UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number

811- 5718

 

 

 

DREYFUS TREASURY PRIME CASH MANAGEMENT

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York 10166

 

 

(Address of principal executive offices) (Zip code)

 

 

 

 

 

John Pak, Esq.

200 Park Avenue

New York, New York 10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code:

(212) 922-6000

 

 

Date of fiscal year end:

 

1/31

 

Date of reporting period:

1/31/14

 

             

 

 


 

 

FORM N-CSR

Item 1.                         Reports to Stockholders.

 


 




   
Contents    
 
The Funds    
Letter to Shareholders (Taxable)   3  
Letter to Shareholders (Tax-Exempt)   5  
Understanding Your Fund’s Expenses   7  
Comparing Your Fund’s Expenses    
With Those of Other Funds   9  
Statements of Investments   11  
Statements of Assets and Liabilities   54  
Statements of Operations   57  
Statements of Changes in Net Assets   59  
Financial Highlights   64  
Notes to Financial Statements   74  
Report of Independent Registered    
Public Accounting Firm   83  
Important Tax Information   84  
Proxy Results   85  
Board Members Information   89  
Officers of the Funds   91  
For More Information    
Back cover    

 

The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

 
• Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value  

 



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

   
The Funds   3  

 



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

Dear Shareholder:

We are pleased to present the annual report for the several Dreyfus Cash Management Funds (Tax Exempt). For the 12-month period ended January 31, 2014, these tax-exempt money market funds achieved the following yields and effective yields: 1,2

     
    Effective  
  Yield (%)   Yield (%)  
Dreyfus Municipal      
Cash Management Plus      
Institutional Shares   0.00   0.00  
Investor Shares   0.00   0.00  
Administrative Shares   0.00   0.00  
Participant Shares   0.00   0.00  
Agency Shares   0.00   0.00  
Dreyfus New York      
Municipal Cash Management      
Institutional Shares   0.00   0.00  
Investor Shares   0.00   0.00  
Administrative Shares   0.00   0.00  
Participant Shares   0.00   0.00  
Dreyfus Tax Exempt      
Cash Management      
Institutional Shares   0.00   0.00  
Investor Shares   0.00   0.00  
Administrative Shares   0.00   0.00  
Participant Shares   0.00   0.00  
Dreyfus California AMT-Free      
Municipal Cash Management      
Institutional Shares   0.00   0.00  
Investor Shares   0.00   0.00  
Administrative Shares   0.00   0.00  
Participant Shares   0.00   0.00  
Dreyfus New York AMT-Free      
Municipal Cash Management      
Institutional Shares   0.00   0.00  
Investor Shares   0.00   0.00  
Administrative Shares   0.00   0.00  
Classic Shares   0.00   0.00  

 

Long-Term Rates Climbed in Economic Recovery

Economic conditions continued to improve over the reporting period as U.S. GDP accelerated from 2.5% during the second quarter of the year to a more robust 4.1% for the third quarter and 3.2% in the fourth quarter amid falling unemployment, rebounding housing markets, increased manufacturing activity, and a massive quantitative easing program from the Federal Reserve Board (the “Fed”). Longer term interest rates climbed as the recovery progressed, but the Fed left short-term interest rates unchanged near historical lows.

Investors were surprised in May 2013, when the Fed appeared ready to back away from its longstanding, aggressively accommodative monetary policy stance. Relatively hawkish remarks by Fed Chairman Ben Bernanke were interpreted as a signal that U.S. monetary policymakers would begin to curtail their quantitative easing program sooner than most analysts had expected. This development sent long-term rates sharply higher, and yield differences widened along the bond market’s maturity spectrum. Although long-term rates declined somewhat when the Fed unexpectedly refrained from tapering its bonds purchases in the fall, subsequent releases of robust economic data sent rates higher over the reporting period’s final months.

The municipal money markets also were influenced by supply-and-demand factors. Demand remained strong for a limited supply of tax-exempt securities, including from nontraditional buyers, such as intermediate bond funds and taxable money market funds seeking attractive tax-exempt yields compared to similar maturity taxable securities. However, individual investors

   
The Funds   5  

 



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



UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from August 1, 2013 to January 31, 2014. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

                                     
Expenses and Value of a $1,000 Investment                            
assuming actual returns for the six months ended January 31, 2014                        
 
    Institutional     Investor     Administrative     Participant     Service     Select     Agency     Premier  
Dreyfus Cash                                      
Management                                      
Expenses paid                                      
per $1,000     $   .66   $ .86     $   .86   $ .86           $ .86      
Ending value                                      
(after expenses)   $ 1,000.20 $ 1,000.00   $ 1,000.00   $ 1,000.00     $ 1,000.00  
Annualized                                      
expense ratio (%)       .13     .17       .17     .17             .17      
Dreyfus                                      
Government Cash                                      
Management                                      
Expenses paid                                      
per $1,000     $   .35   $ .35     $   .35   $ .35           $ .35      
Ending value                                      
(after expenses)   $ 1,000.10 $ 1,000.10   $ 1,000.10 $ 1,000.10     $ 1,000.10  
                                 
Annualized                                      
expense ratio (%)       .07     .07       .07     .07             .07      
Dreyfus                                      
Government Prime                                      
Cash Management                                      
Expenses paid                                      
per $1,000     $   .35   $ .35     $   .35   $ .35           $ .35      
Ending value                                      
(after expenses)   $ 1,000.00   $ 1,000.00   $ 1,000.00   $ 1,000.00           $ 1,000.00      
Annualized                                      
expense ratio (%)       .07     .07       .07     .07             .07      
Dreyfus Treasury &                                      
Agency Cash                                      
Management                                      
Expenses paid                                      
per $1,000     $   .30   $ .30     $   .30   $ .30   $ .25   $ .30   $ .30   $ .25  
Ending value                                      
(after expenses)   $ 1,000.10 $ 1,000.10   $ 1,000.10   $ 1,000.10 $ 1,000.10 $ 1,000.10 $ 1,000.10 $ 1,000.10
                                 
Annualized                                      
expense ratio (%)       .06     .06       .06     .06     .05     .06     .06     .05  
Dreyfus                                      
Treasury Prime                                      
Cash Management                                      
Expenses paid                                      
per $1,000     $   .25   $ .20     $   .20   $ .20           $ .20      
Ending value                                      
(after expenses)   $ 1,000.00 $ 1,000.00   $ 1,000.00 $ 1,000.00       $ 1,000.00  
Annualized                                      
expense ratio (%)       .05     .04       .04     .04             .04      

 

   
The Funds   7  

 



 
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited) (continued)  

 

 
Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half  
year period).  

 

                           
Expenses and Value of a $1,000 Investment (continued)                  
assuming actual returns for the six months ended January 31, 2014                  
 
    Institutional     Investor     Administrative     Participant     Agency     Classic  
Dreyfus                            
Municipal Cash                            
Management Plus                            
Expenses paid                            
per $1,000     $   .81   $ .81   $   .81   $ .81   $ .86      
Ending value                            
(after expenses)   $ 1,000.00   $ 1,000.00   $ 1,000.00   $ 1,000.00   $ 1,000.00    
Annualized                            
expense ratio (%)       .16     .16     .16     .16     .17      
Dreyfus                            
New York                            
Municipal Cash                            
Management                            
Expenses paid                            
per $1,000     $   .81   $ .76   $   .81   $ .81          
Ending value                            
(after expenses)     $ 1,000.00 $ 1,000.00 $ 1,000.00   $ 1,000.00        
Annualized                            
expense ratio (%)       .16     .15     .16     .16          
Dreyfus                            
Tax Exempt Cash                            
Management                            
Expenses paid                            
per $1,000     $   .55   $ .55   $   .55   $ .55          
Ending value                            
(after expenses)     $ 1,000.00   $ 1,000.00   $ 1,000.00   $ 1,000.00          
Annualized                            
expense ratio (%)       .11     .11     .11     .11          
Dreyfus California                            
AMT-Free                            
Municipal Cash                            
Management                            
Expenses paid                            
per $1,000     $   .50   $ .50   $   .55   $ .50          
Ending value                            
(after expenses)   $ 1,000.00     1,000.00   $   1,000.00   $ 1,000.00      
Annualized                            
expense ratio (%)       .10     .10     .11     .10          
Dreyfus New York                            
AMT-Free                            
Municipal Cash                            
Management                            
Expenses paid                            
per $1,000     $   .81   $ .81   $   .81           $ .81  
Ending value                            
(after expenses)     $ 1,000.00   $ 1,000.00 $ 1,000.00         $ 1,000.00  
Annualized                            
expense ratio (%)       .16     .16     .16             .16  

 

8



COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return.You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

                                           
Expenses and Value of a $1,000 Investment                                
assuming a hypothetical 5% annualized return for the six months ended January 31, 2014                  
 
    Institutional       Investor     Administrative     Participant     Service     Select     Agency     Premier  
Dreyfus Cash                                            
Management                                            
Expenses paid                                            
per $1,000     $   .66     $   .87     $   .87     $   .87           $ .87      
Ending value                                            
(after expenses)   $ 1,024.55   $ 1,024.35   $ 1,024.35     $ 1,024.35       $ 1,024.35    
Annualized                                            
expense ratio (%)       .13       .17       .17       .17             .17      
Dreyfus                                            
Government Cash                                            
Management                                            
Expenses paid                                            
per $1,000     $   .36     $   .36     $   .36     $   .36           $ .36      
Ending value                                            
(after expenses)   $ 1,024.85   $ 1,024.85   $ 1,024.85     $ 1,024.85         $ 1,024.85    
Annualized                                            
expense ratio (%)       .07       .07       .07       .07             .07      
Dreyfus                                            
Government Prime                                            
Cash Management                                            
Expenses paid                                            
per $1,000     $   .36     $   .36     $   .36     $   .36           $ .36      
Ending value                                            
(after expenses)     $   ,024.85     $ 1,024.85     $ 1,024.85     $ 1,024.85         $ 1,024.85    
Annualized                                            
expense ratio (%)       .07       .07       .07       .07             .07      
Dreyfus Treasury &                                            
Agency Cash                                            
Management                                            
Expenses paid                                            
per $1,000     $   .31     $   .31     $   .31     $   .31   $ .26   $ .31   $ .31   $ .26  
Ending value                                            
(after expenses)     $ 1,024.90     $ 1,024.90     $ 1,024.90     $ 1,024.90   $ 1,024.95   $ 1,024.90   $ 1,024.90 $ 1,024.95  
                                                    
Annualized                                            
expense ratio (%)       .06       .06       .06       .06     .05     .06     .06     .05  
Dreyfus                                            
Treasury Prime                                            
Cash Management                                            
Expenses paid                                            
per $1,000     $   .26     $   0.20     $   0.20     $   0.20           $ .20      
Ending value                                            
(after expenses)     $  ,024.95     $ 1,025.00     $ 1,025.00     $ 1,025.00         $ 1,025.00      
  Annualized                                          
expense ratio (%)       .05       .04       .04       .04             .04      

 

   
The Funds   9  

 



COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited) (continued)

                             
Expenses and Value of a $1,000 Investment (continued)                    
assuming a hypothetical 5% annualized return for the six months ended January 31, 2014              
 
    Institutional     Investor     Administrative     Participant     Agency     Classic  
Dreyfus                              
Municipal Cash                              
Management Plus                              
Expenses paid                              
per $1,000     $   .82   $ .82     $   .82   $ .82   $ .87      
Ending value                              
(after expenses)   $ 1,024.40   $ 1,024.40     $ 1,024.40   $ 1,024.40   $ 1,024.35    
Annualized                              
expense ratio (%)       .16     .16       .16     .16     .17      
Dreyfus                              
New York                              
Municipal Cash                              
Management                              
Expenses paid                              
per $1,000     $   .82   $ .77     $   .82   $ .82          
Ending value                              
(after expenses)   $ 1,024.40   $ 1,024.45     $ 1,024.40 $ 1,024.40    
                         
                         
Annualized                              
expense ratio (%)       .16     .15       .16     .16          
Dreyfus                              
Tax Exempt Cash                              
Management                              
Expenses paid                              
per $1,000     $   .56   $ .56     $   .56   $ .56          
Ending value                              
(after expenses)     $  1,024.65   $ 1,024.65     $ 1,024.65 $ 1,024.65      
Annualized                              
expense ratio (%)       .11     .11       .11     .11          
Dreyfus California                              
AMT-Free                              
Municipal Cash                              
Management                              
Expenses paid                              
per $1,000     $   .51   $ .51     $   .56   $ .51          
Ending value                              
(after expenses)   $ 1,024.70 $ 1,024.70   $ 1,024.65 $ 1,024.70    
Annualized                              
expense ratio (%)       .10     .10       .11     .10          
Dreyfus New York                              
AMT-Free                              
Municipal Cash                              
Management                              
Expenses paid                              
per $1,000     $   .82   $ .82     $   .82           $ .82  
Ending value                              
(after expenses)   $ 1,024.40 $ 1,024.40   $ 1,024.40     $ 1,024.40
Annualized                              
expense ratio (%)       .16     .16       .16             .16  

 

 
Expenses are equal to each fund’s annualized expense ratios as shown above, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half  
year period).  

 

10



STATEMENT OF INVESTMENTS

January 31, 2014

       
  Principal    
Dreyfus Cash Management   Amount ($)   Value ($)  
 
Negotiable Bank Certificates of Deposit—38.7%        
Bank of Montreal (Yankee)        
0.15%—0.18%, 3/12/14—3/17/14   850,000,000   850,000,000  
Bank of Nova Scotia (Yankee)        
0.23%—0.25%, 2/3/14   950,000,000 a   949,985,480  
Bank of Tokyo-Mitsubishi Ltd. (Yankee)        
0.20%—0.25%, 2/3/14—4/28/14   1,100,000,000   1,100,000,000  
Credit Industriel et Commercial (Yankee)        
0.16%, 3/3/14   300,000,000   300,000,000  
Credit Suisse New York (Yankee)        
0.19%—0.20%, 2/3/14—3/10/14   900,000,000   900,000,000  
Deutsche Bank AG (Yankee)        
0.20%, 3/31/14   200,000,000   200,000,000  
JPMorgan Chase Bank, N.A.        
0.25%, 4/21/14—4/25/14   430,000,000   430,000,000  
Mitsubishi UFJ Trust and Banking Corp. (Yankee)        
0.20%, 4/30/14   100,000,000   100,000,000  
Mizuho Bank (Yankee)        
0.21%, 3/14/14—4/30/14   1,250,000,000   1,250,000,000  
Nordea Bank Finland (Yankee)        
0.20%—0.24%, 2/26/14—7/16/14   850,000,000   849,997,399  
Norinchukin Bank (Yankee)        
0.21%—0.22%, 2/12/14—4/8/14   772,000,000   771,998,168  
Rabobank Nederland (Yankee)        
0.22%, 6/2/14   250,000,000   250,000,000  
Royal Bank of Canada (Yankee)        
0.29%, 2/3/14   50,000,000 a   50,000,000  
Sumitomo Mitsui Banking Corp. (Yankee)        
0.21%—0.25%, 2/13/14—6/2/14   1,200,000,000 b   1,200,000,000  
Sumitomo Mitsui Trust Bank (Yankee)        
0.21%, 2/27/14—3/12/14   500,000,000 b   500,000,000  
Svenska Handelsbanken (Yankee)        
0.20%—0.21%, 7/21/14   350,000,000 b   350,008,255  
Toronto Dominion Bank NY (Yankee)        
0.22%—0.24%, 2/18/14—10/22/14   700,000,000   700,000,000  
UBS AG (Yankee)        
0.17%, 3/14/14   150,000,000   150,000,000  
Wells Fargo Bank, NA        
0.20%—0.24%, 2/3/14—6/9/14   455,000,000 a   455,000,000  
Total Negotiable Bank Certificates of Deposit        
(cost $11,356,989,302)       11,356,989,302  
 
Commercial Paper—20.8%        
ANZ International Ltd.        
0.21%—0.28%, 2/10/14—7/31/14   200,000,000 a,b   199,895,000  
Australia and New Zealand Banking Group Ltd.        
0.24%, 2/28/14   100,000,000 a,b   100,000,000  
Bank of Nova Scotia        
0.19%, 2/3/14   250,000,000   249,997,361  

 

   
The Funds   11  

 



STATEMENT OF INVESTMENTS (continued)

         
    Principal    
  Dreyfus Cash Management (continued)   Amount ($)   Value ($)  
 
  Commercial Paper (continued)        
  Commonwealth Bank of Australia        
  0.21%—0.26%, 2/4/14—5/6/14   730,000,000 a,b   729,929,826  
  Erste Abwicklungsanstalt        
  0.15%—0.17%, 2/19/14—5/20/14   575,000,000   574,852,208  
  General Electric Capital Corp.        
  0.23%, 2/5/14   100,000,000   99,997,444  
  HSBC Bank PLC        
  0.23%—0.25%, 2/3/14—2/19/14   400,000,000 a,b   400,000,000  
  JPMorgan Securities LLC        
  0.36%, 2/10/14   75,000,000 a,b   75,000,000  
  National Australia Funding (DE) Inc.        
  0.20%, 7/14/14—8/1/14   581,000,000 b   580,448,872  
  Nordea Bank AB        
  0.22%, 4/17/14   149,450,000 b   149,381,502  
  NRW Bank        
  0.11%—0.12%, 2/14/14   650,000,000 b   649,973,729  
  Rabobank USA Financial Corp.        
  0.22%, 4/30/14—7/10/14   690,000,000   689,411,989  
  Toyota Motor Credit Corp.        
  0.21%—0.23%, 2/3/14—3/24/14   545,000,000 a   544,922,946  
  Westpac Banking Corp.        
  0.22%—0.28%, 2/3/14—2/17/14   1,025,000,000 a,b   1,025,000,000  
  Total Commercial Paper        
  (cost $6,068,810,877)       6,068,810,877  
 
  Asset -Backed Commercial Paper—3.2%        
  Bedford Row Funding        
  0.30%, 4/30/14   91,300,000 b   91,233,047  
  CAFCO        
  0.17%, 3/12/14   50,000,000 b   49,990,792  
  CIESCO LLC        
  0.17%, 3/10/14   50,000,000 b   49,991,264  
  Collateralized Commercial Paper II Co., LLC        
  0.28%, 3/11/14   333,390,000 b   333,291,465  
  Collateralized Commercial Paper Program Co., LLC        
  0.28%, 4/1/14—7/8/14   400,000,000   399,664,000  
  Total Asset-Backed Commercial Paper        
  (cost $924,170,568)       924,170,568  
 
  Time Deposits—20.4%        
  Canadian Imperial Bank of Commerce (Grand Cayman)        
  0.04%, 2/3/14   150,000,000   150,000,000  
  Credit Agricole (Grand Cayman)        
  0.09%, 2/3/14   1,000,000,000   1,000,000,000  
  DnB Bank (Grand Cayman)        
  0.03%—0.04%, 2/3/14   900,000,000   900,000,000  

 

12



       
    Principal    
  Dreyfus Cash Management (continued)   Amount ($)   Value ($)  
 
