain state general obligation bonds; essential service revenue bonds issued by water, sewer and electric enterprises; select local credits with strong financial positions and stable tax bases; and various health care and education issuers.
Additional Accommodation Anticipated
As anticipated, the Fed lowered the federal funds target rate by a quarter of a point at the July 31, 2019 meeting to 2.00% –2.25%. This was the first reduction since the global financial crisis, and the Fed hinted it may cut again this year to insulate the record-long U.S. economic expansion from slowing global growth. Many Federal Open Market Committee participants now see that the case for somewhat more accommodative policy has strengthened. The committee will continue to monitor economic data and will respond with policy changes when needed.
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We believe that a focus on preservation of capital and liquidity remains the prudent course for the funds’ management.
1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate.
2 Annualized yields provided reflect the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an undertaking, which is voluntary and temporary, not contractual, and can be terminated at any time without notice.
You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
You could lose money by investing in a money market fund. Because the share price of the fund will fluctuate, when you sell your shares, they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Short-term corporate, asset-backed securities holdings and municipal securities holdings (as applicable) involve credit and liquidity risks and risk of principal loss.
Sincerely,
Colleen Meehan
Senior Portfolio Manager
August 15, 2019
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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 February 1, 2019 to July 31, 2019. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
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assuming actual returns for the six months ended July 31, 2019† | ||||||||||||||
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Dreyfus Cash Management | ||||||||||||||
Expenses paid per $1,000†† |
| $.55 | $1.80 | $1.05 | - | |||||||||
Ending value (after expenses) | $1,012.60 | $1,011.30 | $1,012.10 | - | ||||||||||
Annualized expense ratio (%) | .11 | .36 | .21 | - | ||||||||||
Dreyfus Government Cash Management | ||||||||||||||
Expenses paid per $1,000†† | $.85 | $2.09 | $1.35 | $2.84 | ||||||||||
Ending value (after expenses) | $1,011.40 | $1,010.10 | $1,010.90 | $1,009.40 | ||||||||||
Annualized expense ratio (%) | .17 | .42 | .27 | .57 | ||||||||||
Dreyfus Government Securities Cash Management | ||||||||||||||
Expenses paid per $1,000†† | $1.10 | $2.34 | $1.60 | $3.09 | ||||||||||
Ending value (after expenses) | $1,011.00 | $1,009.80 | $1,010.50 | $1,009.00 | ||||||||||
Annualized expense ratio (%) | .22 | .47 | .32 | .62 | ||||||||||
Dreyfus Treasury Obligations Cash Management | ||||||||||||||
Expenses paid per $1,000†† | $.90 | $2.09 | $1.35 | $2.89 | ||||||||||
Ending value (after expenses) | $1,011.30 | $1,010.00 | $1,010.80 | $1,009.30 | ||||||||||
Annualized expense ratio (%) | .18 | .42 | .27 | .58 | ||||||||||
Dreyfus Treasury Securities Cash Management | ||||||||||||||
Expenses paid per $1,000†† | $.95 | $2.19 | $1.45 | $2.94 | ||||||||||
Ending value (after expenses) | $1,011.00 | $1,009.80 | $1,010.60 | $1,009.10 | ||||||||||
Annualized expense ratio (%) | .19 | .44 | .29 | .59 | ||||||||||
Dreyfus AMT-Free Municipal Cash Management Plus | ||||||||||||||
Expenses paid per $1,000†† | $2.14 | $3.33 | - | $1.22 | ||||||||||
Ending value (after expenses) | $1,006.20 | $1,005.00 | - | $1,001.50 | ||||||||||
Annualized expense ratio (%) | .43 | .67 | - | .72 | ||||||||||
Dreyfus AMT-Free New York Municipal Cash Management | ||||||||||||||
Expenses paid per $1,000†† | $1.69 | $2.88 | - | $1.38 | ||||||||||
Ending value (after expenses) | $1,006.70 | $1,005.50 | - | $1,001.40 | ||||||||||
Annualized expense ratio (%) | .34 | .58 | - | .81 | ||||||||||
Dreyfus AMT-Free Tax Exempt Cash Management | ||||||||||||||
Expenses paid per $1,000†† | $.95 | $2.19 | - | - | ||||||||||
Ending value (after expenses) | $1,007.20 | $1,006.00 | - | - | ||||||||||
Annualized expense ratio (%) | .19 | .44 | - | - |
† From May 31, 2019 (commencement of initial offering) to July 31, 2019 for Dreyfus AMT-Free Municipal Cash Management Plus’ Participant shares and Dreyfus AMT-Free New York Municipal Cash Management’s Participant shares.
†† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For Dreyfus AMT-Free Municipal Cash Management Plus’ Participant shares and Dreyfus AMT-Free New York Municipal Cash Management’s Participant shares, expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 62/365 (to reflect the actual days in the period).
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UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)(continued)
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS(Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
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assuming a hypothetical 5% annualized return for the six months ended July 31, 2019† | |||||||||||||||||
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Dreyfus Cash Management | |||||||||||||||||
Expenses paid per $1,000†† | $.55 | $1.81 | $1.05 | - | |||||||||||||
Ending value (after expenses) | $1,024.25 | $1,023.01 | $1,023.75 | - | |||||||||||||
Annualized expense ratio (%) | .11 | .36 | .21 | - | |||||||||||||
Dreyfus Government Cash Management | |||||||||||||||||
Expenses paid per $1,000†† | $.85 | $2.11 | $1.35 | $2.86 | |||||||||||||
Ending value (after expenses) | $1,023.95 | $1,022.71 | $1,023.46 | $1,021.97 | |||||||||||||
Annualized expense ratio (%) | .17 | .42 | .27 | .57 | |||||||||||||
Dreyfus Government Securities Cash Management | |||||||||||||||||
Expenses paid per $1,000†† | $1.10 | $2.36 | $1.61 | $3.11 | |||||||||||||
Ending value (after expenses) | $1,023.70 | $1,022.46 | $1,023.21 | $1,021.72 | |||||||||||||
Annualized expense ratio (%) | .22 | .47 | .32 | .62 | |||||||||||||
Dreyfus Treasury Obligations Cash Management | |||||||||||||||||
Expenses paid per $1,000†† | $.90 | $2.11 | $1.35 | $2.91 | |||||||||||||
Ending value (after expenses) | $1,023.90 | $1,022.71 | $1,023.46 | $1,021.92 | |||||||||||||
Annualized expense ratio (%) | .18 | .42 | .27 | .58 | |||||||||||||
Dreyfus Treasury Securities Cash Management | |||||||||||||||||
Expenses paid per $1,000†† | $.95 | $2.21 | $1.45 | $2.96 | |||||||||||||
Ending value (after expenses) | $1,023.85 | $1,022.61 | $1,023.36 | $1,021.87 | |||||||||||||
Annualized expense ratio (%) | .19 | .44 | .29 | .59 | |||||||||||||
Dreyfus AMT-Free Municipal Cash Management Plus | |||||||||||||||||
Expenses paid per $1,000†† | $2.16 | $3.36 | - | $3.61 | |||||||||||||
Ending value (after expenses) | $1,022.66 | $1,021.47 | - | $1,021.12 | |||||||||||||
Annualized expense ratio (%) | .43 | .67 | - | .72 | |||||||||||||
Dreyfus AMT-Free New York Municipal Cash Management | |||||||||||||||||
Expenses paid per $1,000†† | $1.71 | $2.91 | - | $4.06 | |||||||||||||
Ending value (after expenses) | $1,023.11 | $1,021.92 | - | $1,020.78 | |||||||||||||
Annualized expense ratio (%) | .34 | .58 | - | .81 | |||||||||||||
Dreyfus AMT-Free Tax Exempt Cash Management | |||||||||||||||||
Expenses paid per $1,000†† | $.95 | $2.21 | - | - | |||||||||||||
Ending value (after expenses) | $1,023.85 | $1,022.61 | - | - | |||||||||||||
Annualized expense ratio (%) | .19 | .44 | - | - |
† Please note that while Dreyfus AMT-Free Municipal Cash Management Plus’ Participant shares and Dreyfus AMT-Free New York Municipal Cash Management’s Participant shares commenced offering on May 31, 2019, the hypothetical expenses paid during the period reflect projected activity for the full six month period for purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period February 1, 2019 to July 31, 2019.
†† Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
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STATEMENT OF INVESTMENTS
July 31, 2019 (Unaudited)
Dreyfus Cash Management | ||||||||
Description | Annualized | Maturity | Principal | Value ($) | ||||
Asset-Backed Commercial Paper - 2.7% | ||||||||
Collateralized Commercial Paper FLEX | 2.24 | 1/6/20 | 196,000,000 | a,b | 194,155,264 | |||
Nieuw Amsterdam Receivables | 2.23 | 1/8/20 | 145,000,000 | a,b | 143,576,603 | |||
TotalAsset-Backed Commercial Paper | 337,731,867 | |||||||
Commercial Paper - 23.2% | ||||||||
Banco Santander (New York) | 2.30 | 11/25/19 | 185,000,000 | a,b | 183,643,580 | |||
Banco Santander (New York) | 2.53 | 8/1/19 | 58,865,000 | a,b | 58,861,117 | |||
Bedford Row Funding, 3 Month LIBOR +0.07% | 2.40 | 10/3/19 | 190,000,000 | a,c | 190,030,810 | |||
Bedford Row Funding, 3 Month LIBOR +0.11% | 2.41 | 10/17/19 | 50,000,000 | a,c | 50,019,296 | |||
Bedford Row Funding, 3 Month LIBOR +0.07% | 2.59 | 8/8/19 | 70,000,000 | a,c | 70,007,891 | |||
Bedford Row Funding, 3 Month LIBOR +0.20% | 2.72 | 8/19/19 | 175,000,000 | a,c | 175,096,001 | |||
Collateralized Commercial Paper, 3 Month LIBOR +0.06% | 2.32 | 10/29/19 | 100,000,000 | c | 100,015,660 | |||
Collateralized Commercial Paper, 3 Month LIBOR +0.20% | 2.60 | 9/17/19 | 40,000,000 | c | 40,010,596 | |||
Collateralized Commercial Paper FLEX, 3 Month LIBOR +0.09% | 2.53 | 9/10/19 | 100,000,000 | a,c | 100,000,000 | |||
Collateralized Commercial Paper II, 3 Month LIBOR +0.07% | 2.59 | 8/19/19 | 40,000,000 | a,c | 40,007,517 | |||
Credit Suisse AG/NY | 2.68 | 9/3/19 | 150,000,000 | b | 149,671,050 | |||
DBS Bank | 2.60 | 10/3/19 | 200,000,000 | a,b | 199,194,666 | |||
DBS Bank | 2.60 | 10/4/19 | 100,000,000 | a,b | 99,591,042 | |||
HSBC Bank, 1 Month LIBOR +0.13% | 2.37 | 8/27/19 | 175,000,000 | a,c | 175,002,425 | |||
Lloyds Bank, 3 Month LIBOR +0.02% | 2.54 | 8/29/19 | 102,000,000 | c | 102,000,000 | |||
Matchpoint Finance | 2.63 | 10/24/19 | 100,000,000 | a,b | 99,475,125 | |||
Old Line Funding, 3 Month LIBOR +0.20% | 2.72 | 8/19/19 | 75,000,000 | a,c | 75,041,144 | |||
Swedbank | 2.68 | 11/5/19 | 200,000,000 | b | 198,796,662 | |||
Swedbank | 2.62 | 11/20/19 | 200,000,000 | b | 198,613,688 | |||
Swedbank | 2.62 | 11/21/19 | 125,000,000 | b | 124,126,211 | |||
Toronto-Dominion Bank, 3 Month LIBOR +0.10% | 2.55 | 9/11/19 | 250,000,000 | a,c | 250,035,295 | |||
Toronto-Dominion Bank, 3 Month LIBOR +0.22% | 2.79 | 8/6/19 | 175,000,000 | a,c | 175,102,086 | |||
Westpac Securities NZ/London, 1 Month LIBOR +0.20% | 2.44 | 8/29/19 | 50,000,000 | a,c | 50,000,000 | |||
TotalCommercial Paper | 2,904,341,862 | |||||||
Corporate Notes - .6% | ||||||||
Mitsubishi UFJ Trust & Banking | 2.45 | 10/16/19 | 55,000,000 | a | 55,008,750 | |||
Sumitomo Mitsui Trust Bank | 2.05 | 10/18/19 | 25,000,000 | a | 24,985,380 | |||
TotalCorporate Notes | 79,994,130 | |||||||
Negotiable Bank Certificates of Deposit - 36.2% | ||||||||
Banco Santander/New York, 1 Month LIBOR +0.08% | 2.32 | 8/30/19 | 200,000,000 | c | 200,000,000 | |||
Banco Santander/New York, 1 Month LIBOR +0.07% | 2.45 | 8/12/19 | 200,000,000 | c | 200,000,000 | |||
Bank of Montreal/Chicago II, 3 Month SOFR +0.20% | 2.60 | 8/1/19 | 75,000,000 | c | 75,003,988 | |||
Bank of Montreal/Chicago II, 3 Month LIBOR +0.06% | 2.64 | 8/5/19 | 150,000,000 | c | 150,033,986 | |||
Bank of Nova Scotia/Houston, 3 Month LIBOR +0.03% | 2.60 | 8/7/19 | 100,000,000 | c | 100,017,743 | |||
BNP Paribas | 2.69 | 8/5/19 | 150,000,000 | 150,008,657 | ||||
Canadian Imperial Bank of Commerce, 1 Month LIBOR +0.18% | 2.51 | 8/14/19 | 141,000,000 | c | 141,131,980 | |||
Canadian Imperial Bank of Commerce/NY, 3 Month LIBOR +0.17% | 2.57 | 9/18/19 | 54,000,000 | c | 54,040,188 | |||
Credit Suisse/NY | 2.62 | 10/10/19 | 125,000,000 | 125,076,655 | ||||
Credit Suisse/NY, 1 Month SOFR +0.24% | 2.63 | 8/1/19 | 200,000,000 | c | 200,085,188 | |||
Mitsubishi UFJ Trust & Banking | 2.30 | 10/15/19 | 200,000,000 | 200,007,968 | ||||
Mitsubishi UFJ Trust & Banking | 2.54 | 8/7/19 | 43,500,000 | 43,500,696 | ||||
Mizuho Bank | 2.27 | 10/24/19 | 250,000,000 | a | 249,998,237 | |||
Mizuho Bank | 2.55 | 9/13/19 | 200,000,000 | a | 200,044,318 | |||
MUFG Bank/NY, 1 Month LIBOR +0.33% | 2.69 | 8/8/19 | 150,000,000 | c | 150,009,896 | |||
Norinchukin Bank NY | 2.21 | 2/3/20 | 150,000,000 | 150,001,704 | ||||
Norinchukin Bank NY | 2.49 | 8/21/19 | 50,000,000 | 50,007,050 |
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus Cash Management | ||||||||
Description | Annualized | Maturity | Principal | Value ($) | ||||
Negotiable Bank Certificates of Deposit - 36.2% (continued) | ||||||||
Norinchukin Bank NY | 2.53 | 11/14/19 | 95,000,000 | 95,071,583 | ||||
Skandinaviska Enskilda Banken/NY, 1 Month LIBOR +0.11% | 2.37 | 8/27/19 | 233,000,000 | c | 233,006,361 | |||
Skandinaviska Enskilda Banken/NY, 1 Month LIBOR +0.11% | 2.38 | 8/27/19 | 100,000,000 | c | 100,003,235 | |||
Sumitomo Mitsui Banking/NY, 1 Month LIBOR +0.10% | 2.43 | 8/16/19 | 100,000,000 | c | 100,002,819 | |||
Sumitomo Mitsui Banking/NY, 1 Month LIBOR +0.13% | 2.50 | 8/9/19 | 280,000,000 | c | 279,973,700 | |||
Sumitomo Mitsui Banking/NY, 1 Month LIBOR +0.17% | 2.53 | 8/5/19 | 200,000,000 | c | 200,003,516 | |||
Sumitomo Mitsui Trust Bank | 2.25 | 1/6/20 | 243,000,000 | 243,024,353 | ||||
Sumitomo Mitsui Trust Bank | 2.37 | 10/2/19 | 198,000,000 | 198,043,770 | ||||
Sumitomo Mitsui Trust Bank/NY, 1 Month LIBOR +0.14% | 2.51 | 8/9/19 | 87,000,000 | c | 86,995,719 | |||
Toronto-Dominion Bank | 2.21 | 2/27/20 | 152,000,000 | 152,016,925 | ||||
Wells Fargo Bank, 3 Month LIBOR +0.06% | 2.58 | 8/22/19 | 125,000,000 | c | 125,035,651 | |||
Wells Fargo Bank, 3 Month LIBOR +0.07% | 2.60 | 8/14/19 | 109,000,000 | c | 109,014,114 | |||
Wells Fargo Bank, 1 Month LIBOR +0.37% | 2.61 | 8/30/19 | 50,000,000 | c | 50,054,643 | |||
Wells Fargo Bank, 3 Month LIBOR +0.21% | 2.73 | 8/20/19 | 125,000,000 | c | 125,083,489 | |||
TotalNegotiable Bank Certificates of Deposit | 4,536,298,132 | |||||||
Time Deposits - 1.2% | ||||||||
NRW.Bank | 2.41 | 8/1/19 | 150,000,000 | 150,000,000 | ||||
Repurchase Agreements - 36.1% | ||||||||
ABN Amro Bank, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due at maturity date in the amount of $80,005,444 (fully collateralized by original par $17,546,386 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 11/1/24-12/1/48, value $5,800,335, $72,710,980 Corporate Debt Securities, 0.52%-9.98%, due 2/11/20-11/15/48, value $77,720,037, $50,769 Other Instrument (international debt), 2.50%, due 12/15/24, value $50,935 and $245,300 U.S. Treasuries, 1.75%-2.75%, due 8/31/21-11/30/24, value $250,722) | 2.45 | 8/1/19 | 80,000,000 | 80,000,000 | ||||
Bank of America Securities, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due at maturity date in the amount of $400,027,444 (fully collateralized by original par $5,799,441 Equities, value $440,000,016) | 2.47 | 8/1/19 | 400,000,000 | 400,000,000 | ||||
BNP Paribas, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due at maturity date in the amount of $95,006,597 (fully collateralized by original par $481,330,961 Private Label Collateralized Mortgage Obligations, Interest Only, due 3/25/34-1/25/66, value $97,850,000) | 2.50 | 8/1/19 | 95,000,000 | 95,000,000 | ||||
BNP Paribas, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due at maturity date in the amount of $50,003,556 (fully collateralized by original par $55,156,000 Corporate Debt Securities, 5.88%-11.25%, due 1/15/21-1/1/24, value $52,500,917) | 2.56 | 8/1/19 | 50,000,000 | 50,000,000 | ||||
Citigroup Global Markets, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due at maturity date in the amount of $390,028,708 (fully collateralized by original par $3,488,105,601 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Collateralized Mortgage Obligation, Interest Only, due 10/25/26-6/20/49, value $303,978,274, $129,984,174 Federal Home Loan Mortgage Corp. and Federal National Mortgage Association-Agency Debentures and Agency Strips, Interest Only, due 7/25/39-7/15/48, value $22,073,506 and $88,597,900 U.S. Treasuries (including strips), 1.88%-2.10%, due 7/31/20-12/15/20, value $88,949,231) | 2.65 | 8/1/19 | 390,000,000 | 390,000,000 |
10
Dreyfus Cash Management | ||||||||
Description | Annualized | Maturity | Principal | Value ($) | ||||
Repurchase Agreements - 36.1% (continued) | ||||||||
Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due at maturity date in the amount of $365,025,550 (fully collateralized by original par $364,971,481 U.S. Treasuries (including strips), 0%-3.63%, due 8/22/19-5/15/49, value $372,300,005) | 2.52 | 8/1/19 | 365,000,000 | 365,000,000 | ||||
Fixed Income Clearing, Tri-Party Agreement thru State Street, dated 7/31/19, due at maturity date in the amount of $1,200,083,333 (fully collateralized by original par $1,045,640,000 U.S. Treasuries (including strips), 3.38%, due 11/15/48, value $1,224,002,134) | 2.50 | 8/1/19 | 1,200,000,000 | 1,200,000,000 | ||||
Fixed Income Clearing, Tri-Party Agreement thru State Street, dated 7/31/19, due at maturity date in the amount of $1,800,127,000 (fully collateralized by original par $1,839,090,000 U.S. Treasuries (including strips), 1.75%-2.50%, due 7/15/22-5/15/45, value $1,836,005,293) | 2.54 | 8/1/19 | 1,800,000,000 | 1,800,000,000 | ||||
HSBC Securities USA, Tri-Party Agreement thru JP Morgan Chase Bank, dated 7/31/19, due at maturity date in the amount of $50,003,431 (fully collateralized by original par $48,336,353 Corporate Debt Securities, 3.8%-6.35%, due 11/15/25-5/20/49, value $52,500,001) | 2.47 | 8/1/19 | 50,000,000 | 50,000,000 | ||||
Wells Fargo Securities, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due at maturity date in the amount of $100,007,000 (fully collateralized by original par $8,412,258 Equities, value $110,000,000) | 2.52 | 8/1/19 | 100,000,000 | 100,000,000 | ||||
TotalRepurchase Agreements | 4,530,000,000 | |||||||
Total Investments(cost $12,536,491,065) | 100.0% | 12,538,365,991 | ||||||
Cash and Receivables (Net) | .0% | 4,246,826 | ||||||
Net Assets | 100.0% | 12,542,612,817 |
LIBOR—London Interbank Offered Rate
SOFR—Secured Overnight Financing Rate
a 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 July 31, 2019, these securities amounted to $2,858,876,547 or 22.79% of net assets.
b Security is a discount security. Income is recognized through the accretion of discount.
c Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
Portfolio Summary (Unaudited)† | Value (%) |
Banks | 58.7 |
Repurchase Agreements | 36.1 |
Diversified Financials | 5.2 |
100.0 |
† Based on net assets.
See notes to financial statements.
