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, 2013. 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
|
0.08
|
0.08
|
Investor Shares
|
0.00
|
0.00
|
Administrative Shares
|
0.00
|
0.00
|
Participant Shares
|
0.00
|
0.00
|
Agency Shares
|
0.03
|
0.03
|
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
|
Yields of money market instruments remained near zero percent throughout the reporting period as the Federal Reserve Board (the “Fed”) left short-term interest rates unchanged despite evidence of more robust economic growth.
U.S. Economic Recovery Gained Momentum
The reporting period began in the midst of a recovery from steep market declines stemming from adverse macroeconomic developments in the United States, Europe, and China. The economy appeared to strengthen further in February 2012, when the labor market gained 233,000 jobs and the unemployment rate stood at 8.3% after several months of declines. Despite a decrease to 120,000 new jobs in March, the unemployment rate inched lower to 8.2%. However, GDP grew at only a 2.0% annualized rate over the first quarter of 2012, mainly due to cuts in government spending.
The economic expansion moderated in April. The unemployment rate fell to 8.1%, but only 77,000 jobs were added. May brought another month of subpar job creation and an uptick in the unemployment rate to 8.2%.The manufacturing sector contracted in June for the first time in three years, but U.S. housing prices climbed for the first time in seven months. For the second quarter of 2012, U.S. economic growth slowed to a disappointing 1.3% annualized rate.
The economy added 181,000 jobs in July, but the unemployment rate rose to 8.3% as more people entered the workforce.August saw improved conditions in U.S. housing markets, an 8.1% unemployment rate, and higher personal income and expenditures.The economic recovery seemed to gain traction in September with the addition of 148,000 new jobs and a sharp drop in the unemployment rate to 7.8%, its lowest level since January 2009. The manufacturing sector rebounded after three months of modest declines, and the service sector posted its 33rd consecutive month of expansion. In the housing market, sales prices reached five-year highs. The U.S. economy grew at a respectable 3.1% annualized rate during the third quarter.
LETTER TO SHAREHOLDERS
(continued)
The unemployment rate ticked higher in October to 7.9% as more workers joined the labor force. Manufacturing activity increased at a faster rate in October than in September, and home prices posted modest gains. In November, the unemployment rate remained steady while 146,000 new jobs were added. Home prices rose for the sixth straight month, and pending home sales reached their highest level in more than five years. However, manufacturing activity contracted slightly.
December saw the addition of 164,000 jobs to the labor force and a mild rebound in manufacturing activity. However, consumer confidence declined somewhat, and retailers reported relatively sluggish sales during the 2012 holiday season. Many analysts were surprised when the U.S. Department of Commerce estimated that U.S. GDP contracted at a 0.1% annualized rate during the fourth quarter, which was attributed mainly to reductions in federal spending, particularly on defense. Other indicators proved somewhat more encouraging, including gains in personal consumption, durable goods purchases, and housing market activity. Data released in January 2013 also portrayed a sluggish economic recovery, as the economy added 157,000 jobs, but the unemployment rate inched upwards to 7.9%.
Focusing on Quality and Liquidity
Money market yields remained near zero percent throughout the year, and yield differences along the market’s maturity spectrum stayed relatively narrow. Therefore, we maintained the fund’s weighted average maturity in a position that was roughly in line with market averages, and we continued to focus on
well-established issuers that historically have demonstrated good liquidity characteristics, including banks in Australia, Canada and Japan, but relatively few in Europe.
The Fed has maintained an aggressively accommodative monetary policy, including an open-ended quantitative easing program and a stated intention to leave short-term interest rates near current levels until mid-2015. Therefore, as we have for some time, we intend to maintain the fund’s focus on quality 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.
|
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, 2013, 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
|
0.01
|
0.01
|
Investor Shares
|
0.00
|
0.00
|
Administrative Shares
|
0.00
|
0.00
|
Participant Shares
|
0.00
|
0.00
|
Agency Shares
|
0.00
|
0.00
|
Dreyfus New York
|
|
|
Municipal Cash Management
|
|
|
Institutional Shares
|
0.01
|
0.01
|
Investor Shares
|
0.00
|
0.00
|
Administrative Shares
|
0.00
|
0.00
|
Participant Shares
|
0.00
|
0.00
|
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
|
0.06
|
0.06
|
Investor Shares
|
0.04
|
0.04
|
Administrative Shares
|
0.04
|
0.04
|
Participant Shares
|
0.04
|
0.04
|
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
|
Yields of tax-exempt money market instruments stayed near historical lows throughout the reporting period, as short-term interest rates remained anchored by a federal funds rate between 0% and 0.25%.
Economic Recovery Gained Traction
Despite occasional bouts of heightened volatility, the reporting period saw a generally improving economic environment. At the start of the reporting period, economists were encouraged by U.S. employment gains and increased manufacturing activity. Although these positive influences were called into question during the spring, investors responded positively over the summer to better employment numbers and an extension of the Federal Reserve Board’s (the “Fed”) Operation Twist. Later, the Fed embarked on a third round of quantitative easing and extended its forecast for low interest rates through mid-2015.
These aggressively accommodative monetary policy actions appeared to be effective, as U.S. GDP growth climbed from an annualized rate of 1.3% for the second quarter of 2012 to 3.1% for the third quarter. Many analysts were surprised when the U.S. Department of Commerce estimated that U.S. GDP contracted at a 0.1% annualized rate during the fourth quarter, which was attributed mainly to reductions in federal spending, particularly on defense. Other economic indicators proved somewhat more encouraging, including gains in personal consumption, durable goods purchases, and housing market activity. Data released in January 2013 also portrayed a sustained, but sluggish, economic recovery.
With short-term interest rates near historical lows, demand from individual investors shifted to the municipal bond market, where yields were incrementally higher. However, any reduction in demand for shorter-term, tax-exempt money market instruments stemming from individual investors was offset by the effects of higher rates on short-term repurchase agreements, which helped to boost yields of variable rate demand notes (VRDNs). As a result, municipal money market instruments generally provided higher yields than comparable U.S. Treasury obligations,
STATEMENT OF ASSETS AND LIABILITIES
(amounts in thousands, except Net Asset Value Per Share)
January 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
†
|
28,154,285
|
a
|
16,321,201
|
a
|
4,804,516
|
|
18,042,377
|
a
|
33,065,577
|
|
Cash
|
—
|
|
17
|
|
480
|
|
—
|
|
1,664
|
|
Interest receivable
|
12,393
|
|
20,193
|
|
1,781
|
|
26,993
|
|
34,813
|
|
Receivable for shares of Beneficial Interest subscribed
|
55
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Prepaid expenses and other assets
|
111
|
|
99
|
|
90
|
|
72
|
|
125
|
|
|
28,166,844
|
|
16,341,510
|
|
4,806,867
|
|
18,069,442
|
|
33,102,179
|
|
Liabilities ($):
|
|
|
|
|
|
|
|
|
|
|
Due to The Dreyfus Corporation
|
|
|
|
|
|
|
|
|
|
|
and affiliates—Note 2(c)
|
5,054
|
|
2,060
|
|
480
|
|
1,660
|
|
2,494
|
|
Cash overdraft due to Custodian
|
54
|
|
—
|
|
—
|
|
257
|
|
—
|
|
Payable for investment securities purchased
|
100,000
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Payable for shares of Beneficial
|
|
|
|
|
|
|
|
|
|
|
Interest redeemed
|
8,888
|
|
25
|
|
—
|
|
—
|
|
2,038
|
|
Accrued expenses
|
192
|
|
200
|
|
117
|
|
147
|
|
186
|
|
|
114,188
|
|
2,285
|
|
597
|
|
2,064
|
|
4,718
|
|
Net Assets ($)
|
28,052,656
|
|
16,339,225
|
|
4,806,270
|
|
18,067,378
|
|
33,097,461
|
|
Composition of Net Assets ($):
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
28,052,654
|
|
16,339,257
|
|
4,806,294
|
|
18,067,379
|
|
33,097,599
|
|
Accumulated net realized gain (loss) on investments
|
2
|
|
(32
|
)
|
(24
|
)
|
(1
|
)
|
(138
|
)
|
Net Assets ($)
|
28,052,656
|
|
16,339,225
|
|
4,806,270
|
|
18,067,378
|
|
33,097,461
|
|
Net Asset Value Per Share
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($)
|
23,193,207
|
|
13,228,266
|
|
3,518,598
|
|
14,498,847
|
|
24,581,949
|
|
Shares Outstanding
|
23,193,202
|
|
13,228,323
|
|
3,518,614
|
|
14,498,848
|
|
24,582,037
|
|
Net Asset Value Per Share ($)
|
1.00
|
|
1.00
|
|
1.00
|
|
1.00
|
|
1.00
|
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
Net Assets ($)
|
2,692,003
|
|
1,766,148
|
|
453,596
|
|
2,270,017
|
|
4,067,494
|
|
Shares Outstanding
|
2,692,006
|
|
1,766,152
|
|
453,600
|
|
2,270,018
|
|
4,067,525
|
|
Net Asset Value Per Share ($)
|
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 ($)
|
1,271,175
|
978,966
|
567,735
|
620,440
|
749,657
|
Shares Outstanding
|
1,271,180
|
978,967
|
567,738
|
620,440
|
749,660
|
Net Asset Value Per Share ($)
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Participant Shares
|
|
|
|
|
|
Net Assets ($)
|
768,484
|
287,322
|
229,473
|
603,156
|
3,674,210
|
Shares Outstanding
|
768,479
|
287,322
|
229,477
|
603,156
|
3,674,226
|
Net Asset Value Per Share ($)
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Service Shares
|
|
|
|
|
|
Net Assets ($)
|
—
|
—
|
—
|
15,393
|
—
|
Shares Outstanding
|
—
|
—
|
—
|
15,393
|
—
|
Net Asset Value Per Share ($)
|
—
|
—
|
—
|
1.00
|
—
|
Select Shares
|
|
|
|
|
|
Net Assets ($)
|
—
|
—
|
—
|
6,319
|
—
|
Shares Outstanding
|
—
|
—
|
—
|
6,318
|
—
|
Net Asset Value Per Share ($)
|
—
|
—
|
—
|
1.00
|
—
|
Agency Shares
|
|
|
|
|
|
Net Assets ($)
|
127,787
|
78,523
|
36,868
|
28,052
|
24,151
|
Shares Outstanding
|
127,787
|
78,524
|
36,869
|
28,052
|
24,151
|
Net Asset Value Per Share ($)
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Premier Shares
|
|
|
|
|
|
Net Assets ($)
|
—
|
—
|
—
|
25,154
|
—
|
Shares Outstanding
|
—
|
—
|
—
|
25,154
|
—
|
Net Asset Value Per Share ($)
|
—
|
—
|
—
|
1.00
|
—
|
†
Investments at cost ($)
|
28,154,285
|
16,321,201
|
4,804,516
|
18,042,377
|
33,065,577
|
|
a Amount includes repurchase agreements of $2,815,000,000, $4,789,000,000 and $8,696,000,000 for Dreyfus Cash Management, Dreyfus Government Cash Management and
|
Dreyfus Treasury & Agency Cash Management, respectively, See Note 1(c).
|
See notes to financial statements.