  Time Deposits (continued)      
  Landesbank Hessen-Thuringen Girozentrale (Grand Cayman)      
  0.04%, 2/3/14   150,000,000   150,000,000  
  Lloyds Bank (London)      
  0.06%, 2/3/14   1,000,000,000   1,000,000,000  
  Natixis New York (Grand Cayman)      
  0.10%, 2/3/14   587,000,000   587,000,000  
  Skandinaviska Enskilda Banken (Grand Cayman)      
  0.04%, 2/3/14   993,000,000   993,000,000  
  Swedbank (Grand Cayman)      
  0.05%, 2/3/14   578,000,000   578,000,000  
  U.S. Bank NA (Grand Cayman)      
  0.10%, 2/3/14   600,000,000   600,000,000  
  Total Time Deposits      
  (cost $5,958,000,000)     5,958,000,000  
 
  U.S. Government Agencies—.6%      
  Federal Farm Credit Bank      
  0.01%, 2/3/14   35,000,000   34,999,981  
  Federal Home Loan Bank      
  0.06%, 2/20/14   131,700,000   131,696,177  
  Total U.S. Government Agencies      
  (cost $166,696,158)     166,696,158  
 
  U.S. Treasury Bills—.5%      
  0.06%, 2/6/14      
  (cost $149,998,750)   150,000,000   149,998,750  
 
  U.S. Treasury Notes—4.9%      
  0.06%—0.22%, 2/15/14—6/30/14      
  (cost $1,423,370,203)   1,419,000,000   1,423,370,203  
 
  Repurchase Agreements—10.9%      
  ABN AMRO Bank N.V.      
  0.02%, dated 1/31/14, due 2/3/14 in the amount of $780,001,300 (fully collateralized by      
  $ 146,681,866 U.S. Treasury Bills, due 7/10/14, value $146,649,010 and $653,649,151      
  U.S. Treasury Notes, 0.25%-1.75%, due 6/30/14-10/31/20, value $648,951,013)   780,000,000   780,000,000  
  Barclays Capital, Inc.      
  0.02%, dated 1/31/14, due 2/3/14 in the amount of $663,001,105 (fully collateralized by      
  $ 376,000,852 U.S. Treasury Inflation Protected Securities, 0.13%, due 4/15/16-1/15/23,      
  value $390,701,951, $26,619,900 U.S. Treasury Notes, 2.13%, due 1/31/21, value $26,520,075      
  and $ 417,418,627 U.S. Treasury Strips, due 2/15/17-11/15/43, value $259,038,065)   663,000,000   663,000,000  
  BNP Paribas      
  0.02%, dated 1/31/14, due 2/3/14 in the amount of $10,000,017 (fully      
  collateralized by $9,805,900 U.S. Treasury Inflation Protected Securities,      
  0.13%, due 4/15/18, value $10,200,053)   10,000,000   10,000,000  

 

   
The Funds   13  

 



STATEMENT OF INVESTMENTS (continued)

       
  Principal    
Dreyfus Cash Management (continued)   Amount ($)   Value ($)  
 
Repurchase Agreements (continued)        
Credit Agricole CIB        
0.02%-0.03%, dated 1/31/14, due 2/3/14 in the amount of $1,240,002,400 (fully        
collateralized by $259,801,895 Federal Home Loan Mortgage Corp., 1.88%-7.50%,        
due 3/1/27-11/1/43, value $52,283,074, $888,683,047 Federal National Mortgage        
Association, 0%-6.50%, due 9/1/15-3/1/50, value $292,507,553, $237,755,186        
Government National Mortgage Association, 0.96%-7%, due 7/20/30-12/20/63,        
value $63,019,377, $526,533,217 U.S. Treasury Inflation Protected Securities,        
0.13%-2%, due 7/15/14-4/15/17, value $620,695,210 and $227,951,539        
U.S. Treasury Notes, 0.88%-3.38%, due 3/31/14-11/15/19, value $236,294,790)   1,240,000,000   1,240,000,000  
Deutsche Bank Securities Inc.        
0.03%, dated 1/31/14, due 2/3/14 in the amount of $200,000,500 (fully        
collateralized by $205,877,800 U.S. Treasury Notes, 0.25%-1.13%,        
due 12/31/15-5/31/19, value $204,000,043)   200,000,000   200,000,000  
TD Securities (USA) LLC        
0.02%, dated 1/31/14, due 2/3/14 in the amount of $300,000,500 (fully        
collateralized by cash, value $56,671,808, $78,292,412 U.S. Treasury Bills,        
due 2/27/14-7/17/14, value $78,289,886, $6,432,300 U.S. Treasury Bonds,        
2.75%-7.63%, due 11/15/22-11/15/42, value $7,191,220, $2,255,300        
U.S. Treasury Inflation Protected Securities, 0.75%-2.13%, due 2/15/40-2/15/42,        
value $2,089,128, $146,936,100 U.S. Treasury Notes, 0.25%-4.50%,        
due 2/28/14-11/15/23, value $150,797,699 and $27,700,000        
U.S. Treasury Strips, due 11/15/39-11/15/43, value $9,826,823)   300,000,000   300,000,000  
Total Repurchase Agreements        
(cost $3,193,000,000)       3,193,000,000  
 
Total Investments (cost $29,241,035,858)   100.0 %   29,241,035,858  
 
Cash and Receivables (Net)   .0 %   1,507,432  
 
Net Assets   100.0 %   29,242,543,290  

 

 
a Variable rate security—interest rate subject to periodic change.  
b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified  
institutional buyers.At January 31, 2014, these securities amounted to $6,484,143,752 or 22.2% of net assets.  

 

       
Portfolio Summary (Unaudited)        
 
  Value (%)     Value (%)  
Banking   77.7   Finance   2.2  
Repurchase Agreements   10.9   Asset-Backed/Multi-Seller Programs   .4  
U.S. Government/Agencies   6.0      
Asset-Backed/Banking   2.8     100.0  
 
Based on net assets.        
See notes to financial statements.        

 

14



STATEMENT OF INVESTMENTS

January 31, 2014

         
  Annualized        
  Yield on        
  Date of   Principal      
Dreyfus Government Cash Management   Purchase (%)   Amount ($)     Value ($)  
 
U.S. Government Agencies—64.9%          
Federal Farm Credit Bank:          
2/7/14   0.04   50,000,000     49,999,667  
2/18/14   0.05   150,000,000     149,996,458  
4/1/14   0.03   50,000,000     49,997,542  
4/17/14   0.09   10,000,000     9,998,125  
6/6/14   0.11   65,000,000     64,975,174  
Federal Home Loan Bank:          
2/3/14   0.12   500,000,000   a   500,000,000  
2/6/14   0.06   300,000,000     299,997,500  
2/7/14   0.06   250,000,000     249,997,500  
2/10/14   0.06   250,000,000     249,996,250  
2/10/14   0.13   100,000,000     99,999,686  
2/11/14   0.06   150,000,000     149,997,500  
2/12/14   0.10   300,000,000     299,990,833  
2/14/14   0.10   100,000,000     99,996,389  
2/26/14   0.05   270,000,000     269,990,625  
3/4/14   0.05   250,000,000     249,989,236  
3/6/14   0.06   250,000,000     249,986,250  
3/7/14   0.08   486,200,000     486,162,744  
3/12/14   0.06   150,000,000     149,990,250  
3/13/14   0.04   500,000,000     499,977,778  
3/14/14   0.04   49,000,000     48,997,768  
3/19/14   0.04   505,900,000     505,874,143  
3/21/14   0.05   135,000,000     134,991,900  
3/21/14   0.12   100,000,000     100,006,457  
3/25/14   0.04   100,000,000     99,994,222  
4/1/14   0.05   200,000,000     199,984,167  
4/11/14   0.05   355,200,000     355,164,251  
4/14/14   0.05   200,000,000     199,980,555  
4/16/14   0.14   40,000,000     39,999,021  
4/25/14   0.07   541,300,000     541,218,204  
5/2/14   0.07   200,000,000     199,965,000  
5/16/14   0.11   205,000,000     204,934,855  
5/27/14   0.12   48,000,000     48,000,000  
5/28/14   0.06   69,000,000     68,986,660  
7/1/14   0.09   250,000,000     249,906,250  
7/16/14   0.09   250,000,000     249,902,604  
7/22/14   0.11   250,000,000     249,981,606  
7/22/14   0.11   200,000,000     199,994,728  
8/5/14   0.10   50,000,000     49,974,305  
1/16/15   0.17   56,800,000     56,797,277  
1/27/15   0.17   150,000,000     149,992,603  

 

   
The Funds   15  

 



STATEMENT OF INVESTMENTS (continued)

           
    Annualized        
    Yield on        
    Date of   Principal      
  Dreyfus Government Cash Management (continued)   Purchase (%)   Amount ($)     Value ($)  
 
  U.S. Government Agencies (continued)          
  Federal Home Loan Mortgage Corp.:          
  2/25/14   0.15   500,000,000   a,b   500,000,000  
  2/26/14   0.12   250,000,000   b   249,979,167  
  2/27/14   0.12   250,000,000   b   249,978,333  
  3/13/14   0.12   100,000,000   b   99,986,667  
  3/26/14   0.04   121,025,000   b   121,017,873  
  5/12/14   0.11   65,000,000   b   64,981,042  
  6/18/14   0.12   550,000,000   b   549,748,833  
  Federal National Mortgage Association:          
  4/21/14   0.10   500,000,000   b   499,890,278  
  4/23/14   0.09   200,000,000   b   199,959,500  
  8/18/14   0.13   500,000,000   b   499,642,500  
  Total U.S. Government Agencies          
  (cost $11,170,870,276)         11,170,870,276  
 
 
  U.S. Treasury Bills—1.7%          
  2/6/14          
  (cost $299,996,875)   0.08   300,000,000     299,996,875  
 
 
  U.S. Treasury Notes—7.3%          
  3/15/14   0.09   250,000,000     250,345,145  
  3/31/14   0.10   150,000,000     150,035,824  
  3/31/14   0.10   400,000,000     401,050,444  
  7/31/14   0.14   200,000,000     199,988,463  
  9/30/14   0.17   250,000,000     253,647,990  
  Total U.S. Treasury Notes          
  (cost $1,255,067,866)         1,255,067,866  
 
 
  Repurchase Agreements—28.4%          
  Bank of Nova Scotia          
  dated 1/31/14, due 2/3/14 in the amount of $500,000,833 (fully          
  collateralized by $282,719,880 Federal Home Loan Bank, 1%-5.40%,          
  due 3/10/14-12/7/27, value $268,417,849, $27,108,434 Federal          
  Home Loan Mortgage Corp., 1%, due 8/20/14, value $27,357,078,          
  $ 163,556,024 Federal National Mortgage Association, 0.55%-6.25%,          
  due 9/28/16-5/15/29, value $163,882,374 and $50,360,482 U.S. Treasury          
  Notes, 0.25%-0.38%, due 1/31/16-5/15/16, value $50,342,757)   0.02   500,000,000     500,000,000  

 

16



       
  Annualized      
  Yield on      
  Date of   Principal    
Dreyfus Government Cash Management (continued)   Purchase (%)   Amount ($)   Value ($)  
 
Repurchase Agreements (continued)        
Barclays Capital, Inc.        
dated 1/31/14, due 2/3/14 in the amount of $85,000,142        
(fully collateralized by $50,212,830 U.S. Treasury Inflation        
Protected Securities, 0.13%, due 4/15/16-1/15/23,        
value $52,134,483 and $55,699,503 U.S. Treasury Strips,        
due 2/15/17-11/15/43, value $34,565,519)   0.02   85,000,000   85,000,000  
Citigroup Global Markets Holdings Inc.        
dated 1/31/14, due 2/3/14 in the amount of $135,000,225        
(fully collateralized by $815,000 Federal Farm Credit Bank, 1.89%,        
due 4/29/21, value $773,614, $75,896,100 Federal Home Loan Bank,        
0%-2.53%, due 7/30/14-4/10/28, value $60,631,034, $40,819,000        
Federal National Mortgage Association, 2%-3%, due 3/13/14-9/6/23,        
value $40,048,290 and $27,455,600 U.S. Treasury Inflation Protected        
Securities, 2.38%-2.50%, due 1/15/17-1/15/29, value $36,247,120)   0.02   135,000,000   135,000,000  
Deutsche Bank Securities Inc.        
dated 1/31/14, due 2/3/14 in the amount of $55,000,092 (fully        
collateralized by $2,366,000 Federal Agricultural Mortgage Corp.,        
5.13%, due 4/19/17, value $2,688,985, $15,512,909 Federal Home        
Loan Bank, 0%-5.38%, due 2/7/14-7/25/33, value $16,396,790,        
$11,100,000 Federal Home Loan Mortgage Corp., 3.54%, due 7/19/28,        
value $10,836,708 and $35,453,000 Federal National Mortgage        
Association, 0%-3.03%, due 2/5/14-5/15/30, value $26,177,683)   0.02   55,000,000   55,000,000  
Federal Reserve Bank of New York,        
dated 1/31/14, due 2/3/14 in the amount of $2,000,005,000 (fully        
collateralized by $2,158,941,500 U.S. Treasury Bonds, 3.13%,        
due 2/15/42, value $2,000,005,026)   0.03   2,000,000,000   2,000,000,000  
JPMorgan Chase & Co.        
dated 1/31/14, due 2/3/14 in the amount of $150,000,500        
(fully collateralized by $1,312,810,889 Federal National        
Mortgage Association, 5.61%-6.89%, due 6/25/29-12/25/43,        
value $153,000,640)   0.04   150,000,000   150,000,000  
RBC Capital Markets        
dated 1/31/14, due 2/3/14 in the amount of $550,000,458 (fully        
collateralized by $7,659,000 Federal Farm Credit Bank, 0.50%-7.32%,        
due 2/5/14-12/17/36, value $7,598,730, $243,638,000 Federal Home        
Loan Bank, 0%-7%, due 3/21/14-2/15/30, value $235,493,758,        
$101,872,000 Federal Home Loan Mortgage Corp., 0%-6.25%,        
due 2/25/14-7/15/32, value $101,491,024 and $224,190,000        
Federal National Mortgage Association, 0.38%-8.20%,        
due 2/5/14-4/29/33, value $216,417,337)   0.01   550,000,000   550,000,000  

 

   
The Funds   17  

 



STATEMENT OF INVESTMENTS (continued)

           
  Annualized          
  Yield on          
  Date of   Principal      
Dreyfus Government Cash Management (continued)   Purchase (%)   Amount ($)   Value ($)  
 
Repurchase Agreements (continued)            
Societe Generale            
dated 1/31/14, due 2/3/14 in the amount of $1,425,003,563 (fully            
collateralized by $90,507,000 Federal Farm Credit Bank, 0.59%-1.50%,            
due 11/16/15-6/27/16, value $92,727,039, $312,405,000 Federal Home            
Loan Bank, 0.50%-1.38%, due 5/28/14-11/20/17, value $313,032,330,            
$206,001,000 Federal National Mortgage Association, 0.50%-2.13%,            
due 10/21/15-7/10/18, value $206,242,912, $80,000,000 U.S. Treasury            
Bills, due 7/3/14- 9/18/14, value $79,977,300, $289,118,700            
U.S. Treasury Bonds, 7.13%-7.50%, due 2/15/23—11/15/24,            
value $416,746,025 and $349,844,400 U.S. Treasury Notes,            
0.25%-2.13%, due 2/15/15-8/31/20, value $344,776,775)   0.03   1,425,000,000   1,425,000,000  
Total Repurchase Agreements            
(cost $4,900,000,000)         4,900,000,000  
 
Total Investments (cost $17,625,935,017)     102.3 %   17,625,935,017  
 
Liabilities, Less Cash and Receivables     (2.3 %)   (394,292,512 )  
 
Net Assets     100.0 %   17,231,642,505  

 

 
a Variable rate security—interest rate subject to periodic change.  
b The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as  
the conservator.As such, the FHFA oversees the continuing affairs of these companies.  

 

       
Portfolio Summary (Unaudited)        
 
  Value (%)     Value (%)  
Federal Home Loan Bank   45.3   Federal National Mortgage Association   7.0  
Repurchase Agreements   28.4   Federal Farm Credit Bank   1.9  
Federal Home Loan Mortgage Corp.   10.7   U.S. Treasury Bills   1.7  
U.S. Treasury Notes   7.3     102.3  
 
Based on net assets.        
See notes to financial statements.        