11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus Government Cash Management | ||||||
U.S. Government Agencies - 28.0% | Annualized | Principal | Value ($) | |||
Federal Farm Credit Banks: | ||||||
8/1/19, 3 Month PRIME -3.08% | 2.43 | 60,000,000 | a | 59,999,712 | ||
8/1/19, 3 Month PRIME -3.08% | 2.42 | 200,000,000 | a | 199,998,821 | ||
8/1/19, 3 Month PRIME -3.08% | 2.43 | 97,000,000 | a | 96,999,269 | ||
8/2/19, 1 Month LIBOR -.07% | 2.33 | 395,000,000 | a | 394,997,752 | ||
8/1/19, 3 Month PRIME -3.08% | 2.42 | 265,000,000 | a | 264,997,421 | ||
8/1/19, 3 Month EFFR -.01% | 2.39 | 350,000,000 | a | 350,000,000 | ||
8/20/19, 1 Month LIBOR -.03% | 2.24 | 150,000,000 | a | 149,999,086 | ||
8/4/19, 1 Month LIBOR -.06% | 2.32 | 105,000,000 | a | 104,999,065 | ||
8/12/19, 1 Month LIBOR -.05% | 2.32 | 92,000,000 | a | 91,993,170 | ||
9/16/19, 3 Month LIBOR -.17% | 2.25 | 40,000,000 | a | 39,998,629 | ||
8/23/19, 1 Month LIBOR -.05% | 2.22 | 200,000,000 | a | 199,993,376 | ||
8/1/19, 3 Month FCPR -2.90% | 2.60 | 155,000,000 | a | 155,000,000 | ||
8/1/19, 3 Month FCPR -2.92% | 2.58 | 146,000,000 | a | 145,983,898 | ||
8/1/19, 3 Month FCPR -2.92% | 2.58 | 100,000,000 | a | 99,991,401 | ||
8/1/19, 3 Month EFFR +.13% | 2.52 | 250,000,000 | a | 250,000,000 | ||
8/15/19, 1 Month LIBOR +.06% | 2.39 | 250,000,000 | a | 249,974,449 | ||
8/1/19, 3 Month SOFR +.12% | 2.51 | 33,000,000 | a | 33,000,000 | ||
8/1/19, 3 Month SOFR +.10% | 2.49 | 100,000,000 | a | 100,000,000 | ||
8/2/19, 3 Month LIBOR -.27% | 2.31 | 121,250,000 | a | 121,249,648 | ||
8/9/19, 1 Month LIBOR -.06% | 2.31 | 500,000,000 | a | 500,000,000 | ||
8/16/19, 3 Month LIBOR -.26% | 2.27 | 500,000,000 | a | 499,980,721 | ||
8/20/19, 3 Month LIBOR -.25% | 2.28 | 520,000,000 | a | 519,976,221 | ||
8/1/19, 3 Month SOFR +.02% | 2.41 | 34,000,000 | a | 34,000,000 | ||
8/28/19, 1 Month LIBOR -.07% | 2.18 | 200,000,000 | a | 200,000,000 | ||
8/4/19, 1 Month LIBOR -.10% | 2.28 | 250,000,000 | a | 250,000,000 | ||
8/4/19, 1 Month LIBOR -.10% | 2.28 | 250,000,000 | a | 250,000,000 | ||
8/18/19, 1 Month LIBOR -.06% | 2.24 | 25,000,000 | a | 25,000,000 | ||
8/1/19, 3 Month SOFR +.03% | 2.42 | 215,000,000 | a | 215,000,000 | ||
8/4/19, 1 Month LIBOR -.07% | 2.31 | 225,000,000 | a | 225,000,000 | ||
8/13/19, 1 Month LIBOR -.08% | 2.25 | 200,000,000 | a | 200,000,000 | ||
8/5/19, 1 Month LIBOR -.05% | 2.33 | 225,000,000 | a | 225,000,000 | ||
9/12/19, 3 Month LIBOR -.23% | 2.21 | 100,000,000 | a | 100,000,000 | ||
8/1/19, 3 Month SOFR +.01% | 2.40 | 300,000,000 | a | 300,000,000 | ||
8/8/19, 1 Month LIBOR -.07% | 2.30 | 250,000,000 | a | 250,000,000 | ||
8/8/19, 1 Month LIBOR -.07% | 2.30 | 750,000,000 | a | 750,000,000 | ||
8/8/19, 1 Month LIBOR -.07% | 2.30 | 250,000,000 | a | 250,000,000 | ||
8/1/19, 3 Month SOFR +.05% | 2.44 | 35,000,000 | a | 35,000,000 | ||
8/21/19, 1 Month LIBOR -.05% | 2.22 | 50,000,000 | a | 50,000,000 | ||
8/1/19, 3 Month SOFR +.02% | 2.41 | 260,000,000 | a | 260,000,000 | ||
8/1/19, 3 Month SOFR -.04% | 2.43 | 75,000,000 | a | 75,000,000 | ||
8/1/19, 3 Month SOFR +.07% | 2.46 | 177,000,000 | a | 177,000,000 | ||
8/1/19, 3 Month SOFR +.04% | 2.43 | 501,000,000 | a | 501,000,000 | ||
9/22/19, 3 Month LIBOR -.21% | 2.13 | 1,000,000,000 | a | 1,000,000,000 | ||
10/13/19, 3 Month LIBOR -.21% | 2.09 | 500,000,000 | a | 500,000,000 | ||
10/25/19, 3 Month LIBOR -.21% | 2.07 | 300,000,000 | a | 300,000,000 | ||
8/1/19, 3 Month SOFR +.08% | 2.47 | 60,000,000 | a | 60,000,000 | ||
10/27/19, 3 Month LIBOR -.21% | 2.05 | 200,000,000 | a | 200,000,000 | ||
8/1/19, OBFR +.04% | 2.43 | 35,000,000 | a | 35,000,000 | ||
8/1/19, 3 Month SOFR +.11% | 2.50 | 75,000,000 | a | 75,000,000 | ||
9/21/19, 3 Month LIBOR -.13% | 2.26 | 200,000,000 | a | 200,000,000 | ||
8/1/19, 3 Month SOFR+.05% | 2.44 | 206,000,000 | a | 206,000,000 | ||
8/1/19, 3 Month SOFR +.12% | 2.51 | 304,000,000 | a | 304,000,000 | ||
8/1/19, 3 Month SOFR +.08% | 2.47 | 312,000,000 | a | 312,000,000 | ||
8/7/19, 3 Month U.S. T-BILL FLAT | 2.41 | 50,000,000 | a | 50,000,000 |
12
Dreyfus Government Cash Management (continued) | ||||||
U.S. Government Agencies - 28.0% (continued) | Annualized | Principal | Value ($) | |||
8/7/19, 3 Month U.S. T-BILL FLAT | 2.41 | 8,000,000 | a | 8,000,000 | ||
8/7/19, 3 Month U.S. T-BILL FLAT | 2.41 | 25,000,000 | a | 25,000,000 | ||
8/7/19, 3 Month U.S. T-BILL FLAT | 2.41 | 50,822,448 | a | 50,822,448 | ||
8/7/19, 3 Month U.S. T-BILL FLAT | 2.41 | 9,481,800 | a | 9,481,800 | ||
8/7/19, 3 Month U.S. T-BILL FLAT | 2.41 | 25,000,000 | a | 25,000,000 | ||
8/7/19, 3 Month U.S. T-BILL FLAT | 2.41 | 13,000,000 | a | 13,000,000 | ||
8/7/19, 3 Month U.S. T-BILL FLAT | 2.31 | 15,000,000 | a | 15,000,000 | ||
Federal Home Loan Banks: | ||||||
8/28/19 | 2.38 | 218,000,000 | b | 217,617,410 | ||
9/4/19 | 2.29 | 597,100,000 | b | 595,828,960 | ||
9/16/19 | 2.45 | 250,000,000 | 249,994,395 | |||
10/3/19 | 2.17 | 825,000,000 | b | 821,914,750 | ||
10/7/19 | 2.17 | 265,200,000 | b | 264,148,703 | ||
1/22/20 | 2.07 | 160,000,000 | b | 158,434,000 | ||
1/24/20 | 2.07 | 340,000,000 | 339,971,212 | |||
Total U.S. Government Agencies | 15,037,346,317 | |||||
U.S. Treasury Bills - .2% | ||||||
1/16/20 | 2.05 | 125,000,000 | b | 123,833,333 | ||
U.S. Treasury Notes - 4.0% | ||||||
8/15/19 | 0.75 | 427,000,000 | 426,711,755 | |||
10/31/19 | 1.50 | 400,000,000 | 399,094,712 | |||
11/15/19 | 3.38 | 300,000,000 | 300,812,132 | |||
1/15/20 | 1.38 | 250,000,000 | 248,825,314 | |||
2/15/20 | 3.63 | 200,000,000 | 201,648,275 | |||
2/29/20 | 1.25 | 175,000,000 | 174,192,307 | |||
3/31/20 | 2.25 | 214,000,000 | 214,292,998 | |||
4/30/20 | 2.38 | 150,000,000 | 150,385,635 | |||
Total U.S. Treasury Notes | 2,115,963,128 | |||||
U.S. Treasury Floating Rate Notes - 8.5% | ||||||
8/6/19, 3 Month U.S. T-BILL FLAT | 2.05 | 553,000,000 | a | 552,899,490 | ||
8/6/19, 3 Month U.S. T-BILL +.05% | 2.09 | 390,000,000 | a | 389,980,867 | ||
8/6/19, 3 Month U.S. T-BILL +.05% | 2.10 | 1,125,000,000 | a | 1,124,468,763 | ||
8/6/19, 3 Month U.S. T-BILL +.12% | 2.17 | 1,380,000,000 | a | 1,379,803,358 | ||
8/6/19, 3 Month U.S. T-BILL +.14% | 2.19 | 1,095,000,000 | a | 1,095,076,569 | ||
Total U.S. Treasury Floating Rate Notes | 4,542,229,047 | |||||
Repurchase Agreements - 59.3% | ||||||
ABN Amro Bank, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $285,020,108 (fully collateralized by original par $283,296,618 U.S. Treasuries (including strips), 1.38%-6.63%, due 12/15/19-8/15/44, value $290,700,023) | 2.54 | 285,000,000 | 285,000,000 | |||
ABN Amro Bank, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $250,017,778 (fully collateralized by original par $433,351,520 Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 10/20/41-1/20/49, value $233,021,568 and original par $22,004,600 U.S. Treasuries (including strips), 1.75%, due 7/15/22, value $21,978,434) | 2.56 | 250,000,000 | 250,000,000 |
13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus Government Cash Management (continued) | ||||||
Repurchase Agreements - 59.3% (continued) | Annualized | Principal | Value ($) | |||
Bank of America Securities, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $120,008,500 (fully collateralized by original par $171,065,242 Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 6/20/47, value $122,400,000) | 2.55 | 120,000,000 | 120,000,000 | |||
Bank of America Securities, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $850,060,444 (fully collateralized by original par $9,641,487,984 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Collateralized Mortgage Obligation, Interest Only, due 4/15/20-11/20/68, value $103,368,190, $17,174,460 Federal Agricultural Mortgage Corp.-Agency Debentures and Agency Strips, 5.04%, due 3/25/49, value $17,464,330 and original par $1,377,802,027 Federal Home Loan Mortgage Corp. and Federal National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 12/1/26-8/1/49, value 751,910,157) | 2.56 | 850,000,000 | 850,000,000 | |||
Bank of Nova Scotia/New York, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $100,006,972 (fully collateralized by original par $232,325,731 Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 11/20/43-1/20/49, value $102,000,000) | 2.51 | 100,000,000 | 100,000,000 | |||
Barclays Bank, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $100,007,028 (fully collateralized by original par $89,232,100 U.S. Treasuries (including strips), 0.13%-2.38% , due 1/15/21-2/15/48, value $102,000,029) | 2.53 | 100,000,000 | 100,000,000 | |||
BNP Paribas, Tri-Party Agreement thru BNY Mellon, dated 6/20/19, due 8/9/19 in the amount of $210,679,583 (fully collateralized by original par $211,442,481 U.S. Treasuries (including strips), 0%-3.38%, due 4/15/20-5/15/46, value $214,200,000) | 2.33 | 210,000,000c |
| 210,000,000 | ||
CIBC/New York, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $550,038,500 (fully collateralized by original par $641,319,147 Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 8/20/48-8/15/58, value $560,962,437 and original par $38,200 U.S. Treasuries (including strips), 1.63%, due 5/15/26, value $37,563) | 2.52 | 550,000,000 | 550,000,000 | |||
Citigroup Global Markets, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $250,017,639 (fully collateralized by original par $44,879 Government National Mortgage Association-Agency Collateralized Mortgage Obligation, Interest Only, due 7/20/49, value $44,591, original par $21,847,000 Tennessee Valley Authority-Agency Debentures and Agency Strips, 1.88%-6.75%, due 3/15/20-9/15/65, value $26,876,686 and original par $225,944,700 U.S. Treasuries (including strips), 0.13%-2.50%, due 11/30/21-2/15/22, value 228,081,200) | 2.54 | 250,000,000 | 250,000,000 | |||
Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $474,033,180 (fully collateralized by original par $473,962,965 U.S. Treasuries (including strips), 0%-3.63%, due 8/22/19-5/15/49, value $483,480,007) | 2.52 | 474,000,000 | 474,000,000 | |||
Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $300,021,250 (fully collateralized by original par $263,704,400 U.S. Treasuries (including strips), 3.38%-4.38%, due 5/15/40-5/15/44, value $306,000,015) | 2.55 | 300,000,000 | 300,000,000 |
14
Dreyfus Government Cash Management (continued) | ||||||
Repurchase Agreements - 59.3% (continued) | Annualized | Principal | Value ($) | |||
Daiwa Capital Markets America, Tri-Party Agreement thru BNY Mellon, dated 7/26/19, due 8/2/19 in the amount of $400,189,778 (fully collateralized by original par $686,063,935 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Collateralized Mortgage Obligation, Interest Only, due 6/25/21-4/15/49, value $94,231,719, original par $20,438,681 Federal Farm Credit Bank and Federal National Mortgage Association-Agency Debentures and Agency Strips, 2.08%-6.50%, due 10/1/25-2/1/32, value $20,076,074, original par $307,542,302 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 9/1/23-8/1/49, value $298,418,127 and original par $492,496 U.S. Treasuries (including strips), 0%-3.13%, due 11/15/19-5/15/48, value $509,176) | 2.44 | 400,000,000 | 400,000,000 | |||
Daiwa Capital Markets America, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $700,049,194 (fully collateralized by original par $327,373,704 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Collateralized Mortgage Obligation, 0%-4.50%, due 6/25/21-7/20/49, value $31,364,079, original par $75,807,970 Federal Farm Credit Bank, Federal Home Loan Banks, Federal Home Loan Mortgage Corp., and Federal National Mortgage Association-Agency Debentures and Agency Strips, 2.21%-6.50%, due 11/12/20-2/1/43, value $17,201,878 and original par $321,440,311 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Mortgage-Backed Securities, 2%-6.03%, due 9/1/19-8/1/49, value $292,209,738 and original par $356,475,690 U.S. Treasuries (including strips), 0%-6.50%, due 8/1/19-2/15/49, value 374,966,753) | 2.53 | 700,000,000 | 700,000,000 | |||
Deutsche Bank Securities, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $1,350,094,875 (fully collateralized by original par $1,186,012,166 U.S. Treasuries (including strips), 0%-3.88%, due 1/15/20-2/15/49, value $1,377,000,031) | 2.53 | 1,350,000,000 | 1,350,000,000 | |||
Fixed Income Clearing, Tri-Party Agreement thru State Street, dated 7/31/19, due 8/1/19 in the amount of $700,044,722 (fully collateralized by original par $702,345,000 U.S. Treasuries (including strips), 2.13%-2.63%, due 5/31/21-6/15/21, value $714,002,882) | 2.30 | 700,000,000 | 700,000,000 | |||
Fixed Income Clearing, Tri-Party Agreement thru State Street, dated 7/31/19, due 8/1/19 in the amount of $2,600,183,444 (fully collateralized by original par $2,532,555,000 U.S. Treasuries, 0.13%-2.50%, due 4/15/21-7/15/29, value $2,652,004,812) | 2.54 | 2,600,000,000 | 2,600,000,000 | |||
HSBC Securities USA, Tri-Party Agreement thru JP Morgan Chase Bank, dated 7/30/19, due 8/6/19 in the amount of $500,225,555 (fully collateralized by original par $489,047,792 Federal National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 9/1/28-3/1/49, value $510,000,000) | 2.32 | 500,000,000 | 500,000,000 |
15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus Government Cash Management (continued) | ||||||
Repurchase Agreements - 59.3% (continued) | Annualized | Principal | Value ($) | |||
HSBC Securities USA, Tri-Party Agreement thru JP Morgan Chase Bank, dated 7/31/19, due 8/1/19 in the amount of $750,052,708 (fully collateralized by original par $227,748,000 Federal Farm Credit Bank, Federal Home Loan Mortgage Corp., Federal National Mortgage Association, Tennessee Valley Authority-Agency Debentures and Agency Strips, 0%-7.13%, due 7/15/20-9/15/65, value $217,740,625, original par $800,453,387 Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 7/20/43-7/15/58, value $280,347,163 and original par $406,244,544 U.S. Treasuries (including strips), 0%, due 5/15/21-2/15/43, value $266,912,213) | 2.53 | 750,000,000 | 750,000,000 | |||
JP Morgan Securities, Tri-Party Agreement thru JP Morgan Chase Bank, dated 7/31/19, due 8/7/19 in the amount of $495,213,675 (fully collateralized by original par $421,298,000 U.S. Treasuries (including strips), 0.13%-4.50%, due 7/15/24-2/15/48, value $504,900,038) | 2.22 | 495,000,000 | 495,000,000 | |||
JP Morgan Securities, Tri-Party Agreement thru JP Morgan Chase Bank, dated 7/31/19, due 8/7/19 in the amount of $400,173,445 (fully collateralized by original par $2,224,817,540 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 1/1/26-7/20/49, value $408,000,000) | 2.23 | 400,000,000 | 400,000,000 | |||
JP Morgan Securities, Tri-Party Agreement thru JP Morgan Chase Bank, dated 7/31/19, due 8/1/19 in the amount of $900,063,500 (fully collateralized by original par $839,677,600 U.S. Treasuries (including strips), 1.25%-3.75%, due 1/15/21-11/15/45, value $918,000,034) | 2.54 | 900,000,000 | 900,000,000 | |||
JP Morgan Securities, 1 Month SOFR +.01%, JP Morgan Chase Bank, dated 5/2/19, due 8/7/19 in the amount of $501,273,055 (fully collateralized by original par $535,418,803 Federal Home Loan Mortgage Corp. and Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 4/1/26-1/20/49, value $510,000,000) | 2.56 | 500,000,000 | a,c | 500,000,000 | ||
JP Morgan Securities, Tri-Party Agreement thru JP Morgan Chase Bank, dated 7/31/19, due 8/1/19 in the amount of by original par $400,028,444 (fully collateralized $670,382,176 Federal National Mortgage Association-Agency Debentures and Agency Strips, 3.50%-7%, due 10/25/23-4/1/44, value $7,591,096 and original par $724,595,263 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 4/1/25-7/1/49, value $402,673,286) | 2.56 | 400,000,000 | 400,000,000 | |||
JP Morgan Securities, 1 Month SOFR +.05%, JP Morgan Chase Bank, dated 5/21/19, due 8/7/19 in the amount of $501,293,611 (fully collateralized by original par $5,929,362,617 Federal Home Loan Mortgage Corp. and Federal National Mortgage Association-Agency Debentures and Agency Strips, 0%-7%, due 6/25/23-4/1/49, value $126,494,792 and original par $700,944,418 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 10/1/20-8/1/49, value $383,505,208) | 2.60 | 500,000,000 | a,c | 500,000,000 | ||
Merrill Lynch Pierce Fenner & Smith, OBFR +.04%, BNY Mellon, dated 7/31/19, due 8/7/19 in the amount of $875,410,034 (fully collateralized by original par $2,033,629,950 Agency Mortgage-Backed Securities, Interest Only, due 12/1/25-8/1/49, value $892,500,000), U.S. Overnight Bank Funding Rate + .04% | 2.41 | 875,000,000 | a,c | 875,000,000 |
16
Dreyfus Government Cash Management (continued) | ||||||
Repurchase Agreements - 59.3% (continued) | Annualized | Principal | Value ($) | |||
MUFG Securities (Canada), Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $2,250,157,500 (fully collateralized by original par $8,048,094,635 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 10/1/35-5/1/49, value $2,192,996,077 and original par $99,259,900 U.S. Treasuries (including strips), 1.75%-2.88%, due 7/31/21-5/15/49, value $102,004,028) | 2.52 | 2,250,000,000 | 2,250,000,000 | |||
Natixis/New York, 1 Month LIBOR FLAT, BNY Mellon, dated 5/10/18, due 8/7/19 in the amount of $100,043,249 (fully collateralized by original par $125,025,217 Federal Home Loan Mortgage Corp. and Federal National Mortgage Association-Agency Collateralized Mortgage Obligation, Interest Only, due 11/15/27-6/25/48, value $12,257,383, original par $2,005,777 Federal Farm Credit Bank, Federal Home Loan Banks, Federal Home Loan Mortgage Corp., and Federal National Mortgage Association-Agency Debentures and Agency Strips, 0%-3.98%, due 5/15/25-8/15/43, value $1,220,304, original par $51,717,406 Federal Home Loan Mortgage Corp. and Federal National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 9/1/26-6/1/49, value $40,544,439 and original par $47,842,800 U.S. Treasuries (including strips), 0%-3.63%, due 12/5/19-8/15/43, value $48,658,839), 1 Month LIBOR FLAT | 2.22 | 100,000,000 | a,c | 100,000,000 | ||
Natixis/New York, Tri-Party Agreement thru BNY Mellon, dated 7/3/19, due 8/2/19 in the amount of $3,005,975,000 (fully collateralized by original par $2,927,380,980 U.S. Treasuries (including strips), 0%-8.13%, due 8/31/19-5/15/48, value $3,060,000,014) | 2.39 | 3,000,000,000 | 3,000,000,000 | |||
Nomura Securities International, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $2,000,142,222 (fully collateralized by original par $2,624,009,844 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 8/1/20-11/15/57, value $1,949,302,118 and original par $90,949,000 U.S. Treasuries (including strips), 1.88%-2.88%, due 4/30/25-6/30/26, value $90,697,953) | 2.56 | 2,000,000,000 | 2,000,000,000 | |||
Prudential Insurance Company of America, dated 7/31/19, due 8/1/19 in the amount of $684,244,904 (fully collateralized by original par $1,083,000,000 U.S. Treasuries (including strips), 0%-3.38%, due 8/15/29-8/15/47, value $697,880,175) | 2.56 | 684,196,250 | 684,196,250 | |||
Prudential Legacy Insurance Company of New Jersey, dated 7/31/19, due 8/1/19 in the amount of $233,766,622 (fully collateralized by original par $385,000,000 U.S. Treasuries (including strips), 0%, due 2/15/29-2/15/45, value $238,425,000) | 2.56 | 233,750,000 | 233,750,000 | |||
RBC Dominion Securities, Tri-Party Agreement thru BNY Mellon, dated 7/12/19, due 8/12/19 in the amount of $500,990,278 (fully collateralized by original par $193,130,105 Federal Home Loan Mortgage Corp. and Federal National Mortgage Association-Agency Collateralized Mortgage Obligation, Interest Only, due 5/15/33-4/15/54, value $55,078,234, original par $429,135,461 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 6/1/38-7/1/49, value $338,317,551 and original par $114,387,500 U.S. Treasuries (including strips), 0%-4.50%, due 1/23/20-2/15/49, value $119,664,157) | 2.30 | 500,000,000 | c | 500,000,000 |
17
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus Government Cash Management (continued) | ||||||
Repurchase Agreements - 59.3% (continued) | Annualized | Principal | Value ($) | |||
RBC Dominion Securities, Tri-Party Agreement thru BNY Mellon, dated 7/3/19, due 8/2/19 in the amount of $500,991,667 (fully collateralized by original par $484,567,500 U.S. Treasuries (including strips), 0%-6.50%, due 8/8/19-11/15/48, value $510,000,074) | 2.38 | 500,000,000 | 500,000,000 | |||
RBC Dominion Securities, Tri-Party Agreement thru BNY Mellon, dated 7/3/19, due 8/2/19 in the amount of $1,903,784,167 (fully collateralized by original par $22,015,512 Federal National Mortgage Association-Agency Collateralized Mortgage Obligation, Interest Only, due 7/25/46, value $11,243,448, original par $4,052,323,903 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 11/1/36-7/1/49, value $1,223,536,061 and original par $974,333,100 U.S. Treasuries (including strips), 0%-3.63%, due 8/8/19-8/15/48, value $703,845,169) | 2.39 | 1,900,000,000 | 1,900,000,000 | |||
RBC Dominion Securities, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $1,100,076,389 (fully collateralized by original par $1,064,036,500 U.S. Treasuries, 0.38%-6.50%, due 11/15/19-2/15/49, value $1,122,000,040) | 2.50 | 1,100,000,000 | 1,100,000,000 | |||
Royal Bank of Canada/New York, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $1,000,069,722 (fully collateralized by original par $16,453,046,384 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Collateralized Mortgage Obligation, Interest Only, due 11/15/30-10/25/58, value $1,064,166,071, original par $53,374,006 Federal Home Loan Mortgage Corp.-Agency Debentures and Agency Strips, 0%-4.50%, 10/15/27-1/15/43, value $8,963,900 and original par $5,725,252 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 6/1/30-12/15/58, value $5,990,366) | 2.51 | 1,000,000,000 | 1,000,000,000 | |||
UBS Securities, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $500,035,000 (fully collateralized by original par $484,714,129 U.S. Treasuries (including strips), 0%-7.88%, due 8/15/19-5/15/49, value $510,000,044) | 2.52 | 500,000,000 | 500,000,000 |
18
Dreyfus Government Cash Management (continued) | ||||||
Repurchase Agreements - 59.3% (continued) | Annualized | Principal | Value ($) | |||
Wells Fargo Securities, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $3,500,245,000 (fully collateralized by original par $935,000 Federal Farm Credit Bank, Federal National Mortgage Association, and Tennessee Valley Authority-Agency Debentures and Agency Strips, 0%-3.88%, due 2/20/20-5/15/26, value $867,624 and original par $5,339,716,632 Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association-Agency Mortgage-Backed Securities, Interest Only, due 2/15/20-6/1/56, value $3,569,130,164 and original par $1,700 U.S. Treasuries (including strips), 5.25%-7.63% due 8/15/22- 5/15/30, value 2,226) | 2.52 | 3,500,000,000 | 3,500,000,000 | |||
Total Repurchase Agreements | 31,826,946,250 | |||||
Total Investments(cost $53,646,318,075) | 100.0% | 53,646,318,075 | ||||
Liabilities, Less Cash and Receivables | .0% | (15,893,580) | ||||
Net Assets | 100.0% | 53,630,424,495 |
EFFR—Effective Federal Funds Rate
FCPR—Farm Credit Prime Rate
LIBOR—London Interbank Offered Rate
OBFR—Overnight Bank Funding Rate
PRIME—Prime Lending Rate
SOFR—Secured Overnight Financing Rate
a Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
b Security is a discount security. Income is recognized through the accretion of discount.
