N-Q 1 formnq264.htm FORM N-Q formnq264.htm - Generated by SEC Publisher for SEC Filing

 

 

 

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number

811- 3954

 

 

 

DREYFUS TAX EXEMPT CASH MANAGEMENT FUNDS

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York  10166

 

 

(Address of principal executive offices)        (Zip code)

 

 

 

 

 

Michael A. Rosenberg, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6000

 

 

Date of fiscal year end:

 

1/31

 

Date of reporting period:

10/31/10

 

 

 

 

 

FORM N-Q

Item 1.                        Schedule of Investments.

-2-

 

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Cash Management

October 31, 2010 (Unaudited)

  Coupon    Maturity  Principal   
Short-Term Investments--92.2%  Rate (%)    Date  Amount ($)  Value ($) 
California--88.5%           
ABAG Finance Authority for           
Nonprofit Corporations,           
Revenue (Eskaton           
Village-Roseville) (LOC; KBC           
Bank)    0.30  11/7/10  14,670,000 a  14,670,000 
ABAG Finance Authority for           
Nonprofit Corporations,           
Revenue (Northbay Healthcare           
Group) (LOC; JPMorgan Chase           
Bank)    0.30  11/7/10  12,000,000 a  12,000,000 
ABAG Finance Authority for           
Nonprofit Corporations,           
Revenue (Santa Cruz Montessori           
School) (LOC; Comerica Bank)    0.41  11/7/10  765,000 a  765,000 
ABAG Finance Authority for           
Nonprofit Corporations,           
Revenue, Refunding (Eskaton           
Properties, Inc.) (LOC; Bank           
of America)    0.30  11/7/10  15,560,000 a  15,560,000 
Alameda County Industrial           
Development Authority,           
Recovery Zone Facility Revenue           
(Dale Hardware, Inc. Project)           
(LOC; Comerica Bank)    0.33  11/7/10  2,670,000 a  2,670,000 
Alameda Unified School District,           
GO Notes, TRAN    2.00  6/30/11  2,600,000  2,616,991 
California,           
GO Notes (LOC; KBC Bank)    0.28  11/1/10  19,900,000 a  19,900,000 
California,           
GO Notes (LOC; Landesbank           
Hessen-Thuringen Girozentrale)    0.27  11/1/10  8,300,000 a  8,300,000 
California Economic Development           
Financing Authority, Revenue,           
Refunding (KQED, Inc. Project)           
(LOC; Wells Fargo Bank)    0.55  11/7/10  200,000 a  200,000 
California Educational Facilities           
Authority, Revenue, CP           
(Stanford University)    0.30  11/19/10  2,900,000  2,900,000 
California Enterprise Development           
Authority, IDR (Ramar           
International Corporation           
Project) (LOC; Bank of the           
West)    0.30  11/7/10  4,220,000 a  4,220,000 
California Enterprise Development           
Authority, IDR (Tri Tool Inc.           
Project) (LOC; Comerica Bank)    0.36  11/7/10  10,000,000 a  10,000,000 
California Infrastructure and           
Economic Development Bank, IDR           
(Kennfoods USA, LLC Project)           
(LOC; Bank of the West)    0.30  11/7/10  2,500,000 a  2,500,000 

 


California Municipal Finance         
Authority, Revenue (Norte Dame         
High School, San Jose) (LOC;         
Comerica Bank)  0.41  11/7/10  445,000 a  445,000 
California Municipal Finance         
Authority, Revenue (Trinity         
School) (LOC; Comerica Bank)  0.41  11/7/10  670,000 a  670,000 
California Pollution Control         
Financing Authority, SWDR         
(Athens Services Project)         
(LOC; Wells Fargo Bank)  0.28  11/7/10  9,700,000 a  9,700,000 
California Pollution Control         
Financing Authority, SWDR         
(Garden City Sanitation, Inc.         
Project) (LOC; Comerica Bank)  0.34  11/7/10  2,745,000 a  2,745,000 
California Pollution Control         
Financing Authority, SWDR         
(Garden City Sanitation, Inc.         
Project) (LOC; Union Bank of         
California)  0.31  11/7/10  10,010,000 a  10,010,000 
California Pollution Control         
Financing Authority, SWDR         
(Mission Trail Waste Systems,         
Inc. Project) (LOC; Comerica         
Bank)  0.34  11/7/10  3,140,000 a  3,140,000 
California Pollution Control         
Financing Authority, SWDR         
(South Bay Recycling Project)         
(LOC; Union Bank of California)  0.31  11/7/10  3,150,000 a  3,150,000 
California Pollution Control         
Financing Authority, SWDR,         
Refunding (BLT Enterprises of         
Fremont LLC Project) (LOC;         
Union Bank of California)  0.31  11/7/10  9,415,000 a  9,415,000 
California Pollution Control         
Financing Authority, SWDR,         
Refunding (MarBorg Industries         
Project) (LOC; Union Bank of         
California)  0.31  11/7/10  3,640,000 a  3,640,000 
California School Cash Reserve         
Program Authority, Revenue  2.50  12/30/10  13,000,000  13,031,208 
California Statewide Communities         
Development Authority, TRAN         
(County of Yolo)  2.00  6/30/11  5,400,000  5,435,288 
Deutsche Bank Spears/Lifers Trust         
(Anaheim Redevelopment Agency,         
Tax Allocation Revenue,         
Refunding (Anaheim Merged         
Redevelopment Project Area))         
(Liquidity Facility; Deutsche         
Bank AG and LOC; Deutsche Bank         
AG)  0.29  11/7/10  6,255,000 a,b  6,255,000 
Golden State Tobacco         
Securitization Corporation,         
Enhanced Tobacco Settlement         
Asset-Backed Bonds (Insured;         
Berkshire Hathaway Assurance         
Corporation and Liquidity         
Facility; Citibank NA)  0.28  11/7/10  14,750,000 a,b  14,750,000 
Irvine Assessment District Number         

 


97-17, Limited Obligation         
Improvement Bonds (LOC; State         
Street Bank and Trust Co.)  0.28  11/1/10  3,100,000 a  3,100,000 
Los Angeles,         
GO Notes, TRAN  2.00  6/30/11  16,400,000  16,548,457 
Los Angeles County Metropolitan         
Transportation Authority,         
Proposition C Sales Tax         
Revenue, Refunding (Liquidity         
Facility; Bank of Nova Scotia)  0.26  11/1/10  9,000,000 a  9,000,000 
Los Angeles Department of Water         
and Power, Power System         
Revenue (Liquidity Facility;         
Bank of America)  0.26  11/1/10  1,700,000 a  1,700,000 
Manteca Redevelopment Agency,         
Subordinate Tax Allocation         
Revenue, Refunding (Amended         
Merged Project Area) (LOC;         
State Street Bank and Trust         
Co.)  0.28  11/1/10  1,200,000 a  1,200,000 
Menlo Park Community Development         
Agency, Tax Allocation         
Revenue, Refunding (Las Pulgas         
Community Development Project)         
(LOC; State Street Bank and         
Trust Co.)  0.28  11/1/10  20,900,000 a  20,900,000 
Orange County Sanitation District,         
COP, Refunding (Liquidity         
Facility; Lloyds TSB Bank PLC)  0.29  11/1/10  11,000,000 a  11,000,000 
Poway Unified School District         
Public Financing Authority, LR         
(Insured; Assured Guaranty         
Municipal Corp. and Liquidity         
Facility; Dexia Credit Locale)  0.50  11/7/10  26,600,000 a  26,600,000 
Puttable Floating Option Tax         
Exempt Receipts (California         
Statewide Communities         
Development Authority, MFHR         
(La Mision Village Apartments         
Project)) (Liquidity Facility;         
FHLMC and LOC; FHLMC)  0.44  11/7/10  1,240,000 a,b  1,240,000 
Puttable Floating Option Tax         
Exempt Receipts (California         
Statewide Communities         
Development Authority, Revenue         
(Japanese American National         
Museum)) (Liquidity Facility;         
Merrill Lynch Capital Services         
and LOC; Merrill Lynch Capital         
Services)  0.54  11/7/10  4,400,000 a,b  4,400,000 
Ravenswood City School District,         
GO Notes, TRAN  1.75  7/1/11  2,000,000  2,009,176 
Riverside County Transportation         
Commission, Sales Tax Revenue         
(Liquidity Facility; JPMorgan         
Chase Bank)  0.28  11/7/10  6,900,000 a  6,900,000 
Roseville Joint Union High School         
District, COP (Insured;         
Assured Guaranty Municipal         
Corp. and Liquidity Facility;         