STATEMENT OF ASSETS AND LIABILITIES
(continued)
(amounts in thousands, except Net Asset Value Per Share)
January 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus
|
Dreyfus
|
|
Dreyfus
|
|
Dreyfus
|
Dreyfus
|
|
California
|
New York
|
Municipal Cash
|
|
New York
|
Tax Exempt
|
|
AMT-Free
|
AMT-Free
|
Management
|
|
Municipal Cash
|
Cash Municipal Cash
|
Municipal Cash
|
|
Plus
|
|
Management
|
Management
|
|
Management
|
Management
|
Assets ($):
|
|
|
|
|
|
|
|
Investments at value—Note 1(a,b)
†
|
788,876
|
|
355,737
|
2,318,277
|
|
444,326
|
126,422
|
Cash
|
6,951
|
|
515
|
811
|
|
343
|
278
|
Interest receivable
|
780
|
|
575
|
2,160
|
|
532
|
184
|
Prepaid expenses
|
36
|
|
17
|
101
|
|
8
|
49
|
|
796,643
|
|
356,844
|
2,321,349
|
|
445,209
|
126,933
|
Liabilities ($):
|
|
|
|
|
|
|
|
Due to The Dreyfus Corporation and affiliates—Note 2(c)
|
127
|
|
57
|
284
|
|
52
|
19
|
Payable for investment securities purchased
|
4,632
|
|
—
|
—
|
|
100
|
—
|
Payable for shares of Beneficial Interest redeemed
|
59
|
|
246
|
93
|
|
7
|
—
|
Accrued expenses
|
60
|
|
62
|
99
|
|
50
|
41
|
|
4,878
|
|
365
|
476
|
|
209
|
60
|
Net Assets ($)
|
791,765
|
|
356,479
|
2,320,873
|
|
445,000
|
126,873
|
Composition of Net Assets ($):
|
|
|
|
|
|
|
|
Paid-in capital
|
791,775
|
|
356,478
|
2,320,876
|
|
445,000
|
126,873
|
Accumulated net realized gain (loss) on investments
|
(10
|
)
|
1
|
(3
|
)
|
—
|
—
|
Net Assets ($)
|
791,765
|
|
356,479
|
2,320,873
|
|
445,000
|
126,873
|
Net Asset Value Per Share
|
|
|
|
|
|
|
|
Instititutional Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
352,511
|
|
133,276
|
1,775,527
|
|
198,492
|
83,067
|
Shares Outstanding
|
352,381
|
|
133,277
|
1,775,530
|
|
198,487
|
83,043
|
Net Asset Value Per Share ($)
|
1.00
|
|
1.00
|
1.00
|
|
1.00
|
1.00
|
Investor Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
210,525
|
|
199,883
|
442,625
|
|
211,609
|
36,653
|
Shares Outstanding
|
210,447
|
|
199,884
|
442,625
|
|
211,603
|
36,644
|
Net Asset Value Per Share ($)
|
1.00
|
|
1.00
|
1.00
|
|
1.00
|
1.00
|
Administrative Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
208,190
|
|
10,136
|
66,416
|
|
1,369
|
6,088
|
Shares Outstanding
|
208,115
|
|
10,136
|
66,416
|
|
1,370
|
6,086
|
Net Asset Value Per Share ($)
|
1.00
|
|
1.00
|
1.00
|
|
1.00
|
1.00
|
Participant Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
20,524
|
|
13,184
|
36,305
|
|
33,530
|
—
a
|
Shares Outstanding
|
20,516
|
|
13,184
|
36,305
|
|
33,529
|
—
a
|
Net Asset Value Per Share ($)
|
1.00
|
|
1.00
|
1.00
|
|
1.00
|
—
a
|
Agency Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
15
|
|
—
b
|
—
|
|
—
c
|
—
|
Shares Outstanding
|
15
|
|
—
b
|
—
|
|
—
c
|
—
|
Net Asset Value Per Share ($)
|
1.00
|
|
—
b
|
—
|
|
—
c
|
—
|
Classic Shares
|
|
|
|
|
|
|
|
Net Assets ($)
|
—
|
|
—
|
—
|
|
—
|
1,065
|
Shares Outstanding
|
—
|
|
—
|
—
|
|
—
|
1,064
|
Net Asset Value Per Share ($)
|
—
|
|
—
|
—
|
|
—
|
1.00
|
†
Investments at cost ($)
|
788,876
|
|
355,737
|
2,318,277
|
|
444,326
|
126,422
|
|
a Effective September 14, 2012, Dreyfus NewYork AMT-Free Municipal Cash Management had terminated its Participant Shares.
|
b Effective September 14, 2012, Dreyfus NewYork Municipal Cash Management had terminated its Agency Shares.
|
c Effective September 14, 2012, Dreyfus California AMT-Free Municipal Cash Management had terminated its Agency Shares.
|
See notes to financial statements.
56
STATEMENT OF OPERATIONS
(amounts in thousands)
Year Ended January 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus
|
|
Dreyfus
|
|
Dreyfus
|
|
Dreyfus
|
|
|
Dreyfus
|
|
Government
|
|
Government
|
|
Treasury &
|
|
Treasury
|
|
|
Cash
|
|
Cash
|
|
Prime Cash
|
|
Agency Cash
|
|
Prime Cash
|
|
|
Management
|
|
Management
|
|
Management
|
|
Management
|
|
Management
|
|
Investment Income ($):
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
78,981
|
|
30,570
|
|
5,602
|
|
26,835
|
|
25,488
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Management fee—Note 2(a)
|
54,439
|
|
36,716
|
|
9,442
|
|
37,434
|
|
57,035
|
|
Service plan fees—Note 2(b)
|
12,197
|
|
6,348
|
|
2,698
|
|
9,739
|
|
23,146
|
|
Custodian fees—Note 2(c)
|
816
|
|
560
|
|
179
|
|
643
|
|
846
|
|
Shareholder servicing costs—Note 2(c)
|
599
|
|
288
|
|
134
|
|
449
|
|
1,175
|
|
Registration fees
|
220
|
|
191
|
|
159
|
|
164
|
|
208
|
|
Trustees’ fees and expenses—Note 2(d)
|
171
|
|
111
|
|
28
|
|
114
|
|
166
|
|
Prospectus and shareholders’ reports
|
156
|
|
107
|
|
50
|
|
36
|
|
183
|
|
Professional fees
|
57
|
|
61
|
|
50
|
|
81
|
|
67
|
|
Miscellaneous
|
461
|
|
317
|
|
142
|
|
324
|
|
401
|
|
Total Expenses
|
69,116
|
|
44,699
|
|
12,882
|
|
48,984
|
|
83,227
|
|
Less—reduction in expenses
|
|
|
|
|
|
|
|
|
|
|
due to undertaking—Note 2(a)
|
(8,239
|
)
|
(15,424
|
)
|
(7,281
|
)
|
(24,009
|
)
|
(57,747
|
)
|
Less—reduction in fees due to
|
|
|
|
|
|
|
|
|
|
|
earnings credits—Note 2(c)
|
(10
|
)
|
(34
|
)
|
(1
|
)
|
(2
|
)
|
(2
|
)
|
Net Expenses
|
60,867
|
|
29,241
|
|
5,600
|
|
24,973
|
|
25,478
|
|
Investment Income—Net
|
18,114
|
|
1,329
|
|
2
|
|
1,862
|
|
10
|
|
Net Realized Gain (Loss) on
|
|
|
|
|
|
|
|
|
|
|
Investments—Note 1(b) ($)
|
245
|
|
(32
|
)
|
24
|
|
(1
|
)
|
113
|
|
Net Increase in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
18,359
|
|
1,297
|
|
26
|
|
1,861
|
|
123
|
|
|
See notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
STATEMENT OF OPERATIONS
(continued)
(amounts in thousands)
Year Ended January 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus
|
|
Dreyfus
|
|
|
Dreyfus
|
|
Dreyfus
|
|
Dreyfus
|
|
California
|
|
New York
|
|
|
Municipal Cash
|
|
New York
|
|
Tax Exempt
|
|
AMT-Free
|
|
AMT-Free
|
|
|
Management
|
|
Municipal Cash
|
|
Cash
|
|
Municipal Cash
|
|
Municipal Cash
|
|
|
Plus
|
|
Management
|
|
Management
|
|
Management
|
|
Management
|
|
Investment Income ($):
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
1,890
|
|
1,182
|
|
5,100
|
|
1,005
|
|
394
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Management fee—Note 2(a)
|
1,532
|
|
987
|
|
4,939
|
|
898
|
|
286
|
|
Service plan fees—Note 2(b)
|
871
|
|
599
|
|
1,126
|
|
749
|
|
130
|
|
Registration fees
|
101
|
|
43
|
|
113
|
|
17
|
|
84
|
|
Professional fees
|
75
|
|
79
|
|
77
|
|
49
|
|
43
|
|
Custodian fees—Note 2(c)
|
66
|
|
42
|
|
121
|
|
42
|
|
18
|
|
Prospectus and shareholders’ reports
|
12
|
|
12
|
|
17
|
|
9
|
|
11
|
|
Shareholder servicing costs—Note 2(c)
|
9
|
|
16
|
|
489
|
|
7
|
|
9
|
|
Trustees’ fees and expenses—Note 2(d)
|
5
|
|
3
|
|
15
|
|
3
|
|
1
|
|
Miscellaneous
|
64
|
|
57
|
|
138
|
|
35
|
|
37
|
|
Total Expenses
|
2,735
|
|
1,838
|
|
7,035
|
|
1,809
|
|
619
|
|
Less—reduction in expenses
|
|
|
|
|
|
|
|
|
|
|
due to undertakings—Note 2(a)
|
(887
|
)
|
(683
|
)
|
(1,953
|
)
|
(828
|
)
|
(226
|
)
|
Less—reduction in fees
|
|
|
|
|
|
|
|
|
|
|
due to earnings credits—Note 2(c)
|
—
a
|
|
—
a
|
|
—
a
|
|
—
a
|
|
—
a
|
|
Net Expenses
|
1,848
|
|
1,155
|
|
5,082
|
|
981
|
|
393
|
|
Investment Income—Net
|
42
|
|
27
|
|
18
|
|
24
|
|
1
|
|
Net Realized Gain (Loss) on
|
|
|
|
|
|
|
|
|
|
|
Investments—Note 1(b) ($)
|
—
a
|
|
1
|
|
—
|
|
212
|
|
—
|
|
Net Increase in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
42
|
|
28
|
|
18
|
|
236
|
|
1
|
|
a Amount represents less than $1,000.
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
58
STATEMENTS OF CHANGES IN NET ASSETS
(amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dreyfus Government
|
|
|
Dreyfus Cash Management
|
|
Cash Management
|
|
|
Year Ended January 31,
|
|
Year Ended January 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Operations ($):
|
|
|
|
|
|
|
|
|
Investment income—net
|
18,114
|
|
17,381
|
|
1,329
|
|
98
|
|
Net realized gain (loss) on investments
|
245
|
|
5
|
|
(32
|
)
|
41
|
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
18,359
|
|
17,386
|
|
1,297
|
|
139
|
|
Dividends to Shareholders from ($):
|
|
|
|
|
|
|
|
|
Investment income—net:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(18,209
|
)
|
(17,442
|
)
|
(1,106
|
)
|
(99
|
)
|
Investor Shares
|
(26
|
)
|
(7
|
)
|
(127
|
)
|
(1
|
)
|
Administrative Shares
|
(42
|
)
|
(47
|
)
|
(79
|
)
|
—
a
|
|
Participant Shares
|
(6
|
)
|
(3
|
)
|
(16
|
)
|
—
a
|
|
Agency Shares
|
(56
|
)
|
(23
|
)
|
(18
|
)
|
—
a
|
|
Total Dividends
|
(18,339
|
)
|
(17,522
|
)
|
(1,346
|
)
|
(100
|
)
|
Beneficial Interest Transactions
($1.00 per share):
|
|
|
|
|
|
|
|
|
Net proceeds from shares sold:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
92,476,479
|
|
109,929,147
|
|
81,658,018
|
|
113,164,798
|
|
Investor Shares
|
8,945,378
|
|
10,284,538
|
|
5,945,485
|
|
5,582,368
|
|
Administrative Shares
|
5,118,256
|
|
2,292,757
|
|
2,673,619
|
|
4,552,439
|
|
Participant Shares
|
1,719,835
|
|
2,152,712
|
|
1,444,028
|
|
2,294,304
|
|
Agency Shares
|
1,082,358
|
|
840,749
|
|
1,145,107
|
|
194,307
|
|
Net assets received in connection
|
|
|
|
|
|
|
|
|
with reorganization—Note 1
|
—
|
|
4,064,792
|
|
—
|
|
—
|
|
Dividends reinvested:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
2,843
|
|
3,200
|
|
229
|
|
27
|
|
Investor Shares
|
9
|
|
3
|
|
85
|
|
—
a
|
|
Administrative Shares
|
24
|
|
12
|
|
65
|
|
—
a
|
|
Participant Shares
|
6
|
|
2
|
|
12
|
|
—
a
|
|
Agency Shares
|
2
|
|
—
a
|
|
—
a
|
|
—
|
|
Cost of shares redeemed:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(91,981,388
|
)
|
(115,129,031
|
)
|
(86,511,520
|
)
|
(115,612,213
|
)
|
Investor Shares
|
(9,244,035
|
)
|
(10,382,079
|
)
|
(5,689,428
|
)
|
(5,776,907
|
)
|
Administrative Shares
|
(4,788,484
|
)
|
(2,516,455
|
)
|
(2,797,553
|
)
|
(4,540,881
|
)
|
Participant Shares
|
(1,777,233
|
)
|
(2,115,132
|
)
|
(1,445,987
|
)
|
(2,535,843
|
)
|
Agency Shares
|
(1,140,678
|
)
|
(714,801
|
)
|
(1,152,113
|
)
|
(239,102
|
)
|
Increase (Decrease) in Net Assets from
|
|
|
|
|
|
|
|
|
Beneficial Interest Transactions
|
413,372
|
|
(1,289,586
|
)
|
(4,729,953
|
)
|
(2,916,703
|
)
|
Total Increase (Decrease) In Net Assets
|
413,392
|
|
(1,289,722
|
)
|
(4,730,002
|
)
|
(2,916,664
|
)
|
Net Assets ($):
|
|
|
|
|
|
|
|
|
Beginning of Period
|
27,639,264
|
|
28,928,986
|
|
21,069,227
|
|
23,985,891
|
|
End of Period
|
28,052,656
|
|
27,639,264
|
|
16,339,225
|
|
21,069,227
|
|
Accumulated distributions in excess of
|
|
|
|
|
|
|
|
|
investment income—net
|
—
|
|
(2
|
)
|
—
|
|
—
|
|
|
a Amount represents less than $1,000.