c Illiquid security; investment has a put feature and a variable or floating rate. The interest rate shown is the current rate as of July 31, 2019 and changes periodically. The due date shown reflects early termination date and the amount due represents the receivable of the fund as of the next interest payment date. At July 31, 2019, these securities amounted to $2,685,000,000 or 5.01% of net assets.
Portfolio Summary (Unaudited)† | Value (%) |
Repurchase Agreements | 59.3 |
U.S. Government Securities | 40.7 |
100.0 |
† Based on net assets.
See notes to financial statements.
19
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus Government Securities Cash Management | ||||||||
U.S. Government Agencies - 71.8% | Annualized Yield (%) | Principal Amount($) | Value($) | |||||
Federal Farm Credit Banks: | ||||||||
8/8/19, 3 Month U.S. T-BILL +.09% | 2.17 | 67,260,000 | a | 67,259,400 | ||||
8/2/19, 1 Month LIBOR -.07% | 2.33 | 5,000,000 | a | 4,999,972 | ||||
8/1/19, 3 Month FCPR -3.08% | 2.42 | 25,000,000 | a | 24,999,757 | ||||
8/1/19, 3 Month FCPR -3.05% | 2.45 | 45,000,000 | a | 45,000,000 | ||||
9/16/19, 3 Month LIBOR -.17% | 2.25 | 20,000,000 | a | 19,999,314 | ||||
8/1/19, 3 Month FCPR -2.89% | 2.61 | 100,000,000 | a | 100,021,843 | ||||
8/1/19, 3 Month FCPR -2.92% | 2.58 | 25,750,000 | a | 25,747,160 | ||||
8/25/19, 1 Month LIBOR +.16% | 2.43 | 37,000,000 | a | 37,046,699 | ||||
8/28/19, 1 Month LIBOR -.06% | 2.18 | 5,000,000 | a | 5,000,019 | ||||
10/30/19, 3 Month LIBOR -.28% | 1.99 | 100,000,000 | a | 100,000,000 | ||||
8/10/19, 1 Month LIBOR -.07% | 2.31 | 50,000,000 | a | 50,000,000 | ||||
8/1/19, 3 Month SOFR +.07% | 2.46 | 10,000,000 | a | 10,000,000 | ||||
8/1/19, 3 Month SOFR +.04% | 2.43 | 75,000,000 | a | 75,000,000 | ||||
8/1/19, 3 Month OBFR +.04% | 2.43 | 30,000,000 | a | 30,000,000 | ||||
Federal Home Loan Banks: | ||||||||
8/1/19 | 2.18 | 696,000,000 | b | 696,000,000 | ||||
8/2/19 | 2.20 | 26,100,000 | b | 26,098,430 | ||||
8/6/19 | 2.43 | 80,000,000 | b | 79,973,333 | ||||
8/12/19 | 2.19 | 360,670,000 | b | 360,432,432 | ||||
8/14/19 | 2.19 | 25,593,000 | b | 25,573,084 | ||||
8/16/19 | 2.19 | 57,982,000 | b | 57,929,831 | ||||
8/23/19 | 2.38 | 85,000,000 | b | 84,878,450 | ||||
8/27/19 | 2.22 | 310,000,000 | b | 309,509,683 | ||||
8/28/19 | 2.30 | 450,000,000 | b | 449,235,750 | ||||
8/30/19 | 2.31 | 241,000,000 | b | 240,557,798 | ||||
9/3/19 | 2.37 | 50,000,000 | b | 49,892,979 | ||||
9/4/19 | 2.34 | 155,000,000 | b | 154,662,172 | ||||
9/11/19 | 2.41 | 25,000,000 | b | 24,932,379 | ||||
9/18/19 | 2.16 | 300,000,000 | b | 299,150,000 | ||||
11/1/19 | 2.45 | 25,000,000 | b | 24,846,667 | ||||
Tennessee Valley Authority: | ||||||||
8/14/19 | 2.27 | 280,000,000 | b | 279,773,847 | ||||
Total U.S. Government Agencies | 3,758,520,999 | |||||||
U.S. Treasury Bills - 7.1% | ||||||||
8/6/19 | 2.24 | 250,000,000 | b | 249,923,438 | ||||
9/12/19 | 2.18 | 20,000,000 | b | 19,949,950 | ||||
1/16/20 | 2.03 | 100,000,000 | b | 99,072,500 | ||||
Total U.S. Treasury Bills | 368,945,888 | |||||||
U.S. Treasury Notes - 7.0% | ||||||||
8/15/19 | 0.75 | 15,000,000 | 14,992,245 | |||||
1/31/20 | 1.38 | 200,000,000 | 199,261,846 | |||||
1/31/20 | 2.00 | 150,000,000 | 149,968,255 | |||||
Total U.S. Treasury Notes | 364,222,346 | |||||||
U.S. Treasury Floating Rate Notes - 14.2% | ||||||||
8/6/19, 3 Month U.S. T-BILL +.05% | 2.10 | 200,000,000 | a | 199,987,589 | ||||
8/6/19, 3 Month U.S. T-BILL FLAT | 2.05 | 25,000,000 | a | 24,998,226 | ||||
8/6/19, 3 Month U.S. T-BILL +.04% | 2.09 | 50,000,000 | a | 49,998,841 | ||||
8/6/19, 3 Month U.S. T-BILL +.05% | 2.10 | 75,000,000 | a | 75,003,284 | ||||
8/6/19, 3 Month U.S. T-BILL +.12% | 2.17 | 295,000,000 | a | 294,832,395 |
20
Dreyfus Government Securities Cash Management (continued) | ||||||||
U.S. Treasury Floating Rate Notes - 14.2% (continued) | Annualized Yield (%) | Principal Amount($) | Value($) | |||||
8/6/19, 3 Month U.S. T-BILL +.14% | 2.19 | 100,000,000 | a | 100,009,790 | ||||
Total U.S. Treasury Floating Rate Notes | 744,830,125 | |||||||
Total Investments(cost $5,236,519,358) | 100.1% | 5,236,519,358 | ||||||
Liabilities, Less Cash and Receivables | (.1%) | (3,656,780) | ||||||
Net Assets | 100.0% | 5,232,862,578 |
FCPR—Farm Credit Prime Rate
LIBOR—London Interbank Offered Rate
OBFR—Overnight Bank Funding Rate
SOFR—Secured Overnight Financing Rate
a Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
b Security is a discount security. Income is recognized through the accretion of discount.
Portfolio Summary (Unaudited)† | Value (%) |
U.S. Government Securities | 100.1 |
100.1 |
† Based on net assets.
See notes to financial statements.
21
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus Treasury Obligations Cash Management | ||||||
U.S. Treasury Bills - 2.9% | Annualized | Principal | Value ($) | |||
9/19/19 | 2.45 | 500,000,000 | a | 498,359,861 | ||
1/16/20 | 2.05 | 75,000,000 | a | 74,300,000 | ||
Total U.S. Treasury Bills | 572,659,861 | |||||
U.S. Treasury Notes - 7.7% | ||||||
10/15/19 | 1.00 | 291,000,000 | 290,145,938 | |||
10/31/19 | 1.25 | 200,000,000 | 199,418,197 | |||
11/15/19 | 3.38 | 200,000,000 | 200,567,140 | |||
12/31/19 | 1.63 | 50,000,000 | 49,901,473 | |||
12/31/19 | 1.88 | 387,000,000 | 386,632,853 | |||
2/15/20 | 3.63 | 133,000,000 | 134,096,103 | |||
2/29/20 | 1.25 | 50,000,000 | 49,769,231 | |||
3/31/20 | 2.25 | 125,000,000 | 125,171,144 | |||
4/30/20 | 2.38 | 80,000,000 | 80,205,672 | |||
Total U.S. Treasury Notes | 1,515,907,751 | |||||
U.S. Treasury Floating Rate Notes - 24.9% | ||||||
8/6/19, 3 Month U.S. T-BILL +.05% | 2.10 | 625,000,000 | b | 625,026,977 | ||
8/6/19, 3 Month U.S. T-BILL FLAT | 2.05 | 852,000,000 | b | 851,914,798 | ||
8/6/19, 3 Month U.S. T-BILL +.03% | 2.08 | 379,000,000 | b | 378,994,818 | ||
8/6/19, 3 Month U.S. T-BILL +.05% | 2.09 | 1,131,500,000 | b | 1,131,464,703 | ||
8/6/19, 3 Month U.S. T-BILL +.05% | 2.10 | 1,000,000,000 | b | 999,345,733 | ||
8/6/19, 3 Month U.S. T-BILL +.12% | 2.17 | 300,000,000 | b | 299,922,259 | ||
8/6/19, 3 Month U.S. T-BILL +.14% | 2.19 | 440,000,000 | b | 439,920,788 | ||
8/6/19, 3 Month U.S. T-BILL +.22% | 2.27 | 150,000,000 | b | 150,014,823 | ||
Total U.S. Treasury Floating Rate Notes | 4,876,604,899 | |||||
Repurchase Agreements - 64.6% | ||||||
ABN Amro Bank, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 the amount of $170,011,994 (fully collateralized by original par $168,983,948 U.S. Treasuries, 1.38%-6.63%, due 12/15/19-8/15/44, value $173,400,014) | 2.54 | 170,000,000 | 170,000,000 | |||
BNP Paribas, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/7/19 in the amount of $50,021,583 (fully collateralized by original par $50,956,000 U.S. Treasuries, 1.38%-2%, due 5/31/20-6/30/24, value $51,000,072) | 2.22 | 50,000,000 | 50,000,000 | |||
BNP Paribas, Tri-Party Agreement thru BNY Mellon, dated 6/20/19, due 8/9/19 in the amount of $100,323,611 (fully collateralized by original par $96,494,500 U.S. Treasuries, 0.13%-3%, due 2/28/21-2/15/48, value $102,000,008) | 2.33 | 100,000,000 | c | 100,000,000 | ||
CIBC/New York, Tri-Party Agreement thru BNY Mellon, dated 7/10/19, due 8/2/19 in the amount of $550,839,820 (fully collateralized by original par $547,781,200 U.S. Treasuries (including strips), 0%-3.63%, due 8/15/19-8/15/48, value $561,000,062) | 2.39 | 550,000,000 | 550,000,000 | |||
Citigroup Global Markets, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $255,017,921 (fully collateralized by original par $252,428,400 U.S. Treasuries, 0.13%-7.25%, due 8/15/19-9/30/22, value $260,100,084) | 2.53 | 255,000,000 | 255,000,000 | |||
Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $683,047,810 (fully collateralized by original par $682,946,635 U.S. Treasuries (including strips), 0%-3.63%, due 8/22/19-5/15/49, value $696,660,010) | 2.52 | 683,000,000 | 683,000,000 |
22
Dreyfus Treasury Obligations Cash Management (continued) | ||||||
Repurchase Agreements - 64.6% (continued) | Annualized | Principal | Value ($) | |||
Daiwa Capital Markets America, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $400,028,000 (fully collateralized by original par $395,596,507 U.S. Treasuries (including strips), 0%-8.50%, due 8/13/19-5/15/49, value $408,000,035) | 2.52 | 400,000,000 | 400,000,000 | |||
Fixed Income Clearing, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $300,019,167 (fully collateralized by original par $294,290,000 U.S. Treasuries, 2.75%, due 4/30/23, value $306,000,093) | 2.30 | 300,000,000 | 300,000,000 | |||
Fixed Income Clearing, Tri-Party Agreement thru State Street, dated 7/31/19, due 8/1/19 in the amount of $3,000,211,667 (fully collateralized by original par $3,057,045,000 U.S. Treasuries, 1.63%-1.88%, due 7/15/22-9/30/22, value $3,060,000,392) | 2.54 | 3,000,000,000 | 3,000,000,000 | |||
HSBC Securities USA, Tri-Party Agreement thru JPMorgan Chase Bank, dated 7/31/19, due 8/7/19 in the amount of $650,283,111 (fully collateralized by original par $817,372,859 U.S. Treasuries (including strips), 0%-3.63%, due 4/30/20-11/15/47, value $663,000,001) | 2.24 | 650,000,000 | 650,000,000 | |||
HSBC Securities USA, Tri-Party Agreement thru JPMorgan Chase Bank, dated 7/31/19, due 8/6/19 in the amount of $700,313,056 (fully collateralized by original par $759,199,425 U.S. Treasuries (including strips), 0%-5%, due 10/31/19-11/15/43, value $714,000,000) | 2.30 | 700,000,000 | 700,000,000 | |||
JP Morgan Securities, Tri-Party Agreement thru JPMorgan Chase Bank, dated 7/31/19, due 8/1/19 in the amount of $1,050,074,083 (fully collateralized by original par $947,954,600 U.S. Treasuries, 1%-6.63%, due 12/31/19-11/15/48, value $1,071,000,097) | 2.54 | 1,050,000,000 | 1,050,000,000 | |||
JP Morgan Securities, 1 Month SOFR +.03%, JP Morgan Chase Bank, dated 5/21/19, due 8/7/19 in the amount of $501,283,333 (fully collateralized original par by $464,121,000 U.S. Treasuries, 0.50%-2.88%, due 1/15/29-11/15/46, value $510,000,015) | 2.58 | 500,000,000b,c |
| 500,000,000 | ||
MUFG Securities (Canada), Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $70,004,881 (fully collateralized by original par $69,184,500 U.S. Treasuries, 1.25%-2.88%, due 3/31/21-8/15/28, value $71,400,038) | 2.51 | 70,000,000 | 70,000,000 | |||
Natixis/New York, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/2/19 in the amount of $1,502,987,500 (fully collateralized by original par $1,463,690,490 U.S. Treasuries (including strips), 0%-8.13%, due 8/31/19-5/15/48, value $1,530,000,007) | 2.39 | 1,500,000,000 | 1,500,000,000 | |||
Natixis/New York, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $1,000,069,444 (fully collateralized by original par $959,667,692 U.S. Treasuries (including strips), 0%-3.75%, due 10/17/19-5/15/48, value $1,020,000,052) | 2.50 | 1,000,000,000 | 1,000,000,000 | |||
Prudential Insurance Company of America, dated 7/31/19, due 8/1/19 in the amount of $268,306,578 (fully collateralized by original par $490,000,000 U.S. Treasuries (including strips), 0%, due 11/15/35-8/15/43, value $273,653,250) | 2.56 | 268,287,500 | 268,287,500 | |||
Prudential Legacy Insurance Company of New Jersey, dated 7/31/19, due 8/1/19 in the amount of $208,764,844 (fully collateralized by original par $420,000,000 U.S. Treasuries (including strips), 0%, due 2/15/45-8/15/45, value $212,925,000) | 2.56 | 208,750,000 | 208,750,000 | |||
RBC Dominion Securities, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $500,034,722 (fully collateralized by original par $509,365,900 U.S. Treasuries (including strips), 0%-2.88%, due 9/26/19-7/31/23, value $510,000,086) | 2.50 | 500,000,000 | 500,000,000 |
23
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus Treasury Obligations Cash Management (continued) | ||||||
Repurchase Agreements - 64.6% (continued) | Annualized | Principal | Value ($) | |||
Wells Fargo Securities, Tri-Party Agreement thru BNY Mellon, dated 7/31/19, due 8/1/19 in the amount of $700,048,611 (fully collateralized by original par $719,876,700 U.S. Treasuries (including strips), 0%-2.50%, due 10/24/19-5/15/46, value $714,000,072) | 2.50 | 700,000,000 | 700,000,000 | |||
Total Repurchase Agreements | 12,655,037,500 | |||||
Total Investments(cost $19,620,210,011) | 100.1% | 19,620,210,011 | ||||
Liabilities, Less Cash and Receivables | (.1%) | (11,648,949) | ||||
Net Assets | 100.0% | 19,608,561,062 |
a Security is a discount security. Income is recognized through the accretion of discount.
b Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
c Illiquid security; investment has a put feature and a variable or floating rate. The interest rate shown is the current rate as of July 31, 2019 and changes periodically. The due date shown reflects early termination date and the amount due represents the receivable of the fund as of the next interest payment date. At July 31, 2019, these securities amounted to $600,000,000 or 3.06% of net assets.
Portfolio Summary (Unaudited)† | Value (%) |
Repurchase Agreements | 64.6 |
U.S. Government Securities | 35.5 |
100.1 |
† Based on net assets.
See notes to financial statements.