 

18



STATEMENT OF INVESTMENTS

January 31, 2014

         
  Annualized        
  Yield on        
  Date of   Principal      
Dreyfus Government Prime Cash Management   Purchase (%)   Amount ($)     Value ($)  
 
U.S. Government Agencies—77.3%          
Federal Farm Credit Bank:          
2/3/14   0.01   100,000,000     99,999,917  
2/5/14   0.02   25,000,000     24,999,944  
2/10/14   0.03   25,000,000     24,999,812  
2/12/14   0.01   15,000,000     14,999,954  
2/12/14   0.10   50,000,000   a   50,008,075  
2/14/14   0.09   90,000,000     89,997,075  
2/19/14   0.16   100,000,000   a   99,999,507  
2/20/14   0.02   30,000,000     29,999,683  
2/27/14   0.02   15,000,000     14,999,783  
3/12/14   0.07   80,000,000     79,993,933  
3/19/14   0.03   50,000,000     49,998,083  
3/21/14   0.03   40,000,000     39,998,400  
3/25/14   0.05   22,200,000     22,198,237  
3/31/14   0.05   100,000,000     99,991,944  
4/10/14   0.07   5,000,000     4,999,339  
4/11/14   0.05   75,000,000     74,992,812  
4/17/14   0.09   40,000,000     40,209,796  
4/24/14   0.09   25,000,000     24,994,875  
4/28/14   0.08   5,000,000     4,999,044  
5/19/14   0.04   15,000,000     14,998,217  
5/30/14   0.05   50,000,000     49,991,806  
6/3/14   0.08   50,000,000     49,986,444  
6/4/14   0.06   75,000,000     74,984,625  
6/6/14   0.06   25,000,000     24,994,792  
6/19/14   0.12   50,000,000     49,977,000  
6/27/14   0.08   45,000,000     44,984,792  
7/18/14   0.08   19,499,000     19,491,764  
8/11/14   0.08   20,000,000     19,991,511  
8/15/14   0.08   15,000,000     14,993,500  
Federal Home Loan Bank:          
2/3/14   0.01   100,000,000     99,999,944  
2/3/14   0.12   50,000,000   a   50,000,000  
2/6/14   0.11   100,000,000   a   99,998,661  
2/12/14   0.02   383,702,000     383,699,981  
2/14/14   0.02   150,000,000     149,998,917  
2/19/14   0.02   5,000,000     4,999,950  
2/21/14   0.04   187,000,000     186,995,589  
2/26/14   0.07   297,650,000     297,635,531  

 

   
The Funds   19  

 



STATEMENT OF INVESTMENTS (continued)

       
  Annualized      
  Yield on      
  Date of   Principal    
Dreyfus Government Prime Cash Management (continued)   Purchase (%)   Amount ($)   Value ($)  
 
U.S. Government Agencies (continued)        
Federal Home Loan Bank (continued):        
2/28/14   0.06   97,863,000   97,858,312  
3/6/14   0.06   100,000,000   99,994,500  
3/7/14   0.07   25,000,000   24,998,347  
3/13/14   0.04   100,000,000   99,995,556  
4/7/14   0.09   15,000,000   14,997,563  
4/25/14   0.11   50,000,000   49,987,896  
5/1/14   0.05   10,000,000   9,998,888  
5/28/14   0.12   99,196,000   99,157,644  
6/2/14   0.13   153,200,000   153,183,614  
6/4/14   0.13   48,800,000   48,779,158  
6/6/14   0.13   25,000,000   24,988,715  
6/13/14   0.13   24,992,000   24,980,270  
6/18/14   0.13   9,000,000   8,995,616  
6/25/14   0.13   47,404,000   47,379,654  
6/27/14   0.13   75,000,000   74,961,067  
Tennessee Valley Authority:        
2/13/14   0.02   225,000,000   224,998,633  
2/20/14   0.02   235,539,000   235,536,514  
2/27/14   0.01   117,648,000   117,647,087  
Total U.S. Government Agencies        
(cost $3,988,542,271)       3,988,542,271  
 
 
U.S. Treasury Bills—7.9%        
2/6/14   0.01   80,000,000   79,999,944  
4/24/14   0.03   80,000,000   79,995,444  
5/1/14   0.01   250,000,000   249,993,819  
Total U.S. Treasury Bills        
(cost $409,989,207)       409,989,207  
 
 
U.S. Treasury Notes—14.8%        
2/15/14   0.14   100,000,000   100,050,328  
3/15/14   0.04   50,000,000   50,072,624  
3/31/14   0.09   165,000,000   165,043,112  
4/30/14   0.07   120,000,000   120,052,141  

 

20



         
  Annualized        
  Yield on        
  Date of   Principal    
Dreyfus Government Prime Cash Management (continued)   Purchase (%)   Amount ($)   Value ($)  
 
U.S. Treasury Notes (continued)          
5/15/14   0.08   50,000,000   50,664,047  
5/31/14   0.14   50,000,000   50,349,365  
6/15/14   0.06   125,000,000   125,312,603  
6/30/14   0.11   100,000,000   100,057,172  
Total U.S. Treasury Notes          
(cost $761,601,392)         761,601,392  
 
Total Investments (cost $5,160,132,870)     100.0 %   5,160,132,870  
Cash and Receivables (Net)     .0 %   1,994,785  
Net Assets     100.0 %   5,162,127,655  

 

   
a   Variable rate security—interest rate subject to periodic change.  

 

       
Portfolio Summary (Unaudited)        
 
  Value (%)     Value (%)  
Federal Home Loan Bank   41.7   Tennessee Valley Authority   11.2  
Federal Farm Credit Bank   24.4   U.S. Treasury Bills   7.9  
U.S. Treasury Notes   14.8     100.0  
 
Based on net assets.        
See notes to financial statements.        

 

   
The Funds   21  

 



STATEMENT OF INVESTMENTS

January 31, 2014

       
  Annualized      
  Yield on      
  Date of   Principal    
Dreyfus Treasury & Agency Cash Management   Purchase (%)   Amount ($)   Value ($)  
 
U.S. Treasury Bills—13.8%        
2/6/14   0.00   164,000,000   164,000,000  
4/10/14   0.04   1,726,510,000   1,726,376,750  
4/17/14   0.09   125,000,000   124,977,865  
5/29/14   0.10   500,000,000   499,835,469  
Total U.S. Treasury Bills        
(cost $2,515,190,084)       2,515,190,084  
U.S. Treasury Notes—36.2%        
2/15/14   0.08   275,000,000   275,145,125  
2/28/14   0.13   200,000,000   200,018,081  
2/28/14   0.14   640,000,000   640,838,708  
3/15/14   0.10   905,000,000   906,246,903  
3/31/14   0.05   100,000,000   100,270,369  
3/31/14   0.09   300,000,000   300,075,968  
4/15/14   0.06   600,000,000   601,430,184  
4/30/14   0.09   444,420,000   444,593,087  
4/30/14   0.09   302,165,000   303,475,187  
5/15/14   0.11   276,000,000   279,641,315  
5/31/14   0.10   700,000,000   700,343,447  
5/31/14   0.14   465,000,000   468,254,788  
6/15/14   0.08   250,000,000   250,614,800  
7/31/14   0.14   200,000,000   199,988,463  
8/15/14   0.14   280,000,000   280,512,787  
9/30/14   0.17   250,000,000   253,647,990  
11/15/14   0.20   287,000,000   296,251,191  
11/30/14   0.11   100,000,000   101,638,322  
Total U.S. Treasury Notes        
(cost $6,602,986,715)       6,602,986,715  
Repurchase Agreements—49.9%        
ABN AMRO Bank N.V.        
dated 1/31/14, due 2/3/14 in the amount of $700,001,167        
(fully collateralized by $231,542,175 Government National        
Mortgage Association, 4%-4.50%, due 9/20/41-6/15/42,        
value $162,578,358, $37,610,735 U.S. Treasury Bills,        
due 7/10/14, value $37,602,310, $5,037,900 U.S. Treasury        
Bonds, 4.63%, due 2/15/40, value $6,080,064, $7,594,200        
U.S. Treasury Inflation Protected Securities, 2.38%, due 1/15/17,        
value $9,708,184 and $471,449,046 U.S. Treasury Notes,        
0.25%-4.63%, due 6/30/14-11/15/23, value $498,031,142)   0.02   700,000,000   700,000,000  

 

22



       
  Annualized      
  Yield on      
  Date of   Principal    
Dreyfus Treasury & Agency Cash Management (continued)   Purchase (%)   Amount ($)   Value ($)  
 
Repurchase Agreements (continued)        
Bank of Nova Scotia        
dated 1/31/14, due 2/3/14 in the amount of $200,000,333        
(fully collateralized by $167,460 U.S. Treasury Bills, due 5/15/14,        
value $167,440, $33,115,440 U.S. Treasury Bonds, 2.75%-7.88%,        
due 2/15/21-8/15/42, value $37,811,873, $26,916,300        
U.S. Treasury Inflation Protected Securities, 1.13%-2.50%,        
due 1/15/16-1/15/29, value $33,344,044 and $130,961,411        
U.S. Treasury Notes, 0.25%-4.50%, due 2/15/14-5/15/22,        
value $132,676,648)   0.02   200,000,000   200,000,000  
Barclays Capital, Inc.        
dated 1/31/14, due 2/3/14 in the amount of $374,000,623        
(fully collateralized by $220,936,450 U.S. Treasury Inflation        
Protected Securities, 0.13%, due 4/15/16-1/15/23, value        
$229,391,726 and $245,077,812 U.S. Treasury Strips,        
due 2/15/17-11/15/43, value $152,088,283)   0.02   374,000,000   374,000,000  
Citigroup Global Markets Holdings Inc.        
dated 1/31/14, due 2/3/14 in the amount of $140,000,117        
(fully collateralized by $13,509,900 U.S. Treasury Inflation        
Protected Securities, 0.38%, due 7/15/23, value $13,448,641        
and $130,828,300 U.S. Treasury Notes, 1%-1.38%,        
due 3/31/17-1/31/20, value $129,351,457)   0.01   140,000,000   140,000,000  
Credit Agricole CIB        
dated 1/31/14, due 2/3/14 in the amount of $2,115,003,525        
(fully collateralized by $1,325,735,422 U.S. Treasury Inflation        
Protected Securities, 0.13%-2%, due 7/15/14-4/15/17,        
value $1,562,821,868 and $573,487,383 U.S. Treasury Notes,        
0.88%-3.38%, due 3/31/14-11/15/19, value $594,478,143)   0.02   2,115,000,000   2,115,000,000  
Credit Suisse Securities LLC        
dated 1/31/14, due 2/3/14 in the amount of $250,000,417 (fully        
collateralized by $269,825,136 Government National Mortgage        
Association, 2.18%-6.50%, due 7/20/27-3/15/55, value $255,001,983)   0.02   250,000,000   250,000,000  
Deutsche Bank Securities Inc.        
dated 1/31/14, due 2/3/14 in the amount of $125,000,208        
(fully collateralized by $445,066,376 Government National Mortgage        
Association, 2.28%-8%, due 3/15/25-8/15/55, value $127,500,000)   0.02   125,000,000   125,000,000  
Federal Reserve Bank of New York,        
dated 1/31/14, due 2/3/14 in the amount of $2,850,007,125        
(fully collateralized by $2,681,296,600 U.S. Treasury Notes,        
2.63%, due 4/30/18, value $2,850,007,189)   0.03   2,850,000,000   2,850,000,000  
Merrill Lynch & Co. Inc.        
dated 1/31/14, due 2/3/14 in the amount of $120,000,200        
(fully collateralized by $1,896,294,988 Government National Mortgage        
Association, 1.63%-13%, due 6/15/14-3/15/55, value $122,400,000)   0.02   120,000,000   120,000,000  

 

   
The Funds   23  

 



STATEMENT OF INVESTMENTS (continued)

         
  Annualized        
  Yield on        
  Date of   Principal    
Dreyfus Treasury & Agency Cash Management (continued)   Purchase (%)   Amount ($)   Value ($)  
 
Repurchase Agreements (continued)          
RBC Capital Markets          
dated 1/31/14, due 2/3/14 in the amount of $400,000,033 (fully          
collateralized by $66,236,600 U.S. Treasury Bills, due 7/17/14-7/31/14,          
value $66,218,075, $16,676,000 U.S. Treasury Bonds, 4.50%-8.75%,          
due 2/15/20-8/15/39, value $19,777,487, $9,425,100 U.S. Treasury          
Inflation Protected Securities, 1.13%-2.63%, due 1/15/17-1/15/21,          
value $11,279,093 and $311,475,400 U.S. Treasury Notes, 0.75%-4.13%,          
due 2/15/15-11/15/21, value $310,725,418)   0.001   400,000,000   400,000,000  
Societe Generale          
dated 1/31/14, due 2/3/14 in the amount of $1,425,003,563 (fully          
collateralized by $42,373,000 U.S. Treasury Bills, due 3/27/14-5/29/14,          
value $42,369,683, $268,131,900 U.S. Treasury Bonds, 2.75%-11.25%,          
due 2/15/15-11/15/42, value $262,465,716, $1,054,965,541          
U.S. Treasury Notes, 0.25%-4.25%, due 8/15/14-9/30/20,          
value $1,070,244,972 and $171,434,489 U.S. Treasury Strips,          
due 11/15/18-8/15/43, value $78,419,640)   0.03   1,425,000,000   1,425,000,000  
TD Securities (USA) LLC          
dated 1/31/14, due 2/3/14 in the amount of $425,000,708 (fully          
collateralized by $13,685,400 U.S. Treasury Bonds, 4.50%-11.25%,          
due 2/15/15-8/15/39, value $17,509,354, $313,369,700 U.S. Treasury          
Inflation Protected Securities, 0.13%-3.88%, due 4/15/14-2/15/42,          
value $367,120,210, $45,836,900 U.S. Treasury Notes, 0.25%-4.50%,          
due 4/15/14-6/30/20, value $46,903,134 and $5,400,000 U.S. Treasury          
Strips, due 11/15/39-2/15/42, value $1,967,336)   0.02   425,000,000   425,000,000  
Total Repurchase Agreements          
(cost $9,124,000,000)         9,124,000,000  
 
Total Investments (cost $18,242,176,799)     99.9 %   18,242,176,799  
 
Cash and Receivables (Net)     .1 %   16,388,268  
 
Net Assets     100.0 %   18,258,565,067  

 

       
Portfolio Summary (Unaudited)        
  Value (%)     Value (%)  
Repurchase Agreements   49.9   U.S. Treasury Bills   13.8  
U.S. Treasury Notes   36.2     99.9  
Based on net assets.        
See notes to financial statements.        

 

24



STATEMENT OF INVESTMENTS

January 31, 2014

       
  Annualized      
  Yield on      
  Date of   Principal    
Dreyfus Treasury Prime Cash Management   Purchase (%)   Amount ($)   Value ($)  
 
U.S. Treasury Bills—89.0%        
2/6/14   0.01   7,378,000,000   7,377,985,489  
2/13/14   0.01   5,325,000,000   5,324,979,271  
2/20/14   0.03   1,369,000,000   1,368,978,399  
2/27/14   0.05   450,000,000   449,983,028  
4/3/14   0.03   4,977,000,000   4,976,749,748  
4/10/14   0.03   5,184,000,000   5,183,667,508  
4/17/14   0.03   2,735,000,000   2,734,831,813  
4/24/14   0.03   2,120,000,000   2,119,837,014  
5/1/14   0.08   326,000,000   325,938,565  
5/8/14   0.08   425,000,000   424,912,167  
5/15/14   0.07   713,000,000   712,849,062  
5/22/14   0.08   301,000,000   300,923,069  
6/5/14   0.10   500,000,000   499,827,778  
6/12/14   0.09   2,600,000,000   2,599,157,597  
7/3/14   0.09   466,000,000   465,828,084  
7/24/14   0.07   750,000,000   749,765,729  
Total U.S. Treasury Bills        
(cost $35,616,214,321)       35,616,214,321  
 
U.S. Treasury Notes—11.0%        
2/15/14   0.00   1,136,600,000   1,138,368,622  
2/15/14   0.09   435,000,000   435,228,568  
2/28/14   0.06   67,000,000   67,009,267  
2/28/14   0.21   50,000,000   50,063,017  
3/15/14   0.08   100,000,000   100,141,026  
3/31/14   0.10   230,000,000   230,603,372  
4/15/14   0.06   402,000,000   402,962,161  
4/30/14   0.09   450,000,000   450,177,447  
4/30/14   0.10   425,000,000   426,829,894  
5/31/14   0.13   234,000,000   235,643,123  

 

   
The Funds   25  

 



STATEMENT OF INVESTMENTS (continued)

         
  Annualized        
  Yield on        
  Date of   Principal    
Dreyfus Treasury Prime Cash Management (continued)   Purchase (%)   Amount ($)   Value ($)  
 
U.S. Treasury Notes (continued)          
6/15/14   0.10   600,000,000   601,431,539  
6/30/14   0.12   250,000,000   250,137,852  
Total U.S. Treasury Notes          
(cost $4,388,595,888)         4,388,595,888  
Total Investments (cost $40,004,810,209)     100.0 %   40,004,810,209  
Cash and Receivables (Net)     .0 %   1,467,116  
Net Assets     100.0 %   40,006,277,325  

 

       
Portfolio Summary (Unaudited)        
  Value (%)     Value (%)  
U.S. Treasury Bills   89.0   U.S. Treasury Notes   11.0  
      100.0  
Based on net assets.        
See notes to financial statements.        

 

26



STATEMENT OF INVESTMENTS

January 31, 2014

           
  Coupon   Maturity   Principal    
Dreyfus Municipal Cash Management Plus   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments—100.9%            
Alabama—.6%            
Mobile County Industrial Development Authority, Gulf Opportunity            
Zone Revenue (SSAB Alabama Inc.) (LOC; Swedbank)   0.07   2/7/14   2,000,000 a   2,000,000  
Arizona—2.2%            
Maricopa County Industrial Development Authority, MFHR            
(San Clemente Apartments Project) (Liquidity Facility;            
FNMA and LOC; FNMA)   0.08   2/7/14   1,010,000 a   1,010,000  
Mesa Unified School District Number 4 of Maricopa County,            
GO Notes (School Improvement Bonds)   4.25   7/1/14   2,000,000   2,033,448  
Phoenix Civic Improvement Corporation, Water System            
Revenue, CP (LOC; Royal Bank of Canada)   0.12   3/10/14   4,000,000   4,000,000  
Arkansas—1.6%            
Arkansas Development Finance Authority,            
MFHR (Capri Apartments Project) (LOC; FHLB)   0.09   2/7/14   5,200,000 a   5,200,000  
California—6.0%            
Alameda County Industrial Development Authority, Revenue            
(Oakland Pallet Company, Inc. Project) (LOC; Comerica Bank)   0.09   2/7/14   1,850,000 a   1,850,000  
Alameda County Industrial Development Authority, Revenue            
(Tool Family Partnership Project) (LOC; Wells Fargo Bank)   0.06   2/7/14   1,512,000 a   1,512,000  
California Pollution Control Financing Authority, SWDR            
(Bay Counties Waste Services, Inc. Project) (LOC; Comerica Bank)   0.10   2/7/14   2,300,000 a   2,300,000  
California Pollution Control Financing Authority, SWDR            
(Rainbow Disposal Company Inc. Project) (LOC; Comerica Bank)   0.10   2/7/14   13,815,000 a   13,815,000  
Colorado—2.8%            
City and County of Denver, GO Notes            
(Justice System Facilities and Zoo Bonds)   5.00   8/1/14   450,000   460,704  
Colorado Housing and Finance Authority, EDR            
(Wanco, Inc. Project) (LOC; U.S. Bank NA)   0.19   2/7/14   1,835,000 a   1,835,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-1129 X)            
(City and County of Denver, Airport System Revenue)            
(Liquidity Facility; Deutsche Bank AG and LOC; Deutsche Bank AG)   0.11   2/7/14   7,000,000 a,b,c   7,000,000  
Florida—9.9%            
Branch Banking and Trust Co. Municipal Trust (Series 2042)            
(Collier County School Board, COP, Refunding (Master            
Lease-Purchase Agreement)) (Liquidity Facility; Branch            
Banking and Trust Co. and LOC; Branch Banking and Trust Co.)   0.08   2/7/14   4,975,000 a,b,c   4,975,000  
Branch Banking and Trust Co. Municipal Trust (Series 2057)            
(Miami-Dade County, Aviation Revenue (Miami International            
Airport)) (Liquidity Facility; Branch Banking and Trust Co.            
and LOC; Branch Banking and Trust Co.)   0.07   2/7/14   10,060,000 a,b,c   10,060,000  
Kissimmee Utility Authority, CP            
(Liquidity Facility; JPMorgan Chase Bank)   0.14   2/10/14   5,750,000   5,750,000  
Miami-Dade County, Aviation Revenue (Miami-Dade International            
Airport) (Eagle 2013-0016) (Liquidity Facility; Citibank NA)   0.07   2/7/14   5,000,000 a,b,c   5,000,000  

 

   
The Funds   27  

 



STATEMENT OF INVESTMENTS (continued)