 


Dexia Credit Locale)  0.50  11/7/10  1,350,000 a  1,350,000 
San Jose Redevelopment Agency,         
MFHR (101 San Fernando         
Apartments) (Liquidity         
Facility; Citibank NA and LOC;         
Citibank NA)  0.38  11/7/10  13,000,000 a,b  13,000,000 
San Pablo Redevelopment Agency,         
Subordinate Tax Allocation         
Revenue (Tenth Township         
Redevelopment Project) (LOC;         
Union Bank of California)  0.28  11/1/10  6,000,000 a  6,000,000 
Sausalito,         
MFHR (Rotary Village Senior         
Housing Project) (LOC; Bank of         
the West)  0.29  11/7/10  2,185,000 a  2,185,000 
Stockton,         
Health Facility Revenue         
(Dameron Hospital Association)         
(LOC; Citibank NA)  0.28  11/1/10  1,000,000 a  1,000,000 
Tahoe Forest Hospital District,         
Revenue (LOC; U.S. Bancorp)  0.28  11/1/10  1,000,000 a  1,000,000 
West Covina Public Financing         
Authority, LR, Refunding         
(Public Facilities Project)         
(LOC; California State         
Teachers Retirement System)  0.32  11/7/10  1,480,000 a  1,480,000 
 
U.S. Related--3.7%         
Puerto Rico Sales Tax Financing         
Corporation, Sales Tax Revenue         
(Liquidity Facility; Citibank         
NA)  0.29  11/7/10  7,815,000 a,b  7,815,000 
Puttable Floating Option Tax         
Exempt Receipts (Puerto Rico         
Highways and Transportation         
Authority, Highway Revenue)         
(Liquidity Facility; Dexia         
Credit Locale and LOC; Dexia         
Credit Locale)  0.45  11/7/10  4,980,000 a,b  4,980,000 
 
 
Total Investments (cost $322,096,120)      92.2%  322,096,120 
Cash and Receivables (Net)      7.8%  27,257,345 
Net Assets      100.0%  349,353,465 

 

a  Variable rate demand note - rate shown is the interest rate in effect at October 31, 2010. Maturity date represents the 
  next demand date, or the ultimate maturity date if earlier. 
b  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in 
  transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2010, these securities 
  amounted to $52,440,000 or 15.0% of net assets. 

 

At October 31, 2010, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Summary of Abbreviations     
ABAG  Association of Bay Area Governments  ACA  American Capital Access 

 


AGC  ACE Guaranty Corporation  AGIC  Asset Guaranty Insurance Company 
AMBAC  American Municipal Bond Assurance Corporation  ARRN  Adjustable Rate Receipt Notes 
BAN  Bond Anticipation Notes  BPA  Bond Purchase Agreement 
CIFG  CDC Ixis Financial Guaranty  COP  Certificate of Participation 
CP  Commercial Paper  EDR  Economic Development Revenue 
EIR  Environmental Improvement Revenue  FGIC  Financial Guaranty Insurance Company 
FHA  Federal Housing Administration  FHLB  Federal Home Loan Bank 
FHLMC  Federal Home Loan Mortgage Corporation  FNMA  Federal National Mortgage Association 
GAN  Grant Anticipation Notes  GIC  Guaranteed Investment Contract 
GNMA  Government National Mortgage Association  GO  General Obligation 
HR  Hospital Revenue  IDB  Industrial Development Board 
IDC  Industrial Development Corporation  IDR  Industrial Development Revenue 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MFHR  Multi-Family Housing Revenue 
MFMR  Multi-Family Mortgage Revenue  PCR  Pollution Control Revenue 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 

 


Various inputs are used in determining the value of the fund's investments relating to fair value measurements.

These inputs are summarized in the three broad levels listed below.

Level 1 - unadjusted quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a unadjusted quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of October 31, 2010, in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  322,096,120 
Level 3 - Significant Unobservable Inputs  - 
Total  322,096,120 

 

+ See Statement of Investments for additional detailed categorizations.


The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

It is the fund’s policy to maintain a continuous net asset value per share of $1.00 for the fund; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund will be able to maintain a stable net asset value per share of $1.00.

Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Directors to represent the fair value of the fund’s investments.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.


STATEMENT OF INVESTMENTS
Dreyfus New York AMT-Free Municipal Cash Management Fund

October 31, 2010 (Unaudited)

  Coupon    Maturity  Principal   
Short-Term Investments--100.1%  Rate (%)    Date  Amount ($)  Value ($) 
New York--99.4%           
Attica,           
GO Notes, BAN    2.00  11/19/10  1,000,000  1,000,439 
Bayville,           
GO Notes, BAN    1.50  3/24/11  1,814,500  1,819,087 
Broome County Industrial           
Development Agency, Continuing           
Care Retirement Community           
Revenue (Good Shepherd Village           
at Endwell, Inc. Project)           
(LOC; M&T Bank)    0.33  11/7/10  3,250,000 a  3,250,000 
Chenango County Industrial           
Development Agency, Civic           
Facilities Revenue (Grace View           
Manor Nursing Home Project)           
(LOC; Banco Santander)    0.33  11/7/10  3,455,000 a  3,455,000 
Dutchess County Industrial           
Development Agency, Civic           
Facility Revenue (Anderson           
Foundation for Autism, Inc.           
Project) (LOC; M&T Bank)    0.33  11/7/10  4,400,000 a  4,400,000 
East Farmingdale Volunteer Fire           
Company Inc., Volunteer Fire           
Department Revenue (LOC;           
Citibank NA)    0.55  11/7/10  4,395,000 a  4,395,000 
Eastchester Union Free School           
District, GO Notes, TAN    1.00  12/29/10  2,500,000 b  2,502,448 
Elmira City School District,           
GO Notes, BAN    1.50  6/30/11  2,260,000 b  2,265,163 
Franklin County Industrial           
Development Agency, Civic           
Facility Revenue (Paul Smith's           
College Project) (LOC; U.S.           
Bank NA)    0.36  11/7/10  470,000 a  470,000 
Franklin County Industrial           
Development Agency, Civic           
Facility Revenue (Trudeau           
Institute, Inc. Project) (LOC;           
HSBC Bank USA)    0.43  11/7/10  2,130,000 a  2,130,000 
Hamburg Central School District,           
GO Notes, RAN    1.25  11/18/10  1,500,000 b  1,500,345 
Metropolitan Transportation           
Authority, Dedicated Tax Fund           
Revenue (Insured; Assured           
Guaranty Municipal Corp. and           
Liquidity Facility; Dexia           
Credit Locale)    0.35  11/7/10  11,000,000 a  11,000,000 
Metropolitan Transportation           
Authority, RAN    2.00  12/31/10  5,000,000  5,013,211 
Monroe County Industrial           
Development Agency, Civic           

 


