Dreyfus Cash Management Funds
The Funds
LETTER TO
SHAREHOLDERS
Dear Shareholders:
This annual report for the several Dreyfus Cash Management Funds (Taxable) covers the 12-month period ended January 31, 2014. Over the reporting period, these funds achieved the following yields and, taking into account the effects of compounding, the following effective yields:
1,2
|
|
|
|
|
Effective
|
|
Yield (%)
|
Yield (%)
|
Dreyfus Cash Management
|
|
|
Institutional Shares
|
0.04
|
0.04
|
Investor Shares
|
0.00
|
0.00
|
Administrative Shares
|
0.00
|
0.00
|
Participant Shares
|
0.00
|
0.00
|
Agency Shares
|
0.00
|
0.00
|
Dreyfus Government
|
|
|
Cash Management
|
|
|
Institutional Shares
|
0.01
|
0.01
|
Investor Shares
|
0.01
|
0.01
|
Administrative Shares
|
0.01
|
0.01
|
Participant Shares
|
0.01
|
0.01
|
Agency Shares
|
0.01
|
0.01
|
Dreyfus Government
|
|
|
Prime Cash Management
|
|
|
Institutional Shares
|
0.00
|
0.00
|
Investor Shares
|
0.00
|
0.00
|
Administrative Shares
|
0.00
|
0.00
|
Participant Shares
|
0.00
|
0.00
|
Agency Shares
|
0.00
|
0.00
|
Dreyfus Treasury & Agency
|
|
|
Cash Management
|
|
|
Institutional Shares
|
0.01
|
0.01
|
Investor Shares
|
0.01
|
0.01
|
Administrative Shares
|
0.01
|
0.01
|
Participant Shares
|
0.01
|
0.01
|
Service Shares
|
0.01
|
0.01
|
Select Shares
|
0.01
|
0.01
|
Agency Shares
|
0.01
|
0.01
|
Premier Shares
|
0.01
|
0.01
|
Dreyfus Treasury
|
|
|
Prime Cash Management
|
|
|
Institutional Shares
|
0.00
|
0.00
|
Investor Shares
|
0.00
|
0.00
|
Administrative Shares
|
0.00
|
0.00
|
Participant Shares
|
0.00
|
0.00
|
Agency Shares
|
0.00
|
0.00
|
Although long-term interest rates climbed amid a recovering U.S. economy over the reporting period, short-term rates and money market yields remained anchored by an unchanged federal funds rate between 0% and 0.25%.
U.S. Economic Recovery Gained Traction
A mild U.S. economic recovery appeared to gain momentum in February 2013, when the unemployment rate declined from 7.9% to 7.7% and 236,000 new jobs were created.The unemployment rate continued to edge lower in March to 7.6%, but just 88,000 new jobs were added during the month.The economy grew at a lackluster 1.1% annualized rate during the first quarter of 2013.
The gradual recovery continued in April when the unemployment rate ticked down to 7.5%. In May, the Federal Reserve Board (the “Fed”) signaled that it would begin to curtail its quantitative easing program sooner than expected despite subsequent releases of data showing reduced manufacturing activity and an increase in the unemployment rate to 7.6%. Investors responded to the Fed’s hawkish remarks by driving long-term interest rates higher in June amid robust increases in home and automobile sales, the creation of 195,000 jobs, and an unchanged unemployment rate. For the second quarter, the U.S. economy grew at a more respectable 2.5% annualized rate.
July brought welcome evidence of market stabilization when investors realized that imminent increases in short-term rates were unlikely, even as the unemployment rate slid to 7.4%. In August, the manufacturing sector expanded at its fastest pace since June 2011, and the unemployment rate dipped to 7.3%. Financial markets rallied in September when the Fed unexpectedly refrained from tapering its quantitative easing program, manufacturing activity expanded, and the service sector continued to grow. Yet, only 146,000 jobs were added in September even as the unemployment rate fell to 7.2%. It later was
LETTER TO SHAREHOLDERS
(continued)
announced that U.S. economic activity accelerated to a robust 4.1% annualized growth rate during the third quarter.
October saw 204,000 new jobs, but furloughs of government workers during a U.S. government shutdown drove the unemployment rate to 7.3%, and the Fed again refrained from reducing its bond purchases. However, economic data for November showed a more robust recovery, including 274,000 new jobs and an unemployment rate of 7.0%.
Manufacturing activity accelerated in December, as new orders reached their highest level in four years.The Fed responded to more robust economic data by modestly reducing its monthly bond purchases, marking the first of what is expected to be a series of cuts. However, only 75,000 new jobs were created in December, the lowest monthly gain in three years. The unemployment rate slid to 6.7% as workers left the labor force. The U.S. economy grew at an estimated 3.2% annualized GDP growth rate during the fourth quarter.
In January 2014, investors worried that ongoing downturns in the emerging markets could dampen the U.S. economic recovery. However, corporate earnings growth generally remained strong, and the unemployment rate declined to 6.6% with the addition of 113,000 jobs. As expected, the Fed announced an additional reduction in quantitative easing after its January meeting.
No Change Expected for Short-Term Rates
Despite higher long-term interest rates in an accelerating recovery, money market yields remained near zero percent, and yield differences along the market’s
maturity spectrum stayed relatively narrow. In addition, monetary policymakers appear unlikely to raise short-term interest rates this year, and we expect regulators to issue changes to the rules governing some money market funds over the coming months.
Therefore, as we have for some time, we have maintained the fund’s weighted average maturity in a market-neutral position, and we remained focused on well-established issuers with good liquidity characteristics.
|
|
|
An investment in the funds is not insured or guaranteed by the FDIC or
|
|
any other government agency.Although the funds seek to preserve the value
|
|
of your investment at $1.00 per share, it is possible to lose money by
|
|
investing in the funds.
|
|
Short-term corporate, asset-backed securities holdings and municipal
|
|
securities holdings (as applicable), while rated in the highest rating category
|
|
by one or more NRSRO (or unrated, if deemed of comparable quality by
|
|
Dreyfus), involve credit and liquidity risks and risk of principal loss.
|
1
|
Effective yield is based upon dividends declared daily and reinvested
|
|
monthly. Past performance is no guarantee of future results.Yields fluctuate.
|
2
|
Yields provided reflect the absorption of certain fund expenses by The
|
|
Dreyfus Corporation pursuant to an undertaking, which is voluntary and
|
|
temporary, not contractual, and can be terminated at any time without
|
|
notice. Had these expenses not been absorbed, fund yields would have been
|
|
lower, and in some cases, 7-day yields during the reporting period would
|
|
have been negative absent the expense absorption.
|
4
LETTER TO SHAREHOLDERS
(continued)
remained focused on longer term municipal bonds with higher yields. In this environment, yields of high-quality, one-year municipal notes remained low, and rates on variable rate demand notes (“VRDNs”) stayed steady amid steady demand from taxable money market funds seeking to comply with more stringent liquidity requirements.
Despite a bankruptcy filing by the city of Detroit over the summer and media reports detailing Puerto Rico’s economic and fiscal woes in September, municipal credit quality generally continued to improve as tax revenues increased for most states and municipalities. California’s finances continued to benefit from stronger tax revenues in the wake of tax increases on higher income residents. The State of New York also fared relatively well, supported by balanced budgets enacted on time, improved finances, better spending controls, and well-funded pension liabilities.
Credit Selection Remained Paramount
Most municipal money market funds have maintained short weighted average maturities compared to historical averages due to narrow yield differences along the money market’s maturity range and ongoing regulatory uncertainty.The funds were no exception, as we generally maintained their weighted average maturities in a position that was consistent with industry averages.
Well-researched credit selection remained paramount during the reporting period. We continued to favor state general obligation bonds; essential service revenue bonds backed by water, sewer, and electric facilities; certain local credits with strong financial positions and stable tax bases; and health care and education issuers with stable credit characteristics.
Low Rates Likely to Persist
The Fed made modest cuts in its monthly bond purchases in December and January, marking the start of what is expected to be a series of measured reductions in its quantitative easing program. However, the Fed also has made clear that short-term interest rates are likely to remain low for some time to come. Consequently, in our judgment, the prudent course continues to be an emphasis on preservation of capital and liquidity.
|
|
|
An investment in the funds is not insured or guaranteed by the FDIC or
|
|
any other government agency.Although the funds seek to preserve the
|
|
value of your investment at $1.00 per share, it is possible to lose money
|
|
by investing in the funds.
|
|
Short-term corporate, asset-backed securities holdings and municipal
|
|
securities holdings (as applicable), while rated in the highest rating category
|
|
by one or more NRSRO (or unrated, if deemed of comparable quality by
|
|
Dreyfus), involve credit and liquidity risks and risk of principal loss.
|
1
|
Effective yield is based upon dividends declared daily and reinvested
|
|
monthly. Past performance is no guarantee of future results.Yields fluctuate.
|
|
For the national funds, income may be subject to state and local taxes. For
|
|
the NewYork and California funds, income may be subject to state and
|
|
local taxes for out-of-state residents. For each non-AMT-Free fund, some
|
|
income may be subject to the federal alternative minimum tax (AMT).
|
2
|
Yields provided reflect the absorption of certain fund expenses by The
|
|
Dreyfus Corporation pursuant to an undertaking, which is voluntary and
|
|
temporary, not contractual, and can be terminated at any time without
|
|
notice. Had these expenses not been absorbed, the funds’ yields would
|
|
have been lower, and in some cases, 7-day yields during the reporting
|
|
period would have been negative absent the expense absorption.