24
Dreyfus Treasury Securities Cash Management | ||||||||
U.S. Treasury Bills - 73.7% | Annualized Yield (%) | Principal Amount($) | Value($) | |||||
8/1/19 | 2.32 | 192,000,000 | a | 192,000,000 | ||||
8/6/19 | 2.23 | 3,368,000,000 | a | 3,366,973,532 | ||||
8/8/19 | 2.41 | 106,000,000 | a | 105,951,107 | ||||
8/13/19 | 2.16 | 2,424,000,000 | a | 2,422,283,502 | ||||
8/15/19 | 2.37 | 11,000,000 | a | 10,989,990 | ||||
8/20/19 | 2.11 | 3,100,000,000 | a | 3,096,604,291 | ||||
8/22/19 | 2.14 | 60,000,000 | a | 59,926,150 | ||||
8/27/19 | 2.11 | 2,410,000,000 | a | 2,406,382,324 | ||||
8/29/19 | 2.35 | 1,071,000,000 | a | 1,069,069,478 | ||||
9/3/19 | 2.22 | 535,000,000 | a | 533,930,113 | ||||
9/5/19 | 2.27 | 660,000,000 | a | 658,568,583 | ||||
9/10/19 | 2.17 | 500,000,000 | a | 498,813,889 | ||||
9/12/19 | 2.31 | 1,489,000,000 | a | 1,485,044,440 | ||||
9/17/19 | 2.15 | 87,000,000 | a | 86,759,771 | ||||
9/19/19 | 2.23 | 1,580,000,000 | a | 1,575,291,236 | ||||
9/26/19 | 2.12 | 21,000,000 | a | 20,932,053 | ||||
10/3/19 | 2.42 | 500,000,000 | a | 497,917,500 | ||||
10/10/19 | 2.43 | 1,000,000,000 | a | 995,352,777 | ||||
10/17/19 | 2.44 | 750,000,000 | a | 746,160,694 | ||||
10/24/19 | 2.09 | 50,000,000 | a | 49,760,250 | ||||
11/14/19 | 2.38 | 600,000,000 | a | 595,915,208 | ||||
12/12/19 | 2.16 | 416,000,000 | a | 412,745,823 | ||||
12/19/19 | 2.04 | 300,000,000 | a | 297,669,583 | ||||
12/26/19 | 2.05 | 181,000,000 | a | 179,521,037 | ||||
1/16/20 | 2.02 | 400,000,000 | a | 396,313,333 | ||||
1/23/20 | 2.07 | 500,000,000 | a | 495,084,201 | ||||
Total U.S. Treasury Bills | 22,255,960,865 | |||||||
U.S. Treasury Notes - 6.8% | ||||||||
8/15/19 | 0.75 | 494,000,000 | 493,699,599 | |||||
8/15/19 | 3.63 | 576,900,000 | 577,202,655 | |||||
9/30/19 | 1.00 | 21,000,000 | 20,951,127 | |||||
9/30/19 | 1.38 | 99,000,000 | 98,829,725 | |||||
9/30/19 | 1.75 | 261,000,000 | 260,712,225 | |||||
10/31/19 | 1.25 | 150,000,000 | 149,567,147 | |||||
10/31/19 | 1.50 | 75,000,000 | 74,829,382 | |||||
11/15/19 | 1.00 | 200,000,000 | 199,272,347 | |||||
11/30/19 | 1.75 | 116,800,000 | 116,591,924 | |||||
1/15/20 | 1.38 | 75,000,000 | 74,770,871 | |||||
Total U.S. Treasury Notes | 2,066,427,002 | |||||||
U.S. Treasury Floating Rate Notes - 20.2% | ||||||||
8/6/19, 3 Month U.S. T-BILL +.05% | 2.10 | 1,200,000,000 | b | 1,200,028,022 | ||||
8/6/19, 3 Month U.S. T-BILL FLAT | 2.05 | 700,000,000 | b | 699,926,471 | ||||
8/6/19, 3 Month U.S. T-BILL +.03% | 2.08 | 850,000,000 | b | 849,978,949 | ||||
8/6/19, 3 Month U.S. T-BILL +.04% | 2.09 | 875,000,000 | b | 874,996,369 | ||||
8/6/19, 3 Month U.S. T-BILL +.05% | 2.10 | 685,000,000 | b | 684,797,804 | ||||
8/6/19, 3 Month U.S. T-BILL +.12% | 2.17 | 748,000,000 | b | 747,802,210 | ||||
8/6/19, 3 Month U.S. T-BILL +.14% | 2.19 | 360,000,000 | b | 360,012,681 |
25
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus Treasury Securities Cash Management (continued) | ||||||||
U.S. Treasury Floating Rate Notes - 20.2% (continued) | Annualized Yield (%) | Principal Amount($) | Value($) | |||||
8/6/19, 3 Month U.S. T-BILL +.22% | 2.27 | 700,000,000 | b | 700,024,633 | ||||
Total U.S. Treasury Floating Rate Notes | 6,117,567,139 | |||||||
Total Investments(cost $30,439,955,006) | 100.7% | 30,439,955,006 | ||||||
Liabilities, Less Cash and Receivables | (.7%) | (220,012,132) | ||||||
Net Assets | 100.0% | 30,219,942,874 |
a Security is a discount security. Income is recognized through the accretion of discount.
b Variable rate security—rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date.
Portfolio Summary (Unaudited)† | Value (%) |
U.S. Government Securities | 100.7 |
100.7 |
† Based on net assets.
See notes to financial statements.
26
Dreyfus AMT-Free Municipal Cash Management Plus | |||||||||
Short-Term Investments - 99.8% | Coupon | Maturity | Principal | Value ($) | |||||
Alabama - 6.0% | |||||||||
Mobile County Industrial Development Authority, | 1.59 | 8/1/19 | 3,540,000 | a | 3,540,000 | ||||
Arizona - 2.2% | |||||||||
Tender Option Bond Trust Receipts (Series 2016-XM0304), | 1.46 | 8/1/19 | 1,265,000 | a,b,c | 1,265,000 | ||||
Colorado - .5% | |||||||||
Colorado Springs, | 1.48 | 8/1/19 | 285,000 | a | 285,000 | ||||
Connecticut - 2.6% | |||||||||
Tender Option Bond Trust Receipts (Series 2017-YX1077), | 1.46 | 8/1/19 | 1,555,000 | a,b,c | 1,555,000 | ||||
Florida - 1.3% | |||||||||
Orange County School Board, | 5.00 | 8/1/19 | 500,000 | 500,000 | |||||
Palm Beach County School District, | 5.00 | 8/1/19 | 250,000 | 250,000 | |||||
750,000 | |||||||||
Georgia - 4.7% | |||||||||
Cobb County Hospital Authority, | 1.42 | 8/1/19 | 1,450,000 | a | 1,450,000 | ||||
Private Colleges & University, | 1.55 | 9/5/19 | 1,350,000 | 1,350,000 | |||||
2,800,000 | |||||||||
Indiana - 3.7% | |||||||||
Saint Joseph County, | 1.40 | 8/1/19 | 2,185,000 | a | 2,185,000 | ||||
Iowa - 4.6% | |||||||||
Iowa Finance Authority, | 1.54 | 8/1/19 | 2,685,000 | a | 2,685,000 | ||||
Maryland - 10.3% | |||||||||
Bel Air, | 1.43 | 8/1/19 | 3,190,000 | a | 3,190,000 | ||||
Maryland, | 4.50 | 8/1/19 | 1,010,000 | 1,010,000 | |||||
Maryland Economic Development Corp., | 1.51 | 8/1/19 | 1,900,000 | a | 1,900,000 | ||||
6,100,000 | |||||||||
Minnesota - 2.0% | |||||||||
Rochester, | 1.51 | 8/1/19 | 1,200,000 | a | 1,200,000 | ||||
Missouri - 8.1% | |||||||||
RBC Municipal Products Inc. Trust (Series C16), | 1.46 | 8/1/19 | 2,000,000 | a,b | 2,000,000 | ||||
RIB Floaters Trust Various States (Series 2017-10), | 1.44 | 8/1/19 | 2,800,000 | a,b | 2,800,000 | ||||
4,800,000 | |||||||||
Nebraska - 5.1% | |||||||||
Omaha Public Power District, | 1.48 | 11/5/19 | 1,000,000 | 1,000,000 |
27
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus AMT-Free Municipal Cash Management Plus (continued) | |||||||||
Short-Term Investments - 99.8% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
Nebraska - 5.1% (continued) | |||||||||
Omaha Public Power District, | 1.40 | 8/15/19 | 2,000,000 | 2,000,000 | |||||
3,000,000 | |||||||||
New York - 8.3% | |||||||||
New York Power Authority, | 1.32 | 9/5/19 | 2,000,000 | 2,000,000 | |||||
Tender Option Bond Trust Receipts (Series 2018-XF0623), | 1.52 | 8/1/19 | 1,200,000 | a,b,c | 1,200,000 | ||||
Tompkins County Industrial Development Agency, | 1.50 | 8/2/19 | 1,705,000 | a | 1,705,000 | ||||
4,905,000 | |||||||||
Ohio - 6.0% | |||||||||
Hamilton County, | 1.41 | 8/1/19 | 1,375,000 | a | 1,375,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-YX1079), | 1.55 | 8/1/19 | 2,180,000 | a,b,c | 2,180,000 | ||||
3,555,000 | |||||||||
South Carolina - 3.4% | |||||||||
Tender Option Bond Trust Receipts ( Series 2019-BAML5004), | 1.44 | 8/7/19 | 2,000,000 | a,b,c | 2,000,000 | ||||
Texas - 29.3% | �� | ||||||||
Harris County Cultural Education Facilities Finance Corp., | 1.50 | 8/1/19 | 2,000,000 | a | 2,000,000 | ||||
Harris County Industrial Development Corp., | 1.47 | 8/1/19 | 2,900,000 | a | 2,900,000 | ||||
Harris County Metropolitan Transportation Authority, | 1.36 | 9/19/19 | 1,100,000 | 1,100,000 | |||||
Harris County Metropolitan Transportation Authority, | 1.36 | 9/19/19 | 1,000,000 | 1,000,000 | |||||
Lubbock Independent School District, | 1.50 | 8/1/19 | 1,560,000 | a | 1,560,000 | ||||
Red River Education Finance Corp., | 1.38 | 8/7/19 | 800,000 | a | 800,000 | ||||
San Antonio, | 1.30 | 8/13/19 | 1,000,000 | 1,000,000 | |||||
Tender Option Bond Trust Receipts (Series 2016-XM0187), | 1.46 | 8/1/19 | 3,000,000 | a,b,c | 3,000,000 | ||||
Texas, | 1.60 | 8/7/19 | 2,265,000 | a | 2,265,000 | ||||
Texas, | 4.00 | 8/29/19 | 680,000 | 681,147 | |||||
University of Texas System Board of Regents, | 1.59 | 10/10/19 | 1,000,000 | 1,000,000 | |||||
17,306,147 |
28
Dreyfus AMT-Free Municipal Cash Management Plus (continued) | |||||||||||
Short-Term Investments - 99.8% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Wisconsin - 1.7% | |||||||||||
DeForest Area School District, | 3.00 | 12/18/19 | 1,000,000 | 1,001,641 | |||||||
Total Investments(cost $58,932,788) | 99.8% | 58,932,788 | |||||||||
Cash and Receivables (Net) | 0.2% | 106,709 | |||||||||
Net Assets | 100.0% | 59,039,497 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
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 July 31, 2019, these securities amounted to $16,000,000 or 27.1% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates). These securities are not an underlying piece for any of the Adviser long-term Inverse floater securities.
Portfolio Summary (Unaudited)† | Value (%) |
Medical | 20.9 |
General | 14.4 |
Development | 13.9 |
Education | 13.7 |
Utilities | 10.7 |
Transportation | 8.2 |
General Obligation | 5.6 |
Pollution | 4.9 |
Facilities | 2.9 |
School District | 2.6 |
Multifamily Housing | 2.0 |
99.8 |
† Based on net assets.
See notes to financial statements.
29
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus AMT-Free New York Municipal Cash Management | |||||||||
Short-Term Investments - 100.1% | Coupon | Maturity | Principal | Value ($) | |||||
New York - 100.1% | |||||||||
Albany Industrial Development Agency, | 1.45 | 8/1/19 | 2,300,000 | a | 2,300,000 | ||||
Binghamton City School District, | 3.50 | 11/15/19 | 3,650,000 | 3,672,527 | |||||
Build New York City Resource Corp, | 1.50 | 8/1/19 | 1,000,000 | a | 1,000,000 | ||||
Metropolitan Transportation Authority, | 1.48 | 8/1/19 | 7,000,000 | a,b | 7,000,000 | ||||
Monroe County Industrial Development Agency, | 1.50 | 8/1/19 | 3,815,000 | a | 3,815,000 | ||||
New York City, | 1.47 | 8/6/19 | 2,110,000 | a | 2,110,000 | ||||
New York City, | 1.47 | 8/6/19 | 1,945,000 | a | 1,945,000 | ||||
New York City, | 1.47 | 8/1/19 | 1,570,000 | a | 1,570,000 | ||||
New York City Capital Resources Corp, | 1.52 | 8/1/19 | 3,800,000 | a | 3,800,000 | ||||
New York City Housing Development Corp, | 1.37 | 8/7/19 | 4,200,000 | a | 4,200,000 | ||||
New York City Industrial Development Agency, | 1.42 | 8/1/19 | 5,800,000 | a | 5,800,000 | ||||
New York City Industrial Development Agency, | 1.50 | 8/1/19 | 7,335,000 | a | 7,335,000 | ||||
New York City Industrial Development Agency, | 1.50 | 8/1/19 | 2,100,000 | a | 2,100,000 | ||||
New York City Transitional Finance Authority, | 1.41 | 8/1/19 | 6,000,000 | a | 6,000,000 | ||||
New York City Transitional Finance Authority, | 1.47 | 8/1/19 | 5,000,000 | a | 5,000,000 | ||||
New York City Transitional Finance Authority, | 1.49 | 8/1/19 | 3,100,000 | a | 3,100,000 | ||||
New York City Water & Sewer System, | 1.47 | 8/1/19 | 1,000,000 | a | 1,000,000 | ||||
New York City Water & Sewer System, | 1.55 | 8/1/19 | 1,500,000 | a | 1,500,000 | ||||
New York City Water & Sewer System, | 1.51 | 8/1/19 | 1,900,000 | a | 1,900,000 | ||||
New York Local Government Assistance Corp, | 1.37 | 8/7/19 | 2,000,000 | a | 2,000,000 | ||||
New York Power Authority, | 1.32 | 9/5/19 | 5,000,000 | 5,000,000 | |||||
New York State Dormitory Authority, | 1.50 | 8/7/19 | 5,175,000 | a | 5,175,000 | ||||
New York State Housing Finance Agency, | 1.40 | 8/7/19 | 150,000 | a | 150,000 | ||||
New York State Housing Finance Agency, | 1.50 | 8/1/19 | 7,400,000 | a | 7,400,000 |
30
Dreyfus AMT-Free New York Municipal Cash Management (continued) | |||||||||
Short-Term Investments - 100.1% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
New York - 100.1% (continued) | |||||||||
New York State Power Authority, | 1.45 | 10/4/19 | 2,000,000 | 2,000,000 | |||||
New York State Urban Development Corp, | 1.40 | 8/1/19 | 1,000,000 | a | 1,000,000 | ||||
Romulus Central School District, | 2.50 | 8/2/19 | 2,700,000 | 2,700,041 | |||||
Schenectady Industrial Development Agency, | 1.45 | 8/1/19 | 4,475,000 | a | 4,475,000 | ||||
Tender Option Bond Trust Receipts (Series 2015-ZF0271), | 1.43 | 8/1/19 | 4,600,000 | a,b,c | 4,600,000 | ||||
Tender Option Bond Trust Receipts (Series 2016-XF0520), | 1.50 | 8/1/19 | 1,795,000 | a,b,c | 1,795,000 | ||||
Tender Option Bond Trust Receipts (Series 2016-ZF0464), | 1.45 | 8/1/19 | 4,300,000 | a,b,c | 4,300,000 | ||||
Tender Option Bond Trust Receipts (Series 2017-XF0583), | 1.48 | 8/1/19 | 5,300,000 | a,b,c | 5,300,000 | ||||
Tender Option Bond Trust Receipts (Series 2017-XF2481), | 1.44 | 8/1/19 | 1,160,000 | a,b,c | 1,160,000 | ||||
Tender Option Bond Trust Receipts (Series 2017-XM0573), | 1.45 | 8/1/19 | 5,250,000 | a,b,c | 5,250,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XF0697), | 1.43 | 8/7/19 | 1,910,000 | a,b,c | 1,910,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XF2656), | 1.42 | 8/1/19 | 2,400,000 | a,b,c | 2,400,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XM0700), | 1.45 | 8/1/19 | 2,000,000 | a,b,c | 2,000,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-XM0731), | 1.43 | 8/7/19 | 2,000,000 | a,b,c | 2,000,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-ZM0737), | 1.48 | 8/1/19 | 2,200,000 | a,b,c | 2,200,000 | ||||
Tompkins County Industrial Development Agency, | 1.50 | 8/2/19 | 4,600,000 | a | 4,600,000 | ||||
Triborough Bridge & Tunnel Authority, | 1.49 | 8/1/19 | 3,200,000 | a | 3,200,000 | ||||
Triborough Bridge & Tunnel Authority, | 1.43 | 8/8/19 | 1,000,000 | a | 1,000,000 | ||||
Village of Mount Kisco, | 3.50 | 12/20/19 | 2,000,000 | 2,014,178 |
31
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus AMT-Free New York Municipal Cash Management (continued) | ||||||||||||||||||
Short-Term Investments - 100.1% (continued) | Coupon | Maturity | Principal | Value ($) | ||||||||||||||
New York - 100.1% (continued) |
|
|
|
| ||||||||||||||
Wappingers Central School District, | 2.00 | 10/15/19 | 3,000,000 | 3,003,351 | ||||||||||||||
West Genesee Central School District, | 2.00 | 12/27/19 | 2,000,000 | 2,003,600 | ||||||||||||||
Total Investments(cost $143,783,697) |
|
| 100.1% | 143,783,697 | ||||||||||||||
Liabilities, Less Cash and Receivables |
|
| (0.1%) | (90,139) | ||||||||||||||
Net Assets |
|
| 100.0% | 143,693,558 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
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 July 31, 2019, these securities amounted to $39,915,000 or 27.78% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates). These securities are not an underlying piece for any of the Adviser long-term Inverse floater securities.
Portfolio Summary (Unaudited)† | Value (%) |
Education | 18.5 |
General | 17.8 |
Transportation | 17.3 |
Facilities | 8.3 |
Multifamily Housing | 8.2 |
School District | 7.9 |
Water | 6.1 |
General Obligation | 5.3 |
Utilities | 4.9 |
Development | 2.7 |
Housing | 1.6 |
Medical | 1.5 |
100.1 |
† Based on net assets.
See notes to financial statements.