Facility Revenue (Saint Ann's         
Home for the Aged Project)         
(LOC; HSBC Bank USA)  0.30  11/7/10  1,130,000 a  1,130,000 
Monroe County Industrial         
Development Agency, Revenue         
(Collegiate Housing Foundation         
- Rochester, L.L.C. -         
Rochester Institute of         
Technology Project) (LOC;         
Wells Fargo Bank)  0.28  11/7/10  10,795,000 a,b  10,795,000 
New York City,         
GO Notes (Liquidity Facility;         
Landesbank Hessen-Thuringen         
Girozentrale)  0.30  11/1/10  13,800,000 a  13,800,000 
New York City Capital Resource         
Corporation, Revenue (Loan         
Enhanced Assistance Program)         
(LOC; Bank of America)  0.50  11/7/10  1,445,000 a,b  1,445,000 
New York City Housing Development         
Corporation, Residential         
Revenue (Queens College         
Residences) (LOC; FHLB)  0.25  11/7/10  14,900,000 a,b  14,900,000 
New York City Industrial         
Development Agency, Civic         
Facility Revenue (Ateret Torah         
Center Project) (LOC; Wachovia         
Bank)  0.28  11/7/10  12,480,000 a,b  12,480,000 
New York City Industrial         
Development Agency, Civic         
Facility Revenue (Birch Wathen         
Lenox School Project) (LOC; TD         
Bank)  0.33  11/7/10  4,715,000 a,b  4,715,000 
New York City Industrial         
Development Agency, Civic         
Facility Revenue         
(Spence-Chapin, Services to         
Families and Children Project)         
(LOC; TD Bank)  0.33  11/7/10  3,360,000 a  3,360,000 
New York Liberty Development         
Corporation, Liberty Revenue         
(World Trade Center Project)  0.32  3/1/11  8,000,000  8,000,000 
New York Local Government         
Assistance Corporation, Senior         
Lien Revenue, Refunding         
(Liquidity Facility; Dexia         
Credit Locale)  0.31  11/7/10  500,000 a  500,000 
New York Local Government         
Assistance Corporation,         
Subordinate Lien Revenue,         
Refunding (Insured; Assured         
Guaranty Municipal Corp. and         
Liquidity Facility;         
Westdeutsche Landesbank)  0.33  11/7/10  2,550,000 a  2,550,000 
New York State Dormitory         
Authority, Revenue (D'Youville         
College) (LOC; Key Bank)  0.35  11/7/10  5,235,000 a,b  5,235,000 
New York State Dormitory         
Authority, Revenue (F.F.T.         
Senior Communities, Inc.)         
(LOC; KBC Bank)  0.29  11/7/10  3,915,000 a  3,915,000 

 


New York State Dormitory         
Authority, Revenue (Park Ridge         
Hospital, Inc.) (LOC; JPMorgan         
Chase Bank)  0.30  11/7/10  10,200,000 a  10,200,000 
New York State Dormitory         
Authority, Revenue (Saint John         
Fisher College) (LOC; FHLB)  0.25  11/7/10  5,625,000 a,b,c  5,625,000 
New York State Dormitory         
Authority, Revenue (Samaritan         
Medical Center) (LOC; HSBC         
Bank USA)  0.25  11/7/10  6,720,000 a  6,720,000 
New York State Environmental         
Facilities Corporation, State         
Clean Water and Drinking Water         
Revolving Funds Revenue         
(Pooled Financing Program)  4.50  3/15/11  500,000  507,139 
New York State Housing Finance         
Agency, Housing Revenue         
(Baisley Park Gardens) (LOC;         
Citibank NA)  0.28  11/7/10  2,400,000 a  2,400,000 
New York State Thruway Authority,         
General Revenue, BAN  2.50  7/15/11  200,000  202,733 
New York State Thruway Authority,         
General Revenue, BAN  4.00  7/15/11  290,000  297,009 
New York State Urban Development         
Corporation, State Personal         
Income Tax Revenue (State         
Facilities and Equipment)  5.00  3/15/11  500,000  508,239 
Olean,         
GO Notes, BAN  1.50  8/11/11  1,500,000  1,502,227 
Orange County Industrial         
Development Agency, Civic         
Facility Revenue (Tuxedo Park         
School Project) (LOC; M&T Bank)  0.33  11/7/10  1,000,000 a  1,000,000 
Port Authority of New York and New         
Jersey (Consolidated Bonds,         
164th Series)  5.00  9/1/11  500,000  518,759 
Port Authority of New York and New         
Jersey, Equipment Notes  0.34  11/7/10  2,800,000 a  2,800,000 
Rome,         
GO Notes, BAN  1.25  1/20/11  1,215,877  1,216,537 
Sag Harbor Union Free School         
District, GO Notes, TAN  1.50  6/23/11  1,200,000 b  1,203,037 
Schenectady,         
GO Notes, BAN  1.50  5/20/11  5,600,000  5,607,540 
Springs Union Free School         
District, GO Notes, TAN  1.50  6/30/11  1,100,000 b  1,106,515 
Sullivan County,         
GO Notes, TAN  1.00  3/10/11  1,500,000  1,502,654 
Syracuse Industrial Development         
Agency, Civic Facility Revenue         
(Community Development         
Properties-Larned Project)         
(LOC; M&T Bank)  0.34  11/7/10  1,800,000 a  1,800,000 
Ticonderoga Central School         
District, GO Notes, BAN  2.00  6/24/11  1,228,175 b  1,234,805 
Triborough Bridge and Tunnel         
Authority, General Revenue         

 


(Liquidity Facility; Dexia         
Credit Locale)  0.32  11/7/10  8,495,000 a  8,495,000 
Westchester County Health Care         
Corporation, CP (Liquidity         
Facility; JPMorgan Chase Bank         
and LOC; Westchester County)  0.41  11/8/10  1,340,000  1,340,000 
Westchester County Health Care         
Corporation, CP (Liquidity         
Facility; JPMorgan Chase Bank         
and LOC; Westchester County)  0.42  11/8/10  4,765,000  4,765,000 
 
U.S. Related--.7%         
Puerto Rico Sales Tax Financing         
Corporation, Sales Tax Revenue         
(Liquidity Facility; Citibank         
NA)  0.29  11/7/10  1,250,000 a,d  1,250,000 
 
 
Total Investments (cost $187,827,887)      100.1%  187,827,887 
Liabilities, Less Cash and Receivables      (.1%)  (183,391) 
Net Assets      100.0%  187,644,496 

 

a Variable rate demand note - rate shown is the interest rate in effect at October 31, 2010. Maturity date represents the 
next demand date, or the ultimate maturity date if earlier. 
b At October 31, 2010, the fund had $65,007,313 or 34.6% of net assets invested in securities whose payment of principal 
and interest is dependent upon revenues generated from education. 
c Partially purchased on a delayed delivery basis. 
d Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2010, this security 
amounted to $1,250,000 or 0.7% of net assets. 

 

At October 31, 2010, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Summary of Abbreviations     
ABAG  Association of Bay Area Governments  ACA  American Capital Access 
AGC  ACE Guaranty Corporation  AGIC  Asset Guaranty Insurance Company 
AMBAC  American Municipal Bond Assurance Corporation  ARRN  Adjustable Rate Receipt Notes 
BAN  Bond Anticipation Notes  BPA  Bond Purchase Agreement 
CIFG  CDC Ixis Financial Guaranty  COP  Certificate of Participation 
CP  Commercial Paper  EDR  Economic Development Revenue 
EIR  Environmental Improvement Revenue  FGIC  Financial Guaranty Insurance Company 
FHA  Federal Housing Administration  FHLB  Federal Home Loan Bank 
FHLMC  Federal Home Loan Mortgage Corporation  FNMA  Federal National Mortgage Association 
GAN  Grant Anticipation Notes  GIC  Guaranteed Investment Contract 
GNMA  Government National Mortgage Association  GO  General Obligation 
HR  Hospital Revenue  IDB  Industrial Development Board 
IDC  Industrial Development Corporation  IDR  Industrial Development Revenue 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MFHR  Multi-Family Housing Revenue 
MFMR  Multi-Family Mortgage Revenue  PCR  Pollution Control Revenue 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 

 


RAW  Revenue Anticipation Warrants  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 

 


Various inputs are used in determining the value of the fund's investments relating to fair value measurements.

These inputs are summarized in the three broad levels listed below.