|
|
|
|
|
|
|
|
|
See notes to financial statements.
|
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN NET ASSETS
(continued)
(amounts in thousands)
|
|
|
|
|
|
|
|
|
|
Dreyfus Government
|
|
Dreyfus Treasury &
|
|
|
Prime Cash Management
|
|
Agency Cash Management
|
|
|
Year Ended January 31,
|
|
Year Ended January 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Operations ($):
|
|
|
|
|
|
|
|
|
Investment income—net
|
2
|
|
1
|
|
1,862
|
|
1,355
|
|
Net realized gain (loss) on investments
|
24
|
|
(48
|
)
|
(1
|
)
|
192
|
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
26
|
|
(47
|
)
|
1,861
|
|
1,547
|
|
Dividends to Shareholders from ($):
|
|
|
|
|
|
|
|
|
Investment income—net:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(2
|
)
|
(1
|
)
|
(1,499
|
)
|
(1,223
|
)
|
Investor Shares
|
—
a
|
|
—
a
|
|
(231
|
)
|
(199
|
)
|
Administrative Shares
|
—
a
|
|
—
a
|
|
(61
|
)
|
(51
|
)
|
Participant Shares
|
—
a
|
|
—
a
|
|
(77
|
)
|
(59
|
)
|
Service Shares
|
—
|
|
—
|
|
(2
|
)
|
(1
|
)
|
Select Shares
|
—
|
|
—
|
|
(1
|
)
|
(2
|
)
|
Agency Shares
|
—
a
|
|
—
a
|
|
(3
|
)
|
(3
|
)
|
Premier Shares
|
—
|
|
—
|
|
(3
|
)
|
(4
|
)
|
Total Dividends
|
(2
|
)
|
(1
|
)
|
(1,877
|
)
|
(1,542
|
)
|
Beneficial Interest Transactions
($1.00 per share):
|
|
|
|
|
|
|
|
|
Net proceeds from shares sold:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
9,240,101
|
|
12,249,844
|
|
61,008,789
|
|
69,411,956
|
|
Investor Shares
|
1,278,337
|
|
1,309,992
|
|
8,759,746
|
|
9,318,248
|
|
Administrative Shares
|
3,740,470
|
|
4,394,882
|
|
1,849,288
|
|
2,103,860
|
|
Participant Shares
|
395,043
|
|
688,559
|
|
3,336,778
|
|
3,087,091
|
|
Service Shares
|
—
|
|
—
|
|
11,154
|
|
36,339
|
|
Select Shares
|
—
|
|
—
|
|
21,388
|
|
46,006
|
|
Agency Shares
|
53,125
|
|
106,658
|
|
94,825
|
|
37,483
|
|
Premier Shares
|
—
|
|
—
|
|
351,697
|
|
384,613
|
|
Dividends reinvested:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
—
a
|
|
—
a
|
|
444
|
|
342
|
|
Investor Shares
|
—
a
|
|
—
a
|
|
60
|
|
38
|
|
Administrative Shares
|
—
a
|
|
—
a
|
|
40
|
|
29
|
|
Participant Shares
|
—
a
|
|
—
a
|
|
49
|
|
32
|
|
Service Shares
|
—
|
|
—
|
|
—
a
|
|
—
a
|
|
Cost of shares redeemed:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(9,264,963
|
)
|
(11,498,089
|
)
|
(63,056,962
|
)
|
(60,809,846
|
)
|
Investor Shares
|
(1,306,838
|
)
|
(1,384,843
|
)
|
(8,665,795
|
)
|
(8,965,283
|
)
|
Administrative Shares
|
(3,805,024
|
)
|
(4,323,871
|
)
|
(1,830,964
|
)
|
(1,924,122
|
)
|
Participant Shares
|
(391,128
|
)
|
(939,334
|
)
|
(3,622,551
|
)
|
(2,616,381
|
)
|
Service Shares
|
—
|
|
—
|
|
(27,679
|
)
|
(9,591
|
)
|
Select Shares
|
—
|
|
—
|
|
(38,874
|
)
|
(41,310
|
)
|
Agency Shares
|
(27,819
|
)
|
(150,808
|
)
|
(89,570
|
)
|
(52,966
|
)
|
Premier Shares
|
—
|
|
—
|
|
(357,344
|
)
|
(405,988
|
)
|
Increase (Decrease) in Net Assets from
|
|
|
|
|
|
|
|
|
Beneficial Interest Transactions
|
(88,696
|
)
|
452,990
|
|
(2,255,481
|
)
|
9,600,550
|
|
Total Increase (Decrease) In Net Assets
|
(88,672
|
)
|
452,942
|
|
(2,255,497
|
)
|
9,600,555
|
|
Net Assets ($):
|
|
|
|
|
|
|
|
|
Beginning of Period
|
4,894,942
|
|
4,442,000
|
|
20,322,875
|
|
10,722,320
|
|
End of Period
|
4,806,270
|
|
4,894,942
|
|
18,067,378
|
|
20,322,875
|
|
|
a Amount represents less than $1,000.
|
|
|
|
|
|
|
|
|
See notes to financial statements.
|
|
|
|
|
|
|
|
|
60
|
|
|
|
|
|
|
|
|
|
Dreyfus Treasury
|
|
Dreyfus Municipal
|
|
|
Prime Cash Management
|
|
Cash Management Plus
|
|
|
Year Ended January 31,
|
|
Year Ended January 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Operations ($):
|
|
|
|
|
|
|
|
|
Investment income—net
|
10
|
|
8
|
|
42
|
|
116
|
|
Net realized gain (loss) on investments
|
113
|
|
(251
|
)
|
—
a
|
|
—
|
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
123
|
|
(243
|
)
|
42
|
|
116
|
|
Dividends to Shareholders from ($):
|
|
|
|
|
|
|
|
|
Investment income—net:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(8
|
)
|
(46
|
)
|
(42
|
)
|
(100
|
)
|
Investor Shares
|
(1
|
)
|
(10
|
)
|
—
a
|
|
—
a
|
|
Administrative Shares
|
—
a
|
|
(3
|
)
|
—
a
|
|
(16
|
)
|
Participant Shares
|
(1
|
)
|
(7
|
)
|
—
a
|
|
—
a
|
|
Agency Shares
|
—
a
|
|
—
a
|
|
—
a
|
|
—
a
|
|
Total Dividends
|
(10
|
)
|
(66
|
)
|
(42
|
)
|
(116
|
)
|
Beneficial Interest Transactions
($1.00 per share):
|
|
|
|
|
|
|
|
|
Net proceeds from shares sold:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
55,332,002
|
|
64,662,447
|
|
1,526,121
|
|
1,287,413
|
|
Investor Shares
|
16,548,074
|
|
16,084,217
|
|
367,112
|
|
428,316
|
|
Administrative Shares
|
2,286,789
|
|
3,489,224
|
|
411,224
|
|
709,023
|
|
Participant Shares
|
12,306,117
|
|
12,420,251
|
|
48,715
|
|
44,217
|
|
Agency Shares
|
351,699
|
|
156,869
|
|
—
|
|
—
a
|
|
Dividends reinvested:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
1
|
|
12
|
|
18
|
|
66
|
|
Investor Shares
|
1
|
|
5
|
|
—
a
|
|
—
a
|
|
Administrative Shares
|
—
a
|
|
1
|
|
—
a
|
|
15
|
|
Participant Shares
|
1
|
|
5
|
|
—
a
|
|
—
a
|
|
Agency Shares
|
—
a
|
|
—a
|
|
—
a
|
|
—
a
|
|
Cost of shares redeemed:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(49,638,348
|
)
|
(60,789,778
|
)
|
(1,520,125
|
)
|
(1,303,879
|
)
|
Investor Shares
|
(16,630,817
|
)
|
(15,148,673
|
)
|
(413,579
|
)
|
(430,017
|
)
|
Administrative Shares
|
(2,146,960
|
)
|
(3,933,307
|
)
|
(415,964
|
)
|
(872,745
|
)
|
Participant Shares
|
(11,498,332
|
)
|
(11,717,225
|
)
|
(53,180
|
)
|
(41,746
|
)
|
Agency Shares
|
(348,294
|
)
|
(157,506
|
)
|
—
a
|
|
—
|
|
Increase (Decrease) in Net Assets from
|
|
|
|
|
|
|
|
|
Beneficial Interest Transactions
|
6,561,933
|
|
5,066,542
|
|
(49,658
|
)
|
(179,337
|
)
|
Total Increase (Decrease) In Net Assets
|
6,562,046
|
|
5,066,233
|
|
(49,658
|
)
|
(179,337
|
)
|
Net Assets ($):
|
|
|
|
|
|
|
|
|
Beginning of Period
|
26,535,415
|
|
21,469,182
|
|
841,423
|
|
1,020,760
|
|
End of Period
|
33,097,461
|
|
26,535,415
|
|
791,765
|
|
841,423
|
|
|
a Amount represents less than $1,000.
|
|
|
|
|
|
|
|
|
See notes to financial statements.
|
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN NET ASSETS
(continued)
(amounts in thousands)
|
|
|
|
|
|
|
|
|
|
Dreyfus New York Municipal
|
|
Dreyfus Tax Exempt
|
|
|
Cash Management
|
|
Cash Management
|
|
|
Year Ended January 31,
|
|
Year Ended January 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Operations ($):
|
|
|
|
|
|
|
|
|
Investment income—net
|
27
|
|
152
|
|
18
|
|
680
|
|
Net realized gain (loss) on investments
|
1
|
|
—
|
|
—
|
|
8
|
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
28
|
|
152
|
|
18
|
|
688
|
|
Dividends to Shareholders from ($):
|
|
|
|
|
|
|
|
|
Investment income—net:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(27
|
)
|
(152
|
)
|
(18
|
)
|
(687
|
)
|
Investor Shares
|
—
a
|
|
(1
|
)
|
—
a
|
|
(2
|
)
|
Administrative Shares
|
—
a
|
|
(2
|
)
|
—
a
|
|
(2
|
)
|
Participant Shares
|
—
a
|
|
—
a
|
|
—
a
|
|
—
a
|
|
Agency Shares
|
—
a,b
|
|
—
|
|
—
|
|
—
a,c
|
|
Total Dividends
|
(27
|
)
|
(155
|
)
|
(18
|
)
|
(691
|
)
|
Beneficial Interest Transactions
($1.00 per share):
|
|
|
|
|
|
|
|
|
Net proceeds from shares sold:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
319,114
|
|
546,920
|
|
7,995,575
|
|
8,627,380
|
|
Investor Shares
|
504,289
|
|
431,943
|
|
788,328
|
|
529,699
|
|
Administrative Shares
|
60,139
|
|
28,998
|
|
58,951
|
|
105,246
|
|
Participant Shares
|
54,830
|
|
39,049
|
|
89,293
|
|
87,588
|
|
Agency Shares
|
—
b
|
|
—
|
|
—
|
|
417
|
c
|
Dividends reinvested:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
4
|
|
39
|
|
6
|
|
262
|
|
Investor Shares
|
—
a
|
|
1
|
|
—
a
|
|
1
|
|
Administrative Shares
|
—
a
|
|
2
|
|
—
a
|
|
2
|
|
Participant Shares
|
—
a
|
|
—
a
|
|
—
|
|
—
a
|
|
Cost of shares redeemed:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(506,120
|
)
|
(686,027
|
)
|
(8,301,833
|
)
|
(9,376,532
|
)
|
Investor Shares
|
(570,997
|
)
|
(464,579
|
)
|
(725,263
|
)
|
(494,321
|
)
|
Administrative Shares
|
(71,445
|
)
|
(54,912
|
)
|
(68,201
|
)
|
(102,001
|
)
|
Participant Shares
|
(52,257
|
)
|
(50,235
|
)
|
(80,254
|
)
|
(69,254
|
)
|
Agency Shares
|
(1
|
)
b
|
—
|
|
—
|
|
(461
|
)
c
|
Increase (Decrease) in Net Assets from
|
|
|
|
|
|
|
|
|
Beneficial Interest Transactions
|
(262,444
|
)
|
(208,801
|
)
|
(243,398
|
)
|
(691,974
|
)
|
Total Increase (Decrease) In Net Assets
|
(262,443
|
)
|
(208,804
|
)
|
(243,398
|
)
|
(691,977
|
)
|
Net Assets ($):
|
|
|
|
|
|
|
|
|
Beginning of Period
|
618,922
|
|
827,726
|
|
2,564,271
|
|
3,256,248
|
|
End of Period
|
356,479
|
|
618,922
|
|
2,320,873
|
|
2,564,271
|
|
|
a Amount represents less than $1,000.
|
b Effective September 14, 2012, Dreyfus NewYork Municipal Cash Management had terminated its Agency Shares.
|
c Effective December 8, 2011, Dreyfus Tax Exempt Cash Management had terminated its Agency Shares.
|
See notes to financial statements.