|
6
STATEMENT OF ASSETS AND LIABILITIES
(amounts in thousands, except Net Asset Value Per Share)
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus
|
|
Dreyfus
|
|
Dreyfus
|
|
Dreyfus
|
|
|
Dreyfus
|
|
Government
|
|
Government
|
|
Treasury &
|
|
Treasury
|
|
|
Cash
|
|
Cash
|
|
Prime Cash
|
|
Agency Cash
|
|
Prime Cash
|
|
|
Management
|
|
Management
|
|
Management
|
|
Management
|
|
Management
|
|
Assets ($):
|
|
|
|
|
|
|
|
|
|
|
Investments at value—Note 1(a,b)
†
|
29,241,036
|
a
|
17,625,935
|
a
|
5,160,133
|
|
18,242,177
|
a
|
40,004,810
|
|
Cash
|
3,618
|
|
939
|
|
73
|
|
678
|
|
1,484
|
|
Interest receivable
|
9,845
|
|
5,972
|
|
2,249
|
|
26,791
|
|
31,122
|
|
Receivable for shares of
|
|
|
|
|
|
|
|
|
|
|
Beneficial Interest subscribed
|
21
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Prepaid expenses and other assets
|
152
|
|
126
|
|
136
|
|
124
|
|
179
|
|
|
29,254,672
|
|
17,632,972
|
|
5,162,591
|
|
18,269,770
|
|
40,037,595
|
|
Liabilities ($):
|
|
|
|
|
|
|
|
|
|
|
Due to The Dreyfus Corporation
|
|
|
|
|
|
|
|
|
|
|
and affiliates—Note 2(c)
|
3,270
|
|
1,034
|
|
338
|
|
844
|
|
1,715
|
|
Payable for investment securities purchased
|
—
|
|
399,965
|
|
—
|
|
—
|
|
—
|
|
Payable for shares of Beneficial Interest redeemed
|
8,474
|
|
20
|
|
—
|
|
10,000
|
|
29,289
|
|
Accrued expenses
|
385
|
|
310
|
|
125
|
|
361
|
|
314
|
|
|
12,129
|
|
401,329
|
|
463
|
|
11,205
|
|
31,318
|
|
Net Assets ($)
|
29,242,543
|
|
17,231,643
|
|
5,162,128
|
|
18,258,565
|
|
40,006,277
|
|
Composition of Net Assets ($):
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
29,242,562
|
|
17,231,756
|
|
5,162,156
|
|
18,258,713
|
|
40,006,995
|
|
Accumulated net realized
|
|
|
|
|
|
|
|
|
|
|
gain (loss) on investments
|
(19
|
)
|
(113
|
)
|
(28
|
)
|
(148
|
)
|
(718
|
)
|
Net Assets ($)
|
29,242,543
|
|
17,231,643
|
|
5,162,128
|
|
18,258,565
|
|
40,006,277
|
|
Net Asset Value Per Share
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($)
|
24,356,373
|
|
14,577,411
|
|
3,911,061
|
|
15,067,833
|
|
32,447,753
|
|
Shares Outstanding
|
24,356,385
|
|
14,577,536
|
|
3,911,080
|
|
15,067,956
|
|
32,448,298
|
|
Net Asset Value Per Share ($)
|
1.00
|
|
1.00
|
|
1.00
|
|
1.00
|
|
1.00
|
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($)
|
2,228,079
|
|
1,863,099
|
|
514,728
|
|
2,069,648
|
|
3,354,045
|
|
Shares Outstanding
|
2,228,084
|
|
1,863,112
|
|
514,733
|
|
2,069,666
|
|
3,354,137
|
|
Net Asset Value Per Share ($)
|
1.00
|
|
1.00
|
|
1.00
|
|
1.00
|
|
1.00
|
|
54
|
|
|
|
|
|
|
|
Dreyfus
|
Dreyfus
|
Dreyfus
|
Dreyfus
|
|
Dreyfus
|
Government
|
Government
|
Treasury &
|
Treasury
|
|
Cash
|
Cash
|
Prime Cash
|
Agency Cash
|
Prime Cash
|
|
Management
|
Management
|
Management
|
Management
|
Management
|
Net Asset Value Per Share (continued)
|
|
|
|
|
|
Administrative Shares
|
|
|
|
|
|
Net Assets ($)
|
1,422,803
|
515,103
|
512,991
|
561,598
|
698,523
|
Shares Outstanding
|
1,422,808
|
515,106
|
512,995
|
561,602
|
698,536
|
Net Asset Value Per Share ($)
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Participant Shares
|
|
|
|
|
|
Net Assets ($)
|
1,049,170
|
174,370
|
213,359
|
512,744
|
3,463,773
|
Shares Outstanding
|
1,049,166
|
174,371
|
213,363
|
512,747
|
3,463,840
|
Net Asset Value Per Share ($)
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Service Shares
|
|
|
|
|
|
Net Assets ($)
|
—
|
—
|
—
|
8,118
|
—
|
Shares Outstanding
|
—
|
—
|
—
|
8,118
|
—
|
Net Asset Value Per Share ($)
|
—
|
—
|
—
|
1.00
|
—
|
Select Shares
|
|
|
|
|
|
Net Assets ($)
|
—
|
—
|
—
|
3,816
|
—
|
Shares Outstanding
|
—
|
—
|
—
|
3,816
|
—
|
Net Asset Value Per Share ($)
|
—
|
—
|
—
|
1.00
|
—
|
Agency Shares
|
|
|
|
|
|
Net Assets ($)
|
186,118
|
101,660
|
9,989
|
22,394
|
42,183
|
Shares Outstanding
|
186,119
|
101,661
|
9,989
|
22,394
|
42,184
|
Net Asset Value Per Share ($)
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Premier Shares
|
|
|
|
|
|
Net Assets ($)
|
—
|
—
|
—
|
12,414
|
—
|
Shares Outstanding
|
—
|
—
|
—
|
12,414
|
—
|
Net Asset Value Per Share ($)
|
—
|
—
|
—
|
1.00
|
—
|
†
Investments at cost ($)
|
29,241,036
|
17,625,935
|
5,160,133
|
18,242,177
|
40,004,810
|
|
a Amount includes repurchase agreements of $3,193,000, $4,900,000 and $9,124,000 for Dreyfus Cash Management, Dreyfus Government Cash Management and Dreyfus Treasury
|
& Agency Cash Management, respectively, See Note 1(c).
|
See notes to financial statements.
|
STATEMENT OF ASSETS AND LIABILITIES
(continued)
(amounts in thousands, except Net Asset Value Per Share)
January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus
|
Dreyfus
|
|
Dreyfus
|
|
Dreyfus
|
Dreyfus
|
|
California
|
New York
|
|
Municipal Cash
|
|
New York
|
Tax Exempt
|
|
AMT-Free
|
AMT-Free
|
|
Management
|
|
Municipal Cash
|
Cash Municipal Cash
|
Municipal Cash
|
|
Plus
|
|
Management
|
Management
|
|
Management
|
Management
|
Assets ($):
|
|
|
|
|
|
|
|
Investments at value—Note 1(a,b)
†
|
329,675
|
|
509,806
|
2,354,476
|
|
408,163
|
105,480
|
Cash
|
101
|
|
372
|
9,178
|
|
695
|
278
|
Interest receivable
|
415
|
|
585
|
2,694
|
|
211
|
128
|
Prepaid expenses and other assets
|
50
|
|
22
|
61
|
|
6
|
40
|
|
330,241
|
|
510,785
|
2,366,409
|
|
409,075
|
105,926
|
Liabilities ($):
|
|
|
|
|
|
|
|
Due to The Dreyfus Corporation
|
|
|
|
|
|
|
|
and affiliates—Note 2(c)
|
37
|
|
62
|
249
|
|
42
|
11
|
Payable for investment securities purchased
|
3,371
|
|
—
|
9,000
|
|
—
|
—
|
Payable for shares of
|
|
|
|
|
|
|
|
Beneficial Interest redeemed
|
11
|
|
—
|
—
|
|
—
|
—
|
Accrued expenses
|
58
|
|
60
|
84
|
|
58
|
49
|
|
3,477
|
|
122
|
9,333
|
|
100
|
60
|
Net Assets ($)
|
326,764
|
|
510,663
|
2,357,076
|
|
408,975
|
105,866
|
Composition of Net Assets ($):
|
|
|
|
|
|
|
|
Paid-in capital
|
326,774
|
|
510,663
|
2,357,093
|
|
408,975
|
105,866
|
Accumulated net realized
|
|
|
|
|
|
|
|
gain (loss) on investments
|
(10
|
)
|
—
|
(17
|
)
|
—
|
—
|
Net Assets ($)
|
326,764
|
|
510,663
|
2,357,076
|
|
408,975
|
105,866
|
Net Asset Value Per Share
|
|
|
|
|
|
|
|
Instititutional Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
89,617
|
|
141,968
|
1,849,687
|
|
144,855
|
72,239
|
Shares Outstanding
|
89,538
|
|
141,970
|
1,849,700
|
|
144,850
|
72,214
|
Net Asset Value Per Share ($)
|
1.00
|
|
1.00
|
1.00
|
|
1.00
|
1.00
|
Investor Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
152,336
|
|
355,539
|
408,593
|
|
236,729
|
25,117
|
Shares Outstanding
|
152,198
|
|
355,540
|
408,596
|
|
236,723
|
25,108
|
Net Asset Value Per Share ($)
|
1.00
|
|
1.00
|
1.00
|
|
1.00
|
1.00
|
Administrative Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
76,562
|
|
9,914
|
54,612
|
|
3,234
|
3,686
|
Shares Outstanding
|
76,496
|
|
9,914
|
54,613
|
|
3,234
|
3,686
|
Net Asset Value Per Share ($)
|
1.00
|
|
1.00
|
1.00
|
|
1.00
|
1.00
|
Participant Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
8,248
|
|
3,242
|
44,184
|
|
24,157
|
—
|
Shares Outstanding
|
8,240
|
|
3,242
|
44,184
|
|
24,157
|
—
|
Net Asset Value Per Share ($)
|
1.00
|
|
1.00
|
1.00
|
|
1.00
|
—
|
Agency Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
1
|
|
—
|
—
|
|
—
|
—
|
Shares Outstanding
|
1
|
|
—
|
—
|
|
—
|
—
|
Net Asset Value Per Share ($)
|
1.00
|
|
—
|
—
|
|
—
|
—
|
Classic Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
—
|
|
—
|
—
|
|
—
|
4,824
|
Shares Outstanding
|
—
|
|
—
|
—
|
|
—
|
4,824
|
Net Asset Value Per Share ($)
|
—
|
|
—
|
—
|
|
—
|
1.00
|
†
Investments at cost ($)
|
329,675
|
|
509,806
|
2,354,476
|
|
408,163
|
105,480
|
|
See notes to financial statements.