Level 1 - unadjusted quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a unadjusted quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of October 31, 2010 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  187,827,887 
Level 3 - Significant Unobservable Inputs  - 
Total  187,827,887 

 

+ See Statement of Investments for additional detailed categorizations.


The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

It is the fund’s policy to maintain a continuous net asset value per share of $1.00 for the fund; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund will be able to maintain a stable net asset value per share of $1.00.

Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Directors to represent the fair value of the fund’s investments.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.


STATEMENT OF INVESTMENTS
Dreyfus Tax Exempt Cash Management

October 31, 2010 (Unaudited)

  Coupon    Maturity  Principal   
Short-Term Investments--101.8%  Rate (%)    Date  Amount ($)  Value ($) 
Alabama--.2%           
Alabama Public School and College           
Authority, Capital Improvement           
Revenue    5.00  12/1/10  5,000,000  5,019,142 
 
Arizona--.7%           
Arizona Health Facilities           
Authority, HR (Phoenix           
Children's Hospital)           
(Liquidity Facility; BNP           
Paribas and LOC; BNP Paribas)    0.38  11/7/10  12,405,000 a,b,c  12,405,000 
Arizona Health Facilities           
Authority, HR (Phoenix           
Children's Hospital)           
(Liquidity Facility; Merrill           
Lynch Capital Services and           
LOC; Bank of America)    0.42  11/7/10  9,875,000 a,b,c  9,875,000 
 
California--1.1%           
Los Angeles Department of Water           
and Power, Revenue, CP           
(Liquidity Facility; Wells           
Fargo Bank)    0.29  11/10/10  35,500,000  35,500,000 
 
Colorado--3.0%           
Colorado Educational and Cultural           
Facilities Authority, Revenue,           
Refunding (YMCA of the Rockies           
Project) (LOC; Bank of America)    0.40  11/1/10  8,000,000 a  8,000,000 
Denver Urban Renewal Authority,           
Stapleton Senior Tax Increment           
Revenue (LOC; U.S. Bank NA)    0.28  11/7/10  9,900,000 a  9,900,000 
RBC Municipal Products Inc. Trust           
(Meridian Village Metropolitan           
District Number One,           
Improvement Revenue)           
(Liquidity Facility; Royal           
Bank of Canada and LOC; Royal           
Bank of Canada)    0.28  11/7/10  17,600,000 a,b  17,600,000 
Southern Ute Indian Tribe of the           
Southern Ute Indian           
Reservation, Revenue    0.28  11/7/10  55,300,000 a  55,300,000 
Southglenn Metropolitan District,           
Special Revenue (LOC; BNP           
Paribas)    0.29  11/7/10  8,000,000 a  8,000,000 
 
Connecticut--.5%           
Connecticut Health and Educational           
Facilities Authority, Revenue           
(The Jerome Home Issue) (LOC;           

 


Bank of America)  0.35  11/7/10  4,560,000 a,c  4,560,000 
Connecticut Health and Educational         
Facilities Authority, Revenue         
(Yale University Issue)         
(Liquidity Facility; Citibank         
NA)  0.28  11/7/10  11,850,000 a,b  11,850,000 
 
Delaware--.7%         
Delaware Economic Development         
Authority, Multi-Family         
Revenue (School House Trust         
Project) (LOC; HSBC Bank USA)  0.45  11/7/10  11,900,000 a  11,900,000 
Delaware Economic Development         
Authority, Revenue         
(Connections Community Support         
Programs, Inc. Project) (LOC;         
PNC Bank NA)  0.27  11/7/10  2,500,000 a  2,500,000 
Delaware Health Facilities         
Authority, Revenue (Christiana         
Care Health Services)  0.25  11/7/10  8,325,000 a,c  8,325,000 
 
District of Columbia--3.2%         
District of Columbia,         
Revenue (American Legacy         
Foundation Issue)  0.27  11/7/10  14,000,000 a  14,000,000 
District of Columbia,         
Revenue (American Public         
Health Association Issue)         
(LOC; Bank of America)  0.50  11/7/10  6,565,000 a,c  6,565,000 
District of Columbia,         
Revenue (Carnegie Endowment         
for International Peace Issue)         
(LOC; Wells Fargo Bank)  0.28  11/7/10  20,250,000 a  20,250,000 
District of Columbia,         
Revenue, CP (National Academy         
of Sciences) (LOC; Bank of         
America)  0.32  11/3/10  29,220,000  29,220,000 
Metropolitan Washington Airports         
Authority, Airport System         
Revenue (LOC; Bank of America)  0.30  11/1/10  33,855,000 a  33,855,000 
 
Florida--7.5%         
Capital Trust Agency,         
MFHR (Brittany Bay Apartments         
- Waterman's Crossing)         
(Liquidity Facility; FHLMC and         
LOC; FHLMC)  0.31  11/7/10  22,925,000 a,b  22,925,000 
Citizens Property Insurance         
Corporation, High-Risk Account         
Senior Secured Revenue  2.00  4/21/11  68,000,000  68,226,440 
Florida Local Government Finance         
Commission, Pooled Loan         
Program Revenue, CP (LOC;         
Wells Fargo Bank)  0.32  12/14/10  28,151,000  28,151,000 
Highlands County Health Facilities         
Authority, HR (Adventist         
Health System/Sunbelt         
Obligated Group)  0.26  11/7/10  14,500,000 a,c  14,500,000 

 


Jacksonville,         
Transportation Revenue (LOC;         
Wachovia Bank)  0.27  11/7/10  10,100,000 a  10,100,000 
Orange County Health Facilities         
Authority, HR (Orlando         
Regional Healthcare System)         
(Insured; Assured Guaranty         
Municipal Corp. and Liquidity         
Facility; Dexia Credit Locale)  0.34  11/1/10  18,050,000 a,c  18,050,000 
Port Orange,         
Revenue (Palmer College of         
Chiropractic Florida Project)         
(LOC; Bank of America)  0.40  11/7/10  3,665,000 a  3,665,000 
Sunshine State Governmental         
Financing Commission, Revenue         
(LOC; Dexia Credit Locale)  0.33  11/7/10  14,500,000 a  14,500,000 
Sunshine State Governmental         
Financing Commission, Revenue,         
CP (Liquidity Facility;         
JPMorgan Chase Bank)  0.35  1/13/11  12,050,000  12,050,000 
Tohopekaliga Water Authority,         
Utility System Revenue (LOC;         
Landesbank Hessen-Thuringen         
Girozentrale)  0.29  11/7/10  51,430,000 a  51,430,000 
 
Georgia--5.1%         
Cobb County,         
GO Notes, TAN  1.50  12/30/10  75,000,000  75,146,124 
Fulton County,         
General Fund TAN  2.00  12/31/10  45,000,000  45,127,131 
Fulton County Development         
Authority, Educational         
Facilities Revenue (Catholic         
Education of North Georgia,         
Inc. Project) (LOC; Wachovia         
Bank)  0.27  11/7/10  14,200,000 a  14,200,000 
Fulton County Housing Authority,         
MFHR (Liquidity Facility;         
FHLMC and LOC; FHLMC)  0.31  11/7/10  25,365,000 a,b  25,365,000 
Thomasville Hospital Authority,         
RAC (John D. Archbold Memorial         
Hospital, Inc. Project) (LOC;         
Branch Banking and Trust Co.)  0.30  11/7/10  5,040,000 a,c  5,040,000 
 
Illinois--6.6%         
Chicago O'Hare International         
Airport, Revenue (Insured;         
Assured Guaranty Municipal         
Corp. and Liquidity Facility;         
Citibank NA)  0.30  11/7/10  5,470,000 a,b  5,470,000 
Illinois Educational Facilities         
Authority, Revenue, CP (Pooled         
Finance Program) (LOC;         
Northern Trust Company)  0.32  3/8/11  81,200,000  81,200,000 
Illinois Finance Authority,         
Revenue (Hospice of         
Northeastern Illinois Project)         
(LOC; Harris NA)  0.30  11/7/10  6,500,000 a,c  6,500,000 
Illinois Finance Authority,         