62
|
|
|
|
|
|
|
|
|
|
Dreyfus California AMT-Free
|
|
Dreyfus New York AMT-Free
|
|
|
Municipal Cash Management
|
|
Municipal Cash Management
|
|
|
Year Ended January 31,
|
|
Year Ended January 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Operations ($):
|
|
|
|
|
|
|
|
|
Investment income—net
|
24
|
|
97
|
|
1
|
|
16
|
|
Net realized gain (loss) on investments
|
212
|
|
1
|
|
—
|
|
2
|
|
Net Increase (Decrease) in Net Assets
|
|
|
|
|
|
|
|
|
Resulting from Operations
|
236
|
|
98
|
|
1
|
|
18
|
|
Dividends to Shareholders from ($):
|
|
|
|
|
|
|
|
|
Investment income—net:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(112
|
)
|
(97
|
)
|
(2
|
)
|
(16
|
)
|
Investor Shares
|
(106
|
)
|
—
a
|
|
(1
|
)
|
—
a
|
|
Administrative Shares
|
(2
|
)
|
(1
|
)
|
—
a
|
|
—
a
|
|
Participant Shares
|
(16
|
)
|
—
a
|
|
—
a,b
|
|
—
a
|
|
Agency Shares
|
—
a,c
|
|
—
a
|
|
—
|
|
—
|
|
Classic Shares
|
—
|
|
—
|
|
—
a
|
|
—
|
|
Total Dividends
|
(236
|
)
|
(98
|
)
|
(3
|
)
|
(16
|
)
|
Beneficial Interest Transactions
($1.00 per share):
|
|
|
|
|
|
|
|
|
Net proceeds from shares sold:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
229,485
|
|
271,328
|
|
103,391
|
|
181,955
|
|
Investor Shares
|
760,107
|
|
518,998
|
|
123,695
|
|
165,569
|
|
Administrative Shares
|
28,990
|
|
23,002
|
|
16,538
|
|
21,288
|
|
Participant Shares
|
135,835
|
|
140,330
|
|
—
b
|
|
—
|
|
Classic Shares
|
—
|
|
—
|
|
110,790
|
|
118,607
|
|
Dividends reinvested:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
102
|
|
88
|
|
1
|
|
12
|
|
Investor Shares
|
97
|
|
—
a
|
|
—
a
|
|
—
a
|
|
Administrative Shares
|
1
|
|
1
|
|
—
a
|
|
—
a
|
|
Participant Shares
|
16
|
|
—
a
|
|
—
b
|
|
—
|
|
Classic Shares
|
—
|
|
—
|
|
—
a
|
|
—
a
|
|
Cost of shares redeemed:
|
|
|
|
|
|
|
|
|
Institutional Shares
|
(205,257
|
)
|
(232,587
|
)
|
(122,554
|
)
|
(160,271
|
)
|
Investor Shares
|
(752,054
|
)
|
(371,657
|
)
|
(135,682
|
)
|
(167,059
|
)
|
Administrative Shares
|
(29,600
|
)
|
(34,592
|
)
|
(23,124
|
)
|
(16,575
|
)
|
Participant Shares
|
(163,971
|
)
|
(126,459
|
)
|
(10
|
)
b
|
—
|
|
Agency Shares
|
(1
|
)
c
|
—
|
|
—
|
|
—
|
|
Classic Shares
|
—
|
|
—
|
|
(109,997
|
)
|
(127,569
|
)
|
Increase (Decrease) in Net Assets from
|
|
|
|
|
|
|
|
|
Beneficial Interest Transactions
|
3,750
|
|
188,452
|
|
(36,952
|
)
|
15,957
|
|
Total Increase (Decrease) In Net Assets
|
3,750
|
|
188,452
|
|
(36,954
|
)
|
15,959
|
|
Net Assets ($):
|
|
|
|
|
|
|
|
|
Beginning of Period
|
441,250
|
|
252,798
|
|
163,827
|
|
147,868
|
|
End of Period
|
445,000
|
|
441,250
|
|
126,873
|
|
163,827
|
|
|
a Amount represents less than $1,000.
|
b Effective September 14, 2012, Dreyfus NewYork AMT-Free Municipal Cash Management had terminated its Participant Shares.
|
c Effective September 14, 2012, Dreyfus California AMT-Free Municipal Cash Management had terminated its Agency Shares.
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class of each fund for the fiscal periods indicated.All information reflects financial results for a single fund share.Total return shows how much your investment in each fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the funds’ financial statements. Please note that the financial highlights information in the following tables for Dreyfus New York AMT-Free Municipal Cash Management’s Institutional, Investor and Classic shares represents the financial highlights of Dreyfus New York AMT-Free Municipal Cash Management’s predecessor, BNY Hamilton New York AMT-Free Municipal Money Fund (New York AMT-Free Municipal Money Fund), before Dreyfus NewYork AMT-Free Municipal Cash Management commenced operations as of the close of business on September 12, 2008, and represents the performance of Dreyfus NewYork AMT-Free Municipal Cash Management’s Institutional, Investor and Classic shares thereafter. Before Dreyfus New York AMT-Free Municipal Cash Management commenced operations, all of the assets of the New York AMT-Free Municipal Money Fund were transferred to Dreyfus New York AMT-Free Municipal Cash Management in exchange for Institutional, Investor and Classic shares of the fund in a tax-free reorganization.Total return shows how much your investment in Dreyfus New York AMT-Free Municipal Cash Management would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from Dreyfus NewYork AMT-Free Municipal Cash Management’s predecessor’s financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data ($)
|
|
|
|
|
Ratios/Supplemental Data (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net
|
|
|
|
Net Asset
|
|
|
Dividends
|
|
Net Asset
|
|
|
Ratio of
|
Ratio of
|
Investment
|
|
Net Assets
|
|
Value
|
Net
|
|
from Net
|
|
Value
|
|
|
Total Expenses
|
Net Expenses
|
Income to
|
|
End of
|
|
Beginning
|
Investment
|
|
Investment
|
|
End
|
Total
|
|
to Average
|
to Average
|
Average
|
|
Period
|
|
of Period
|
Income
|
|
Income
|
|
of Period
|
Return (%)
|
|
Net Assets
|
Net Assets
|
Net Assets
|
|
($ x1,000,000)
|
|
Dreyfus Cash Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.08
|
|
.21
|
.21
|
.08
|
|
23,193
|
2012
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.07
|
|
.21
|
.19
|
.07
|
|
22,695
|
2011
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.15
|
|
.21
|
.21
|
.14
|
|
24,512
|
2010
|
1.00
|
.004
|
|
(.004
|
)
|
1.00
|
.41
|
|
.22
|
.22
|
.40
|
|
34,291
|
2009
|
1.00
|
.026
|
|
(.026
|
)
|
1.00
|
2.65
|
|
.21
|
.21
|
2.56
|
|
31,821
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.46
|
.29
|
.00
|
b
|
2,692
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.46
|
.26
|
.00
|
b
|
2,991
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.46
|
.35
|
.00
|
b
|
2,949
|
2010
|
1.00
|
.002
|
|
(.002
|
)
|
1.00
|
.21
|
|
.47
|
.43
|
.23
|
|
3,457
|
2009
|
1.00
|
.024
|
|
(.024
|
)
|
1.00
|
2.40
|
|
.47
|
.47
|
2.30
|
|
4,893
|
Administrative Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.31
|
.28
|
.00
|
b
|
1,271
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.31
|
.25
|
.00
|
b
|
941
|
2011
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.05
|
|
.31
|
.30
|
.05
|
|
792
|
2010
|
1.00
|
.003
|
|
(.003
|
)
|
1.00
|
.32
|
|
.32
|
.32
|
.31
|
|
1,113
|
2009
|
1.00
|
.025
|
|
(.025
|
)
|
1.00
|
2.55
|
|
.31
|
.31
|
2.46
|
|
1,176
|
Participant Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.61
|
.29
|
.00
|
b
|
768
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.61
|
.25
|
.00
|
b
|
826
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.61
|
.36
|
.00
|
b
|
616
|
2010
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.14
|
|
.63
|
.52
|
.15
|
|
591
|
2009
|
1.00
|
.022
|
|
(.022
|
)
|
1.00
|
2.24
|
|
.62
|
.62
|
2.15
|
|
1,052
|
Agency Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.03
|
|
.27
|
.26
|
.03
|
|
128
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.02
|
|
.27
|
.23
|
.01
|
|
186
|
2011
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.09
|
|
.27
|
.27
|
.09
|
|
60
|
2010
|
1.00
|
.004
|
|
(.004
|
)
|
1.00
|
.35
|
|
.29
|
.28
|
.42
|
|
90
|
2009
|
1.00
|
.026
|
|
(.026
|
)
|
1.00
|
2.59
|
|
.28
|
.28
|
2.49
|
|
99
|
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data ($)
|
|
|
|
|
Ratios/Supplemental Data (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net
|
|
|
|
Net Asset
|
|
|
Dividends
|
|
Net Asset
|
|
|
Ratio of
|
Ratio of
|
Investment
|
|
Net Assets
|
|
Value
|
Net
|
|
from Net
|
|
Value
|
|
|
Total Expenses
|
Net Expenses
|
Income
|
|
End of
|
|
Beginning
|
Investment
|
|
Investment
|
|
End
|
Total
|
|
to Average
|
to Average
|
to Average
|
|
Period
|
|
of Period
|
Income
|
|
Income
|
|
of Period
|
Return (%)
|
|
Net Assets
|
Net Assets
|
Net Assets
|
|
($ x1,000,000)
|
|
Dreyfus Government
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.21
|
.16
|
.01
|
|
13,228
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.21
|
.13
|
.00
|
b
|
18,082
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.04
|
|
.21
|
.21
|
.04
|
|
20,529
|
2010
|
1.00
|
.002
|
|
(.002
|
)
|
1.00
|
.17
|
|
.22
|
.21
|
.18
|
|
23,963
|
2009
|
1.00
|
.020
|
|
(.020
|
)
|
1.00
|
2.01
|
|
.22
|
.22
|
1.63
|
|
33,715
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.46
|
.16
|
.01
|
|
1,766
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.46
|
.13
|
.00
|
b
|
1,510
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.46
|
.25
|
.00
|
b
|
1,705
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.03
|
|
.46
|
.37
|
.04
|
|
2,209
|
2009
|
1.00
|
.017
|
|
(.017
|
)
|
1.00
|
1.76
|
|
.46
|
.46
|
1.39
|
|
4,058
|
Administrative Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.31
|
.16
|
.01
|
|
979
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.31
|
.14
|
.00
|
b
|
1,103
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.31
|
.25
|
.00
|
b
|
1,091
|
2010
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.10
|
|
.32
|
.29
|
.13
|
|
829
|
2009
|
1.00
|
.019
|
|
(.019
|
)
|
1.00
|
1.91
|
|
.31
|
.31
|
1.54
|
|
2,258
|
Participant Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.61
|
.16
|
.01
|
|
287
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.61
|
.14
|
.00
|
b
|
289
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.61
|
.25
|
.00
|
b
|
531
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.62
|
.41
|
.01
|
|
339
|
2009
|
1.00
|
.016
|
|
(.016
|
)
|
1.00
|
1.60
|
|
.61
|
.61
|
1.24
|
|
662
|
Agency Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.27
|
.15
|
.01
|
|
79
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.27
|
.14
|
.00
|
b
|
86
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.28
|
.25
|
.00
|
b
|
130
|
2010
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.13
|
|
.27
|
.26
|
.13
|
|
73
|
2009
|
1.00
|
.019
|
|
(.019
|
)
|
1.00
|
1.96
|
|
.27
|
.27
|
1.58
|
|
86
|
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data ($)
|
|
|
|
|
Ratios/Supplemental Data (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net
|
|
|
|
Net Asset
|
|
|
Dividends
|
|
Net Asset
|
|
|
Ratio of
|
Ratio of
|
Investment
|
|
Net Assets
|
|
Value
|
Net
|
|
from Net
|
|
Value
|
|
|
Total Expenses
|
Net Expenses
|
Income to
|
|
End of
|
|
Beginning
|
Investment
|
|
Investment
|
|
End
|
Total
|
|
to Average
|
to Average
|
Average
|
|
Period
|
|
of Period
|
Income
|
|
Income
|
|
of Period
|
Return (%)
|
|
Net Assets
|
Net Assets
|
Net Assets
|
|
($ 1,000,000)
|
|
|
|
|
|
|
|
|
Dreyfus Government Prime
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.21
|
.12
|
.00
|
b
|
3,519
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.22
|
.11
|
.00
|
b
|
3,543
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.22
|
.20
|
.01
|
|
2,792
|
2010
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.11
|
|
.23
|
.21
|
.12
|
|
3,147
|
2009
|
1.00
|
.019
|
|
(.019
|
)
|
1.00
|
1.91
|
|
.22
|
.22
|
1.64
|
|
6,439
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.47
|
.12
|
.00
|
b
|