|
|
|
|
|
|
|
|
56
STATEMENT OF OPERATIONS
(amounts in thousands)
Year Ended January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus
|
|
Dreyfus
|
|
Dreyfus
|
|
Dreyfus
|
|
|
Dreyfus
|
|
Government
|
|
Government
|
|
Treasury &
|
|
Treasury
|
|
|
Cash
|
|
Cash
|
|
Prime Cash
|
|
Agency Cash
|
|
Prime Cash
|
|
|
Management
|
|
Management
|
|
Management
|
|
Management
|
|
Management
|
|
Investment Income ($):
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
51,554
|
|
17,047
|
|
3,936
|
|
15,187
|
|
20,632
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Management fee—Note 2(a)
|
53,249
|
|
32,868
|
|
9,397
|
|
36,556
|
|
68,997
|
|
Service plan fees—Note 2(b)
|
10,755
|
|
6,226
|
|
2,770
|
|
8,826
|
|
22,107
|
|
Prospectus and shareholders' reports
|
941
|
|
207
|
|
144
|
|
108
|
|
565
|
|
Custodian fees—Note 2(c)
|
866
|
|
506
|
|
176
|
|
557
|
|
961
|
|
Shareholder servicing costs—Note 2(c)
|
481
|
|
315
|
|
148
|
|
231
|
|
662
|
|
Registration fees
|
219
|
|
191
|
|
162
|
|
180
|
|
479
|
|
Trustees' fees and expenses—Note 2(d)
|
124
|
|
77
|
|
22
|
|
84
|
|
157
|
|
Professional fees
|
87
|
|
81
|
|
53
|
|
71
|
|
91
|
|
Miscellaneous
|
407
|
|
252
|
|
102
|
|
325
|
|
429
|
|
Total Expenses
|
67,129
|
|
40,723
|
|
12,974
|
|
46,938
|
|
94,448
|
|
Less—reduction in expenses
|
|
|
|
|
|
|
|
|
|
|
due to undertakings—Note 2(a)
|
(25,314
|
)
|
(25,316
|
)
|
(9,039
|
)
|
(33,495
|
)
|
(73,823
|
)
|
Less—reduction in fees
|
|
|
|
|
|
|
|
|
|
|
due to earnings credits—Note 2(c)
|
(10
|
)
|
(6
|
)
|
(1
|
)
|
(4
|
)
|
(5
|
)
|
Net Expenses
|
41,805
|
|
15,401
|
|
3,934
|
|
13,439
|
|
20,620
|
|
Investment Income—Net
|
9,749
|
|
1,646
|
|
2
|
|
1,748
|
|
12
|
|
Net Realized Gain (Loss) on
|
|
|
|
|
|
|
|
|
|
|
Investments—Note 1(b) ($)
|
(19
|
)
|
(81
|
)
|
(4
|
)
|
(67
|
)
|
(580
|
)
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
9,730
|
|
1,565
|
|
(2
|
)
|
1,681
|
|
(568
|
)
|
|
See notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS
(continued)
(amounts in thousands)
Year Ended January 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus
|
|
Dreyfus
|
|
|
Dreyfus
|
|
Dreyfus
|
|
Dreyfus
|
|
California
|
|
New York
|
|
|
Municipal Cash
|
|
New York
|
|
Tax Exempt
|
|
AMT-Free
|
|
AMT-Free
|
|
|
Management
|
|
Municipal Cash
|
|
Cash
|
|
Municipal Cash
|
|
Municipal Cash
|
|
|
Plus
|
|
Management
|
|
Management
|
|
Management
|
|
Management
|
|
Investment Income ($):
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
813
|
|
762
|
|
2,973
|
|
593
|
|
211
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Management fee—Note 2(a)
|
851
|
|
860
|
|
4,419
|
|
919
|
|
225
|
|
Service plan fees—Note 2(b)
|
600
|
|
769
|
|
1,273
|
|
737
|
|
89
|
|
Registration fees
|
88
|
|
41
|
|
155
|
|
14
|
|
63
|
|
Professional fees
|
76
|
|
77
|
|
78
|
|
50
|
|
44
|
|
Custodian fees—Note 2(c)
|
43
|
|
40
|
|
126
|
|
45
|
|
17
|
|
Prospectus and shareholders' reports
|
29
|
|
27
|
|
50
|
|
23
|
|
20
|
|
Shareholder servicing costs—Note 2(c)
|
9
|
|
5
|
|
342
|
|
1
|
|
2
|
|
Trustees' fees and expenses—Note 2(d)
|
2
|
|
2
|
|
10
|
|
2
|
|
—
a
|
|
Miscellaneous
|
62
|
|
47
|
|
105
|
|
34
|
|
35
|
|
Total Expenses
|
1,760
|
|
1,868
|
|
6,558
|
|
1,825
|
|
495
|
|
Less—reduction in expenses
|
|
|
|
|
|
|
|
|
|
|
due to undertakings—Note 2(a)
|
(948
|
)
|
(1,107
|
)
|
(3,586
|
)
|
(1,233
|
)
|
(284
|
)
|
Less—reduction in fees due to
|
|
|
|
|
|
|
|
|
|
|
earnings credits—Note 2(c)
|
—
a
|
|
—
a
|
|
—
a
|
|
—
a
|
|
—
a
|
|
Net Expenses
|
812
|
|
761
|
|
2,972
|
|
592
|
|
211
|
|
Investment Income—Net
|
1
|
|
1
|
|
1
|
|
1
|
|
—
a
|
|
Net Realized Gain (Loss) on
|
|
|
|
|
|
|
|
|
|
|
Investments—Note 1(b) ($)
|
—
|
|
13
|
|
(14
|
)
|
—
|
|
—
|
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
1
|
|
14
|
|
(13
|
)
|
1
|
|
—
a
|
|
|
a Amount represents less than $1,000.
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
58
STATEMENTS OF CHANGES IN NET ASSETS
(amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus Government
|
|
|
Dreyfus Cash Management
|
|
Cash Management
|
|
|
Year Ended January 31,
|
|
Year Ended January 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Operations ($):
|
|
|
|
|
|
|
|
|
Investment income—net
|
9,749
|
|
18,114
|
|
1,646
|
|
1,329
|
|
Net realized gain (loss) on investments
|
(19
|
)
|
245
|
|
(81
|
)
|
(32
|
)
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
9,730
|
|
18,359
|
|
1,565
|
|
1,297
|
|
Dividends to Shareholders from ($):
|
|
|
|
|
|
|
|
|
Investment income—net:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(9,748
|
)
|
(18,209
|
)
|
(1,358
|
)
|
(1,106
|
)
|
Investor Shares
|
(2
|
)
|
(26
|
)
|
(185
|
)
|
(127
|
)
|
Administrative Shares
|
(1
|
)
|
(42
|
)
|
(73
|
)
|
(79
|
)
|
Participant Shares
|
—
a
|
|
(6
|
)
|
(20
|
)
|
(16
|
)
|
Agency Shares
|
—
a
|
|
(56
|
)
|
(10
|
)
|
(18
|
)
|
Total Dividends
|
(9,751
|
)
|
(18,339
|
)
|
(1,646
|
)
|
(1,346
|
)
|
Beneficial Interest Transactions
($1.00 per share):
|
|
|
|
|
|
|
|
|
Net proceeds from shares sold:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
86,438,068
|
|
92,476,479
|
|
84,705,848
|
|
81,658,018
|
|
Investor Shares
|
6,773,654
|
|
8,945,378
|
|
5,603,225
|
|
5,945,485
|
|
Administrative Shares
|
11,697,322
|
|
5,118,256
|
|
2,188,894
|
|
2,673,619
|
|
Participant Shares
|
1,968,289
|
|
1,719,835
|
|
1,587,553
|
|
1,444,028
|
|
Agency Shares
|
786,384
|
|
1,082,358
|
|
773,169
|
|
1,145,107
|
|
Dividends reinvested:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
2,023
|
|
2,843
|
|
290
|
|
229
|
|
Investor Shares
|
1
|
|
9
|
|
119
|
|
85
|
|
Administrative Shares
|
—
a
|
|
24
|
|
53
|
|
65
|
|
Participant Shares
|
—
a
|
|
6
|
|
15
|
|
12
|
|
Agency Shares
|
—
a
|
|
2
|
|
—
a
|
|
—
a
|
|
Cost of shares redeemed:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(85,276,908
|
)
|
(91,981,388
|
)
|
(83,356,925
|
)
|
(86,511,520
|
)
|
Investor Shares
|
(7,237,577
|
)
|
(9,244,035
|
)
|
(5,506,384
|
)
|
(5,689,428
|
)
|
Administrative Shares
|
(11,545,694
|
)
|
(4,788,484
|
)
|
(2,652,807
|
)
|
(2,797,553
|
)
|
Participant Shares
|
(1,687,602
|
)
|
(1,777,233
|
)
|
(1,700,519
|
)
|
(1,445,987
|
)
|
Agency Shares
|
(728,052
|
)
|
(1,140,678
|
)
|
(750,032
|
)
|
(1,152,113
|
)
|
Increase (Decrease) in Net Assets from
|
|
|
|
|
|
|
|
|
Beneficial Interest Transactions
|
1,189,908
|
|
413,372
|
|
892,499
|
|
(4,729,953
|
)
|
Total Increase (Decrease) In Net Assets
|
1,189,887
|
|
413,392
|
|
892,418
|
|
(4,730,002
|
)
|
Net Assets ($):
|
|
|
|
|
|
|
|
|
Beginning of Period
|
28,052,656
|
|
27,639,264
|
|
16,339,225
|
|
21,069,227
|
|
End of Period
|
29,242,543
|
|
28,052,656
|
|
17,231,643
|
|
16,339,225
|
|
|
a Amount represents less than $1,000.
|
|
|
|
|
|
|
|
|
See notes to financial statements.