32
Dreyfus AMT-Free Tax Exempt Cash Management | |||||||||
Short-Term Investments - 97.7% | Coupon | Maturity | Principal | Value ($) | |||||
Alabama - 4.3% | |||||||||
Mobile County Industrial Development Authority, | 1.59 | 8/1/19 | 7,000,000 | a | 7,000,000 | ||||
Mobile County Industrial Development Authority, | 1.59 | 8/1/19 | 15,000,000 | a | 15,000,000 | ||||
22,000,000 | |||||||||
Alaska - 2.0% | |||||||||
Tender Option Bond Trust Receipts (Series 2017-XM0532), | 1.50 | 8/1/19 | 10,000,000 | a,b,c | 10,000,000 | ||||
Colorado - 1.0% | |||||||||
Tender Option Bond Trust Receipts (Series 2018-XG0195), | 1.49 | 8/7/19 | 4,930,000 | a,b,c | 4,930,000 | ||||
Connecticut - 2.0% | |||||||||
RIB Floater Trust Various States (Series 2017-016), | 1.44 | 8/1/19 | 7,355,000 | a,b | 7,355,000 | ||||
Tender Option Bond Trust Receipts (Series 2017-YX1077), | 1.46 | 8/1/19 | 3,000,000 | a,b,c | 3,000,000 | ||||
10,355,000 | |||||||||
District of Columbia - 2.7% | |||||||||
Metropolitan Washington Airports Authority, | 1.49 | 8/6/19 | 7,780,000 | a | 7,780,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-BAML8001), | 1.80 | 8/7/19 | 6,000,000 | a,b,c | 6,000,000 | ||||
13,780,000 | |||||||||
Florida - 2.3% | |||||||||
Hillsborough County Housing Finance Authority, | 1.45 | 8/1/19 | 4,890,000 | a | 4,890,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-BAML7005), | 1.32 | 8/7/19 | 7,000,000 | a,b,c | 7,000,000 | ||||
11,890,000 | |||||||||
Georgia - 7.0% | |||||||||
Cobb County Hospital Authority, | 1.42 | 8/1/19 | 2,800,000 | a | 2,800,000 | ||||
Private Colleges & University, | 1.55 | 9/5/19 | 13,000,000 | 13,002,376 | |||||
RBC Municipal Products Inc. Trust (Series E107), | 1.46 | 8/1/19 | 20,000,000 | a,b | 20,000,000 | ||||
35,802,376 | |||||||||
Illinois - 2.6% | |||||||||
Tender Option Bond Trust Receipts (Series 2015-XM0078), | 1.48 | 8/1/19 | 10,365,000 | a,b,c | 10,365,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XF0711), | 1.45 | 8/1/19 | 3,000,000 | a,b,c | 3,000,000 | ||||
13,365,000 |
33
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus AMT-Free Tax Exempt Cash Management (continued) | |||||||||
Short-Term Investments - 97.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
Kansas - .2% | |||||||||
Wichita, | 3.00 | 10/15/19 | 1,200,000 | 1,204,254 | |||||
Kentucky - 1.5% | |||||||||
Tender Option Bond Trust Receipts (Series 2018-XG0189), | 1.47 | 8/1/19 | 7,880,000 | a,b,c | 7,880,000 | ||||
Louisiana - 1.0% | |||||||||
Louisiana Public Facilities Authority, | 1.50 | 8/1/19 | 4,900,000 | a | 4,900,000 | ||||
Maryland - 1.4% | |||||||||
Howard County, | 5.00 | 8/15/19 | 825,000 | 826,169 | |||||
Maryland Economic Development Corp., | 1.51 | 8/1/19 | 2,300,000 | a | 2,300,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XG0213), | 1.46 | 8/7/19 | 4,080,000 | a,b,c | 4,080,000 | ||||
7,206,169 | |||||||||
Michigan - 1.7% | |||||||||
Michigan Strategic Fund, | 1.44 | 8/1/19 | 4,000,000 | a | 4,000,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-ZF2716), | 1.44 | 8/1/19 | 4,820,000 | a,b,c | 4,820,000 | ||||
8,820,000 | |||||||||
Minnesota - .9% | |||||||||
Rochester, | 1.51 | 8/1/19 | 4,800,000 | a | 4,800,000 | ||||
Mississippi - 1.1% | |||||||||
Mississippi Business Finance Corp., | 1.52 | 8/1/19 | 1,600,000 | a | 1,600,000 | ||||
Mississippi Business Finance Corp., | 1.52 | 8/1/19 | 3,980,000 | a | 3,980,000 | ||||
5,580,000 | |||||||||
Missouri - 3.8% | |||||||||
RBC Municipal Products Inc. Trust (Series C16), | 1.46 | 8/1/19 | 12,000,000 | a,b | 12,000,000 | ||||
RBC Municipal Products Inc. Trust (Series C17), | 1.44 | 8/1/19 | 3,000,000 | a,b | 3,000,000 | ||||
The Saint Louis Industrial Development Authority, | 1.41 | 8/1/19 | 4,330,000 | a | 4,330,000 | ||||
University of Missouri, | 5.00 | 11/1/19 | 360,000 | 363,477 | |||||
19,693,477 | |||||||||
Nebraska - 4.5% | |||||||||
Omaha Public Power District, | 1.48 | 11/5/19 | 4,500,000 | 4,499,338 | |||||
Omaha Public Power District, | 1.50 | 10/4/19 | 7,500,000 | 7,499,199 | |||||
Omaha Public Power District, | 1.40 | 8/15/19 | 11,000,000 | 10,999,861 | |||||
22,998,398 |
34
Dreyfus AMT-Free Tax Exempt Cash Management (continued) | |||||||||
Short-Term Investments - 97.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
Nevada - 1.9% | |||||||||
Tender Option Bond Trust Receipts (Series 2018-XG0199), | 1.48 | 8/1/19 | 4,800,000 | a,b,c | 4,800,000 | ||||
Tender Option Bond Trust Receipts (Series 2019-XF2806), | 1.50 | 8/1/19 | 5,000,000 | a,b,c | 5,000,000 | ||||
9,800,000 | |||||||||
New Hampshire - 1.4% | |||||||||
New Hampshire Health & Education Facilities Authority, | 1.48 | 8/1/19 | 6,925,000 | a | 6,925,000 | ||||
New York - 13.6% | |||||||||
Albany Industrial Development Agency, | 1.45 | 8/1/19 | 1,825,000 | a | 1,825,000 | ||||
Metropolitan Transportation Authority, | 1.48 | 8/1/19 | 7,600,000 | a,b | 7,600,000 | ||||
New York City, | 1.55 | 8/1/19 | 2,100,000 | a | 2,100,000 | ||||
New York City, | 1.55 | 8/1/19 | 9,800,000 | a | 9,800,000 | ||||
New York City Water & Sewer System, | 1.55 | 8/1/19 | 1,000,000 | a | 1,000,000 | ||||
New York City Water & Sewer System, | 1.51 | 8/1/19 | 15,300,000 | a | 15,300,000 | ||||
New York Power Authority, | 1.32 | 9/5/19 | 6,000,000 | 5,999,324 | |||||
New York State Dormitory Authority, | 1.50 | 8/7/19 | 11,000,000 | a | 11,000,000 | ||||
New York State Housing Finance Agency, | 1.40 | 8/7/19 | 2,000,000 | a | 2,000,000 | ||||
New York State Housing Finance Agency, | 1.50 | 8/1/19 | 7,300,000 | a | 7,300,000 | ||||
Tender Option Bond Trust Receipts (Series 2016-XF0520), | 1.50 | 8/1/19 | 590,000 | a,b,c | 590,000 | ||||
Tender Option Bond Trust Receipts (Series 2018-XF0623), | 1.52 | 8/1/19 | 5,000,000 | a,b,c | 5,000,000 | ||||
69,514,324 | |||||||||
North Carolina - 1.0% | |||||||||
North Carolina (Series XF2113), | 1.43 | 8/1/19 | 2,800,000 | a,b | 2,800,000 | ||||
North Carolina Capital Facilities Finance Agency, | 1.40 | 8/1/19 | 2,085,000 | a | 2,085,000 | ||||
4,885,000 | |||||||||
Rhode Island - .6% | |||||||||
Rhode Island Industrial Facilities Corp., | 1.50 | 8/8/19 | 3,000,000 | a | 3,000,000 | ||||
South Carolina - 4.9% | |||||||||
South Carolina State Housing Finance & Development Authority, | 1.41 | 8/1/19 | 7,750,000 | a | 7,750,000 |
35
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Dreyfus AMT-Free Tax Exempt Cash Management (continued) | |||||||||
Short-Term Investments - 97.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||
South Carolina - 4.9% (continued) | |||||||||
Tender Option Bond Trust Receipts (Series 2017-XF2425), | 1.44 | 8/1/19 | 17,105,000 | a,b,c | 17,105,000 | ||||
24,855,000 | |||||||||
Tennessee - 6.1% | |||||||||
Clarksville Public Building Authority, | 1.52 | 8/1/19 | 23,000,000 | a | 23,000,000 | ||||
Shelby County Health Educational & Housing Facility Board, | 1.45 | 8/1/19 | 7,985,000 | a | 7,985,000 | ||||
30,985,000 | |||||||||
Texas - 21.8% | |||||||||
Harris County Health Facilities Development Corp., | 1.50 | 8/1/19 | 20,600,000 | a | 20,600,000 | ||||
Harris County Health Facilities Development Corp., | 1.50 | 8/1/19 | 5,000,000 | a | 5,000,000 | ||||
Harris County Metropolitan Transportation Authority, | 1.36 | 9/19/19 | 3,000,000 | 3,000,000 | |||||
Harris County Metropolitan Transportation Authority, | 1.36 | 9/19/19 | 8,000,000 | 8,000,000 | |||||
Houston, | 1.30 | 8/1/19 | 7,500,000 | 7,499,965 | |||||
Lower Neches Valley Authority Industrial Development Corp., | 1.50 | 8/8/19 | 5,425,000 | a | 5,425,000 | ||||
Lubbock Independent School District, | 1.50 | 8/1/19 | 7,000,000 | a | 7,000,000 | ||||
Lubbock Independent School District, | 1.50 | 8/1/19 | 9,740,000 | a | 9,740,000 | ||||
North Texas Municipal Water District, | 5.00 | 9/1/19 | 1,575,000 | 1,579,953 | |||||
San Antonio, | 1.30 | 8/13/19 | 9,000,000 | 8,999,613 | |||||
San Antonio, | 5.00 | 8/1/19 | 2,450,000 | 2,450,000 | |||||
Texas, | 1.47 | 8/7/19 | 1,500,000 | a | 1,500,000 | ||||
Texas, | 1.60 | 8/7/19 | 5,570,000 | a | 5,570,000 | ||||
Texas, | 1.42 | 8/7/19 | 7,000,000 | a | 7,000,000 | ||||
Texas, | 4.00 | 8/29/19 | 2,440,000 | 2,444,942 | |||||
The University of Texas System, | 5.00 | 8/15/19 | 1,500,000 | 1,502,142 | |||||
University of Texas System Board of Regents, | 1.57 | 9/13/19 | 10,000,000 | 10,000,663 | |||||
University of Texas System Board of Regents, | 1.59 | 10/10/19 | 4,000,000 | 4,000,441 | |||||
111,312,719 | |||||||||
Utah - 4.2% | |||||||||
Intermountain Power Agency, | 1.80 | 9/18/19 | 14,400,000 | 14,403,609 | |||||
Tender Option Bond Trust Receipts (Series 2019-XM0732), | 1.43 | 8/1/19 | 1,910,000 | a,b,c | 1,910,000 |
36
Dreyfus AMT-Free Tax Exempt Cash Management (continued) | |||||||||||
Short-Term Investments - 97.7% (continued) | Coupon | Maturity | Principal | Value ($) | |||||||
Utah - 4.2% (continued) | |||||||||||
Utah Housing Corp., | 1.42 | 8/1/19 | 5,000,000 | a | 5,000,000 | ||||||
21,313,609 | |||||||||||
Vermont - 1.0% | |||||||||||
Vermont Housing Finance Agency, | 1.42 | 8/1/19 | 5,000,000 | a | 5,000,000 | ||||||
Washington - 1.2% | |||||||||||
Tender Option Bond Trust Receipts (Series 2019-BAML5008), | 2.24 | 8/7/19 | 2,000,000 | a,b,c | 2,000,000 | ||||||
Washington, | 5.00 | 8/1/19 | 945,000 | 945,000 | |||||||
Washington State Housing Finance Commission, | 1.46 | 8/7/19 | 3,200,000 | a | 3,200,000 | ||||||
6,145,000 | |||||||||||
Total Investments(cost $498,933,528) | 97.7% | 498,940,326 | |||||||||
Cash and Receivables (Net) | 2.3% | 11,948,364 | |||||||||
Net Assets | 100.0% | 510,888,690 |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
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 July 31, 2019, these securities amounted to $150,235,000 or 29.41% 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). These securities are not an underlying piece for any of the Adviser long-term Inverse floater securities.
Portfolio Summary (Unaudited)† | Value (%) |
Education | 13.1 |
Power | 12.4 |
Medical | 10.9 |
Development | 10.5 |
Multifamily Housing | 9.8 |
General | 9.1 |
General Obligation | 7.6 |
Transportation | 7.3 |
Water | 5.3 |
Facilities | 5.1 |
School District | 3.3 |
Airport | 1.5 |
Single Family Housing | 1.0 |
Housing | .8 |
97.7 |
† Based on net assets.
See notes to financial statements.
37
Summary of Abbreviations(Unaudited) | |||
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 |
EURIBOR | Euro Interbank Offered Rate | 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 |
LIBOR | London Interbank Offered Rate | 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 |
MUNIPSA | Securities Industry and Financial Markets Association Municipal Swap Index Yield | 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 | SOFRRATE | Secured Overnight Financing Rate |
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.
38
STATEMENTS OF ASSETS AND LIABILITIES
July 31, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dreyfus Cash Management |
| Dreyfus Government Cash Management |
| Dreyfus Government Securities Cash Management |
| Dreyfus Treasury Obligations Cash Management |
| Dreyfus Treasury Securities Cash Management |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
| 12,538,365,991 | †† | 53,646,318,075 | †† | 5,236,519,358 |
| 19,620,210,011 | †† | 30,439,955,006 |
|
|
Interest receivable |
|
|
| 19,730,388 |
| 60,762,880 |
| 1,808,734 |
| 13,643,517 |
| 15,371,822 |
|
|
Receivable for shares of Beneficial |
|
|
| 1,951,005 |
| 30,898,371 |
| 59 |
| 569,598 |
| 35,191,127 |
|
|
Prepaid expenses |
|
|
| 109,505 |
| 421,594 |
| 182,490 |
| 163,079 |
| 288,423 |
|
|
|
|
|
| 12,560,156,889 |
| 53,738,400,920 |
| 5,238,510,641 |
| 19,634,586,205 |
| 30,490,806,378 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 1,193,593 |
| 8,352,199 |
| 1,126,221 |
| 3,695,838 |
| 6,079,532 |
|
|
Cash overdraft due to Custodian |
|
|
| 15,109,269 |
| 76,133,453 |
| 4,416,537 |
| 21,499,247 |
| 31,549,175 |
|
|
Payable for shares of Beneficial |
|
|
| 1,108,700 |
| 23,040,239 |
| - |
| 648,638 |
| 33,027,312 |
|
|
Trustees fees and expenses payable |
|
|
| 3,643 |
| 4,301 |
| 1,559 |
| 8,097 |
| 636 |
|
|
Payable for investment securities purchased |
|
|
| - |
| - |
| - |
| - |
| 200,022,424 |
|
|
Accrued expenses |
|
|
| 128,867 |
| 446,233 |
| 103,746 |
| 173,323 |
| 184,425 |
|
|
|
|
|
| 17,544,072 |
| 107,976,425 |
| 5,648,063 |
| 26,025,143 |
| 270,863,504 |
|
|
Net Assets ($) |
|
|
| 12,542,612,817 |
| 53,630,424,495 |
| 5,232,862,578 |
| 19,608,561,062 |
| 30,219,942,874 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 12,539,417,973 |
| 53,631,305,206 |
| 5,233,245,578 |
| 19,610,576,613 |
| 30,220,768,894 |
|
|
Total distributable earnings (loss) |
|
|
| 3,194,844 |
| (880,711) |
| (383,000) |
| (2,015,551) |
| (826,020) |
|
|
Net Assets ($) |
|
|
| 12,542,612,817 |
| 53,630,424,495 |
| 5,232,862,578 |
| 19,608,561,062 |
| 30,219,942,874 |
|
|
† Investments at cost ($) |
|
|
| 12,536,491,065 |
| 53,646,318,075 |
| 5,236,519,358 |
| 19,620,210,011 |
| 30,439,955,006 |
|
|
††Value of repurchase |
|
|
| 4,530,000,000 |
| 31,826,946,250 |
| - |
| 12,655,037,500 |
| - |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 12,327,106,476 |
| 49,071,568,656 |
| 3,953,807,093 |
| 15,878,011,539 |
| 23,934,985,631 |
|
|
Shares Outstanding |
|
|
| 12,323,013,432 |
| 49,072,404,974 |
| 3,954,098,172 |
| 15,879,769,403 |
| 23,935,658,321 |
|
|
Net Asset Value Per Share ($) |
|
|
| 1.0003 |
| 1.00 |
| 1.00 |
| 1.00 |
| 1.00 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 140,716,112 |
| 2,438,666,427 |
| 398,142,983 |
| 1,512,513,531 |
| 1,749,675,804 |
|
|
Shares Outstanding |
|
|
| 140,672,143 |
| 2,438,687,312 |
| 398,184,368 |
| 1,512,668,165 |
| 1,749,729,252 |
|
|
Net Asset Value Per Share ($) |
|
|
| 1.0003 |
| 1.00 |
| 1.00 |
| 1.00 |
| 1.00 |
|
|
Administrative Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 74,790,229 |
| 1,928,502,243 |
| 577,627,904 |
| 699,764,553 |
| 2,552,597,308 |
|
|
Shares Outstanding |
|
|
| 74,762,062 |
| 1,928,556,119 |
| 577,657,816 |
| 699,797,354 |
| 2,552,678,412 |
|
|
Net Asset Value Per Share ($) |
|
|
| 1.0004 |
| 1.00 |
| 1.00 |
| 1.00 |
| 1.00 |
|
|
Participant Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| - |
| 191,687,169 |
| 303,284,598 |
| 1,518,271,439 |
| 1,982,684,131 |
|
|
Shares Outstanding |
|
|
| - |
| 191,688,199 |
| 303,309,024 |
| 1,518,341,691 |
| 1,982,702,908 |
|
|
Net Asset Value Per Share ($) |
|
|
| - |
| 1.00 |
| 1.00 |
| 1.00 |
| 1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dreyfus AMT-Free Municipal Cash Management Plus |
| Dreyfus AMT-Free New York Municipal Cash Management |
| Dreyfus AMT-Free Tax Exempt Cash Management |
|
|
Assets ($): |
|
|
|
|
|
|
|
|
|
|
Investments in securities—See Statements |
|
|
| 58,932,788 |
| 143,783,697 |
| 498,940,326 |
|
|
Cash |
|
|
| 63,905 |
| - |
| 105,081 |
|
|
Interest receivable |
|
|
| 179,664 |
| 412,960 |
| 1,111,266 |
|
|
Receivable for shares of Beneficial |
|
|
| - |
| - |
| 10,853,984 |
|
|
Prepaid expenses |
|
|
| 43,042 |
| 23,479 |
| 32,391 |
|
|
|
|
|
| 59,219,399 |
| 144,220,136 |
| 511,043,048 |
|
|
Liabilities ($): |
|
|
|
|
|
|
|
|
|
|
Due to BNY Mellon Investment Adviser, Inc. |
|
|
| 22,673 |
| 36,342 |
| 71,504 |
|
|
Cash overdraft due to Custodian |
|
|
| - |
| 433,209 |
| - |
|
|
Payable for investment securities purchased |
|
|
| 100,000 |
| - |
| - |
|
|
Trustees fees and expenses payable |
|
|
| 75 |
| 219 |
| 851 |
|
|
Payable for shares of Beneficial |
|
|
| - |
| 21 |
| - |
|
|
Accrued expenses |
|
|
| 57,154 |
| 56,787 |
| 82,003 |
|
|
|
|
|
| 179,902 |
| 526,578 |
| 154,358 |
|
|
Net Assets ($) |
|
|
| 59,039,497 |
| 143,693,558 |
| 510,888,690 |
|
|
Composition of Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
|
| 59,042,765 |
| 143,693,558 |
| 510,890,954 |
|
|
Total distributable earnings (loss) |
|
|
| (3,268) |
| - |
| (2,264) |
|
|
Net Assets ($) |
|
|
| 59,039,497 |
| 143,693,558 |
| 510,888,690 |
|
|
† Investments at cost ($) |
|
|
| 58,932,788 |
| 143,783,697 |
| 498,933,528 |
|
|
Net Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
Institutional Shares |
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 5,840,926 |
| 118,877,268 |
| 474,405,545 |
|
|
Shares Outstanding |
|
|
| 5,840,495 |
| 118,879,999 |
| 474,399,245 |
|
|
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
| 1.0000 |
|
|
Investor Shares |
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 53,158,571 |
| 24,776,290 |
| 36,483,145 |
|
|
Shares Outstanding |
|
|
| 53,160,542 |
| 24,777,235 |
| 36,482,630 |
|
|
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
| 1.0000 |
|
|
Participant Shares |
|
|
|
|
|
|
|
|
|
|
Net Assets ($) |
|
|
| 40,000 |
| 40,000 |
| - |
|
|
Shares Outstanding |
|
|
| 40,000 |
| 40,000 |
| - |
|
|
Net Asset Value Per Share ($) |
|
|
| 1.00 |
| 1.00 |
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
|
|
|
|
|
|
|
|
|
|
40
STATEMENTS OF OPERATIONS
Six Months Ended July 31, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dreyfus Cash Management |
| Dreyfus Government Cash Management |
| Dreyfus Government Securities Cash Management |
| Dreyfus Treasury Obligations Cash Management |
| Dreyfus Treasury Securities Cash Management |
|
Investment Income ($): |
|
|
|
|
|
|
|
|
|
|
|
| ||
Interest Income |
|
| 146,529,961 |
| 662,781,057 |
| 60,953,370 |
| 228,453,568 |
| 356,554,197 |
| ||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
| ||
Management fee—Note 2(a) |
|
| 11,229,159 |
| 54,089,985 |
| 5,029,178 |
| 18,750,204 |
| 29,674,792 |
| ||
Shareholder servicing costs—Note 2(c) |
|
| 217,845 |
| 1,845,706 |
| 400,865 |
| 1,463,527 |
| 2,160,263 |
| ||
Service plan fees—Note 2(b) |
|
| 141,452 |
| 2,550,388 |
| 898,190 |
| 3,178,634 |
| 4,812,454 |
| ||
Custodian fees—Note 2(c) |
|
| 109,610 |
| 442,949 |
| 46,960 |
| 197,682 |
| 217,392 |
| ||
Registration fees |
|
| 62,835 |
| 170,188 |
| 145,807 |
| 138,342 |
| 126,981 |
| ||
Trustees’ fees and expenses—Note 2(d) |
|
| 53,138 |
| 250,250 |
| 23,053 |
| 90,307 |
| 114,311 |
| ||
Professional fees |
|
| 42,317 |
| 63,230 |
| 50,929 |
| 55,464 |
| 53,926 |
| ||
Prospectus and shareholders’ reports |
|
| 14,596 |
| 338,698 |
| 52,625 |
| 19,105 |
| 51,843 |
| ||
Administration service fee—Note 2(c) |
|
| - |
| 36,106 |
| 76,102 |
| 354,022 |
| 474,491 |
| ||
Miscellaneous |
|
| 112,244 |
| 291,628 |
| 73,636 |
| 147,233 |
| 192,337 |
| ||
Total Expenses |
|
| 11,983,196 |
| 60,079,128 |
| 6,797,345 |
| 24,394,520 |
| 37,878,790 |
| ||
Less—reduction in expenses due to undertakings—Note 2(a) |
|
| (5,813,563) |
| (10,817,977) |
| - |
| (3,161,535) |
| (2,967,983) |
| ||
Net Expenses |
|
| 6,169,633 |
| 49,261,151 |
| 6,797,345 |
| 21,232,985 |
| 34,910,807 |
| ||
Investment Income—Net |
|
| 140,360,328 |
| 613,519,906 |
| 54,156,025 |
| 207,220,583 |
| 321,643,390 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | 29,695 |
| 542,892 |
| 42,084 |
| 6,876 |
| 337,321 |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| 699,589 |
| - |
| - |
| - |
| - |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 729,284 |
| 542,892 |
| 42,084 |
| 6,876 |
| 337,321 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 141,089,612 |
| 614,062,798 |
| 54,198,109 |
| 207,227,459 |
| 321,980,711 |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
41
STATEMENTS OF OPERATIONS (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dreyfus AMT-Free Municipal Cash Management Plus |
| Dreyfus AMT-Free New York Municipal Cash Management |
| Dreyfus AMT-Free Tax Exempt Cash Management |
|
Investment Income ($): |
|
|
|
|
|
|
|
| ||
Interest Income |
|
| 543,300 |
| 1,062,147 |
| 5,060,359 |
| ||
Expenses: |
|
|
|
|
|
|
|
| ||
Management fee—Note 2(a) |
|
| 65,007 |
| 126,376 |
| 614,835 |
| ||
Service plan fees—Note 2(b) |
|
| 50,055 |
| 22,276 |
| 29,877 |
| ||
Professional fees |
|
| 46,461 |
| 50,904 |
| 39,885 |
| ||
Registration fees |
|
| 32,157 |
| 17,463 |
| 27,362 |
| ||
Shareholder servicing costs—Note 2(c) |
|
| 30,099 |
| 21,316 |
| 87,177 |
| ||