454
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.47
|
.12
|
.00
|
b
|
482
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.47
|
.22
|
.00
|
b
|
557
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.48
|
.33
|
.00
|
b
|
593
|
2009
|
1.00
|
.016
|
|
(.016
|
)
|
1.00
|
1.66
|
|
.47
|
.47
|
1.39
|
|
1,178
|
Administrative Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.32
|
.12
|
.00
|
b
|
568
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.32
|
.12
|
.00
|
b
|
632
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.32
|
.22
|
.00
|
b
|
561
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.04
|
|
.33
|
.29
|
.04
|
|
497
|
2009
|
1.00
|
.018
|
|
(.018
|
)
|
1.00
|
1.81
|
|
.32
|
.32
|
1.54
|
|
693
|
Participant Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.61
|
.12
|
.00
|
b
|
229
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.61
|
.13
|
.00
|
b
|
226
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.62
|
.22
|
.00
|
b
|
476
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.62
|
.33
|
.00
|
b
|
706
|
2009
|
1.00
|
.015
|
|
(.015
|
)
|
1.00
|
1.51
|
|
.62
|
.61
|
1.25
|
|
1,346
|
Agency Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.27
|
.12
|
.00
|
b
|
37
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.27
|
.13
|
.00
|
b
|
12
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.28
|
.21
|
.00
|
b
|
56
|
2010
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.06
|
|
.29
|
.26
|
.06
|
|
90
|
2009
|
1.00
|
.018
|
|
(.018
|
)
|
1.00
|
1.85
|
|
.28
|
.28
|
1.58
|
|
41
|
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data ($)
|
|
|
|
|
Ratios/Supplemental Data (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net
|
|
|
|
Net Asset
|
|
|
Dividends
|
|
Net Asset
|
|
|
Ratio of
|
Ratio of
|
Investment
|
|
Net Assets
|
|
Value
|
Net
|
|
from Net
|
|
Value
|
|
|
Total Expenses
|
Net Assets
|
Income
|
|
End of
|
|
Beginning
|
Investment
|
|
Investment
|
|
End
|
Total
|
|
to Average
|
to Average
|
to Average
|
|
Period
|
|
of Period
|
Income
|
|
Income
|
|
of Period
|
Return (%)
|
|
Net Expenses
|
Net Assets
|
Net Assets
|
|
($ x1,000,000)
|
|
Dreyfus Treasury & Agency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.21
|
.13
|
.01
|
|
14,499
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.21
|
.09
|
.01
|
|
16,547
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.22
|
.20
|
.01
|
|
7,944
|
2010
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.07
|
|
.22
|
.21
|
.08
|
|
12,015
|
2009
|
1.00
|
.013
|
|
(.013
|
)
|
1.00
|
1.27
|
|
.22
|
.22
|
1.09
|
|
16,461
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.46
|
.13
|
.01
|
|
2,270
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.46
|
.09
|
.01
|
|
2,176
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.46
|
.20
|
.00
|
b
|
1,823
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.47
|
.29
|
.00
|
b
|
1,922
|
2009
|
1.00
|
.010
|
|
(.010
|
)
|
1.00
|
1.04
|
|
.47
|
.45
|
.86
|
|
3,317
|
Administrative Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.31
|
.13
|
.01
|
|
620
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.31
|
.09
|
.01
|
|
602
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.31
|
.20
|
.00
|
b
|
422
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.02
|
|
.33
|
.27
|
.03
|
|
695
|
2009
|
1.00
|
.012
|
|
(.012
|
)
|
1.00
|
1.17
|
|
.31
|
.31
|
1.00
|
|
1,355
|
Participant Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.61
|
.13
|
.01
|
|
603
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.61
|
.09
|
.01
|
|
889
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.61
|
.20
|
.00
|
b
|
418
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.62
|
.28
|
.00
|
b
|
520
|
2009
|
1.00
|
.009
|
|
(.009
|
)
|
1.00
|
.93
|
|
.62
|
.54
|
.77
|
|
444
|
Service Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.71
|
.12
|
.01
|
|
15
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.73
|
.10
|
.01
|
|
32
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.71
|
.21
|
.00
|
b
|
5
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.72
|
.28
|
.00
|
b
|
5
|
2009
|
1.00
|
.009
|
|
(.009
|
)
|
1.00
|
.86
|
|
.71
|
.66
|
.65
|
|
5
|
Select Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
1.01
|
.13
|
.01
|
|
6
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
1.01
|
.09
|
.01
|
|
24
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
1.01
|
.20
|
.00
|
b
|
19
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
1.02
|
.28
|
.00
|
b
|
25
|
2009
|
1.00
|
.007
|
|
(.007
|
)
|
1.00
|
.66
|
|
1.01
|
.87
|
.44
|
|
33
|
Agency Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.27
|
.14
|
.01
|
|
28
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.27
|
.10
|
.01
|
|
23
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.27
|
.20
|
.00
|
b
|
38
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.03
|
|
.28
|
.24
|
.03
|
|
71
|
2009
|
1.00
|
.012
|
|
(.012
|
)
|
1.00
|
1.21
|
|
.27
|
.27
|
1.04
|
|
63
|
Premier Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.52
|
.14
|
.01
|
|
25
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.52
|
.10
|
.01
|
|
31
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.52
|
.20
|
.00
|
b
|
52
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.53
|
.27
|
.00
|
b
|
61
|
2009
|
1.00
|
.010
|
|
(.010
|
)
|
1.00
|
1.00
|
|
.53
|
.48
|
.83
|
|
35
|
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data ($)
|
|
|
|
|
Ratios/Supplemental Data (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net
|
|
|
|
Net Asset
|
|
|
Dividends
|
|
Net Asset
|
|
|
Ratio of
|
Ratio of
|
Investment
|
|
Net Assets
|
|
Value
|
Net
|
|
from Net
|
|
Value
|
|
|
Total Expenses
|
Net Expenses
|
Income to
|
|
End of
|
|
Beginning
|
Investment
|
|
Investment
|
|
End
|
Total
|
|
to Average
|
to Average
|
Average
|
|
Period
|
|
of Period
|
Income
|
|
Income
|
|
of Period
|
Return (%)
|
|
Net Assets
|
Net Assets
|
Net Assets
|
|
($ x1,000,000)
|
|
Dreyfus Treasury
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prime Cash Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.21
|
.09
|
.00
|
b
|
24,582
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.22
|
.06
|
.00
|
b
|
18,888
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.21
|
.14
|
.00
|
b
|
15,016
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.02
|
|
.22
|
.19
|
.03
|
|
18,751
|
2009
|
1.00
|
.012
|
|
(.012
|
)
|
1.00
|
1.24
|
|
.22
|
.22
|
.78
|
|
30,587
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.46
|
.09
|
.00
|
b
|
4,067
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.46
|
.06
|
.00
|
b
|
4,150
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.46
|
.14
|
.00
|
b
|
3,215
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.47
|
.22
|
.00
|
b
|
4,222
|
2009
|
1.00
|
.010
|
|
(.010
|
)
|
1.00
|
1.01
|
|
.46
|
.44
|
.56
|
|
7,522
|
Administrative Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.31
|
.09
|
.00
|
b
|
750
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.31
|
.08
|
.00
|
b
|
610
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.31
|
.14
|
.00
|
b
|
1,054
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.32
|
.21
|
.00
|
b
|
1,272
|
2009
|
1.00
|
.011
|
|
(.011
|
)
|
1.00
|
1.15
|
|
.32
|
.31
|
.69
|
|
2,526
|
Participant Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.61
|
.09
|
.00
|
b
|
3,674
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.61
|
.06
|
.00
|
b
|
2,866
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.61
|
.15
|
.00
|
b
|
2,163
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.62
|
.22
|
.00
|
b
|
2,599
|
2009
|
1.00
|
.009
|
|
(.009
|
)
|
1.00
|
.89
|
|
.62
|
.53
|
.47
|
|
5,437
|
Agency Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.27
|
.08
|
.00
|
b
|
24
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.26
|
.05
|
.00
|
b
|
21
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.27
|
.11
|
.00
|
b
|
21
|
2010
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.28
|
.19
|
.01
|
|
381
|
2009
|
1.00
|
.012
|
|
(.012
|
)
|
1.00
|
1.18
|
|
.27
|
.27
|
.73
|
|
409
|
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data ($)
|
|
|
|
|
Ratios/Supplemental Data (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net
|
|
|
|
Net Asset
|
|
|
Dividends
|
|
Net Asset
|
|
|
Ratio of
|
Ratio of
|
Investment
|
|
Net Assets
|
|
Value
|
Net
|
|
from Net
|
|
Value
|
|
|
Total Expenses
|
Net Expenses
|
Income to
|
|
End of
|
|
Beginning
|
Investment
|
|
Investment
|
|
End
|
Total
|
|
to Average
|
to Average
|
Average
|
|
Period
|
|
of Period
|
Income
|
|
Income
|
|
of Period
|
Return (%)
|
|
Net Assets
|
Net Assets
|
Net Assets
|
|
($ x1,000,000)
|
|
Dreyfus Municipal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Management Plus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.24
|
.23
|
.01
|
|
353
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.03
|
|
.24
|
.22
|
.03
|
|
346
|
2011
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.13
|
|
.24
|
.24
|
.13
|
|
363
|
2010
|
1.00
|
.005
|
|
(.005
|
)
|
1.00
|
.49
|
|
.25
|
.23
|
.50
|
|
360
|
2009
|
1.00
|
.021
|
|
(.021
|
)
|
1.00
|
2.17
|
|
.21
|
.21
|
2.14
|
|
589
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.49
|
.25
|
.00
|
b
|
211
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.49
|
.25
|
.00
|
b
|
257
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.48
|
.37
|
.00
|
b
|
259
|
2010
|
1.00
|
.003
|
|
(.003
|
)
|
1.00
|
.27
|
|
.50
|
.44
|
.29
|
|
401
|
2009
|
1.00
|
.019
|
|
(.019
|
)
|
1.00
|
1.91
|
|
.46
|
.46
|
1.89
|
|
293
|
Administrative Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.34
|
.25
|
.00
|
b
|
208
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.34
|
.26
|
.00
|
b
|
213
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.04
|
|
.33
|
.33
|
.04
|
|
377
|
2010
|
1.00
|
.004
|
|
(.004
|
)
|
1.00
|
.39
|
|
.35
|
.32
|
.41
|
|
582
|
2009
|
1.00
|
.020
|
|
(.020
|
)
|
1.00
|
2.07
|
|
.31
|
.31
|
2.04
|
|
625
|
Participant Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.65
|
.25
|
.00
|
b
|
21
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.64
|
.25
|
.00
|
b
|
25
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.63
|
.37
|
.00
|
b
|
23
|
2010
|
1.00
|
.002
|
|
(.002
|
)
|
1.00
|
.18
|
|
.65
|
.56
|
.17
|
|
23
|
2009
|
1.00
|
.017
|
|
(.017
|
)
|
1.00
|
1.76
|
|
.61
|
.61
|
1.74
|
|
61
|
Agency Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.30
|
.25
|
.00
|
b
|
—
c
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.30
|
.24
|
.01
|
|
—
c
|
2011
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.06
|
|
.30
|
.30
|
.06
|
|
—
c
|
2010
|
1.00
|
.004
|
|
(.004
|
)
|
1.00
|
.42
|
|
.32
|
.29
|
.44
|
|
1
|
2009
|
1.00
|
.021
|
|
(.021
|
)
|
1.00
|
2.10
|
|
.27
|
.27
|
2.08
|
|
—
c
|
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
c
|
Amount represents less than $1 million.