|
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN NET ASSETS
(continued)
(amounts in thousands)
|
|
|
|
|
|
|
|
|
|
Dreyfus Government
|
|
Dreyfus Treasury &
|
|
|
Prime Cash Management
|
|
Agency Cash Management
|
|
|
Year Ended January 31,
|
|
Year Ended January 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Operations ($):
|
|
|
|
|
|
|
|
|
Investment income—net
|
2
|
|
2
|
|
1,748
|
|
1,862
|
|
Net realized gain (loss) on investments
|
(4
|
)
|
24
|
|
(67
|
)
|
(1
|
)
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
(2
|
)
|
26
|
|
1,681
|
|
1,861
|
|
Dividends to Shareholders from ($):
|
|
|
|
|
|
|
|
|
Investment income—net:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(2
|
)
|
(2
|
)
|
(1,470
|
)
|
(1,499
|
)
|
Investor Shares
|
—
a
|
|
—
a
|
|
(235
|
)
|
(231
|
)
|
Administrative Shares
|
—
a
|
|
—
a
|
|
(62
|
)
|
(61
|
)
|
Participant Shares
|
—
a
|
|
—
a
|
|
(53
|
)
|
(77
|
)
|
Service Shares
|
—
|
|
—
|
|
(1
|
)
|
(2
|
)
|
Select Shares
|
—
|
|
—
|
|
(1
|
)
|
(1
|
)
|
Agency Shares
|
—
a
|
|
—
a
|
|
(3
|
)
|
(3
|
)
|
Premier Shares
|
—
|
|
—
|
|
(3
|
)
|
(3
|
)
|
Total Dividends
|
(2
|
)
|
(2
|
)
|
(1,828
|
)
|
(1,877
|
)
|
Beneficial Interest Transactions
($1.00 per share):
|
|
|
|
|
|
|
|
|
Net proceeds from shares sold:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
8,706,498
|
|
9,240,101
|
|
69,938,115
|
|
61,008,789
|
|
Investor Shares
|
1,656,875
|
|
1,278,337
|
|
8,194,430
|
|
8,759,746
|
|
Administrative Shares
|
4,396,854
|
|
3,740,470
|
|
1,512,809
|
|
1,849,288
|
|
Participant Shares
|
648,154
|
|
395,043
|
|
2,974,319
|
|
3,336,778
|
|
Service Shares
|
—
|
|
—
|
|
10,694
|
|
11,154
|
|
Select Shares
|
—
|
|
—
|
|
18,551
|
|
21,388
|
|
Agency Shares
|
12,402
|
|
53,125
|
|
83,331
|
|
94,825
|
|
Premier Shares
|
—
|
|
—
|
|
441,359
|
|
351,697
|
|
Dividends reinvested:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
—
a
|
|
—
a
|
|
389
|
|
444
|
|
Investor Shares
|
—
a
|
|
—
a
|
|
80
|
|
60
|
|
Administrative Shares
|
—
a
|
|
—
a
|
|
43
|
|
40
|
|
Participant Shares
|
—
a
|
|
—
a
|
|
26
|
|
49
|
|
Service Shares
|
—
|
|
—
|
|
—
a
|
|
—
a
|
|
Cost of shares redeemed:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(8,314,032
|
)
|
(9,264,963
|
)
|
(69,369,396
|
)
|
(63,056,962
|
)
|
Investor Shares
|
(1,595,742
|
)
|
(1,306,838
|
)
|
(8,394,862
|
)
|
(8,665,795
|
)
|
Administrative Shares
|
(4,451,597
|
)
|
(3,805,024
|
)
|
(1,571,690
|
)
|
(1,830,964
|
)
|
Participant Shares
|
(664,268
|
)
|
(391,128
|
)
|
(3,064,754
|
)
|
(3,622,551
|
)
|
Service Shares
|
—
|
|
—
|
|
(17,969
|
)
|
(27,679
|
)
|
Select Shares
|
—
|
|
—
|
|
(21,053
|
)
|
(38,874
|
)
|
Agency Shares
|
(39,282
|
)
|
(27,819
|
)
|
(88,989
|
)
|
(89,570
|
)
|
Premier Shares
|
—
|
|
—
|
|
(454,099
|
)
|
(357,344
|
)
|
Increase (Decrease) in Net Assets from
|
|
|
|
|
|
|
|
|
Beneficial Interest Transactions
|
355,862
|
|
(88,696
|
)
|
191,334
|
|
(2,255,481
|
)
|
Total Increase (Decrease) In Net Assets
|
355,858
|
|
(88,672
|
)
|
191,187
|
|
(2,255,497
|
)
|
Net Assets ($):
|
|
|
|
|
|
|
|
|
Beginning of Period
|
4,806,270
|
|
4,894,942
|
|
18,067,378
|
|
20,322,875
|
|
End of Period
|
5,162,128
|
|
4,806,270
|
|
18,258,565
|
|
18,067,378
|
|
|
a Amount represents less than $1,000.
|
|
|
|
|
|
|
|
|
See notes to financial statements.
|
|
|
|
|
|
|
|
|
60
|
|
|
|
|
|
|
|
|
|
Dreyfus Treasury
|
|
Dreyfus Municipal
|
|
|
Prime Cash Management
|
|
Cash Management Plus
|
|
|
Year Ended January 31,
|
|
Year Ended January 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Operations ($):
|
|
|
|
|
|
|
|
|
Investment income—net
|
12
|
|
10
|
|
1
|
|
42
|
|
Net realized gain (loss) on investments
|
(580
|
)
|
113
|
|
—
|
|
—
a
|
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
(568
|
)
|
123
|
|
1
|
|
42
|
|
Dividends to Shareholders from ($):
|
|
|
|
|
|
|
|
|
Investment income—net:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(10
|
)
|
(8
|
)
|
(1
|
)
|
(42
|
)
|
Investor Shares
|
(1
|
)
|
(1
|
)
|
—
a
|
|
—
a
|
|
Administrative Shares
|
—
a
|
|
—
a
|
|
—
a
|
|
—
a
|
|
Participant Shares
|
(1
|
)
|
(1
|
)
|
—
a
|
|
—
a
|
|
Agency Shares
|
—
a
|
|
—
a
|
|
—
|
|
—
a
|
|
Total Dividends
|
(12
|
)
|
(10
|
)
|
(1
|
)
|
(42
|
)
|
Beneficial Interest Transactions
($1.00 per share):
|
|
|
|
|
|
|
|
|
Net proceeds from shares sold:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
66,673,501
|
|
55,332,002
|
|
649,422
|
|
1,526,121
|
|
Investor Shares
|
15,423,051
|
|
16,548,074
|
|
276,772
|
|
367,112
|
|
Administrative Shares
|
1,549,314
|
|
2,286,789
|
|
163,227
|
|
411,224
|
|
Participant Shares
|
12,764,817
|
|
12,306,117
|
|
43,618
|
|
48,715
|
|
Agency Shares
|
342,832
|
|
351,699
|
|
—
|
|
—
|
|
Dividends reinvested:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
2
|
|
1
|
|
—
a
|
|
18
|
|
Investor Shares
|
1
|
|
1
|
|
—
a
|
|
—
a
|
|
Administrative Shares
|
—
a
|
|
—
a
|
|
—
a
|
|
—
a
|
|
Participant Shares
|
1
|
|
1
|
|
—
a
|
|
—
a
|
|
Agency Shares
|
—
a
|
|
—
a
|
|
—
|
|
—
a
|
|
Cost of shares redeemed:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(58,807,242
|
)
|
(49,638,348
|
)
|
(912,265
|
)
|
(1,520,125
|
)
|
Investor Shares
|
(16,136,440
|
)
|
(16,630,817
|
)
|
(335,021
|
)
|
(413,579
|
)
|
Administrative Shares
|
(1,600,438
|
)
|
(2,146,960
|
)
|
(294,846
|
)
|
(415,964
|
)
|
Participant Shares
|
(12,975,204
|
)
|
(11,498,332
|
)
|
(55,894
|
)
|
(53,180
|
)
|
Agency Shares
|
(324,799
|
)
|
(348,294
|
)
|
(14
|
)
|
—
a
|
|
Increase (Decrease) in Net Assets from
|
|
|
|
|
|
|
|
|
Beneficial Interest Transactions
|
6,909,396
|
|
6,561,933
|
|
(465,001
|
)
|
(49,658
|
)
|
Total Increase (Decrease) In Net Assets
|
6,908,816
|
|
6,562,046
|
|
(465,001
|
)
|
(49,658
|
)
|
Net Assets ($):
|
|
|
|
|
|
|
|
|
Beginning of Period
|
33,097,461
|
|
26,535,415
|
|
791,765
|
|
841,423
|
|
End of Period
|
40,006,277
|
|
33,097,461
|
|
326,764
|
|
791,765
|
|
|
a Amount represents less than $1,000.
|
|
|
|
|
|
|
|
|
See notes to financial statements.
|
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN NET ASSETS
(continued)
(amounts in thousands)
|
|
|
|
|
|
|
|
|
|
Dreyfus New York Municipal
|
|
Dreyfus Tax Exempt
|
|
|
Cash Management
|
|
Cash Management
|
|
|
Year Ended January 31,
|
|
Year Ended January 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Operations ($):
|
|
|
|
|
|
|
|
|
Investment income—net
|
1
|
|
27
|
|
1
|
|
18
|
|
Net realized gain (loss) on investments
|
13
|
|
1
|
|
(14
|
)
|
—
|
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
14
|
|
28
|
|
(13
|
)
|
18
|
|
Dividends to Shareholders from ($):
|
|
|
|
|
|
|
|
|
Investment income—net:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(5
|
)
|
(27
|
)
|
(1
|
)
|
(18
|
)
|
Investor Shares
|
(10
|
)
|
—
a
|
|
—
a
|
|
—
a
|
|
Administrative Shares
|
—
a
|
|
—
a
|
|
—
a
|
|
—
a
|
|
Participant Shares
|
—
a
|
|
—
a
|
|
—
a
|
|
—
a
|
|
Agency Shares
|
—
|
|
—
a,b
|
|
—
|
|
—
|
|
Total Dividends
|
(15
|
)
|
(27
|
)
|
(1
|
)
|
(18
|
)
|
Beneficial Interest Transactions
($1.00 per share):
|
|
|
|
|
|
|
|
|
Net proceeds from shares sold:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
187,747
|
|
319,114
|
|
6,699,608
|
|
7,995,575
|
|
Investor Shares
|
738,921
|
|
504,289
|
|
834,672
|
|
788,328
|
|
Administrative Shares
|
50,765
|
|
60,139
|
|
91,837
|
|
58,951
|
|
Participant Shares
|
22,171
|
|
54,830
|
|
138,819
|
|
89,293
|
|
Agency Shares
|
—
|
|
—
b
|
|
—
|
|
—
|
|
Dividends reinvested:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
1
|
|
4
|
|
—
a
|
|
6
|
|
Investor Shares
|
9
|
|
—
a
|
|
—
a
|
|
—
a
|
|
Administrative Shares
|
—
a
|
|
—
a
|
|
—
a
|
|
—
a
|
|
Participant Shares
|
—
a
|
|
—
a
|
|
—
a
|
|
—
|
|
Cost of shares redeemed:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(179,055
|
)
|
(506,120
|
)
|
(6,625,438
|
)
|
(8,301,833
|
)
|
Investor Shares
|
(583,274
|
)
|
(570,997
|
)
|
(868,701
|
)
|
(725,263
|
)
|
Administrative Shares
|
(50,987
|
)
|
(71,445
|
)
|
(103,640
|
)
|
(68,201
|
)
|
Participant Shares
|
(32,113
|
)
|
(52,257
|
)
|
(130,940
|
)
|
(80,254
|
)
|
Agency Shares
|
—
|
|
(1)
|
b
|
—
|
|
—
|
|
Increase (Decrease) in Net Assets from
|
|
|
|
|
|
|
|
|
Beneficial Interest Transactions
|
154,185
|
|
(262,444
|
)
|
36,217
|
|
(243,398
|
)
|
Total Increase (Decrease) In Net Assets
|
154,184
|
|
(262,443
|
)
|
36,203
|
|
(243,398
|
)
|
Net Assets ($):
|
|
|
|
|
|
|
|
|
Beginning of Period
|
356,479
|
|
618,922
|
|
2,320,873
|
|
2,564,271
|
|
End of Period
|
510,663
|
|
356,479
|
|
2,357,076
|
|
2,320,873
|
|
|
a Amount represents less than $1,000.
|
b Effective September 14, 2012, Dreyfus NewYork Municipal Cash Management terminated its Agency Shares.
|
See notes to financial statements.
