N-CSR 1 lp1-761.htm ANNUAL REPORT

 

 

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-05718
   
  Dreyfus Treasury Securities Cash Management  
  (Exact name of Registrant as specified in charter)  
     
 

 

c/o BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York 10286

 
  (Address of principal executive offices)        (Zip code)  
     
 

Deirdre Cunnane, Esq.

240 Greenwich Street

New York, New York 10286

 
  (Name and address of agent for service)  
 
Registrant's telephone number, including area code:   (212) 922-6400
   

Date of fiscal year end:

 

01/31  
Date of reporting period:

01/31/2022

 

 

 

 
             
 
 

FORM N-CSR

Item 1. Reports to Stockholders.

 

 

 

 

 

  

Dreyfus Cash Management Funds

ANNUAL REPORT January 31, 2022

 

Dreyfus Government Cash Management

Dreyfus Government Securities Cash Management

Dreyfus Treasury Obligations Cash Management

Dreyfus Treasury Securities Cash Management

Dreyfus Cash Management

Dreyfus Tax Exempt Cash Management

 

Contents

THE FUNDS

  

Understanding Your Fund’s Expenses

2

Comparing Your Fund’s Expenses With Those of Other Funds

3

Statements of Investments

4

Statements of Assets and Liabilities

31

Statements of Operations

33

Statements of Changes in Net Assets

35

Financial Highlights

38

Notes to Financial Statements

47

Report of Independent Registered
Public Accounting Firm

59

Important Tax Information

60

Board Members Information

61

Officers of the Fund

63

FOR MORE INFORMATION

 

Back Cover

 
 

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

 

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

 

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

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

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in each class of each fund from August 1, 2021 to January 31, 2022. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

          

Expenses and Value of a $1,000 Investment

 

Assume actual returns for the six months ended January 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

Investor Shares

Administrative Shares

Participant Shares

Wealth Shares

Service Shares

Preferred Shares

 

Dreyfus Government Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.20

$.20

$.20

$.20

$.20

$.20

-

 

Ending value (after expenses)

$1,000.20

$1,000.20

$1,000.20

$1,000.20

$1,000.20

$1,000.20

-

 

Annualized expense ratio (%)

.04

.04

.04

.04

.04

.04

-

 

Dreyfus Government Securities Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.30

$.30

$.30

$.30

-

-

-

 

Ending value (after expenses)

$1,000.10

$1,000.10

$1,000.10

$1,000.10

-

-

-

 

Annualized expense ratio (%)

.06

.06

.06

.06

-

-

-

 

Dreyfus Treasury Obligations Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.30

$.30

$.30

$.30

$.30

$.35

-

 

Ending value (after expenses)

$1,000.10

$1,000.10

$1,000.10

$1,000.10

$1,000.10

$1,000.10

-

 

Annualized expense ratio (%)

.06

.06

.06

.06

.06

.07

-

 

Dreyfus Treasury Securities Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.25

$.25

$.25

$.25

$.30

$.30

-

 

Ending value (after expenses)

$1,000.10

$1,000.10

$1,000.10

$1,000.10

$1,000.10

$1,000.10

-

 

Annualized expense ratio (%)

.05

.05

.05

.05

.06

.06

-

 

Dreyfus Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.50

$.66

$.71

-

-

-

$.50

 

Ending value (after expenses)

$1,000.00

$999.80

$999.90

-

-

-

$1,000.00

 

Annualized expense ratio (%)

.10

.13

.14

-

-

-

.10

 

Dreyfus Tax Exempt Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.40

-

-

-

-

-

-

 

Ending value (after expenses)

$1,000.10

-

-

-

-

-

-

 

Annualized expense ratio (%)

.08

-

-

-

-

-

-

 

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

 

2

 

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

Using the SEC’s method to compare expenses

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

          

Expenses and Value of a $1,000 Investment

 

Assuming a hypothetical 5% annualized return for the six months ended January 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

Investor Shares

Administrative Shares

Participant Shares

Wealth Shares

Service Shares

Preferred Shares

 

Dreyfus Government Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.20

$.20

$.20

$.20

$.20

$.20

-

 

Ending value (after expenses)

$1,025.00

$1,025.00

$1,025.00

$1,025.00

$1,025.00

$1,025.00

-

 

Annualized expense ratio (%)

.04

.04

.04

.04

.04

.04

-

 

Dreyfus Government Securities Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.31

$.31

$.31

$.31

-

-

-

 

Ending value (after expenses)

$1,024.90

$1,024.90

$1,024.90

$1,024.90

-

-

-

 

Annualized expense ratio (%)

.06

.06

.06

.06

-

-

-

 

Dreyfus Treasury Obligations Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.31

$.31

$.31

$.31

$.31

$.36

-

 

Ending value (after expenses)

$1,024.90

$1,024.90

$1,024.90

$1,024.90

$1,024.90

$1,024.85

-

 

Annualized expense ratio (%)

.06

.06

.06

.06

.06

.07

-

 

Dreyfus Treasury Securities Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.26

$.26

$.26

$.26

$.31

$.31

-

 

Ending value (after expenses)

$1,024.95

$1,024.95

$1,024.95

$1,024.95

$1,024.90

$1,024.90

-

 

Annualized expense ratio (%)

.05

.05

.05

.05

.06

.06

-

 

Dreyfus Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.51

$.66

$.71

-

-

-

$.51

 

Ending value (after expenses)

$1,024.70

$1,024.55

$1,024.50

-

-

-

$1,024.70

 

Annualized expense ratio (%)

.10

.13

.14

-

-

-

.10

 

Dreyfus Tax Exempt Cash Management

 

 

 

 

 

 

Expenses paid per $1,000

$.41

-

-

-

-

-

-

 

Ending value (after expenses)

$1,024.80

-

-

-

-

-

-

 

Annualized expense ratio (%)

.08

-

-

-

-

-

-

 

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

 

3

 

STATEMENT OF INVESTMENTS
January 31, 2022

       
 

Dreyfus Government Cash Management

U.S. Government Agencies Obligations - 7.1%

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

Federal Farm Credit Banks:

     

4/6/2022

0.05

 

5,000,000

a 

4,999,556

 

2/1/2022, 3 Month SOFR +.02%

0.07

 

220,000,000

b 

220,000,000

 

2/1/2022, 3 Month SOFR +.02%

0.07

 

350,000,000

b 

349,957,797

 

2/1/2022, 3 Month SOFR +.03%

0.08

 

85,000,000

b 

84,994,541

 

2/1/2022, 3 Month SOFR +.03%

0.08

 

160,000,000

b 

160,000,000

 

2/1/2022, 3 Month SOFR +.04%

0.09

 

108,000,000

b 

108,000,000

 

2/1/2022, 3 Month SOFR +.04%

0.09

 

115,000,000

b 

115,000,000

 

2/1/2022, 3 Month SOFR +.04%

0.09

 

345,000,000

b 

345,000,000

 

2/1/2022, 3 Month SOFR +.04%

0.09

 

169,000,000

b 

169,000,000

 

2/1/2022, 3 Month SOFR +.04%

0.09

 

46,000,000

b 

46,000,000

 

2/1/2022, 3 Month SOFR +.04%

0.09

 

330,000,000

b 

329,994,515

 

2/1/2022, 3 Month SOFR +.05%

0.10

 

20,000,000

b 

20,000,000

 

2/1/2022, 3 Month SOFR +.06%

0.11

 

30,000,000

b 

30,000,000

 

2/1/2022, 3 Month SOFR +.06%

0.11

 

45,000,000

b 

45,000,000

 

2/1/2022, 3 Month SOFR +.06%

0.11

 

42,000,000

b 

42,000,000

 

2/1/2022, 3 Month SOFR +.06%

0.11

 

26,000,000

b 

26,000,000

 

2/1/2022, 3 Month SOFR +.06%

0.11

 

17,000,000

b 

17,000,000

 

2/1/2022, 3 Month SOFR +.06%

0.11

 

53,500,000

b 

53,504,492

 

2/1/2022, 3 Month SOFR +.06%

0.11

 

85,000,000

b 

85,000,000

 

2/1/2022, 3 Month SOFR +.08%

0.13

 

25,000,000

b 

25,000,000

 

2/1/2022, 3 Month SOFR +.08%

0.13

 

66,000,000

b 

66,000,000

 

2/1/2022, 3 Month SOFR +.09%

0.14

 

40,000,000

b 

40,000,000

 

2/1/2022, 3 Month SOFR +.15%

0.20

 

80,000,000

b 

80,000,000

 

2/1/2022, 3 Month U.S. T-BILL +.03%

0.22

 

325,000,000

b 

325,000,000

 

2/1/2022, 3 Month SOFR +.19%

0.24

 

162,500,000

b 

162,500,000

 

2/1/2022, 3 Month U.S. T-BILL +.17%

0.36

 

125,000,000

b 

125,000,000

 

2/1/2022, 3 Month SOFR +.35%

0.40

 

250,000,000

b 

250,000,000

 

10/28/2022

0.19

 

100,000,000

 

99,990,904

 

Federal Home Loan Banks:

     

2/1/2022, 3 Month SOFR +.01%

0.06

 

250,000,000

b 

250,000,000

 

2/1/2022, 3 Month SOFR +.04%

0.09

 

122,000,000

b 

122,000,000

 

2/1/2022, 3 Month SOFR +.04%

0.09

 

175,000,000

b 

175,000,000

 

2/1/2022, 3 Month SOFR +.05%

0.10

 

147,000,000

b 

147,000,000

 

2/1/2022, 3 Month SOFR +.06%

0.11

 

100,000,000

b 

100,000,000

 

2/1/2022, 3 Month SOFR +.06%

0.11

 

100,000,000

b 

100,000,000

 

2/1/2022, 3 Month SOFR +.07%

0.12

 

50,000,000

b 

50,000,000

 

2/1/2022, 3 Month SOFR +.08%

0.13

 

110,000,000

b 

110,000,000

 

2/1/2022, 3 Month SOFR +.08%

0.13

 

200,000,000

b 

200,000,000

 

2/1/2022, 3 Month SOFR +.09%

0.14

 

200,000,000

b 

200,000,000

 

2/1/2022, 3 Month SOFR +.20%

0.25

 

100,000,000

b 

100,000,000

 

4/7/2022

0.10

 

250,000,000

a 

249,954,861

 

Federal Home Loan Mortgage Corporation:

     

2/1/2022, 3 Month SOFR +.06%

0.11

 

500,000,000

b,c 

500,000,000

 

2/1/2022, 3 Month SOFR +.07%

0.12

 

500,000,000

b,c 

500,000,000

 

2/1/2022, 3 Month SOFR +.12%

0.17

 

500,000,000

b,c 

500,000,000

 

2/1/2022, 3 Month SOFR +.13%

0.18

 

92,500,000

b,c 

92,540,501

 

Federal National Mortgage Association:

     

2/1/2022, 3 Month SOFR +.12%

0.17

 

42,000,000

b,c 

42,000,000

 

2/1/2022, 3 Month SOFR +.19%

0.24

 

175,000,000

b,c 

174,996,809

 

2/1/2022, 3 Month SOFR +.19%

0.24

 

600,000,000

b,c 

600,000,000

 

2/1/2022, 3 Month SOFR +.20%

0.25

 

525,000,000

b,c 

525,000,000

 

2/1/2022, 3 Month SOFR +.22%

0.27

 

233,000,000

b,c 

233,000,000

 

2/1/2022, 3 Month SOFR +.30%

0.35

 

375,000,000

b,c 

375,000,000

 

4

 

       
 

Dreyfus Government Cash Management(continued)

U.S. Government Agencies Obligations - 7.1%(continued)

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

U.S. International Development Finance Corporation:

     

2/7/2022, 3 Month U.S. T-BILL FLAT

0.16

 

11,875,000

b 

11,875,000

 

2/7/2022, 3 Month U.S. T-BILL FLAT

0.16

 

35,000,000

b 

35,000,000

 

2/7/2022, 3 Month U.S. T-BILL FLAT

0.16

 

22,000,000

b 

22,000,000

 

2/7/2022, 3 Month U.S. T-BILL FLAT

0.16

 

12,638,889

b 

12,638,889

 

2/7/2022, 3 Month U.S. T-BILL FLAT

0.16

 

20,625,000

b 

20,625,000

 

2/7/2022, 3 Month U.S. T-BILL FLAT

0.16

 

6,315,789

b 

6,315,789

 

2/7/2022, 3 Month U.S. T-BILL FLAT

0.16

 

23,750,000

b 

23,750,000

 

Total U.S. Government Agencies Obligations

(cost $8,903,638,654)

    

8,903,638,654

 

U.S. Cash Management Bills - 1.5%


 


   

2/15/2022

0.02

 

135,000,000

a 

134,998,950

 

3/1/2022

0.06

 

200,000,000

a 

199,991,444

 

3/8/2022

0.06

 

49,980,000

a 

49,977,327

 

3/29/2022

0.07

 

350,000,000

a 

349,961,889

 

4/5/2022

0.08

 

400,000,000

a 

399,947,500

 

4/26/2022

0.13

 

335,000,000

a 

334,898,383

 

5/17/2022

0.20

 

390,000,000

a 

389,772,500

 

Total U.S. Cash Management Bills

(cost $1,859,547,993)

    

1,859,547,993

 

U.S. Treasury Bills - 17.0%


 


   

2/3/2022

0.01

 

485,000,000

a 

484,999,731

 

2/8/2022

0.05

 

6,630,000

a 

6,629,935

 

2/17/2022

0.06

 

50,000,000

a 

49,998,778

 

2/24/2022

0.05

 

450,000,000

a 

449,985,625

 

3/10/2022

0.06

 

1,434,480,000

a 

1,434,394,505

 

3/24/2022

0.08

 

1,250,000,000

a 

1,249,867,190

 

4/7/2022

0.09

 

150,000,000

a 

149,975,625

 

4/14/2022

0.12

 

570,300,000

a 

570,163,128

 

4/28/2022

0.17

 

292,000,000

a 

291,881,416

 

5/12/2022

0.07

 

2,700,000,000

a 

2,699,512,493

 

5/19/2022

0.07

 

3,195,000,000

a 

3,194,382,746

 

5/26/2022

0.07

 

160,000,000

a 

159,964,533

 

6/2/2022

0.09

 

3,150,000,000

a 

3,149,047,276

 

6/23/2022

0.16

 

800,000,000

a 

799,495,111

 

7/7/2022

0.22

 

579,900,000

a 

579,347,162

 

7/14/2022

0.28

 

2,010,000,000

a 

2,007,517,646

 

7/21/2022

0.37

 

1,225,000,000

a 

1,222,888,576

 

12/1/2022

0.24

 

2,645,000,000

a 

2,639,832,582

 

Total U.S. Treasury Bills

(cost $21,139,884,058)

    

21,139,884,058

 

U.S. Treasury Floating Rate Notes - 7.6%


 


   

2/1/2022, 3 Month U.S. T-BILL +.03%

0.22

 

2,255,000,000

b 

2,255,109,099

 

2/1/2022, 3 Month U.S. T-BILL +.03%

0.22

 

3,437,625,000

b 

3,437,735,676

 

2/1/2022, 3 Month U.S. T-BILL +.04%

0.23

 

900,000,000

b 

899,995,579

 

2/1/2022, 3 Month U.S. T-BILL +.05%

0.24

 

2,530,000,000

b 

2,530,192,178

 

2/1/2022, 3 Month U.S. T-BILL +.06%

0.25

 

400,000,000

b 

399,985,106

 

Total U.S. Treasury Floating Rate Notes

(cost $9,523,017,638)

    

9,523,017,638

 

U.S. Treasury Notes - .2%


 


   

9/30/2022

0.13

 

160,000,000

 

159,821,816

 

11/30/2022

2.00

 

91,000,000

 

92,281,791

 

Total U.S. Treasury Notes

(cost $252,103,607)

    

252,103,607

 

5

 

STATEMENT OF INVESTMENTS (continued)

       
 

Dreyfus Government Cash Management(continued)

Repurchase Agreements - 65.5%

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

ABN Amro Bank, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $975,001,354 (fully collateralized by: Government National Mortgage Association Agency Mortgage-Backed Securities, 2.50%-2.50%, due 9/20/2051-12/20/2051, U.S. Treasuries (including strips), 2.13%-3.13%, due 6/30/2022-5/15/2048, valued at $994,500,011)

0.05

 

975,000,000

 

975,000,000

 

Banco Santander, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $164,000,046 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-3.13%, due 7/14/2022-8/15/2031, valued at $167,275,105)

0.01

 

164,000,000

 

164,000,000

 

Banco Santander, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $496,000,138 (fully collateralized by: Federal National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-5.00%, due 9/1/2047-10/1/2051, valued at $505,920,001)

0.01

 

496,000,000

 

496,000,000

 

Banco Santander, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $500,000,139 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 2.00%-4.00%, due 6/1/2045-9/1/2051, Federal National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-4.50%, due 4/1/2037-1/1/2057, valued at $510,000,000)

0.01

 

500,000,000

 

500,000,000

 

Bank of America Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $200,000,278 (fully collateralized by: U.S. Treasuries (including strips), 0.50%-2.13%, due 1/31/2024-2/15/2031, valued at $204,000,012)

0.05

 

200,000,000

 

200,000,000

 

Bank of America Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $100,000,139 (fully collateralized by: Government National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-2.50%, due 2/20/2051-1/20/2052, valued at $102,000,001)

0.05

 

100,000,000

 

100,000,000

 

Bank of America Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $120,000,167 (fully collateralized by: Government National Mortgage Association Agency Mortgage-Backed Securities, 2.06%-4.10%, due 6/15/2040-11/15/2057, valued at $122,400,001)

0.05

 

120,000,000

 

120,000,000

 

Bank of America Securities, OBFR+.02%, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at interest rate reset date of 2/1/2022 in the amount of $75,000,188 and maturity date of 5/6/2022 (fully collateralized by: Government National Mortgage Association Agency Mortgage-Backed Securities, 2.50%, due 1/20/2052, valued at $76,500,001)

0.09

 

75,000,000

d 

75,000,000

 

Bank of America Securities, OBFR+.02%, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at interest rate reset date of 2/1/2022 in the amount of $875,002,187 and maturity date of 5/6/2022 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 0.00%-7.14%, due 3/15/2032-6/15/2054, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 2.00%-6.04%, due 4/15/2036-2/25/2052, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.00%-20.40%, due 12/25/2023-3/25/2061, Federal National Mortgage Association Agency Debentures and Agency Strips, 0.00%-8.00%, due 10/25/2022-12/1/2045, Federal National Mortgage Association Agency Mortgage-Backed Securities, 1.37%, due 7/25/2029, valued at $944,118,197)

0.09

 

875,000,000

d 

875,000,000

 

Bank of Montreal, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $500,000,417 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-4.38%, due 4/21/2022-2/15/2050, valued at $510,000,036)

0.03

 

500,000,000

 

500,000,000

 

6

 

       
 

Dreyfus Government Cash Management(continued)

Repurchase Agreements - 65.5%(continued)

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

Bank of Montreal, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $690,000,958 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 0.41%-6.09%, due 2/15/2027-5/15/2049, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 1.50%-6.25%, due 6/25/2032-11/25/2051, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 1.50%-3.00%, due 11/1/2030-1/1/2052, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.04%-6.49%, due 1/25/2023-10/25/2060, Federal National Mortgage Association Agency Debentures and Agency Strips, 3.50%, due 11/1/2044, Federal National Mortgage Association Agency Mortgage-Backed Securities, 0.51%-3.00%, due 11/25/2024-1/1/2052, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.05%-6.65%, due 6/16/2028-12/20/2070, valued at $740,129,361)

0.05

 

690,000,000

 

690,000,000

 

BNP Paribas, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $100,000,111 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-3.38%, due 2/28/2022-11/15/2048, valued at $102,000,012)

0.04

 

100,000,000

 

100,000,000

 

Canadian Imperial Bank of Commerce, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $175,000,243 (fully collateralized by: Federal Home Loan Banks Agency Debentures and Agency Strips, 2.47%, due 3/23/2040, Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 4.00%-7.00%, due 6/15/2031-3/15/2044, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 3.00%-5.94%, due 11/25/2049-11/25/2050, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 2.05%-7.50%, due 8/1/2023-2/1/2052, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 3.00%-7.00%, due 9/25/2031-7/25/2050, Federal National Mortgage Association Agency Debentures and Agency Strips, 0.00%-5.00%, due 3/23/2028-7/1/2045, Federal National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-5.00%, due 10/1/2027-2/1/2052, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 6.10%, due 6/20/2047, Government National Mortgage Association Agency Mortgage-Backed Securities, 3.00%-4.67%, due 7/20/2046-3/20/2065, valued at $178,981,184)

0.05

 

175,000,000

 

175,000,000

 

Canadian Imperial Bank of Commerce, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $400,055,000 (fully collateralized by: Federal Farm Credit Bank Agency Debentures and Agency Strips, 2.34%, due 2/25/2041, Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 4.00%-7.00%, due 2/15/2028-3/15/2044, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 0.00%-5.94%, due 1/4/2027-3/25/2051, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 2.00%-4.50%, due 3/1/2043-1/1/2052, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 5.89%-8.40%, due 11/25/2036-7/25/2049, Federal National Mortgage Association Agency Debentures and Agency Strips, 0.00%-3.50%, due 5/1/2030-8/1/2043, Federal National Mortgage Association Agency Mortgage-Backed Securities, 1.81%-4.50%, due 11/1/2028-11/1/2051, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.40%-6.00%, due 12/20/2027-10/16/2062, Government National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-4.73%, due 1/15/2041-5/20/2069, U.S. Treasuries (including strips), 3.38%, due 5/15/2044, valued at $409,159,679)

0.06

 

400,000,000

 

400,000,000

 

7

 

STATEMENT OF INVESTMENTS (continued)

       
 

Dreyfus Government Cash Management(continued)

Repurchase Agreements - 65.5%(continued)

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

Canadian Imperial Bank of Commerce, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/3/2022 in the amount of $1,000,151,250 (fully collateralized by: Federal Farm Credit Bank Agency Debentures and Agency Strips, 2.34%-2.39%, due 2/7/2039-2/25/2041, Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 0.45%-8.69%, due 10/15/2023-11/15/2048, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 0.00%-6.25%, due 12/25/2035-11/25/2051, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 2.00%-5.00%, due 2/1/2040-1/1/2052, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 1.05%-7.00%, due 11/25/2024-4/25/2055, Federal National Mortgage Association Agency Debentures and Agency Strips, 3.00%-5.00%, due 5/1/2030-4/1/2049, Federal National Mortgage Association Agency Mortgage-Backed Securities, 1.78%-4.21%, due 4/1/2028-1/1/2052, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.00%-6.59%, due 5/20/2031-9/16/2063, Government National Mortgage Association Agency Mortgage-Backed Securities, 1.50%-5.00%, due 1/15/2041-8/20/2069, U.S. Treasuries (including strips), 0.25%-3.38%, due 6/15/2024-5/15/2044, valued at $1,033,290,013)

0.06

 

1,000,000,000

 

1,000,000,000

 

