Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
2013年5月25日 - 3:35AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number
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811-22169
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Dreyfus Institutional Reserves Funds
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(Exact name of Registrant as specified in charter)
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c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
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(Address of principal executive offices) (Zip code)
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John Pak, Esq.
200 Park Avenue
New York, New York 10166
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(Name and address of agent for service)
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Registrant's telephone number, including area code:
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(212) 922-6000
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Date of fiscal year end:
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12/31
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Date of reporting period:
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03/31/2013
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FORM N-Q
Item 1. Schedule of Investments.
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STATEMENT OF INVESTMENTS
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Dreyfus Institutional Reserves Money Fund
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March 31, 2013 (Unaudited)
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Negotiable Bank Certificates of Deposit--33.9%
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Principal Amount ($)
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Value ($)
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Bank of Montreal (Yankee)
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0.34%, 11/15/13
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50,000,000
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a
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50,000,000
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Bank of Tokyo-Mitsubishi Ltd. (Yankee)
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0.24%, 4/8/13
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100,000,000
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100,000,000
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Canadian Imperial Bank of Commerce (Yankee)
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0.49%, 4/1/13
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100,000,000
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a
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100,000,000
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Credit Suisse New York (Yankee)
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0.33%, 4/2/13
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50,000,000
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50,000,000
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JPMorgan Chase Bank, N.A.
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0.20%, 7/1/13
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50,000,000
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50,000,000
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Mizuho Corporate Bank (Yankee)
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0.23%, 6/12/13
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100,000,000
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100,000,000
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Nordea Bank Finland (Yankee)
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0.24%, 8/1/13
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100,000,000
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100,000,000
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Norinchukin Bank (Yankee)
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0.27%, 4/26/13
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50,000,000
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50,000,000
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Rabobank Nederland (Yankee)
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0.27%, 7/16/13
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100,000,000
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100,000,000
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Sumitomo Mitsui Trust Bank (Yankee)
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0.23% - 0.24%, 4/23/13 - 4/30/13
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125,000,000
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b
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125,000,000
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Toronto Dominion Bank (Yankee)
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0.19% - 0.28%, 5/1/13 - 7/22/13
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120,250,000
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120,255,342
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Total Negotiable Bank Certificates of Deposit
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(cost $945,255,342)
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945,255,342
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Commercial Paper--20.6%
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ANZ International Ltd.
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0.27%, 6/3/13
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100,000,000
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b
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99,952,750
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ASB Finance Ltd.
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0.33%, 6/13/13
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25,000,000
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a,b
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25,000,000
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Bank of Nova Scotia
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0.08%, 4/1/13
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125,000,000
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125,000,000
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Commonwealth Bank of Australia
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0.34%, 6/3/13
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100,000,000
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a,b
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100,000,000
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National Australia Bank
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0.29%, 5/9/13
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100,000,000
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a
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100,000,000
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UBS Finance (Delaware) Inc.
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0.22%, 5/7/13
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100,000,000
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99,978,000
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Westpac Banking Corp.
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0.33%, 4/1/13
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25,000,000
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a,b
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25,000,000
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Total Commercial Paper
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(cost $574,930,750)
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574,930,750
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Asset-Backed Commercial Paper--10.7%
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FCAR Owner Trust, Ser. II
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0.21%, 6/10/13
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100,000,000
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99,959,167
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Northern Pines Funding LLC
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0.21%, 4/9/13
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100,000,000
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b
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99,995,333
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Regency Markets No. 1 LLC
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0.18%, 4/22/13
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100,000,000
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b
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99,989,500
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Total Asset-Backed Commercial Paper
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(cost $299,944,000)
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299,944,000
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Time Deposits--14.2%
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Bank of America N.A. (Grand Cayman)
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0.01%, 4/1/13
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127,000,000
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127,000,000
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Northern Trust Co. (Grand Cayman)
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0.04%, 4/1/13
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95,000,000
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95,000,000
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Skandinaviska Enskilda Banken (Grand Cayman)
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0.13%, 4/1/13
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50,000,000
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50,000,000
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Swedbank (Grand Cayman)
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0.08%, 4/1/13
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125,000,000
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125,000,000
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Total Time Deposits
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(cost $397,000,000)
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397,000,000
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U.S. Government Agency--1.8%
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Federal Home Loan Mortgage Corp.
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0.17%, 6/18/13
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(cost $49,981,583)
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50,000,000
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c
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49,981,583
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U.S. Treasury Notes--6.9%
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0.08% - 0.13%, 9/30/13
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(cost $191,339,146)
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190,000,000
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191,339,146
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Repurchase Agreements--11.8%
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ABN AMRO Bank N.V.
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0.16%, dated 3/28/13, due 4/1/13 in the amount of
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$220,003,911 (fully collateralized by $27,000,000
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U.S. Treasury Bills, due 7/11/13, value $26,995,140,
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$19,525,400 U.S. Treasury Bonds, 3.75%-6%, due
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2/15/26-8/15/41, value $24,073,801, $247,300 U.S.
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Treasury Inflation Protected Securities, 3.38%, due
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4/15/32, value $521,729 and $168,372,000 U.S.