62
|
|
|
|
|
|
|
|
|
|
Dreyfus California AMT-Free
|
|
Dreyfus New York AMT-Free
|
|
|
Municipal Cash Management
|
|
Municipal Cash Management
|
|
|
Year Ended January 31,
|
|
Year Ended January 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Operations ($):
|
|
|
|
|
|
|
|
|
Investment income—net
|
1
|
|
24
|
|
—
a
|
|
1
|
|
Net realized gain (loss) on investments
|
—
|
|
212
|
|
—
|
|
—
|
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
1
|
|
236
|
|
—
a
|
|
1
|
|
Dividends to Shareholders from ($):
|
|
|
|
|
|
|
|
|
Investment income—net:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(1
|
)
|
(112
|
)
|
—
a
|
|
(2
|
)
|
Investor Shares
|
—
a
|
|
(106
|
)
|
—
a
|
|
(1
|
)
|
Administrative Shares
|
—
a
|
|
(2
|
)
|
—
a
|
|
—
a
|
|
Participant Shares
|
—
a
|
|
(16
|
)
|
—
|
|
—
a,b
|
|
Agency Shares
|
—
|
|
—
a,c
|
|
—
|
|
—
|
|
Classic Shares
|
—
|
|
—
|
|
—
a
|
|
—
a
|
|
Total Dividends
|
(1
|
)
|
(236
|
)
|
—
a
|
|
(3
|
)
|
Beneficial Interest Transactions
($1.00 per share):
|
|
|
|
|
|
|
|
|
Net proceeds from shares sold:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
195,745
|
|
229,485
|
|
114,910
|
|
103,391
|
|
Investor Shares
|
732,249
|
|
760,107
|
|
88,971
|
|
123,695
|
|
Administrative Shares
|
11,182
|
|
28,990
|
|
12,736
|
|
16,538
|
|
Participant Shares
|
161,138
|
|
135,835
|
|
—
|
|
—
b
|
|
Classic Shares
|
—
|
|
—
|
|
106,521
|
|
110,790
|
|
Dividends reinvested:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
1
|
|
102
|
|
—
a
|
|
1
|
|
Investor Shares
|
—
a
|
|
97
|
|
—
a
|
|
—
a
|
|
Administrative Shares
|
—
a
|
|
1
|
|
—
a
|
|
—
a
|
|
Participant Shares
|
—
a
|
|
16
|
|
—
|
|
—
b
|
|
Classic Shares
|
—
|
|
—
|
|
—
a
|
|
—
a
|
|
Cost of shares redeemed:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(249,383
|
)
|
(205,257
|
)
|
(125,739
|
)
|
(122,554
|
)
|
Investor Shares
|
(707,129
|
)
|
(752,054
|
)
|
(100,507
|
)
|
(135,682
|
)
|
Administrative Shares
|
(9,318
|
)
|
(29,600
|
)
|
(15,138
|
)
|
(23,124
|
)
|
Participant Shares
|
(170,510
|
)
|
(163,971
|
)
|
—
|
|
(10
|
)
b
|
Agency Shares
|
—
|
|
(1
|
)
c
|
—
|
|
—
|
|
Classic Shares
|
—
|
|
—
|
|
(102,761
|
)
|
(109,997
|
)
|
Increase (Decrease) in Net Assets from
|
|
|
|
|
|
|
|
|
Beneficial Interest Transactions
|
(36,025
|
)
|
3,750
|
|
(21,007
|
)
|
(36,952
|
)
|
Total Increase (Decrease) In Net Assets
|
(36,025
|
)
|
3,750
|
|
(21,007
|
)
|
(36,954
|
)
|
Net Assets ($):
|
|
|
|
|
|
|
|
|
Beginning of Period
|
445,000
|
|
441,250
|
|
126,873
|
|
163,827
|
|
End of Period
|
408,975
|
|
445,000
|
|
105,866
|
|
126,873
|
|
|
a Amount represents less than $1,000.
|
b Effective September 14, 2012, Dreyfus NewYork AMT-Free Municipal Cash Management terminated its Participant Shares.
|
c Effective September 14, 2012, Dreyfus California AMT-Free Municipal Cash Management terminated its Agency Shares.
|
See notes to financial statements.
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.
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
64
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS
(continued)
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
66
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS
(continued)
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
68
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
c
|
Amount represents less than $1 million.
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS
(continued)
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
70
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS
(continued)
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
72
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
c
|
Amount represents less than $1 million.
|
See notes to financial statements.
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, DreyfusTreasury & Agency Cash Management, Dreyfus Treasury Prime Cash Management, Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management, Dreyfus California AMT-Free Municipal Cash Management and Dreyfus New York AMT-Free Municipal Cash Management (each, a “fund” and collectively, the “funds”) are open-end management investment companies registered under the Investment Company Act of 1940, as amended (the “Act”). Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury & Agency Cash Management, Dreyfus Treasury Prime Cash Management, Dreyfus Municipal Cash Management Plus and Dreyfus Tax Exempt Cash Management are diversified funds. Dreyfus New York Municipal Cash Management, Dreyfus California AMT-Free Municipal Cash Management and Dreyfus New York AMT-Free Municipal Cash Management are non-diversified. Dreyfus Government Cash Management and Dreyfus Government Prime Cash Management are each a separate series of Dreyfus Government Cash Management Funds (the “Company”) and Dreyfus Tax Exempt Cash Management, Dreyfus California AMT-Free Municipal Cash Management and Dreyfus New York AMT-Free Municipal Cash Management are separate series of Dreyfus Tax Exempt Cash Management Funds (the “Trust”).
Each fund’s investment objective is to provide investors with as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity and, in the case of Dreyfus Municipal Cash Management Plus and Dreyfus Tax Exempt Cash Management only, which is exempt from federal income tax; in the case of Dreyfus New York Municipal Cash Management and Dreyfus New York AMT-Free Municipal Cash Management, which is exempt from federal, New York state and New York city personal income taxes, and in the case of Dreyfus California AMT-Free Municipal Cash Management only, which is exempt
from federal and California state personal income taxes.The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as each fund’s investment adviser.
MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the funds’ shares, which are sold to the public without a sales charge. Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest. Each fund offers Institutional Shares, Investor Shares, Administrative Shares, Participant Shares and Agency Shares with the exception of Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management, Dreyfus California AMT-Free Municipal Cash Management and Dreyfus New York AMT-Free Municipal Cash Management which do not offer Agency Shares. Dreyfus NewYork AMT-Free Municipal Cash Management also does not offer Participant Shares. In addition, Dreyfus Treasury & Agency Cash Management offers Service Shares, Select Shares and Premier Shares and Dreyfus NewYork AMT-Free Municipal Cash Management offers Classic Shares. Each share class, except Institutional Shares, is subject to a Service Plan adopted pursuant to Rule 12b-1 under the Act. Other differences between the classes include the services offered (by service agents receiving Rule 12b-1 fees) to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
It is each fund’s policy to maintain a continuous net asset value per share of $1.00; the funds have adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the funds will be able to maintain a stable net asset value per share of $1.00.
As of January 31, 2014, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held all of the outstanding Agency Shares of Dreyfus Municipal Cash Management Plus.
74
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 funds’ 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:
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 funds’ Boards of Trustees (the “Boards”).
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:
Level 1
—unadjusted quoted prices in active markets for identical investments.
Level 2
—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3
—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.
At January 31, 2014, all of the securities in each fund were considered Level 2 of the fair value hierarchy.
At January 31, 2014, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.
(b) Securities transactions and investment income:
Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.
NOTES TO FINANCIAL STATEMENTS
(continued)
Dreyfus New York Municipal Cash Management, Dreyfus California AMT-Free Municipal Cash Management and Dreyfus NewYork AMT-Free Municipal Cash Management follow an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the funds.
(c) Repurchase Agreements:
Dreyfus Cash Management, Dreyfus Government Cash Management and Dreyfus Treasury & Agency Cash Management may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Manager, subject to the seller’s agreement to repurchase and the funds’ agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreements, 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.These funds may also jointly enter into one or more repurchase agreements with other Dreyfus-managed funds in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
(d) Dividends to shareholders:
It is the policy of each fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”).To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of each fund
not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
(e) Federal income taxes:
It is the policy of Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury & Agency Cash Management and Dreyfus Treasury Prime Cash Management to continue to qualify as a regulated investment company if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.
It is the policy of Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management, Dreyfus California AMT-Free Municipal Cash Management and Dreyfus New York AMT-Free Municipal Cash Management to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended January 31, 2014, the funds did not have any liabilities for any uncertain tax positions.The funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended January 31, 2014, the funds did not incur any interest or penalties.
Each tax year in the four-year period ended January 31, 2014 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At January 31, 2014, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes. In addition, Dreyfus Treasury & Agency Cash Management had $148,184 of capital losses realized after October 31, 2013, which were deferred for tax purposes to the first day of the following fiscal year.
76
Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), the funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute.The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.
Table 1
summarizes each relevant fund’s accumulated capital loss carryover available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to January 31, 2014.
The tax character of distributions paid to shareholders of Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury & Agency Cash Management and Dreyfus Treasury Prime Cash Management during the fiscal periods ended January 31, 2014 and January 31, 2013 were all ordinary income.
Table 2
summarizes the tax character of distributions paid to shareholders of Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management, Dreyfus California AMT-Free Municipal Cash Management and Dreyfus New York AMT-Free Municipal Cash Management during the fiscal periods ended January 31, 2014 and January 31, 2013.