Canadian Imperial Bank of Commerce/New York, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/7/2022 in the amount of $400,000,000 (fully collateralized by: Federal Farm Credit Bank Agency Debentures and Agency Strips, 2.34%, due 2/25/2041, Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 3.50%-7.00%, due 2/15/2028-11/1/2049, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 0.00%-5.94%, due 1/4/2027-3/25/2051, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 2.00%-4.50%, due 3/1/2043-1/1/2052, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 5.89%-8.40%, due 11/25/2036-7/25/2049, Federal National Mortgage Association Agency Debentures and Agency Strips, 0.00%-3.50%, due 5/1/2030-8/1/2043, Federal National Mortgage Association Agency Mortgage-Backed Securities, 1.81%-4.50%, due 2/1/2031-12/1/2051, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.40%-6.00%, due 12/20/2027-10/16/2062, Government National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-4.73%, due 1/15/2041-5/20/2069, valued at $409,142,656)

0.06

 

400,000,000

 

400,000,000

 

Citigroup Global Markets, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $1,050,001,458 (fully collateralized by: U.S. Treasuries (including strips), 0.50%-6.13%, due 10/31/2027-5/31/2028, valued at $1,071,000,063)

0.05

 

1,050,000,000

 

1,050,000,000

 

8

 

       
 

Dreyfus Government Cash Management(continued)

Repurchase Agreements - 65.5%(continued)

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

Citigroup Global Markets, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $250,000,347 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-0.00%, due 5/15/2042-5/15/2046, valued at $255,498,947)

0.05

 

250,000,000

 

250,000,000

 

Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $342,000,475 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-2.88%, due 3/31/2022-11/15/2030, valued at $348,840,024)

0.05

 

342,000,000

 

342,000,000

 

Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $186,000,258 (fully collateralized by: U.S. Treasuries (including strips), 0.63%-1.63%, due 10/31/2028-5/15/2031, valued at $189,720,025)

0.05

 

186,000,000

 

186,000,000

 

Daiwa Capital Markets America, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $1,200,001,667 (fully collateralized by: Federal Farm Credit Bank Agency Debentures and Agency Strips, 1.78%-2.32%, due 1/26/2027-1/26/2032, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 2.00%-6.50%, due 9/1/2028-1/1/2052, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.00%, due 7/25/2023, Federal National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-6.00%, due 5/1/2025-12/1/2051, Government National Mortgage Association Agency Mortgage-Backed Securities, 1.50%-5.00%, due 2/20/2031-1/20/2052, U.S. Treasuries (including strips), 0.00%-4.50%, due 2/1/2022-11/15/2051, valued at $1,224,000,000)

0.05

 

1,200,000,000

 

1,200,000,000

 

Deutsche Bank Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $550,000,764 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-3.88%, due 1/15/2025-2/15/2051, valued at $561,000,003)

0.05

 

550,000,000

 

550,000,000

 

DNB Bank, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $200,000,278 (fully collateralized by: U.S. Treasuries (including strips), 0.13%, due 7/15/2026, valued at $204,000,100)

0.05

 

200,000,000

 

200,000,000

 

Federal Reserve Bank of New York, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $54,500,075,694 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-3.63%, due 9/30/2022-5/15/2044, valued at $54,500,075,753)

0.05

 

54,500,000,000

 

54,500,000,000

 

Fixed Income Clearing, Tri-Party Agreement thru State Street, dated 1/31/2022, due at 2/1/2022 in the amount of $330,000,458 (fully collateralized by: U.S. Treasuries (including strips), 1.13%-4.50%, due 2/28/2022-5/15/2038, valued at $336,893,959)

0.05

 

330,000,000

 

330,000,000

 

HSBC Securities USA, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $245,000,306 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-4.38%, due 2/1/2022-11/15/2051, valued at $249,900,000)

0.05

 

245,000,000

 

245,000,000

 

HSBC Securities USA, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $520,000,722 (fully collateralized by: Government National Mortgage Association Agency Mortgage-Backed Securities, 3.00%-4.00%, due 4/20/2042-9/20/2051, valued at $530,400,000)

0.05

 

520,000,000

 

520,000,000

 

ING Financial Markets, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/3/2022 in the amount of $50,000,486 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-6.25%, due 2/28/2023-8/15/2050, valued at $51,000,054)

0.05

 

50,000,000

 

50,000,000

 

9

 

STATEMENT OF INVESTMENTS (continued)

       
 

Dreyfus Government Cash Management(continued)

Repurchase Agreements - 65.5%(continued)

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

JP Morgan Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $850,001,181 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 4.00%, due 3/1/2047, Federal National Mortgage Association Agency Mortgage-Backed Securities, 1.50%-7.50%, due 2/1/2027-11/1/2059, valued at $867,000,000)

0.05

 

850,000,000

 

850,000,000

 

JP Morgan Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $100,000,139 (fully collateralized by: U.S. Treasuries (including strips), 0.25%-2.50%, due 2/15/2022-10/31/2022, valued at $102,000,031)

0.05

 

100,000,000

 

100,000,000

 

JP Morgan Securities, 1 Month SOFR +.01%, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at interest rate reset date of 2/1/2022 in the amount of $840,039,667 and maturity date of 2/7/2022 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 0.45%, due 9/15/2040, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 1.92%-7.50%, due 3/1/2026-2/1/2052, Federal National Mortgage Association Agency Debentures and Agency Strips, 3.50%-5.99%, due 12/1/2033-7/1/2048, Federal National Mortgage Association Agency Mortgage-Backed Securities, 1.84%-7.50%, due 4/1/2027-8/1/2056, Government National Mortgage Association Agency Mortgage-Backed Securities, 2.50%-4.00%, due 2/20/2050-1/20/2052, valued at $856,800,000)

0.06

 

840,000,000

b 

840,000,000

 

JP Morgan Securities, 1 Month SOFR +.02%, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at interest rate reset date of 2/1/2022 in the amount of $500,027,639 and maturity date of 5/2/2022 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 2.50%-4.50%, due 11/15/2032-1/25/2051, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 1.99%-4.00%, due 9/1/2027-2/1/2052, Federal National Mortgage Association Agency Debentures and Agency Strips, 3.00%-5.50%, due 5/1/2027-9/1/2047, Federal National Mortgage Association Agency Mortgage-Backed Securities, 1.50%-8.00%, due 9/1/2023-1/1/2052, Government National Mortgage Association Agency Mortgage-Backed Securities, 4.50%, due 5/20/2050, valued at $510,000,000)

0.07

 

500,000,000

d 

500,000,000

 

JP Morgan Securities, 1 Month SOFR +.16%, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at interest rate reset date of 2/1/2022 in the amount of $1,000,168,056 and maturity date of 5/2/2022 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 0.00%-6.50%, due 6/15/2025-1/25/2049, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.04%-4.00%, due 2/15/2022-1/25/2048, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.00%-6.70%, due 11/20/2026-10/16/2062, valued at $1,080,000,000)

0.21

 

1,000,000,000

d 

1,000,000,000

 

MUFG Securities (Canada), Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $100,000,139 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 2.00%-5.94%, due 12/15/2040-12/25/2051, Federal National Mortgage Association Agency Debentures and Agency Strips, 0.00%-4.00%, due 7/1/2032-6/1/2039, valued at $106,910,327)

0.05

 

100,000,000

 

100,000,000

 

10

 

       
 

Dreyfus Government Cash Management(continued)

Repurchase Agreements - 65.5%(continued)

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

MUFG Securities (Canada), Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $1,725,002,396 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 1.50%-6.50%, due 9/1/2031-11/1/2051, Federal National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-5.50%, due 12/1/2028-1/1/2052, Government National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-5.00%, due 8/15/2039-5/20/2066, U.S. Treasuries (including strips), 0.13%-6.38%, due 4/15/2022-2/15/2051, valued at $1,759,500,069)

0.05

 

1,725,000,000

 

1,725,000,000

 

Natixis, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $1,000,001,389 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-7.63%, due 1/26/2023-11/15/2051, valued at $1,020,000,037)

0.05

 

1,000,000,000

 

1,000,000,000

 

Nomura Securities International, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $200,000,278 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-2.50%, due 5/31/2023-11/15/2049, valued at $204,000,085)

0.05

 

200,000,000

 

200,000,000

 

Nomura Securities International, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $1,750,002,431 (fully collateralized by: Federal Farm Credit Bank Agency Debentures and Agency Strips, 0.09%, due 2/17/2023, Federal Home Loan Banks Agency Debentures and Agency Strips, 0.08%-1.70%, due 2/17/2023-1/28/2027, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 0.13%-0.22%, due 10/16/2023-1/29/2024, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 2.00%-5.00%, due 1/1/2037-2/1/2052, Federal National Mortgage Association Agency Debentures and Agency Strips, 0.00%, due 1/15/2033, Federal National Mortgage Association Agency Mortgage-Backed Securities, 1.50%-4.00%, due 7/1/2029-1/1/2058, Government National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-4.59%, due 4/15/2041-10/20/2067, U.S. Treasuries (including strips), 0.00%-2.50%, due 2/15/2022-11/15/2047, valued at $1,785,000,345)

0.05

 

1,750,000,000

 

1,750,000,000

 

Nomura Securities International, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $1,050,001,458 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-3.00%, due 2/15/2022-11/15/2051, valued at $1,071,000,000)

0.05

 

1,050,000,000

 

1,050,000,000

 

Prudential Insurance Company of America, dated 1/31/2022, due at 2/1/2022 in the amount of $49,341,332 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-0.00%, due 11/15/2035-2/15/2043, valued at $50,328,075)

0.06

 

49,341,250

 

49,341,250

 

Prudential Legacy Insurance Company of New Jersey, dated 1/31/2022, due at 2/1/2022 in the amount of $223,125,372 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-0.00%, due 11/15/2037-2/15/2045, valued at $227,587,500)

0.06

 

223,125,000

 

223,125,000

 

RBC Dominion Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $500,000,694 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 3.00%, due 1/1/2050, Federal National Mortgage Association Agency Mortgage-Backed Securities, 3.00%-5.50%, due 4/1/2038-8/1/2049, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.70%-0.80%, due 8/20/2048-11/20/2048, Government National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-5.00%, due 6/15/2039-10/20/2051, U.S. Treasuries (including strips), 0.00%-2.75%, due 3/22/2022-5/15/2049, valued at $510,085,415)

0.05

 

500,000,000

 

500,000,000

 

11

 

STATEMENT OF INVESTMENTS (continued)

       
 

Dreyfus Government Cash Management(continued)

Repurchase Agreements - 65.5%(continued)

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

RBC Dominion Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $1,000,001,389 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-7.13%, due 1/31/2023-2/15/2051, valued at $1,020,000,018)

0.05

 

1,000,000,000

 

1,000,000,000

 

RBC Dominion Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/7/2022 in the amount of $700,081,278 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-3.00%, due 2/28/2022-2/15/2051, valued at $714,000,022)

0.06

 

700,000,000

 

700,000,000

 

Royal Bank of Canada, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $1,875,002,604 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 1.54%-6.99%, due 10/15/2032-10/15/2058, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 1.50%-6.05%, due 9/25/2033-1/25/2052, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.00%-6.63%, due 3/25/2033-11/25/2061, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.00%-7.00%, due 9/20/2036-5/20/2069, U.S. Treasuries (including strips), 0.13%-2.50%, due 5/15/2024-7/15/2030, valued at $2,021,037,392)

0.05

 

1,875,000,000

 

1,875,000,000

 

Societe Generale, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $300,000,417 (fully collateralized by: Federal Home Loan Banks Agency Debentures and Agency Strips, 0.90%, due 2/26/2027, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 1.50%-6.00%, due 7/1/2025-11/1/2051, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.81%, due 11/25/2039, Federal National Mortgage Association Agency Mortgage-Backed Securities, 2.50%-3.50%, due 3/1/2042-2/1/2052, Government National Mortgage Association Agency Mortgage-Backed Securities, 1.63%-4.50%, due 4/20/2026-1/20/2052, U.S. Treasuries (including strips), 0.00%-7.63%, due 2/3/2022-5/15/2050, valued at $306,000,002)

0.05

 

300,000,000

 

300,000,000

 

Societe Generale, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/4/2022 in the amount of $500,004,861 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 0.76%, due 10/15/2022, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 2.00%-5.00%, due 1/1/2033-12/1/2051, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.81%-0.81%, due 5/25/2023-11/25/2039, Federal National Mortgage Association Agency Mortgage-Backed Securities, 2.00%-4.00%, due 1/1/2043-10/1/2050, Government National Mortgage Association Agency Mortgage-Backed Securities, 2.50%, due 1/20/2052, U.S. Treasuries (including strips), 0.00%-6.25%, due 5/31/2022-5/15/2050, valued at $510,000,016)

0.05

 

500,000,000

 

500,000,000

 

12

 

       
 

Dreyfus Government Cash Management(continued)

Repurchase Agreements - 65.5%(continued)

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

Societe Generale, 1 Month SOFR FLAT, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at interest rate reset date of 2/1/2022 in the amount of $1,000,001,389 and maturity date of 2/7/2022 (fully collateralized by: Federal Home Loan Banks Agency Debentures and Agency Strips, 0.90%, due 2/26/2027, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 2.50%-6.00%, due 9/1/2024-12/1/2051, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.81%, due 11/25/2039, Federal National Mortgage Association Agency Debentures and Agency Strips, 0.88%, due 12/18/2026, Federal National Mortgage Association Agency Mortgage-Backed Securities, 1.48%-4.50%, due 11/1/2026-11/1/2051, Government National Mortgage Association Agency Mortgage-Backed Securities, 2.50%-4.00%, due 12/20/2044-1/20/2052, U.S. Treasuries (including strips), 0.00%-7.63%, due 2/24/2022-11/15/2050, valued at $1,020,000,050)

0.05

 

1,000,000,000

d 

1,000,000,000

 

UBS Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $300,000,417 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-7.63%, due 2/8/2022-11/15/2051, valued at $306,000,028)

0.05

 

300,000,000

 

300,000,000

 

Total Repurchase Agreements

(cost $81,755,466,250)

    

81,755,466,250

 

Total Investments (cost $123,433,658,200)

 

98.9%

 

123,433,658,200

 

Cash and Receivables (Net)

 

1.1%

 

1,380,438,448

 

Net Assets

 

100.0%

 

124,814,096,648

 

a Security is a discount security. Income is recognized through the accretion of discount.

b Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.

c The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.

d Illiquid security; investment has a put feature and a variable or floating rate. Security description also includes the reference rate and spread if published and available. The interest rate shown is the current rate as of January 31, 2022 and changes periodically. The maturity date shown reflects early termination date and the amount due represents the receivable of the fund as of the next interest payment date. At January 31, 2022, these securities amounted to $3,450,000,000 or 2.76% of net assets.

  

Portfolio Summary (Unaudited)

Value (%)

Repurchase Agreements

65.5

U.S. Treasury Securities

26.3

U.S. Government Agencies Obligations

7.1

 

98.9

 Based on net assets.

See notes to financial statements.

13

 

STATEMENT OF INVESTMENTS (continued)

       
 

Dreyfus Government Securities Cash Management

U.S. Government Agencies Obligations - 29.7%

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

Federal Farm Credit Banks:

     

2/1/2022

0.00

 

65,000,000

a 

65,000,000

 

5/20/2022

0.07

 

15,000,000

a 

14,996,850

 

5/25/2022

0.07

 

8,000,000

a 

7,998,242

 

5/31/2022

0.07

 

23,000,000

a 

22,994,678

 

6/2/2022

0.07

 

20,000,000

a 

19,995,294

 

6/21/2022

0.09

 

48,000,000

a 

47,983,200

 

6/24/2022

0.13

 

50,000,000

a 

49,974,181

 

2/1/2022, 3 Month SOFR +.06%

0.11

 

25,000,000

b 

25,000,000

 

2/1/2022, 3 Month SOFR +.08%

0.13

 

33,000,000

b 

33,000,000

 

2/1/2022, 3 Month SOFR +.20%

0.25

 

65,000,000

b 

65,000,000

 

2/1/2022, 3 Month U.S. T-BILL +.17%

0.36

 

125,000,000

b 

125,000,000

 

Federal Home Loan Banks:

     

2/1/2022

0.00

 

135,000,000

a 

135,000,000

 

2/1/2022, Ser. 1, SOFR FLAT

0.05

 

100,000,000

b 

100,000,000

 

2/1/2022, 3 Month SOFR +.04%

0.09

 

5,000,000

b 

5,000,000

 

2/1/2022, 3 Month SOFR +.04%

0.09

 

100,000,000

b 

100,000,000

 

2/1/2022, 3 Month SOFR +.07%

0.12

 

50,000,000

b 

50,000,000

 

2/1/2022, 3 Month SOFR +.08%

0.13

 

25,000,000

b 

25,000,000

 

2/1/2022, 3 Month SOFR +.08%

0.13

 

50,000,000

b 

50,000,000

 

2/3/2022

0.04

 

75,000,000

a 

74,999,854

 

2/22/2022

0.05

 

200,000,000

a 

199,994,750

 

3/17/2022

0.05

 

50,000,000

a 

49,997,250

 

4/27/2022

0.19

 

100,000,000

a 

99,955,139

 

Total U.S. Government Agencies Obligations

(cost $1,366,889,438)

    

1,366,889,438

 

U.S. Cash Management Bills - 23.5%


 


   

2/15/2022

0.05

 

192,000,000

a 

191,996,449

 

2/22/2022

0.03

 

193,000,000

a 

192,996,681

 

3/1/2022

0.00

 

150,000,000

a 

149,995,917

 

3/8/2022

0.05

 

25,000,000

a 

24,998,785

 

3/22/2022

0.08

 

125,000,000

a 

124,986,389

 

3/29/2022

0.00

 

200,000,000

a 

199,956,444

 

4/5/2022

0.08

 

200,000,000

a 

199,973,750

 

Total U.S. Cash Management Bills

(cost $1,084,904,415)

    

1,084,904,415

 

U.S. Treasury Bills - 39.3%


 


   

2/1/2022

0.04

 

165,000,000

a 

165,000,000

 

2/8/2022

0.03

 

240,000,000

a 

239,998,594

 

2/10/2022

0.04

 

450,000,000

a 

449,995,500

 

2/17/2022

0.05

 

100,000,000

a 

99,997,889

 

2/24/2022

0.05

 

221,000,000

a 

220,993,713

 

3/3/2022

0.05

 

16,000,000

a 

15,999,333

 

3/24/2022

0.08

 

150,000,000

a 

149,984,062

 

4/21/2022

0.17

 

120,000,000

a 

119,955,234

 

5/5/2022

0.00

 

150,000,000

a 

149,908,999

 

5/19/2022

0.07

 

50,000,000

a 

49,990,340

 

5/26/2022

0.09

 

100,000,000

a 

99,972,292

 

6/2/2022

0.09

 

50,000,000

a 

49,984,875

 

Total U.S. Treasury Bills

(cost $1,811,780,831)

    

1,811,780,831

 

14

 

       
 

Dreyfus Government Securities Cash Management(continued)

U.S. Treasury Floating Rate Notes - 5.4%

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

2/1/2022, 3 Month U.S. T-BILL +.03%

0.22

 

50,000,000

b 

50,003,025

 

2/1/2022, 3 Month U.S. T-BILL +.03%

0.22

 

50,000,000

b 

50,000,629

 

2/1/2022, 3 Month U.S. T-BILL +.05%

0.24

 

50,000,000

b 

50,007,074

 

2/1/2022, 3 Month U.S. T-BILL +.06%

0.25

 

100,000,000

b 

99,994,344

 

Total U.S. Treasury Floating Rate Notes

(cost $250,005,072)

    

250,005,072

 

U.S. Treasury Notes - 14.8%


 


   

2/15/2022

2.50

 

150,000,000

 

150,140,301

 

2/28/2022

1.13

 

250,000,000

 

250,199,874

 

3/31/2022

1.88

 

150,000,000

 

150,435,886

 

4/30/2022

0.13

 

80,000,000

 

80,007,407

 

4/30/2022

1.75

 

52,000,000

 

52,210,808

 

Total U.S. Treasury Notes

(cost $682,994,276)

    

682,994,276

 

Total Investments (cost $5,196,574,032)

 

112.7%

 

5,196,574,032

 

Liabilities, Less Cash and Receivables

 

(12.7%)

 

(585,517,079)

 

Net Assets

 

100.0%

 

4,611,056,953

 

a Security is a discount security. Income is recognized through the accretion of discount.

b Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.

  

Portfolio Summary (Unaudited)

Value (%)

U.S. Treasury Securities

83.1

U.S. Government Agencies Obligations

29.6

 

112.7

 Based on net assets.

See notes to financial statements.