 


Revenue (The Landing at         
Plymouth Place Project) (LOC;         
Lloyds TSB Bank PLC)  0.30  11/7/10  10,000,000 a  10,000,000 
Illinois Health Facilities         
Authority, Revenue (Revolving         
Fund Pooled Financing Program)         
(LOC; JPMorgan Chase Bank)  0.28  11/7/10  4,450,000 a,c  4,450,000 
Illinois Toll Highway Authority,         
Toll Highway Senior Priority         
Revenue (Liquidity Facility;         
Dexia Credit Locale)  0.33  11/7/10  80,000,000 a  80,000,000 
Illinois Toll Highway Authority,         
Toll Highway Senior Revenue,         
Refunding (Insured; Assured         
Guaranty Municipal Corp. and         
Liquidity Facility; Dexia         
Credit Locale)  0.31  11/7/10  23,000,000 a  23,000,000 
Lake County,         
MFHR (Whispering Oaks         
Apartments Project) (LOC;         
FHLMC)  0.33  11/7/10  3,250,000 a  3,250,000 
 
Indiana--1.7%         
Indiana Bond Bank,         
Midyear Funding Program Notes         
(LOC; JPMorgan Chase Bank)  1.50  1/6/11  12,220,000  12,243,414 
Indiana Finance Authority,         
HR (Community Health Network         
Project) (LOC; Bank of America)  0.30  11/7/10  15,000,000 a,c  15,000,000 
Indiana Finance Authority,         
Revenue (Ascension Health         
Senior Credit Group)  0.25  11/7/10  5,000,000 a,c  5,000,000 
Indiana Finance Authority,         
Revenue, Refunding (Trinity         
Health Credit Group)  0.23  11/7/10  5,900,000 a,c  5,900,000 
Richmond Hospital Authority,         
Revenue (Reid Hospital         
Project) (Insured; Assured         
Guaranty Municipal Corp. and         
Liquidity Facility; JPMorgan         
Chase Bank)  0.29  11/1/10  16,500,000 a,c  16,500,000 
 
Kentucky--.7%         
Kentucky Property and Buildings         
Commission, Revenue, Refunding         
(Project Number 84) (Liquidity         
Facility; Dexia Credit Locale         
and LOC; Dexia Credit Locale)  0.46  11/7/10  16,305,000 a,b  16,305,000 
Madisonville,         
HR (The Trover Clinic         
Foundation, Inc.) (Liquidity         
Facility; U.S. Bank NA)  0.31  11/7/10  6,695,000 a,c  6,695,000 
 
Louisiana--2.1%         
Louisiana Local Government         
Environmental Facilities and         
Community Development         
Authority, Healthcare         
Facilities Revenue, Refunding         

 


(Saint James Place of Baton         
Rouge Project) (LOC; Bank of         
America)  0.30  11/7/10  11,520,000 a,c  11,520,000 
Louisiana Municipal Natural Gas         
Purchasing and Distribution         
Authority, Revenue (Putters         
Program) (Gas Project Number         
1) (Liquidity Facility;         
JPMorgan Chase Bank and LOC;         
JPMorgan Chase Bank)  0.30  11/7/10  17,983,000 a,b  17,983,000 
Louisiana Public Facilities         
Authority, HR (Touro Infirmary         
Project) (Liquidity Facility;         
Merrill Lynch Bank and LOC;         
Bank of America)  0.42  11/7/10  30,840,000 a,b,c  30,840,000 
Port of New Orleans Board of         
Commissioners, Subordinate         
Lien Revenue, Refunding (LOC;         
FHLB)  0.28  11/7/10  9,090,000 a  9,090,000 
 
Maine--.3%         
Maine Finance Authority,         
Revenue (Waynflete School         
Issue) (LOC; JPMorgan Chase         
Bank)  0.31  11/7/10  11,090,000 a  11,090,000 
 
Maryland--1.4%         
Baltimore County Revenue         
Authority, Golf System Revenue         
(LOC; M&T Bank)  0.31  11/7/10  3,500,000 a  3,500,000 
Frederick County,         
Revenue (Homewood, Inc.         
Facility) (LOC; M&T Bank)  0.30  11/7/10  12,900,000 a  12,900,000 
Frederick County,         
Revenue, Refunding         
(Manekin-Frederick Associates         
Facility) (LOC; M&T Bank)  0.40  11/7/10  2,230,000 a  2,230,000 
Maryland Economic Development         
Corporation, EDR, Refunding         
(United States Pharmacopeial         
Convention, Inc. Project)         
(LOC; Bank of America)  0.30  11/1/10  3,700,000 a  3,700,000 
Maryland Economic Development         
Corporation, Revenue (Easter         
Seals Facility) (LOC; M&T Bank)  0.33  11/7/10  6,780,000 a  6,780,000 
Maryland Economic Development         
Corporation, Revenue (Legal         
Aid Bureau, Inc. Facility)         
(LOC; M&T Bank)  0.35  11/7/10  1,965,000 a  1,965,000 
Maryland Health and Higher         
Educational Facilities         
Authority, Revenue (De Matha         
Catholic High School Issue)         
(LOC; Branch Banking and Trust         
Co.)  0.30  11/7/10  9,690,000 a  9,690,000 
Maryland Health and Higher         
Educational Facilities         
Authority, Revenue (Upper         
Chesapeake Hospitals Issue)         

 


(LOC; Branch Banking and Trust         
Co.)  0.29  11/7/10  5,700,000 a,c  5,700,000 
 
Massachusetts--2.2%         
Massachusetts,         
GO Notes (Central Artery/Ted         
Williams Tunnel Infrastructure         
Loan Act of 2000) (Liquidity         
Facility; State Street Bank         
and Trust Co.)  0.26  11/1/10  4,500,000 a  4,500,000 
Massachusetts,         
GO Notes, RAN  2.00  5/26/11  36,000,000  36,344,450 
Massachusetts,         
GO Notes, Refunding (Liquidity         
Facility; Landesbank         
Hessen-Thuringen Girozentrale)  0.28  11/7/10  20,000,000 a  20,000,000 
Massachusetts Development Finance         
Agency, Revenue (The Marine         
Biological Laboratory Issue)         
(LOC; JPMorgan Chase Bank)  0.30  11/7/10  10,100,000 a  10,100,000 
Worcester,         
GO Notes, BAN  1.75  11/5/10  2,000,000  2,000,239 
 
Michigan--9.0%         
Deutsche Bank Spears/Lifers Trust         
(Royal Oak Hospital Finance         
Authority, HR, Refunding         
(William Beaumont Hospital         
Obligated Group)) (Liquidity         
Facility; Deutsche Bank AG and         
LOC; Deutsche Bank AG)  0.29  11/7/10  16,705,000 a,b,c  16,705,000 
Jackson County Hospital Finance         
Authority, HR, Refunding (W.A.         
Foote Memorial Hospital)         
(Insured; Assured Guaranty         
Municipal Corp. and Liquidity         
Facility; Comerica Bank)  0.36  11/7/10  7,950,000 a,c  7,950,000 
Michigan,         
GO Notes  2.00  9/30/11  55,000,000  55,778,800 
Michigan Finance Authority,         
State Aid Revenue Notes  2.00  8/19/11  15,000,000  15,142,342 
Michigan Hospital Finance         
Authority, Revenue, CP         
(Trinity Health System)  0.35  11/2/10  37,500,000 c  37,500,000 
Michigan Hospital Finance         
Authority, Revenue, CP         
(Trinity Health System)  0.27  11/3/10  37,500,000 c  37,500,000 
Michigan Hospital Finance         
Authority, Revenue, CP         
(Trinity Health System)  0.30  11/9/10  15,000,000 c  15,000,000 
Michigan Hospital Finance         
Authority, Revenue, CP         
(Trinity Health System)  0.30  12/1/10  3,365,000 c  3,365,000 
Michigan Hospital Finance         
Authority, Revenue, CP         
(Trinity Health System)  0.30  12/6/10  13,000,000 c  13,000,000 
Michigan Hospital Finance         
Authority, Revenue, CP         