Table 1—Capital Loss Carryover
|
|
|
|
|
|
|
|
($ x 1,000)
|
|
|
|
|
Post-Enactment
|
|
|
|
|
Short-Term
|
|
|
2019($)
†
|
|
Losses ($)
††
|
Total($)
|
Dreyfus Cash Management
|
—
|
|
19
|
19
|
Dreyfus Government Cash Management
|
—
|
|
113
|
113
|
Dreyfus Government Prime Cash Management
|
—
|
|
28
|
28
|
Dreyfus Treasury Prime Cash Management
|
—
|
|
718
|
718
|
Dreyfus Municipal Cash Management Plus
|
10
|
|
—
|
10
|
Dreyfus Tax Exempt Cash Management
|
—
|
|
17
|
17
|
|
†
If not applied, the carryover expires in the above fiscal year.
|
††
Post-enactment short-term capital losses can be carried forward for an unlimited period.
|
Table 2—Tax Character of Distributions Paid
|
|
|
|
|
|
Tax Character of Distributions Paid ($ x 1,000)
|
2014
|
|
|
2013
|
|
|
|
|
|
|
Long-Term
|
|
Tax-Exempt
|
Ordinary
|
Tax-Exempt
|
Ordinary
|
Capital
|
|
Income ($)
|
Income ($)
|
Income ($)
|
Income ($)
|
Gains ($)
|
Dreyfus Municipal Cash Management Plus
|
1
|
—
|
42
|
—
|
—
|
Dreyfus New York Municipal Cash Management
|
1
|
14
|
27
|
—
†
|
—
|
Dreyfus Tax Exempt Cash Management
|
1
|
—
|
18
|
—
|
—
|
Dreyfus California AMT-Free Municipal Cash Management
|
1
|
—
|
24
|
121
|
91
|
Dreyfus New York AMT-Free Municipal Cash Management
|
—
†
|
—
|
1
|
2
|
—
|
|
|
†
|
Amount represents less than $1,000.
|
The Funds
77
NOTES TO FINANCIAL STATEMENTS
(continued)
During the period ended January 31, 2014, as a result of permanent book to tax differences, primarily due to dividend reclassification, each relevant fund increased accumulated undistributed investment income-net and decreased accumulated net realized gain (loss) on investments, as summarized in
Table 3
. Net assets and net asset value per share were not affected by this reclassification.
At January 31, 2014, 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).
NOTE 2—Management Fee and Other Transactions with Affiliates:
(a)
Pursuant to separate management agreements with the Manager, 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.
The Manager has undertaken to waive receipt of the management fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may
change from time to time.These undertakings are voluntary and not contractual, and may be terminated at any time.
Table 4
summarizes the reduction in expenses for each class of shares of each fund, pursuant to these undertakings, during the period ended January 31, 2014.
(b)
Under each fund’s Service Plan adopted pursuant to Rule 12b-1 under the Act, with respect to each fund’s applicable Investor Shares,Administrative Shares, Participant Shares, Service Shares, Select Shares,Agency Shares, Premier Shares and Classic Shares, each fund pays the Distributor for distributing such classes of shares, for advertising and marketing and for providing certain services relating to shareholders of the respective class of shares. Investor Shares, Administrative Shares, Participant Shares, Service Shares, Select Shares, Agency Shares, Premier Shares and Classic Shares pay the Distributor at annual rates of .25%, .10%, .40%, .50%, .80%, .06%, .31%, and .50%, 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 share-
|
|
|
|
|
|
|
Table 3—Reclassification of Components of Net Assets
|
|
|
|
|
|
|
|
|
|
Accumulated
|
Accumulated
|
|
|
|
|
Undistributed
|
|
Net Realized
|
|
|
|
Investment Income—Net ($)
|
Gain (Loss) ($)
|
|
Dreyfus Cash Management
|
|
|
2,137
|
|
(2,137
|
)
|
Dreyfus Treasury & Agency Cash Management
|
|
|
80,401
|
|
(80,401
|
)
|
Dreyfus New York Municipal Cash Management
|
|
|
14,153
|
|
(14,153
|
)
|
|
Table 4—Expense Reductions
|
|
|
|
|
|
|
|
|
|
Dreyfus
|
Dreyfus
|
Dreyfus
|
Dreyfus
|
|
|
|
Government
|
Government
|
Treasury &
|
Treasury
|
|
|
Dreyfus Cash
|
Cash
|
Prime Cash
|
Agency Cash
|
Prime Cash
|
|
|
Management ($)
|
Management ($)
|
Management ($)
|
Management ($)
|
Management ($)
|
|
Institutional Shares
|
13,719,795
|
15,707,910
|
4,472,138
|
19,869,438
|
40,371,475
|
|
Investor Shares
|
6,436,450
|
6,809,758
|
2,106,908
|
9,004,968
|
15,107,014
|
|
Administrative Shares
|
1,535,501
|
1,577,436
|
1,309,081
|
1,476,552
|
1,602,198
|
|
Participant Shares
|
3,499,373
|
1,050,043
|
1,124,185
|
2,840,252
|
16,670,464
|
|
Service Shares
|
—
|
—
|
—
|
77,983
|
—
|
|
Select Shares
|
—
|
—
|
—
|
50,130
|
—
|
|
Agency Shares
|
122,654
|
170,655
|
26,407
|
54,842
|
71,370
|
|
Premier Shares
|
—
|
—
|
—
|
120,448
|
—
|
|
78
holder accounts (“Servicing”). Under the Service Plan, as to each class, the Distributor may make payments to Service Agents in respect to these services. Generally, the Service Agent may provide holders of Investor Shares, Administrative Shares, Participant Shares, Service Shares, Select Shares, Agency Shares, Premier Shares and Classic Shares a consolidated statement. The Service Agent will generally also provide the holders of Investor Shares, Participant Shares, Service Shares, Select Shares and/or Premier Shares automated teller check writing privileges and, in the case of Participant Shares, Service Shares, and
Premier Shares, automated teller machine access, and bill paying services. The amount paid under the Service Plan for Servicing is intended to be a “service fee” as defined under the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”), and at no time will such amount exceed the maximum amount permitted to be paid under the FINRA Conduct Rules as a service fee.The fees payable under the Service Plan are payable without regard to actual expenses incurred.
Table 5
summarizes the amount each fund was charged pursuant to the Service Plan during the period ended January 31, 2014.
|
|
|
|
|
|
Table 4—Expense Reductions (continued)
|
|
|
|
|
|
|
|
Dreyfus
|
Dreyfus
|
|
Dreyfus
|
Dreyfus
|
|
Municipal
|
New York
|
Dreyfus
|
California
|
New York
|
|
Cash
|
Municipal
|
Tax Exempt
|
AMT-Free
|
AMT-Free
|
|
Management
|
Cash
|
Cash
|
Municipal Cash
|
Municipal Cash
|
|
Plus ($)
|
Management ($)
|
Management ($)
|
Management ($)
|
Management ($)
|
Institutional Shares
|
109,230
|
95,175
|
1,846,482
|
198,829
|
130,998
|
Investor Shares
|
617,277
|
979,441
|
1,449,776
|
850,822
|
130,892
|
Administrative Shares
|
144,197
|
14,098
|
117,318
|
5,787
|
11,886
|
Participant Shares
|
77,063
|
18,371
|
171,949
|
177,276
|
—
|
Agency Shares
|
2
|
—
|
—
|
—
|
—
|
Classic Shares
|
—
|
—
|
—
|
—
|
10,646
|
|
|
|
|
|
|
|
|
|
Table 5—Service Plan Fees
|
|
|
|
|
|
|
|
|
|
|
Investor
|
Administrative
|
Participant
|
Service
|
Select
|
Agency
|
Premier
|
Classic
|
|
Shares ($)
|
Shares ($)
|
Shares ($)
|
Shares ($)
|
Shares ($)
|
Shares ($)
|
Shares ($)
|
Shares ($)
|
Dreyfus Cash Management
|
6,043,006
|
1,291,822
|
3,324,827
|
—
|
—
|
95,158
|
—
|
—
|
Dreyfus Government Cash Management
|
4,630,846
|
724,388
|
810,420
|
—
|
—
|
60,607
|
—
|
—
|
Dreyfus Government
|
|
|
|
|
|
|
|
|
Prime Cash Management
|
1,373,911
|
541,836
|
845,794
|
—
|
—
|
8,429
|
—
|
—
|
Dreyfus Treasury & Agency
|
|
|
|
|
|
|
|
|
Cash Management
|
5,867,098
|
623,288
|
2,130,107
|
61,577
|
43,241
|
17,134
|
83,326
|
—
|
Dreyfus Treasury Prime
|
|
|
|
|
|
|
|
|
Cash Management
|
9,305,973
|
650,716
|
12,130,658
|
—
|
—
|
19,493
|
—
|
—
|
Dreyfus Municipal
|
|
|
|
|
|
|
|
|
Cash Management Plus
|
459,852
|
75,923
|
64,122
|
—
|
—
|
1
|
—
|
—
|
Dreyfus New York
|
|
|
|
|
|
|
|
|
Municipal Cash Management
|
745,370
|
8,605
|
15,447
|
—
|
—
|
—
|
—
|
—
|
Dreyfus Tax Exempt Cash Management
|
1,069,560
|
64,080
|
139,775
|
—
|
—
|
—
|
—
|
—
|
Dreyfus California AMT-Free
|
|
|
|
|
|
|
|
|
Municipal Cash Management
|
593,871
|
2,666
|
140,337
|
—
|
—
|
—
|
—
|
—
|
Dreyfus New York AMT-Free
|
|
|
|
|
|
|
|
|
Municipal Cash Management
|
77,027
|
4,421
|
—
|
—
|
—
|
—
|
—
|
7,803
|
NOTES TO FINANCIAL STATEMENTS
(continued)
(c)
Each fund has adopted a Shareholder Services Plan with respect to its Institutional Shares. Each fund reimburses the Distributor an amount not to exceed an annual rate of .25% of the value of each fund’s average daily net assets attributable to Institutional Shares for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the funds, providing reports and other information, and services related to the maintenance of shareholder accounts.
Table 6
summarizes the amount each fund’s Institutional Shares were charged pursuant to the Shareholder Services Plan during the period ended January 31, 2014.
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings cred-
its when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer Inc., a wholly-owned subsidiary of the Manager, 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 January 31, 2014 for transfer agency services, which is included in Shareholder servicing costs in the Statements of Operations.