15

 

STATEMENT OF INVESTMENTS (continued)

       
 

Dreyfus Treasury Obligations Cash Management

U.S. Cash Management Bills - 2.8%

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

3/1/2022

0.06

 

50,000,000

a 

49,997,861

 

3/22/2022

0.06

 

350,000,000

a 

349,972,778

 

3/29/2022

0.07

 

150,000,000

a 

149,983,667

 

4/5/2022

0.08

 

150,000,000

a 

149,980,312

 

5/17/2022

0.20

 

100,000,000

a 

99,941,667

 

Total U.S. Cash Management Bills

(cost $799,876,285)

    

799,876,285

 

U.S. Treasury Bills - 17.3%


 


   

2/24/2022

0.05

 

425,000,000

a 

424,986,423

 

3/10/2022

0.06

 

350,000,000

a 

349,978,930

 

3/24/2022

0.08

 

280,000,000

a 

279,970,250

 

4/7/2022

0.09

 

100,000,000

a 

99,983,750

 

4/14/2022

0.12

 

140,000,000

a 

139,966,400

 

4/21/2022

0.17

 

150,000,000

a 

149,944,042

 

5/12/2022

0.07

 

600,000,000

a 

599,891,665

 

5/19/2022

0.06

 

650,000,000

a 

649,876,653

 

6/2/2022

0.09

 

857,000,000

a 

856,740,841

 

6/23/2022

0.16

 

162,000,000

a 

161,897,760

 

7/7/2022

0.22

 

150,000,000

a 

149,857,000

 

7/14/2022

0.28

 

527,000,000

a 

526,350,038

 

7/21/2022

0.37

 

250,000,000

a 

249,569,097

 

12/1/2022

0.24

 

325,000,000

a 

324,345,603

 

Total U.S. Treasury Bills

(cost $4,963,358,452)

    

4,963,358,452

 

U.S. Treasury Floating Rate Notes - 16.2%


 


   

2/1/2022, 3 Month U.S. T-BILL +.03%

0.22

 

600,000,000

b 

600,038,197

 

2/1/2022, 3 Month U.S. T-BILL +.03%

0.22

 

850,000,000

b 

850,027,035

 

2/1/2022, 3 Month U.S. T-BILL +.04%

0.23

 

125,000,000

b 

124,999,999

 

2/1/2022, 3 Month U.S. T-BILL +.05%

0.24

 

1,584,000,000

b 

1,584,134,741

 

2/1/2022, 3 Month U.S. T-BILL +.06%

0.25

 

790,000,000

b 

790,034,665

 

2/1/2022, 3 Month U.S. T-BILL +.11%

0.30

 

700,000,000

b 

700,016,579

 

Total U.S. Treasury Floating Rate Notes

(cost $4,649,251,216)

    

4,649,251,216

 

U.S. Treasury Notes - 2.1%


 


   

4/30/2022

0.13

 

422,000,000

 

422,068,227

 

5/15/2022

2.13

 

75,000,000

 

75,438,592

 

9/30/2022

0.13

 

85,000,000

 

84,905,341

 

11/30/2022

0.13

 

15,000,000

 

14,979,094

 

Total U.S. Treasury Notes

(cost $597,391,254)

    

597,391,254

 

Repurchase Agreements - 61.6%


 


   

ABN Amro Bank, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $599,000,832 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-3.13%, due 6/30/2022-2/15/2049, valued at $610,980,021)

0.05

 

599,000,000

 

599,000,000

 

BNP Paribas, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $225,000,312 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-7.63%, due 3/10/2022-2/15/2051, valued at $229,500,000)

0.05

 

225,000,000

 

225,000,000

 

16

 

       
 

Dreyfus Treasury Obligations Cash Management(continued)

Repurchase Agreements - 61.6%(continued)

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $413,000,574 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-2.88%, due 3/31/2022-11/15/2030, valued at $421,260,029)

0.05

 

413,000,000

 

413,000,000

 

Daiwa Capital Markets America, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $50,000,056 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-7.63%, due 2/17/2022-8/15/2049, valued at $51,000,000)

0.04

 

50,000,000

 

50,000,000

 

Deutsche Bank Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $200,000,278 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-3.88%, due 1/15/2025-2/15/2051, valued at $204,000,001)

0.05

 

200,000,000

 

200,000,000

 

Federal Reserve Bank of New York, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $14,600,020,278 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-3.63%, due 2/28/2023-5/15/2044, valued at $14,600,020,331)

0.05

 

14,600,000,000

 

14,600,000,000

 

ING Financial Markets, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $15,000,021 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-5.38%, due 2/15/2022-5/15/2050, valued at $15,300,006)

0.05

 

15,000,000

 

15,000,000

 

ING Financial Markets, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/2/2022 in the amount of $100,000,972 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-6.25%, due 2/28/2023-11/15/2050, valued at $102,000,026)

0.05

 

100,000,000

 

100,000,000

 

JP Morgan Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $450,000,625 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-2.00%, due 2/28/2022-10/15/2026, valued at $459,000,098)

0.05

 

450,000,000

 

450,000,000

 

MUFG Securities (Canada), Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $100,000,139 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-2.75%, due 5/15/2023-2/15/2051, valued at $102,000,049)

0.05

 

100,000,000

 

100,000,000

 

Prudential Insurance Company of America, dated 1/31/2022, due at 2/1/2022 in the amount of $66,562,611 (fully collateralized by: U.S. Treasuries (including strips), 2.75%-3.00%, due 11/15/2044-8/15/2047, valued at $67,893,750)

0.06

 

66,562,500

 

66,562,500

 

Prudential Legacy Insurance Company of New Jersey, dated 1/31/2022, due at 2/1/2022 in the amount of $219,050,365 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-0.00%, due 5/15/2037-2/15/2045, valued at $223,431,000)

0.06

 

219,050,000

 

219,050,000

 

RBC Dominion Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/7/2022 in the amount of $300,034,833 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-3.00%, due 2/28/2022-11/15/2027, valued at $306,000,028)

0.06

 

300,000,000

 

300,000,000

 

17

 

STATEMENT OF INVESTMENTS (continued)

       
 

Dreyfus Treasury Obligations Cash Management(continued)

Repurchase Agreements - 61.6%(continued)

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

TD Securities (USA), Tri-Party Agreement thru BNY Mellon, dated 1/31/2022, due at 2/1/2022 in the amount of $300,000,417 (fully collateralized by: U.S. Treasuries (including strips), 0.13%-3.88%, due 4/30/2022-2/15/2051, valued at $306,000,081)

0.05

 

300,000,000

 

300,000,000

 

Total Repurchase Agreements

(cost $17,637,612,500)

    

17,637,612,500

 

Total Investments (cost $28,647,489,707)

 

100.0%

 

28,647,489,707

 

Cash and Receivables (Net)

 

.0%

 

1,597,415

 

Net Assets

 

100.0%

 

28,649,087,122

 

a Security is a discount security. Income is recognized through the accretion of discount.

b Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.

  

Portfolio Summary (Unaudited)

Value (%)

Repurchase Agreements

61.6

U.S. Treasury Securities

38.4

 

100.0

 Based on net assets.

See notes to financial statements.

18

 

       
 

Dreyfus Treasury Securities Cash Management

U.S. Cash Management Bills - 38.5%

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

2/15/2022

0.05

 

2,280,235,000

a 

2,280,188,834

 

2/22/2022

0.04

 

3,804,351,000

a 

3,804,258,196

 

3/1/2022

0.05

 

2,685,550,000

a 

2,685,444,433

 

3/8/2022

0.05

 

1,935,000,000

a 

1,934,914,602

 

3/15/2022

0.03

 

145,000,000

a 

144,994,400

 

3/22/2022

0.06

 

4,538,000,000

a 

4,537,619,980

 

3/29/2022

0.14

 

1,583,000,000

a 

1,582,662,099

 

4/5/2022

0.07

 

300,000,000

a 

299,965,875

 

4/19/2022

0.09

 

400,000,000

a 

399,923,000

 

5/17/2022

0.22

 

1,500,000,000

a 

1,499,059,375

 

5/31/2022

0.28

 

897,800,000

a 

896,969,032

 

Total U.S. Cash Management Bills

(cost $20,065,999,826)

    

20,065,999,826

 

U.S. Treasury Bills - 54.3%


 


   

2/1/2022

0.04

 

2,453,000,000

a 

2,453,000,000

 

2/3/2022

0.05

 

1,694,650,000

a 

1,694,645,362

 

2/8/2022

0.03

 

402,000,000

a 

401,997,462

 

2/10/2022

0.05

 

2,104,260,000

a 

2,104,235,880

 

2/17/2022

0.04

 

1,262,000,000

a 

1,261,975,502

 

2/24/2022

0.04

 

4,045,000,000

a 

4,044,896,315

 

3/3/2022

0.04

 

486,000,000

a 

485,982,408

 

3/10/2022

0.05

 

1,842,000,000

a 

1,841,904,642

 

3/17/2022

0.05

 

280,000,000

a 

279,982,889

 

3/24/2022

0.07

 

1,324,000,000

a 

1,323,867,260

 

3/31/2022

0.08

 

1,000,000,000

a 

999,879,167

 

4/7/2022

0.09

 

1,000,000,000

a 

999,837,500

 

4/14/2022

0.12

 

100,000,000

a 

99,976,000

 

4/21/2022

0.06

 

700,000,000

a 

699,913,319

 

4/28/2022

0.19

 

2,975,000,000

a 

2,973,649,674

 

5/5/2022

0.24

 

1,650,000,000

a 

1,648,998,996

 

5/12/2022

0.06

 

575,000,000

a 

574,899,304

 

5/19/2022

0.07

 

1,800,000,000

a 

1,799,621,785

 

5/26/2022

0.09

 

150,000,000

a 

149,958,438

 

6/2/2022

0.09

 

250,000,000

a 

249,924,375

 

6/23/2022

0.18

 

200,000,000

a 

199,861,944

 

6/30/2022

0.21

 

750,000,000

a 

749,363,646

 

7/7/2022

0.22

 

250,000,000

a 

249,761,667

 

7/14/2022

0.28

 

300,000,000

a 

299,630,986

 

7/21/2022

0.37

 

750,000,000

a 

748,707,292

 

Total U.S. Treasury Bills

(cost $28,336,471,813)

    

28,336,471,813

 

U.S. Treasury Floating Rate Notes - 10.5%


 


   

2/1/2022, 3 Month U.S. T-BILL +.03%

0.22

 

350,000,000

b 

350,003,214

 

2/1/2022, 3 Month U.S. T-BILL +.03%

0.22

 

1,475,020,000

b 

1,475,077,447

 

2/1/2022, 3 Month U.S. T-BILL +.04%

0.23

 

270,000,000

b 

269,999,998

 

2/1/2022, 3 Month U.S. T-BILL +.05%

0.24

 

1,610,000,000

b 

1,610,136,434

 

2/1/2022, 3 Month U.S. T-BILL +.06%

0.25

 

295,000,000

b 

294,988,575

 

2/1/2022, 3 Month U.S. T-BILL +.11%

0.30

 

1,500,000,000

b 

1,500,000,000

 

Total U.S. Treasury Floating Rate Notes

(cost $5,500,205,668)

    

5,500,205,668

 

U.S. Treasury Notes - 5.1%


 


   

2/15/2022

2.00

 

200,000,000

 

200,148,247

 

19

 

STATEMENT OF INVESTMENTS (continued)

       
 

Dreyfus Treasury Securities Cash Management(continued)

U.S. Treasury Notes - 5.1%(continued)

Annualized
Yield (%)

 

Principal
Amount ($)

 

Value ($)

 

2/15/2022

2.50

 

150,000,000

 

150,139,711

 

2/28/2022

1.13

 

327,000,000

 

327,263,865

 

3/31/2022

0.38

 

400,000,000

 

400,206,733

 

3/31/2022

1.88

 

34,245,000

 

34,343,971

 

4/30/2022

0.13

 

365,000,000

 

365,033,880

 

4/30/2022

1.75

 

303,000,000

 

304,225,955

 

4/30/2022

1.88

 

519,022,000

 

521,283,751

 

7/31/2022

0.13

 

245,000,000

 

244,936,504

 

7/31/2022

1.88

 

105,000,000

 

105,882,047

 

Total U.S. Treasury Notes

(cost $2,653,464,664)

    

2,653,464,664

 

Total Investments (cost $56,556,141,971)

 

108.4%

 

56,556,141,971

 

Liabilities, Less Cash and Receivables

 

(8.4%)

 

(4,362,182,925)

 

Net Assets

 

100.0%

 

52,193,959,046

 

a Security is a discount security. Income is recognized through the accretion of discount.

b Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.

  

Portfolio Summary (Unaudited)

Value (%)

U.S. Treasury Securities

108.4

 

108.4

 Based on net assets.

See notes to financial statements.

20

 

         
 

Dreyfus Cash Management

   

Description

Annualized
Yield (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Asset-Backed Commercial Paper - 3.7%

  

 

  

Alpine Securitization

0.28

 

5/18/2022

 

100,000,000

a 

99,906,375

 

Alpine Securitization

0.16

 

3/9/2022

 

100,000,000

a 

99,982,733

 

Collateralized Commercial Paper FLEX

0.24

 

8/12/2022

 

50,000,000

a 

49,855,250

 

Collateralized Commercial Paper FLEX

0.21

 

5/23/2022

 

60,000,000

a 

59,943,626

 

Total Asset-Backed Commercial Paper
(cost $309,799,206)

 

309,687,984

 

Commercial Paper - 22.2%

  

 

  

ASB Finance (London)

0.22

 

6/6/2022

 

82,395,000

a 

82,303,006

 

Collateralized Commercial Paper FLEX, 1 Month SOFR +.22%

0.27

 

2/1/2022

 

100,000,000

b,c 

100,000,000

 

Collateralized Commercial Paper FLEX, 1 Month SOFR +.26%

0.30

 

2/1/2022

 

170,000,000

b,c 

170,000,000

 

DNB Bank

0.34

 

10/28/2022

 

100,000,000

a 

99,478,750

 

Mizuho Bank

0.26

 

5/9/2022

 

200,000,000

a 

199,827,956

 

National Australia Bank, 1 Month SOFR +.17%

0.22

 

2/1/2022

 

50,000,000

b,c 

50,009,569

 

Nordea Bank

0.34

 

7/5/2022

 

150,000,000

a 

149,733,916

 

Svenska Handelsbanken

0.34

 

7/5/2022

 

100,000,000

a 

99,810,556

 

Swedbank

0.18

 

4/18/2022

 

71,525,000

a 

71,497,157

 

Swedbank

0.18

 

4/20/2022

 

70,000,000

a 

69,971,121

 

Swedbank

0.07

 

2/2/2022

 

200,000,000

a 

199,999,278

 

The Bank of Nova Scotia, 1 Month SOFR +.15%

0.20

 

2/1/2022

 

152,000,000

b,c 

151,972,006

 

The Toronto-Dominion Bank, 3 Month EFFR +.13%

0.21

 

2/1/2022

 

160,000,000

b,c 

159,908,333

 

United Overseas Bank, 1 Month SOFR +.20%

0.25

 

2/1/2022

 

100,000,000

b,c 

100,000,000

 

Westpac Banking

0.23

 

4/1/2022

 

100,000,000

a 

99,979,167

 

Westpac Securities (London)

0.35

 

6/13/2022

 

50,000,000

a 

49,937,934

 

Total Commercial Paper
(cost $1,854,959,714)

 

1,854,428,749

 

Negotiable Bank Certificates of Deposit - 23.9%

  

 

  

Bank of Montreal/Chicago ll, 3 Month SOFR +.16%

0.21

 

2/1/2022

 

80,000,000

b 

80,010,173

 

Bank of Montreal/Chicago ll, 3 Month SOFR +.16%

0.21

 

2/1/2022

 

100,000,000

b 

100,017,665

 

Bank of Montreal/Chicago ll, 3 Month SOFR +.17%

0.22

 

2/1/2022

 

100,000,000

b 

100,025,449

 

Bank of Nova Scotia/Houston

0.20

 

7/21/2022

 

17,625,000

 

17,594,807

 

Bank of Nova Scotia/Houston, 3 Month SOFR +.18%

0.23

 

2/1/2022

 

100,000,000

b 

100,030,385

 

Bank of Nova Scotia/Houston, 3 Month SOFR +.20%

0.25

 

2/1/2022

 

50,000,000

b 

49,984,998

 

Canadian Imperial Bank of Commerce/New York, 1 Month SOFR +.18%

0.23

 

2/1/2022

 

100,000,000

b 

100,029,037

 

Canadian Imperial Bank of Commerce/New York, 1 Month SOFR +.25%

0.30

 

2/1/2022

 

50,000,000

b 

50,001,078

 

Canadian Imperial Bank of Commerce/New York, 1 Month SOFR +.25%

0.30

 

2/1/2022

 

175,000,000

b 

175,012,736

 

Canadian Imperial Bank of Commerce/New York

0.35

 

11/8/2022

 

50,000,000

 

49,807,425

 

Canadian Imperial Bank of Commerce/New York

0.35

 

11/9/2022

 

50,000,000

 

49,805,971

 

Mitsubishi UFJ Trust & Banking Corp./New York

0.15

 

3/3/2022

 

50,000,000

 

50,000,987

 

Mitsubishi UFJ Trust & Banking Corp./New York

0.21

 

5/6/2022

 

50,000,000

 

49,990,091

 

Mitsubishi UFJ Trust & Banking Corp./New York, 3 Month SOFR +.19%

0.24

 

2/1/2022

 

40,000,000

b 

39,998,820

 

Mizuho Bank/New York

0.32

 

6/1/2022

 

25,000,000

 

25,000,073

 

Norinchukin Bank/New York

0.07

 

2/1/2022

 

120,000,000

 

120,000,047

 

Sumitomo Mitsui Bank/New York

0.32

 

6/28/2022

 

25,000,000

 

24,989,927

 

Sumitomo Mitsui Banking Corp./New York

0.15

 

3/8/2022

 

100,000,000

 

100,003,893

 

Sumitomo Mitsui Banking Corp./New York

0.15

 

3/9/2022

 

100,000,000

 

100,003,898

 

Sumitomo Mitsui Banking Corp./New York, 1 Month SOFR +.10%

0.15

 

2/1/2022

 

60,000,000

b 

60,004,160

 

Sumitomo Mitsui Banking Corp./New York

0.17

 

2/1/2022

 

55,000,000

 

55,000,160

 

Sumitomo Mitsui Trust Bank/New York

0.15

 

3/14/2022

 

50,000,000

 

50,001,921

 

Sumitomo Mitsui Trust Bank/New York

0.16

 

4/4/2022

 

75,000,000

 

75,001,694

 

21

 

STATEMENT OF INVESTMENTS (continued)

         
 

Dreyfus Cash Management

   

Description

Annualized
Yield (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Negotiable Bank Certificates of Deposit - 23.9% (continued)

  

 

  

Sumitomo Mitsui Trust Bank/New York, 1 Month SOFR +.16%

0.21

 

2/1/2022

 

75,000,000

b 

74,993,700

 

Sumitomo Mitsui Trust Bank/New York, 1 Month SOFR +.16%

0.21

 

2/1/2022

 

75,000,000

b 

74,995,263

 

Svenska Handelsbanken/New York, 1 Month SOFR +.21%

0.25

 

2/1/2022

 

100,000,000

b 

100,036,170

 

Toronto-Dominion Bank/New York, 3 Month EFFR +.16%

0.24

 

2/1/2022

 

123,000,000

b 

123,025,917

 

Total Negotiable Bank Certificates of Deposit
(cost $1,995,615,602)

 

1,995,366,445

 

Time Deposits - 31.6%

  

 

  

Australia & New Zealand Banking Group (Cayman)

0.07

 

2/1/2022

 

220,000,000

 

220,000,000

 

Banco Santander (New York)

0.07

 

2/1/2022

 

400,000,000

 

400,000,000

 

Credit Agricole (New York)

0.07

 

2/1/2022

 

392,000,000

 

392,000,000

 

DBS Bank (Singapore)

0.08

 

2/4/2022

 

200,000,000

 

200,000,000

 

ING Bank Amsterdam

0.08

 

2/1/2022

 

400,000,000

 

400,000,000

 

Nordea Bank (New York)

0.06

 

2/1/2022

 

275,000,000

 

275,000,000

 

Skandinaviska Enskilda Banken (New York)

0.06

 

2/1/2022

 

425,000,000

 

425,000,000

 

Svenska Handelsbanken (New York)

0.05

 

2/1/2022

 

225,000,000

 

225,000,000

 

Toronto-Dominion Bank (Toronto)

0.07

 

2/4/2022

 

100,000,000

 

100,000,000

 

Total Time Deposits
(cost $2,637,000,000)

 

2,637,000,000

 

U.S. Treasury Bills - 4.8%

  

 

  

U.S. Cash Management Bills
(cost $399,956,444)

0.08

 

3/22/2022

 

400,000,000

a 

399,961,208

 

U.S. Treasury Notes - 1.2%

  

 

  

U.S. Treasury Notes
(cost $100,016,736)

0.13

 

4/30/2022

 

100,000,000

 

99,980,546

 

Repurchase Agreements - 12.6%

  

 

  

Bank of America Securities, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022 due at maturity date in the amount of $150,000,417 (fully collateralized by: Money Market, 0.00%-0.00%, due 2/1/2022-9/23/2022, valued at $153,000,001)

0.10

 

2/1/2022

 

150,000,000

 

150,000,000

 

Bank of America Securities, OBFR +.28%, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022 due at interest rate reset date of 2/1/2022 in the amount of $75,000,729 (fully collateralized by: Equities, U.S. Treasuries (including strips), 0.13%-3.00%, due 11/30/2022-2/15/2049, valued at $76,886,036)

0.35

 

3/7/2022

 

75,000,000

d 

75,000,000

 

Bank of America Securities, OBFR +.40%, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022 due at interest rate reset date of 2/1/2022 in the amount of $170,002,219 (fully collateralized by: Asset-Backed Securities, 0.00%-3.13%, due 10/20/2034-5/25/2059, Money Market, 0.00%-1.60%, due 2/1/2022-11/14/2025, Other Instrument (collateralized debt obligation), 0.58%, due 3/22/2037, valued at $175,974,325)

0.47

 

3/7/2022

 

170,000,000

d 

170,000,000

 

Bank of America Securities, OBFR +.40%, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022 due at interest rate reset date of 2/1/2022 in the amount of $18,000,235 (fully collateralized by: U.S. Treasuries (including strips), 0.25%, due 6/15/2023, valued at $18,360,064)

0.47

 

3/7/2022

 

18,000,000

d 

18,000,000

 

22

 

         
 

Dreyfus Cash Management

   

Description

Annualized
Yield (%)

 

Maturity
Date

 

Principal
Amount ($)

 

Value ($)

 

Repurchase Agreements - 12.6% (continued)

  

 

  

BMO Capital Markets, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022 due at maturity date in the amount of $50,000,236 (fully collateralized by: Corporate Debt Securities, 1.35%-15.50%, due 11/15/2022-1/1/2499, Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 0.80%-3.50%, due 1/25/2037-4/15/2043, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 1.50%-4.00%, due 12/25/2045-7/25/2051, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.09%-5.00%, due 4/25/2022-11/25/2051, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.00%-6.20%, due 7/16/2044-2/20/2061, Other Instrument (international debt), 2.70%, due 12/28/2037, valued at $54,060,238)

0.17

 

2/1/2022

 

50,000,000

 

50,000,000

 

BNP Paribas, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022 due at maturity date in the amount of $135,000,563 (fully collateralized by: Asset-Backed Securities, 0.38%-4.81%, due 7/18/2023-11/15/2048, Corporate Debt Securities, 1.10%-10.75%, due 9/1/2023-1/1/2499, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 6.25%, due 11/25/2041, Private Label Collateralized Mortgage Obligations, 0.18%-6.00%, due 4/25/2034-11/25/2068, valued at $139,049,767)

0.15

 

2/1/2022

 

135,000,000

 

135,000,000

 

BNP Paribas, OBFR +.24%, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022 due at interest rate reset date of 2/1/2022 in the amount of $18,000,155 (fully collateralized by: Corporate Debt Securities, 5.25%-10.75%, due 3/13/2025-7/6/2026, valued at $18,900,922)

0.31

 

3/7/2022

 

18,000,000

d 

18,000,000

 

Citigroup Global Markets, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022 due at maturity date in the amount of $330,001,467 (fully collateralized by: Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 0.00%-7.00%, due 5/15/2030-5/15/2047, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 1.50%-5.99%, due 9/25/2033-2/25/2052, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.00%-14.44%, due 10/25/2032-2/25/2052, U.S. Treasuries (including strips), 3.38%, due 5/15/2044, valued at $350,829,595)

0.16

 

2/1/2022

 

330,000,000

 

330,000,000

 

Societe Generale, Tri-Party Agreement thru BNY Mellon, dated 1/31/2022 due at maturity date in the amount of $100,003,889 (fully collateralized by: Asset-Backed Securities, 0.26%-7.30%, due 1/2/2024-2/28/2041, Corporate Debt Securities, 0.20%-13.00%, due 3/15/2022-1/1/2499, Private Label Collateralized Mortgage Obligations, 1.08%-5.95%, due 6/15/2034-5/25/2065, valued at $109,459,754)

0.20

 

2/2/2022

 

100,000,000

 

100,000,000

 

Total Repurchase Agreements
(cost $1,046,000,000)

 

1,046,000,000

 

Total Investments (cost $8,343,347,702)

 

100.0%

8,342,424,932

 

Liabilities, Less Cash and Receivables

 

.0%

(2,340,324)

 

Net Assets

 

100.0%

8,340,084,608

 

a Security is a discount security. Income is recognized through the accretion of discount.

b Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.

c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2022, these securities amounted to $731,889,908 or 8.78% of net assets.

d Illiquid security; investment has a put feature and a variable or floating rate. Security description also includes the reference rate and spread if published and available. The interest rate shown is the current rate as of January 31, 2022 and changes periodically. The maturity date shown reflects early termination date and the amount due represents the receivable of the fund as of the next interest payment date. At January 31, 2022, these securities amounted to $281,000,000 or 3.37% of net assets.