           
Dreyfus Municipal   Coupon   Maturity   Principal    
Cash Management Plus (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Florida (continued)            
Saint Lucie County School District, TAN   2.00   3/1/14   2,000,000   2,002,924  
Sunshine State Governmental Financing Commission,            
Revenue, CP (Liquidity Facility; JPMorgan Chase Bank)   0.15   3/14/14   3,000,000   3,000,000  
Sunshine State Governmental Financing Commission,            
Revenue, CP (Liquidity Facility; JPMorgan Chase Bank)   0.13   4/9/14   1,625,000   1,625,000  
Georgia—1.2%            
Fayette County Hospital Authority, RAC            
(Fayette Community Hospital Project) (LOC; FHLB)   0.03   2/7/14   4,000,000 a   4,000,000  
Idaho—.5%            
Deutsche Bank Spears/Lifers Trust (Series DBE-1102)            
(Idaho Health Facilities Authority, Revenue (Saint Luke's            
Health System Project)) (Liquidity Facility;            
Deutsche Bank AG and LOC; Deutsche Bank AG)   0.09   2/7/14   1,500,000 a,b,c   1,500,000  
Indiana—2.6%            
Indiana Finance Authority, EDR (JRL Leasing, Inc. and            
LaSarre Co., LLC Project) (LOC; PNC Bank NA)   0.11   2/7/14   2,585,000 a   2,585,000  
Lawrence, Fort Harrison Reuse Authority, Tax Increment Revenue            
(Fort Harrison Military Base Reuse District) (LOC; PNC Bank NA)   0.06   2/7/14   5,960,000 a   5,960,000  
Iowa—1.4%            
Iowa Finance Authority, Revenue (YMCA and Rehabilitation            
Center Project) (LOC; Bank of America)   0.07   2/7/14   4,685,000 a   4,685,000  
Kansas—2.5%            
Kansas Development Finance Authority, MFHR            
(Tree House Apartments) (LOC; U.S. Bank NA)   0.06   2/7/14   8,105,000 a   8,105,000  
Louisiana—1.5%            
Ascension Parish, Revenue, CP (BASF SE)   0.27   4/24/14   5,000,000   5,000,000  
Maryland—1.6%            
Anne Arundel County, EDR (Atlas Container            
Corporation Project) (LOC; M&T Trust)   0.16   2/7/14   5,275,000 a   5,275,000  
Massachusetts—4.0%            
Massachusetts Health and Educational Facilities Authority, Revenue            
(Museum of Fine Arts Issue) (Liquidity Facility; Bank of America)   0.06   2/3/14   10,700,000 a   10,700,000  
Springfield, GO Notes, BAN   1.00   2/14/14   2,500,000   2,500,544  
Michigan—.9%            
Pittsfield Township Economic Development Corporation,            
LOR, Refunding (Arbor Project) (LOC; Comerica Bank)   0.09   2/7/14   2,995,000 a   2,995,000  
Minnesota—2.9%            
Minnesota Rural Water Finance Authority,            
Public Projects Construction Notes   1.00   2/1/14   4,600,000   4,600,174  
RBC Municipal Products Inc. Trust (Series E-19) (Minneapolis,            
Health Care System Revenue (Fairview Health Services)) (Liquidity            
Facility; Royal Bank of Canada and LOC; Royal Bank of Canada)   0.04   2/7/14   5,000,000 a,b,c   5,000,000  

 

28



           
Dreyfus Municipal   Coupon   Maturity   Principal    
Cash Management Plus (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Missouri—.9%            
Rockwood R-6 School District, GO Notes, Refunding   5.00   2/1/14   2,905,000   2,905,743  
Nebraska—2.1%            
Nebraska Investment Finance Authority,            
SFHR (Liquidity Facility; FHLB)   0.05   2/7/14   6,865,000 a   6,865,000  
New Hampshire—2.0%            
New Hampshire Health and Education Facilities Authority,            
Revenue (University System of New Hampshire Issue)            
(Liquidity Facility; U.S. Bank NA)   0.05   2/3/14   6,500,000 a   6,500,000  
New Jersey—.9%            
Monroe Township, GO Notes, BAN   1.00   2/6/15   3,000,000   3,022,740  
Ohio—1.6%            
Lorain County, IDR (Cutting Dynamics, Inc. Project)            
(LOC; PNC Bank NA)   0.11   2/7/14   1,535,000 a   1,535,000  
Ohio Higher Educational Facility Commission, HR            
(Cleveland Clinic Health System Obligated Group)   5.00   1/1/15   400,000   416,785  
Union Township, GO Notes, BAN (Various Purpose)   1.50   9/10/14   3,200,000   3,220,245  
Pennsylvania—12.1%            
Beaver County Industrial Development Authority, EIR            
(BASF Corporation Project)   0.20   2/7/14   1,200,000 a   1,200,000  
Bradford County Industrial Development Authority, Revenue            
(State Aggregates Inc. Project) (LOC; M&T Trust)   0.24   2/7/14   775,000 a   775,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-495)            
(Philadelphia, Airport Revenue) (Liquidity Facility;            
Deutsche Bank AG and LOC; Deutsche Bank AG)   0.11   2/7/14   5,645,000 a,b,c   5,645,000  
Pennsylvania Economic Development Financing Authority,            
Revenue (Evergreen Community Power Facility) (LOC; M&T Trust)   0.19   2/7/14   16,000,000 a   16,000,000  
Philadelphia Authority for Industrial Development,            
Revenue (The Philadelphia Protestant Home            
Project) (LOC; Bank of America)   0.17   2/7/14   8,400,000 a   8,400,000  
Telford Industrial Development Authority, IDR            
(Ridgetop Associates Project) (LOC; Bank of America)   0.13   2/7/14   3,620,000 a   3,620,000  
Union County Industrial Development Authority,            
Revenue (Stabler Companies, Inc. Project) (LOC; M&T Trust)   0.19   2/7/14   3,825,000 a   3,825,000  
South Carolina—1.6%            
South Carolina Public Service Authority, Revenue, CP            
(Santee Cooper) (Liquidity Facility; Barclays Bank PLC)   0.11   3/17/14   5,052,000   5,052,000  
Tennessee—8.0%            
Clarksville Public Building Authority, Pooled Financing Revenue            
(Tennessee Municipal Bond Fund) (LOC; Bank of America)   0.08   2/7/14   8,700,000 a   8,700,000  
Franklin County, GO Notes, Refunding   2.00   6/1/14   1,360,000   1,368,075  
Memphis, CP (Liquidity Facility; Mizuho Bank, Ltd.)   0.07   2/5/14   5,000,000   5,000,000  
Memphis, GO Notes (General Improvement)   5.00   4/1/14   250,000   251,939  

 

   
The Funds   29  

 



STATEMENT OF INVESTMENTS (continued)

           
Dreyfus Municipal   Coupon   Maturity   Principal    
Cash Management Plus (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Tennessee (continued)            
Montgomery County Public Building Authority, Pooled Financing            
Revenue (Tennessee County Loan Pool) (LOC; Bank of America)   0.07   2/3/14   4,100,000 a   4,100,000  
Sevier County Public Building Authority, Local Government            
Public Improvement Revenue (LOC; Bank of America)   0.06   2/7/14   6,650,000 a   6,650,000  
Texas—14.4%            
Dallas, GO Notes   5.00   2/15/15   325,000   340,636  
DeSoto Industrial Development Authority, IDR, Refunding            
(National Service Industries, Inc. Project) (LOC; Wells Fargo Bank)   0.15   2/7/14   3,660,000 a   3,660,000  
Garland, Electric Utility System Revenue, CP (LOC; Wells Fargo Bank)   0.13   2/19/14   5,000,000   5,000,000  
Gulf Coast Waste Disposal Authority, SWDR (Air Products Project)   0.05   2/7/14   3,000,000 a   3,000,000  
Jefferson County Industrial Development Corporation,            
Hurricane Ike Disaster Area Revenue (Jefferson            
Refinery, L.L.C. Project) (LOC; Branch Banking and Trust Co.)   0.65   4/15/14   5,350,000   5,350,000  
Port of Port Arthur Navigation District, Revenue, CP (BASF SE)   0.27   4/24/14   5,000,000   5,000,000  
Red River Education Finance Corporation, Higher Education            
Revenue (Texas Christian University Project)   0.04   2/7/14   7,500,000 a   7,500,000  
San Antonio, General Improvement GO Notes, Refunding   4.00   2/1/14   1,555,000   1,555,309  
Texas, TRAN   2.00   8/28/14   15,500,000   15,661,204  
Utah—4.8%            
Utah State Board of Regents, Student Loan            
Revenue (LOC; Royal Bank of Canada)   0.05   2/7/14   6,400,000 a   6,400,000  
Wells Fargo Stage Trust (Series 33 C) (Riverton, HR, Refunding            
(Intermountain Health Care Health Services, Inc.)) (Liquidity            
Facility; Wells Fargo Bank and LOC; Wells Fargo Bank)   0.06   2/7/14   9,400,000 a,b,c   9,400,000  
Virginia—.1%            
Virginia, GO Notes   4.00   6/1/14   360,000   364,356  
Washington—2.2%            
Pierce County Economic Development Corporation, Industrial            
Revenue (SeaTac Packaging Project) (LOC; HSBC Bank USA)   0.11   2/7/14   3,925,000 a   3,925,000  
Port of Tacoma, CP (LOC; Bank of America)   0.09   2/11/14   3,085,000   3,085,000  
Wisconsin—7.7%            
Dane County, GO Promissory Notes   1.50   6/1/14   1,875,000   1,882,731  
Sheboygan Falls, Note Anticipation Notes   2.00   6/3/14   1,500,000   1,504,560  
Wisconsin Health and Educational Facilities Authority,            
Revenue, CP (Aurora Health Care) (LOC; JPMorgan Chase Bank)   0.20   2/5/14   8,000,000   8,000,000  

 

30



             
Dreyfus Municipal   Coupon   Maturity   Principal      
Cash Management Plus (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)              
Wisconsin (continued)              
Wisconsin Health and Educational Facilities Authority, Revenue,              
CP (Aurora Health Care) (LOC; JPMorgan Chase Bank)   0.15   8/5/14   10,000,000   10,000,000  
Wisconsin School Districts, Cash Flow              
Administration Program Participation Notes   1.00   10/10/14   3,625,000   3,642,381  
U.S. Related—.3%              
Puerto Rico Public Finance Corporation, Revenue   5.38   6/1/14   1,000,000   1,016,329  
 
Total Investments (cost $329,674,827)       100.9 %   329,674,827  
Liabilities, Less Cash and Receivables       (.9 %)   (2,910,664 )  
Net Assets       100.0 %   326,764,163  

 

 
a Variable rate demand note—rate shown is the interest rate in effect at January 31, 2014. Maturity date represents the next demand date, or the ultimate maturity date if earlier.  
b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified  
institutional buyers.At January 31, 2014, these securities amounted to $48,580,000 or 14.9% of net assets.  
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security.The special  
purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced  
liquidity, yields linked to short-term rates).  

 

       
Portfolio Summary (Unaudited)        
 
  Value (%)     Value (%)  
Health Care   15.7   City   3.4  
Industrial   13.8   Resource Recovery   2.6  
Education   10.4   Utility-Water and Sewer   2.6  
Utility-Electric   9.8   Special Tax   2.4  
Transportation Services   9.4   Lease   .8  
Housing   7.2   Prerefunded   .3  
Pollution Control   4.9   Other   9.2  
State/Territory   4.9      
County   3.5     100.9  
 
Based on net assets.        
See notes to financial statements.        

 

   
The Funds   31  

 



STATEMENT OF INVESTMENTS

January 31, 2014

           
Dreyfus New York   Coupon   Maturity   Principal    
Municipal Cash Management   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments—99.8%            
Albany Industrial Development Agency, Civic Facility Revenue            
(Albany Medical Center Hospital Project) (LOC; Bank of America)   0.08   2/7/14   2,300,000 a   2,300,000  
Amherst, GO Notes, BAN   1.00   11/13/14   15,645,702   15,734,507  
Ausable Valley Central School District, GO Notes, BAN   1.00   6/26/14   12,000,000   12,021,880  
Chautauqua County Industrial Development Agency, Civic Facility            
Revenue (Gerry Homes Project) (LOC; HSBC Bank USA)   0.20   2/7/14   9,440,000 a   9,440,000  
Chemung County Industrial Development Agency, IDR            
(Trayer Products, Inc. Project) (LOC; HSBC Bank USA)   0.20   2/7/14   270,000 a   270,000  
Columbia County Capital Resource Corporation,            
Civic Facility Revenue (The Columbia Memorial            
Hospital Project) (LOC; HSBC Bank USA)   0.05   2/7/14   5,320,000 a   5,320,000  
Columbia County Industrial Development Agency,            
Civic Facility Revenue (The Columbia Memorial            
Hospital Project) (LOC; HSBC Bank USA)   0.05   2/7/14   4,570,000 a   4,570,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-1152) (TSASC, Inc.,            
Tobacco Settlement Asset-Backed Bonds) (Liquidity Facility:            
Deutsche Bank AG and LOC; Deutsche Bank AG)   0.14   2/7/14   8,000,000 a,b,c   8,000,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-1162) (Westchester            
County Industrial Development Agency, IDR (Ardsley Housing            
Associates, LLC Facility)) (Liquidity Facility; Deutsche Bank AG            
and LOC; Deutsche Bank AG)   0.24   2/7/14   23,900,000 a,b,c,d   23,900,000  
Erie County Industrial Development Agency, IDR            
(Hydro-Air Components Inc. Project) (LOC; HSBC Bank USA)   0.11   2/7/14   1,990,000 a   1,990,000  
Franklin County Civic Development Corporation, Revenue            
(Alice Hyde Medical Center Project) (LOC; HSBC Bank USA)   0.05   2/7/14   4,400,000 a   4,400,000  
Hamburg Central School District, GO Notes, BAN   2.00   6/13/14   15,000,000   15,082,021  
Herkimer County Industrial Development Agency, IDR            
(F.E. Hale Manufacturing Company Facility) (LOC; HSBC Bank USA)   0.20   2/7/14   1,390,000 a   1,390,000  
Holley Central School District, GO Notes, BAN   1.25   6/19/14   3,600,000   3,609,734  
Lancaster Industrial Development Agency, IDR            
(Sealing Devices Inc. Project) (LOC; HSBC Bank USA)   0.11   2/7/14   1,895,000 a   1,895,000  
Metropolitan Transportation Authority, Dedicated Tax Fund Revenue   3.00   11/1/14   500,000   510,258  
Metropolitan Transportation Authority,            
Transportation Revenue, CP (LOC; TD Bank)   0.09   2/10/14   14,000,000   14,000,000  
Middletown, GO Notes, BAN   1.00   2/21/14   3,826,651   3,827,798  
Monroe County Industrial Development Agency, Civic Facility            
Revenue (YMCA of Greater Rochester Project) (LOC; M&T Trust)   0.09   2/7/14   1,890,000 a,d   1,890,000  
Monroe County Industrial Development Agency, Revenue            
(HDF-RWC Project 1, LLC—Robert Weslayan            
College Project) (LOC; M&T Trust)   0.08   2/7/14   2,600,000 a   2,600,000  
Monroe County Industrial Development Corporation, Revenue            
(Saint Ann's Home for the Aged Project) (LOC; HSBC Bank USA)   0.06   2/7/14   8,000,000 a   8,000,000  
Nassau County Industrial Development Agency, Continuing Care            
Retirement Community Revenue (Amsterdam at            
Harborside Project) (LOC; Bank of America)   0.25   2/7/14   15,100,000 a   15,100,000  

 

32



           
Dreyfus New York   Coupon   Maturity   Principal    
Municipal Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
New York City, GO Notes (Citigroup ROCS,            
Series RR II R-14045) (Liquidity Facility; Citibank NA)   0.04   2/7/14   3,000,000 a,b,c   3,000,000  
New York City, GO Notes (LOC; Bank of America)   0.08   2/7/14   3,000,000 a   3,000,000  
New York City, GO Notes (LOC; Bayerische Landesbank)   0.06   2/7/14   11,400,000 a   11,400,000  
New York City, GO Notes (LOC; JPMorgan Chase Bank)   0.05   2/3/14   2,200,000 a   2,200,000  
New York City, GO Notes            
(LOC; Landesbank Hessen-Thuringen Girozentrale)   0.10   2/7/14   1,800,000 a   1,800,000  
New York City, GO Notes (LOC; Sumitomo Mitsui Banking Corp.)   0.04   2/7/14   11,000,000 a   11,000,000  
New York City, GO Notes (SBPA; Wells Fargo Bank)   0.04   2/3/14   3,000,000 a   3,000,000  
New York City Capital Resource Corporation, Recovery Zone            
Facility Revenue (WytheHotel Project) (LOC; M&T Trust)   0.10   2/7/14   3,800,000 a   3,800,000  
New York City Housing Development Corporation,            
MFHR (Liquidity Facility; JPMorgan Chase Bank)   0.04   2/7/14   22,670,000 a,d   22,670,000  
New York City Housing Development Corporation,            
MFHR (Liquidity Facility; Wells Fargo Bank)   0.03   2/7/14   3,000,000 a,d   3,000,000  
New York City Housing Development Corporation,            
MFMR (1405 Fifth Avenue Apartments) (LOC; Citibank NA)   0.06   2/7/14   9,500,000 a,d   9,500,000  
New York City Housing Development Corporation,            
MFMR (Las Casas Development) (LOC; Bank of America)   0.08   2/7/14   1,500,000 a,d   1,500,000  
New York City Housing Development Corporation,            
MFMR (Susan's Court) (LOC; Citibank NA)   0.05   2/7/14   3,000,000 a,d   3,000,000  
New York City Industrial Development Agency,            
Civic Facility Revenue (Jewish Community Center            
on the Upper West Side, Inc. Project) (LOC; M&T Trust)   0.09   2/7/14   4,650,000 a,d   4,650,000  
New York City Industrial Development Agency,            
Civic Facility Revenue (Spence-Chapin, Services            
to Families and Children Project) (LOC; TD Bank)   0.11   2/7/14   5,755,000 a   5,755,000  
New York City Industrial Development Agency, Civic Facility Revenue            
(The Allen-Stevenson School Project) (LOC; JPMorgan Chase Bank)   0.07   2/7/14   4,170,000 a   4,170,000  
New York City Industrial Development Agency, Civic Facility            
Revenue (Village Community School Project) (LOC; TD Bank)   0.16   2/7/14   2,340,000 a   2,340,000  
New York City Municipal Water Finance Authority, CP            
(Liquidity Facility; JPMorgan Chase Bank)   0.07   2/6/14   15,000,000   15,000,000  
New York City Municipal Water Finance Authority,            
Water and Sewer System Second General Resolution            
Revenue (Liquidity Facility; Bank of Nova Scotia)   0.05   2/3/14   4,500,000 a   4,500,000  
New York City Municipal Water Finance Authority,            
Water and Sewer System Second General Resolution Revenue            
(Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale)   0.06   2/3/14   6,000,000 a   6,000,000  
New York City Municipal Water Finance Authority,            
Water and Sewer System Second General Resolution            
Revenue (Liquidity Facility; Mizuho Bank, Ltd.)   0.05   2/3/14   2,000,000 a   2,000,000  
New York City Transitional Finance Authority,            
Building Aid Revenue (Citigroup ROCS,            
Series RR II R-14076) (Liquidity Facility; Citibank NA)   0.05   2/7/14   6,250,000 a,b,c   6,250,000  

 