 


(Trinity Health System)  0.30  12/7/10  15,000,000 c  15,000,000 
Michigan Hospital Finance         
Authority, Revenue, CP         
(Trinity Health System)  0.30  1/11/11  34,135,000 c  34,135,000 
Michigan Hospital Finance         
Authority, Revenue, CP         
(Trinity Health System)  0.30  1/11/11  4,705,000 c  4,705,000 
Michigan Housing Development         
Authority, Rental Housing         
Revenue (Liquidity Facility;         
Landesbank Hessen-Thuringen         
Girozentrale)  0.28  11/7/10  12,185,000 a  12,185,000 
Michigan State University Board of         
Trustees, General Revenue         
(LOC; Bank of America)  0.27  11/7/10  15,800,000 a,c  15,800,000 
University of Michigan,         
CP  0.28  12/7/10  8,305,000  8,305,000 
 
Minnesota--1.0%         
Minneapolis,         
GO Notes, Refunding  3.00  12/1/10  2,500,000  2,505,569 
RBC Municipal Products Inc. Trust         
(Minneapolis, Health Care         
System Revenue (Fairview         
Health Services)) (Liquidity         
Facility; Royal Bank of Canada         
and LOC; Royal Bank of Canada)  0.28  11/7/10  10,000,000 a,b,c  10,000,000 
University of Minnesota,         
CP  0.32  11/9/10  15,175,000  15,175,000 
University of Minnesota,         
CP  0.32  11/9/10  4,250,000  4,250,000 
 
Mississippi--.8%         
Mississippi Business Finance         
Corporation, Revenue (Wis-Pak         
of Hattiesburg, LLC Project)         
(LOC; JPMorgan Chase Bank)  0.27  11/7/10  14,750,000 a  14,750,000 
Mississippi Business Finance         
Corporation, Revenue,         
Refunding (Renaissance at         
Colony Park, LLC Refunding         
Project) (LOC; FHLB)  0.27  11/7/10  10,000,000 a  10,000,000 
 
Missouri--.8%         
Kansas City Industrial Development         
Authority, Revenue (Kansas         
City Downtown Redevelopment         
District) (LOC; JPMorgan Chase         
Bank)  0.28  11/7/10  25,800,000 a  25,800,000 
 
Nebraska--.3%         
Lancaster County Hospital         
Authority Number 1, HR,         
Refunding (BryanLGH Medical         
Center) (LOC; U.S. Bank NA)  0.27  11/7/10  9,745,000 a,c  9,745,000 
 
Nevada--2.4%         

 


Austin Trust         
(Clark County, GO Bond Bank         
Bonds) (Liquidity Facility;         
Bank of America)  0.30  11/7/10  9,770,000 a,b  9,770,000 
Las Vegas Convention and Visitors         
Authority, Revenue, CP (LOC:         
Bank of Nova Scotia, Fortis         
Bank and State Street Bank and         
Trust Co.)  0.37  11/2/10  20,000,000  20,000,000 
Las Vegas Valley Water District,         
CP (LOC; BNP Paribas)  0.35  11/2/10  47,600,000  47,600,000 
 
New Hampshire--.8%         
New Hampshire Health and Education         
Facilities Authority, HR         
(Catholic Medical Center         
Issue) (LOC; FHLB)  0.26  11/7/10  8,500,000 a,c  8,500,000 
New Hampshire Health and Education         
Facilities Authority, Revenue         
(University System of New         
Hampshire Issue) (Liquidity         
Facility; JPMorgan Chase Bank)  0.27  11/1/10  6,420,000 a  6,420,000 
New Hampshire Higher Educational         
and Health Facilities         
Authority, Revenue (Hunt         
Community Issue) (LOC; TD Bank)  0.28  11/7/10  9,795,000 a,c  9,795,000 
 
New Jersey--2.5%         
New Jersey Economic Development         
Authority, School Facilities         
Construction Revenue,         
Refunding (LOC; Dexia Credit         
Locale)  0.32  11/7/10  82,745,000 a  82,745,000 
 
New Mexico--.2%         
Dona Ana County,         
Industrial Revenue (Foamex         
Products, Inc. Project) (LOC;         
Wachovia Bank)  0.34  11/7/10  6,000,000 a  6,000,000 
 
New York--5.3%         
Long Island Power Authority,         
Electric System General         
Revenue (Insured; Assured         
Guaranty Municipal Corp. and         
Liquidity Facility; Dexia         
Credit Locale)  0.30  11/7/10  23,150,000 a  23,150,000 
Metropolitan Transportation         
Authority, Dedicated Tax Fund         
Revenue (Insured; Assured         
Guaranty Municipal Corp. and         
Liquidity Facility; Dexia         
Credit Locale)  0.35  11/7/10  13,500,000 a  13,500,000 
Metropolitan Transportation         
Authority, RAN  2.00  12/31/10  15,000,000  15,039,633 
Metropolitan Transportation         
Authority, Transportation         
Revenue, Refunding (Insured;         

 


Assured Guaranty Municipal         
Corp. and Liquidity Facility;         
Westdeutsche Landesbank)  0.32  11/7/10  26,000,000 a  26,000,000 
New York City Transitional Finance         
Authority, Revenue (New York         
City Recovery) (Liquidity         
Facility; Dexia Credit Locale)  0.30  11/1/10  8,000,000 a  8,000,000 
New York Liberty Development         
Corporation, Liberty Revenue         
(World Trade Center Project)  0.32  3/1/11  30,000,000  30,000,000 
New York Local Government         
Assistance Corporation,         
Subordinate Lien Revenue,         
Refunding (Insured; Assured         
Guaranty Municipal Corp. and         
Liquidity Facility;         
Westdeutsche Landesbank)  0.33  11/7/10  40,000,000 a  40,000,000 
New York Local Government         
Assistance Corporation,         
Subordinate Lien Revenue,         
Refunding (Liquidity Facility;         
JPMorgan Chase Bank)  0.24  11/7/10  16,285,000 a  16,285,000 
 
North Carolina--.5%         
North Carolina Medical Care         
Commission, Health Care         
Facilities First Mortgage         
Revenue (Deerfield Episcopal         
Retirement Community) (LOC;         
Branch Banking and Trust Co.)  0.30  11/7/10  5,000,000 a,c  5,000,000 
North Carolina Medical Care         
Commission, Health Care         
Facilities Revenue (WakeMed)         
(LOC; Wachovia Bank)  0.27  11/7/10  9,300,000 a,c  9,300,000 
Piedmont Triad Airport Authority,         
Airport Revenue (LOC; Branch         
Banking and Trust Co.)  0.35  11/7/10  3,400,000 a  3,400,000 
 
Ohio--4.6%         
Akron, Bath and Copley Joint         
Township Hospital District,         
Health Care Facilities Revenue         
(Sumner on Ridgewood Project)         
(LOC; KBC Bank)  0.30  11/7/10  5,200,000 a,c  5,200,000 
Allen County,         
Hospital Facilities Revenue         
(Catholic Healthcare Partners)         
(LOC; JPMorgan Chase Bank)  0.27  11/1/10  6,700,000 a,c  6,700,000 
Cleveland,         
Airport System Revenue (LOC;         
KBC Bank)  0.35  11/7/10  8,500,000 a  8,500,000 
Franklin County,         
Hospital Facilities Revenue,         
Refunding (OhioHealth         
Corporation) (Liquidity         
Facility; Landesbank         
Hessen-Thuringen Girozentrale)  0.31  11/7/10  59,400,000 a,c  59,400,000 
Ohio,         
HR (Cleveland Clinic Health         

 