23

 

STATEMENT OF INVESTMENTS (continued)

  

Portfolio Summary (Unaudited)

Value (%)

Banks

78.2

Repurchase Agreements

12.6

U.S. Treasury Securities

6.0

Diversified Financials

3.2

 

100.0

 Based on net assets.

See notes to financial statements.

24

 

          
 

Dreyfus Tax Exempt Cash Management

Short-Term Investments - 104.5%

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Alabama - 4.2%

     

Mobile County Industrial Development Authority,
Revenue Bonds (SSAB Alabama) (LOC; Swedbank AB) Ser. A

 

0.11

 

2/7/2022

 

5,000,000

a 

5,000,000

 

Mobile County Industrial Development Authority,
Revenue Bonds (SSAB Alabama) (LOC; Swedbank AB) Ser. B

 

0.11

 

2/7/2022

 

8,000,000

a 

8,000,000

 
 

13,000,000

 

Alaska - 1.3%

     

Alaska Housing Finance Corp.,
Revenue Bonds, Ser. A

 

0.11

 

2/1/2022

 

3,940,000

a 

3,940,000

 

Arizona - 2.6%

     

The Phoenix Industrial Development Authority,
Revenue Bonds (Mayo Clinic Arizona) Ser. B

 

0.09

 

2/1/2022

 

8,000,000

a 

8,000,000

 

Arkansas - 2.2%

     

Osceola,
Revenue Bonds (Plum Point Energy Associates Project) (LOC; Goldman Sachs Bank USA)

 

0.07

 

2/7/2022

 

6,855,000

a 

6,855,000

 

Colorado - 1.2%

     

Tender Option Bond Trust Receipts (Series 2018-XG0195),
(Denver City & County, COP (Colorado Convention Center Project) (Liquidity Agreement; Bank of America NA)), Trust Maturity Date 6/1/2048

 

0.15

 

2/7/2022

 

3,615,000

a,b,c 

3,615,000

 

Connecticut - 3.9%

     

Connecticut Health & Educational Facilities Authority,
Revenue Bonds (Yale-New Haven Health Obligated Group) Ser. O

 

0.05

 

2/7/2022

 

6,475,000

a 

6,475,000

 

New London,
BAN, Refunding

 

2.00

 

3/17/2022

 

5,100,000

 

5,109,966

 

Stamford,
GO, Refunding, Ser. C

 

4.00

 

2/1/2022

 

400,000

 

400,000

 
 

11,984,966

 

Florida - 10.3%

     

Florida Housing Finance Agency,
Revenue Bonds (LOC; Northern Trust Company)

 

0.09

 

2/7/2022

 

5,000,000

a 

5,000,000

 

Hillsborough County Housing Finance Authority,
Revenue Bonds (LOC; Truist Bank)

 

0.09

 

2/7/2022

 

4,585,000

a 

4,585,000

 

Miami-Dade County Industrial Development Authority,
Revenue Bonds, Refunding (Florida Power & Light)

 

0.13

 

2/1/2022

 

3,200,000

a 

3,200,000

 

Sunshine Government Financing Commission,
CP, Ser. H

 

0.13

 

4/14/2022

 

9,000,000

 

8,998,757

 

Tender Option Bond Trust Receipts (Series 2021-XL0198),
(Florida Broward County Tourist Development, Revenue Bonds (Convention Center Expansion Project) (Liquidity Agreement; Morgan Standly)), Trust Maturity Date 9/1/2047

 

0.09

 

2/7/2022

 

5,000,000

a,b,c 

5,000,000

 

Tender Option Bond Trust Receipts (Series 2021-XM0963),
(Florida Broward County Tourist Development, Revenue Bonds (Convention Center Expansion Project) (Liquidity Agreement; Morgan Standly)), Trust Maturity Date 9/1/2047

 

0.09

 

2/7/2022

 

5,000,000

a,b,c 

5,000,000

 
 

31,783,757

 

Georgia - 7.9%

     

Gwinnett County Development Authority,
Revenue Bonds (Goodwill of North Georgia Project) (LOC; Truist Bank)

 

0.14

 

2/7/2022

 

2,615,000

a 

2,615,000

 

Macon Water Authority,
Revenue Bonds, Refunding, Ser. B

 

0.10

 

2/7/2022

 

1,950,000

a 

1,950,000

 

Paulding County Hospital Authority,
Revenue Bonds (LOC; Bank of America NA) Ser. B

 

0.06

 

2/7/2022

 

2,000,000

a 

2,000,000

 

RBC Municipal Products Trust,
Revenue Bonds (LOC; Royal Bank of Canada) Ser. E-107

 

0.11

 

2/7/2022

 

11,500,000

a,b 

11,500,000

 

25

 

STATEMENT OF INVESTMENTS (continued)

          
 

Dreyfus Tax Exempt Cash Management (continued)

Short-Term Investments - 104.5% (continued)

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Georgia - 7.9% (continued)

     

Tender Option Bond Trust Receipts (Series 2019-XG0257),
(Municipal Electric Authority of Georgia, Revenue Bonds (Plant Vogtle 3&4 Project) (Insured; Assured Guaranty Municipal Corp.) (LOC; Bank of America NA)), Trust Maturity Date 1/1/2044

 

0.11

 

2/7/2022

 

3,930,000

a,b,c 

3,930,000

 

Tender Option Bond Trust Receipts (Series 2019-ZF0807),
(Georgia Housing & Finance Authority, Revenue Bonds, Refunding (Liquidity Agreement; JP Morgan Chase Bank NA)), Trust Maturity Date 6/1/2026

 

0.10

 

2/7/2022

 

2,335,000

a,b,c 

2,335,000

 
 

24,330,000

 

Illinois - 1.8%

     

Illinois Finance Authority,
Revenue Bonds, Refunding (Steppenwolf Theatre Co.) (LOC; Northern Trust Company)

 

0.09

 

2/7/2022

 

2,540,000

a 

2,540,000

 

Tender Option Bond Trust Receipts (Series 2020-XL0137),
(Metropolitan Pier & Exposition Authority, Revenue Bonds, Refunding (Liquidity Agreement; Barclays Bank PLC) (Insured; Assured Guaranty Municipal Corp.)), Trust Maturity Date 6/15/2050

 

0.10

 

2/7/2022

 

3,095,000

a,b,c 

3,095,000

 
 

5,635,000

 

Maryland - 1.3%

     

Tender Option Bond Trust Receipts (Series 2018-XG0213),
(Maryland Stadium Authority, Revenue Bonds (Baltimore City Public Schools) (Liquidity Agreement; Bank of America NA)), Trust Maturity Date 5/1/2046

 

0.11

 

2/7/2022

 

4,080,000

a,b,c 

4,080,000

 

Michigan - 6.9%

     

Michigan Strategic Fund,
Revenue Bonds (The Kroger Company) (LOC; Scotia Bank)

 

0.10

 

2/7/2022

 

4,000,000

a 

4,000,000

 

RIB Floaters Trust,
Revenue Bonds, Refunding (LOC; Barclays Bank) (Insured; Build America Mutual) Ser. 2018-009

 

0.10

 

2/7/2022

 

2,000,000

a,b 

2,000,000

 

Tender Option Bond Trust Receipts (Series 2018 XF0686),
(Michigan Finance Authority, Revenue Bonds (Charter County of Wayne Criminal Justice Center) (Insured; State Aid Withholding) (Liquidity Agreement; Royal Bank of Canada)), Trust Maturity Date 11/1/2040

 

0.11

 

2/7/2022

 

10,500,000

a,b,c 

10,500,000

 

Tender Option Bond Trust Receipts (Series 2018-ZF2716),
(Michigan Housing Development Authority, Revenue Bonds (Liquidity Agreement; Morgan Stanley Bank)), Trust Maturity Date 10/1/2048

 

0.09

 

2/7/2022

 

4,820,000

a,b,c 

4,820,000

 
 

21,320,000

 

Mississippi - 2.2%

     

Jackson County,
Revenue Bonds, Refunding (Chevron Project)

 

0.10

 

2/1/2022

 

6,855,000

a 

6,855,000

 

Missouri - 7.2%

     

Missouri Health & Educational Facilities Authority,
Revenue Bonds, Refunding (St. Louis University) (LOC; Wells Fargo Bank NA) Ser. B2

 

0.11

 

2/1/2022

 

1,870,000

a 

1,870,000

 

RBC Municipal Products Trust,
Revenue Bonds, Refunding (LOC; Royal Bank of Canada) Ser. C16

 

0.11

 

2/7/2022

 

14,000,000

a,b 

14,000,000

 

Springfield Industrial Development Authority,
Revenue Bonds (Abec Project) (LOC; Guaranty Bank)

 

0.12

 

2/7/2022

 

3,715,000

a 

3,715,000

 

Springfield Industrial Development Authority,
Revenue Bonds (Abec Project) (LOC; Guaranty Bank)

 

0.15

 

2/7/2022

 

1,310,000

a 

1,310,000

 

The St. Louis Industrial Development Authority,
Revenue Bonds (Minerva Place Apartments)

 

0.11

 

2/7/2022

 

1,430,000

a 

1,430,000

 
 

22,325,000

 

Nebraska - 3.2%

     

Lincoln Nebraska Electric System,
CP, Ser. 95

 

0.13

 

3/22/2022

 

3,000,000

 

2,999,759

 

26

 

                 
 

Dreyfus Tax Exempt Cash Management (continued)

Short-Term Investments - 104.5% (continued)

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Nebraska - 3.2% (continued)

     

Omaha Public Power District,
CP, Ser. A

 

0.09

 

2/17/2022

 

7,000,000

 

6,999,908

 
 

9,999,667

 

New Jersey - 1.6%

     

Tender Option Bond Trust Receipts (Series 2016-ZF0450),
(Hudson County Improvement Authority, Revenue Bonds (Hudson County Vocational Technology School Project) (Insured; County Guaranteed)), Trust Maturity Date 5/1/2051

 

0.11

 

2/7/2022

 

4,875,000

a,b,c 

4,875,000

 

New Mexico - 1.0%

     

The University of New Mexico,
Revenue Bonds, Refunding, Ser. B

 

0.06

 

2/7/2022

 

2,925,000

a 

2,925,000

 

New York - 10.8%

     

New York City,
GO (LOC; U.S. Bank NA) Ser. L4

 

0.11

 

2/1/2022

 

10,000,000

a 

10,000,000

 

New York City,
GO, Refunding (LOC; TD Bank NA) Ser. I4

 

0.11

 

2/1/2022

 

2,100,000

a 

2,100,000

 

New York City Housing Development Corp.,
Revenue Bonds (LOC; Bank of America NA) Ser. A

 

0.09

 

2/7/2022

 

4,000,000

a 

4,000,000

 

New York City Housing Development Corp.,
Revenue Bonds (LOC; Citibank NA) Ser. A

 

0.06

 

2/7/2022

 

5,000,000

a 

5,000,000

 

New York City Water & Sewer System,
Revenue Bonds, Refunding, Ser. AA3

 

0.11

 

2/1/2022

 

2,000,000

a 

2,000,000

 

New York City Water & Sewer System,
Revenue Bonds, Refunding, Ser. BB5

 

0.10

 

2/1/2022

 

3,600,000

a 

3,600,000

 

New York State Mortgage Agency,
Revenue Bonds, Refunding, Ser. 210

 

0.09

 

2/7/2022

 

3,000,000

a 

3,000,000

 

Tender Option Bond Trust Receipts (Series 2018-XM0700),
(Hudson Yards Infrastructure Corp., Revenue Bonds, Refunding (Liquidity Agreement; Toronto-Dominion Bank)), Trust Maturity Date 2/15/2039

 

0.10

 

2/7/2022

 

3,520,000

a,b,c 

3,520,000

 
 

33,220,000

 

Ohio - 1.0%

     

RBC Municipal Products Trust,
Revenue Bonds, Refunding (LOC; Royal Bank of Canada) Ser. 2022 C18

 

0.10

 

2/7/2022

 

3,000,000

a,b 

3,000,000

 

Pennsylvania - 1.7%

     

Tender Option Bond Trust Receipts (Series 2020-XM0887),
(Geisinger Health System Obligated Group, Revenue Bonds, Refunding (Liquidity Agreement; JP Morgan Chase Bank NA) Ser. A), Trust Maturity Date 4/1/2028

 

0.12

 

2/7/2022

 

2,670,000

a,b,c 

2,670,000

 

Tender Option Bond Trust Receipts (Series 2020-XM0888),
(Geisinger Health System Obligated Group, Revenue Bonds, Refunding (Liquidity Agreement; JP Morgan Chase Bank NA) Ser. A), Trust Maturity Date 4/1/2028

 

0.12

 

2/7/2022

 

2,670,000

a,b,c 

2,670,000

 
 

5,340,000

 

South Carolina - 1.9%

     

South Carolina Jobs-Economic Development Authority,
Revenue Bonds (Brashier Charter Project) (LOC; Truist Bank)

 

0.08

 

2/7/2022

 

3,550,000

a 

3,550,000

 

South Carolina Jobs-Economic Development Authority,
Revenue Bonds (YMCA Coastal Carolina Project) (LOC; Wells Fargo Bank NA)

 

0.09

 

2/7/2022

 

2,180,000

a 

2,180,000

 
 

5,730,000

 

Tennessee - 6.2%

     

Metropolitan Government Nashville & Davidson County,
CP, Ser. 2021

 

0.12

 

3/7/2022

 

3,300,000

 

3,299,877

 

Metropolitan Government Nashville & Davidson County,
CP, Ser. 2022

 

0.20

 

5/11/2022

 

8,000,000

 

7,998,265

 

27

 

STATEMENT OF INVESTMENTS (continued)

                 
 

Dreyfus Tax Exempt Cash Management (continued)

Short-Term Investments - 104.5% (continued)

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Tennessee - 6.2% (continued)

     

Tender Option Bond Trust Receipts (Series 2018-ZF2677),
(Tennessee Housing Development Agency, Revenue Bonds (Liquidity Agreement; Citibank NA)), Trust Maturity Date 7/1/2036

 

0.09

 

2/7/2022

 

2,400,000

a,b,c 

2,400,000

 

Tennessee,
CP, Ser. 00-A

 

0.13

 

4/13/2022

 

5,500,000

 

5,499,358

 
 

19,197,500

 

Texas - 16.0%

     

Gulf Coast Authority,
Revenue Bonds (ExxonMobil Project) Ser. A

 

0.12

 

2/1/2022

 

4,600,000

a 

4,600,000

 

Harris County,
CP, Ser. J1

 

0.12

 

2/24/2022

 

2,350,000

 

2,349,970

 

Harris County Cultural Education Facilities Finance Corp.,
Revenue Bonds, Refunding (Memorial Hermann Health System Obligated Group)

 

0.05

 

2/7/2022

 

5,000,000

a 

5,000,000

 

Harris County Texas Metropolitan Transportation Authority,
CP, Ser. A1

 

0.17

 

3/22/2022

 

2,500,000

 

2,500,000

 

Harris County Texas Metropolitan Transportation Authority,
CP, Ser. A3

 

0.17

 

3/22/2022

 

4,000,000

 

4,000,000

 

Houston,
CP, Ser. E2

 

0.13

 

2/9/2022

 

3,000,000

 

3,000,039

 

Houston,
CP, Ser. E2

 

0.30

 

3/29/2022

 

2,300,000

 

2,299,929

 

Lower Colorado River Authority,
CP

 

0.22

 

3/23/2022

 

2,500,000

 

2,499,863

 

San Antonio Texas Water & Sewer System,
CP, Ser. A1

 

0.12

 

2/24/2022

 

5,000,000

 

4,999,937

 

Tender Option Bond Trust Receipts (Series 2018-XM0698),
(Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds, Refunding (Liquidity Agreement; Credit Suisse)), Trust Maturity Date 8/15/2024

 

0.10

 

2/7/2022

 

4,585,000

a,b,c 

4,585,000

 

Texas,
GO

 

0.07

 

2/7/2022

 

13,400,000

a 

13,400,000

 
 

49,234,738

 

Virginia - 2.5%

     

Loudoun County Economic Development Authority,
Revenue Bonds (Jack Kent Cooke Foundation Project) (LOC; Northern Trust Company)

 

0.06

 

2/7/2022

 

2,675,000

a 

2,675,000

 

Lynchburg Economic Development Authority,
Revenue Bonds, Refunding (Centra Health Obligated Group) (LOC; Truist Bank) Ser. C

 

0.14

 

2/7/2022

 

4,900,000

a 

4,900,000

 
 

7,575,000

 

Washington - 3.1%

     

Port of Seattle,
CP

 

0.12

 

2/7/2022

 

4,155,000

 

4,155,028

 

Tender Option Bond Trust Receipts (Series 2020-XL0141),
(King County Housing Authority, Revenue Bonds, Refunding (Liquidity Agreement; Wells Fargo Bank NA)), Trust Maturity Date 6/1/2040

 

0.09

 

2/7/2022

 

5,300,000

a,b,c 

5,300,000

 
 

9,455,028

 

Wisconsin - 2.5%

     

Tender Option Bond Trust Receipts (Series 2020-XL0147),
(Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A), Trust Maturity Date 6/1/2045

 

0.10

 

2/7/2022

 

5,320,000

a,b,c 

5,320,000

 

28

 

                   
 

Dreyfus Tax Exempt Cash Management (continued)

Short-Term Investments - 104.5% (continued)

Coupon
Rate (%)

 

Maturity

Date

 

Principal

Amount ($)

 

Value ($)

 

Wisconsin - 2.5% (continued)

     

Tender Option Bond Trust Receipts (Series 2020-XL0148),
(Public Finance Authority, Revenue Bonds, Refunding (Renown Regional Medical Center Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A), Trust Maturity Date 6/1/2045

 

0.10

 

2/7/2022

 

2,250,000

a,b,c 

2,250,000

 
 

7,570,000

 

Total Investments (cost $321,851,655)

 

104.5%

321,845,656

 

Liabilities, Less Cash and Receivables

 

(4.5%)

(13,879,702)

 

Net Assets

 

100.0%

307,965,954

 

a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.

b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2022, these securities amounted to $106,465,000 or 34.57% of net assets.

c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates). These securities are not an underlying piece for any of the Adviser long-term Inverse floater securities.

  

Portfolio Summary (Unaudited)

Value (%)

Development

20.2

Medical

16.1

General

13.0

General Obligation

10.7

Multifamily Housing

9.8

Power

8.2

Water

7.1

Transportation

5.8

Education

4.7

Single Family Housing

3.8

Facilities

3.4

School District

1.7

 

104.5

 Based on net assets.

See notes to financial statements.

29

 

    
 

Summary of Abbreviations (Unaudited)

 

ABAG

Association of Bay Area Governments

AGC

ACE Guaranty Corporation

AGIC

Asset Guaranty Insurance Company

AMBAC

American Municipal Bond Assurance Corporation

BAN

Bond Anticipation Notes

BSBY

Bloomberg Short-Term Bank Yield Index

CIFG

CDC Ixis Financial Guaranty

COP

Certificate of Participation

CP

Commercial Paper

DRIVERS

Derivative Inverse Tax-Exempt Receipts

EFFR

Effective Federal Funds Rate

FGIC

Financial Guaranty Insurance Company

FHA

Federal Housing Administration

FHLB

Federal Home Loan Bank

FHLMC

Federal Home Loan Mortgage Corporation

FNMA

Federal National Mortgage Association

GAN

Grant Anticipation Notes

GIC

Guaranteed Investment Contract

GNMA

Government National Mortgage Association

GO

General Obligation

IDC

Industrial Development Corporation

LIBOR

London Interbank Offered Rate

LOC

Letter of Credit

LR

Lease Revenue

NAN

Note Anticipation Notes

MFHR

Multi-Family Housing Revenue

MFMR

Multi-Family Mortgage Revenue

MUNIPSA

Securities Industry and Financial Markets Association Municipal Swap Index Yield

OBFR

Overnight Bank Funding Rate

PILOT

Payment in Lieu of Taxes

PRIME

Prime Lending Rate

PUTTERS

Puttable Tax-Exempt Receipts

RAC

Revenue Anticipation Certificates

RAN

Revenue Anticipation Notes

RIB

Residual Interest Bonds

SFHR

Single Family Housing Revenue

SFMR

Single Family Mortgage Revenue

SOFR

Secured Overnight Financing Rate

TAN

Tax Anticipation Notes

TRAN

Tax and Revenue Anticipation Notes

U.S. T-Bill

U.S. Treasury Bill Money Market Yield

XLCA

XL Capital Assurance

    

See notes to financial statements.