   
The Funds   33  

 



STATEMENT OF INVESTMENTS (continued)

           
Dreyfus New York   Coupon   Maturity   Principal    
Municipal Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
New York City Transitional Finance Authority,            
Future Tax Secured Subordinate Revenue   5.00   11/1/14   205,000   212,296  
New York City Trust for Cultural Resources, Revenue,            
Refunding (American Museum of Natural History)            
(Liquidity Facility; JPMorgan Chase Bank)   0.05   2/3/14   9,315,000 a   9,315,000  
New York State Dormitory Authority,            
Mental Health Services Facilities Improvement Revenue   5.00   2/15/14   870,000   871,841  
New York State Dormitory Authority, Revenue            
(Blythedale Children's Hospital) (LOC; TD Bank)   0.05   2/7/14   2,600,000 a   2,600,000  
New York State Dormitory Authority, Revenue            
(Catholic Health System Obligated Group) (LOC; HSBC Bank USA)   0.05   2/7/14   7,305,000 a   7,305,000  
New York State Dormitory Authority, Revenue (The Rockefeller            
University) (Liquidity Facility; JPMorgan Chase Bank)   0.05   2/7/14   18,000,000 a   18,000,000  
New York State Dormitory Authority, Revenue, CP (Cornell University)   0.11   3/3/14   5,750,000   5,750,000  
New York State Dormitory Authority,            
State Personal Income Tax Revenue (General Purpose)   5.00   2/15/14   3,200,000   3,206,998  
New York State Housing Finance Agency, Affordable Housing Revenue   1.20   11/1/14   200,000 d   201,343  
New York State Housing Finance Agency,            
Housing Revenue (25 Washington Street) (LOC; M&T Trust)   0.09   2/7/14   1,800,000 a,d   1,800,000  
New York State Housing Finance Agency,            
Housing Revenue (80 DeKalb Avenue)            
(LOC; Landesbank Hessen-Thuringen Girozentrale)   0.06   2/7/14   6,000,000 a,d   6,000,000  
New York State Housing Finance Agency, Housing Revenue            
(316 Eleventh Avenue) (Liquidity Facility; FNMA and LOC; FNMA)   0.03   2/7/14   11,000,000 a,d   11,000,000  
New York State Housing Finance Agency,            
Housing Revenue (505 West 37th Street)            
(LOC; Landesbank Hessen-Thuringen Girozentrale)   0.07   2/3/14   8,700,000 a,d   8,700,000  
New York State Housing Finance Agency,            
Housing Revenue (505 West 37th Street)            
(LOC; Landesbank Hessen-Thuringen Girozentrale)   0.07   2/3/14   4,200,000 a,d   4,200,000  
New York State Housing Finance Agency, Housing Revenue (Capitol            
Green Apartments) (Liquidity Facility; FNMA and LOC; FNMA)   0.06   2/7/14   7,000,000 a,d   7,000,000  
New York State Housing Finance Agency,            
Service Contract Revenue, Refunding (LOC; Bank of America)   0.08   2/7/14   3,855,000 a,d   3,855,000  
New York State Mortgage Agency, Homeowner Mortgage            
Revenue (Liquidity Facility; Bank of America)   0.04   2/7/14   15,000,000 a,d   15,000,000  
New York State Mortgage Agency, Homeowner Mortgage            
Revenue (Liquidity Facility; Barclays Bank PLC)   0.04   2/7/14   17,300,000 a,d   17,300,000  
Northern Adirondack Central            
School District at Ellenburg, GO Notes, BAN   2.00   6/26/14   5,000,000   5,029,088  
Onondaga County Industrial Development Agency, IDR            
(ICM Controls Corporation Project) (LOC; M&T Trust)   0.19   2/7/14   1,695,000 a   1,695,000  
Port Authority of New York and New Jersey, Equipment Notes   0.09   2/7/14   10,500,000 a   10,500,000  
Rockland County Industrial Development Agency, IDR            
(Intercos America, Inc. Project) (LOC; HSBC Bank USA)   0.20   2/7/14   2,150,000 a   2,150,000  

 

34



           
Dreyfus New York   Coupon   Maturity   Principal    
Municipal Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Saratoga County Capital Resource Corporation, Revenue            
(The Saratoga Hospital Project) (LOC; HSBC Bank USA)   0.05   2/7/14   3,125,000 a   3,125,000  
South Jefferson Central School District, GO Notes, BAN   1.50   6/20/14   6,000,000   6,025,020  
Triborough Bridge and Tunnel Authority, General Revenue            
(MTA Bridges and Tunnels) (LOC; California            
Public Employees Retirement System)   0.04   2/7/14   14,510,000 a   14,510,000  
Triborough Bridge and Tunnel Authority, General Revenue,            
Refunding (MTA Bridges and Tunnels) (Liquidity Facility;            
Landesbank Hessen-Thuringen Girozentrale)   0.07   2/3/14   26,400,000 a   26,400,000  
Ulster County Industrial Development Agency, IDR            
(Selux Corporation Project) (LOC; M&T Trust)   0.19   2/7/14   685,000 a   685,000  
Wallkill, GO Notes, BAN   1.25   1/16/15   1,971,000   1,982,798  
Yonkers Industrial Development Agency, MFHR            
(Main Street Lofts Yonkers LLC Project) (LOC; M&T Trust)   0.19   2/7/14   30,000,000 a,d   30,000,000  
 
Total Investments (cost $509,805,582)       99.8 %   509,805,582  
Cash and Receivables (Net)       .2 %   857,246  
Net Assets       100.0 %   510,662,828  

 

 
a Variable rate demand note—rate shown is the interest rate in effect at January 31, 2014. Maturity date represents the next demand date, or the ultimate maturity date if earlier.  
b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified  
institutional buyers.At January 31, 2014, these securities amounted to $41,150,000 or 8.1% of net assets.  
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security.The special  
purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced  
liquidity, yields linked to short-term rates).  
d At January 31, 2014, the fund had $175,166,343 or 34.3% of net assets invested in securities whose payment of principal and interest is dependent upon revenues generated from housing.  

 

       
Portfolio Summary (Unaudited)        
 
  Value (%)     Value (%)  
Housing   34.3   Industrial   6.2  
Education   12.9   Utility-Water and Sewer   5.4  
Transportation Services   12.9   Special Tax   1.9  
City   12.3   Other   3.4  
Health Care   10.5     99.8  
 
Based on net assets.        
See notes to financial statements.        

 

   
The Funds   35  

 



STATEMENT OF INVESTMENTS

January 31, 2014

           
Dreyfus Tax Exempt   Coupon   Maturity   Principal    
Cash Management   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments—99.9%            
Alabama—5.0%            
Birmingham, GO Notes, Refunding Warrants   5.00   2/1/14   3,535,000   3,535,896  
Chatom Industrial Development Board, Gulf Opportunity Zone            
Revenue (PowerSouth Energy Cooperative Projects)            
(LOC; National Rural Utilities Cooperative Finance Corporation)   0.19   2/7/14   15,000,000 a   15,000,000  
Columbia Industrial Development Board, PCR,            
Refunding (Alabama Power Company Project)   0.06   2/3/14   9,700,000 a   9,700,000  
Columbia Industrial Development Board, PCR,            
Refunding (Alabama Power Company Project)   0.07   2/3/14   13,500,000 a   13,500,000  
Eutaw Industrial Development Board, PCR,            
Refunding (Alabama Power Company Project)   0.04   2/3/14   7,800,000 a   7,800,000  
Mobile County Industrial Development Authority, Gulf Opportunity            
Zone Revenue (SSAB Alabama Inc.) (LOC; Swedbank)   0.07   2/7/14   14,000,000 a   14,000,000  
Tuscaloosa County Industrial Development Authority, Gulf Opportunity            
Zone Revenue (Hunt Refining Project) (LOC; Bank of Nova Scotia)   0.04   2/7/14   15,000,000 a   15,000,000  
Tuscaloosa County Industrial Development Authority, Gulf Opportunity            
Zone Revenue (Hunt Refining Project) (LOC; Bank of Nova Scotia)   0.04   2/7/14   20,000,000 a   20,000,000  
Tuscaloosa County Industrial Development Authority,            
Gulf Opportunity Zone Revenue (Hunt Refining Project)            
(LOC; Sumitomo Mitsui Banking Corporation)   0.04   2/7/14   20,000,000 a   20,000,000  
Arizona—4.0%            
Arizona, Unemployment Insurance TAN   1.50   5/21/14   12,000,000   12,047,132  
Arizona Health Facilities Authority, Revenue, Refunding            
(Phoenix Children's Hospital) (P-FLOATS Series MT-836)            
(Liquidity Facility; Bank of America and LOC; Bank of America)   0.24   2/7/14   10,495,000 a,b,c   10,495,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-1082) (Arizona Health            
Facilities Authority, Revenue (Catholic Healthcare West))            
(Liquidity Facility; Deutsche Bank AG and LOC; Deutsche Bank AG)   0.09   2/7/14   18,250,000 a,b,c   18,250,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-1086) (Phoenix Industrial            
Development Authority, LR (Rowan University Project)) (Liquidity            
Facility; Deutsche Bank AG and LOC; Deutsche Bank AG)   0.09   2/7/14   37,220,000 a,b,c   37,220,000  
Phoenix Civic Improvement Corporation,            
Water System Revenue, CP (LOC; Royal Bank of Canada)   0.12   3/10/14   17,000,000   17,000,000  
California—3.4%            
California Statewide Communities Development            
Authority, Revenue, CP (Kaiser Permanente)   0.14   5/12/14   27,000,000   27,000,000  
California Statewide Communities Development            
Authority, Revenue, CP (Kaiser Permanente)   0.14   5/19/14   15,865,000   15,865,000  
Foothill Eastern Transportation Corridor Agency,            
Toll Road Revenue, Refunding (Prerefunded)   5.88   2/1/14   17,000,000 d   17,174,941  
Sacramento City Financing Authority, Revenue, Refunding            
(Master Lease Program Facilities) (P-FLOATS Series PT-4698)            
(Liquidity Facility; Deutsche Bank AG and LOC; Deutsche Bank AG)   0.12   2/7/14   20,835,000 a,b,c   20,835,000  

 

36



           
Dreyfus Tax Exempt   Coupon   Maturity   Principal    
Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Colorado—3.0%            
Colorado Educational and Cultural Facilities Authority,            
Revenue, Refunding (The Nature Conservancy Project)   0.05   2/7/14   16,200,000 a   16,200,000  
Sheridan Redevelopment Agency, Tax Increment Revenue,            
Refunding (South Santa Fe Drive Corridor Redevelopment            
Project) (LOC; JPMorgan Chase Bank)   0.08   2/7/14   10,000,000 a   10,000,000  
Southern Ute Indian Tribe of the            
Southern Ute Indian Reservation, Revenue   0.04   2/7/14   45,000,000 a   45,000,000  
Connecticut—1.6%            
Bridgeport, GO Notes, TAN   1.00   2/18/14   35,000,000   35,013,019  
Connecticut Housing Finance Authority,            
Revenue (Housing Mortgage Finance Program)   0.80   6/19/14   3,590,000   3,590,937  
Delaware—1.1%            
Delaware Health Facilities Authority,            
Revenue (Christiana Care Health Services)   0.03   2/7/14   25,000,000 a   25,000,000  
District of Columbia—1.2%            
District of Columbia, Revenue (American Legacy Foundation Issue)   0.03   2/7/14   22,000,000 a   22,000,000  
District of Columbia Water and Sewer Authority, Public Utility            
Subordinated Lien Revenue (Eagle 2013-0012            
Program) (Liquidity Facility; Citibank NA)   0.07   2/7/14   7,000,000 a,b,c   7,000,000  
Florida—2.2%            
Collier County Health Facilities Authority,            
Revenue, CP (Cleveland Clinic Health System)   0.15   2/13/14   24,000,000   24,000,000  
Hillsborough County, GO Notes (Environmental            
Lands Acquistion and Protection Program)   5.00   7/1/14   1,250,000   1,275,027  
Jacksonsville Electric Authority, Electric System            
Revenue, CP (Liquidity Facililty; U.S. Bank NA)   0.08   2/6/14   10,000,000   10,000,000  
Sunshine State Governmental Financing Commission,            
Revenue, CP (Liquidity Facility; JPMorgan Chase Bank)   0.15   3/14/14   7,000,000   7,000,000  
Sunshine State Governmental Financing Commission,            
Revenue, CP (Liquidity Facility; JPMorgan Chase Bank)   0.13   4/9/14   10,000,000   10,000,000  
Georgia—1.6%            
Cobb County Hospital Authority, RAC            
(Equipment Pool Project) (LOC; Wells Fargo Bank)   0.04   2/7/14   11,300,000 a   11,300,000  
Fulton County Development Authority, Revenue            
(Children's Healthcare of Atlanta, Inc. Project) (Liquidity            
Facility; Landesbank Hessen-Thuringen Girozentrale)   0.08   2/7/14   4,985,000 a   4,985,000  
Georgia, GO Notes   2.00   2/1/14   5,285,000   5,285,518  
Monroe County Development Authority, PCR (Oglethorpe Power            
Corporation Scherer Project) (LOC; Bank of Montreal)   0.03   2/7/14   15,000,000 a   15,000,000  
Hawaii—.1%            
Hawaii, GO Notes, Refunding   5.75   2/1/14   3,160,000   3,160,907  

 

   
The Funds   37  

 



STATEMENT OF INVESTMENTS (continued)

           
Dreyfus Tax Exempt   Coupon   Maturity   Principal    
Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Idaho—.3%            
Idaho Building Authority, State Building            
Revenue (Idaho State Capitol Project)   5.00   9/1/14   6,885,000   7,076,538  
Illinois—1.3%            
Deutsche Bank Spears/Lifers Trust (Series DBE-502) (Chicago,            
General Airport Third Lien Revenue (Chicago O'Hare            
International Airport)) (Liquidity Facility; Deutsche            
Bank AG and LOC; Deutsche Bank AG)   0.06   2/7/14   16,460,000 a,b,c   16,460,000  
Illinois Educational Facilities Authority, Revenue            
(Saint Xavier University Project) (LOC; Bank of America)   0.06   2/7/14   8,105,000 a   8,105,000  
Illinois Finance Authority, IDR (Fitzpatrick Brothers, Inc.            
Project) (Liquidity Facility; Northern Trust Company)   0.05   2/7/14   3,990,000 a   3,990,000  
Lake County, MFHR (Whispering Oaks            
Apartments Project) (LOC; FHLMC)   0.03   2/7/14   3,250,000 a   3,250,000  
Indiana—.8%            
Deutsche Bank Spears/Lifers Trust (Series DBE-549)            
(Boone County Hospital Association, LR, Refunding) (Liquidity            
Facility; Deutsche Bank AG and LOC; Deutsche Bank AG)   0.12   2/7/14   8,345,000 a,b,c   8,345,000  
Indiana Bond Bank, Advance Funding Program Notes            
(Liquidity Facility; JPMorgan Chase Bank)   1.25   1/6/15   10,000,000   10,092,554  
Kansas—.1%            
Kansas Turnpike Authority, Turnpike Revenue, Refunding   2.00   9/1/14   1,630,000   1,646,932  
Louisiana—2.0%            
Louisiana Public Facilities Authority, Revenue            
(Air Products and Chemicals Project)   0.04   2/7/14   13,100,000 a   13,100,000  
Louisiana Public Facilities Authority, Revenue            
(Air Products and Chemicals Project)   0.04   2/7/14   11,000,000 a   11,000,000  
Louisiana Public Facilities Authority, Revenue            
(Tiger Athletic Foundation Project) (LOC; FHLB)   0.04   2/7/14   14,330,000 a   14,330,000  
Port of New Orleans Board of Commissioners,            
Subordinate Lien Revenue, Refunding (LOC; FHLB)   0.04   2/7/14   8,510,000 a   8,510,000  
Maine—2.4%            
Maine Health and Higher Educational Facilities Authority,            
Revenue (Maine Medical Center) (LOC; JPMorgan Chase Bank)   0.05   2/7/14   55,430,000 a   55,430,000  
Maryland—2.9%            
Baltimore County, GO Notes            
(Baltimore County Metropolitan District)   5.00   2/1/14   3,230,000   3,230,822  
Frederick County, Revenue            
(Homewood, Inc. Facility) (LOC; M&T Trust)   0.04   2/7/14   9,600,000 a   9,600,000  
Frederick County, Revenue, Refunding            
(Manekin-Frederick Associates Facility) (LOC; M&T Trust)   0.16   2/7/14   1,490,000 a   1,490,000  
Maryland Department of Transportation,            
Consolidated Transportation Revenue   5.00   5/1/14   900,000   910,799  
Maryland Economic Development Corporation,            
Revenue (Easter Seals Facility) (LOC; M&T Trust)   0.09   2/7/14   6,245,000 a   6,245,000  
Maryland Health and Higher Educational Facilities Authority,            
Revenue (De Matha Catholic High School Issue)            
(LOC; Branch Banking and Trust Co.)   0.04   2/7/14   9,115,000 a   9,115,000  

 

38



           
Dreyfus Tax Exempt   Coupon   Maturity   Principal    
Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Maryland (continued)            
Maryland Stadium Authority, Sports Facilities LR,            
Refunding (Football Stadium Issue) (Liquidity            
Facility; Sumitomo Mitsui Banking Corp.)   0.04   2/7/14   16,900,000 a   16,900,000  
Montgomery County, CP (Liquidity Facility; JPMorgan Chase Bank)   0.10   4/7/14   9,105,000   9,105,000  
Montgomery County, Revenue (CHE Trinity Health Credit Group)   0.12   3/3/14   11,000,000   11,000,000  
Massachusetts—2.7%            
Massachusetts, GO Notes (Central Artery/Ted Williams            
Tunnel Infrastructure Loan Act of 2000)            
(Liquidity Facility; Bank of America)   0.04   2/3/14   9,000,000 a   9,000,000  
Massachusetts Bay Transportation Authority,            
General Transportation System Revenue            
(Liquidity Facility; Bank of America)   0.04   2/7/14   55,635,000 a   55,635,000  
Michigan—1.4%            
Michigan Housing Development Authority,            
SFMR (Liquidity Facility; FHLB)   0.04   2/7/14   20,000,000 a   20,000,000  
RBC Municipal Products Inc. Trust (Series E-49) (Michigan Finance            
Authority, HR (CHE Trinity Health Credit Group)) (Liquidity            
Facility; Royal Bank of Canada and LOC; Royal Bank of Canada)   0.04   2/7/14   12,000,000 a,b,c   12,000,000  
Minnesota—3.4%            
Deutsche Bank Spears/Lifers Trust (Series DBE-1214)            
(Saint Paul Housing and Redevelopment Authority,            
District Cooling Revenue, Refunding) (Liquidity Facility;            
Deutsche Bank AG and LOC; Deutsche Bank AG)   0.12   2/7/14   10,235,000 a,b,c   10,235,000  
Hennepin County, GO Notes (Liquidity Facility; U.S. Bank NA)   0.03   2/7/14   25,000,000 a   25,000,000  
RBC Municipal Products Inc. Trust (Series E-19)            
(Minneapolis, Health Care System Revenue            
(Fairview Health Services)) (Liquidity Facility;            
Royal Bank of Canada and LOC; Royal Bank of Canada)   0.04   2/7/14   10,000,000 a,b,c   10,000,000  
Southern Minnesota Municipal Power Agency, Power Supply            
System Revenue, CP (Liquidity Facility; U.S. Bank NA)   0.09   3/12/14   24,000,000   24,000,000  
Southern Minnesota Municipal Power Agency, Power Supply            
System Revenue, CP (Liquidity Facility; U.S. Bank NA)   0.11   4/3/14   11,000,000   11,000,000  
Mississippi—.4%            
Mississippi Business Finance Corporation,            
Gulf Opportunity Zone IDR (Chevron U.S.A. Inc. Project)   0.04   2/3/14   10,420,000 a   10,420,000  
Missouri—2.8%            
Missouri Health and Educational Facilities Authority,            
Revenue (Ascension Health Senior Health Group)   0.04   2/7/14   7,100,000 a   7,100,000  
RBC Municipal Products Inc. Trust (Series E-47) (Missouri Health            
and Educational Facilities Authority, Health Facilities Revenue            
(BJC Health System)) (Liquidity Facility; Royal Bank of            
Canada and LOC; Royal Bank of Canada)   0.04   2/7/14   25,000,000 a,b,c   25,000,000  
Saint Louis, Airport Revenue, Refunding (Lambert-Saint Louis            
International Airport) (Spears Trust Series DB-161) (Liquidity            
Facility; Deutsche Bank AG and LOC; Deutsche Bank AG)   0.06   2/7/14   29,800,000 a,b,c   29,800,000  
Saint Louis Regional Convention and Sports Complex Authority,            
Convention and Sports Facility Revenue, Refunding   2.00   8/15/14   3,565,000   3,595,375  