Table 9
summarizes the amount each fund was charged during the period ended January 31, 2014 for cash management services, which
|
|
Table 6—Shareholder Services Plan Fees
|
|
|
|
Institutional
|
|
Shares ($)
|
Dreyfus Cash Management
|
352,179
|
Dreyfus Government Cash Management
|
219,714
|
Dreyfus Government Prime Cash Management
|
44,222
|
Dreyfus Treasury & Agency Cash Management
|
191,367
|
Dreyfus Treasury Prime Cash Management
|
27,884
|
Dreyfus Municipal Cash Management Plus
|
7,032
|
Dreyfus New York Municipal Cash Management
|
2,343
|
Dreyfus Tax Exempt Cash Management
|
336,638
|
Dreyfus California AMT-Free Municipal Cash Management
|
221
|
Dreyfus New York AMT-Free Municipal Cash Management
|
308
|
|
|
Table 7—Transfer Agency Agreement Fees
|
|
|
|
Transfer Agency
|
|
Fees ($)
|
Dreyfus Cash Management
|
120,354
|
Dreyfus Government Cash Management
|
85,778
|
Dreyfus Government Prime Cash Management
|
94,517
|
Dreyfus Treasury & Agency Cash Management
|
38,176
|
Dreyfus Treasury Prime Cash Management
|
578,704
|
Dreyfus Municipal Cash Management Plus
|
1,523
|
Dreyfus New York Municipal Cash Management
|
2,735
|
Dreyfus Tax Exempt Cash Management
|
4,661
|
Dreyfus California AMT-Free Municipal Cash Management
|
691
|
Dreyfus New York AMT-Free Municipal Cash Management
|
1,654
|
80
is included in Shareholder servicing costs in the Statements of Operations. Cash management fees were partially offset by earnings credits, also summarized in
Table 9
.
Each fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a custody agreement for providing custodial services for each fund. These fees are determined based on net assets, geographic region and transaction activity.
Table 8
summarizes the amount each fund was charged during the period ended January 31, 2014 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized in
Table 8
.
Each fund compensated The Bank of New York Mellon under a cash management agreement that was in effect until
September 30, 2013 for performing certain cash management services related to fund subscriptions and redemptions.
Table 9
summarizes the amount each fund was charged during the period ended January 31, 2014, pursuant to the cash management agreement, which is included in Shareholder servicing costs in the Statements of Operations. These fees were partially offset by earnings credits for each relevant fund, also summarized in
Table 9
.
During the period ended January 31, 2014, each fund was charged $9,101 for services performed by the Chief Compliance Officer and his staff.
|
|
|
|
|
|
|
Table 8—Custody Agreement Fees
|
|
|
|
|
|
|
|
|
|
Custody Fees ($)
|
Earnings Credits ($)
|
|
Dreyfus Cash Management
|
|
|
|
865,877
|
(9,473
|
)
|
Dreyfus Government Cash Management
|
|
|
|
506,349
|
(5,297
|
)
|
Dreyfus Government Prime Cash Management
|
|
|
|
175,651
|
(155
|
)
|
Dreyfus Treasury & Agency Cash Management
|
|
|
|
556,698
|
(3,666
|
)
|
Dreyfus Treasury Prime Cash Management
|
|
|
|
961,052
|
(3,038
|
)
|
Dreyfus Municipal Cash Management Plus
|
|
|
|
42,927
|
—
|
|
Dreyfus New York Municipal Cash Management
|
|
|
|
39,547
|
—
|
|
Dreyfus Tax Exempt Cash Management
|
|
|
|
126,458
|
—
|
|
Dreyfus California AMT-Free Municipal Cash Management
|
|
|
|
45,257
|
—
|
|
Dreyfus New York AMT-Free Municipal Cash Management
|
|
|
|
17,186
|
—
|
|
|
|
Table 9—Cash Management Agreement Fees
|
|
|
|
|
|
|
|
|
|
|
|
The Bank of
|
The Bank of
|
|
|
Dreyfus Transfer Inc.
|
Dreyfus Transfer Inc.
|
|
New York Mellon Cash
|
New York Mellon
|
|
Cash Management Fees ($)
|
Earnings Credits ($)
|
|
Management Fees ($) Earnings Credits ($)
|
|
Dreyfus Cash Management
|
2,760
|
(288
|
)
|
828
|
(1
|
)
|
Dreyfus Government Cash Management
|
3,526
|
(366
|
)
|
1,042
|
(1
|
)
|
Dreyfus Government Prime Cash Management
|
3,456
|
(358
|
)
|
1,028
|
(1
|
)
|
Dreyfus Treasury & Agency Cash Management
|
1,919
|
(199
|
)
|
569
|
—
|
|
Dreyfus Treasury Prime Cash Management
|
21,454
|
(2,224
|
)
|
6,359
|
(4
|
)
|
Dreyfus Municipal Cash Management Plus
|
66
|
(7
|
)
|
21
|
—
|
|
Dreyfus New York Municipal Cash Management
|
105
|
(11
|
)
|
31
|
—
|
|
Dreyfus Tax Exempt Cash Management
|
209
|
(22
|
)
|
64
|
—
|
|
Dreyfus California AMT-Free Municipal Cash Management
|
24
|
(2
|
)
|
7
|
—
|
|
Dreyfus New York AMT-Free Municipal Cash Management
|
73
|
(8
|
)
|
22
|
—
|
|
NOTES TO FINANCIAL STATEMENTS
(continued)
Table 10
summarizes the components of “Due to The Dreyfus Corporation 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 within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 3—Securities Transactions:
The funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions out-
lined in procedures adopted by the Boards.The procedures have been designed to ensure that any purchase or sale of securities by the funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers, complies with Rule 17a-7 under the Act.
Table 11
summarizes the amounts of purchases and sales of securities engaged in by each relevant fund pursuant to Rule 17a-7 under the Act during the period ended January 31, 2014.
|
|
|
|
|
|
|
|
|
Table 10—Due to The Dreyfus Corporation and Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chief
|
|
|
|
|
|
|
Shareholder
|
|
Compliance
|
Transfer
|
|
|
|
Management
|
Service Plan
|
Services Plan
|
Custodian
|
Officer
|
Agency
|
Less Expense
|
|
|
Fees ($)
|
Fees ($)
|
Fees ($)
|
Fees ($)
|
Fees ($)
|
Fees ($)
|
Reimbursement ($)
|
|
|
Dreyfus Cash Management
|
4,752,759
|
974,570
|
34,196
|
360,000
|
3,023
|
21,366
|
(2,875,635
|
)
|
Dreyfus Government
|
|
|
|
|
|
|
|
|
Cash Management
|
3,035,192
|
514,569
|
13,000
|
203,005
|
3,023
|
23,532
|
(2,758,620
|
)
|
Dreyfus Government
|
|
|
|
|
|
|
|
|
Prime Cash Management
|
851,472
|
248,936
|
2,000
|
72,500
|
3,023
|
24,220
|
(864,181
|
)
|
Dreyfus Treasury & Agency
|
|
|
|
|
|
|
|
|
Cash Management
|
3,187,154
|
705,753
|
23,000
|
240,000
|
3,023
|
13,497
|
(3,328,509
|
)
|
Dreyfus Treasury Prime
|
|
|
|
|
|
|
|
|
Cash Management
|
6,603,172
|
1,934,772
|
12,000
|
408,499
|
3,023
|
142,416
|
(7,388,675
|
)
|
Dreyfus Municipal
|
|
|
|
|
|
|
|
|
Cash Management Plus
|
55,510
|
44,953
|
—
|
16,811
|
3,023
|
15
|
(83,434
|
)
|
Dreyfus New York Municipal
|
|
|
|
|
|
|
|
|
Cash Management
|
85,391
|
75,744
|
—
|
17,372
|
3,023
|
20
|
(119,377
|
)
|
Dreyfus Tax Exempt
|
|
|
|
|
|
|
|
|
Cash Management
|
418,017
|
110,454
|
39,000
|
54,971
|
3,023
|
48
|
(376,077
|
)
|
Dreyfus California AMT-Free
|
|
|
|
|
|
|
|
|
Municipal Cash Management
|
76,807
|
68,227
|
—
|
19,873
|
3,023
|
17
|
(126,368
|
)
|
Dreyfus New York AMT-Free
|
|
|
|
|
|
|
|
|
Municipal Cash Management
|
17,744
|
6,200
|
—
|
7,000
|
3,023
|
18
|
(23,122
|
)
|
|
|
|
Table 11—Affiliated Portfolio Holdings Transactions
|
|
|
|
|
|
Purchases ($)
|
Sales ($)
|
Dreyfus Municipal Cash Management Plus
|
287,215,000
|
610,030,000
|
Dreyfus New York Municipal Cash Management
|
366,535,000
|
329,750,000
|
Dreyfus Tax Exempt Cash Management
|
942,015,000
|
857,865,000
|
Dreyfus California AMT—Free Municipal Cash Management
|
113,955,000
|
199,185,000
|
Dreyfus New York AMT-Free Municipal Cash Management
|
33,685,000
|
56,640,000
|
82
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Shareholders and Board of Trustees
Dreyfus Cash Management
Dreyfus Government Cash Management
Dreyfus Government Prime Cash Management
Dreyfus Treasury & Agency Cash Management
Dreyfus Treasury Prime Cash Management
Dreyfus Municipal Cash Management Plus
Dreyfus New York Municipal
Cash Management
Dreyfus Tax Exempt Cash Management
Dreyfus California AMT-Free
Municipal Cash Management
Dreyfus New York AMT-Free
Municipal Cash Management
We have audited the accompanying statements of assets and liabilities, including the statements of investments, of Dreyfus Cash Management, Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury & Agency Cash Management, Dreyfus Treasury Prime Cash Management, Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management, Dreyfus California AMT-Free Municipal Cash Management and Dreyfus New York AMT-Free Municipal Cash Management (the “Funds”) as of January 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended.These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial report-ing.Accordingly, we express no such opinion.An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2014 by correspondence with the custodian and others.We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds at January 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
New York, New York
March 26, 2014
IMPORTANT TAX INFORMATION
(Unaudited)
In accordance with federal tax law, Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management, Dreyfus California AMT-Free Municipal Cash Management and Dreyfus New York AMT-Free Municipal Cash Management hereby make the following designations regarding the dividends paid from investment income-net during their fiscal year ended January 31, 2014:
-
all the dividends paid from investment income-net are
“exempt-interest dividends” (not generally subject to
regular federal income taxes), except $14,153 of Dreyfus
New York Municipal Cash Management’s exempt-
interest dividends that are being designated as an
ordinary income distribution for reporting purposes.