30

 

STATEMENTS OF ASSETS AND LIABILITIES
January 31, 2022

             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dreyfus Government Cash Management

 

Dreyfus Government Securities Cash Management

 

Dreyfus Treasury Obligations Cash Management

 

Dreyfus Treasury Securities Cash Management

 

 

Assets ($):

 

 

 

 

 

 

 

 

 

 

 

 

Investments in securities—See Statements
of Investments†

 

 

 

123,433,658,200

††

5,196,574,032

 

28,647,489,707

††

56,556,141,971

 

 

Cash

 

 

 

1,807,734,506

 

1,472,723

 

2,723,130

 

1,697,029

 

 

Receivable for shares of Beneficial
Interest subscribed

 

 

 

15,253,473

 

9,070,985

 

1,066,869

 

24,184,761

 

 

Interest receivable

 

 

 

2,758,434

 

4,287,764

 

606,822

 

9,899,117

 

 

Prepaid expenses

 

 

 

1,103,405

 

71,025

 

131,722

 

225,825

 

 

 

 

 

 

125,260,508,018

 

5,211,476,529

 

28,652,018,250

 

56,592,148,703

 

 

Liabilities ($):

 

 

 

 

 

 

 

 

 

 

 

 

Due to BNY Mellon Investment Adviser, Inc.
and affiliates—Note 2(c)

 

 

 

5,552,146

 

274,797

 

2,141,962

 

3,088,265

 

 

Payable for investment securities purchased

 

 

 

400,000,000

 

599,861,361

 

-

 

4,347,177,814

 

 

Payable for shares of Beneficial
Interest redeemed

 

 

 

37,316,732

 

120,893

 

485,808

 

46,821,543

 

 

Trustees’ fees and expenses payable

 

 

 

29,167

 

4,068

 

8,120

 

11,896

 

 

Other accrued expenses

 

 

 

3,513,325

 

158,457

 

295,238

 

1,090,139

 

 

 

 

 

 

446,411,370

 

600,419,576

 

2,931,128

 

4,398,189,657

 

 

Net Assets ($)

 

 

 

124,814,096,648

 

4,611,056,953

 

28,649,087,122

 

52,193,959,046

 

 

Composition of Net Assets ($):

 

 

 

 

 

 

 

 

 

 

 

 

Paid-in capital

 

 

 

124,814,077,401

 

4,611,068,121

 

28,650,880,096

 

52,193,762,585

 

 

Total distributable earnings (loss)

 

 

 

19,247

 

(11,168)

 

(1,792,974)

 

196,461

 

 

Net Assets ($)

 

 

 

124,814,096,648

 

4,611,056,953

 

28,649,087,122

 

52,193,959,046

 

 

Investments at cost ($)

  

 

 

123,433,658,200

 

5,196,574,032

 

28,647,489,707

 

56,556,141,971

 

 

†† Value of repurchase
agreements—Note 1(b) ($)

  

 

 

81,755,466,250

 

-

 

17,637,612,500

 

-

 

 

Net Asset Value Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets ($)

 

 

 

107,504,150,065

 

3,435,106,550

 

23,188,296,989

 

33,717,356,874

 

 

Shares Outstanding

 

 

 

107,504,212,655

 

3,435,116,666

 

23,189,750,392

 

33,715,280,670

 

 

Net Asset Value Per Share ($)

 

 

 

1.00

 

1.00

 

1.00

 

1.00

 

 

Investor Shares

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets ($)

 

 

 

3,717,395,083

 

170,780,429

 

1,587,269,504

 

1,577,212,394

 

 

Shares Outstanding

 

 

 

3,717,392,765

 

170,781,492

 

1,587,365,649

 

1,577,109,071

 

 

Net Asset Value Per Share ($)

 

 

 

1.00

 

1.00

 

1.00

 

1.00

 

 

Administrative Shares

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets ($)

 

 

 

5,310,285,840

 

678,021,907

 

703,027,937

 

9,670,383,817

 

 

Shares Outstanding

 

 

 

5,310,285,142

 

678,024,297

 

703,071,925

 

9,669,847,205

 

 

Net Asset Value Per Share ($)

 

 

 

1.00

 

1.00

 

1.00

 

1.00

 

 

Participant Shares

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets ($)

 

 

 

1,982,626,702

 

327,148,067

 

2,675,260,827

 

4,801,362,143

 

 

Shares Outstanding

 

 

 

1,982,626,999

 

327,149,468

 

2,675,430,173

 

4,801,054,151

 

 

Net Asset Value Per Share ($)

 

 

 

1.00

 

1.00

 

1.00

 

1.00

 

 

Wealth Shares

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets ($)

 

 

 

2,644,768,288

 

-

 

209,089,667

 

534,236,645

 

 

Shares Outstanding

 

 

 

2,644,769,661

 

-

 

209,102,539

 

534,195,895

 

 

Net Asset Value Per Share ($)

 

 

 

1.00

 

-

 

1.00

 

1.00

 

 

Service Shares

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets ($)

 

 

 

3,654,870,670

 

-

 

286,142,198

 

1,893,407,173

 

 

Shares Outstanding

 

 

 

3,654,869,663

 

-

 

286,159,418

 

1,893,280,109

 

 

Net Asset Value Per Share ($)

 

 

 

1.00

 

-

 

1.00

 

1.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

31

 

STATEMENTS OF ASSETS AND LIABILITIES (continued)

         

 

 

 

 

 

 

 

 

 

 

 

 

 

Dreyfus Cash Management

 

Dreyfus Tax Exempt Cash Management

 

 

Assets ($):

 

 

 

 

 

 

 

 

Investments in securities—See Statements
of Investments†

 

 

 

8,342,424,932

††

321,845,656

 

 

Cash

 

 

 

757,992

 

564,012

 

 

Receivable for shares of Beneficial
Interest subscribed

 

 

 

1,645,294

 

-

 

 

Interest receivable

 

 

 

847,759

 

138,145

 

 

Prepaid expenses

 

 

 

48,966

 

24,348

 

 

 

 

 

 

8,345,724,943

 

322,572,161

 

 

Liabilities ($):

 

 

 

 

 

 

 

 

Due to BNY Mellon Investment Adviser, Inc.
and affiliates—Note 2(c)

 

 

 

694,636

 

19,920

 

 

Payable for shares of Beneficial
Interest redeemed

 

 

 

4,530,314

 

14,500,601

 

 

Trustees’ fees and expenses payable

 

 

 

16,249

 

268

 

 

Other accrued expenses

 

 

 

399,136

 

85,418

 

 

 

 

 

 

5,640,335

 

14,606,207

 

 

Net Assets ($)

 

 

 

8,340,084,608

 

307,965,954

 

 

Composition of Net Assets ($):

 

 

 

 

 

 

 

 

Paid-in capital

 

 

 

8,342,495,747

 

307,967,558

 

 

Total distributable earnings (loss)

 

 

 

(2,411,139)

 

(1,604)

 

 

Net Assets ($)

 

 

 

8,340,084,608

 

307,965,954

 

 

Investments at cost ($)

  

 

 

8,343,347,702

 

321,851,655

 

 

†† Value of repurchase
agreements—Note 1(b) ($)

  

 

 

1,046,000,000

 

-

 

 

Net Asset Value Per Share

 

 

 

 

 

 

 

 

Institutional Shares

 

 

 

 

 

 

 

 

Net Assets ($)

 

 

 

5,412,181,491

 

307,965,954

 

 

Shares Outstanding

 

 

 

5,407,747,130

 

308,000,937

 

 

Net Asset Value Per Share ($)

 

 

 

1.0008

 

0.9999

 

 

Investor Shares

 

 

 

 

 

 

 

 

Net Assets ($)

 

 

 

52,125,145

 

-

 

 

Shares Outstanding

 

 

 

52,084,255

 

-

 

 

Net Asset Value Per Share ($)

 

 

 

1.0008

 

-

 

 

Administrative Shares

 

 

 

 

 

 

 

 

Net Assets ($)

 

 

 

125,738,934

 

-

 

 

Shares Outstanding

 

 

 

125,629,945

 

-

 

 

Net Asset Value Per Share ($)

 

 

 

1.0009

 

-

 

 

Preferred Shares

 

 

 

 

 

 

 

 

Net Assets ($)

 

 

 

2,750,039,038

 

-

 

 

Shares Outstanding

 

 

 

2,747,840,071

 

-

 

 

Net Asset Value Per Share ($)

 

 

 

1.0008

 

-

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements.

 

 

 

 

 

 

 

 

32

 

STATEMENTS OF OPERATIONS
Year Ended January 31, 2022

             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dreyfus Government Cash Management

 

Dreyfus Government Securities Cash Management

 

Dreyfus Treasury Obligations Cash Management

 

Dreyfus Treasury Securities Cash Management

 

Investment Income ($):

 

 

 

 

 

 

 

 

 

 

Interest Income

 

 

74,824,053

 

2,695,714

 

18,872,670

 

28,568,579

 

Expenses:

 

 

 

 

 

 

 

 

 

 

Management fee—Note 2(a)

 

 

225,746,612

 

8,938,986

 

58,976,429

 

93,709,867

 

Shareholder servicing costs—Note 2(b)

 

 

25,521,050

 

2,253,689

 

12,998,127

 

27,387,458

 

Administrative service fees—Note 2(c)

 

 

14,804,942

 

590,795

 

5,120,377

 

13,993,289

 

Registration fees

 

 

3,906,473

 

120,030

 

361,032

 

1,109,427

 

Custodian fees—Note 2(c)

 

 

1,814,038

 

72,428

 

484,637

 

749,218

 

Trustees’ fees and expenses—Note 2(d)

 

 

559,119

 

20,120

 

152,470

 

218,411

 

Prospectus and shareholders’ reports

 

 

220,924

 

45,226

 

54,346

 

157,976

 

Professional fees

 

 

148,506

 

89,532

 

92,656

 

99,693

 

Chief Compliance Officer fees—Note 2(c)

 

 

14,460

 

14,460

 

14,460

 

14,460

 

Miscellaneous

 

 

881,290

 

130,590

 

326,338

 

414,501

 

Total Expenses

 

 

273,617,414

 

12,275,856

 

78,580,872

 

137,854,300

 

Less—reduction in expenses due to undertakings—Note 2(a)

 

 

(232,831,551)

 

(9,808,509)

 

(63,635,220)

 

(113,552,291)

 

Net Expenses

 

 

40,785,863

 

2,467,347

 

14,945,652

 

24,302,009

 

Net Investment Income

 

 

34,038,190

 

228,367

 

3,927,018

 

4,266,570

 

Net Realized Gain (Loss) on Investments—Note 1(b) ($)

114,337

 

(12,844)

 

108,603

 

153,720

 

Net Increase in Net Assets Resulting from Operations

 

34,152,527

 

215,523

 

4,035,621

 

4,420,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements.

           

33

 

STATEMENTS OF OPERATIONS (continued)

         

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dreyfus Cash Management

 

Dreyfus Tax Exempt Cash Management

 

Investment Income ($):

 

 

 

 

 

 

Interest Income

 

 

10,438,193

 

382,795

 

Expenses:

 

 

 

 

 

 

Management fee—Note 2(a)

 

 

8,478,679

 

837,967

 

Shareholder servicing costs—Note 2(b)

 

 

4,415,445

 

90,240

 

Registration fees

 

 

366,627

 

40,545

 

Custodian fees—Note 2(c)

 

 

149,134

 

18,053

 

Professional fees

 

 

100,273

 

90,932

 

Administrative service fees—Note 2(c)

 

 

63,394

 

-

 

Prospectus and shareholders’ reports

 

 

23,680

 

8,019

 

Trustees’ fees and expenses—Note 2(d)

 

 

16,535

 

1,726

 

Chief Compliance Officer fees—Note 2(c)

 

 

14,460

 

14,460

 

Miscellaneous

 

 

178,241

 

40,772

 

Total Expenses

 

 

13,806,468

 

1,142,714

 

Less—reduction in expenses due to undertakings—Note 2(a)

 

 

(6,376,443)

 

(800,025)

 

Less—reduction in fees due to earnings credits—Note 2(c)

 

 

-

 

(571)

 

Net Expenses

 

 

7,430,025

 

342,118

 

Net Investment Income

 

 

3,008,168

 

40,677

 

Realized and Unrealized Gain (Loss)
on Investments—Note1(b) ($):

 

 

 

 

Net realized gain (loss) on investments

3,061

 

23,614

 

Net change in unrealized appreciation (depreciation)
on investments

 

 

(1,427,421)

 

(9,143)

 

Net Realized and Unrealized Gain (Loss) on Investments

 

 

(1,424,360)

 

14,471

 

Net Increase in Net Assets Resulting from Operations

 

1,583,808

 

55,148

 

 

 

 

 

 

 

 

 

 

See notes to financial statements.

       

34

 

STATEMENTS OF CHANGES IN NET ASSETS

                

 

 

 

 

Dreyfus Government Cash Management

 

Dreyfus Government Securities Cash Management

 

 

 

 

 

Year Ended January 31,

Year Ended January 31,

 

 

 

 

2022a

 

 

 

2021b

 

2022

 

 

 

2021b

 

Operations ($):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

34,038,190

 

 

 

156,416,506

 

228,367

 

 

 

10,552,209

 

Net realized gain (loss) on investments

 

114,337

 

 

 

299,797

 

(12,844)

 

 

 

474,898

 

Net Increase (Decrease) in Net Assets
Resulting from Operations

34,152,527

 

 

 

156,716,303

 

215,523

 

 

 

11,027,107

 

Distributions ($):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

(29,962,568)

 

 

 

(146,548,893)

 

(325,143)

 

 

 

(7,992,799)

 

Investor Shares

 

 

(786,161)

 

 

 

(3,542,827)

 

(24,974)

 

 

 

(708,339)

 

Administrative Shares

 

 

(1,183,622)

 

 

 

(4,392,770)

 

(60,173)

 

 

 

(1,305,062)

 

Participant Shares

 

 

(489,219)

 

 

 

(1,931,975)

 

(39,655)

 

 

 

(546,009)

 

Wealth Shares

 

 

(491,791)

 

 

 

(39)

 

-

 

 

 

-

 

Service Shares

 

 

(667,079)

 

 

 

(2)

 

-

 

 

 

-

 

Total Distributions

 

 

(33,580,440)

 

 

 

(156,416,506)

 

(449,945)

 

 

 

(10,552,209)

 

Beneficial Interest Transactions ($1.00 per share):

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from shares sold:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

550,199,434,170

 

 

 

387,781,621,070

 

7,996,248,371

 

 

 

14,305,994,288

 

Investor Shares

 

 

17,933,542,805

 

 

 

13,298,210,950

 

542,072,779

 

 

 

696,087,591

 

Administrative Shares

 

 

13,483,520,146

 

 

 

10,059,118,950

 

1,962,811,695

 

 

 

2,601,422,626

 

Participant Shares

 

 

10,591,314,657

 

 

 

12,220,582,356

 

1,216,576,428

 

 

 

1,377,122,341

 

Wealth Shares

 

 

6,194,375,814

 

 

 

1,291,818

 

-

 

 

 

-

 

Service Shares

 

 

5,903,870,716

 

 

 

48,010

 

-

 

 

 

-

 

Net assets received in connection

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with reorganization—Note 1

 

 

2,144,189,839

 

 

 

-

 

-

 

 

 

-

 

Distributions reinvested:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

7,168,873

 

 

 

30,166,611

 

61,883

 

 

 

1,064,049

 

Investor Shares

 

 

477,445

 

 

 

2,027,087

 

14,222

 

 

 

463,875

 

Administrative Shares

 

 

985,369

 

 

 

3,494,073

 

47,898

 

 

 

1,078,597

 

Participant Shares

 

 

441,904

 

 

 

1,665,427

 

38,612

 

 

 

532,130

 

Wealth Shares

 

 

479,951

 

 

 

36

 

-

 

 

 

-

 

Service Shares

 

 

640,954

 

 

 

-

 

-

 

 

 

-

 

Cost of shares redeemed:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

(524,818,837,072)

 

 

 

(357,913,277,540)

 

(7,772,218,919)

 

 

 

(14,342,059,707)

 

Investor Shares

 

 

(17,174,482,958)

 

 

 

(13,572,992,528)

 

(693,028,963)

 

 

 

(803,822,620)

 

Administrative Shares

 

 

(11,101,309,279)

 

 

 

(9,242,050,189)

 

(1,810,457,609)

 

 

 

(2,687,970,395)

 

Participant Shares

 

 

(10,091,670,422)

 

 

 

(12,230,984,887)

 

(1,267,585,557)

 

 

 

(1,416,379,790)

 

Wealth Shares

 

 

(3,594,225,706)

 

 

 

(65,907)

 

-

 

 

 

-

 

Service Shares

 

 

(4,351,014,277)

 

 

 

(10)

 

-

 

 

 

-

 

Increase (Decrease) in Net Assets
from Beneficial Interest Transactions

35,328,902,929

 

 

 

30,438,855,327

 

174,580,840

 

 

 

(266,467,015)

 

Total Increase (Decrease) in Net Assets

35,329,475,016

 

 

 

30,439,155,124

 

174,346,418

 

 

 

(265,992,117)

 

Net Assets ($):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of Period

 

 

89,484,621,632

 

 

 

59,045,466,508

 

4,436,710,535

 

 

 

4,702,702,652

 

End of Period

 

 

124,814,096,648

 

 

 

89,484,621,632

 

4,611,056,953

 

 

 

4,436,710,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a

During the period ended January 31, 2022, 287,133,657 Service shares representing $287,139,858 were exchanged for 287,139,858 Wealth shares and 298,288,787 Wealth shares representing $298,296,172 were exchanged for 298,296,172 Investor shares for Dreyfus Government Cash Management.

b

On November 16, 2020, the fund commenced offering Wealth shares and Service shares.

See notes to financial statements.

              

35

 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

                

 

 

 

 

Dreyfus Treasury Obligations Cash Management

 

Dreyfus Treasury Securities Cash Management

 

 

 

 

 

Year Ended January 31,

Year Ended January 31,

 

 

 

 

2022

 

 

 

2021a

 

2022b

 

 

 

2021a

 

Operations ($):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

3,927,018

 

 

 

42,979,140

 

4,266,570

 

 

 

74,132,583

 

Net realized gain (loss) on investments

 

108,603

 

 

 

(86,781)

 

153,720

 

 

 

2,914,249

 

Net Increase (Decrease) in Net Assets
Resulting from Operations

4,035,621

 

 

 

42,892,359

 

4,420,290

 

 

 

77,046,832

 

Distributions ($):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

(3,074,667)

 

 

 

(36,935,524)

 

(2,915,080)

 

 

 

(63,012,600)

 

Investor Shares

 

 

(198,827)

 

 

 

(2,188,189)

 

(145,462)

 

 

 

(1,733,937)

 

Administrative Shares

 

 

(92,616)

 

 

 

(1,228,056)

 

(735,496)

 

 

 

(5,225,441)

 

Participant Shares

 

 

(369,177)

 

 

 

(2,627,252)

 

(395,093)

 

 

 

(4,160,603)

 

Wealth Shares

 

 

(22,218)

 

 

 

(117)

 

(36,377)

 

 

 

(1)

 

Service Shares

 

 

(15,209)

 

 

 

(2)

 

(123,954)

 

 

 

(1)

 

Total Distributions

 

 

(3,772,714)

 

 

 

(42,979,140)

 

(4,351,462)

 

 

 

(74,132,583)

 

Beneficial Interest Transactions ($1.00 per share):

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from shares sold:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

143,142,069,565

 

 

 

127,161,565,210

 

90,064,564,344

 

 

 

117,798,588,156

 

Investor Shares

 

 

5,323,669,483

 

 

 

4,611,882,210

 

4,698,387,446

 

 

 

3,655,650,276

 

Administrative Shares

 

 

1,915,656,538

 

 

 

2,135,673,693

 

22,910,342,129

 

 

 

17,408,148,965

 

Participant Shares

 

 

11,751,370,960

 

 

 

9,389,592,340

 

20,508,896,111

 

 

 

15,395,664,323

 

Wealth Shares

 

 

436,675,642

 

 

 

12,466,616

 

129,284,241

 

 

 

65,416

 

Service Shares

 

 

466,997,653

 

 

 

40,000

 

2,511,967,497

 

 

 

40,000

 

Net assets received in connection

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with reorganization—Note 1

 

 

-

 

 

 

-

 

2,321,996,136

 

 

 

-

 

Distributions reinvested:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

412,152

 

 

 

4,681,911

 

827,661

 

 

 

18,658,796

 

Investor Shares

 

 

71,794

 

 

 

580,342

 

82,240

 

 

 

1,035,716

 

Administrative Shares

 

 

58,950

 

 

 

766,747

 

677,197

 

 

 

4,732,338

 

Participant Shares

 

 

343,478

 

 

 

2,241,212

 

303,723

 

 

 

3,361,782

 

Wealth Shares

 

 

21,782

 

 

 

99

 

35,601

 

 

 

-

 

Service Shares

 

 

14,845

 

 

 

-

 

118,593

 

 

 

-

 

Cost of shares redeemed:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

(142,655,761,248)

 

 

 

(119,365,047,954)

 

(85,518,309,334)

 

 

 

(112,818,980,370)

 

Investor Shares

 

 

(5,209,335,340)

 

 

 

(4,842,040,462)

 

(4,579,246,489)

 

 

 

(3,327,762,200)

 

Administrative Shares

 

 

(1,884,332,745)

 

 

 

(2,141,814,194)

 

(17,612,795,641)

 

 

 

(15,405,604,117)

 

Participant Shares

 

 

(11,548,868,679)

 

 

 

(8,996,482,918)

 

(19,371,319,781)

 

 

 

(14,889,432,048)

 

Wealth Shares

 

 

(234,467,082)

 

 

 

(5,594,518)

 

(134,892,387)

 

 

 

-

 

Service Shares

 

 

(180,893,080)

 

 

 

-

 

(2,400,561,428)

 

 

 

-

 

Increase (Decrease) in Net Assets
from Beneficial Interest Transactions

1,323,704,668

 

 

 

7,968,510,334

 

13,530,357,859

 

 

 

7,844,167,033

 

Total Increase (Decrease) in Net Assets

1,323,967,575

 

 

 

7,968,423,553

 

13,530,426,687

 

 

 

7,847,081,282

 

Net Assets ($):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of Period

 

 

27,325,119,547

 

 

 

19,356,695,994

 

38,663,532,359

 

 

 

30,816,451,077

 

End of Period

 

 

28,649,087,122

 

 

 

27,325,119,547

 

52,193,959,046

 

 

 

38,663,532,359

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a

On November 16, 2020, the fund commenced offering Wealth shares and Service shares.

b

During the period ended January 31, 2022, 35,620,657 Service shares representing $35,620,748 were exchanged for 35,620,748 Wealth shares and 34,258,230 Wealth shares representing $34,258,535 were exchanged for 34,258,535 Investor shares for Dreyfus Treasury Securities Cash Management.

See notes to financial statements.