Custodian fees—Note 2(c) |
|
| 5,682 |
| 4,755 |
| 4,283 |
| ||
Prospectus and shareholders’ reports |
|
| 4,067 |
| 1,946 |
| 2,896 |
| ||
Trustees’ fees and expenses—Note 2(d) |
|
| 251 |
| 568 |
| 2,759 |
| ||
Administration service fee—Note 2(c) |
|
| 10 |
| 10 |
| - |
| ||
Miscellaneous |
|
| 9,895 |
| 6,022 |
| 26,373 |
| ||
Total Expenses |
|
| 243,684 |
| 251,636 |
| 835,447 |
| ||
Less—reduction in expenses due to undertakings—Note 2(a) |
|
| (34,616) |
| - |
| (190,680) |
| ||
Less—reduction in fees due to earnings credits—Note 2(c) |
|
| (723) |
| (4,755) |
| (2,848) |
| ||
Net Expenses |
|
| 208,345 |
| 246,881 |
| 641,919 |
| ||
Investment Income—Net |
|
| 334,955 |
| 815,266 |
| 4,418,440 |
| ||
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
| ||||
Net realized gain (loss) on investments | - |
| - |
| (9,062) |
| ||||
Net unrealized appreciation (depreciation) on investments |
|
| - |
| - |
| 7,392 |
| ||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| - |
| - |
| (1,670) |
| ||
Net Increase in Net Assets Resulting from Operations |
| 334,955 |
| 815,266 |
| 4,416,770 |
| |||
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
42
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dreyfus Cash Management |
| Dreyfus Government Cash Management |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 140,360,328 |
|
|
| 167,837,189 |
| 613,519,906 |
|
|
| 1,104,498,393 |
| |
Net realized gain (loss) on investments |
| 29,695 |
|
|
| 107,289 |
| 542,892 |
|
|
| (497,985) |
| ||
Net unrealized appreciation (depreciation) |
| 699,589 |
|
|
| 1,237,153 |
| - |
|
|
| - |
| ||
Net Increase (Decrease) in Net Assets | 141,089,612 |
|
|
| 169,181,631 |
| 614,062,798 |
|
|
| 1,104,000,408 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
| �� |
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (137,268,052) |
|
|
| (162,397,625) |
| (570,621,790) |
|
|
| (1,036,421,017) |
| |
Investor Shares |
|
| (1,461,168) |
|
|
| (2,190,994) |
| (23,283,701) |
|
|
| (39,782,944) |
| |
Administrative Shares |
|
| (1,240,577) |
|
|
| (2,466,431) |
| (18,581,013) |
|
|
| (26,950,486) |
| |
Participant Shares |
|
| - |
|
|
| - |
| (1,033,402) |
|
|
| (1,343,946) |
| |
Total Distributions |
|
| (139,969,797) |
|
|
| (167,055,050) |
| (613,519,906) |
|
|
| (1,104,498,393) |
| |
Beneficial Interest Transactions: |
|
|
|
|
|
|
|
|
|
|
| ||||
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| 36,107,250,762 |
|
|
| 61,227,511,271 |
| 180,164,129,653 |
|
|
| 398,512,169,809 |
| |
Investor Shares |
|
| 342,412,680 |
|
|
| 621,264,506 |
| 6,439,222,484 |
|
|
| 10,708,105,850 |
| |
Administrative Shares |
|
| 322,870,844 |
|
|
| 668,051,950 |
| 5,062,536,634 |
|
|
| 9,524,338,593 |
| |
Participant Shares |
|
| - |
|
|
| - |
| 338,068,331 |
|
|
| 590,553,953 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| 55,179,187 |
|
|
| 50,495,655 |
| 128,371,277 |
|
|
| 256,922,857 |
| |
Investor Shares |
|
| 280,519 |
|
|
| 356,226 |
| 16,157,238 |
|
|
| 23,176,530 |
| |
Administrative Shares |
|
| 99,599 |
|
|
| 185,682 |
| 15,356,051 |
|
|
| 23,135,782 |
| |
Participant Shares |
|
| - |
|
|
| - |
| 219,946 |
|
|
| 195,505 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (33,363,094,763) |
|
|
| (58,638,216,145) |
| (183,180,869,146) |
|
|
| (408,726,693,020) |
| |
Investor Shares |
|
| (303,153,470) |
|
|
| (644,650,541) |
| (6,743,825,828) |
|
|
| (10,420,622,615) |
| |
Administrative Shares |
|
| (353,078,836) |
|
|
| (652,015,583) |
| (4,937,013,120) |
|
|
| (9,309,880,884) |
| |
Participant Shares |
|
| - |
|
|
| - |
| (239,565,347) |
|
|
| (588,494,165) |
| |
Increase (Decrease) in Net Assets | 2,808,766,522 |
|
|
| 2,632,983,021 |
| (2,937,211,827) |
|
|
| (9,407,091,805) |
| |||
Total Increase (Decrease) in Net Assets | 2,809,886,337 |
|
|
| 2,635,109,602 |
| (2,936,668,935) |
|
|
| (9,407,589,790) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 9,732,726,480 |
|
|
| 7,097,616,878 |
| 56,567,093,430 |
|
|
| 65,974,683,220 |
| |
End of Period |
|
| 12,542,612,817 |
|
|
| 9,732,726,480 |
| 53,630,424,495 |
|
|
| 56,567,093,430 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 36,096,336,268 |
|
|
| 61,224,714,601 |
| - |
|
|
| - |
| |
Shares issued for distributions reinvested |
|
| 55,162,639 |
|
|
| 50,491,118 |
| - |
|
|
| - |
| |
Shares redeemed |
|
| (33,353,041,949) |
|
|
| (58,635,908,871) |
| - |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | 2,798,456,958 |
|
|
| 2,639,296,848 |
| - |
|
|
| - |
| |||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 342,312,364 |
|
|
| 621,235,163 |
| - |
|
|
| - |
| |
Shares issued for distributions reinvested |
|
| 280,217 |
|
|
| 356,205 |
| - |
|
|
| - |
| |
Shares redeemed |
|
| (303,062,195) |
|
|
| (644,622,198) |
| - |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | 39,530,386 |
|
|
| (23,030,830) |
| - |
|
|
| - |
| |||
Administrative Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| 322,770,748 |
|
|
| 667,990,488 |
| - |
|
|
| - |
| |
Shares issued for distributions reinvested |
|
| 99,569 |
|
|
| 185,666 |
| - |
|
|
| - |
| |
Shares redeemed |
|
| (352,972,060) |
|
|
| (651,959,952) |
| - |
|
|
| - |
| |
Net Increase (Decrease) in Shares Outstanding | (30,101,743) |
|
|
| 16,216,202 |
| - |
|
|
| - |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
43
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dreyfus Government Securities Cash Management |
| Dreyfus Treasury Obligations Cash Management |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 54,156,025 |
|
|
| 80,442,180 |
| 207,220,583 |
|
|
| 369,841,558 |
| |
Net realized gain (loss) on investments |
| 42,084 |
|
|
| (212,832) |
| 6,876 |
|
|
| (540,755) |
| ||
Net Increase (Decrease) in Net Assets | 54,198,109 |
|
|
| 80,229,348 |
| 207,227,459 |
|
|
| 369,300,803 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (42,613,354) |
|
|
| (62,948,218) |
| (172,747,966) |
|
|
| (317,246,523) |
| |
Investor Shares |
|
| (4,232,223) |
|
|
| (6,706,848) |
| (14,958,264) |
|
|
| (29,085,617) |
| |
Administrative Shares |
|
| (4,625,386) |
|
|
| (6,848,231) |
| (7,229,026) |
|
|
| (8,798,518) |
| |
Participant Shares |
|
| (2,685,062) |
|
|
| (3,938,883) |
| (12,285,327) |
|
|
| (14,710,900) |
| |
Total Distributions |
|
| (54,156,025) |
|
|
| (80,442,180) |
| (207,220,583) |
|
|
| (369,841,558) |
| |
Beneficial Interest Transactions ($1.00 per share): |
|
|
|
|
|
|
|
|
|
|
| ||||
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| 4,113,016,194 |
|
|
| 10,206,573,024 |
| 39,880,158,227 |
|
|
| 85,642,846,260 |
| |
Investor Shares |
|
| 503,421,111 |
|
|
| 858,329,352 |
| 2,382,910,214 |
|
|
| 5,648,509,272 |
| |
Administrative Shares |
|
| 1,136,452,762 |
|
|
| 2,173,774,660 |
| 941,475,124 |
|
|
| 1,829,682,744 |
| |
Participant Shares |
|
| 757,955,212 |
|
|
| 1,540,702,436 |
| 3,155,071,509 |
|
|
| 6,189,663,639 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| 10,299,395 |
|
|
| 13,578,760 |
| 31,775,127 |
|
|
| 86,161,297 |
| |
Investor Shares |
|
| 3,542,419 |
|
|
| 5,684,907 |
| 3,586,575 |
|
|
| 9,058,662 |
| |
Administrative Shares |
|
| 4,353,745 |
|
|
| 6,119,677 |
| 4,815,053 |
|
|
| 5,378,990 |
| |
Participant Shares |
|
| 2,543,751 |
|
|
| 3,711,633 |
| 9,554,334 |
|
|
| 11,202,804 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (4,311,651,428) |
|
|
| (9,842,618,790) |
| (39,348,084,083) |
|
|
| (87,530,947,345) |
| |
Investor Shares |
|
| (552,765,421) |
|
|
| (866,985,030) |
| (2,698,718,577) |
|
|
| (5,938,144,606) |
| |
Administrative Shares |
|
| (950,314,115) |
|
|
| (2,242,247,903) |
| (950,858,457) |
|
|
| (1,572,488,179) |
| |
Participant Shares |
|
| (746,453,003) |
|
|
| (1,567,178,898) |
| (2,816,598,732) |
|
|
| (6,021,259,143) |
| |
Increase (Decrease) in Net Assets | (29,599,378) |
|
|
| 289,443,828 |
| 595,086,314 |
|
|
| (1,640,335,605) |
| |||
Total Increase (Decrease) in Net Assets | (29,557,294) |
|
|
| 289,230,996 |
| 595,093,190 |
|
|
| (1,640,876,360) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 5,262,419,872 |
|
|
| 4,973,188,876 |
| 19,013,467,872 |
|
|
| 20,654,344,232 |
| |
End of Period |
|
| 5,232,862,578 |
|
|
| 5,262,419,872 |
| 19,608,561,062 |
|
|
| 19,013,467,872 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dreyfus Treasury Securities Cash Management |
| Dreyfus AMT-Free Municipal Cash Management Plus |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 321,643,390 |
|
|
| 548,510,754 |
| 334,955 |
|
|
| 987,114 |
| |
Net realized gain (loss) on investments |
| 337,321 |
|
|
| (913,998) |
| - |
|
|
| (3,268) |
| ||
Net Increase (Decrease) in Net Assets | 321,980,711 |
|
|
| 547,596,756 |
| 334,955 |
|
|
| 983,846 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (261,314,892) |
|
|
| (452,604,061) |
| (44,102) |
|
|
| (126,678) |
| |
Investor Shares |
|
| (17,966,362) |
|
|
| (27,773,761) |
| (290,792) |
|
|
| (860,436) |
| |
Administrative Shares |
|
| (25,042,243) |
|
|
| (41,737,064) |
| - |
|
|
| - |
| |
Participant Shares |
|
| (17,319,893) |
|
|
| (26,395,868) |
| (61) |
|
|
| - |
| |
Total Distributions |
|
| (321,643,390) |
|
|
| (548,510,754) |
| (334,955) |
|
|
| (987,114) |
| |
Beneficial Interest Transactions ($1.00 per share): |
|
|
|
|
|
|
|
|
|
|
| ||||
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| 34,457,659,469 |
|
|
| 79,901,888,738 |
| 16,414,717 |
|
|
| 36,594,555 |
| |
Investor Shares |
|
| 2,753,870,651 |
|
|
| 3,878,773,585 |
| 66,856,662 |
|
|
| 110,539,906 |
| |
Administrative Shares |
|
| 6,368,080,781 |
|
|
| 12,563,189,177 |
| - |
|
|
| - |
| |
Participant Shares |
|
| 5,858,018,212 |
|
|
| 9,239,689,380 |
| 40,020 |
|
|
| - |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| 60,002,647 |
|
|
| 112,518,949 |
| 44,042 |
|
|
| 125,094 |
| |
Investor Shares |
|
| 12,483,084 |
|
|
| 20,859,678 |
| 288,081 |
|
|
| 852,826 |
| |
Administrative Shares |
|
| 23,163,636 |
|
|
| 37,712,684 |
| - |
|
|
| - |
| |
Participant Shares |
|
| 12,854,099 |
|
|
| 20,141,672 |
| - |
|
|
| - |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (34,088,599,780) |
|
|
| (83,874,048,561) |
| (19,567,025) |
|
|
| (38,789,281) |
| |
Investor Shares |
|
| (2,762,912,032) |
|
|
| (4,258,111,202) |
| (72,865,014) |
|
|
| (267,444,353) |
| |
Administrative Shares |
|
| (6,292,723,736) |
|
|
| (12,741,051,741) |
| - |
|
|
| - |
| |
Participant Shares |
|
| (5,940,999,688) |
|
|
| (9,386,668,575) |
| (20) |
|
|
| - |
| |
Increase (Decrease) in Net Assets | 460,897,343 |
|
|
| (4,485,106,216) |
| (8,788,537) |
|
|
| (158,121,253) |
| |||
Total Increase (Decrease) in Net Assets | 461,234,664 |
|
|
| (4,486,020,214) |
| (8,788,537) |
|
|
| (158,124,521) |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 29,758,708,210 |
|
|
| 34,244,728,424 |
| 67,828,034 |
|
|
| 225,952,555 |
| |
End of Period |
|
| 30,219,942,874 |
|
|
| 29,758,708,210 |
| 59,039,497 |
|
|
| 67,828,034 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
45
STATEMENTS OF CHANGES IN NET ASSETS (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dreyfus AMT-Free New York Municipal Cash Management |
| Dreyfus AMT-Free Tax Exempt Cash Management |
| ||||||||
|
|
|
| Six Months Ended |
|
|
| Year Ended |
| Six Months Ended |
|
|
| Year Ended |
|
Operations ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 815,266 |
|
|
| 1,602,436 |
| 4,418,440 |
|
|
| 7,082,287 |
| |
Net realized gain (loss) on investments |
| - |
|
|
| 8,933 |
| (9,062) |
|
|
| 4,053 |
| ||
Net unrealized appreciation (depreciation) |
| - |
|
|
| - |
| 7,392 |
|
|
| (8,296) |
| ||
Net Increase (Decrease) in Net Assets | 815,266 |
|
|
| 1,611,369 |
| 4,416,770 |
|
|
| 7,078,044 |
| |||
Distributions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Distributions to shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (670,644) |
|
|
| (1,125,047) |
| (4,201,911) |
|
|
| (6,721,679) |
| |
Investor Shares |
|
| (144,566) |
|
|
| (485,622) |
| (216,529) |
|
|
| (364,661) |
| |
Participant Shares |
|
| (56) |
|
|
| - |
| - |
|
|
| - |
| |
Total Distributions |
|
| (815,266) |
|
|
| (1,610,669) |
| (4,418,440) |
|
|
| (7,086,340) |
| |
Beneficial Interest Transactions ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net proceeds from shares sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| 130,525,957 |
|
|
| 240,443,030 |
| 1,796,726,806 |
|
|
| 4,899,547,384 |
| |
Investor Shares |
|
| 29,957,147 |
|
|
| 69,233,750 |
| 211,419 |
|
|
| 6,828,733 |
| |
Participant Shares |
|
| 40,020 |
|
|
| - |
| - |
|
|
| - |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| 358,268 |
|
|
| 544,974 |
| 1,298,299 |
|
|
| 1,991,561 |
| |
Investor Shares |
|
| 139,022 |
|
|
| 468,585 |
| 4,502 |
|
|
| 10,126 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (111,321,018) |
|
|
| (233,865,780) |
| (1,945,282,937) |
|
|
| (4,887,703,962) |
| |
Investor Shares |
|
| (36,356,290) |
|
|
| (118,029,774) |
| (79) |
|
|
| (7,707,629) |
| |
Participant Shares |
|
| (20) |
|
|
| - |
| - |
|
|
| - |
| |
Increase (Decrease) in Net Assets | 13,343,086 |
|
|
| (41,205,215) |
| (147,041,990) |
|
|
| 12,966,213 |
| |||
Total Increase (Decrease) in Net Assets | 13,343,086 |
|
|
| (41,204,515) |
| (147,043,660) |
|
|
| 12,957,917 |
| |||
Net Assets ($): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Beginning of Period |
|
| 130,350,472 |
|
|
| 171,554,987 |
| 657,932,350 |
|
|
| 644,974,433 |
| |
End of Period |
|
| 143,693,558 |
|
|
| 130,350,472 |
| 510,888,690 |
|
|
| 657,932,350 |
| |
Capital Share Transactions (Shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Institutional Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 1,796,730,089 |
|
|
| 4,899,563,284 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 1,298,300 |
|
|
| 1,991,579 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (1,945,299,435) |
|
|
| (4,887,725,400) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| (147,271,046) |
|
|
| 13,829,463 |
| |||
Investor Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares sold |
|
| - |
|
|
| - |
| 211,035 |
|
|
| 6,828,733 |
| |
Shares issued for distributions reinvested |
|
| - |
|
|
| - |
| 4,502 |
|
|
| 10,126 |
| |
Shares redeemed |
|
| - |
|
|
| - |
| (79) |
|
|
| (7,707,629) |
| |
Net Increase (Decrease) in Shares Outstanding | - |
|
|
| - |
| 215,458 |
|
|
| (868,770) |
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
46
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 | Net |
| Net Realized and Unrealized Gain | Dividends |
| Net Asset |
| Total |
| Ratio of |
| Ratio of |
| Ratio of Net |
| Net Assets | |||||||||
Dreyfus Cash Management | ||||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||
Six Months Ended | 1.0002 | .0124 | a | .0001 | (.0124) | 1.0003 | 1.26 | b | .21 | c | .11 | c | 2.50 | c | 12,327,106 | |||||||||||||
Year Ended January 31, | ||||||||||||||||||||||||||||
2019 | .9999 | .0216 | a | (.0003) | (.0210) | 1.0002 | 2.15 | .21 | .09 | 2.13 | 9,526,673 | |||||||||||||||||
2018 | 1.0002 | .0114 | a | (.0003) | (.0114) | .9999 | 1.11 | .25 | .12 | 1.20 | 6,884,805 | |||||||||||||||||
2017d | 1.00 | .0036 | a | .0002 | (.0036) | 1.0002 | .38 | .22 | .22 | .31 | 2,925,514 | |||||||||||||||||
2016 | 1.00 | .001 | - | (.001) | 1.00 | .07 | .21 | .20 | .07 | 20,312,768 | ||||||||||||||||||
2015 | 1.00 | .000 | e | - | (.000) | e | 1.00 | .03 | .21 | .15 | .03 | 23,109,317 | ||||||||||||||||
Investor Shares | ||||||||||||||||||||||||||||
Six Months Ended | 1.0002 | .0112 | a | .0001 | (.0112) | 1.0003 | 1.13 | b | .46 | c | .36 | c | 2.25 | c | 140,716 | |||||||||||||
Year Ended January 31, | ||||||||||||||||||||||||||||
2019 | 1.0000 | .0188 | a | (.0001) | (.0185) | 1.0002 | 1.88 | .46 | .34 | 1.80 | 101,165 | |||||||||||||||||
2018 | 1.0002 | .0089 | a | (.0002) | (.0089) | 1.0000 | .87 | .50 | .39 | .88 | 124,166 | |||||||||||||||||
2017d | 1.00 | .0012 | a | .0002 | (.0012) | 1.0002 | .15 | .47 | .46 | .06 | 131,245 | |||||||||||||||||
2016 | 1.00 | .000 | e | - | (.000) | e | 1.00 | .00 | f | .46 | .26 | .00 | f | 1,577,869 | ||||||||||||||
2015 | 1.00 | .000 | e | - | (.000) | e | 1.00 | .00 | f | .46 | .18 | .00 | f | 1,877,431 | ||||||||||||||
Administrative Shares | ||||||||||||||||||||||||||||
Six Months Ended | 1.0002 | .0120 | a | .0002 | (.0120) | 1.0004 | 1.21 | b | .31 | c | .21 | c | 2.41 | c | 74,790 | |||||||||||||
Year Ended January 31, | ||||||||||||||||||||||||||||
2019 | 1.0000 | .0225 | a | (.0023) | (.0200) | 1.0002 | 2.04 | .31 | .19 | 2.03 | 104,888 | |||||||||||||||||
2018 | 1.0002 | .0104 | a | (.0002) | (.0104) | 1.0000 | 1.03 | .35 | .24 | 1.02 | 88,645 | |||||||||||||||||
2017d | 1.00 | .0027 | a | .0002 | (.0027) | 1.0002 | .29 | .32 | .32 | .20 | 109,801 | |||||||||||||||||
2016 | 1.00 | .000 | e | - | (.000) | e | 1.00 | .02 | .31 | .25 | .02 | 2,034,366 | ||||||||||||||||
2015 | 1.00 | .000 | e | - | (.000) | e | 1.00 | .00 | f | .31 | .18 | .00 | f | 1,521,958 |
a Based on average shares outstanding.
b Not annualized.
c Annualized.
d Effective October 10, 2016, the fund adopted the SEC’s money market fund amendments and began calculating its net asset value to four decimals.
e Amount represents less than $.001 per share.
f Amount represents less than .01%.
See notes to financial statements.
47
FINANCIAL HIGHLIGHTS (continued)
Per Share Data ($) | Ratios/Supplemental Data (%) | ||||||||||||||||||
|
|
| Net Asset | Net |
| Dividends |
| Net Asset |
| Total |
| Ratio of |
| Ratio of |
| Ratio of Net |
| Net Assets | |
Dreyfus Government Cash Management | |||||||||||||||||||
Institutional Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .011 | (.011) | 1.00 | 1.14 | a | .21 | b | .17 | b | 2.28 | b | 49,071,569 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .018 | (.018) | 1.00 | 1.82 | .21 | .17 | 1.79 | 51,959,429 | ||||||||||
2018 | 1.00 | .009 | (.009) | 1.00 | .85 | .21 | .16 | .87 | 61,917,499 | ||||||||||
2017 | 1.00 | .003 | (.003) | 1.00 | .27 | .22 | .15 | .30 | 49,219,152 | ||||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .03 | .21 | .12 | .03 | 16,493,855 | ||||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .21 | .07 | .01 | 16,874,952 | ||||||||
Investor Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .010 | (.010) | 1.00 | 1.01 | a | .46 | b | .42 | b | 2.03 | b | 2,438,666 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .016 | (.016) | 1.00 | 1.57 |
| .46 | .42 | 1.58 | 2,727,098 | |||||||||
2018 | 1.00 | .006 | (.006) | 1.00 | .60 |
| .46 | .42 | .62 | 2,416,450 | |||||||||
2017 | 1.00 | .000 | c | (.000) | c | 1.00 | .04 |
| .46 | .38 | .05 | 1,683,826 | |||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 |
| .46 | .13 | .01 | 1,535,017 | |||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .46 | .07 | .01 | 2,239,904 | ||||||||
Administrative Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .011 | (.011) | 1.00 | 1.09 | a | .31 | b | .27 | b | 2.18 | b | 1,928,502 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .017 | (.017) | 1.00 | 1.72 |
| .31 | .27 | 1.70 |
| 1,787,604 | ||||||||
2018 | 1.00 | .007 | (.007) | 1.00 | .75 |
| .31 | .26 | .70 |
| 1,550,026 | ||||||||
2017 | 1.00 | .002 | (.002) | 1.00 | .16 |
| .31 | .25 | .21 |
| 3,367,764 | ||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 |
| .31 | .13 | .01 |
| 1,892,123 | ||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 |
| .31 | .07 | .01 | 508,979 | |||||||
Participant Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .009 | (.009) | 1.00 | .94 | a | .61 | b | .57 | b | 1.88 | b | 191,687 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .014 | (.014) | 1.00 | 1.41 |
| .61 | .57 | 1.41 |
| 92,963 | ||||||||
2018 | 1.00 | .004 | (.004) | 1.00 | .45 |
| .61 | .56 | .43 |
| 90,708 | ||||||||
2017 | 1.00 | .000 | c | (.000) | c | 1.00 | .02 |
| .61 | .43 | .02 |
| 97,423 | ||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 |
| .62 | .12 | .01 |
| 48,876 | ||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .61 | .07 | .01 | 113,734 |
a Not annualized.
b Annualized.
c Amount represents less than $.001 per share.
See notes to financial statements.