 

   
The Funds   39  

 



STATEMENT OF INVESTMENTS (continued)

           
Dreyfus Tax Exempt   Coupon   Maturity   Principal    
Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Nebraska—3.6%            
Lincoln, Electric System Revenue, CP            
(Liquidity Facility; Bank of Tokyo-Mitsubishi UFJ)   0.08   3/4/14   15,000,000   15,000,000  
Nebraska Investment Finance Authority,            
SFHR (Liquidity Facility; FHLB)   0.04   2/7/14   19,300,000 a   19,300,000  
Public Power Generation Agency of Nebraska, Revenue (Whelan            
Energy Center Unit Number 2) (Eagle Series 2013-0007)            
(Liquidity Facility; Citibank NA and LOC; Berkshire            
Hathaway Assurance Corporation)   0.06   2/7/14   51,470,000 a,b,c   51,470,000  
Nevada—.7%            
Clark County, Airport System Junior Subordinate Lien Revenue   2.00   7/1/14   7,900,000   7,953,406  
Clark County, Airport System Subordinate Lien            
Revenue (LOC; Wells Fargo Bank NA)   0.05   2/7/14   8,100,000 a   8,100,000  
New Hampshire—1.0%            
New Hampshire Health and Education Facilities Authority,            
Revenue (University System of New Hampshire Issue)            
(Liquidity Facility; U.S. Bank NA)   0.05   2/3/14   16,900,000 a   16,900,000  
New Hampshire Health and Education Facilities Authority,            
Revenue (University System of New Hampshire Issue)            
(Liquidity Facility; Wells Fargo Bank)   0.05   2/3/14   6,200,000 a   6,200,000  
New Mexico—.0%            
New Mexico Finance Authority, Public Project            
Revolving Fund Revenue (Prerefunded)   5.25   6/1/14   1,000,000 d   1,016,521  
New York—2.8%            
Dutchess County Industrial Development Agency,            
Civic Facility Revenue (Anderson Foundation for            
Autism, Inc. Project) (LOC; M&T Trust)   0.09   2/7/14   8,000,000 a   8,000,000  
Dutchess County Industrial Development Agency, Civic Facility            
Revenue (Arbor Ridge at Brookmeade Project) (LOC; M&T Trust)   0.09   2/7/14   8,935,000 a   8,935,000  
Hammondsport Central School District, GO Notes, BAN   1.25   6/20/14   5,000,000   5,016,100  
Lancaster Industrial Development Agency, Civic Facility            
Revenue (GreenField Manor, Inc. Project) (LOC; M&T Trust)   0.09   2/7/14   5,665,000 a   5,665,000  
New York City Municipal Water Finance Authority, Water and            
Sewer System Second General Resolution Revenue (Liquidity            
Facility; Landesbank Hessen-Thuringen Girozentrale)   0.06   2/3/14   3,715,000 a   3,715,000  
South Jefferson Central School District, GO Notes, BAN   1.50   6/20/14   3,915,000   3,931,326  
Tompkins County Industrial Development Agency,            
Civic Facility Revenue (Community Development            
Properties Ithaca, Inc. Project) (LOC; M&T Trust)   0.14   2/7/14   8,975,000 a   8,975,000  
Triborough Bridge and Tunnel Authority, General Revenue,            
Refunding (MTA Bridges and Tunnels) (Liquidity Facility;            
Landesbank Hessen-Thuringen Girozentrale)   0.07   2/3/14   20,600,000 a   20,600,000  
North Carolina—1.9%            
Guilford County, GO Notes (Liquidity Facility;            
Branch Banking and Trust Co.)   0.04   2/7/14   11,600,000 a   11,600,000  

 

40



           
Dreyfus Tax Exempt   Coupon   Maturity   Principal    
Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
North Carolina (continued)            
North Carolina Capital Facilities Finance Agency,            
CP (Duke University Project)   0.12   2/12/14   10,000,000   10,000,000  
Winston-Salem, Water and Sewer System Revenue            
(Liquidity Facility; Branch Banking and Trust Co.)   0.04   2/7/14   6,900,000 a   6,900,000  
Winston-Salem, Water and Sewer System Revenue            
(Liquidity Facility; Branch Banking and Trust Co.)   0.04   2/7/14   16,120,000 a   16,120,000  
Ohio—2.6%            
Akron, Health Benefit Claims, BAN            
(Special Obligations—Income Tax Supported)   1.13   3/13/14   1,600,000   1,601,266  
Akron, Income Tax Revenue, BAN (Various Purpose)   1.00   11/12/14   6,180,000   6,215,006  
Akron, Bath and Copley Joint Township Hospital District,            
Hospital Facilities Revenue (Summa Health System            
Obligated Group) (LOC; JPMorgan Chase Bank)   0.05   2/7/14   25,400,000 a   25,400,000  
Allen County, Hospital Facilities Revenue, (Catholic Health Partners)   0.03   2/7/14   17,500,000 a   17,500,000  
Lucas County, GO Notes, BAN (Various Purpose Improvement)   1.00   7/16/14   2,600,000   2,608,427  
Ohio Higher Educational Facility Commission, HR (Cleveland Clinic            
Health System Obligated Group) (Liquidity Facility; Wells Fargo Bank)   0.04   2/3/14   7,990,000 a   7,990,000  
Oklahoma—.1%            
Oklahoma Water Resource Board, Revenue            
(Liquidity Facility; State Street Bank and Trust Co.)   0.30   3/3/14   3,370,000   3,370,000  
Oregon—.9%            
Oregon, GO Notes, TAN   1.50   7/31/14   20,000,000   20,130,931  
Pennsylvania—6.5%            
Adams County Industrial Development Authority, Revenue            
(The Brethren Home Community Project) (LOC; PNC Bank NA)   0.05   2/7/14   3,000,000 a   3,000,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-1021)            
(Pennsylvania Higher Education Facilities Authority,            
Revenue (Student Association, Inc. Student Housing Project            
at California University of Pennsylvania)) (Liquidity Facility;            
Deutsche Bank AG and LOC; Deutsche Bank AG)   0.14   2/7/14   32,160,000 a,b,c   32,160,000  
East Hempfield Township Industrial Development Authority,            
Revenue (The Mennonite Home Project) (LOC; M&T Trust)   0.09   2/7/14   10,365,000 a   10,365,000  
East Hempfield Township Industrial Development Authority,            
Revenue (The Mennonite Home Project) (LOC; M&T Trust)   0.09   2/7/14   3,915,000 a   3,915,000  
Emmaus General Authority, Local Government Revenue            
(Bond Pool Program) (LOC; U.S. Bank NA)   0.04   2/7/14   9,500,000 a   9,500,000  
General Authority of South Central Pennsylvania,            
Revenue (Lutheran Social Services of South Central            
Pennsylvania Project) (LOC; M&T Trust)   0.09   2/7/14   15,295,000 a   15,295,000  
Horizon Hospital System Authority, Senior Health and Housing            
Facilities Revenue (Saint Paul Homes Project) (LOC; M&T Trust)   0.09   2/7/14   15,895,000 a   15,895,000  
Lancaster County Hospital Authority, Health Center            
Revenue (LUTHERCARE Project) (LOC; M&T Trust)   0.04   2/7/14   32,180,000 a   32,180,000  

 

   
The Funds   41  

 



STATEMENT OF INVESTMENTS (continued)

           
Dreyfus Tax Exempt   Coupon   Maturity   Principal    
Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Pennsylvania (continued)            
Lancaster County Hospital Authority, Revenue (Landis Home            
Retirement Community Project) (LOC; M&T Trust)   0.09   2/7/14   7,810,000 a   7,810,000  
Mars Area School District, GO Notes   1.00   2/28/14   7,175,000   7,179,066  
North Penn Water Authority, Water Revenue (LOC; U.S. Bank NA)   0.04   2/7/14   11,700,000 a   11,700,000  
Ridley School District, GO Notes (LOC; TD Bank)   0.04   2/7/14   2,500,000 a   2,500,000  
York General Authority, Revenue (Strand-Capitol            
Performing Arts Center Project) (LOC; M&T Trust)   0.09   2/7/14   1,445,000 a   1,445,000  
South Carolina—2.8%            
Charleston County School District, GO Notes   1.50   3/1/14   50,385,000   50,441,579  
Georgetown County School District, GO Notes, Refunding   5.00   3/1/14   3,590,000   3,604,228  
Richland County, GO Notes   4.00   3/1/14   2,000,000   2,006,282  
South Carolina Public Service Authority, Revenue, CP            
(Santee Cooper) (Liquidity Facility; Barclays Bank PLC)   0.11   3/17/14   10,000,000   10,000,000  
Tennessee—6.4%            
Blount County Public Building Authority, Local Government Public            
Improvement Revenue (LOC; Branch Banking and Trust Co.)   0.05   2/7/14   3,045,000 a   3,045,000  
Blount County Public Building Authority, Local Government Public            
Improvement Revenue (LOC; Branch Banking and Trust Co.)   0.05   2/7/14   9,510,000 a   9,510,000  
Blount County Public Building Authority, Local Government Public            
Improvement Revenue (LOC; Branch Banking and Trust Co.)   0.05   2/7/14   8,685,000 a   8,685,000  
Industrial Development Board of Blount County and the            
Cities of Alcoa and Maryville, Local Government Public            
Improvement Revenue (Maryville Civic Arts Center Project)            
(LOC; Branch Banking and Trust Co.)   0.05   2/7/14   2,000,000 a   2,000,000  
Memphis, CP (Liquidity Facility; Mizuho Bank, Ltd.)   0.07   2/5/14   40,500,000   40,500,000  
Memphis, CP (Liquidity Facility; Mizuho Bank, Ltd.)   0.12   3/19/14   12,000,000   12,000,000  
Metropolitan Government of Nashville and Davidson County, CP            
(Liquidity Facility: California Public Employees Retirement            
System, California State Teachers Retirement System            
and State Street Bank and Trust Co.)   0.09   4/7/14   22,500,000   22,500,000  
Sevier County Public Building Authority, Local Government            
Public Improvement Revenue (LOC; FHLB)   0.07   2/7/14   5,030,000 a   5,030,000  
Sevierville Public Building Authority,            
Local Government Public Improvement Revenue   5.00   6/1/14   2,250,000   2,285,883  
Shelby County Health Educational and Housing            
Facility Board, Educational Facilities Revenue            
(Rhodes College) (LOC; Wells Fargo Bank)   0.04   2/7/14   7,730,000 a   7,730,000  
Tennessee, CP (Liquidity Facility;            
Tennessee Consolidated Retirement System)   0.11   2/11/14   15,000,000   15,000,000  
Tennessee, CP (Liquidity Facility;            
Tennessee Consolidated Retirement System)   0.09   4/3/14   7,000,000   7,000,000  
Tennessee, CP (Liquidity Facility;            
Tennessee Consolidated Retirement System)   0.09   4/7/14   15,000,000   15,000,000  

 

42



           
Dreyfus Tax Exempt   Coupon   Maturity   Principal    
Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Texas—16.8%            
Allen Independent School District, GO Notes, Refunding   3.00   2/15/14   2,120,000   2,122,712  
Dallas, Waterworks and Sewer System Revenue, CP            
(Liquidity Facility: California State Teachers Retirement            
System and State Street Bank and Trust Co.)   0.08   3/11/14   10,000,000   10,000,000  
El Paso, Water and Sewer Revenue, CP            
(Liquidity Facility; JPMorgan Chase Bank)   0.12   4/8/14   5,000,000   5,000,000  
El Paso Independent School District, Unlimited Tax School Building            
Bonds (Liquidity Facility; JPMorgan Chase Bank and LOC;            
Permanent School Fund Guarantee Program)   0.12   4/8/14   10,000,000   10,000,000  
Fort Worth, Water and Sewer System Revenue, Refunding   5.00   2/15/14   4,700,000   4,710,288  
Garland, Electric Utility System Revenue, CP            
(LOC; Sumitomo Mitsui Banking Corporation)   0.13   2/19/14   22,000,000   22,000,000  
Garland, Electric Utility System Revenue, CP (LOC; Wells Fargo Bank)   0.13   2/19/14   5,000,000   5,000,000  
Garland Independent School District, GO Notes, Refunding   5.00   2/15/14   2,000,000   2,004,401  
Gregg County Health Facilities Development Corporation, HR            
(Good Shepherd Medical Center Project) (LOC; JPMorgan Chase Bank)   0.08   2/7/14   7,160,000 a   7,160,000  
Gulf Coast Waste Disposal Authority,            
Environmental Facilities Revenue (Air Products Project)   0.04   2/7/14   10,500,000 a   10,500,000  
Harris County, GO Notes, TAN   2.00   2/28/14   15,000,000   15,020,507  
Harris County, Toll Road Senior Lien Revenue, Refunding   5.00   8/15/14   1,675,000   1,718,045  
Harris County Cultural Education Facilities Finance Corporation,            
Medical Facilities Mortgage Revenue, Refunding            
(Baylor College of Medicine) (LOC; Barclays Bank PLC)   0.03   2/7/14   13,800,000 a   13,800,000  
Houston Independent School District, GO Notes, Refunding   5.00   7/15/14   1,500,000   1,532,567  
Jefferson County Industrial Development Corporation,            
Hurricane Ike Disaster Area Revenue (Jefferson            
Refinery, L.L.C. Project) (LOC; Branch Banking and Trust Co.)   0.65   4/15/14   14,935,000   14,935,000  
Jefferson County Industrial Development Corporation,            
Hurricane Ike Disaster Area Revenue (Jefferson            
Refinery, L.L.C. Project) (LOC; Branch Banking and Trust Co.)   0.65   4/15/14   25,700,000   25,700,000  
Lower Colorado River Authority, Revenue, CP (Lower Colorado            
River Authority Transportation Services Corporation)            
(Liquidity Facility; JPMorgan Chase Bank)   0.11   4/7/14   3,175,000   3,175,000  
Lower Colorado River Authority, Revenue, CP (Lower Colorado            
River Authority Transportation Services Corporation)            
(Liquidity Facility; JPMorgan Chase Bank)   0.11   4/7/14   11,400,000   11,400,000  
Lubbock Independent School District, Unlimited Tax School            
Building Bonds (Liquidity Facility; Bank of America and LOC;            
Permanent School Fund Guarantee Program)   0.07   2/7/14   4,300,000 a   4,300,000  
RBC Municipal Products Inc. Trust (Series E-27) (Harris County            
Health Facilities Development Corporation, HR, Refunding            
(Memorial Hermann Healthcare System)) (Liquidity Facility;            
Royal Bank of Canada and LOC; Royal Bank of Canada)   0.04   2/7/14   15,000,000 a,b,c   15,000,000  

 

   
The Funds   43  

 



STATEMENT OF INVESTMENTS (continued)

           
Dreyfus Tax Exempt   Coupon   Maturity   Principal    
Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Texas (continued)            
Red River Education Finance Corporation, Higher Education            
Revenue (Texas Christian University Project)   0.04   2/7/14   23,000,000 a   23,000,000  
Rockwall Independent School District, Unlimited Tax School            
Building Bonds (Liquidity Facility; Wells Fargo Bank and            
LOC; Permanent School Fund Guarantee Program)   0.05   2/7/14   9,000,000 a   9,000,000  
San Antonio, Electric and Gas Revenue, CP            
(Liquidity Facility; JPMorgan Chase Bank)   0.12   3/5/14   15,000,000   15,000,000  
San Antonio, GO Notes   2.00   2/1/14   3,355,000   3,355,333  
Texas, TRAN   2.00   8/28/14   91,000,000   91,941,128  
Texas Public Finance Authority, CP   0.11   2/11/14   12,100,000   12,100,000  
Texas Public Finance Authority, CP   0.09   4/8/14   14,000,000   14,000,000  
Texas Water Development Board, State Revolving Fund            
Subordinate Lien Revenue (Citigroup ROCS,            
Series RR II R-11746) (Liquidity Facility; Citibank NA)   0.04   2/7/14   10,940,000 a,b,c   10,940,000  
University of Texas System Board of Regents,            
Financing System Revenue, Refunding   0.03   2/7/14   29,800,000 a   29,800,000  
Utah—3.8%            
Intermountain Power Agency, Power Supply Revenue, CP            
(Liquidity Facility; JPMorgan Chase Bank)   0.10   6/10/14   36,000,000   36,000,000  
Intermountain Power Agency, Power Supply Revenue, CP            
(Liquidity Facility; JPMorgan Chase Bank)   0.11   6/13/14   15,200,000   15,200,000  
Murray City, HR (Intermountain Health Care Health Services, Inc.)   0.03   2/7/14   100,000 a   100,000  
Murray City, HR (Intermountain Health Care Health Services, Inc.)   0.04   2/7/14   32,000,000 a   32,000,000  
Utah Housing Finance Agency, MFHR, Refunding            
(Candlestick Apartments Project) (Liquidity            
Facility; FNMA and LOC; FNMA)   0.06   2/7/14   6,400,000 a   6,400,000  
Virginia—.5%            
Harrisonburg Industrial Development Authority, Revenue,            
Refunding (Virginia Mennonite Retirement Community)            
(LOC; Branch Banking and Trust Co.)   0.05   2/7/14   6,685,000 a   6,685,000  
Virginia College Building Authority, Educational Facilities            
Revenue (21st Century College and Equipment Programs)            
(Liquidity Facility; Wells Fargo Bank)   0.05   2/3/14   4,240,000 a   4,240,000  
Washington—1.3%            
King County Housing Authority, Pooled Housing Revenue,            
Refunding (Liquidity Facility; FHLMC and LOC; FHLMC)   0.03   2/7/14   24,365,000 a   24,365,000  
Washington, Various Purpose GO, Refunding            
(P-FLOATS Series PT-4658) (Liquidity Facility; Bank of America)   0.05   2/7/14   7,250,000 a,b,c   7,250,000  
Wisconsin—4.5%            
Milwaukee Redevelopment Authority, Redevelopment LR            
(University of Wisconsin-Milwaukee Kenilworth            
Project) (LOC; U.S. Bank NA)   0.04   2/7/14   5,730,000 a   5,730,000  