              

36

 

                

 

 

 

 

Dreyfus Cash Management

 

Dreyfus Tax Exempt Cash Management

 

 

 

 

 

Year Ended January 31,

Year Ended January 31,

 

 

 

 

2022a

 

 

 

2021

 

2022b

 

 

 

2021

 

Operations ($):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

3,008,168

 

 

 

32,762,312

 

40,677

 

 

 

2,302,570

 

Net realized gain (loss) on investments

 

3,061

 

 

 

(1,401,120)

 

23,614

 

 

 

2,008

 

Net change in unrealized appreciation
(depreciation) on investments

 

(1,427,421)

 

 

 

(2,508,969)

 

(9,143)

 

 

 

(5,861)

 

Net Increase (Decrease) in Net Assets
Resulting from Operations

1,583,808

 

 

 

28,852,223

 

55,148

 

 

 

2,298,717

 

Distributions ($):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

(2,308,707)

 

 

 

(33,476,359)

 

(42,385)

 

 

 

(2,209,731)

 

Investor Shares

 

 

(13,980)

 

 

 

(393,715)

 

-

 

 

 

(92,839)

 

Administrative Shares

 

 

(22,078)

 

 

 

(242,245)

 

-

 

 

 

-

 

Preferred Shares

 

 

(1,000,322)

 

 

 

-

 

-

 

 

 

-

 

Total Distributions

 

 

(3,345,087)

 

 

 

(34,112,319)

 

(42,385)

 

 

 

(2,302,570)

 

Beneficial Interest Transactions ($)

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from shares sold:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

33,462,821,610

 

 

 

49,413,551,117

 

1,772,352,396

 

 

 

2,688,854,172

 

Investor Shares

 

 

577,036,341

 

 

 

870,281,078

 

-

 

 

 

2,331,566

 

Administrative Shares

 

 

1,430,258,354

 

 

 

496,908,817

 

-

 

 

 

-

 

Preferred Shares

 

 

11,471,805,135

 

 

 

-

 

-

 

 

 

-

 

Net assets received in connection

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with reorganization—Note 1

 

 

3,634,782,505

 

 

 

-

 

-

 

 

 

-

 

Distributions reinvested:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

690,251

 

 

 

11,601,174

 

19,078

 

 

 

1,025,043

 

Investor Shares

 

 

1,252

 

 

 

57,927

 

-

 

 

 

2,102

 

Administrative Shares

 

 

430

 

 

 

31,435

 

-

 

 

 

-

 

Preferred Shares

 

 

976,986

 

 

 

-

 

-

 

 

 

-

 

Cost of shares redeemed:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Shares

 

 

(32,956,940,619)

 

 

 

(54,746,429,372)

 

(1,848,186,732)

 

 

 

(2,802,413,724)

 

Investor Shares

 

 

(726,542,827)

 

 

 

(840,085,291)

 

(31,163,832)

 

 

 

(4,810,198)

 

Administrative Shares

 

 

(1,361,474,413)

 

 

 

(517,546,704)

 

-

 

 

 

-

 

Preferred Shares

 

 

(12,357,039,902)

 

 

 

-

 

-

 

 

 

-

 

Increase (Decrease) in Net Assets
from Beneficial Interest Transactions

3,176,375,103

 

 

 

(5,311,629,819)

 

(106,979,090)

 

 

 

(115,011,039)

 

Total Increase (Decrease) in Net Assets

3,174,613,824

 

 

 

(5,316,889,915)

 

(106,966,327)

 

 

 

(115,014,892)

 

Net Assets ($):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of Period

 

 

5,165,470,784

 

 

 

10,482,360,699

 

414,932,281

 

 

 

529,947,173

 

End of Period

 

 

8,340,084,608

 

 

 

5,165,470,784

 

307,965,954

 

 

 

414,932,281

 

Capital Share Transactions (Shares):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Sharesc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares sold

 

 

33,428,335,118

 

 

 

49,367,868,806

 

1,772,529,649

 

 

 

2,689,226,369

 

Shares issued for distributions reinvested

 

 

689,569

 

 

 

11,591,927

 

19,081

 

 

 

1,025,186

 

Shares redeemed

 

 

(32,922,857,437)

 

 

 

(54,706,582,450)

 

(1,848,370,566)

 

 

 

(2,802,702,922)

 

Net Increase (Decrease) in Shares
Outstanding

506,167,250

 

 

 

(5,327,121,717)

 

(75,821,836)

 

 

 

(112,451,367)

 

Investor Sharesc

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares sold

 

 

576,450,963

 

 

 

869,494,246

 

-

 

 

 

2,331,798

 

Shares issued for distributions reinvested

 

 

1,250

 

 

 

57,886

 

-

 

 

 

2,102

 

Shares redeemed

 

 

(725,807,269)

 

 

 

(839,243,892)

 

(31,166,563)

 

 

 

(4,810,729)

 

Net Increase (Decrease) in Shares
Outstanding

(149,355,056)

 

 

 

30,308,240

 

(31,166,563)

 

 

 

(2,476,829)

 

Administrative Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares sold

 

 

1,428,729,884

 

 

 

496,392,221

 

-

 

 

 

-

 

Shares issued for distributions reinvested

 

 

429

 

 

 

31,410

 

-

 

 

 

-

 

Shares redeemed

 

 

(1,360,034,477)

 

 

 

(517,014,081)

 

-

 

 

 

-

 

Net Increase (Decrease) in Shares
Outstanding

68,695,836

 

 

 

(20,590,450)

 

-

 

 

 

-

 

Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares sold

 

 

11,460,331,539

 

 

 

-

 

-

 

 

 

-

 

Shares issued in connection with reorganization—Note 1

3,631,145,830

 

 

 

-

 

-

 

 

 

-

 

Shares issued for distributions reinvested

 

 

976,027

 

 

 

-

 

-

 

 

 

-

 

Shares redeemed

 

 

(12,344,613,325)

 

 

 

-

 

-

 

 

 

-

 

Net Increase (Decrease) in Shares
Outstanding

2,747,840,071

 

 

 

-

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a

On May 4, 2021, the fund commenced Preferred shares.

b

On February 1, 2021, Investor shares were converted to Institutional shares.

c

During the period ended January 31, 2022, 31,166,563 Investor shares representing $31,163,455 were exchanged for 31,163,455 Institutional shares for Dreyfus Tax Exempt Cash Management.

See notes to financial statements.

              

37

 

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. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the funds’ financial statements.

                    

  

Per Share Data ($)

   

Ratios/Supplemental Data (%)

  

 

 

 

Net Asset
Value
Beginning of Period

Net
Investment
Income

  

Dividends
from Net
Investment
Income

 

Net Asset
Value End
of Period

  

Total
Return (%)

 

Ratio of
Total Expenses
to Average
Net Assets

 

Ratio of
Net Expenses
to Average
Net Assets

 

Ratio of Net
Investment
Income to
Average
Net Assets

 

Net Assets
End of
Period
($ x 1,000)

Dreyfus Government Cash Management

              

Institutional Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.03

 

.21

 

.04

 

.03

 

107,504,150

 

2021

1.00

.002

 

(.002)

 

1.00

 

.24

 

.21

 

.15

 

.20

 

82,115,918

 

2020

1.00

.020

 

(.020)

 

1.00

 

2.02

 

.21

 

.16

 

2.00

 

52,217,126

 

2019

1.00

.018

 

(.018)

 

1.00

 

1.82

 

.21

 

.17

 

1.79

 

51,959,429

 

2018

1.00

.009

 

(.009)

 

1.00

 

.85

 

.21

 

.16

 

.87

 

61,917,499

Investor Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.03

 

.45

 

.03

 

.03

 

3,717,395

 

2021

1.00

.002

 

(.002)

 

1.00

 

.16

 

.46

 

.22

 

.14

 

2,957,837

 

2020

1.00

.018

 

(.018)

 

1.00

 

1.77

 

.46

 

.41

 

1.76

 

3,230,590

 

2019

1.00

.016

 

(.016)

 

1.00

 

1.57

 

.46

 

.42

 

1.58

 

2,727,098

 

2018

1.00

.006

 

(.006)

 

1.00

 

.60

 

.46

 

.42

 

.62

 

2,416,450

Administrative Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.03

 

.31

 

.04

 

.03

 

5,310,286

 

2021

1.00

.002

 

(.002)

 

1.00

 

.19

 

.31

 

.19

 

.16

 

2,927,070

 

2020

1.00

.019

 

(.019)

 

1.00

 

1.92

 

.31

 

.26

 

1.88

 

2,106,473

 

2019

1.00

.017

 

(.017)

 

1.00

 

1.72

 

.31

 

.27

 

1.70

 

1,787,604

 

2018

1.00

.007

 

(.007)

 

1.00

 

.75

 

.31

 

.26

 

.70

 

1,550,026

Participant Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.03

 

.61

 

.04

 

.03

 

1,982,627

 

2021

1.00

.001

 

(.001)

 

1.00

 

.14

 

.61

 

.26

 

.13

 

1,482,523

 

2020

1.00

.016

 

(.016)

 

1.00

 

1.62

 

.62

 

.57

 

1.32

 

1,491,277

 

2019

1.00

.014

 

(.014)

 

1.00

 

1.41

 

.61

 

.57

 

1.41

 

92,963

 

2018

1.00

.004

 

(.004)

 

1.00

 

.45

 

.61

 

.56

 

.43

 

90,708

38

 

                    

  

Per Share Data ($)

   

Ratios/Supplemental Data (%)

  

 

 

 

Net Asset
Value
Beginning of Period

Net
Investment
Income

  

Dividends
from Net
Investment
Income

 

Net Asset
Value End
of Period

  

Total
Return (%)

 

Ratio of
Total Expenses
to Average
Net Assets

 

Ratio of
Net Expenses
to Average
Net Assets

 

Ratio of Net
Investment
Income to
Average
Net Assets

 

Net Assets
End of
Period
($ x 1,000)

Dreyfus Government Cash Management (continued)

            

Wealth Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a

(.000)

a

1.00

 

.03

 

.47

 

.05

 

.03

 

2,644,768

 

2021b

1.00

.000

a

(.000)

a

1.00

 

.00

c,d 

.55

e 

.19

e 

.02

e 

1,226

Service Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a

(.000)

a

1.00

 

.03

 

1.02

 

.05

 

.03

 

3,654,871

 

2021b

1.00

.000

a

(.000)

a

1.00

 

.00

c,d 

1.07

e 

.13

e 

.01

e 

48

a Amount represents less than $.001 per share.

b On November 16, 2020, the fund commenced offering Wealth shares and Service shares.

c Not annualized.

d Amount represents less than .01%.

e Annualized.

See notes to financial statements.

39

 

FINANCIAL HIGHLIGHTS (continued)

                    
   

Per Share Data ($)

   

Ratios/Supplemental Data (%)

  

 

 

 

Net Asset
Value
Beginning of Period

Net
Investment
Income

  

Dividends
from Net
Investment
Income

 

Net Asset
Value End
of Period

  

Total
Return (%)

 

Ratio of
Total Expenses
to Average
Net Assets

 

Ratio of
Net Expenses
to Average
Net Assets

 

Ratio of Net
Investment
Income to
Average
Net Assets

 

Net Assets
End of
Period
($ x 1,000)

Dreyfus Government Securities Cash Management

            

Institutional Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.21

 

.06

 

.01

 

3,435,107

 

2021

1.00

.003

 

(.003)

 

1.00

 

.25

 

.21

 

.20

 

.23

 

3,211,177

 

2020

1.00

.019

 

(.019)

 

1.00

 

1.94

 

.22

 

.22

 

1.96

 

3,245,834

 

2019

1.00

.018

 

(.018)

 

1.00

 

1.78

 

.22

 

.21

 

1.76

 

4,142,111

 

2018

1.00

.008

 

(.008)

 

1.00

 

.80

 

.22

 

.19

 

.79

 

3,764,742

Investor Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.46

 

.05

 

.00

b

170,780

 

2021

1.00

.002

 

(.002)

 

1.00

 

.16

 

.46

 

.29

 

.16

 

321,743

 

2020

1.00

.017

 

(.017)

 

1.00

 

1.69

 

.47

 

.47

 

1.68

 

428,964

 

2019

1.00

.015

 

(.015)

 

1.00

 

1.52

 

.47

 

.46

 

1.52

 

443,941

 

2018

1.00

.005

 

(.005)

 

1.00

 

.54

 

.47

 

.44

 

.57

 

446,933

Administrative Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.31

 

.06

 

.01

 

678,022

 

2021

1.00

.002

 

(.002)

 

1.00

 

.20

 

.31

 

.25

 

.15

 

525,656

 

2020

1.00

.018

 

(.018)

 

1.00

 

1.85

 

.32

 

.32

 

1.79

 

611,072

 

2019

1.00

.017

 

(.017)

 

1.00

 

1.68

 

.32

 

.31

 

1.68

 

387,132

 

2018

1.00

.007

 

(.007)

 

1.00

 

.69

 

.32

 

.29

 

.70

 

449,501

Participant Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.61

 

.06

 

.00

b

327,148

 

2021

1.00

.001

 

(.001)

 

1.00

 

.13

 

.61

 

.31

 

.14

 

378,134

 

2020

1.00

.015

 

(.015)

 

1.00

 

1.54

 

.62

 

.62

 

1.48

 

416,833

 

2019

1.00

.014

 

(.014)

 

1.00

 

1.37

 

.62

 

.61

 

1.37

 

289,236

 

2018

1.00

.004

 

(.004)

 

1.00

 

.39

 

.62

 

.59

 

.39

 

312,013

a Amount represents less than $.001 per share.

b Amount represents less than .01%.

See notes to financial statements.

40

 

                    
   

Per Share Data ($)

   

Ratios/Supplemental Data (%)

  

 

 

 

Net Asset
Value
Beginning of Period

Net
Investment
Income

  

Dividends
from Net
Investment
Income

 

Net Asset
Value End
of Period

  

Total
Return (%)

 

Ratio of
Total Expenses
to Average
Net Assets

 

Ratio of
Net Expenses
to Average
Net Assets

 

Ratio of Net
Investment
Income to
Average
Net Assets

 

Net Assets
End of
Period
($ x 1,000)

Dreyfus Treasury Obligations Cash Management

            

Institutional Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.21

 

.05

 

.01

 

23,188,297

 

2021

1.00

.002

 

(.002)

 

1.00

 

.22

 

.21

 

.16

 

.19

 

22,701,392

 

2020

1.00

.020

 

(.020)

 

1.00

 

1.99

 

.21

 

.18

 

1.97

 

14,900,109

 

2019

1.00

.018

 

(.018)

 

1.00

 

1.82

 

.21

 

.18

 

1.83

 

15,314,155

 

2018

1.00

.008

 

(.008)

 

1.00

 

.82

 

.21

 

.20

 

.83

 

17,116,541

Investor Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.45

 

.05

 

.01

 

1,587,270

 

2021

1.00

.001

 

(.001)

 

1.00

 

.15

 

.46

 

.24

 

.15

 

1,472,827

 

2020

1.00

.017

 

(.017)

 

1.00

 

1.73

 

.46

 

.43

 

1.71

 

1,702,388

 

2019

1.00

.016

 

(.016)

 

1.00

 

1.57

 

.46

 

.43

 

1.55

 

1,824,737

 

2018

1.00

.006

 

(.006)

 

1.00

 

.56

 

.46

 

.45

 

.57

 

2,105,370

Administrative Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.30

 

.05

 

.01

 

703,028

 

2021

1.00

.002

 

(.002)

 

1.00

 

.18

 

.31

 

.21

 

.16

 

671,622

 

2020

1.00

.019

 

(.019)

 

1.00

 

1.89

 

.31

 

.28

 

1.86

 

677,032

 

2019

1.00

.017

 

(.017)

 

1.00

 

1.72

 

.31

 

.28

 

1.75

 

704,333

 

2018

1.00

.007

 

(.007)

 

1.00

 

.72

 

.31

 

.30

 

.74

 

441,771

Participant Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.61

 

.05

 

.01

 

2,675,261

 

2021

1.00

.001

 

(.001)

 

1.00

 

.13

 

.61

 

.26

 

.11

 

2,472,367

 

2020

1.00

.016

 

(.016)

 

1.00

 

1.58

 

.61

 

.58

 

1.52

 

2,077,167

 

2019

1.00

.014

 

(.014)

 

1.00

 

1.42

 

.61

 

.58

 

1.41

 

1,170,243

 

2018

1.00

.004

 

(.004)

 

1.00

 

.41

 

.61

 

.60

 

.36

 

990,662

41

 

FINANCIAL HIGHLIGHTS (continued)

                    
   

Per Share Data ($)

   

Ratios/Supplemental Data (%)

  

 

 

 

Net Asset
Value
Beginning of Period

Net
Investment
Income

  

Dividends
from Net
Investment
Income

 

Net Asset
Value End
of Period

  

Total
Return (%)

 

Ratio of
Total Expenses
to Average
Net Assets

 

Ratio of
Net Expenses
to Average
Net Assets

 

Ratio of Net
Investment
Income to
Average
Net Assets

 

Net Assets
End of
Period
($ x 1,000)

Dreyfus Treasury Obligations Cash Management (continued)

            

Wealth Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.47

 

.06

 

.01

 

209,090

 

2021b

1.00

.000

a 

(.000)

a 

1.00

 

.00

c,d 

.64

e 

.11

e 

.01

e 

6,872

Service Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

1.02

 

.07

 

.01

 

286,142

 

2021b

1.00

.000

a 

(.000)

a 

1.00

 

.00

c,d 

1.07

e 

.11

e 

.02

e 

40

a Amount represents less than $.001 per share.

b On November 16, 2020, the fund commenced offering Wealth shares and Service shares.

c Not annualized.

d Amount represents less than .01%.

e Annualized.

See notes to financial statements.

42

 

                    
   

Per Share Data ($)

   

Ratios/Supplemental Data (%)

  

 

 

 

Net Asset
Value
Beginning of Period

Net
Investment
Income

  

Dividends
from Net
Investment
Income

 

Net Asset
Value End
of Period

  

Total
Return (%)

 

Ratio of
Total Expenses
to Average
Net Assets

 

Ratio of
Net Expenses
to Average
Net Assets

 

Ratio of Net
Investment
Income to
Average
Net Assets

 

Net Assets
End of
Period
($ x 1,000)

Dreyfus Treasury Securities Cash Management

           

Institutional Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.21

 

.05

 

.01

 

33,717,357

 

2021

1.00

.002

 

(.002)

 

1.00

 

.24

 

.21

 

.17

 

.21

 

29,170,141

 

2020

1.00

.019

 

(.019)

 

1.00

 

1.96

 

.21

 

.19

 

1.93

 

24,169,621

 

2019

1.00

.018

 

(.018)

 

1.00

 

1.78

 

.21

 

.20

 

1.75

 

23,505,647

 

2018

1.00

.008

 

(.008)

 

1.00

 

.79

 

.21

 

.18

 

.77

 

27,366,026

Investor Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.45

 

.05

 

.01

 

1,577,212

 

2021

1.00

.002

 

(.002)

 

1.00

 

.16

 

.46

 

.24

 

.15

 

1,457,957

 

2020

1.00

.017

 

(.017)

 

1.00

 

1.70

 

.46

 

.44

 

1.74

 

1,128,928

 

2019

1.00

.015

 

(.015)

 

1.00

 

1.53

 

.46

 

.45

 

1.51

 

1,746,213

 

2018

1.00

.005

 

(.005)

 

1.00

 

.53

 

.46

 

.43

 

.54

 

2,104,742

Administrative Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.31

 

.06

 

.01

 

9,670,384

 

2021

1.00

.002

 

(.002)

 

1.00

 

.20

 

.31

 

.21

 

.15

 

4,371,849

 

2020

1.00

.018

 

(.018)

 

1.00

 

1.86

 

.31

 

.29

 

1.84

 

2,364,299

 

2019

1.00

.017

 

(.017)

 

1.00

 

1.68

 

.31

 

.30

 

1.67

 

2,454,059

 

2018

1.00

.007

 

(.007)

 

1.00

 

.68

 

.31

 

.28

 

.68

 

2,594,277

Participant Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.60

 

.05

 

.01

 

4,801,362

 

2021

1.00

.001

 

(.001)

 

1.00

 

.14

 

.61

 

.27

 

.13

 

3,663,480

 

2020

1.00

.015

 

(.015)

 

1.00

 

1.55

 

.61

 

.59

 

1.47

 

3,153,603

 

2019

1.00

.014

 

(.014)

 

1.00

 

1.38

 

.61

 

.60

 

1.36

 

2,052,791

 

2018

1.00

.004

 

(.004)

 

1.00

 

.39

 

.61

 

.58

 

.39

 

2,179,683

43

 

FINANCIAL HIGHLIGHTS (continued)

                    
   

Per Share Data ($)

   

Ratios/Supplemental Data (%)

  

 

 

 

Net Asset
Value
Beginning of Period

Net
Investment
Income

  

Dividends
from Net
Investment
Income

 

Net Asset
Value End
of Period

  

Total
Return (%)

 

Ratio of
Total Expenses
to Average
Net Assets

 

Ratio of
Net Expenses
to Average
Net Assets

 

Ratio of Net
Investment
Income to
Average
Net Assets

 

Net Assets
End of
Period
($ x 1,000)

Dreyfus Treasury Securities Cash Management (continued)

           

Wealth Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

.48

 

.06

 

.01

 

534,237

 

2021b

1.00

.000

a 

(.000)

a 

1.00

 

.00

c,d 

.53

e 

.13

e 

.01

e 

65

Service Shares

                

Year Ended January 31,

                
 

2022

1.00

.000

a 

(.000)

a 

1.00

 

.01

 

1.02

 

.06

 

.01

 

1,893,407

 

2021b

1.00

.000

a 

(.000)

a 

1.00

 

.00

c,d 

1.06

e 

.12

e 

.01

e 

40

a Amount represents less than $.001 per share.

b On November 16, 2020, the fund commenced offering Wealth shares and Service shares.

c Amount represents less than .01%.

d Not annualized.

e Annualized.

See notes to financial statements.

44

 

                          
   

Per Share Data ($)

   

Ratios/Supplemental Data (%)

  

 

 

 

Net Asset
Value
Beginning of Period

Net
Investment
Income

a 

Net Realized and Unrealized Gain
(Loss) on Investments

Dividends
from Net
Investment
Income

Dividends from Net Realized
Gain on Investments 

Net Asset
Value End
of Period

  

Total
Return (%)

 

Ratio of
Total Expenses
to Average
Net Assets

 

Ratio of
Net Expenses
to Average
Net Assets

 

Ratio of Net
Investment
Income to
Average
Net Assets

 

Net Assets
End of
Period
($ x 1,000)

Dreyfus Cash Management

               

Institutional Shares

                

Year Ended January 31,

                
 

2022

1.0011

.0004

 

(.0003)

(.0004)

(.0000)b

1.0008

 

.02

 

.21

 

.10

 

.04

 

5,412,181

 

2021

1.0005

.0050

 

(.0004)

(.0040)

-

1.0011

 

.47

 

.21

 

.11

 

.50

 

4,906,825

 

2020

1.0002

.0229

 

(.0005)c

(.0221)

-

1.0005

 

2.27

 

.21

 

.11

 

2.22

 

10,233,582

 

2019

.9999

.0216

 

(.0003)

(.0210)

-

1.0002

 

2.15

 

.21

 

.09

 

2.13

 

9,526,673

 

2018

1.0002

.0114

 

(.0003)

(.0114)

-

.9999

 

1.11

 

.25

 

.12

 

1.20

 

6,884,805

Investor Shares

                

Year Ended January 31,

                
 

2022

1.0011

.0001

 

(.0003)

(.0001)

(.0000)b

1.0008

 

(.01)

 

.46

 

.14

 

.01

 

52,125

 

2021

1.0005

.0017

 

.0012c

(.0023)

-

1.0011

 

.29

 

.46

 

.28

 

.17

 

201,650

 

2020

1.0002

.0196

 

.0004

(.0197)

-

1.0005

 

2.01

 

.46

 

.36

 

1.91

 

171,215

 

2019

1.0000

.0188

 

(.0001)

(.0185)

-

1.0002

 

1.88

 

.46

 

.34

 

1.80

 

101,165

 

2018

1.0002

.0089

 

(.0002)

(.0089)

-

1.0000

 

.87

 

.50

 

.39

 

.88

 

124,166

Administrative Shares

                

Year Ended January 31,

                
 

2022

1.0011

.0001

 

(.0002)

(.0001)

(.0000)b

1.0009

 

.00

d 

.31

 

.14

 

.01

 

125,739

 

2021

1.0005

.0034

 

.0004c

(.0032)

-

1.0011

 

.38

 

.31

 

.20

 

.32

 

56,995

 

2020

1.0002

.0225

 

(.0010)c

(.0212)

-

1.0005

 

2.17

 

.31

 

.21

 

2.15

 

77,564

 

2019

1.0000

.0225

 

(.0023)

(.0200)

-

1.0002

 

2.04

 

.31

 

.19

 

2.03

 

104,888

 

2018

1.0002

.0104

 

(.0002)

(.0104)

-

1.0000

 

1.03

 

.35

 

.24

 

1.02

 

88,645

                   

Preferred Shares

                
 

2022e

1.0000

.0003

 

.0008

(.0003)

(.0000)b

1.0008

 

.02

f 

.12

g 

.10

g 

.04

g 

2,750,039

a Based on average shares outstanding.

b Amount represents less than $.0001 per shares.

c  In addition to net realized and unrealized gains(losses) on investments, this amount includes an increase in net asset value per share resulting from the timing of issuances and redemptions of shares in relation to fluctuating market values for the fund’s investments.

d Amount represents less than .01%.

e On May 4, 2021, the fund commenced offering Preferred shares.

f Not annualized.

g Annualized.

See notes to financial statements.