48
Per Share Data ($) | Ratios/Supplemental Data (%) | ||||||||||||||||||
|
|
| Net Asset | Net |
| Dividends |
| Net Asset |
| Total |
| Ratio of |
| Ratio of |
| Ratio of Net |
| Net Assets | |
Dreyfus Government Securities Cash Management | |||||||||||||||||||
Institutional Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .011 | (.011) | 1.00 | 1.10 | a | .22 | b | .22 | b | 2.21 | b | 3,953,807 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .018 | (.018) | 1.00 | 1.78 | .22 | .21 | 1.76 | 4,142,111 | ||||||||||
2018 | 1.00 | .008 | (.008) | 1.00 | .80 | .22 | .19 | .79 | 3,764,742 | ||||||||||
2017 | 1.00 | .002 | (.002) | 1.00 | .22 | .22 | .18 | .22 | 3,766,664 | ||||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .22 | .10 | .01 | 2,282,377 | ||||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .22 | .06 | .00 | d | 2,952,007 | ||||||
Investor Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .010 | (.010) | 1.00 | .98 | a | .47 | b | .47 | b | 1.96 | b | 398,143 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .015 | (.015) | 1.00 | 1.52 | .47 | .46 | 1.52 | 443,941 | ||||||||||
2018 | 1.00 | .005 | (.005) | 1.00 | .54 | .47 | .44 | .57 | 446,933 | ||||||||||
2017 | 1.00 | .000 | c | (.000) | c | 1.00 | .02 | .47 | .38 | .02 | 347,191 | ||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .47 | .11 | .00 | d | 580,124 | ||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .47 | .06 | .00 | d | 460,122 | ||||||
Administrative Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .010 | (.010) | 1.00 | 1.05 | a | .32 | b | .32 | b | 2.10 | b | 577,628 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .017 | (.017) | 1.00 | 1.68 | .32 | .31 | 1.68 | 387,132 | ||||||||||
2018 | 1.00 | .007 | (.007) | 1.00 | .69 | .32 | .29 | .70 | 449,501 | ||||||||||
2017 | 1.00 | .001 | (.001) | 1.00 | .10 | .32 | .30 | .10 | 392,889 | ||||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .33 | .12 | .00 | d | 646,418 | ||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .33 | .06 | .00 | d | 300,887 | ||||||
Participant Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .009 | (.009) | 1.00 | .90 | a | .62 | b | .62 | b | 1.81 | b | 303,285 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .014 | (.014) | 1.00 | 1.37 | .62 | .61 | 1.37 | 289,236 | ||||||||||
2018 | 1.00 | .004 | (.004) | 1.00 | .39 | .62 | .59 | .39 | 312,013 | ||||||||||
2017 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .62 | .39 | .01 | 335,698 | ||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .62 | .11 | .00 | d | 297,958 | ||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .62 | .06 | .00 | d | 300,356 |
a Not annualized.
b Annualized.
c Amount represents less than $.001 per share.
d Amount represents less than .01%.
See notes to financial statements.
49
FINANCIAL HIGHLIGHTS (continued)
Per Share Data ($) | Ratios/Supplemental Data (%) | ||||||||||||||||||
|
|
| Net Asset | Net |
| Dividends |
| Net Asset |
| Total |
| Ratio of |
| Ratio of |
| Ratio of Net |
| Net Assets | |
Dreyfus Treasury Obligations Cash Management | |||||||||||||||||||
Institutional Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .011 | (.011) | 1.00 | 1.13 | a | .21 | b | .18 | b | 2.26 | b | 15,878,012 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .018 | (.018) | 1.00 | 1.82 | .21 | .18 | 1.83 | 15,314,155 | ||||||||||
2018 | 1.00 | .008 | (.008) | 1.00 | .82 | .21 | .20 | .83 | 17,116,541 | ||||||||||
2017 | 1.00 | .002 | (.002) | 1.00 | .22 | .21 | .18 | .23 | 16,853,981 | ||||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .02 | .21 | .10 | .02 | 16,300,313 | ||||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .21 | .06 | .01 | 16,380,228 | ||||||||
Investor Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .010 | (.010) | 1.00 | 1.00 | a | .46 | b | .42 | b | 2.01 | b | 1,512,514 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .016 | (.016) | 1.00 | 1.57 | .46 | .43 | 1.55 | 1,824,737 | ||||||||||
2018 | 1.00 | .006 | (.006) | 1.00 | .56 | .46 | .45 | .57 | 2,105,370 | ||||||||||
2017 | 1.00 | .000 | c | (.000) | c | 1.00 | .03 | .46 | .37 | .02 | 1,754,491 | ||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .46 | .11 | .01 | 2,404,304 | ||||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .46 | .06 | .01 | 2,364,649 | ||||||||
Administrative Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .011 | (.011) | 1.00 | 1.08 | a | .31 | b | .27 | b | 2.16 | b | 699,765 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .017 | (.017) | 1.00 | 1.72 | .31 | .28 | 1.75 | 704,333 | ||||||||||
2018 | 1.00 | .007 | (.007) | 1.00 | .72 | .31 | .30 | .74 | 441,771 | ||||||||||
2017 | 1.00 | .001 | (.001) | 1.00 | .12 | .31 | .29 | .12 | 278,799 | ||||||||||
2016 | 1.00 | 000 | c | (.000) | c | 1.00 | .01 | .31 | .10 | .01 | 365,175 | ||||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .31 | .06 | .01 | 534,032 | ||||||||
Participant Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .009 | (.009) | 1.00 | .93 | a | .61 | b | .58 | b | 1.86 | b | 1,518,271 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .014 | (.014) | 1.00 | 1.42 | .61 | .58 | 1.41 | 1,170,243 | ||||||||||
2018 | 1.00 | .004 | (.004) | 1.00 | .41 | .61 | .60 | .36 | 990,662 | ||||||||||
2017 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .61 | .41 | .01 | 1,257,301 | ||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .61 | .11 | .01 | 595,242 | ||||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .61 | .06 | .01 | 654,427 |
a Not annualized.
b Annualized.
c Amount represents less than $.001 per share.
See notes to financial statements.
50
Per Share Data ($) | Ratios/Supplemental Data (%) | ||||||||||||||||||
|
|
| Net Asset | Net |
| Dividends |
| Net Asset |
| Total |
| Ratio of |
| Ratio of |
| Ratio of Net |
| Net Assets | |
Dreyfus Treasury Securities Cash Management | |||||||||||||||||||
Institutional Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .011 | (.011) | 1.00 | 1.10 | a | .21 | b | .19 | b | 2.22 | b | 23,934,986 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .018 | (.018) | 1.00 | 1.78 |
| .21 | .20 | 1.75 | 23,505,647 | |||||||||
2018 | 1.00 | .008 | (.008) | 1.00 | .79 |
| .21 | .18 | .77 | 27,366,026 | |||||||||
2017 | 1.00 | .002 | (.002) | 1.00 | .19 |
| .21 | .18 | .19 | 27,660,470 | |||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 |
| .21 | .06 | .01 | 30,851,896 | |||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .21 | .04 | .00 | d | 28,812,494 | ||||||
Investor Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .010 | (.010) | 1.00 | .98 | a | .46 | b | .44 | b | 1.97 | b | 1,749,676 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .015 | (.015) | 1.00 | 1.53 | .46 | .45 | 1.51 | 1,746,213 | ||||||||||
2018 | 1.00 | .005 | (.005) | 1.00 | .53 | .46 | .43 | .54 | 2,104,742 | ||||||||||
2017 | 1.00 | .000 | c | (.000) | c | 1.00 | .02 | .46 | .34 | .02 | 2,099,312 | ||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .47 | .07 | .00 | d | 4,346,185 | ||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .47 | .04 | .00 | d | 3,549,024 | ||||||
Administrative Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .011 | (.011) | 1.00 | 1.06 | a | .31 | b | .29 | b | 2.12 | b | 2,552,597 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .017 | (.017) | 1.00 | 1.68 | .31 | .30 | 1.67 | 2,454,059 | ||||||||||
2018 | 1.00 | .007 | (.007) | 1.00 | .68 | .31 | .28 | .68 | 2,594,277 | ||||||||||
2017 | 1.00 | .001 | (.001) | 1.00 | .09 | .31 | .29 | .10 | 2,450,740 | ||||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .31 | .07 | .00 | d | 705,722 | ||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .31 | .04 | .00 | d | 683,313 | ||||||
Participant Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .009 | (.009) | 1.00 | .91 | a | .61 | b | .59 | b | 1.82 | b | 1,982,684 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .014 | (.014) | 1.00 | 1.38 | .61 | .60 | 1.36 | 2,052,791 | ||||||||||
2018 | 1.00 | .004 | (.004) | 1.00 | .39 | .61 | .58 | .39 | 2,179,683 | ||||||||||
2017 | 1.00 | .000 | c | (.000) | c | 1.00 | .01 | .61 | .36 | .01 | 2,073,661 | ||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .61 | .06 | .00 | d | 3,234,511 | ||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .61 | .04 | .00 | d | 4,311,165 |
a Not annualized.
b Annualized.
c Amount represents less than $.001 per share.
d Amount represents less than .01%.
See notes to financial statements.
51
FINANCIAL HIGHLIGHTS (continued)
Per Share Data ($) | Ratios/Supplemental Data (%) | |||||||||||||||||||||
|
|
| Net Asset | Net |
| Dividends |
| Tax return | Total Distributions | Net Asset |
| Total |
| Ratio of |
| Ratio of |
| Ratio of Net |
| Net Assets | ||
Dreyfus AMT-Free Municipal Cash Management Plus | ||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||
Six Months Ended | 1.00 | .006 | (.006) | - | (.006) | 1.00 | .62 | a | .59 | b | .43 | b | 1.25 | b | 5,841 | |||||||
Year Ended January 31, | ||||||||||||||||||||||
2019 | 1.00 | .011 | (.011) | - | (.011) | 1.00 | 1.13 | .45 | .30 | 1.16 | 8,949 | |||||||||||
2018 | 1.00 | .007 | (.007) | - | (.007) | 1.00 | .67 | .44 | .32 | .75 | 11,018 | |||||||||||
2017 | 1.00 | .006 | (.001) | (.005) | (.006) | 1.00 | .58 | .41 | .28 | .04 | 3,145 | |||||||||||
2016 | 1.00 | .000 | c | (.000) | c | - | (.000)c | 1.00 | .01 | .30 | .10 | .00 | d | 107,204 | ||||||||
2015 | 1.00 | .000 | c | (.000) | c | - | (.000)c | 1.00 | .00 | d | .29 | .13 | .00 | d | 61,570 | |||||||
Investor Shares | ||||||||||||||||||||||
Six Months Ended | 1.00 | .005 | (.005) | - | (.005) | 1.00 | .50 | a | .77 | b | .67 | b | 1.00 | b | 53,159 | |||||||
Year Ended January 31, | ||||||||||||||||||||||
2019 | 1.00 | .009 | (.009) | - | (.009) | 1.00 | .89 | .65 | .55 | .87 | 58,879 | |||||||||||
2018 | 1.00 | .004 | (.004) | - | (.004) | 1.00 | .44 | .59 | .49 | .45 | 214,934 | |||||||||||
2017 | 1.00 | .006 | (.001) | (.005) | (.006) | 1.00 | .52 | .64 | .45 | .08 | 174,214 | |||||||||||
2016 | 1.00 | .000 | c | (.000) | c | - | (.000)c | 1.00 | .01 | .54 | .10 | .00 | d | 101,477 | ||||||||
2015 | 1.00 | .000 | c | (.000) | c | - | (.000)c | 1.00 | .00 | d | .54 | .13 | .00 | d | 155,166 | |||||||
Participant Sharese | ||||||||||||||||||||||
Six Months Ended | 1.00 | .002 | (.002) | - | (.002) | 1.00 | .15 | a | 1.05 | b | .72 | b | .90 | b | 40 | |||||||
a Not annualized.
b Annualized.
c Amount represents less than $.001 per share.
d Amount represents less than .01%.
e From May 31, 2019 (commencement of initial offering) to July 31, 2019.
See notes to financial statements.
52
Per Share Data ($) | Ratios/Supplemental Data (%) | ||||||||||||||||||
|
|
| Net Asset | Net |
| Dividends |
| Net Asset |
| Total |
| Ratio of |
| Ratio of |
| Ratio of Net |
| Net Assets | |
Dreyfus AMT-Free New York Municipal Cash Management | |||||||||||||||||||
Institutional Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .007 | (.007) | 1.00 | .67 | a | .35 | b | .34 | b | 1.34 | b | 118,877 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .012 | (.012) |
| 1.00 | 1.17 | .33 | .33 | 1.16 | 99,314 | |||||||||
2018 | 1.00 | .006 | (.006) |
| 1.00 | .60 | .34 | .34 | .61 | 92,193 | |||||||||
2017 | 1.00 | .002 | (.002) |
| 1.00 | .21 | .29 | .25 | .16 | 85,203 | |||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .28 | .10 | .00 | d | 184,514 | ||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .25 | .13 | .00 | d | 125,650 | ||||||
Investor Shares | |||||||||||||||||||
Six Months Ended | 1.00 | .005 | (.005) | 1.00 | .55 | a | .59 | b | .58 | b | 1.11 | b | 24,776 | ||||||
Year Ended January 31, | |||||||||||||||||||
2019 | 1.00 | .009 |
| (.009) |
| 1.00 | .92 | .57 | .57 | .89 | 31,036 | ||||||||
2018 | 1.00 | .004 |
| (.004) |
| 1.00 | .36 | .57 | .57 | .34 | 79,362 | ||||||||
2017 | 1.00 | .001 |
| (.001) |
| 1.00 | .06 | .54 | .41 | .05 | 121,343 | ||||||||
2016 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .51 | .11 | .00 | d | 213,259 | ||||||
2015 | 1.00 | .000 | c | (.000) | c | 1.00 | .00 | d | .50 | .13 | .00 | d | 260,668 | ||||||
Participant Sharese | |||||||||||||||||||
Six Months Ended | 1.00 | .001 | (.001) | 1.00 | .14 | a | .81 | b | .81 | b | .82 | b | 40 | ||||||
a Not annualized.
b Annualized.
c Amount represents less than $.001 per share.
d Amount represents less than .01%.
e From May 31, 2019 (commencement of initial offering) to July 31, 2019.
See notes to financial statements.
53
FINANCIAL HIGHLIGHTS (continued)
Per Share Data ($) | Ratios/Supplemental Data (%) | |||||||||||||||||||||||||
|
|
| Net Asset | Net |
| Net Realized and Unrealized Gain | Dividends |
| Net Asset |
| Total |
| Ratio of |
| Ratio of |
| Ratio of Net |
| Net Assets | |||||||
Dreyfus AMT-Free Tax Exempt Cash Management | ||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||
Six Months Ended | 1.0000 | .0072 | a | (.0000)b | (.0072) | 1.0000 | .72 | c | .26 | d | .19 | d | 1.45 | d | 474,406 | |||||||||||
Year Ended January 31, | ||||||||||||||||||||||||||
2019 | 1.0000 | .0122 | a | .0003 | (.0125) | 1.0000 | 1.25 | .27 | .21 | 1.23 | 621,665 | |||||||||||||||
2018 | 1.0000 | .0066 | a | .0000b | (.0066) | 1.0000 | .66 | .26 | .26 | .65 | 607,839 | |||||||||||||||
2017e | 1.00 | .0026 | a | .0000b | (.0026) | 1.0000 | .26 | .24 | .21 | .21 | 603,783 | |||||||||||||||
2016 | 1.00 | .000 | f | - | (.000) | f | 1.00 | .01 | .23 | .08 | .00 | g | 1,555,860 | |||||||||||||
2015 | 1.00 | .000 | f | - | (.000) | f | 1.00 | .01 | .24 | .10 | .00 | g | 1,617,674 | |||||||||||||
Investor Shares | ||||||||||||||||||||||||||
Six Months Ended | 1.0000 | .0060 | a | (.0000)b | (.0060) | 1.0000 | .60 | c | .49 | d | .44 | d | 1.20 | d | 36,483 | |||||||||||
Year Ended January 31, | ||||||||||||||||||||||||||
2019 | 1.0000 | .0100 | a | .0000b | (.0100) | 1.0000 | 1.00 | 50 | .46 | 1.00 | 36,267 | |||||||||||||||
2018 | 1.0000 | .0042 | a | .0000b | (.0042) | 1.0000 | .42 | .50 | .50 | .42 | 37,136 | |||||||||||||||
2017e | 1.00 | .0008 | a | .0000b | (.0008) | 1.0000 | .08 | .48 | .34 | .04 | 40,717 | |||||||||||||||
2016 | 1.00 | .000 | f | - | (.000) | f | 1.00 | .01 | .47 | .08 | .00 | g | 287,319 | |||||||||||||
2015 | 1.00 | .000 | f | - | (.000) | f | 1.00 | .01 | .47 | .10 | .00 | g | 378,285 |
a Based on average shares outstanding.
b Amount represents less than $.0001 per share.
c Not annualized.
d Annualized.
e Effective October 10, 2016, the fund adopted the SEC’s money market fund amendments and began calculating its net asset value to four decimals.
f Amount represents less than $.001 per share.
g Amount represents less than .01%.
See notes to financial statements.
54
NOTES TO FINANCIAL STATEMENTS(Unaudited)
NOTE 1—Significant Accounting Policies:
Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Securities Cash Management, Dreyfus Treasury Obligations Cash Management, Dreyfus Treasury Securities Cash Management, Dreyfus AMT-Free Municipal Cash Management Plus, Dreyfus AMT-Free New York Municipal Cash Management and Dreyfus AMT-Free Tax Exempt 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 Securities Cash Management, Dreyfus Treasury Obligations Cash Management, Dreyfus Treasury Securities Cash Management, Dreyfus AMT-Free Municipal Cash Management Plus and Dreyfus AMT-Free Tax Exempt Cash Management are diversified funds. Dreyfus AMT-Free New York Municipal Cash Management is non-diversified. Dreyfus Government Cash Management and Dreyfus Government Securities Cash Management are each a separate series of Dreyfus Government Cash Management Funds (the “Company”) and Dreyfus AMT-Free Tax Exempt Cash Management is sole 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 AMT-Free Municipal Cash Management Plus and Dreyfus AMT-Free Tax Exempt Cash Management seek to provide income exempt from federal income taxes and the federal alternative minimum tax. Dreyfus AMT-Free New York Municipal Cash Management seeks to provide income exempt from federal, New York state and New York city income taxes and the federal alternative minimum tax. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser.
Effective June 3, 2019, The Dreyfus Corporation, the fund’s investment adviser and administrator, changed its name to “BNY Mellon Investment Adviser, Inc.”, MBSC Securities Corporation, the fund’s distributor, changed its name to “BNY Mellon Securities Corporation” and Dreyfus Transfer, Inc., the fund’s transfer agent, changed its name to “BNY Mellon Transfer, Inc.”
The funds’ Board of Trustees (the “Board”) approved, effective July 1, 2019, a change in the fund’s name from “Dreyfus Treasury & Agency Cash Management” to “Dreyfus Treasury Obligations Cash Management”.
On May 31, 2019,Dreyfus AMT-Free Municipal Cash Management Plus and Dreyfus AMT-Free New York Municipal Cash Management each commenced offering Participant shares.
BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, 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. As of July 31, 2019, each fund offered Institutional Shares, Investor Shares, Administrative Shares and Participant Shares, with the following exceptions: Dreyfus Cash Management did not offer Participant Shares; Dreyfus AMT-Free Municipal Cash Management Plus and Dreyfus AMT-Free New York Municipal Cash Management did not offer Administrative Shares; and Dreyfus AMT-Free Tax Exempt Cash Management did not offer Administrative and Participant Shares. Effective May 31, 2019, each share class of the funds, except Institutional Shares, became subject to a Shareholder Services Plan, and the Participant Shares of the funds became subject to an Administrative Services Plan (the “Plans”). The Plans replaced the Service Plan adopted pursuant to Rule 12b-1 under the Act which had been in place for each share class of the funds, except Institutional Shares, prior to May 31, 2019. The aggregate fees paid by each fund pursuant to the Plans will continue to be the same as the fees that were payable under the prior Service Plan. Other differences between the classes include the services offered 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.
Dreyfus AMT-Free Municipal Cash Management Plus and Dreyfus AMT-Free New York Municipal Cash Management each operate as a “retail money market fund” as that term is defined in Rule 2a-7 under the Act (a “Retail Fund”). Dreyfus Government Cash Management, Dreyfus Government Securities Cash Management, Dreyfus Treasury Obligations Cash Management and Dreyfus Treasury Securities Cash Management each operate as a “government money market fund” as that term is defined in Rule 2a-7 under the Act (a “Government Fund”). It is the policy of each Government Fund and Retail Fund to maintain a constant NAV of $1.00 per share, and each Government Fund and Retail Fund has
55
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that a Government Fund or Retail Fund will be able to maintain a constant NAV of $1.00 per share.
Dreyfus Cash Management and Dreyfus AMT-Free Tax Exempt Cash Management each operate as an “institutional prime fund” as that term is defined in Rule 2a-7 under the Act (an “Institutional Fund”).
Each Retail Fund and Institutional Fund may, or in certain circumstances, must impose a fee upon the sale of shares or may temporarily suspend redemptions if the fund’s weekly liquid assets fall below required minimums because of market conditions or other factors.Government Funds arenot subject to liquidity fees or temporary suspensions of redemptions due to declines in the Funds’ weekly liquid assets.
As of July 31, 2019, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held all of the outstanding Participant shares of Dreyfus AMT-Free Municipal Cash Management Plus and Dreyfus AMT-Free New York Municipal Cash Management of the fund.
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 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 funds 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: 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.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:
Retail and Government Funds: 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 determined by procedures established by and under the general supervision of the Board.
Institutional Funds:Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as
56
to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general oversight of the Board.
When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.
At July 31, 2019, all of the securities in each fund were considered Level 2 within the fair value hierarchy.
At July 31, 2019, 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.
Dreyfus AMT-Free New York Municipal Cash Management follows 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 fund.
Dreyfus Cash Management, Dreyfus Government Cash Management and Dreyfus Treasury Obligations Cash Management may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, subject to the seller’s agreement to repurchase and each fund’s 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. The collateral is held on behalf of the fund by the tri-party administrator with respect to any tri-party agreement. Each fund may also jointly enter into one or more repurchase agreements with other funds managed by the Adviser 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 and distributions 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 Securities Cash Management, Dreyfus Treasury Obligations Cash Management and Dreyfus Treasury Securities Cash Management to continue to qualify as a regulated investment company if such qualification is in the best 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 AMT-Free Municipal Cash Management Plus, Dreyfus AMT-Free New York Municipal Cash Management and Dreyfus AMT-Free Tax Exempt 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.
57
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.
As of and during the period ended July 31, 2019, 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 July 31, 2019, the funds did not incur any interest or penalties.
Each tax year in the three-year period ended January 31, 2019 remains subject to examination by the Internal Revenue Service and state taxing authorities.
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 1summarizes each relevant fund’s unused capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, realized subsequent to January 31, 2019.
Table 2 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal year ended January 31, 2019. The tax character of current year distributions will be determined at the end of the current fiscal year.
At July 31, 2019, 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).
Table 1—Capital Loss Carryover | ||||||
Short-Term Losses($)† | ||||||
Dreyfus Government Cash Management | 1,423,603 | |||||
Dreyfus Government Securities Cash Management | 425,084 | |||||
Dreyfus Treasury Obligations Cash Management | 2,022,427 | |||||
Dreyfus Treasury Securities Cash Management | 1,163,341 | |||||
Dreyfus AMT-Free Municipal Cash Management Plus | 3,268 |
† Short-term capital losses can be carried forward for an unlimited period.