-
for individuals who are residents of New York,
“exempt-interest dividends” paid by Dreyfus New
York Municipal Cash Management and Dreyfus New
York AMT-Free Municipal Cash Management are
also not subject to NewYork state and NewYork city
personal income tax.
-
for individuals who are residents of California,
“exempt-interest dividends” paid by Dreyfus California
AMT-Free Municipal Cash Management are also not
subject to California personal income tax.
For state individual income tax purposes, Dreyfus Government Prime Cash Management and Dreyfus Treasury Prime
Cash Management hereby report the following percentage of ordinary dividends paid during the fiscal year ended January 31, 2014 as attributable to interest income from direct obligations of the United States. Such dividends are currently exempt from taxation for income tax purposes in most states, including NewYork, Connecticut, California and the District of Columbia:
|
|
|
Dreyfus Government Prime
|
|
|
Cash Management
|
100
|
%
|
Dreyfus Treasury Prime
|
|
|
Cash Management
|
100
|
%
|
The funds below report the following percentage of ordinary income dividends paid during the fiscal year ended January 31, 2014 as qualifying interest-related dividends:
|
|
|
Dreyfus Cash Management
|
90.37
|
%
|
Dreyfus Government
|
|
|
Cash Management
|
100
|
%
|
Dreyfus Government
|
|
|
Prime Cash Management
|
100
|
%
|
Dreyfus Treasury & Agency
|
|
|
Cash Management
|
100
|
%
|
Dreyfus Treasury
|
|
|
Prime Cash Management
|
100
|
%
|
84
BOARD MEMBERS INFORMATION
(Unaudited)
INDEPENDENT BOARD MEMBERS
|
|
Joseph S. DiMartino (70)
|
Robin A. Melvin (50)
|
Chairman of the Board (1995)
|
Board Member (2010)
|
Principal Occupation During Past 5Years:
|
Principal Occupation During Past 5Years:
|
• Corporate Director and Trustee
|
• Board Member, Illinois Mentoring Partnership, non-profit
|
Other Public Company Board Memberships During Past 5Years:
|
organization dedicated to increasing the quantity and quality of
|
• CBIZ (formerly, Century Business Services, Inc.), a provider of
|
mentoring services in Illinois (2013-present)
|
outsourcing functions for small and medium size companies,
|
• Director, Boisi Family Foundation, a private family foundation that
|
Director (1997-present)
|
supports youth-serving organizations that promote the self
|
• The Newark Group, a provider of a national market of paper
|
sufficiency of youth from disadvantaged circumstances (1995-2012)
|
recovery facilities, paperboard mills and paperboard converting
|
No. of Portfolios for which Board Member Serves:
115
|
plants, Director (2000-2010)
|
|
|
———————
|
• Sunair Services Corporation, a provider of certain outdoor-related
|
|
services to homes and businesses, Director (2005-2009)
|
Roslyn M. Watson (64)
|
No. of Portfolios for which Board Member Serves:
141
|
Board Member (2010)
|
|
Principal Occupation During Past 5Years:
|
———————
|
|
|
• Principal,Watson Ventures, Inc., a real estate investment company
|
Whitney I. Gerard (79)
|
(1993-present)
|
Board Member (2014)
†
|
No. of Portfolios for which Board Member Serves:
61
|
Principal Occupation During Past 5Years:
|
|
|
———————
|
• Partner in the law firm of Chadbourne & Parke LLP
|
|
No. of Portfolios for which Board Member Serves:
35
|
Benaree Pratt Wiley (67)
|
|
Board Member (2007)
|
———————
|
|
|
Principal Occupation During Past 5Years:
|
Nathan Leventhal (70)
|
• Principal,The Wiley Group, a firm specializing in strategy and
|
Board Member (2014)
†
|
business development (2005-present)
|
Principal Occupation During Past 5Years:
|
Other Public Company Board Memberships During Past 5Years:
|
• Chairman of the Avery-Fisher Artist Program (1997-present)
|
• CBIZ (formerly, Century Business Services, Inc.), a provider of
|
• Commissioner, NYC Planning Commission (2007-2011)
|
outsourcing functions for small and medium size companies,
|
Other Public Company Board Memberships During Past 5Years:
|
Director (2008-present)
|
• Movado Group, Inc., Director (2003-present)
|
No. of Portfolios for which Board Member Serves:
61
|
No. of Portfolios for which Board Member Serves:
49
|
|
BOARD MEMBERS INFORMATION (Unaudited)
(continued)
INTERESTED BOARD MEMBERS
|
|
Charles Cardona (58)
|
Isabel P. Dunst (66)
|
Board Member (2014)
|
Board Member (1991)
|
Principal Occupation During Past 5Years:
|
Principal Occupation During Past 5Years:
|
• President and a Director of The Dreyfus Corporation
|
• Partner, Hogan Lovells LLP
|
|
• Executive Vice President of MBSC Securities Corporation
|
No. of Portfolios for which Board Member Serves:
35
|
• President of Dreyfus Institutional Services Division
|
|
|
Isabel P. Dunst is deemed to be an “interest person” (as defined in the Act) of the
|
No. of Portfolios for which Board Member Serves:
19
|
fund as a result of her affiliation with Hogan Lovells LLP, which provides legal
|
Charles Cardona is deemed to be an “interested person” (as defined in the Act) of
|
services to BNY Mellon and certain of its affiliates.
|
the funds as a result of his affiliation with The Dreyfus Corporation, this became
|
|
|
———————
|
effective February 27, 2014.
|
|
|
†
Whitney I. Gerard, Nathan Leventhal and Gordon J. Davis were elected as Board
|
———————
|
Member of the funds as of December 6, 2013, effective January 1, 2014.
|
Gordon J. Davis (72)
|
Once elected all Board Members serve for an indefinite term, but achieve Emeritus
|
Board Member (2014)
†
|
status upon reaching age 80.The address of the Board Members and Officers is c/o
|
|
The Dreyfus Corporation, 200 Park Avenue, NewYork, NewYork 10166.
|
Principal Occupation During Past 5Years:
|
Additional information about the Board Members is available in the fund’s Statement
|
• Partner in the law firm of Venable LLP (2012-present)
|
of Additional Information which can be obtained from Dreyfus free of charge by calling
|
• Partner in the law firm of Dewey & LeBoeuf LLP (1994-2012)
|
this toll free number: 1-800-DREYFUS.
|
Other Public Company Board Memberships During Past 5Years:
|
David W. Burke, Emeritus Board Member
|
• Consolidated Edison, Inc., a utility company, Director (1997-present)
|
Lyle E. Gramley, Emeritus Board Member
|
• The Phoenix Companies, Inc., a life insurance company, Director
|
Philip L.Toia, Emeritus Board Member
|
(2000-present)
|
|
|
No. of Portfolios for which Board Member Serves:
59
|
|
Gordon J. Davis is deemed to be an “interested person” (as defined in the Act) of
|
|
the fund as a result of his affiliation with Venable LLP, which provides legal services
|
|
to the funds.
|
|
90
OFFICERS OF THE FUND
(Unaudited)
BRADLEY J. SKAPYAK, President since January 2010.
Chief Operating Officer and a director of the Manager since June 2009, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Executive Vice President of the Distributor since June 2007. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 68 investment companies (comprised of 141 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since February 1988.
CHARLES CARDONA, Executive Vice President since November 2001.
President and a Director of the Manager, Executive Vice President of the Distributor, President of Dreyfus Institutional Services Division, and an officer of 12 other investment companies (comprised of 19 portfolios) managed by the Manager. He is 58 years old and has been an employee of the Manager since February 1981.
JOHN PAK, Chief Legal Officer since March 2013.
Chief Legal Officer of the Manager and Associate General Counsel and Managing Director of BNY Mellon since August 2012; from March 2005 to July 2012, Managing Director of Deutsche Bank, Deputy Global Head of Deutsche Asset Management Legal and Regional Head of Deutsche Asset Management Americas Legal. He is an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since August 2012.
JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.
Assistant General Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. She is 51 years old and has been an employee of the Manager since February 1984.
KIESHA ASTWOOD, Vice President and Assistant Secretary since January 2010.
Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. She is 40 years old and has been an employee of the Manager since July 1995.
JAMES BITETTO, Vice President and Assistant Secretary since August 2005.
Senior Counsel of BNY Mellon and Secretary of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since December 1996.
JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.
Senior Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. She is 58 years old and has been an employee of the Manager since October 1988.
JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.
Senior Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since June 2000.
JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005.
Senior Managing Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since February 1991.
ROBERT R. MULLERY, Vice President and Assistant Secretary since August 2005.
Managing Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 62 years old and has been an employee of the Manager since May 1986.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.
Senior Managing Counsel of BNY Mellon, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since October 1990.
JAMES WINDELS, Treasurer since November 2001.
Director – Mutual Fund Accounting of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since April 1985.
RICHARD CASSARO, Assistant Treasurer since January 2008.
Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since September 1982.
OFFICERS OF THE FUND (Unaudited)
(continued)
GAVIN C. REILLY, Assistant Treasurer since August 2005.
Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since April 1991.
ROBERT S. ROBOL, Assistant Treasurer since August 2003.
Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since October 1988.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager – Equity Funds of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since June 1989.
ROBERT SVAGNA, Assistant Treasurer since August 2005.
Senior Accounting Manager – Equity Funds of the Manager, and an officer of 69 investment companies (comprised of 166 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since September 2004.
Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (69 investment companies, comprised of 166 portfolios). He is 56 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
MATTHEW D. CONNOLLY, Anti-Money Laundering Compliance Officer since April 2012.
Anti-Money Laundering Compliance Officer of the Distributor since October 2011; from March 2010 to September 2011, Global Head, KYC Reviews and Director, UBS Investment Bank; until March 2010, AML Compliance Officer and Senior Vice President, Citi Global Wealth Management. He is an officer of 64 investment companies (comprised of 161 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Distributor since October 2011.
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(d)
All Other Fees
. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $21 in 2013 and $12 in 2014. [These services consisted of a review of the Registrant's anti-money laundering program].
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $200,000 in 2013 and $0 in 2014.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
(e)(2) Note: None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal account's full-time, permanent employees.
Non-Audit Fees
. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $46,989,773 in 2013 and $51,723,391 in 2014.
Auditor Independence
. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable. [CLOSED-END FUNDS ONLY]
Item 6. Investments.
(a)
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable. [CLOSED-END FUNDS ONLY]
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable. [CLOSED-END FUNDS ONLY, beginning with reports for periods ended on and after December 31, 2005]