45

 

FINANCIAL HIGHLIGHTS (continued)

                          
   

Per Share Data ($)

   

Ratios/Supplemental Data (%)

  

 

 

 

Net Asset
Value
Beginning of Period

Net
Investment
Income

a 

Net Realized and Unrealized Gain
(Loss) on Investments

Dividends
from Net
Investment
Income

 

Net Asset
Value End
of Period

  

Total
Return (%)

 

Ratio of
Total Expenses
to Average
Net Assets

 

Ratio of
Net Expenses
to Average
Net Assets

 

Ratio of Net
Investment
Income to
Average
Net Assets

 

Net Assets
End of
Period
($ x 1,000)

Dreyfus Tax Exempt Cash Management

             

Institutional Shares

                 

Year Ended January 31,

                 
 

2022b

.9999

.0001

 

.0000c

(.0001)

 

.9999

 

.01

 

.27

 

.08

 

.01

 

307,966

 

2021

1.0001

.0039

 

(.0007)d

(.0034)

 

.9999

 

.32

 

.25

 

.17

 

.38

 

383,770

 

2020

1.0000

.0133

 

(.0005)d

(.0127)

 

1.0001

 

1.29

 

.26

 

.20

 

1.28

 

496,302

 

2019

1.0000

.0122

 

.0003

(.0125)

 

1.0000

 

1.25

 

.27

 

.21

 

1.23

 

621,665

 

2018

1.0000

.0066

 

.0000c

(.0066)

 

1.0000

 

.66

 

.26

 

.26

 

.65

 

607,839

a Based on average shares outstanding.

b On February 1, 2021, Investor shares were converted to Institutional shares.

c Amount represents less than $.0001 per share.

d In addition to net realized and unrealized losses on investments, this amount includes an increase in net asset value per share resulting from the timing of issuances and redemptions of shares in relation to fluctuating market values for the fund’s investments.

See notes to financial statements.

46

 

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Government Cash Management, Dreyfus Government Securities Cash Management, Dreyfus Treasury Obligations Cash Management, Dreyfus Treasury Securities Cash Management, Dreyfus Cash Management and Dreyfus Tax Exempt Cash Management (each, a “fund” and collectively, the “funds”) are diversified open-end management investment companies registered under the Investment Company Act of 1940, as amended (the “Act”). Dreyfus Government Cash Management and Dreyfus Government Securities Cash Management are each a separate series of Dreyfus Government Cash Management Funds and Dreyfus Tax Exempt Cash Management is the sole series of Dreyfus Tax Exempt Cash Management Funds (the “Trust”).

Each fund’s investment objective is to provide investors with as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. Dreyfus Tax Exempt Cash Management investment objective is to provide investors with as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity. Each fund is managed by Dreyfus Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc. (the “Adviser”), each fund’s investment adviser and a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”).

Effective February 1, 2021 (the “Effective Date”), Dreyfus Tax Exempt Cash Management changed its fund name from “Dreyfus AMT-Free Tax Exempt Cash Management” to “Dreyfus Tax Exempt Cash Management”. Also, on the Effective Date, Investor shares of the Dreyfus Tax Exempt Cash Management were converted into Institutional shares.

Effective May 4, 2021, Dreyfus Cash Management commenced offering Preferred shares.

As of the close of business on May 5, 2021, pursuant to an Agreement and Plan of Reorganization previously approved by the Trust’s Board of Trustees (the “Board”), all of the assets, subject to the liabilities, of General Government Securities Money Market Fund’s Class A, Class B and Dreyfus Class shares were transferred to Dreyfus Government Cash Management in a tax free exchange at cost basis for Wealth and Service shares of Beneficial Interest of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies. Shareholders of General Government Securities Money Market Fund’s Class A and Dreyfus Class shares received Wealth shares and Class B received Service shares of Dreyfus Government Cash Management, in an amount equal to the aggregate net asset value of their investment in General Government Securities Money Market Fund’s Class A, Class B and Dreyfus Class shares at the time of the exchange. The net asset value of Dreyfus Government Cash Management’s Wealth and Service shares on the close of business on May 5, 2021, after the reorganization was $1.00 for Wealth shares and $1.00 for Service shares, and a total of 42,913,655 Wealth shares and 2,101,324,270 Service shares were issued to shareholders of General Government Securities Money Market Fund’s Class A, Class B and Dreyfus Class shares in the exchange.

The net assets as of the merger date for General Government Securities Money Market Fund and Dreyfus Government Cash Management were as follows:

  
 

Net Assets ($)

General Government Securities
Money Market Fund

2,144,189,839

Dreyfus Government Cash Management

104,715,613,763

Assuming the merger had been completed on February 1, 2021, Dreyfus Government Cash Management’s pro forma results in the Statement of Operations during the period ended January 31, 2022 would be as follows:

   

Net investment income

$

34,207,698 1

Net realized gain (loss) on investments

$

114,337 2

Net increase (decrease) in net assets resulting
from operations

$

34,322,035

1 $34,038,190 as reported in the Statement of Operations, plus $169,508 General Government Securities Money Market Fund, pre-merger.

2 $114,337 as reported in the Statement of Operations, plus $0 General Government Securities Money Market Fund, pre-merger.

Because the combined funds have been managed as a single integrated fund since the merger was completed, it is not practicable to separate the amounts of revenue and expenses of General Government Securities Money Market Fund that have been included in the Dreyfus Government Cash Management’s Statement of Operations since May 5, 2021.

As of the close of business on May 11, 2021, pursuant to an Agreement and Plan of Reorganization previously approved by the Board, all of the assets, subject to the liabilities, of General Treasury Securities Money Market Fund’s Class A, Class B and Dreyfus Class shares were transferred to Dreyfus Treasury Securities Cash Management in a tax free exchange at cost basis for Wealth and Service shares of Beneficial Interest of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies. Shareholders of General Treasury Securities Money Market Fund’s Class A and Dreyfus Class shares received Wealth shares and Class B received Service shares of Dreyfus Treasury Securities Cash Management, in an amount equal to the aggregate net asset value of their investment in General Treasury Securities Money Market Fund’s Class A,

47

 

NOTES TO FINANCIAL STATEMENTS (continued)

Class B and Dreyfus Class shares at the time of the exchange. The net asset value of Dreyfus Treasury Securities Cash Management’s Wealth and Service shares on the close of business on May 11, 2021, after the reorganization was $1.00 for Wealth shares and $1.00 for Service shares, and a total of 539,703,024 Wealth shares and 1,781,715,447 Service shares were issued to shareholders of General Treasury Securities Money Market Fund’s Class A, Class B and Dreyfus Class shares in the exchange.

The net assets as of the merger date for General Treasury Securities Money Market Fund and Dreyfus Treasury Securities Cash Management were as follows:

  
 

Net Assets ($)

General Treasury Securities
Money Market Fund

2,321,996,136

Dreyfus Treasury Securities Cash Management

44,049,265,584

Assuming the merger had been completed on February 1, 2021, Dreyfus Treasury Securities Cash Management’s pro forma results in the Statement of Operations during the period ended January 31, 2022 would be as follows:

   

Net investment income

$

4,373,932 1

Net realized gain (loss) on investments

$

176,979 2

Net increase (decrease) in net assets resulting
from operations

$

4,550,911

1 $4,266,570 as reported in the Statement of Operations, plus $107,362 General Treasury Securities Money Market Fund, pre-merger.

2 $153,720 as reported in the Statement of Operations, plus $23,259 General Treasury Securities Money Market Fund, pre-merger.

Because the combined funds have been managed as a single integrated fund since the merger was completed, it is not practicable to separate the amounts of revenue and expenses of General Treasury Securities Money Market Fund that have been included in the Dreyfus Treasury Securities Cash Management’s Statement of Operations since May 11, 2021.

As of the close of business on May 4, 2021, pursuant to an Agreement and Plan of Reorganization previously approved by the Board, all of the assets, subject to the liabilities, of Dreyfus Preferred Money Market Fund’s Institutional and Hamilton shares were transferred to Dreyfus Cash Management in a tax free exchange at cost basis for Preferred shares of Beneficial Interest of equal value. The purpose of the transaction was to combine two funds with comparable investment objectives and strategies. Shareholders of Dreyfus Institutional Preferred Money Market Fund’s Institutional and Hamilton shares received Preferred shares of Dreyfus Cash Management, in an amount equal to the aggregate net asset value of their investment in Dreyfus Institutional Preferred Money Market Fund’s Institutional and Hamilton shares at the time of the exchange. The net asset value of Dreyfus Cash Management's Preferred shares on the close of business on May 4, 2021, after the reorganization was $1.0010 for Preferred shares, and a total of 3,631,145,830 Preferred shares were issued to shareholders of Dreyfus Preferred Money Market Fund's Institutional and Hamilton shares in the exchange.

The net unrealized appreciation (depreciation) on investments and net assets as of the merger date for Dreyfus Institutional Preferred Money Market Fund and Dreyfus Cash Management were as follows:

   
 

Unrealized Appreciation

(Depreciation) ($)

Net Assets ($)

Dreyfus Institutional Preferred Money Market Fund

82,716

3,634,782,505

Dreyfus Cash Management

247,959

4,719,290,468

Assuming the merger had been completed on February 1, 2021, Dreyfus Cash Management’s pro forma results in the Statement of Operations during the period ended January 31, 2022 would be as follows:

     

Net investment income

  

$

3,066,050 1

Net realized and unrealized gain (loss) on investments

  

$

(1,432,686) 2

Net increase (decrease) in net assets resulting from operations

  

$

1,633,364

1 $3,008,168 as reported in the Statement of Operations, plus $57,882 Dreyfus Institutional Preferred Money Market Fund, pre-merger.

2 ($1,424,360) as reported in the Statement of Operations, plus ($8,326) Dreyfus Institutional Preferred Money Market Fund, pre-merger.

Because the combined funds have been managed as a single integrated fund since the merger was completed, it is not practicable to separate the amounts of revenue and expenses of Dreyfus Institutional Preferred Money Market Fund that have been included in the Dreyfus Cash Management’s Statement of Operations since May 4, 2021.

BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of each fund’s shares, which are sold to the public without a sales charge. Each fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest of the following classes of shares: Dreyfus Government Cash Management: Institutional, Investor, Administrative, Participant, Wealth and Service. Dreyfus Government Securities Cash Management: Institutional, Investor, Administrative and Participant. Dreyfus Treasury Obligations Cash Management: Institutional, Investor, Administrative, Participant, Wealth and Service. Dreyfus Treasury Securities Cash Management: Institutional, Investor, Administrative,

48

 

Participant, Wealth and Service. Dreyfus Cash Management: Institutional, Investor, Administrative and Preferred. Dreyfus Tax Exempt Cash Management: Institutional. Institutional, Investor, Administrative, Participant, Wealth, Service and Preferred shares class of the funds are subject to a Shareholder Services Plan, and the Participant and Service shares of the funds are subject to an Administrative Services Plan. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

Dreyfus Government Cash Management, Dreyfus Government Securities Cash Management, Dreyfus Treasury Obligations Cash Management and Dreyfus Treasury Securities Cash Management each operate as a “government money market fund” as that term is defined in Rule 2a-7 under the Act (a “Government Fund”). It is the policy of each Government Fund to maintain a constant NAV of $1.00 per share, and each Government Fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that each Government Fund will be able to maintain a constant NAV of $1.00 per share. Government Funds are not subject to liquidity fees or temporary suspensions of redemptions due to declines in the funds’ weekly liquid assets.

Dreyfus Cash Management and Dreyfus Tax Exempt Cash Management each operate as an “institutional prime fund” as that term is defined in Rule 2a-7 under the Act (an “Institutional Fund”). Each Institutional Fund may, or in certain circumstances, must impose a fee upon the sale of shares or may temporarily suspend redemptions if each fund’s weekly liquid assets fall below required minimums because of market conditions or other factors.

The Trust accounts 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 (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. Each fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. Each fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The funds enter into contracts that contain a variety of indemnifications. The funds’ maximum exposure under these arrangements is unknown. The funds do not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of each fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the funds’ own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each fund’s investments are as follows:

Government Funds: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate fair market

49

 

NOTES TO FINANCIAL STATEMENTS (continued)

value, the fair value of the portfolio securities will be determined by procedures established by and under the general oversight of the Board.

Institutional Funds: Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Debt investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general oversight of the Board.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the funds calculate their net asset value, the funds may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

At January 31, 2022, all of the securities in each fund were considered Level 2 within the fair value hierarchy.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.

Dreyfus Government Cash Management, Dreyfus Treasury Obligations Cash Management and Dreyfus Cash Management, may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, subject to the seller’s agreement to repurchase and each fund’s agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, each fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, each fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller. The collateral is held on behalf of each fund by the tri-party administrator with respect to any tri-party agreement. Each fund may also jointly enter into one or more repurchase agreements with other funds managed by the Adviser in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.

(c) Risk: Certain events particular to the industries in which each fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. The effects of COVID-19 have contributed to increased volatility in global markets and will

50

 

likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

(d) Dividends and distributions to shareholders: It is the policy of each fund to declare dividends daily from net investment income. 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.

(e) Federal income taxes: It is the policy of Dreyfus Government Cash Management, Dreyfus Government Securities Cash Management, Dreyfus Treasury Obligations Cash Management, Dreyfus Treasury Securities Cash Management and Dreyfus 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 Tax Exempt Cash Management to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

For federal income tax purposes, each fund is treated as a separate entity for the purpose of determining such qualification.

As of and during the period ended January 31, 2022, the funds did not have any liabilities for any uncertain tax positions. Each fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the period ended January 31, 2022, the funds did not incur any interest or penalties.

Each tax year in the four-year period ended January 31, 2022 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At January 31, 2022, the components of accumulated earnings on a tax basis for each fund were substantially the same as for financial reporting purposes.

Under the Regulated Investment Company Modernization Act of 2010, each fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.

Table 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, 2022.

Table 2 summarizes each fund’s tax character of distributions paid to shareholders during the fiscal periods ended January 31, 2022 and January 31, 2021.

During the period ended January 31, 2022, as a result of permanent book to tax differences, each identified fund’s total distributable earnings (loss) and increased/(decreased) paid in capital on investments as summarized in Table 3. These permanent book to tax differences are primarily due to treating a portion of the proceeds from redemptions as a distribution for tax purposes for Dreyfus Tax Exempt Cash Management and capital loss carryover from fund merger for Dreyfus Cash Management. Net assets and net asset value per share were not affected by these reclassifications.

At January 31, 2022, the cost of investments for federal income tax purposes for each fund was substantially the same as the cost for financial reporting purposes (see the Statements of Investments).

51

 

NOTES TO FINANCIAL STATEMENTS (continued)

      

Table 1—Capital Loss Carryover

   
 

Short-Term Losses ($)

Long-Term Losses ($)

Total (S)

Dreyfus Government Cash Management

438,503

-

438,503

Dreyfus Government Securities Cash Management

13,240

-

13,240

Dreyfus Treasury Obligations Cash Management

1,803,999

143,279

1,947,278

Dreyfus Cash Management

1,467,978

-

1,467,978

 These capital losses can be carried forward for an unlimited period.

                    

Table 2—Tax Character of Distributions Paid

         
 

2022

  

2021

 

 

Tax-Exempt Income ($)

Ordinary
Income ($)

Long-Term Capital
Gains ($)

 

 

Tax-Exempt
Income ($)

Ordinary
Income ($)

Long-Term Capital
Gains ($)

 

Dreyfus Government Cash Management

 

-

33,580,440

-

  

-

156,416,506

-

 

Dreyfus Government Securities
Cash Management

 

-

449,945

-

  

-

10,552,209

-

 

Dreyfus Treasury Obligations
Cash Management

 

-

3,772,714

-

  

-

42,979,140

-

 

Dreyfus Treasury Securities
Cash Management

 

-

4,351,462

-

  

-

74,132,583

-

 

Dreyfus Cash Management

 

-

3,345,087

-

  

-

34,112,319

-

 

Dreyfus Tax Exempt
Cash Management

 

40,859

-

1,526

  

2,302,570

-

-

 
    

Table 3—Reclassification of Components of Net Assets

 

 

 

  

Total
distributable
earnings (loss) ($)

Paid-in
Capital ($)

Dreyfus Cash Management

 

(69,919)

69,919

Dreyfus Tax Exempt Cash Management

 

(19,519)

19,519

(f) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

NOTE 2—Management Fee and Other Transactions with Affiliates:

(a) Pursuant to separate management agreements (the “Agreements”) with the Adviser, the management fee of each fund except for Dreyfus Cash Management is computed at the annual rate of 0.20% of the value of each fund’s average daily net assets and is payable monthly. Dreyfus Cash Management fee is computed at an annual rate of 0.10% of the value of the fund’s average daily nets assets and is payable monthly. Effective May 1, 2021, Dreyfus Cash Management’s management fee was reduced from 0.20% to 0.10% of the fund’s average daily net assets. For each fund except for Dreyfus Treasury Securities Cash Management Fund, the Agreements provide that if in any full fiscal year the aggregate expenses, (excluding taxes, brokerage fees and extraordinary expenses) exceed 1½% of the value of each fund’s average daily net assets, the Adviser will reimburse the relevant fund, or bear any excess expense over 1½%. During the period

52

 

ended January 31, 2022, there were no reimbursements pursuant to the Agreements.

For certain funds, the Adviser agreed to waive receipt of its fees or limit the fund’s direct expenses during period ended January 31, 2022, as described below. To the extent that it is necessary for the Adviser to waive receipt of its management fee (or reimburse the fund’s common expenses) for any share class, the amount of the waiver or reimbursement will be applied equally to each share class of the fund in order to facilitate a daily yield at or above a certain level which may change from time to time. These expense limitations and waivers are voluntary, not contractual, and may be terminated by the Adviser at any time. For Dreyfus Government Cash Management, Dreyfus Treasury Obligations Cash Management, Dreyfus Treasury Securities Cash Management and Dreyfus Tax Exempt Cash Management, the Adviser agreed to waive receipt of its fee and/or assume the fund’s expenses to the extent necessary to reduce the direct expenses of the fund’s Institutional shares. Dreyfus Cash Management, the Adviser has agreed to waiver receipt of its fee and or assume the fund’s expense of the fund’s Administrative, Institutional and Investor shares. To the extent that it is necessary for the Adviser to waive receipt of its management fee or reimburse the fund’s common expenses, the amount of the waiver or reimbursement will be applied equally to each share class of each relevant fund.

For Dreyfus Government Cash Management Fund, the Adviser has contractually agreed, from February 1, 2021 through June 1, 2022, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of the fund’s Wealth and Service shares (excluding taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 0.62% and 1.01%, respectively, of the value of applicable share class’ average daily net assets. On or after June 1, 2022, the Adviser may terminate this expense limitation agreement at any time.

For Dreyfus Treasury Obligations Cash Management Fund, the Adviser has contractually agreed, from February 1, 2021 through June 1, 2022, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of the fund’s Wealth and Service shares (excluding taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 0.47% and 1.01%, respectively, of the value of applicable share class’ average daily net assets. On or after June 1, 2022, the Adviser may terminate this expense limitation agreement at any time.

For Dreyfus Treasury Securities Cash Management Fund, the Adviser has contractually agreed, from February 1, 2021 through June 1, 2022, to waive receipt of its fees and/or assume the direct expenses of the fund, so that the direct expenses of the fund’s Wealth and Service shares (excluding taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 0.47% and 1.01%, respectively, of the value of applicable share class’ average daily net assets. On or after June 1, 2022, the Adviser may terminate this expense limitation agreement at any time.

For Dreyfus Cash Management, the Adviser has contractually agreed to waive receipt of its fees and/or assume the expenses of the fund’s Preferred shares from May 4, 2021 through June 1, 2023 so that the direct expenses of Preferred shares (excluding taxes, interest, brokerage commissions, commitment fees on borrowings and extraordinary expenses) do not exceed 0.10% of the value of the fund’s Preferred shares average daily net assets. To the extent that it is necessary for the Adviser to reimburse the fund’s common expenses, the amount of the waiver or reimbursement will be applied equally to each share class of the fund.

Table 4 summarizes the reduction in expenses for each relevant fund, pursuant to these undertakings, during the period ended January 31, 2022.

  

Table 4—Fee Waivers ($)

 

  

Dreyfus Government Cash Management

56,415,348

Dreyfus Treasury Obligations Cash Management

8,845,725

Dreyfus Treasury Securities Cash Management

4,682,969

Dreyfus Cash Management

6,030,406

Dreyfus Tax Exempt Cash Management

304,726

The Adviser 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. This undertaking is voluntary and not contractual, and may be terminated at any time. Table 5 summarizes the reduction in expenses for each fund, pursuant to these undertakings, during the period ended January 31, 2022.

  

Table 5—Expense Reductions ($)

 

  

Dreyfus Government Cash Management

176,416,203

Dreyfus Government Securities Cash Management

9,808,509

Dreyfus Treasury Obligations Cash Management

54,789,495

Dreyfus Treasury Securities Cash Management

108,869,322

Dreyfus Cash Management

346,037

Dreyfus Tax Exempt Cash Management

495,299

(b) Under each fund’s Compensation Shareholder Services Plan, with respect to each fund’s applicable Investor,

53

 

NOTES TO FINANCIAL STATEMENTS (continued)

Administrative, Participant, Wealth and Service shares and as of May 1, 2021 Dreyfus Cash Management Institutional shares, each fund pays the Distributor for providing certain services to shareholders of these classes. Investor shares, Administrative shares, Participant shares, Wealth shares and Service shares pay the Distributor at annual rates of 0.25%, 0.10%, 0.25%, 0.25% and 0.25%, respectively, of the value of the applicable share class’ average daily net assets. As of May 1, 2021, Dreyfus Cash Management Institutional shares pay the Distributor at annual rate of 0.10% of the value of Dreyfus Cash Management Institutional shares average daily net assets and with respect to Administrative shares the annual rate increased from annual rate of 0.10% to an annual rate of 0.20% of value of Dreyfus Cash Management Administrative shares average daily net assets. Service may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the funds and services related to the maintenance of shareholder accounts. Under the Compensation Shareholder Services Plan as to each class, the Distributor may make payments to Service Agents with respect to these services. Table 6 summarizes the amount each fund was charged pursuant to the Compensation Shareholder Services Plan during the period ended January 31, 2022.

Each fund has adopted a Reimbursement Shareholder Services Plan with respect to its Institutional shares and as of May 4, 2021 Dreyfus Cash Management adopted a Reimbursement Shareholder Service Plan with respect to Preferred shares. Institutional and Preferred shares of each fund reimburse the Distributor at an amount not to exceed an annual rate of 0.25% and 0.05%, respectively, of the value of applicable share class’ average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. Effective May 1, 2021, Dreyfus Cash Management Institutional shares, the amount not to exceed annual rate was reduced from 0.25% to 0.05% of the value of Dreyfus Cash Management Institutional shares average daily net assets. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Institutional and Preferred shares of each fund, and services related to the maintenance of shareholder accounts. Table 7 summarizes the amount each fund’s Institutional and Preferred shares were charged pursuant to the Reimbursement Shareholder Services Plan during the period ended January 31, 2022.