 

44



           
Dreyfus Tax Exempt   Coupon   Maturity   Principal    
Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Wisconsin (continued)            
Oneida Tribe of Indians of Wisconsin,            
Health Facilities Revenue (LOC; Bank of America)   0.08   2/7/14   11,090,000 a   11,090,000  
Wisconsin Health and Educational Facilities Authority, Revenue            
(Ascension Health Senior Credit Group) (Eclipse Funding Trust,            
Series 0029) (Liquidity Facility; U.S. Bank NA and LOC; U.S. Bank NA)   0.04   2/7/14   22,820,000 a,b,c   22,820,000  
Wisconsin Health and Educational Facilities Authority, Revenue            
(Mequon Jewish Campus, Inc. Project) (LOC; JPMorgan Chase Bank)   0.08   2/7/14   5,935,000 a   5,935,000  
Wisconsin Health and Educational Facilities Authority, Revenue, CP            
(Aurora Health Care) (LOC; JPMorgan Chase Bank)   0.20   2/5/14   10,000,000   10,000,000  
Wisconsin Health and Educational Facilities Authority, Revenue, CP            
(Aurora Health Care) (LOC; JPMorgan Chase Bank)   0.17   6/4/14   29,000,000   29,000,000  
Wisconsin Health and Educational Facilities Authority, Revenue, CP            
(Aurora Health Care) (LOC; JPMorgan Chase Bank)   0.15   8/5/14   22,000,000   22,000,000  
 
Total Investments (cost $2,354,476,399)       99.9 %   2,354,476,399  
Cash and Receivables (Net)       .1 %   2,599,591  
Net Assets       100.0 %   2,357,075,990  

 

 
a Variable rate demand note—rate shown is the interest rate in effect at January 31, 2014. Maturity date represents the next demand date, or the ultimate maturity date if earlier.  
b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified  
institutional buyers.At January 31, 2014, these securities amounted to $345,280,000 or 14.6% of net assets.  
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security.The special  
purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced  
liquidity, yields linked to short-term rates).  
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow  
and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.  

 

       
Portfolio Summary (Unaudited)        
 
  Value (%)     Value (%)  
Health Care   21.7   County   3.9  
Education   12.3   Lease   2.9  
Utility-Electric   10.8   Special Tax   2.4  
State/Territory   9.8   Resource Recovery   1.7  
Industrial   8.1   Prerefunded   .8  
Transportation Services   5.9   Pollution Control   .6  
City   5.6   Other   5.0  
Housing   4.2      
Utility-Water and Sewer   4.2     99.9  
 
Based on net assets.        
See notes to financial statements.        

 

   
The Funds   45  

 



STATEMENT OF INVESTMENTS

January 31, 2014

           
Dreyfus California AMT-Free   Coupon   Maturity   Principal    
Municipal Cash Management   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments—99.8%            
ABAG Finance Authority for Nonprofit Corporations, Revenue            
(California Alumni Association Project) (LOC; Bank of America)   0.08   2/7/14   4,100,000 a   4,100,000  
ABAG Finance Authority for Nonprofit Corporations,            
Revenue (Jewish Community Center of Orange            
County Project) (LOC; Bank of America)   0.08   2/7/14   2,395,000 a   2,395,000  
Alameda County Industrial Development Authority, Recovery Zone            
Facility Revenue (Dale Hardware, Inc. Project) (LOC; Comerica Bank)   0.06   2/7/14   2,490,000 a   2,490,000  
Alameda County Industrial Development Authority, Revenue            
(Santini Foods, Inc. Project) (LOC; Comerica Bank)   0.06   2/7/14   2,900,000 a   2,900,000  
Alameda Public Financing Authority, Revenue            
(Alameda Point Improvement Project)            
(LOC; California State Teachers Retirement System)   0.04   2/7/14   4,800,000 a   4,800,000  
Branch Banking and Trust Co. Municipal Trust (Series 2000)            
(California, GO Notes, Refunding) (Liquidity Facility; Branch            
Banking and Trust Co. and LOC; Branch Banking and Trust Co.)   0.08   2/7/14   11,060,000 a,b,c   11,060,000  
California, GO Notes (LOC; Bank of America)   0.04   2/7/14   28,500,000 a   28,500,000  
California Educational Facilities Authority, Revenue            
(University of San Francisco) (LOC; JPMorgan Chase Bank)   0.05   2/7/14   140,000 a   140,000  
California Enterprise Development Authority, IDR            
(Tri Tool Inc. Project) (LOC; Comerica Bank)   0.09   2/7/14   9,320,000 a   9,320,000  
California Enterprise Development Authority, Recovery Zone            
Facility Revenue (Regional Properties, Inc. Project) (LOC; FHLB)   0.05   2/7/14   15,000,000 a   15,000,000  
California Health Facilities Financing Authority,            
Revenue, CP (Kaiser Permanente)   0.15   5/16/14   15,000,000   15,000,000  
California Health Facilities Financing Authority,            
Revenue, CP (Kaiser Permanente)   0.19   8/5/14   30,973,000   30,973,000  
California Infrastructure and Economic Development Bank,            
Revenue (Goodwill Industries of Orange County, California)            
(LOC; Wells Fargo Bank)   0.10   2/7/14   1,385,000 a   1,385,000  
California Infrastructure and Economic Development Bank,            
Revenue (Southern California Public Radio Project)            
(LOC; JPMorgan Chase Bank)   0.06   2/3/14   2,445,000 a   2,445,000  
California Infrastructure and Economic Development Bank,            
Revenue (SRI International) (LOC; Wells Fargo Bank)   0.05   2/7/14   2,535,000 a   2,535,000  
California Infrastructure and Economic Development Bank,            
Revenue (The Westmark School Project) (LOC; U.S. Bank NA)   0.05   2/7/14   6,240,000 a   6,240,000  
California Municipal Finance Authority, Recovery Zone            
Facility Revenue (Chevron U.S.A. Inc. Project)   0.03   2/3/14   4,335,000 a   4,335,000  
California Municipal Finance Authority, Revenue            
(Notre Dame High School, San Jose) (LOC; Comerica Bank)   0.05   2/7/14   1,050,000 a   1,050,000  
California Pollution Control Financing Authority, SWDR            
(Athens Services Project) (LOC; Wells Fargo Bank)   0.05   2/7/14   31,065,000 a   31,065,000  
California Pollution Control Financing Authority, SWDR            
(Big Bear Disposal, Inc. Project) (LOC; Union Bank NA)   0.06   2/7/14   2,215,000 a   2,215,000  

 

46



           
Dreyfus California AMT-Free   Coupon   Maturity   Principal    
Municipal Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
California Pollution Control Financing Authority, SWDR            
(Crown Disposal Company, Inc. Project) (LOC; Union Bank NA)   0.06   2/7/14   2,825,000 a   2,825,000  
California Pollution Control Financing Authority, SWDR            
(Garden City Sanitation, Inc. Project) (LOC; Union Bank NA)   0.06   2/7/14   8,130,000 a   8,130,000  
California Pollution Control Financing Authority, SWDR            
(Mission Trail Waste Systems, Inc. Project) (LOC; Comerica Bank)   0.07   2/7/14   2,345,000 a   2,345,000  
California Pollution Control Financing Authority, SWDR            
(South Bay Recycling Project) (LOC; Union Bank NA)   0.06   2/7/14   2,150,000 a   2,150,000  
California Pollution Control Financing Authority, SWDR, Refunding            
(BLT Enterprises of Fremont LLC Project) (LOC; Union Bank NA)   0.06   2/7/14   8,740,000 a   8,740,000  
California Pollution Control Financing Authority, SWDR, Refunding            
(MarBorg Industries Project) (LOC; Union Bank NA)   0.06   2/7/14   2,750,000 a   2,750,000  
California School Cash Reserve Program Authority, Revenue   2.00   4/1/14   6,300,000   6,318,270  
California School Cash Reserve Program Authority,            
Subordinate Revenue   2.00   6/2/14   1,750,000   1,759,522  
California Statewide Communities Development Authority,            
Revenue (Goodwill of Santa Cruz) (LOC; Wells Fargo Bank)   0.10   2/7/14   1,555,000 a   1,555,000  
California Statewide Communities Development Authority,            
Revenue (John Muir Health) (LOC; Wells Fargo Bank)   0.03   2/3/14   1,000,000 a   1,000,000  
California Statewide Communities Development Authority,            
Revenue (Metropolitan Area Advisory Committee            
Project) (LOC; Bank of America)   0.13   2/7/14   3,190,000 a   3,190,000  
California Statewide Communities Development Authority,            
Revenue (Trinity Children and Family Services Project)            
(LOC; California State Teachers Retirement System)   0.07   2/7/14   4,100,000 a   4,100,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-525)            
(Golden State Tobacco Securitization Corporation,            
Enhanced Tobacco Settlement Asset-Backed Bonds)            
(Liquidity Facility; Deutsche Bank AG and LOC; Deutsche Bank AG)   0.12   2/7/14   5,000,000 a,b,c   5,000,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-561)            
(Azusa Public Financing Authority, Parity Revenue            
(Water System Capital Improvements Program) (Liquidity            
Facility; Deutsche Bank AG and LOC; Deutsche Bank AG)   0.12   2/7/14   5,085,000 a,b,c   5,085,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-575)            
(Elk Grove Finance Authority, Special Tax Revenue) (Liquidity            
Facility; Deutsche Bank AG and LOC; Deutsche Bank AG)   0.12   2/7/14   4,670,000 a,b,c   4,670,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-1013)            
(Fontana Public Financing Authority, Tax Allocation Revenue            
(North Fontana Redevelopment Project)) (Liquidity Facility;            
Deutsche Bank AG and LOC; Deutsche Bank AG)   0.17   2/7/14   5,200,000 a,b,c   5,200,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-1083)            
(California Health Facilities Financing Authority, Revenue            
(Catholic Healthcare West)) (Liquidity Facility;            
Deutsche Bank AG and LOC; Deutsche Bank AG)   0.10   2/7/14   3,000,000 a,b,c   3,000,000  

 

   
The Funds   47  

 



STATEMENT OF INVESTMENTS (continued)

           
Dreyfus California AMT-Free   Coupon   Maturity   Principal    
Municipal Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Deutsche Bank Spears/Lifers Trust (Series DBE-1211)            
(Golden State Tobacco Securitization Corporation,            
Enhanced Tobacco Settlement Asset-Backed Bonds) (Liquidity            
Facility; Deutsche Bank AG and LOC; Deutsche Bank AG)   0.09   2/7/14   24,160,000 a,b,c   24,160,000  
Golden State Tobacco Securitization Corporation,            
Tobacco Settlement Revenue (Eagle 2013-0013)            
(Liquidity Facility; Citibank NA)   0.14   2/7/14   9,900,000 a,b,c   9,900,000  
Hillsborough, COP (Water and Sewer Systems Projects)            
(Liquidity Facility; JPMorgan Chase Bank)   0.10   2/7/14   5,900,000 a   5,900,000  
Manteca Redevelopment Agency, Subordinate Tax Allocation            
Revenue, Refunding (Amended Merged Project Area)            
(LOC; State Street Bank and Trust Co.)   0.04   2/3/14   12,140,000 a   12,140,000  
Menlo Park Community Development Agency, Tax Allocation            
Revenue, Refunding (Las Pulgas Community Development            
Project) (LOC; State Street Bank and Trust Co.)   0.04   2/3/14   11,600,000 a   11,600,000  
Orange County, Apartment Development Revenue,            
Refunding (Villa La Paz Issue) (LOC; FNMA)   0.04   2/7/14   550,000 a   550,000  
Orange County, Apartment Development Revenue,            
Refunding (WLCO LF Partners) (LOC; FNMA)   0.05   2/7/14   5,000,000 a   5,000,000  
Pittsburg Redevelopment Agency, Subordinate Tax Allocation            
Revenue (Los Medanos Community Development Project)            
(Liquidity Facility: California State Teachers Retirement            
System and State Street Bank and Trust Co.)   0.04   2/3/14   33,400,000 a   33,400,000  
Ravenswood City School District, GO Notes, TRAN   1.00   3/3/14   1,400,000   1,400,514  
Riverside County Transportation Commission,            
Sales Tax Revenue (Liquidity Facility; JPMorgan Chase Bank)   0.04   2/7/14   400,000 a   400,000  
Riverside County Transportation Commission, Sales Tax            
Revenue (Liquidity Facility; JPMorgan Chase Bank)   0.06   2/7/14   8,800,000 a   8,800,000  
Sacramento County Housing Authority, MFHR, Refunding            
(Stonebridge Apartments) (LOC; FNMA)   0.06   2/7/14   8,000,000 a   8,000,000  
San Bernardino County, MFHR, Refunding            
(Rosewood Apartments) (LOC; FNMA)   0.09   2/7/14   2,725,000 a   2,725,000  
San Bernardino County, MFHR, Refunding (Somerset Apartments)            
(Liquidity Facility; FNMA and LOC; FNMA)   0.09   2/7/14   1,800,000 a   1,800,000  
San Diego County, COP (Museum of Contemporary Art San Diego)            
(LOC; Northern Trust Company)   0.04   2/7/14   1,450,000 a   1,450,000  
San Diego County, COP (San Diego Museum of Art)            
(LOC; Wells Fargo Bank)   0.10   2/7/14   300,000 a   300,000  
San Diego County and San Diego County School Districts, GO Notes,            
Tax and Revenue Anticipation Note Program (Note Participations)   2.00   4/30/14   5,000,000   5,021,419  
San Pablo Redevelopment Agency, Subordinate Tax            
Allocation Revenue (Tenth Township Redevelopment            
Project) (LOC; Union Bank NA)   0.04   2/3/14   16,600,000 a   16,600,000  

 

48



           
Dreyfus California AMT-Free   Coupon   Maturity   Principal    
Municipal Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Santa Clara County Financing Authority, LR, Refunding            
(Multiple Facilities Projects) (LOC; Bank of America)   0.05   2/7/14   750,000 a   750,000  
School Project for Utility Rate Reduction, GO Notes, RAN            
(Natural Gas Purchase Program for Member California            
School Districts and Community Colleges and            
Other Non-Member Affiliated Public Entities)   0.42   8/1/14   2,000,000   2,000,000  
Tracy, MFHR, Refunding (Sycamore Village Apartments) (LOC; FHLMC)   0.04   2/7/14   1,700,000 a   1,700,000  
West Basin Municipal Water District, Revenue, Refunding            
COP (Liquidity Facility; Citibank NA)   0.06   2/7/14   7,845,000 a   7,845,000  
Yolo County, MFHR (Primero Grove Student Apartments Project)            
(LOC; California State Teachers Retirement System)   0.14   2/7/14   955,000 a   955,000  
 
Total Investments (cost $408,162,725)       99.8 %   408,162,725  
Cash and Receivables (Net)       .2 %   812,071  
Net Assets       100.0 %   408,974,796  

 

 
a Variable rate demand note—rate shown is the interest rate in effect at January 31, 2014. Maturity date represents the next demand date, or the ultimate maturity date if earlier.  
b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified  
institutional buyers.At January 31, 2014, these securities amounted to $68,075,000 or 16.6% of net assets.  
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security.The special  
purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced  
liquidity, yields linked to short-term rates).  

 

       
Portfolio Summary (Unaudited)        
 
  Value (%)     Value (%)  
Special Tax   15.1   Transportation Services   2.2  
Pollution Control   14.2   Lease   1.5  
Industrial   12.9   Resource Recovery   1.1  
State/Territory   9.7   Health Care   1.0  
Utility-Water and Sewer   5.6   Utility-Electric   .5  
Education   5.4   Other   25.5  
Housing   5.1     99.8  
 
Based on net assets.        
See notes to financial statements.        