System Obligated Group)  0.26  11/1/10  5,400,000 a  5,400,000 
Ohio Higher Educational Facility         
Commission, Revenue, CP         
(Cleveland Clinic Health         
System)  0.29  11/30/10  13,000,000 c  13,000,000 
Ohio Higher Educational Facility         
Commission, Revenue, CP         
(Cleveland Clinic Health         
System)  0.32  1/11/11  20,000,000 c  20,000,000 
Princeton City School District         
Board of Education, BAN         
(School Improvement)  2.00  11/24/10  16,000,000  16,016,070 
Puttable Floating Option Tax         
Exempt Receipts (Hamilton         
County, Hospital Facilities         
Revenue (University Hospital))         
(Liquidity Facility; Bank of         
America and LOC; Bank of         
America)  0.35  11/7/10  14,300,000 a,b,c  14,300,000 
 
Oklahoma--1.4%         
Oklahoma Development Finance         
Authority, Continuing Care         
Retirement Community Revenue,         
Refunding (Inverness Village         
Project) (LOC; KBC Bank)  0.30  11/7/10  22,600,000 a,c  22,600,000 
Oklahoma Development Finance         
Authority, Revenue, CP         
(Integris Baptist Medical         
Center)  0.31  12/17/10  23,650,000 c  23,650,000 
 
Oregon--.4%         
Salem Hospital Facility Authority,         
Revenue (Capital Manor, Inc.         
Project) (LOC; Bank of America)  0.30  11/7/10  5,370,000 a,c  5,370,000 
Salem Hospital Facility Authority,         
Revenue, Refunding (Capital         
Manor, Inc. Project) (LOC;         
Bank of America)  0.30  11/7/10  8,475,000 a,c  8,475,000 
 
Pennsylvania--12.3%         
Berks County Municipal Authority,         
Revenue (The Reading Hospital         
and Medical Center Project)  0.48  1/13/11  5,000,000 c  5,000,000 
Bucks County Industrial         
Development Authority, Revenue         
(Pennswood Village Project)         
(LOC; Bank of America)  0.33  11/7/10  7,100,000 a,c  7,100,000 
East Hempfield Township Industrial         
Development Authority, Revenue         
(The Mennonite Home Project)         
(LOC; M&T Bank)  0.33  11/7/10  11,190,000 a,c  11,190,000 
East Hempfield Township Industrial         
Development Authority, Revenue         
(The Mennonite Home Project)         
(LOC; M&T Bank)  0.33  11/7/10  6,465,000 a,c  6,465,000 
Emmaus General Authority         
(Pennsylvania Variable Rate         

 


Loan Program) (Insured;         
Assured Guaranty Municipal         
Corp. and Liquidity Facility;         
Wachovia Bank)  0.32  11/7/10  65,075,000 a  65,075,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.28  11/7/10  8,600,000 a  8,600,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.28  11/7/10  10,500,000 a  10,500,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.28  11/7/10  10,600,000 a  10,600,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.28  11/7/10  5,850,000 a  5,850,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.28  11/7/10  15,700,000 a  15,700,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.28  11/7/10  9,200,000 a  9,200,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.28  11/7/10  12,200,000 a  12,200,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.28  11/7/10  10,000,000 a  10,000,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.28  11/7/10  9,400,000 a  9,400,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.28  11/7/10  6,400,000 a  6,400,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.28  11/7/10  10,000,000 a  10,000,000 
Emmaus General Authority,         
Local Government Revenue (Bond         
Pool Program) (LOC; U.S. Bank         
NA)  0.29  11/7/10  11,800,000 a  11,800,000 
General Authority of South Central         
Pennsylvania, Revenue         
(Lutheran Social Services of         
South Central Pennsylvania         
Project) (LOC; M&T Bank)  0.33  11/7/10  16,305,000 a  16,305,000 
Lancaster County Hospital         
Authority, Health Center         

 


Revenue (LUTHERCARE Project)         
(LOC; M&T Bank)  0.28  11/7/10  33,406,000 a,c  33,406,000 
Lancaster County Hospital         
Authority, Revenue (Landis         
Home Retirement Community         
Project) (LOC; M&T Bank)  0.33  11/7/10  7,970,000 a,c  7,970,000 
Lehigh County General Purpose         
Authority, HR (Lehigh Valley         
Health Network) (Insured;         
Assured Guaranty Municipal         
Corp. and Liquidity Facility;         
Wells Fargo Bank)  0.30  11/1/10  13,670,000 a,c  13,670,000 
Montgomery County Higher Education         
and Health Authority, Revenue         
(Pennsylvania Higher Education         
and Health Loan Program) (LOC;         
M&T Bank)  0.33  11/7/10  595,000 a  595,000 
Philadelphia,         
GO Notes, TRAN  2.00  6/30/11  52,000,000  52,443,268 
Pottstown Borough Authority,         
Educational Facilities Revenue         
(The Hill School Project)         
(LOC; M&T Bank)  0.28  11/7/10  7,000,000 a  7,000,000 
Ridley School District,         
GO Notes (LOC; TD Bank)  0.28  11/7/10  3,000,000 a  3,000,000 
University of Pittsburgh of the         
Commonwealth System of Higher         
Education, CP  0.30  12/7/10  15,000,000  15,000,000 
University of Pittsburgh of the         
Commonwealth System of Higher         
Education, CP  0.31  1/7/11  20,000,000  20,000,000 
Wallingford-Swarthmore School         
District, GO Notes (Insured;         
Assured Guaranty Municipal         
Corp. and Liquidity Facility;         
Dexia Credit Locale)  0.43  11/7/10  10,000,000 a  10,000,000 
York General Authority,         
Revenue (Strand-Capitol         
Performing Arts Center         
Project) (LOC; M&T Bank)  0.33  11/7/10  3,765,000 a  3,765,000 
 
South Carolina--1.4%         
South Carolina Jobs-Economic         
Development Authority, HR         
(Conway Hospital, Inc.)         
(Insured; Assured Guaranty         
Municipal Corp. and Liquidity         
Facility; Branch Banking and         
Trust Co.)  0.33  11/7/10  44,625,000 a,c  44,625,000 
 
Tennessee--7.8%         
Blount County Public Building         
Authority, Local Government         
Public Improvement Revenue         
(Liquidity Facility; Branch         
Banking and Trust Co.)  0.30  11/7/10  49,425,000 a  49,425,000 
Blount County Public Building         
Authority, Local Government         
Public Improvement Revenue         

 


(LOC; Branch Banking and Trust         
Co.)  0.30  11/7/10  9,690,000 a  9,690,000 
Blount County Public Building         
Authority, Local Government         
Public Improvement Revenue         
(LOC; Branch Banking and Trust         
Co.)  0.30  11/7/10  6,245,000 a  6,245,000 
Blount County Public Building         
Authority, Local Government         
Public Improvement Revenue         
(LOC; Branch Banking and Trust         
Co.)  0.30  11/7/10  6,000,000 a  6,000,000 
Blount County Public Building         
Authority, Local Government         
Public Improvement Revenue         
(LOC; Branch Banking and Trust         
Co.)  0.30  11/7/10  48,225,000 a  48,225,000 
Metropolitan Government of         
Nashville and Davidson County         
Health and Educational         
Facilities Board, Revenue (The         
Vanderbilt University)         
(Liquidity Facility:         
Bayerische Landesbank and         
Landesbank Hessen-Thuringen         
Girozentrale)  0.22  11/7/10  18,460,000 a  18,460,000 
Montgomery County Public Building         
Authority, Pooled Financing         
Revenue (Tennessee County Loan         
Pool) (LOC; Bank of America)  0.30  11/1/10  6,000,000 a  6,000,000 
Shelby County Health, Educational         
and Housing Facility Board,         
Revenue (Trezevant Manor         
Project) (LOC; Bank of America)  0.28  11/7/10  5,070,000 a,c  5,070,000 
Tennergy Corporation,         
Gas Revenue (Putters Program)         
(Liquidity Facility; JPMorgan         
Chase Bank)  0.30  11/7/10  14,640,000 a,b  14,640,000 
Tennergy Corporation,         
Gas Revenue (Putters Program)         
(LOC; BNP Paribas)  0.30  11/7/10  53,990,000 a,b  53,990,000 
Tennessee,         
CP  0.32  1/13/11  18,000,000  18,000,000 
Tennessee,         
CP (Liquidity Facility;         
Tennessee Consolidated         
Retirement System)  0.32  12/7/10  18,750,000  18,750,000 
 