       
     

Table 6—Compensation Shareholder Services Plan Fees

    
       

 

Institutional Shares ($)

Investor
Shares ($)

Administrative
Shares ($)

Participant
Shares ($)

Wealth
Shares ($)

Service
Shares ($)

Dreyfus Government Cash Management

-

6,602,052

3,974,608

4,109,187

4,138,941

5,608,832

Dreyfus Government Securities Cash Management

-

619,751

597,749

984,658

-

-

Dreyfus Treasury Obligations Cash Management

-

3,977,321

726,916

7,143,472

469,702

379,225

Dreyfus Treasury Securities Cash Management

-

3,931,997

7,953,842

10,595,741

1,019,427

3,470,839

Dreyfus Cash Management

3,589,130

293,583

267,731

-

-

-

Dreyfus Tax Exempt Cash Management

-

213

-

-

-

-

       
     

Table 7—Reimbursement Shareholder Services Plan Fees

    
       

 

    

Institutional
Shares ($)

Preferred
Shares ($)

Dreyfus Government Cash Management

    

1,021,186

-

Dreyfus Government Securities Cash Management

    

48,303

-

Dreyfus Treasury Obligations Cash Management

    

290,063

-

Dreyfus Treasury Securities Cash Management

    

350,812

-

Dreyfus Cash Management

    

186,383

-

Dreyfus Tax Exempt Cash Management

    

87,586

-

54

 

(c) Under each fund’s Administrative Services Plan, with respect to each fund’s applicable Participant and Service shares and as of May 1, 2021 Dreyfus Cash Management Investor shares, each fund will pay the Distributor for the provision of certain types of recordkeeping and other related services (which are not services for which a “service fee” as defined under the Conduct Rules of FINRA is intended to compensate) pursuant to the Administrative Services Plan. Participant and Service shares pays the Distributor at an annual rate of 0.15% and 0.55%, respectively, of the value of the applicable shares class’ average daily net assets. As of May 1, 2021, Dreyfus Cash Management Investor shares pays the Distributor at an annual rate of 0.10% of the value of the Dreyfus Cash Management Investor shares average daily net assets. These services include for Participant shares, at a minimum: client onboarding; anti-money laundering and related regulatory oversight; manual transaction processing; disbursing income dividends and capital gain distributions; transmitting wires; fund statistical reporting; and blue sky support. These services include for Service shares, at a minimum: providing beneficial owners with statements showing their position in the fund; mailing periodic reports, prospectuses and other fund communications to beneficial owners; client onboarding; anti-money laundering and related regulatory oversight; manual transaction processing; disbursing income dividends and capital gain distributions; transmitting wires; processing (i.e., aggregating) purchase and redemption transactions; preparing and delivering to beneficial owners, and state and federal authorities, including the IRS and the SEC, such information respecting dividends and distributions paid by the fund as may be required by law, rule or regulation; withholding on dividends and distributions as may be required by state or Federal authorities from time to time; receiving, tabulating, and transmitting proxies executed by beneficial owners; fund statistical reporting; trade reconciliation; maintaining fund data on platform; and blue sky support. Under the Administrative Service Plan, the Distributor may make payments to certain Service Agent in respect of these services. Table 8 summarizes the amount each fund was charged pursuant to the Administrative Services Plan during the period ended January 31, 2022.

       
     

Table 8—Administrative Services Plan Fees

    
       

 

   

Investor
Shares ($)

Participant
Shares ($)

Service
Shares ($)

Dreyfus Government Cash Management

   

-

2,465,512

12,339,430

Dreyfus Government Securities Cash Management

   

-

590,795

-

Dreyfus Treasury Obligations Cash Management

   

-

4,286,083

834,294

Dreyfus Treasury Securities Cash Management

   

-

6,357,444

7,635,845

Dreyfus Cash Management

   

63,394

-

-

       

The funds have an arrangement with the transfer agent whereby the funds may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency fees. For financial reporting purposes, the funds include net earnings credits, if any, as shareholder servicing costs in the Statements of Operations.

Dreyfus Government Cash Management, Dreyfus Government Securities Cash Management, Dreyfus Treasury Obligations Cash Management, Dreyfus Treasury Securities Cash Management and Dreyfus Cash Management each has an arrangement with the custodian whereby Dreyfus Government Cash Management, Dreyfus Government Securities Cash Management, Dreyfus Treasury Obligations Cash Management, Dreyfus Treasury Securities Cash Management and Dreyfus Cash Management will receive interest income or be charged overdraft fees when positive cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.

Dreyfus Tax Exempt Cash Management has an arrangement with the custodian to receive earnings credits when positive cash balances are maintained, which were used to offset custody fees. For financial reporting purposes, the funds include net earnings credits, if any, as expense offsets in the Statements of Operations.

Each fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing transfer agency and cash management services inclusive of earnings credits, if any, for the funds. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. Table 9 summarizes the amount each fund was

55

 

NOTES TO FINANCIAL STATEMENTS (continued)

charged during the period ended January 31, 2022, which is included in Shareholder servicing costs in the Statements of Operations.

  

Table 9—Transfer Agency Agreement Fees ($)

 

 

Dreyfus Government Cash Management

58,643

Dreyfus Government Securities Cash Management

2,798

Dreyfus Treasury Obligations Cash Management

9,480

Dreyfus Treasury Securities Cash Management

54,364

Dreyfus Cash Management

72,712

Dreyfus Tax Exempt Cash Management

1,893

Each relevant fund compensates BNY Mellon under a shareholder redemptions draft processing agreement for providing certain services related to the funds’ check writing privilege. Table 10 summarizes the amount each fund was charged during the period ended January 31, 2022 pursuant to the agreement, which is included in Shareholder servicing costs in the Statements of Operations.

  

Table 10—BNY Mellon Cash Management Fees ($)

  

Dreyfus Government Cash Management

2,216

Dreyfus Treasury Obligations Cash Management

103

Dreyfus Treasury Securities Cash Management

3,128

Each fund compensates BNY Mellon under a custody agreement for providing custodial services. These fees are determined based on net assets, geographic region and transaction activity. Table 11 summarizes the amount each fund was charged during the period ended January 31, 2022 pursuant to the custody agreement. These fees were offset by earnings credits for each relevant fund, also summarized in Table 11.

During the period ended January 31, 2022, each fund was charged $14,460 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statements of Operations.

Table 12 summarizes the components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statements of Assets and Liabilities for each fund.

     

Table 11—Custody Agreement Fees

   

 

Custody Fees ($)

 

Earnings Credits ($)

Dreyfus Government Cash Management

1,814,038

 

-

Dreyfus Government Securities Cash Management

72,428

 

-

Dreyfus Treasury Obligations Cash Management

484,637

 

-

Dreyfus Treasury Securities Cash Management

749,218

 

-

Dreyfus Cash Management

149,134

 

-

Dreyfus Tax Exempt Cash Management

18,053

 

(571)

        

Table 12—Due to BNY Mellon Investment Adviser, Inc. and Affiliates

 

Management
Fees ($)

Shareholder Services Plans
Fees ($)

Administrative
Services
Plan Fees($)

Custodian
Fees ($)

Chief
Compliance
Officer
Fees ($)

Transfer
Agency
Fees ($)

Less Expense
Reimbursement ($)

Dreyfus Government Cash Management

21,904,640

3,004,246

2,073,357

790,000

4,836

11,654

(22,236,587)

Dreyfus Government Securities Cash Management

780,580

168,990

43,306

30,925

4,836

488

(754,328)

Dreyfus Treasury Obligations Cash Management

5,044,201

1,161,605

511,456

192,500

4,836

1,553

(4,774,189)

Dreyfus Treasury Securities Cash Management

8,998,720

2,705,783

1,500,878

325,000

4,836

12,379

(10,459,331)

Dreyfus Cash Management

746,942

527,373

4,415

68,500

4,836

16,554

(673,984)

Dreyfus Tax Exempt Cash Management

56,184

5,000

-

7,469

4,836

316

(53,885)

56

 

(d) Each Board member also serves as a Board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 3—Securities Transactions:

The funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers, complies with Rule 17a-7 under the Act. Table 13 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, 2022.

Table 14 summarizes the cost of investments for federal income tax purposes, gross appreciation, gross depreciation and accumulated net unrealized appreciation (depreciation) on investments for each relevant fund at January 31, 2022.

   

Table 13—Affiliated Portfolio Holdings Transactions

 

 

Purchases ($)

Sales ($)

Dreyfus Tax Exempt Cash Management

496,755,000

571,375,000

        

Table 14—Accumulated Net Unrealized Appreciation (Depreciation)

   

 

Cost of
Investments ($)

Gross
Appreciation ($)

Gross
Depreciation ($)

Net ($)

Dreyfus Cash Management

8,343,347,702

246,303

(1,169,073)

(922,770)

Dreyfus Tax-Exempt Cash Management

321,851,655

100

(6,099)

(5,999)

NOTE 4—Subsequent Event:

Dreyfus Government Cash Management

Effective February 1, 2022, the Adviser, has contractually agreed, until at least May 31, 2023, to waive receipt of a portion of its management fee in the amount of 0.03% of the value of the fund’s average daily net assets. On or after May 31, 2023, the Adviser may terminate this waiver agreement at any time.

Effective February 23, 2022, Dreyfus Government Cash Management commenced offering BOLDSM shares. In addition, the Adviser has contractually agreed, until at least May 31, 2023, to waive receipt of its fees and/or assume the direct expenses of the fund’s BOLDSM shares so that the direct expenses of BOLDSM shares (excluding taxes, interest, portfolio transaction costs, commitment fees on borrowings and extraordinary expenses) do not exceed 0.18%. On or after May 31, 2023, the Adviser may terminate the fee waiver agreement and/or expense limitation agreement at any time.

Dreyfus Government Securities Cash Management

Effective February 1, 2022, the Adviser, has contractually agreed, until at least May 31, 2023, to waive receipt of a portion of its management fee in the amount of 0.01% of the value of the fund’s average daily net assets. On or after May 31, 2023, the Adviser may terminate this waiver agreement at any time.

Dreyfus Treasury Obligations Cash Management

Effective February 1, 2022, the Adviser, has contractually agreed, until at least May 31, 2023, to waive receipt of a portion of its management fee in the amount of 0.03% of the value of the fund’s average daily net assets. On or after May 31, 2023, the Adviser may terminate this waiver agreement at any time.

Dreyfus Treasury Securities Cash Management

Effective February 1, 2022, the Adviser, has contractually agreed, until at least May 31, 2023, to waive receipt of a portion of its management fee in the amount of 0.03% of the value of the fund’s average daily net assets. On or after May 31, 2023, the Adviser may terminate this waiver agreement at any time.

Dreyfus Tax Exempt Cash Management

Effective February 1, 2022, the Adviser, has contractually agreed, until at least May 31, 2023, to waive receipt of a portion of its fees and/or assume the direct expenses of the

57

 

NOTES TO FINANCIAL STATEMENTS (continued)

fund’s Institutional shares so that the direct expenses of fund’s Institutional shares (excluding taxes, interest, portfolio transaction costs, commitment fees on borrowings and extraordinary expenses) do not exceed 0.20% of the value of the fund’s average daily net assets. On or after May 31, 2023, the Adviser may terminate the expense limitation agreement at any time.

58

 

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Shareholders and Board of Trustees

Dreyfus Government Cash Management

Dreyfus Government Securities Cash Management

Dreyfus Treasury Obligations Cash Management

Dreyfus Treasury Securities Cash Management

Dreyfus Cash Management

Dreyfus Tax Exempt Cash Management (formerly, Dreyfus AMT-Free Tax Exempt Cash Management)

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Dreyfus Government Cash Management, Dreyfus Government Securities Cash Management, Dreyfus Treasury Obligations Cash Management, Dreyfus Treasury Securities Cash Management, Dreyfus Cash Management and Dreyfus Tax Exempt Cash Management (formerly, Dreyfus AMT-Free Tax Exempt Cash Management) (collectively referred to as the “Funds”), including the statements of investments, as of January 31, 2022, 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, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds at January 31, 2022, 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 their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2022, by correspondence with the custodian and others or by other appropriate auditing procedures where replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Dreyfus investment companies since at least 1957, but we are unable to determine the specific year.

New York, New York
March 22, 2022

59

 

IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, Dreyfus Tax Exempt Cash Management hereby make the following designations regarding the dividends paid from investment income-net during their fiscal year ended January 31, 2022:

- all the dividends paid from investment income-net are “exempt-interest dividends” (not generally subject to regular federal income taxes), except $1,526 that is being designated as a long-term capital gain distribution for reporting purposes.

For state individual income tax purposes Dreyfus Government Securities Cash Management and Dreyfus Treasury Securities Cash Management hereby report the following percentage of ordinary dividends paid during the fiscal year ended January 31, 2022 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, Connecticut, California and the District of Columbia:

  

Dreyfus Government
Cash Management-

51.77%

Dreyfus Government Securities
Cash Management-

100%

Dreyfus Treasury Obligations Securities
Cash Management-

68.63%

Dreyfus Treasury Securities
Cash Management-

100%

The Funds below report the following percentage of ordinary income dividends paid during the fiscal year ended January 31, 2022 as qualifying interest related dividends:

  

Dreyfus Government
Cash Management-

100%

Dreyfus Government Securities
Cash Management-

100%

Dreyfus Treasury Obligations
Cash Management-

100%

Dreyfus Treasury Securities
Cash Management-

100%

Dreyfus Cash Management-

44.82%

Dreyfus Cash Management hereby reports $.000043 per share as a short-term capital gain distribution paid on December 23, 2021.

60

 

BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS

Independent Board Members

Joseph S. DiMartino (78)
Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the fund’s Statement of Additional Information) (1995-Present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (1997-Present)

No. of Portfolios for which Board Member Serves: 96

———————

Francine J. Bovich (70)
Board Member (2015)

Principal Occupation During Past 5 Years:

· The Bradley Trusts, private trust funds, Trustee (2011-Present)

Other Public Company Board Memberships During Past 5 Years:

· Annaly Capital Management, Inc., a real estate investment trust, Director (2014-Present)

No. of Portfolios for which Board Member Serves: 54

———————

J. Charles Cardona (66)
Board Member (2014)

Principal Occupation During Past 5 Years:

· President and Director of the Adviser (2008-2016)

· Chief Executive Officer of Dreyfus Cash Investment Strategies, a division of the Adviser (2009-2016)

· Chairman of the Distributor (2013–2016)

Other Public Company Board Memberships During Past 5 Years:

· BNY Mellon ETF Trust, Chairman and Trustee (2020-Present)

· BNY Mellon Liquidity Funds, Director (2004-Present) and Chairman (2019-2021)

No. of Portfolios for which Board Member Serves: 35

———————

Andrew J. Donohue (71)
Board Member (2019)

Principal Occupation During Past 5 Years:

· Attorney, Solo Law Practice (2019-Present)

· Shearman & Sterling LLP, a law firm, Of Counsel (2017-2019)

· Chief of Staff to the Chair of the SEC (2015-2017)

Other Public Company Board Memberships During Past 5 Years:

· Oppenheimer Funds (58 funds), Director (2017-2019)

No. of Portfolios for which Board Member Serves: 44

———————

Isabel P. Dunst (74)
Board Member (1991)

Principal Occupation During Past 5 Years:

· Hogan Lovells LLP, a law firm, Retired (2019-Present); Senior Counsel (2018-2019); Of Counsel (2015-2018); Partner (1990-2014)

· Hebrew Union College Jewish Institute of Religion, Member of the Board of Governors (2015-Present)

· Bend the ARC, a civil rights organization, Board Member (2016-Present)

No. of Portfolios for which Board Member Serves: 22

———————

Nathan Leventhal (78)
Board Member (2014)

Principal Occupation During Past 5 Years:

· Lincoln Center for the Performing Arts, President Emeritus (2001-Present)

· Palm Beach Opera, President (2016-Present)

Other Public Company Board Memberships During Past 5 Years:

· Movado Group, Inc., a public company that designs, sources, markets and distributes watches Director (2003-2020)

No. of Portfolios for which Board Member Serves: 32

———————

Robin A. Melvin (58)
Board Member (2010)

Principal Occupation During Past 5 Years:

· Westover School, a private girls' boarding school in Middlebury, Connecticut, Trustee (2019-Present)

· Mentor Illinois, a non-profit organization dedicated to increasing the quality of mentoring services in Illinois, Co-Chair (2014-2020); Board Member, Mentor Illinois (2013-2020)

· JDRF, a non-profit juvenile diabetes research foundation, Board Member (June 2021-Present)

Other Public Company Board Memberships During Past 5 Years:

· HPS Corporate Lending Fund, a closed-end management investment company regulated as a business development company, Trustee (August 2021-Present)

No. of Portfolios for which Board Member Serves: 74

———————

Roslyn M. Watson (72)
Board Member (2010)

Principal Occupation During Past 5 Years:

· Watson Ventures, Inc., a real estate investment company. Principal (1993-Present)

Other Public Company Board Memberships During Past 5 Years:

· American Express Bank, FSB, Director (1993-2018)

No. of Portfolios for which Board Member Serves: 44

———————

61

 

BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)

Benaree Pratt Wiley (75)
Board Member (2007)

Principal Occupation During Past 5 Years:

· The Wiley Group, a firm specializing in strategy and business development, Principal (2005-Present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (2008-Present)

· Blue Cross Blue Shield of Massachusetts, Director (2004-2020)

No. of Portfolios for which Board Member Serves: 62

———————

Tamara Belinfanti (46)
Advisory Board Member (2021)

Principal Occupation During Past 5 Years:

· New York Law School, Lester Martin Professor of Law (2009-Present)

No. of Portfolios for which Advisory Board Member Serves: 22

———————

Gordon J. Davis (80)
Advisory Board Member (2021)

Principal Occupation During Past 5 Years:

· Venable LLP, a law firm Partner (2012-Present)

No. of Portfolios for which Advisory Board Member Serves: 40

———————

Each Board Member serves until his or her resignation, retirement or removal. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about each Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387.

62

 

OFFICERS OF THE FUND (Unaudited)

DAVID DIPETRILLO, President since January 2021.

Vice President and Director of the Adviser since February 2021; Head of North America Product, BNY Mellon Investment Management since January 2018; and Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017. He is an officer of 56 investment companies (comprised of 109 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 43 years old and has been an employee of BNY Mellon since 2005.

JAMES WINDELS, Treasurer since November 2001.

Vice President of the Adviser since September 2020; Director–BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 63 years old and has been an employee of the Adviser since April 1985.

PETER M. SULLIVAN, Chief Legal Officer since July 2021 and Vice President and Assistant Secretary since March 2019.

Chief Legal Officer of the Adviser and Associate General Counsel of BNY Mellon since July 2021; Senior Managing Counsel of BNY Mellon from December 2020 to July 2021; Managing Counsel of BNY Mellon from March 2009 to December 2020, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of BNY Mellon since April 2004.

JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.

Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since December 1996.

DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.

Managing Counsel of BNY Mellon since December 2021, Counsel of BNY Mellon from August 2018 to December 2021; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 31 years old and has been an employee of the Adviser since August 2018.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Vice President of BNY Mellon ETF Investment Adviser; LLC since February 2020; Senior Managing Counsel of BNY Mellon since September 2021; Managing Counsel of BNY Mellon from December 2017 to September 2021; and Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 46 years old and has been an employee of the Adviser since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 56 years old and has been an employee of the Adviser since October 1990.

AMANDA QUINN, Vice President and Assistant Secretary since March 2020.

Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; and Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of the Adviser since June 2019.

NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.

Chief Compliance Officer since August 2021 and Vice President since February 2020 of BNY Mellon ETF Investment Adviser, LLC; Chief Compliance Officer since August 2021 and Vice President and Assistant Secretary since February 2020 of BNY Mellon ETF Trust; Managing Counsel of BNY Mellon from December 2019 to August 2021; Counsel of BNY Mellon from May 2016 to December 2019; and Assistant Secretary of the Adviser from April 2018 to August 2021. She is an officer of 56 investment companies (comprised of 129 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 36 years old and has been an employee of BNY Mellon since May 2016.

GAVIN C. REILLY, Assistant Treasurer since August 2005.

Tax Manager–BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Adviser since April 1991.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager–BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since June 1989.

ROBERT SVAGNA, Assistant Treasurer since August 2002.

Senior Accounting Manager–BNY Mellon Fund Administration, and an officer of 57 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since November 1990.

JOSEPH W. CONNOLLY, Chief Compliance Officer since September 2004.

Chief Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since 2004; and Chief Compliance Officer of the Adviser from 2004 until June 2021. He is an officer of 56 investment companies (comprised of 117 portfolios) managed by the Adviser. He is 64 years old.

CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.

Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust. She is an officer of 49 investment companies (comprised of 122 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 53 years old and has been an employee of the Distributor since 1997.

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64

 

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66

 

For More Information

Dreyfus Cash Management Funds

240 Greenwich Street
New York, NY 10286

Adviser

BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286

Custodian

The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286

Distributor

BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286

        

Ticker Symbols:

Institutional

Investor

Administrative

Participant

Wealth

Service

Preferred

Dreyfus Government Cash Management

DGCXX

DGVXX

DAGXX

DPGXX

DGQXX

DGUXX

 

Dreyfus Government Securities Cash Management

DIPXX

DVPXX

DAPXX

DGPXX

   

Dreyfus Treasury Obligations Cash Management

DTRXX

DTVXX

DTAXX

DTPXX

DTKXX

DTNXX

 

Dreyfus Treasury Securities Cash Management

DIRXX

DVRXX

DARXX

DPRXX

DTJXX

DTHXX

 

Dreyfus Cash Management

DICXX

DVCXX

DSCXX

   

DCEXX

Dreyfus Tax Exempt Cash Management

DEIXX

      

Telephone Call your representative or 1-800-346-3621

Mail BNY Mellon Family of Funds to: BNY Mellon Institutional Services, 144 Glenn

Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request to instserv@bnymellon.com

Internet Dreyfus Money Market Funds at www.dreyfus.com

Each fund will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website for a period of five months. The fund files a monthly schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-MFP. The fund’s Forms N-MFP are available on the SEC’s website at www.sec.gov.

Information regarding how the fund voted proxies related to portfolio securities for the most recent 12-month period ended June 30 is available at www.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.

  

© 2022 BNY Mellon Securities Corporation
CMGTAR0122

 

 
 

 

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

 

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $34,853 in 2021 and $35,550 in 2022.

 

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $7,184 in 2021 and $7,198 in 2022. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

 

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2021 and $0 in 2022.

 

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $5,800 in 2021 and $6,685 in 2022. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2021 and $14,315 in 2022.

 

 
 

(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 $0 in 2021 and $1,548 in 2022. 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 2021 and $0 in 2022.

 

(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 accountant'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 $1,302,915 in 2021 and $3,112,807 in 2022.

 

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.

Item 6. Investments.

(a) Not applicable.

Item 7.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

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

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

Item 11.Controls and Procedures.

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

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

Item 12.Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.Exhibits.

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

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

(a)(3) Not applicable.

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

 
 

SIGNATURES

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

Dreyfus Treasury Securities Cash Management

By: /s/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

 

Date: March 23, 2022

 

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

 

By: /s/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

 

Date: March 23, 2022

 

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

 

Date: March 22, 2022

 

 

 

 
 

 

EXHIBIT INDEX

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

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

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