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data ($)
|
|
|
|
|
Ratios/Supplemental Data (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net
|
|
|
|
Net Asset
|
|
|
Dividends
|
|
Net Asset
|
|
|
Ratio of
|
Ratio of
|
Investment
|
|
Net Assets
|
|
Value
|
Net
|
|
from Net
|
|
Value
|
|
|
Total Expenses
|
Net Expenses
|
Income to
|
|
End of
|
|
Beginning
|
Investment
|
|
Investment
|
|
End
|
Total
|
|
to Average
|
to Average
|
Average
|
|
Period
|
|
of Period
|
Income
|
|
Income
|
|
of Period
|
Return (%)
|
|
Net Assets
|
Net Assets
|
Net Assets
|
|
($ 1,000,000)
|
|
Dreyfus New York Municipal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.25
|
.23
|
.01
|
|
133
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.03
|
|
.24
|
.21
|
.04
|
|
320
|
2011
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.13
|
|
.24
|
.24
|
.12
|
|
459
|
2010
|
1.00
|
.004
|
|
(.004
|
)
|
1.00
|
.45
|
|
.25
|
.23
|
.44
|
|
589
|
2009
|
1.00
|
.020
|
|
(.020
|
)
|
1.00
|
1.99
|
|
.22
|
.22
|
1.95
|
|
544
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.50
|
.24
|
.00
|
b
|
200
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.49
|
.25
|
.00
|
b
|
267
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.48
|
.36
|
.00
|
b
|
299
|
2010
|
1.00
|
.002
|
|
(.002
|
)
|
1.00
|
.23
|
|
.50
|
.45
|
.22
|
|
282
|
2009
|
1.00
|
.017
|
|
(.017
|
)
|
1.00
|
1.74
|
|
.47
|
.47
|
1.70
|
|
374
|
Administrative Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.35
|
.25
|
.00
|
b
|
10
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.34
|
.25
|
.00
|
b
|
21
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.03
|
|
.34
|
.33
|
.03
|
|
47
|
2010
|
1.00
|
.004
|
|
(.004
|
)
|
1.00
|
.35
|
|
.35
|
.33
|
.34
|
|
70
|
2009
|
1.00
|
.019
|
|
(.019
|
)
|
1.00
|
1.89
|
|
.32
|
.32
|
1.85
|
|
62
|
Participant Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.66
|
.25
|
.00
|
b
|
13
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.64
|
.25
|
.00
|
b
|
11
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.64
|
.36
|
.00
|
b
|
22
|
2010
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.15
|
|
.65
|
.57
|
.10
|
|
12
|
2009
|
1.00
|
.016
|
|
(.016
|
)
|
1.00
|
1.59
|
|
.62
|
.62
|
1.55
|
|
51
|
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data ($)
|
|
|
|
|
Ratios/Supplemental Data (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net
|
|
|
|
Net Asset
|
|
|
Dividends
|
|
Net Asset
|
|
|
Ratio of
|
Ratio of
|
Investment
|
|
Net Assets
|
|
Value
|
Net
|
|
from Net
|
|
Value
|
|
|
Total Expenses
|
Net Assets
|
Income to
|
|
End of
|
|
Beginning
|
Investment
|
|
Investment
|
|
End
|
Total
|
|
to Average
|
to Average
|
Average
|
|
Period
|
|
of Period
|
Income
|
|
Income
|
|
of Period
|
Return (%)
|
|
Net Assets
|
Net Expenses
|
Net Assets
|
|
($ x1,000,000)
|
|
Dreyfus Tax Exempt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.24
|
.21
|
.00
|
b
|
1,776
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.03
|
|
.24
|
.20
|
.03
|
|
2,082
|
2011
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.10
|
|
.23
|
.23
|
.09
|
|
2,831
|
2010
|
1.00
|
.004
|
|
(.004
|
)
|
1.00
|
.37
|
|
.24
|
.23
|
.40
|
|
3,383
|
2009
|
1.00
|
.021
|
|
(.021
|
)
|
1.00
|
2.11
|
|
.21
|
.21
|
2.06
|
|
5,191
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.47
|
.21
|
.00
|
b
|
443
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.47
|
.22
|
.00
|
b
|
380
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.47
|
.32
|
.00
|
b
|
344
|
2010
|
1.00
|
.002
|
|
(.002
|
)
|
1.00
|
.19
|
|
.49
|
.42
|
.21
|
|
354
|
2009
|
1.00
|
.018
|
|
(.018
|
)
|
1.00
|
1.86
|
|
.46
|
.46
|
1.81
|
|
565
|
Administrative Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.32
|
.21
|
.00
|
b
|
66
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.32
|
.22
|
.00
|
b
|
76
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.02
|
|
.32
|
.31
|
.01
|
|
72
|
2010
|
1.00
|
.003
|
|
(.003
|
)
|
1.00
|
.28
|
|
.34
|
.32
|
.31
|
|
120
|
2009
|
1.00
|
.020
|
|
(.020
|
)
|
1.00
|
2.01
|
|
.31
|
.31
|
1.96
|
|
645
|
Participant Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.62
|
.20
|
.00
|
b
|
36
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.62
|
.21
|
.00
|
b
|
27
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.62
|
.32
|
.00
|
b
|
9
|
2010
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.12
|
|
.64
|
.53
|
.10
|
|
27
|
2009
|
1.00
|
.017
|
|
(.017
|
)
|
1.00
|
1.70
|
|
.61
|
.61
|
1.66
|
|
134
|
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
See notes to financial statements.
FINANCIAL HIGHLIGHTS
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data ($)
|
|
|
|
|
Ratios/Supplemental Data (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net
|
|
|
|
Net Asset
|
|
|
Dividends
|
|
Net Asset
|
|
|
Ratio of
|
Ratio of
|
Investment
|
|
Net Assets
|
|
Value
|
Net
|
|
from Net
|
|
Value
|
|
|
Total Expenses
|
Net Expenses
|
Income to
|
|
End of
|
|
Beginning
|
Investment
|
|
Investment
|
|
End
|
Total
|
|
to Average
|
to Average
|
Average
|
|
Period
|
|
of Period
|
Income
|
|
Income
|
|
of Period
|
Return
|
(%)
|
Net Assets
|
Net Assets
|
Net Assets
|
|
($ x1,000,000)
|
|
Dreyfus California AMT-Free
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Cash Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.06
|
|
.24
|
.22
|
.01
|
|
198
|
2012
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.05
|
|
.24
|
.22
|
.05
|
|
174
|
2011
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.13
|
|
.24
|
.24
|
.13
|
|
135
|
2010
|
1.00
|
.004
|
|
(.004
|
)
|
1.00
|
.40
|
|
.29
|
.22
|
.34
|
|
139
|
2009
|
1.00
|
.019
|
|
(.019
|
)
|
1.00
|
1.88
|
|
.22
|
.17
|
1.93
|
|
91
|
Investor Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.04
|
|
.48
|
.22
|
.00
|
b
|
212
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.50
|
.27
|
.00
|
b
|
203
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.49
|
.38
|
.00
|
b
|
56
|
2010
|
1.00
|
.002
|
|
(.002
|
)
|
1.00
|
.21
|
|
.54
|
.40
|
.16
|
|
64
|
2009
|
1.00
|
.016
|
|
(.016
|
)
|
1.00
|
1.63
|
|
.47
|
.42
|
1.68
|
|
24
|
Administrative Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.04
|
|
.35
|
.22
|
.00
|
b
|
1
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.01
|
|
.35
|
.27
|
.01
|
|
2
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.04
|
|
.35
|
.34
|
.03
|
|
14
|
2010
|
1.00
|
.003
|
|
(.003
|
)
|
1.00
|
.30
|
|
.40
|
.32
|
.24
|
|
4
|
2009
|
1.00
|
.018
|
|
(.018
|
)
|
1.00
|
1.78
|
|
.32
|
.27
|
1.83
|
|
—
c
|
Participant Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.04
|
|
.63
|
.22
|
.00
|
b
|
34
|
2012
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.64
|
.28
|
.00
|
b
|
62
|
2011
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.64
|
.38
|
.00
|
b
|
48
|
2010
|
1.00
|
.001
|
|
(.001
|
)
|
1.00
|
.13
|
|
.69
|
.50
|
.06
|
|
56
|
2009
|
1.00
|
.015
|
|
(.015
|
)
|
1.00
|
1.48
|
|
.62
|
.57
|
1.53
|
|
97
|
|
|
a
|
Amount represents less than $.001 per share.
|
b
|
Amount represents less than .01%.
|
c
|
Amount represents less than $1 million.
|
See notes to financial statements.
72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data ($)
|
|
|
|
|
|
|
Ratios/Supplemental Data (%)
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net
|
|
|
|
|
Net Asset
|
|
|
Dividends
|
|
from Net
|
|
|
|
Net Asset
|
|
|
Ratio of
|
|
Ratio of
|
|
Investment
|
|
Net Assets
|
|
|
Value
|
Net
|
|
from Net
|
|
Realized
|
|
|
|
Value
|
|
|
Total Expenses
|
|
Net Expenses
|
|
Income to
|
|
End of
|
|
|
Beginning
|
Investment
|
|
Investments
|
|
Gain on
|
|
Total
|
|
End
|
Total
|
|
to Average
|
|
to Average
|
|
Average
|
|
Period
|
|
|
of Period
|
Income
|
|
Income
|
|
Investment
|
|
Distributions
|
|
of Period
|
Return (%)
|
|
Net Assets
|
|
Net Assets
|
|
Net Assets
|
|
($ x1,000,000)
|
|
Dreyfus New York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMT-Free
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares
†
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.34
|
|
.28
|
|
.00
|
b
|
83
|
2012
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.02
|
|
.31
|
|
.25
|
|
.02
|
|
102
|
2011
|
|
1.00
|
.001
|
|
(.001
|
)
|
—
|
|
(.001
|
)
|
1.00
|
.14
|
|
.31
|
|
.23
|
|
.14
|
|
81
|
2010
|
|
1.00
|
.005
|
|
(.005
|
)
|
—
|
|
(.005
|
)
|
1.00
|
.47
|
|
.22
|
|
.22
|
|
.47
|
|
110
|
One Month Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
c
|
|
1.00
|
.001
|
|
(.001
|
)
|
—
|
|
(.001
|
)
|
1.00
|
.06
|
d
|
.24
|
e
|
.24
|
e
|
.70
|
e
|
49
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
1.00
|
.021
|
|
(.021
|
)
|
(.000
|
)
a
|
(.021
|
)
|
1.00
|
2.08
|
|
.25
|
|
.24
|
|
2.08
|
|
49
|
Investor Shares
†
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.59
|
|
.27
|
|
.00
|
b
|
37
|
2012
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.56
|
|
.28
|
|
.00
|
b
|
49
|
2011
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.55
|
|
.37
|
|
.00
|
b
|
50
|
2010
|
|
1.00
|
.003
|
|
(.003
|
)
|
—
|
|
(.003
|
)
|
1.00
|
.27
|
|
.47
|
|
.43
|
|
.26
|
|
74
|
One Month Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
c
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.04
|
d
|
.49
|
e
|
.49
|
e
|
.45
|
e
|
102
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
1.00
|
.018
|
|
(.018
|
)
|
(.000
|
)
a
|
(.018
|
)
|
1.00
|
1.83
|
|
.50
|
|
.49
|
|
1.80
|
|
100
|
Administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.45
|
|
.27
|
|
.00
|
b
|
6
|
2012
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.42
|
|
.28
|
|
.00
|
b
|
13
|
2011
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.05
|
|
.40
|
|
.33
|
|
.04
|
|
8
|
2010
|
|
1.00
|
.004
|
|
(.004
|
)
|
—
|
|
(.004
|
)
|
1.00
|
.37
|
|
.32
|
|
.31
|
|
.38
|
|
8
|
One Month Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
c
|
|
1.00
|
.001
|
|
(.001
|
)
|
—
|
|
(.001
|
)
|
1.00
|
.05
|
d
|
.34
|
e
|
.34
|
e
|
.60
|
e
|
—
f
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
g
|
|
1.00
|
.006
|
|
(.006
|
)
|
—
|
|
(.006
|
)
|
1.00
|
.62
|
e
|
.33
|
e
|
.33
|
e
|
2.02
|
e
|
—
f
|
FINANCIAL HIGHLIGHTS
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data ($)
|
|
|
|
|
|
|
Ratios/Supplemental Data (%)
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net
|
|
|
|
|
Net Asset
|
|
|
Dividends
|
|
from Net
|
|
|
|
Net Asset
|
|
|
Ratio of
|
|
Ratio of
|
|
Investment
|
|
Net Assets
|
|
|
Value
|
Net
|
|
from Net
|
|
Realized
|
|
|
|
Value
|
|
|
Total Expenses
|
|
Net Expenses
|
|
Income to
|
|
End of
|
|
|
Beginning
|
Investment
|
|
Investments
|
|
Gain on
|
|
Total
|
|
End
|
Total
|
|
to Average
|
|
to Average
|
|
Average
|
|
Period
|
|
|
of Period
|
Income
|
|
Income
|
|
Investment
|
|
Distributions
|
|
of Period
|
Return (%)
|
|
Net Assets
|
|
Net Assets
|
|
Net Assets
|
|
($ x1,000,000)
|
|
|
|
|
|
|
|
|
|
Dreyfus New York
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMT-Free
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classic Shares
†
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.84
|
|
.27
|
|
.00
|
b
|
1
|
2012
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.81
|
|
.29
|
|
.00
|
b
|
—
f
|
2011
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.00
|
b
|
.81
|
|
.37
|
|
.00
|
b
|
9
|
2010
|
|
1.00
|
.001
|
|
(.001
|
)
|
—
|
|
(.001
|
)
|
1.00
|
.13
|
|
.72
|
|
.59
|
|
.10
|
|
60
|
One Month Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
c
|
|
1.00
|
.000
|
a
|
(.000
|
)
a
|
—
|
|
(.000
|
)
a
|
1.00
|
.02
|
d
|
.74
|
e
|
.73
|
e
|
.21
|
e
|
76
|
Year Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
1.00
|
.016
|
|
(.016
|
)
|
(.000
|
)
a
|
(.016
|
)
|
1.00
|
1.58
|
|
.75
|
|
.74
|
|
1.55
|
|
73
|
|
†
Represents information for the fund’s predecessor, NewYork AMT-Free Municipal Money Fund through September 12, 2008.
|
a Amount represents less than $.001 per share.
|
b Amount represents less than .01%.
|
c The fund has changed its fiscal year end from December 31 to January 31.
|
d
Not annualized.
|
e Annualized.
|
f Amount represents less than $1 million.
|
g From September 13, 2008 (commencement of initial offering) to December 31, 2008.
|
See notes to financial statements.