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Treasury Notes, 0.13%-2.63%, due 4/15/13-8/15/20,
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value $172,809,408)
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220,000,000
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220,000,000
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TD Securities (USA) LLC
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0.14%, dated 3/28/13, due 4/1/13 in the amount of
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$110,001,711 (fully collateralized by $27,520,000
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U.S. Treasury Bills, due 5/16/13, value $27,516,945,
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$17,382,600 U.S. Treasury Inflation Protected
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Securities, 0.75%, due 2/15/42, value $18,598,478 and
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$62,787,100 U.S. Treasury Notes, 2.38%-4%, due
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6/30/13-3/31/16, value $66,084,678)
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110,000,000
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110,000,000
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Total Repurchase Agreements
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(cost $330,000,000)
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330,000,000
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Total Investments
(cost $2,788,450,821)
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99.9
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%
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2,788,450,821
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Cash and Receivables (Net)
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.1
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%
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1,797,959
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Net Assets
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100.0
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%
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2,790,248,780
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a Variable rate security--interest rate subject to periodic change.
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b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be
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in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, these securities
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amounted to $574,937,583 or 20.6% of net assets.
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c The Federal Housing Finance Agency ("FHFA") placed Federal Home Loan Mortgage Corporation and Federal National
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Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of
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companies.
At March 31, 2013, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
The following is a summary of the inputs used as of March 31, 2013 in valuing the fund's investments:
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Valuation Inputs
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Short-Term Investments ($)+
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Level 1 - Unadjusted Quoted Prices
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-
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Level 2 - Other Significant Observable Inputs
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2,788,450,821
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Level 3 - Significant Unobservable Inputs
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-
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Total
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2,788,450,821
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+ See Statement of Investments for additional detailed categorizations.
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The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”)
recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange
Commission (“SEC”) under authority of federal laws are also sources
of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
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 Board of Trustees.
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 the 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 fund’s
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 as Level 2.
The fund 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 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, the 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, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
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STATEMENT OF INVESTMENTS
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Dreyfus Institutional Reserves Treasury Fund
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March 31, 2013 (Unaudited)
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Annualized
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Yield on Date
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Principal
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U.S. Treasury Bills--36.3%
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of Purchase (%)
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Amount ($)
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Value ($)
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4/11/13
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0.14
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100,000,000
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99,996,111
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4/25/13
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0.07
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150,000,000
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149,993,000
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6/13/13
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0.09
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100,000,000
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99,981,750
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8/29/13
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0.13
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100,000,000
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99,945,834
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Total U.S. Treasury Bills
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(cost $449,916,695)
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449,916,695
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U.S. Treasury Notes--18.2%
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4/30/13
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0.22
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25,000,000
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25,057,965
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7/15/13
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0.12
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100,000,000
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100,255,330
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9/16/13
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0.12
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50,000,000
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50,142,796
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10/31/13
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0.15
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50,000,000
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50,028,129
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Total U.S. Treasury Notes
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(cost $225,484,220)
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225,484,220
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Repurchase Agreements--45.4%
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ABN AMRO Bank N.V.
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dated 3/28/13, due 4/1/13 in the amount of
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$150,002,667 (fully collateralized by $76,363,400
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U.S. Treasury Inflation Protected Securities,
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0.63%-2%, due 7/15/21-1/15/26, value $90,422,336 and
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$59,691,900 U.S. Treasury Notes, 2.13%, due 8/15/21,
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value $62,577,691)
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0.16
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150,000,000
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150,000,000
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Barclays Capital, Inc.
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dated 3/28/13, due 4/1/13 in the amount of
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$73,001,217 (fully collateralized by $73,000,000 U.S.
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Treasury Strips, due 8/15/13-2/15/43, value
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$74,460,000)
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0.15
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73,000,000
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73,000,000
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BNP Paribas
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dated 3/28/13, due 4/1/13 in the amount of
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$100,001,667 (fully collateralized by $98,179,400
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U.S. Treasury Notes, 1.50%, due 6/30/16, value
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$102,000,049)
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0.15
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100,000,000
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100,000,000
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Citibank, NA
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dated 3/28/13, due 4/1/13 in the amount of
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$110,001,467 (fully collateralized by $112,459,800
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U.S. Treasury Notes, 0.25%-2.50%, due
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4/30/15-8/15/22, value $112,200,042)
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0.12
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110,000,000
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110,000,000
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Deutsche Bank Securities Inc.
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dated 3/28/13, due 4/1/13 in the amount of
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$50,000,833 (fully collateralized by $50,797,300 U.S.
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Treasury Notes, 0.75%, due 12/31/17, value
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$51,000,006)
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0.15
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50,000,000
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50,000,000
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Goldman, Sachs & Co.