 

   
The Funds   49  

 



STATEMENT OF INVESTMENTS

January 31, 2014

           
Dreyfus New York AMT-Free   Coupon   Maturity   Principal    
Municipal Cash Management   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments—99.6%            
Ausable Valley Central School District, GO Notes, BAN   1.00   6/26/14   2,800,000   2,805,105  
Broome County Industrial Development Agency,            
Continuing Care Retirement Community Revenue            
(Good Shepherd Village at Endwell, Inc. Project) (LOC; M&T Trust)   0.09   2/7/14   3,160,000 a   3,160,000  
Deutsche Bank Spears/Lifers Trust (Series DBE-1152)            
(TSASC, Inc., Tobacco Settlement Asset-Backed Bonds)            
(Liquidity Facility: Deutsche Bank AG and LOC; Deutsche Bank AG)   0.14   2/7/14   3,000,000 a,b,c   3,000,000  
Dutchess County Industrial Development Agency,            
Civic Facility Revenue (Anderson Foundation for            
Autism, Inc. Project) (LOC; M&T Trust)   0.09   2/7/14   3,425,000 a   3,425,000  
Franklin County Industrial Development Agency,            
Civic Facility Revenue (Paul Smith's College            
Project) (LOC; U.S. Bank NA)   0.06   2/7/14   830,000 a   830,000  
Franklin County Industrial Development Agency,            
Civic Facility Revenue (Trudeau Institute, Inc.            
Project) (LOC; HSBC Bank USA)   0.14   2/7/14   1,545,000 a   1,545,000  
Gloversville City School District, GO Notes, BAN   1.50   1/16/15   1,000,000   1,009,703  
Hamburg Central School District, GO Notes, BAN   2.00   6/13/14   4,600,000   4,625,153  
Holley Central School District, GO Notes, BAN   1.25   6/19/14   1,100,000   1,102,974  
Middletown, GO Notes, BAN   1.00   2/21/14   1,400,000   1,400,420  
Monroe County Industrial Development Agency,            
Civic Facility Revenue (Monroe Community College            
Association, Inc. Project) (LOC; JPMorgan Chase Bank)   0.04   2/7/14   500,000 a   500,000  
Monroe County Industrial Development Agency,            
Civic Facility Revenue (The Glen at Cherry            
Ridge, LLC Project) (LOC; HSBC Bank USA)   0.06   2/7/14   4,600,000 a   4,600,000  
Nassau County Industrial Development Agency, Continuing            
Care Retirement Community Revenue (Amsterdam at            
Harborside Project) (LOC; Bank of America)   0.25   2/7/14   4,300,000 a   4,300,000  
Nassau County Interim Finance Authority, Sales Tax Secured            
Revenue (Liquidity Facility; Sumitomo Mitsui Banking Corporation)   0.04   2/7/14   1,000,000 a   1,000,000  
New York City, GO Notes (Liquidity Facility;            
Landesbank Hessen-Thuringen Girozentrale)   0.07   2/7/14   1,000,000 a   1,000,000  
New York City, GO Notes (LOC; Bayerische Landesbank)   0.06   2/7/14   2,700,000 a   2,700,000  
New York City, GO Notes (SBPA; Wells Fargo Bank)   0.04   2/3/14   2,500,000 a   2,500,000  
New York City Capital Resource Corporation, Revenue            
(Loan Enhanced Assistance Program— Cobble Hill Health            
Center, Inc. Project) (LOC; Bank of America)   0.14   2/7/14   2,400,000 a   2,400,000  
New York City Industrial Development Agency, Civic Facility            
Revenue (Birch Wathen Lenox School Project) (LOC; TD Bank)   0.11   2/7/14   3,785,000 a   3,785,000  
New York City Industrial Development Agency, Civic Facility            
Revenue (Children's Oncology Society of New York, Inc.            
Project) (LOC; JPMorgan Chase Bank)   0.06   2/7/14   2,100,000 a   2,100,000  
New York City Industrial Development Agency, Civic Facility            
Revenue (Sephardic Community Youth Center, Inc.            
Project) (LOC; M&T Trust)   0.09   2/7/14   4,700,000 a   4,700,000  

 

50



           
Dreyfus New York AMT-Free   Coupon   Maturity   Principal    
Municipal Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
New York City Industrial Development Agency, Civic Facility            
Revenue (Spence-Chapin, Services to Families and            
Children Project) (LOC; TD Bank)   0.11   2/7/14   2,800,000 a   2,800,000  
New York City Municipal Water Finance Authority,            
Water and Sewer System Revenue (Liquidity Facility;            
California Public Employees Retirement System)   0.04   2/3/14   2,000,000 a   2,000,000  
New York City Municipal Water Finance Authority,            
Water and Sewer System Second General Resolution            
Revenue (Liquidity Facility; Bank of Nova Scotia)   0.05   2/3/14   7,030,000 a   7,030,000  
New York City Municipal Water Finance Authority,            
Water and Sewer System Second General Resolution            
Revenue (Liquidity Facility; Mizuho Bank, Ltd.)   0.05   2/3/14   4,000,000 a   4,000,000  
New York City Transitional Finance Authority, Revenue            
(New York City Recovery) (Liquidity Facility; Royal Bank of Canada)   0.04   2/3/14   2,600,000 a   2,600,000  
New York Liberty Development Corporation, Liberty Revenue,            
Refunding (World Trade Center Project—Towers 3-4)            
(LOC; JPMorgan Chase Bank)   0.07   2/7/14   1,035,000 a   1,035,000  
New York Liberty Development Corporation, Liberty Revenue,            
Refunding (World Trade Center Project—Towers 3-4)            
(LOC; JPMorgan Chase Bank)   0.07   2/7/14   180,000 a   180,000  
New York Liberty Development Corporation, Recovery Zone Revenue            
(3 World Trade Center Project) (LOC; JPMorgan Chase Bank)   0.07   2/7/14   585,000 a   585,000  
New York Liberty Development Corporation, Recovery Zone Revenue            
(3 World Trade Center Project) (LOC; JPMorgan Chase Bank)   0.07   2/7/14   515,000 a   515,000  
New York Local Government Assistance Corporation, Subordinate Lien            
Revenue, Refunding (Liquidity Facility; Bank of America)   0.05   2/7/14   1,200,000 a   1,200,000  
New York State Dormitory Authority, Revenue            
(Le Moyne College) (LOC; TD Bank)   0.05   2/7/14   1,100,000 a   1,100,000  
New York State Housing Finance Agency, Housing            
Revenue (505 West 37th Street) (LOC; Landesbank            
Hessen-Thuringen Girozentrale)   0.07   2/3/14   7,800,000 a   7,800,000  
New York State Housing Finance Agency,            
Housing Revenue (Baisley Park Gardens) (LOC; Citibank NA)   0.06   2/7/14   6,335,000 a   6,335,000  
Northern Adirondack Central School            
District at Ellenburg, GO Notes, BAN   2.00   6/26/14   3,000,000   3,017,453  
Orange County Industrial Development Agency, Civic Facility            
Revenue (Tuxedo Park School Project) (LOC; M&T Trust)   0.09   2/7/14   200,000 a   200,000  
Port Authority of New York and New Jersey, Equipment Notes   0.09   2/7/14   2,800,000 a   2,800,000  
Putnam County Industrial Development Agency, Civic Facility            
Revenue (United Cerebral Palsy of Putnam and            
Southern Dutchess Project) (LOC; TD Bank)   0.05   2/7/14   1,400,000 a   1,400,000  
Rome, GO Notes, BAN   1.00   9/5/14   1,325,000   1,328,124  
Syracuse Industrial Development Agency, Civic Facility Revenue            
(Crouse Health Hospital, Inc. Project) (LOC; HSBC Bank USA)   0.05   2/7/14   1,065,000 a   1,065,000  
Triborough Bridge and Tunnel Authority, General Revenue (MTA Bridges            
and Tunnels) (Liquidity Facility; JPMorgan Chase Bank)   0.05   2/7/14   1,590,000 a   1,590,000  

 

   
The Funds   51  

 



STATEMENT OF INVESTMENTS (continued)

           
Dreyfus New York AMT-Free   Coupon   Maturity   Principal    
Municipal Cash Management (continued)   Rate (%)   Date   Amount ($)   Value ($)  
 
Short-Term Investments (continued)            
Triborough Bridge and Tunnel Authority, General            
Revenue, Refunding (MTA Bridges and Tunnels)            
(LOC; California Public Employees Retirement System)   0.05   2/3/14   2,200,000 a   2,200,000  
Wallkill, GO Notes, BAN   1.25   8/6/14   1,200,000   1,204,707  
Wallkill, GO Notes, BAN   1.25   1/16/15   1,000,000   1,005,986  
 
Total Investments (cost $105,479,625)       99.6 %   105,479,625  
Cash and Receivables (Net)       .4 %   386,598  
Net Assets       100.0 %   105,866,223  

 

 
a Variable rate demand note—rate shown is the interest rate in effect at January 31, 2014. Maturity date represents the next demand date, or the ultimate maturity date if earlier.  
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933.This security may be resold in transactions exempt from registration, normally to qualified  
institutional buyers.At January 31, 2014, this security amounted to $3,000,000 or 2.8% of net assets.  
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security.The special  
purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced  
liquidity, yields linked to short-term rates).  

 

       
Portfolio Summary (Unaudited)        
 
  Value (%)     Value (%)  
Education   17.9   Industrial   6.3  
Health Care   16.6   Transportation Services   6.2  
Housing   13.4   Special Tax   2.1  
Utility-Water and Sewer   12.3   Other   6.6  
City   10.5      
Lease   7.7     99.6  
 
Based on net assets.        
See notes to financial statements.        

 

52



       
Summary of Abbreviations      
 
 
ABAG   Association of Bay Area Governments   ACA   American Capital Access  
AGC   ACE Guaranty Corporation   AGIC   Asset Guaranty Insurance Company  
AMBAC   American Municipal Bond Assurance Corporation   ARRN   Adjustable Rate Receipt Notes  
BAN   Bond Anticipation Notes   BPA   Bond Purchase Agreement  
CIFG   CDC Ixis Financial Guaranty   COP   Certificate of Participation  
CP   Commercial Paper   DRIVERS   Derivative Inverse Tax-Exempt Receipts  
EDR   Economic Development Revenue   EIR   Environmental Improvement Revenue  
FGIC   Financial Guaranty Insurance Company   FHA   Federal Housing Administration  
FHLB   Federal Home Loan Bank   FHLMC   Federal Home Loan Mortgage Corporation  
FNMA   Federal National Mortgage Association   GAN   Grant Anticipation Notes  
GIC   Guaranteed Investment Contract   GNMA   Government National Mortgage Association  
GO   General Obligation   HR   Hospital Revenue  
IDB   Industrial Development Board   IDC   Industrial Development Corporation  
IDR   Industrial Development Revenue   LIFERS   Long Inverse Floating Exempt Receipts  
LOC   Letter of Credit   LOR   Limited Obligation Revenue  
LR   Lease Revenue   MERLOTS   Municipal Exempt Receipts Liquidity Option Tender  
MFHR   Multi-Family Housing Revenue   MFMR   Multi-Family Mortgage Revenue  
PCR   Pollution Control Revenue   P-FLOATS   Puttable Floating Option Tax-Exempt Receipts  
PILOT   Payment in Lieu of Taxes   PUTTERS   Puttable Tax-Exempt Receipts  
RAC   Revenue Anticipation Certificates   RAN   Revenue Anticipation Notes  
RAW   Revenue Anticipation Warrants   RIB   Residual Interest Bonds  
ROCS   Reset Options Certificates   RRR   Resources Recovery Revenue  
SAAN   State Aid Anticipation Notes   SBPA   Standby Bond Purchase Agreement  
SFHR   Single Family Housing Revenue   SFMR   Single Family Mortgage Revenue  
SONYMA   State of New York Mortgage Agency   SPEARS   Short Puttable Exempt Adjustable Receipts  
SWDR   Solid Waste Disposal Revenue   TAN   Tax Anticipation Notes  
TAW   Tax Anticipation Warrants   TRAN   Tax and Revenue Anticipation Notes  
XLCA   XL Capital Assurance      
 
See notes to financial statements.      

 

   
The Funds   53  

 



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.  

 

   
The Funds   55  

 



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.                      

 

   
The Funds   57  

 



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.                  

 

   
The Funds   59  

 



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.                  

 

   
The Funds   61  

 



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.

   
The Funds   63  

 



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.

   
The Funds   65  

 



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.

   
The Funds   67  

 



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.

   
The Funds   69  

 



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.

   
The Funds   71  

 



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.

   
The Funds   73  

 



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.

   
The Funds   75  

 



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  

 

   
The Funds   79  

 



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    

 

   
The Funds   81  

 



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

   
The Funds   83  

 



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



PROXY RESULTS (Unaudited)

Dreyfus Cash Management Fund

The fund held a special meeting of shareholders on December 6, 2013.The proposal considered at the meeting, and the results, are as follows:

       
    Shares    
  Votes For     Authority Withheld  
To elect additional Board Members:        
Gordon J. Davis   9,275,493,817     55,536,450  
Whitney I. Gerard   9,281,744,847     49,285,420  
Robin A. Melvin   9,241,195,187     89,835,080  
Nathan Leventhal   9,281,777,726     49,252,541  
Roslyn M. Watson   9,224,158,892     106,871,375  

 

 
Each of the above Board Members were duly elected by shareholders at the fund’s December 6, 2013 shareholder meeting.The election of Gordon J. Davis,Whitney I. Gerard and  
Nathan Leventhal became effective January 1, 2014. Robin A. Melvin and Roslyn M.Watson were existing Board members previously having been elected by the fund’s Board. In  
addition, Joseph S. DiMartino, Isabel P. Dunst and Benaree Pratt Wiley continue as Board Members of the fund.  

 

Dreyfus Government Cash Management Funds

The Company held a special meeting of shareholders on December 6, 2013. The proposal considered at the meeting, and the results, are as follows:

       
    Shares    
  Votes For     Authority Withheld  
To elect additional Board Members:        
Gordon J. Davis   8,952,733,476     251,316,312  
Whitney I. Gerard   8,942,581,254     261,468,534  
Robin A. Melvin   8,933,732,878     270,316,910  
Nathan Leventhal   8,942,569,057     261,480,731  
Roslyn M. Watson   8,911,823,712     292,226,076  

 

 
Each of the above Board Members were duly elected by shareholders at the Company’s December 6, 2013 shareholder meeting. The election of Gordon J. Davis,Whitney I. Gerard  
and Nathan Leventhal became effective January 1, 2014. Robin A. Melvin and Roslyn M. Watson were existing Board members previously having been elected by the Company’s  
Board. In addition, Joseph S. DiMartino, Isabel P. Dunst and Benaree Pratt Wiley continue as Board Members of the Company.  

 

   
The Funds   85  

 



PROXY RESULTS (Unaudited) (continued)

Dreyfus Treasury & Agency Cash Management Fund

The fund held a special meeting of shareholders on December 6, 2013.The proposal considered at the meeting, and the results, are as follows:

       
    Shares    
  Votes For     Authority Withheld  
To elect additional Board Members:        
Gordon J. Davis   7,562,395,056     14,922,011  
Whitney I. Gerard   7,557,308,594     20,008,473  
Robin A. Melvin   7,554,796,378     22,520,689  
Nathan Leventhal   7,557,308,594     20,008,473  
Roslyn M. Watson   7,554,796,378     22,520,689  

 

 
Each of the above Board Members were duly elected by shareholders at the fund’s December 6, 2013 shareholder meeting.The election of Gordon J. Davis,Whitney I. Gerard and  
Nathan Leventhal became effective January 1, 2014. Robin A. Melvin and Roslyn M.Watson were existing Board members previously having been elected by the fund’s Board. In  
addition, Joseph S. DiMartino, Isabel P. Dunst and Benaree Pratt Wiley continue as Board Members of the fund.  

 

Dreyfus Treasury Prime Cash Management Fund

The fund held a special meeting of shareholders on December 6, 2013.The proposal considered at the meeting, and the results, are as follows:

       
    Shares    
  Votes For     Authority Withheld  
To elect additional Board Members:        
Gordon J. Davis   15,636,955,393     84,845,169  
Whitney I. Gerard   15,623,043,609     98,756,953  
Robin A. Melvin   15,536,124,585     185,675,977  
Nathan Leventhal   15,562,431,023     159,369,539  
Roslyn M. Watson   15,536,284,410     185,516,152  

 

 
Each of the above Board Members were duly elected by shareholders at the fund’s December 6, 2013 shareholder meeting.The election of Gordon J. Davis,Whitney I. Gerard and  
Nathan Leventhal became effective January 1, 2014. Robin A. Melvin and Roslyn M.Watson were existing Board members previously having been elected by the fund’s Board. In  
addition, Joseph S. DiMartino, Isabel P. Dunst and Benaree Pratt Wiley continue as Board Members of the fund.  

 

86



Dreyfus Municipal Cash Management Plus Fund

The fund held a special meeting of shareholders on December 6, 2013.The proposal considered at the meeting, and the results, are as follows:

       
    Shares    
  Votes For     Authority Withheld  
To elect additional Board Members:        
Gordon J. Davis   253,506,096     1,211,150  
Whitney I. Gerard   253,506,096     1,211,150  
Robin A. Melvin   253,506,096     1,211,150  
Nathan Leventhal   253,506,096     1,211,150  
Roslyn M. Watson   253,499,404     1,217,842  

 

 
Each of the above Board Members were duly elected by shareholders at the fund’s December 6, 2013 shareholder meeting. The election of Gordon J. Davis,Whitney I. Gerard and  
Nathan Leventhal became effective January 1, 2014. Robin A. Melvin and Roslyn M.Watson were existing Board members previously having been elected by the fund’s Board. In  
addition, Joseph S. DiMartino, Isabel P. Dunst and Benaree Pratt Wiley continue as Board Members of the fund.  

 

Dreyfus New York Municipal Cash Management Fund

The fund held a special meeting of shareholders on December 6, 2013.The proposal considered at the meeting, and the results, are as follows:

       
    Shares    
  Votes For     Authority Withheld  
To elect additional Board Members:        
Gordon J. Davis   338,498,256     5,881,549  
Whitney I. Gerard   338,498,256     5,881,549  
Robin A. Melvin   338,498,856     5,880,949  
Nathan Leventhal   338,498,856     5,880,949  
Roslyn M. Watson   338,498,856     5,880,949  

 

 
Each of the above Board Members were duly elected by shareholders at the fund’s December 6, 2013 shareholder meeting.The election of Gordon J. Davis,Whitney I. Gerard and  
Nathan Leventhal became effective January 1, 2014. Robin A. Melvin and Roslyn M.Watson were existing Board members previously having been elected by the fund’s Board. In  
addition, Joseph S. DiMartino, Isabel P. Dunst and Benaree Pratt Wiley continue as Board Members of the fund.  

 

   
The Funds   87  

 



PROXY RESULTS (Unaudited) (continued)

Dreyfus Tax Exempt Cash Management Funds

The Trust held a special meeting of shareholders on December 6, 2013.The proposal considered at the meeting, and the results, are as follows:

       
    Shares    
  Votes For     Authority Withheld  
To elect additional Board Members:        
Gordon J. Davis   1,365,022,306     8,652,176  
Whitney I. Gerard   1,364,219,816     9,454,666  
Robin A. Melvin   1,364,936,842     8,737,640  
Nathan Leventhal   1,365,031,018     8,643,464  
Roslyn M. Watson   1,364,936,842     8,737,640  

 

 
Each of the above Board Members were duly elected by shareholders at the Trust’s December 6, 2013 shareholder meeting.The election of Gordon J. Davis,Whitney I. Gerard and  
Nathan Leventhal became effective January 1, 2014. Robin A. Melvin and Roslyn M.Watson were existing Board members previously having been elected by the Trust’s Board. In  
addition, Joseph S. DiMartino, Isabel P. Dunst and Benaree Pratt Wiley continue as Board Members of the Trust.  

 

88



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    

 

   
The Funds   89  

 



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.

   
The Funds   91  

 



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.

92



 


NOTES



 


For More Information


 

 

Item 2.             Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

Item 3.             Audit Committee Financial Expert.

The Registrant's Board has determined that Joseph S. DiMartino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC").  Mr. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4.             Principal Accountant Fees and Services.

 

(a)  Audit Fees .  The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $31,594 in 2013 and $32,226 in 2014.

 

(b)  Audit-Related Fees . The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $6,000 in 2013 and $6,000 in 2014. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

 

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2013 and $0 in 2014.

 

(c)  Tax Fees .  The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $3,778 in 2013 and 3,397 in 2014.  These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2013 and $0 in 2014.

 

 


 

 

(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 $2,052 in 2013 and $2,252 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]

 


 

 

Item 9.             Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

                        Not applicable.  [CLOSED-END FUNDS ONLY]

Item 10.           Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures applicable to Item 10.

Item 11.           Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 12.           Exhibits.

(a)(1)   Code of ethics referred to in Item 2.

(a)(2)   Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3)   Not applicable.

(b)        Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

 


 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

DREYFUS TREASURY PRIME CASH MANAGEMENT

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak,

President

 

Date:

March 25, 2014

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak,

President

 

Date:

March 25, 2014

 

By: /s/ James Windels

James Windels,

Treasurer

 

Date:

March 25, 2014

 

 

EXHIBIT INDEX

(a)(1)   Code of ethics referred to in Item 2.

(a)(2)   Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.  (EX-99.CERT)

(b)        Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.  (EX-99.906CERT)  

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