74
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”). Each fund, other than Dreyfus New York Municipal Cash Management, Dreyfus California AMT-Free Municipal Cash Management and Dreyfus New York AMT-Free Municipal Cash Management is diversified. 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 are 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, NewYork 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.
Effective September 14, 2012, Agency Shares of Dreyfus New York Municipal Cash Management and Dreyfus California AMT-Free Municipal Cash Management were terminated. Participant Shares of Dreyfus New York AMT-Free Municipal Cash Management were also terminated, effective September 14, 2012.
As of the close of business on August 25, 2011, pursuant to an Agreement and Plan of Reorganization previously approved by Dreyfus Cash Management’s Board of Trustees (the “Board”), all of the assets, subject to the liabilities, of Dreyfus Cash Management Plus were transferred to Dreyfus Cash Management. Shareholders of Dreyfus Cash Management Plus received Institutional Shares, Investor Shares, Administrative Shares, Participant Shares and Agency Shares of Dreyfus Cash Management, in an amount equal to the aggregate net asset value of their investment in Dreyfus Cash Management Plus at the time of the exchange.The net asset value of Dreyfus Cash Management’s shares at the close of business on August 25, 2011, after the reorganization, was $1.00 per share, and a total of 3,379,940,833 Institutional Shares, 139,359,013 Investor Shares, 373,101,182 Administrative Shares, 172,390,108 Participant Shares and 1,046 Agency Shares representing net assets of $4,064,792,182, were issued to Dreyfus Cash Management Plus shareholders in the exchange.The exchange was a tax-free event to shareholders.
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 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 New York AMT-Free Municipal Cash Management also
NOTES TO FINANCIAL STATEMENTS
(continued)
does not offer Participant Shares. In addition, Dreyfus Treasury & Agency Cash Management offers Service Shares, Select Shares and Premier Shares and Dreyfus New York 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 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.
As of January 31, 2013, MBC Investments Corp., an indirect subsidiary of BNY Mellon, held the following shares:
|
|
Dreyfus Municipal Cash
|
|
Management Plus, Agency Shares
|
1,036
|
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.
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 Board.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of each fund’s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:
Level 1
—unadjusted quoted prices in active markets for identical investments.
Level 2
—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3
—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).
76
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, 2013, all of the securities in each fund were considered Level 2 of the fair value hierarchy.
At January 31, 2013, 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. Realized gains and losses from securities transactions are recorded on the identified cost 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. Cost of investments represents amortized cost.
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 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.
(d) Dividends to shareholders:
It is the policy of each fund to declare dividends 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
NOTES TO FINANCIAL STATEMENTS
(continued)
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, 2013, 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, the funds did not incur any interest or penalties.
Each of the tax years in the four-year period ended January 31, 2013 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At January 31, 2013, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes.
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, 2013.
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, 2013 and January 31, 2012 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, 2013 and January 31, 2012.
Table 1—Capital Loss Carryover
|
|
|
|
|
|
|
|
($ x 1,000)
|
|
|
|
|
Post-Enactment
|
|
|
|
|
Short-Term
|
|
|
2019
|
($)
†
|
Losses ($)
††
|
Total
|
Dreyfus Government Cash Management
|
—
|
|
32
|
32
|
Dreyfus Government Prime Cash Mangement
|
—
|
|
24
|
24
|
Dreyfus Treasury & Agency Cash Management
|
—
|
|
1
|
1
|
Dreyfus Treasury Prime Cash Management
|
—
|
|
138
|
138
|
Dreyfus Municipal Cash Management Plus
|
10
|
|
—
|
10
|
Dreyfus Tax Exempt Cash Management
|
—
|
|
3
|
3
|
|
†
If not applied, the carryover expires in the above fiscal year.
|
††
Post-enactment short-term capital losses that can be carried forward for an unlimited period.
|
78
During the period ended January 31, 2013, 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, 2013, 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 such 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 vol-
|
|
|
|
|
|
|
|
Table 2—Tax Character of Distributions Paid
|
|
|
|
|
|
|
|
|
Tax Character of Distributions Paid ($ x 1,000)
|
|
2013
|
|
|
2012
|
|
|
|
|
|
Long-Term
|
|
|
Long-Term
|
|
|
Tax-Exempt
|
Ordinary
|
Capital
|
Tax-Exempt
|
Ordinary
|
Capital
|
|
|
Income ($)
|
Income ($)
|
Gains ($)
|
Income ($)
|
Income ($)
|
Gains ($)
|
|
Dreyfus Municipal Cash Management Plus
|
42
|
—
|
—
|
116
|
—
|
—
|
|
Dreyfus New York Municipal Cash Management
|
27
|
—
†
|
—
|
152
|
—
|
3
|
|
Dreyfus Tax Exempt Cash Management
|
18
|
—
|
—
|
680
|
—
|
11
|
|
Dreyfus California AMT-Free Municipal Cash Management
|
24
|
121
|
91
|
97
|
1
|
—
|
|
Dreyfus New York AMT-Free Municipal Cash Management
|
1
|
2
|
—
|
16
|
—
†
|
—
|
|
|
†
Amount represents less than $1,000.
|
|
|
|
|
|
|
|
|
|
Table 3—Reclassification of Components of Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
Accumulated
|
|
|
|
|
Undistributed
|
|
Net Realized
|
|
|
|
Investment Income—Net ($)
|
Gain (Loss) ($)
|
|
Dreyfus Cash Management
|
|
|
226,818
|
|
(226,818
|
)
|
Dreyfus Government Cash Management
|
|
|
16,776
|
|
(16,776
|
)
|
Dreyfus Treasury & Agency Cash Management
|
|
|
14,459
|
|
(14,459
|
)
|
Dreyfus New York Municipal Cash Management
|
|
|
97
|
|
|
(97
|
)
|
Dreyfus California AMT-Free Municipal Cash Management
|
|
|
212,086
|
|
(212,086
|
)
|
Dreyfus New York AMT-Free Municipal Cash Management
|
|
|
1,889
|
|
(1,889
|
)
|
NOTES TO FINANCIAL STATEMENTS
(continued)
untary and not contractual, and may be terminated at any time.
Table 4
summarizes the reduction in expenses for each relevant class of shares of each fund pursuant to these undertakings during the period ended January 31, 2013.
(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. These services include answering shareholder inquiries regarding the funds and providing reports and other information and services related to the maintenance of shareholder accounts (“Servicing”). Under the Service Plan, as it pertains to each
relevant class, the Distributor may make payments to Service Agents with respect to these services. Generally, the Service Agent may provide holders of Investor Shares, Administrative Shares, Participant Shares, Service Shares, Select Shares, Agency Shares, 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 Premier Shares automated teller check writing privileges and, in the case of Participant Shares, Service Shares, Select Shares and Premier Shares, automated teller machine access, and bill paying serv-ices.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
|
|
|
|
|
|
|
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
|
158,936
|
7,450,009
|
3,236,994
|
11,462,643
|
24,856,103
|
|
Investor Shares
|
5,350,010
|
4,973,619
|
1,741,027
|
7,441,453
|
15,490,143
|
|
Administrative Shares
|
235,133
|
1,612,078
|
1,242,646
|
1,081,514
|
1,518,502
|
|
Participant Shares
|
2,487,825
|
1,044,272
|
1,018,193
|
3,626,524
|
15,849,730
|
|
Service Shares
|
—
|
—
|
—
|
138,810
|
—
|
|
Select Shares
|
—
|
—
|
—
|
99,907
|
—
|
|
Agency Shares
|
7,278
|
344,033
|
42,459
|
41,570
|
32,234
|
|
Premier Shares
|
—
|
—
|
—
|
116,881
|
—
|
|
|
Table 4. (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 ($)
|
|
Institutional Shares
|
35,243
|
58,690
|
757,969
|
40,721
|
60,238
|
|
Investor Shares
|
567,160
|
555,178
|
1,036,188
|
608,532
|
129,454
|
|
Administrative Shares
|
190,386
|
24,356
|
80,871
|
3,494
|
13,155
|
|
Participant Shares
|
94,495
|
44,916
|
77,596
|
175,521
|
29
|
a
|
Agency Shares
|
8
|
—
b
|
—
|
—
c
|
—
|
|
Classic Shares
|
—
|
—
|
—
|
—
|
23,376
|
|
|
a Effective September 14, 2012, Dreyfus NewYork AMT-Free Municipal Cash Management had terminated its Participant Shares.
|
b Effective September 14, 2012, Dreyfus NewYork Municipal Cash Management had terminated its Agency Shares.
|
c Effective September 14, 2012, Dreyfus California AMT-Free Municipal Cash Management had terminated its Agency Shares.
|
80
the FINRA Conduct Rules as a service fee.The fees payable under the Service Plan are payable without regard to actual expenses incurred.
Table 5
summarizes the amount each fund was charged pursuant to the Service Plan during the period ended January 31, 2013.
(c)
Each fund has adopted a Shareholder Services Plan with respect to their Institutional Shares. Each fund reimburses the Distributor an amount not to exceed an annual rate of
.25% of the value of each fund’s average daily net assets attributable to Institutional Shares for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the funds, providing reports and other information, and services related to the maintenance of shareholder accounts.
Table 6
summarizes the amount each fund’s Institutional Shares were
|
|
|
|
|
|
|
|
|
|
Table 5—12b-1 Service Plan Fees
|
|
|
|
|
|
|
|
|
|
|
|
Investor
|
Administrative
|
Participant
|
|
Service
|
Select
|
Agency
|
Premier
|
Classic
|
|
Shares ($)
|
Shares ($)
|
Shares ($)
|
|
Shares ($)
|
Shares ($)
|
Shares ($)
|
Shares ($)
|
Shares ($)
|
Dreyfus Cash Management
|
7,990,666
|
965,311
|
3,121,279
|
|
—
|
—
|
120,217
|
—
|
—
|
Dreyfus Government Cash Management
|
4,179,464
|
1,078,106
|
917,533
|
|
—
|
—
|
172,508
|
—
|
—
|
Dreyfus Government
|
|
|
|
|
|
|
|
|
|
Prime Cash Management
|
1,252,381
|
606,962
|
822,125
|
|
—
|
—
|
16,948
|
—
|
—
|
Dreyfus Treasury & Agency
|
|
|
|
|
|
|
|
|
|
Cash Management
|
5,755,707
|
607,673
|
3,053,034
|
|
117,719
|
90,552
|
18,977
|
95,091
|
—
|
Dreyfus Treasury
|
|
|
|
|
|
|
|
|
|
Prime Cash Management
|
10,301,487
|
696,590
|
12,138,292
|
|
—
|
—
|
9,992
|
—
|
—
|
Dreyfus Municipal Cash Management Plus
|
576,704
|
199,030
|
95,211
|
|
—
|
—
|
9
|
—
|
—
|
Dreyfus New York
|
|
|
|
|
|
|
|
|
|
Municipal Cash Management
|
532,229
|
23,290
|
43,932
|
|
—
|
—
|
—
a
|
—
|
—
|
Dreyfus Tax Exempt Cash Management
|
981,445
|
71,124
|
72,947
|
|
—
|
—
|
—
|
—
|
—
|
Dreyfus California AMT-Free
|
|
|
|
|
|
|
|
|
|
Municipal Cash Management
|
574,625
|
2,820
|
171,547
|
|
—
|
—
|
—
b
|
—
|
—
|
Dreyfus New York AMT-Free
|
|
|
|
|
|
|
|
|
|
Municipal Cash Management
|
101,482
|
7,654
|
25
|
c
|
—
|
—
|
—
|
—
|
20,484
|
|
a Effective September 14, 2012, Dreyfus NewYork Municipal Cash Management had terminated its Agency Shares.
|
b Effective September 14, 2012, Dreyfus California AMT-Free Municipal Cash Management had terminated its Agency Shares.
|
c Effective September 14, 2012, Dreyfus NewYork AMT-Free Municipal Cash Management had terminated its Participant Shares.
|
|
|
Table 6—Shareholder Services Plan Fees
|
|
|
|
Institutional
|
|
Shares ($)
|
Dreyfus Cash Management
|
431,037
|
Dreyfus Government Cash Management
|
158,081
|
Dreyfus Government Prime Cash Management
|
25,474
|
Dreyfus Treasury & Agency Cash Management
|
370,736
|
Dreyfus Treasury Prime Cash Management
|
620,067
|
Dreyfus Municipal Cash Management Plus
|
3,057
|
Dreyfus New York Municipal Cash Management
|
8,723
|
Dreyfus Tax Exempt Cash Management
|
470,897
|
Dreyfus California AMT-Free Municipal Cash Management
|
4,557
|
Dreyfus New York AMT-Free Municipal Cash Management
|
319
|
NOTES TO FINANCIAL STATEMENTS
(continued)
charged pursuant to the Shareholder Services Plan during the period ended January 31, 2013.