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|
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dated 3/28/13, due 4/1/13 in the amount of
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|
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|
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$50,000,556 (fully collateralized by $39,441,000 U.S.
|
|
|
|
|
|
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Treasury Inflation Protected Securities, 2%, due
|
|
|
|
|
|
|
1/15/14, value $51,000,109)
|
|
0.10
|
50,000,000
|
|
50,000,000
|
|
Morgan Stanley
|
|
|
|
|
|
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dated 3/28/13, due 4/1/13 in the amount of
|
|
|
|
|
|
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$30,000,567 (fully collateralized by $20,743,800 U.S.
|
|
|
|
|
|
|
Treasury Bonds, 6.13%, due 11/15/27, value
|
|
|
|
|
|
|
$30,772,254)
|
|
0.17
|
30,000,000
|
|
30,000,000
|
|
Total Repurchase Agreements
|
|
|
|
|
|
|
(cost $563,000,000)
|
|
|
|
|
563,000,000
|
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Total Investments
(cost $1,238,400,915)
|
|
|
99.9
|
%
|
1,238,400,915
|
|
Cash and Receivables (Net)
|
|
|
.1
|
%
|
791,382
|
|
Net Assets
|
|
|
100.0
|
%
|
1,239,192,297
|
|
At March 31, 2013, the cost of investments for federal income tax purposes was substantially the same as the cost for
|
financial reporting purposes.
|
The following is a summary of the inputs used as of March 31, 2013 in valuing the fund's investments:
|
|
Valuation Inputs
|
Short-Term Investments ($)+
|
Level 1 - Unadjusted Quoted Prices
|
-
|
Level 2 - Other Significant Observable Inputs
|
1,238,400,915
|
Level 3 - Significant Unobservable Inputs
|
-
|
Total
|
1,238,400,915
|
|
+ See Statement of Investments for additional detailed categorizations.
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”)
recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange
Commission (“SEC”) under authority of federal laws are also sources
of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
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 Board of Trustees.
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 the 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 fund’s
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 as Level 2.
The fund 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 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, the 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, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller.
The fund may also jointly enter into one or more repurchase agreements with other Dreyfus managed funds in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
|
|
|
|
|
STATEMENT OF INVESTMENTS
|
|
|
|
Dreyfus Institutional Reserves Treasury Prime Fund
|
|
|
|
March 31, 2013 (Unaudited)
|
|
|
|
|
|
Annualized
|
|
|
|
Yield on Date
|
Principal
|
|
U.S. Treasury Bills--87.8%
|
of Purchase (%)
|
Amount ($)
|
Value ($)
|
4/4/13
|
0.07
|
299,000,000
|
298,998,259
|
4/11/13
|
0.06
|
7,000,000
|
6,999,883
|
4/18/13
|
0.08
|
26,000,000
|
25,998,970
|
4/25/13
|
0.06
|
35,340,000
|
35,338,545
|
5/2/13
|
0.07
|
94,000,000
|
93,994,730
|
5/30/13
|
0.11
|
74,000,000
|
73,987,053
|
8/22/13
|
0.10
|
11,000,000
|
10,995,849
|
9/12/13
|
0.11
|
24,000,000
|
23,987,973
|
9/19/13
|
0.11
|
31,000,000
|
30,984,539
|
Total U.S. Treasury Bills
|
|
|
|
(cost $601,285,801)
|
|
|
601,285,801
|
|
U.S. Treasury Notes--12.1%
|
|
|
|
4/15/13
|
0.08
|
33,000,000
|
33,021,241
|
5/15/13
|
0.09
|
50,000,000
|
50,078,335
|
Total U.S. Treasury Notes
|
|
|
|
(cost $83,099,576)
|
|
|
83,099,576
|
Total Investments
(cost $684,385,377)
|
|
99.9
%
|
684,385,377
|
Cash and Receivables (Net)
|
|
.1
%
|
973,523
|
Net Assets
|
|
100.0
%
|
685,358,900
|
|
At March 31, 2013, the cost of investments for federal income tax purposes was substantially the same as the cost for
|
financial reporting purposes.
|
The following is a summary of the inputs used as of March 31, 2013 in valuing the fund's investments:
|
|
Valuation Inputs
|
Short-Term Investments ($)+
|
Level 1 - Unadjusted Quoted Prices
|
-
|
Level 2 - Other Significant Observable Inputs
|
684,385,377
|
Level 3 - Significant Unobservable Inputs
|
-
|
Total
|
684,385,377
|
|
+ See Statement of Investments for additional detailed categorizations.
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”)
recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange
Commission (“SEC”) under authority of federal laws are also sources
of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
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 Board of Trustees.
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 the 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 fund’s
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 as Level 2.
Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.
Item 2. 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-Q 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-Q 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 Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
FORM N-Q
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Dreyfus Institutional
Reserves Funds
By:
/s/ Bradley J.
Skapyak
|
Bradley J.
Skapyak
President
|
Date:
|
May 17, 2013
|
|
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this Report has been signed below by the following
persons on behalf of the Registrant and in the capacities and on the dates
indicated.
|
|
By:
/s/ Bradley
J. Skapyak
|
Bradley J.
Skapyak
President
|
Date:
|
May 17, 2013
|
|
By:
/s/ James
Windels
|
James Windels
Treasurer
|
Date:
|
May 17, 2013
|
|
EXHIBIT INDEX
(a) 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)
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