Texas--7.1%         
Gregg County Health Facilities         
Development Corporation, HR         
(Good Shepherd Medical Center         
Project) (LOC; JPMorgan Chase         
Bank)  0.30  11/1/10  5,000,000 a,c  5,000,000 
Gregg County Health Facilities         
Development Corporation, HR         
(Good Shepherd Medical Center         
Project) (LOC; JPMorgan Chase         
Bank)  0.30  11/1/10  19,500,000 a,c  19,500,000 

 


Harris County,         
GO Notes, TAN  2.00  2/28/11  32,000,000  32,173,720 
Harris County Cultural Education         
Facilities Finance         
Corporation, Revenue, CP         
(Methodist Healthcare)  0.45  1/11/11  22,500,000 c  22,500,000 
Harris County Health Facilities         
Development Corporation,         
Revenue (Saint Luke's         
Episcopal Hospital) (Liquidity         
Facility: Bank of America,         
JPMorgan Chase Bank and         
Northern Trust Co.)  0.27  11/1/10  4,950,000 a,c  4,950,000 
Harris County Metropolitan Transit         
Authority, CP (Liquidity         
Facility; JPMorgan Chase Bank)  0.34  12/9/10  13,250,000  13,250,000 
Houston,         
Utility System Revenue, CP         
(LOC; Bank of Nova Scotia)  0.33  11/2/10  10,000,000  10,000,000 
JPMorgan Chase Putters/Drivers         
Trust (Texas, TRAN) (Liquidity         
Facility; JPMorgan Chase Bank)  0.28  11/7/10  33,000,000 a,b  33,000,000 
Puttable Floating Option Tax         
Exempt Receipts (Brazos County         
Health Facilities Development         
Corporation, Revenue         
(Franciscan Services         
Corporation Obligated Group))         
(Liquidity Facility; Bank of         
America and LOC; Bank of         
America)  0.35  11/7/10  7,000,000 a,b,c  7,000,000 
RBC Municipal Products, Inc.         
(Houston, Combined Utility         
System First Lien Revenue,         
Refunding) (Liquidity         
Facility; Royal Bank of Canada         
and LOC; Royal Bank of Canada)  0.28  11/7/10  21,000,000 a,b  21,000,000 
Tarrant County Cultural Education         
Facilities Finance         
Corporation, Revenue (Texas         
Health Resources System)  0.24  11/7/10  6,500,000 a,c  6,500,000 
Texas,         
TRAN  2.00  8/31/11  32,000,000  32,440,039 
Texas A&M University,         
University Revenue, CP  0.30  1/13/11  4,500,000  4,500,000 
Texas Water Development Board,         
State Revolving Fund         
Subordinate Lien Revenue         
(Liquidity Facility; Citibank         
NA)  0.28  11/7/10  10,940,000 a,b  10,940,000 
University of Texas,         
University Revenue, CP  0.30  11/15/10  9,000,000  9,000,000 
 
Utah--2.3%         
Central Utah Water Conservancy         
District Revenue, Refunding         
(Liquidity Facility;         
Landesbank Hessen-Thuringen         
Girozentrale)  0.33  11/7/10  39,600,000 a  39,600,000 

 


Murray City,         
HR (Intermountain Health Care         
Health Services, Inc.)  0.24  11/7/10  24,700,000 a,c  24,700,000 
Utah Housing Corporation,         
SFMR (LOC; Royal Bank of         
Canada)  0.50  12/29/10  4,805,000  4,805,000 
Utah Housing Finance Agency,         
MFHR, Refunding (Candlestick         
Apartments Project) (Liquidity         
Facility; FNMA and LOC; FNMA)  0.30  11/7/10  6,400,000 a  6,400,000 
 
Virginia--.3%         
Fairfax County Economic         
Development Authority,         
Educational Facilities Revenue         
(Trinity Christian School         
Project) (LOC; Wachovia Bank)  0.37  11/7/10  9,000,000 a  9,000,000 
Virginia Commonwealth University,         
General Pledge Revenue (LOC;         
Wachovia Bank)  0.26  11/1/10  200,000 a  200,000 
 
Washington--.2%         
Puttable Floating Option Tax         
Exempt Receipts (Washington,         
Various Purpose GO, Refunding)         
(Liquidity Facility; Bank of         
America)  0.30  11/7/10  6,060,000 a,b  6,060,000 
 
Wisconsin--1.2%         
Byron,         
IDR, Refunding (Ocean Spray         
Cranberries, Inc. Project)         
(LOC; Bank of America)  0.37  11/7/10  6,500,000 a  6,500,000 
Milwaukee,         
School RAN  1.25  12/29/10  10,000,000  10,015,190 
Milwaukee,         
School RAN  2.00  12/29/10  15,000,000  15,040,600 
Milwaukee Redevelopment Authority,         
Redevelopment LR (University         
of Wisconsin-Milwaukee         
Kenilworth Project) (LOC; U.S.         
Bank NA)  0.28  11/7/10  6,340,000 a  6,340,000 
 
U.S. Related--2.2%         
Puerto Rico Commonwealth         
Public Improvement GO Notes,         
Refunding (Insured; Assured         
Guaranty Municipal Corp. and         
Liquidity Facility; Dexia         
Credit Locale)  0.27  11/7/10  2,200,000 a  2,200,000 
Puerto Rico Commonwealth,         
Public Improvement GO Notes,         
Refunding (Insured; Assured         
Guaranty Municipal Corp. and         
Liquidity Facility; Dexia         
Credit Locale)  0.27  11/7/10  50,415,000 a  50,415,000 
Puerto Rico Sales Tax Financing         
Corporation, Sales Tax Revenue         

 


(Liquidity Facility; Citibank         
NA)  0.29  11/7/10  18,815,000 a,b  18,815,000 
 
 
Total Investments (cost $3,307,157,171)      101.8%  3,307,157,171 
Liabilities, Less Cash and Receivables      (1.8%)  (59,621,531) 
Net Assets      100.0%  3,247,535,640 

 

a Variable rate demand note - rate shown is the interest rate in effect at October 31, 2010. Maturity date represents the 
next demand date, or the ultimate maturity date if earlier. 
b Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2010, these securities 
amounted to $386,838,000 or 11.9% of net assets. 
c At October 31, 2010, the fund had $843,766,000 or 26.0% of net assets invested in securities whose payment of principal 
and interest is dependent upon revenues generated from health care. 

 

At October 31, 2010, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

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

 


Various inputs are used in determining the value of the fund's investments relating to fair value measurements.

These inputs are summarized in the three broad levels listed below.

Level 1 - unadjusted quoted prices in active markets for identical investments.
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a unadjusted quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of October 31, 2010 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  3,307,157,171 
Level 3 - Significant Unobservable Inputs  - 
Total  3,307,157,171 

 

+ See Statement of Investments for additional detailed categorizations.


The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

It is the fund’s policy to maintain a continuous net asset value per share of $1.00 for the fund; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund will be able to maintain a stable net asset value per share of $1.00.

Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Directors to represent the fair value of the fund’s investments.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

Item 2.                        Controls and Procedures.

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

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.                        Exhibits.

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

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FORM N-Q

SIGNATURES

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

DREYFUS TAX EXEMPT CASH MANAGEMENT FUNDS

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:

December 23, 2010

 

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

 

By:       _/s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:

December 23, 2010

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:

December 23, 2010

 

EXHIBIT INDEX

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

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