Table 2—Tax Character of Distributions Paid | |||||||||||||||||||
2019 | |||||||||||||||||||
|
| Tax-Exempt Income ($) | Ordinary | Long-Term | |||||||||||||||
Dreyfus Cash Management | - | 167,055,050 | - | ||||||||||||||||
Dreyfus Government Cash Management | - | 1,104,498,393 | - | ||||||||||||||||
Dreyfus Government Securities | - | 80,442,180 | - | ||||||||||||||||
Dreyfus Treasury Obligations | - | 369,841,558 | - | ||||||||||||||||
Dreyfus Treasury Securities | - | 548,510,754 | - | ||||||||||||||||
Dreyfus AMT-Free Municipal | 987,114 | - | - | ||||||||||||||||
Dreyfus AMT-Free New York Municipal | 1,602,436 | - | 8,233 | ||||||||||||||||
Dreyfus AMT-Free Tax Exempt | 7,082,287 | 4,053 | - |
(e) New Accounting Pronouncements: Effective June 1, 2019, the fund adopted Accounting Standards Update 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (“ASU 2017-08”). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date.
Also effective June 1, 2019, the fund adopted Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”).
58
The update provides guidance that modifies certain disclosure requirements for fair value measurements.
NOTE 2—Management Fee and Other Transactions with Affiliates:
(a)Pursuant to separate management agreements (the “Agreements”) with the Adviser, 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 Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Securities Cash Management, Dreyfus Treasury Obligations Cash Management and Dreyfus AMT-Free Tax Exempt Cash Management, the Agreements provide that if in any full fiscal year the aggregate expenses, excluding taxes, brokerage fees and extraordinary expenses exceed 1.5% of the value of each relevant fund’s average daily net assets, the Adviser will reimburse the relevant fund, or bear any excess expense over 1.5%. During the period ended July 31, 2019, there were no reimbursements pursuant to the Agreements.
For certain funds, the Adviser agreed to waive receipt of its fees or limit the fund’s direct expenses during period ended July 31, 2019, as described below. To the extent that it is necessary for the Adviser to waive receipt of its management fee (or reimburse the fund’s common expenses) for any share class, the amount of the waiver or reimbursement will be applied equally to each share class of the fund in order to facilitate a daily yield at or above a certain level which may change from time to time. These expense limitations and waivers are voluntary, not contractual, and may be terminated by the Adviser at any time. For Dreyfus Cash Management and Dreyfus AMT-Free Municipal Cash Management Plus, Dreyfus agreed to waive receipt of its fee and/or assume the fund’s expenses to the extent necessary to reduce the direct expenses of all classes of the fund. For Dreyfus Government Cash Management, Dreyfus Treasury Obligations Cash Management, Dreyfus Treasury Securities Cash Management and Dreyfus AMT-Free Tax Exempt Cash Management, the Adviser agreed to waive receipt of its fee and/or assume the fund’s expenses to the extent necessary to reduce the direct expenses of the fund’s Institutional shares.Table 3 summarizes the reduction in expenses for each fund, pursuant to these undertakings, during the period ended July 31, 2019.
Table 3—Fee Waivers |
|
Dreyfus Cash Management | $5,813,563 |
Dreyfus Government Cash Management | 10,817,977 |
Dreyfus Treasury Obligations Cash Management | 3,161,535 |
Dreyfus Treasury Securities Cash Management | 2,967,983 |
Dreyfus AMT-Free Municipal Cash Management Plus | 32,532 |
Dreyfus AMT-Free Tax Exempt Cash Management | 190,680 |
(b)Under each fund’s Shareholder Services Plan, with respect to each fund’s applicable Investor Shares, Administrative Shares and Participant Shares, each fund pays the Distributor for advertising, marketing and for providing certain services relating to shareholders of the respective class of shares. Investor Shares, Administrative Shares and Participant Shares pay the Distributor at annual rates of .25%, .10% and .25%, 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. Under the Shareholder Services Plan, 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 and Participant Shares a consolidated statement. The Service Agent will generally also provide the holders of Investor Shares and/or Participant Shares automated teller check writing privileges and, in the case of Participant Shares, automated teller machine access and bill paying services. The amount paid under the Shareholder Services 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 occurred. Additionally, with respect to each fund’s applicable Participant Shares, each fund will pay the Distributor for the provision of certain types of recordkeeping and other related services pursuant to the Administrative Services Plan. Participant Shares pay the Distributor at an annual rate of .15% of the value of the applicable Participant Shares class’ average daily net assets. Neither the Shareholder Services Plan nor the Administrative Services Plan provides for payments related to the distribution of fund shares. Under the Plans, as to each class, the Distributor would be able to pay financial intermediaries from the fees it receives from the Plans for the provision of the respective services by the intermediaries to their clients who are beneficial owners of fund shares.Table 4summarizes the amount each fund was charged pursuant to
59
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
theShareholder Services Plan and Administrative Shareholder Services Plan during the period ended July 31, 2019.
Prior to May 31, 2019, each fund was subject to a Service Plan adopted pursuant to Rule 12b-1 under the Act (the “Service Plan”), which was in place for each share class of the funds except Institutional Shares. Under the Service Plan, each fund paid the Distributor for distributing such classes of shares, for advertising and marketing, and for providing certain services relating to shareholders of the respective classes of shares. Investor Shares, Administrative Shares and Participant Shares paid the Distributor at annual rates of .25%, .10% and .40%, respectively, of the value of the applicable share class’ average daily net assets.Table 5 summarizes the amount each fund was charged pursuant to the Service Plan prior to May 31, 2019 and under the Plans effective as of that date.
Table 4—Shareholder Services Plan Fees & Administrative Services Plan fee | ||||
| Investor | Administrative | Participant | |
Dreyfus Cash Management | ||||
Shareholder Service Pan fees | 56,980 | 15,723 | - | |
Dreyfus Government Cash Management | ||||
Shareholder Service Pan fees | 986,976 | 300,729 | 60,177 | |
Administrative Service Pan fees | - | - | 36,106 | |
Dreyfus Government Securities Cash Management | ||||
Shareholder Service Pan fees | 169,073 | 84,251 | 126,837 | |
Administrative Service Pan fees | - | - | 76,102 | |
Dreyfus Treasury Obligations Cash Management | ||||
Shareholder Service Pan fees | 597,514 | 111,154 | 590,036 | |
Administrative Service Pan fees | - | - | 354,022 | |
Dreyfus Treasury Securities Cash Management | ||||
Shareholder Service Pan fees | 780,490 | 416,872 | 790,818 | |
Administrative Service Pan fees | - | - | 474,491 | |
Dreyfus AMT-Free Municipal Cash Management Plus | ||||
Shareholder Service Pan fees | 22,369 | - | 17 | |
Administrative Service Pan fees | - | - | 10 | |
Dreyfus AMT-Free New York Municipal Cash Management | ||||
Shareholder Service Pan fees | 10,369 | - | 17 | |
Administrative Service Pan fees | - | - | 10 | |
Dreyfus AMT-Free Tax Exempt Cash Management | ||||
Shareholder Service Pan fees | 15,234 | - | - | |
Table 5—Service Plan Fees | ||||
| Investor | Administrative | Participant | |
Dreyfus Cash Management | 105,609 | 35,843 | - | |
Dreyfus Government Cash Management | 1,876,097 | 550,374 | 123,917 | |
Dreyfus Government Securities Cash Management | 370,390 | 136,070 | 391,730 | |
Dreyfus Treasury Obligations Cash Management | 1,259,495 | 223,035 | 1,696,104 | |
Dreyfus Treasury Securities Cash Management | 1,501,655 | 766,811 | 2,543,988 | |
Dreyfus AMT-Free Municipal Cash Management Plus | 50,055 | - | ||
Dreyfus AMT-Free New York Municipal Cash Management | 22,276 | - | - | |
Dreyfus AMT-Free Tax Exempt Cash Management | 29,877 | - | - | |
60
(c)Each fund has adopted a Reimbursement 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. The Adviser has agreed to waive receipt of Shareholder Services Plan fees for Dreyfus AMT-Free Municipal Cash Management Plus. During the period ended July 31, 2019, the fees waived a total of $2,084 within the reduction in expenses, pursuant to the undertaking. This waiver is voluntary, not contractual, and may be terminated at any time.Table 6summarizes the amount each fund’s Institutional Shares were charged pursuant to the Reimbursement Shareholder Services Plan during the period ended July 31, 2019.
Table 6—Reimbursement Shareholder Services Plan Fees | |
| |
Dreyfus Cash Management | $135,548 |
Dreyfus Government Cash Management | 471,818 |
Dreyfus Government Securities Cash Management | 19,182 |
Dreyfus Treasury Obligations Cash Management | 160,259 |
Dreyfus Treasury Securities Cash Management | 167,206 |
Dreyfus AMT-Free Municipal Cash Management Plus | 2,084 |
Dreyfus AMT-Free New York Municipal Cash Management | 4,778 |
Dreyfus AMT-Free Tax Exempt Cash Management | 65,455 |
The funds have an arrangement with the transfer agent whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency Dreyfus Government Cash Management, Dreyfus Treasury Obligations Cash Management, Dreyfus Cash Management and Dreyfus Treasury Securities Cash Management has arrangement with the custodian whereby Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Treasury Securities Cash Management, Dreyfus Treasury Obligations Cash Management will receive interest income or be charged an overdraft fees when cash balances are maintained. Dreyfus AMT-Free Municipal Cash Management Plus, Dreyfus AMT-Free New York Municipal Cash Management and Dreyfus AMT-Free Tax Exempt Cash Management has arrangement with the custodian to receive earnings credits when positive cash balance are maintained, which were used to offset custody fees. For financial reporting purposes, the funds include net earnings credits, if any, as expense offsets in the Statements of Operations.
Each fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, 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 7 summarizes the amount each fund was charged during the period ended July 31, 2019, which is included in Shareholder servicing costs in the Statements of Operations.
Table 7—Transfer Agency Agreement Fees | ||||
| Transfer Agency | |||
Dreyfus Cash Management | 6,029 | |||
Dreyfus Government Cash Management | 17,791 | |||
Dreyfus Government Securities Cash Management | 1,128 | |||
Dreyfus Treasury Obligations Cash Management | 3,999 | |||
Dreyfus Treasury Securities Cash Management | 4,250 | |||
Dreyfus AMT-Free Municipal Cash Management Plus | 335 | |||
Dreyfus AMT-Free New York Municipal Cash Management | 764 | |||
Dreyfus AMT-Free Tax Exempt Cash Management | 1,043 |
61
NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)
Each fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, 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 8 summarizes the amount each fund was charged during the period ended July 31, 2019 pursuant to the custody agreement. These fees were offset by earnings credits for each relevant fund, also summarized inTable 8.
During the period ended July 31, 2019, each fund was charged $5,602 for services performed by the Chief Compliance Officer and his staff. These fees are included in Miscellaneous in the Statements of Operations.
Table 9summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.
(d) Each Board member also serves as a Board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
Table 8—Custody Agreement Fees | ||||
| Custody Fees ($) | Earnings Credits ($) | ||
Dreyfus Cash Management | 109,610 | - | ||
Dreyfus Government Cash Management | 442,949 | - | ||
Dreyfus Government Securities Cash Management | 46,960 | - | ||
Dreyfus Treasury Obligations Cash Management | 197,682 | - | ||
Dreyfus Treasury Securities Cash Management | 217,392 | - | ||
Dreyfus AMT-Free Municipal Cash Management Plus | 5,682 | (723) | ||
Dreyfus AMT-Free New York Municipal Cash Management | 4,755 | (4,755) | ||
Dreyfus AMT-Free Tax Exempt Cash Management | 4,283 | (2,848) |
Table 9—Due to BNY Mellon Investment Adviser, Inc. and Affiliates | ||||||||||
| Management | Shareholder Service Plans | Administrative | Custodian | Chief | Transfer | Less Expense | |||
Dreyfus Cash Management | 2,157,234 | 37,069 | - | 71,715 | 3,861 | 2,331 | (1,078,617) | |||
Dreyfus Government Cash Management | 9,185,472 | 698,968 | 21,706 | 276,294 | 3,861 | 2,992 | (1,837,094) | |||
Dreyfus Government Securities Cash Management | 855,174 | 197,220 | 40,991 | 28,343 | 3,861 | 632 | - | |||
Dreyfus Treasury Obligations Cash Management | 3,215,609 | 661,138 | 175,453 | 120,425 | 3,861 | 1,693 | (482,341) | |||
Dreyfus Treasury Securities Cash Management | 5,170,935 | 1,017,590 | 243,989 | 158,278 | 3,861 | 1,972 | (517,093) | |||
Dreyfus AMT-Free Municipal Cash Management Plus | 10,259 | 11,440 | 5 | 2,320 | 3,861 | 113 | (5,325) | |||
Dreyfus AMT-Free New York | 25,167 | 5,364 | 5 | 1,692 | 3,861 | 253 | - | |||
Dreyfus AMT-Free Tax Exempt Cash Management | 86,061 | 8,746 | - | 10,236 | 3,861 | 398 | (37,798) | |||
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 Board. 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 10 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 July 31, 2019.
Table 11 summarizes gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for relevant each fund at July 31, 2019.
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At July 31, 2019, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).
Table 10—Affiliated Portfolio Holdings Transactions | ||
| Purchases ($) | Sales ($) |
Dreyfus AMT-Free Municipal Cash Management Plus | 39,355,000 | 47,920,000 |
Dreyfus AMT-Free New York Municipal Cash Management | 75,670,000 | 51,065,000 |
Dreyfus AMT-Free Tax Exempt Cash Management | 385,595,000 | 247,280,000 |
Table 11—Accumulated Net Unrealized Appreciation (Depreciation) | |||||||
| Gross | Gross | Net ($) | ||||
Dreyfus Cash Management | 1,951,095 | (76,169) | 1,874,926 | ||||
Dreyfus AMT-Free Tax-Exempt Cash Management | 9,498 | (2,700) | 6,798 |
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INFORMATION ABOUT THE OF EACH FUND’S MANGEMENT AGREEMENT (Unaudited)
At a meeting of the funds’ Boards of Trustees (the “Board”) held on May 1, 2019, the Board considered the renewalof each fund’s Management Agreement pursuant to which the Adviser provides the fund with investment advisory and administrative services (each, the “Agreement”). The Board members, a majority of whom are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the funds, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of each Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Funds. The Board considered information provided in connection with the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY Mellon fund complex. For each fund, the Adviser provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY Mellon fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the funds.
The Board also considered research support available to, and portfolio management capabilities of, each fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Funds’ Performance and Management Fee and Expense Ratio. For each fund, the Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended March 31, 2019, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. Performance Group and Performance Universe comparisons were provided based on both “gross” (i.e.,without including fees and expenses) and “net” (i.e., including fees and expenses) total returns. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Groups and Performance Universes and the Expense Groups and Expense Universes.
Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to each fund and its comparison funds. The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons for each fund and considered that the following:
ForDreyfus Cash Management, the fund’s gross total return performance was below the Performance Group and Performance Universe medians by one to four basis points for the various periods and the net total return performance was above the Performance Group and Performance Universe medians for all periods except for the three-, four-, five- and ten-year periods when it was below the Performance Group median by two or three basis points.
ForDreyfus Government Cash Management, the fund’s gross total return performance was at, above or within one basis point of the Performance Group and Performance Universe medians for all periods. The fund’s net total return performance was at, above or within one basis point of the Performance Group median and above the Performance Universe median for all periods.
ForDreyfus Government Securities Cash Management, the fund’s gross total return performance was at, above or within four basis points of the Performance Group and Performance Universe medians for all periods. The fund’s net total return performance was at, above or within two basis points of the Performance Group median and above the Performance Universe median for all periods.
ForDreyfus Treasury and Agency Cash Management, the fund’s gross total return performance was at or above the Performance Group median and above the Performance Universe median for all periods.
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The fund’s net total return performance was at or within one basis point of the Performance Group median for all periods and above the Performance Universe median for all periods.
ForDreyfus Treasury Securities Cash Management, the fund’s gross total return performance was at or within two basis points of the Performance Group and Performance Universe medians for all periods. The fund’s net total return performance was at or within one basis point of the Performance Group median and above the Performance Universe median for all periods.
ForDreyfus AMT-Free Tax Exempt Cash Management,the fund’s gross total return performance was above or within four basis points of the Performance Group median for all periods and above or one or two basis points below the Performance Universe medians for the periods. The fund’s net total return performance was below the Performance Group median for all periods and above or within two basis point of the Performance Universe median for the periods.
ForDreyfus AMT-Free Municipal Cash Management Plus, the fund’s gross total return performance was at or above the Performance Group and Performance Universe medians for all periods except for the most recent one-year period when performance was below the medians. The fund’s net total return performance was above the Performance Group and Performance Universe medians for the periods.
ForDreyfus AMT-Free New York Municipal Cash Management, the fund’s gross total return performance was at, above or one basis point below the Performance Group and Performance Universe medians. The fund’s net total return performance was at or within two basis points of the Performance Group median for all periods and above the Performance Universe median for all periods.
For each fund, the Board also reviewed the range of actual and contractual management fees and total expenses of the fund’s Expense Group and Expense Universe funds and discussed the results of the comparisons.
ForDreyfus Cash Management, the fund’s contractual management fee was within two basis points of the Expense Group median, the fund’s actual management fee was below the Expense Group and Expense Universe medians and the fund’s total expenses were below the Expense Group and Expense Universe medians (lowest in the Expense Group).
ForDreyfus Government Cash Management, the fund’s contractual management fee was within one basis point of the Expense Group median, the fund’s actual management fee was within one basis point of the Expense Group median and at the Expense Universe median and the fund’s total expenses were within one basis point of the Expense Group median and below the Expense Universe median.
ForDreyfus Government Securities Cash Management, the fund’s contractual management fee was at the Expense Group median, the fund’s actual management fee was slightly above the Expense Group and Expense Universe medians and the fund’s total expenses were approximately equal to the Expense Group median and below the Expense Universe median;
ForDreyfus Treasury and Agency Cash Management, the fund’s contractual management fee was slightly above the Expense Group median, the fund’s actual management fee was within one basis point of the Expense Group and Expense Universe medians and the fund’s total expenses were less than one basis point above the Expense Group median and below the Expense Universe median.
ForDreyfus Treasury Securities Cash Management, the fund’s contractual management fee was within one basis point of the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were within one basis point of the Expense Group median and below the Expense Universe median.
ForDreyfus AMT-Free Tax Exempt Cash Management, the fund’s contractual management fee was below the Expense Group median (lowest in the Expense Group), the fund’s actual management fee was within one basis point of the Performance Group and Performance Universe medians and total expenses were within two basis points of the Expense Group and Expense Universe medians.
ForDreyfus AMT-Free Municipal Cash Management Plus, the fund’s contractual management fee was below the Expense Group median and the fund’s actual management fee and total expenses were below the Expense Group and Expense Universe medians.
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INFORMATION ABOUT THE OF EACH FUND’S MANGEMENT AGREEMENT (Unaudited) (continued)
ForDreyfus AMT-Free New York Municipal Cash Management, the fund’s contractual management fee was below the Expense Group median, the fund’s actual management fee was above the Expense Group and Expense Universe medians and the fund’s total expenses were below the Expense Group and Expense Universe medians.
For certain funds, the Board also considered the current fee waiver and expense reimbursement arrangement undertaken by the Adviser.
For each fund, representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by funds advised or administered by the Adviser that are in the same Lipper category as the fund (the “Similar Funds”), and explained the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of each fund’s management fee.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing each fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by the Adviser. The Board also considered the fee waiver and expense reimbursementarrangement for certain funds and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under each Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant circumstances for each fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the funds’ investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of each Agreement. Based on the discussions and considerations as described above, the Board concluded and determined, as to each fund, as follows.
· The Board concluded that the nature, extent and quality of the services provided by the Adviser are adequate and appropriate.
· For Dreyfus Cash Management and Dreyfus Government Securities Cash Management, the Board was satisfied with the fund’s net performance.
· For Dreyfus AMT-Free Tax Exempt Cash Management, while the Board expressed some concern about the fund’s net total return performance relative to its applicable Performance Group, the Board generally was satisfied with the fund’s overall performance.
· For the other funds, the Board generally was satisfied with the funds’ performance.
· The Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund
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pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating each Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to the relevant fund by the Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of each fund and the investment management and other services provided under its Agreement, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance measures; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for each fund had the benefit of a number of years of reviews of the relevant Agreement for the fund, or substantially similar agreements for other BNY Mellon funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of each fund’s arrangements, or substantially similar arrangements for other BNY Mellon funds that the Board oversees, in prior years. The Board determined to renew each Agreement.
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Dreyfus Cash Management Funds
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
Ticker Symbols: | Institutional | Investor | Administrative | Participant |
Dreyfus Cash Management | DICXX | DVCXX | DSCXX | |
Dreyfus Government Cash Management | DGCXX | DGVXX | DAGXX | DPGXX |
Dreyfus Government Securities Cash Management | DIPXX | DVPXX | DAPXX | DGPXX |
Dreyfus Treasury Obligations Cash Management | DTRXX | DTVXX | DTAXX | DTPXX |
Dreyfus Treasury Securities Cash Management | DIRXX | DVRXX | DARXX | DPRXX |
Dreyfus AMT-Free Municipal Cash Management Plus | DIMXX | DVMXX | DMUXX | |
Dreyfus AMT-Free New York Municipal Cash Management | DIYXX | DVYXX | DMDXX | |
Dreyfus AMT-Free Tax Exempt Cash Management | DEIXX | DEVXX |
Telephone Call your representative or 1-800-346-3621
Mail BNY Mellon Family of Funds to: BNY Mellon Institutional Services, 144 Glenn
Curtiss Boulevard, Uniondale, NY 11556-0144
E-mailSend your request toinstserv@bnymellon.com
Internet Dreyfus Money Market Funds atwww.dreyfus.com
Each fund will disclose daily, onwww.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 for a period of five months. The fund files a monthly schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-MFP. The fund’s Forms N-MFP are available on the SEC’s website atwww.sec.gov.
Information regarding how the fund voted proxies related to portfolio securities for the most recent 12-month period ended June 30 is available atwww.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.
© 2019 BNY Mellon Securities Corporation |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus AMT-Free New York Municipal Cash Management
By: /s/ Renee LaRoche-Morris
Renee LaRoche-Morris
President (Principal Executive Officer)
Date: September 26, 2019
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/ Renee LaRoche-Morris
Renee LaRoche-Morris
President (Principal Executive Officer)
Date: September 26, 2019
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: September 26, 2019
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)