The funds have arrangements with the transfer agent and the custodian whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the funds include net earnings credits as expense offsets in the Statements of Operations.
Each fund compensates Dreyfus Transfer, Inc. (“DTI”), a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing transfer agency services for the funds and, since May 29, 2012, cash management services related to the funds’ subscriptions and redemptions.
Table 7
summarizes the amount each fund was charged during the period ended January 31, 2013, pursuant to the transfer agency agreement, 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, 2013 for cash management services which is included in Shareholder servicing costs in the Statements of Operations.These fees were partially offset by earnings credits, also summarized in
Table 9
.
Each fund compensates The Bank of New York Mellon (“BNY”), a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a custody agreement for providing custodial services for each fund.
Table 8
summarizes the amount each fund was charged during the period ended January 31, 2013 pursuant to the custody agreement. These fees were partially offset by earnings credits for each relevant fund, also summarized in
Table 8
.
Prior to May 29, 2012, each fund compensated BNY under a cash management agreement for performing cash man-
|
|
|
|
Table 7—Transfer Agency Agreement Fees
|
|
|
|
|
|
Transfer Agency
|
|
|
|
Fees ($)
|
|
|
Dreyfus Cash Management
|
73,789
|
|
|
Dreyfus Government Cash Management
|
97,455
|
|
|
Dreyfus Government Prime Cash Management
|
89,089
|
|
|
Dreyfus Treasury & Agency Cash Management
|
44,126
|
|
|
Dreyfus Treasury Prime Cash Management
|
479,067
|
|
|
Dreyfus Municipal Cash Management Plus
|
2,850
|
|
|
Dreyfus New York Municipal Cash Management
|
5,972
|
|
|
Dreyfus Tax Exempt Cash Management
|
8,060
|
|
|
Dreyfus California AMT-Free Municipal Cash Management
|
1,014
|
|
|
Dreyfus New York AMT-Free Municipal Cash Management
|
2,162
|
|
|
|
Table 8—Custody Agreement Fees
|
|
|
|
|
|
Custody Fees ($)
|
Earnings Credits ($)
|
|
Dreyfus Cash Management
|
816,101
|
(9,839
|
)
|
Dreyfus Government Cash Management
|
560,108
|
(33,537
|
)
|
Dreyfus Government Prime Cash Management
|
179,037
|
(521
|
)
|
Dreyfus Treasury & Agency Cash Management
|
643,476
|
(1,570
|
)
|
Dreyfus Treasury Prime Cash Management
|
845,680
|
—
|
|
Dreyfus Municipal Cash Management Plus
|
65,773
|
—
|
|
Dreyfus New York Municipal Cash Management
|
41,819
|
—
|
|
Dreyfus Tax Exempt Cash Management
|
121,183
|
—
|
|
Dreyfus California AMT-Free Municipal Cash Management
|
42,124
|
—
|
|
Dreyfus New York AMT-Free Municipal Cash Management
|
17,920
|
—
|
|
82
agement services related to fund subscriptions and redemptions.
Table 9
summarizes the amount each fund was charged during the period ended January 31, 2013, 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, also summarized in
Table 9
.
During the period ended January 31, 2013, each fund was charged $8,828 for services performed by the Chief Compliance Officer and his staff.
Table 10
summarizes the components of “Due to The Dreyfus Corporation and affiliates” in the Statements of Assets and Liabilities for each fund.
|
|
|
|
|
|
|
Table 9—Cash Management Agreement Fees
|
|
|
|
|
|
|
|
DTI Cash Management
|
DTI Earnings Credits
|
|
BNY Cash Management
|
BNY Earnings Credits
|
|
|
Fees Charged Since
|
Received Since
|
|
Fees Charged Prior
|
Received Prior to
|
|
|
May 29, 2012 ($)
|
May 29, 2012 ($)
|
|
to May 29, 2012 ($)
|
May 29, 2012 ($)
|
|
Dreyfus Cash Management
|
1,611
|
(197
|
)
|
2,998
|
(124
|
)
|
Dreyfus Government Cash Management
|
2,409
|
(296
|
)
|
4,323
|
(178
|
)
|
Dreyfus Government Prime Cash Management
|
1,890
|
(232
|
)
|
3,384
|
(137
|
)
|
Dreyfus Treasury & Agency Cash Management
|
1,062
|
(130
|
)
|
1,947
|
(80
|
)
|
Dreyfus Treasury Prime Cash Management
|
11,831
|
(1,454
|
)
|
20,529
|
(829
|
)
|
Dreyfus Municipal Cash Management Plus
|
41
|
(5
|
)
|
78
|
(3
|
)
|
Dreyfus New York Municipal Cash Management
|
65
|
(8
|
)
|
174
|
(8
|
)
|
Dreyfus Tax Exempt Cash Management
|
138
|
(17
|
)
|
290
|
(12
|
)
|
Dreyfus California AMT-Free Municipal Cash Management
|
13
|
(2
|
)
|
24
|
(1
|
)
|
Dreyfus New York AMT-Free Municipal Cash Management
|
44
|
(6
|
)
|
82
|
(3
|
)
|
|
|
|
|
|
|
|
|
Table 10—Due to The Dreyfus Corporation and Affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
Chief
|
|
|
|
|
|
|
|
Compliance
|
Transfer
|
|
|
|
Management
|
Service Plan
|
Custodian
|
Officer
|
Agency
|
Less Expense
|
|
|
Fees ($)
|
Fees ($)
|
Fees ($)
|
Fees ($)
|
Fees ($)
|
Reimbursement ($)
|
|
|
Dreyfus Cash Management
|
4,798,314
|
1,002,076
|
209,624
|
4,645
|
20,146
|
(981,086
|
)
|
Dreyfus Government
|
|
|
|
|
|
|
|
Cash Management
|
3,049,633
|
562,379
|
119,617
|
4,645
|
27,076
|
(1,702,983
|
)
|
Dreyfus Government
|
|
|
|
|
|
|
|
Prime Cash Management
|
842,199
|
245,337
|
43,520
|
4,645
|
22,887
|
(678,830
|
)
|
Dreyfus Treasury & Agency
|
|
|
|
|
|
|
|
Cash Management
|
2,987,640
|
776,011
|
151,332
|
4,645
|
11,923
|
(2,271,694
|
)
|
Dreyfus Treasury Prime
|
|
|
|
|
|
|
|
Cash Management
|
5,650,002
|
2,171,595
|
210,162
|
4,645
|
134,182
|
(5,676,301
|
)
|
Dreyfus Municipal
|
|
|
|
|
|
|
|
Cash Management Plus
|
138,825
|
72,171
|
17,534
|
4,645
|
1,527
|
(108,152
|
)
|
Dreyfus New York Municipal
|
|
|
|
|
|
|
|
Cash Management
|
63,002
|
47,917
|
9,058
|
4,645
|
2,672
|
(70,515
|
)
|
Dreyfus Tax Exempt
|
|
|
|
|
|
|
|
Cash Management
|
412,397
|
111,643
|
29,248
|
4,645
|
4,692
|
(278,936
|
)
|
Dreyfus California AMT-Free
|
|
|
|
|
|
|
|
Municipal Cash Management
|
78,089
|
60,549
|
11,303
|
4,645
|
773
|
(103,470
|
)
|
Dreyfus New York AMT-Free
|
|
|
|
|
|
|
|
Municipal Cash Management
|
21,926
|
9,526
|
3,930
|
4,645
|
867
|
(21,712
|
)
|
NOTES TO FINANCIAL STATEMENTS
(continued)
(d)
Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees are allocated to each fund based on net assets, and each fund pays its Board members an attendance fee of $500 per meeting.
NOTE 3—Beneficial Interest Transactions:
Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest.
NOTE 4—Securities Transactions:
The funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions
outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Board members and/or common officers, complies with Rule 17a-7 under the Act.
Table 11
summarizes the amounts of purchases and sales of securities engaged in by each relevant fund pursuant to Rule 17a-7 under the Act during the period ended January 31, 2013.
|
|
|
Table 11—Affiliated Portfolio Holdings Transactions
|
|
|
|
|
|
Purchases ($)
|
Sales ($)
|
Dreyfus Municipal Cash Management Plus
|
722,440,000
|
792,485,000
|
Dreyfus New York Municipal Cash Management
|
328,995,000
|
475,580,000
|
Dreyfus Tax Exempt Cash Management
|
978,434,450
|
1,563,395,000
|
Dreyfus California AMT—Free Municipal Cash Management
|
259,845,000
|
205,523,000
|
Dreyfus New York AMT—Free Municipal Cash Management
|
84,430,000
|
68,275,000
|
84
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, 2013, 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 periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United
States).Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2013 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, 2013, 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 indicated periods, in conformity with U.S. generally accepted accounting principles.
New York, New York
March 27, 2013
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, 2013:
|
— all the dividends paid from investment income-net are
|
“exempt-interest dividends” (not generally subject to
|
regular federal income taxes).
|
|
— except $120,851 of Dreyfus California AMT-Free
|
Municipal Cash Management's exempt-interest div-
|
idends that is being designated as an ordinary
|
income distribution and $91,235 that is being desig-
|
nated as a long-term capital gain distribution for
|
reporting purposes.
|
|
— except $1,889 of Dreyfus New York AMT-Free
|
Municipal Cash Management's exempt-interest divi-
|
dends that is being designated as an ordinary income
|
distribution for reporting purposes.
|
|
— except $97 of Dreyfus New York Municipal Cash
|
Management's exempt-interest dividends that is 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 DreyfusTreasury Prime Cash Management hereby report the following percentage of ordinary dividends paid during the fiscal year ended January 31, 2013 as attributable to interest income from direct obligations of the United States. Such dividends are currently exempt from taxation for income tax purposes in most states, including New York, California, Connecticut 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, 2013 as qualifying “interest-related dividends”:
|
|
|
Dreyfus Cash Management
|
93.68
|
%
|
Dreyfus Government Cash Management
|
100
|
%
|
Dreyfus Government
|
|
|
Prime Cash Management
|
100
|
%
|
Dreyfus Treasury & Agency
|
|
|
Cash Management
|
100
|
%
|
Dreyfus Treasury Prime
|
|
|
Cash Management
|
100
|
%
|
86
BOARD MEMBERS INFORMATION
(Unaudited)
OFFICERS OF THE FUND
(Unaudited)
BRADLEY J. SKAPYAK, President since January 2010.
Chief Operating Officer and a director of the Manager since June 2009; 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 69 investment companies (comprised of 145 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since February 1988.
CHARLES CARDONA, Executive Vice President since November 2001.
Vice Chair 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 57 years old and has been an employee of the Manager since February 1981.
JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.
Assistant General Counsel of BNY Mellon, and an officer of 70 investment companies (comprised of 172 portfolios) managed by the Manager. She is 50 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 70 investment companies (comprised of 172 portfolios) managed by the Manager. She is 39 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 70 investment companies (comprised of 172 portfolios) managed by the Manager. He is 46 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 70 investment companies (comprised of 172 portfolios) managed by the Manager. She is 57 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 70 investment companies (comprised of 172 portfolios) managed by the Manager. He is 51 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 70 investment companies (comprised of 172 portfolios) managed by the Manager. He is 49 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 70 investment companies (comprised of 172 portfolios) managed by the Manager. He is 61 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 70 investment companies (comprised of 172 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since October 1990.
88
JAMES WINDELS, Treasurer since November 2001.
Director – Mutual Fund Accounting of the Manager, and an officer of 70 investment companies (comprised of 172 portfolios) managed by the Manager. He is 54 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 70 investment companies (comprised of 172 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since September 1982.
GAVIN C. REILLY, Assistant Treasurer since August 2005.
Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 70 investment companies (comprised of 172 portfolios) managed by the Manager. He is 44 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 70 investment companies (comprised of 172 portfolios) managed by the Manager. He is 48 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 70 investment companies (comprised of 172 portfolios) managed by the Manager. He is 45 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 70 investment companies (comprised of 172 portfolios) managed by the Manager. He is 45 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 (70 investment companies, comprised of 172 portfolios). He is 55 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 66 investment companies (comprised of 168 portfolios) managed by the Manager. He is 40 years old and has been an employee of the Distributor since October 2011.
For More Information
(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 $10,160 in 2012 and $312 in 2013. [These services consisted of a review of the Registrant's anti-money laundering program].
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2012 and $200,000 in 2013.
(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 $24,056,830 in 2012 and $46,989,773 in 2013.
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.