N-Q 1 lp1nq264.htm FORM N-Q lp1nq264.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)

 

 

 

 

 

John Pak, Esq.

200 Park Avenue

New York, New York 10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code:

(212) 922-6000

 

 

Date of fiscal year end:

 

1/31

 

Date of reporting period:

4/30/14

 
             

 

 

 

 

FORM N-Q

Item 1.                         Schedule of Investments.

                       

 

 

 

STATEMENT OF INVESTMENTS           
Dreyfus California AMT-Free Municipal Cash Management         
April 30, 2014 (Unaudited)           
 
  Coupon  Maturity  Principal    
Short-Term Investments--99.9%  Rate (%)  Date  Amount ($)   Value ($) 
ABAG Finance Authority for           
Nonprofit Corporations,           
Revenue (California Alumni           
Association Project) (LOC;           
Bank of America)  0.15  5/7/14  4,000,000 a  4,000,000 
Alameda County Industrial           
Development Authority,           
Recovery Zone Facility Revenue           
(Dale Hardware, Inc. Project)           
(LOC; Comerica Bank)  0.13  5/7/14  2,490,000 a  2,490,000 
Alameda County Industrial           
Development Authority, Revenue           
(Santini Foods, Inc. Project)           
(LOC; Comerica Bank)  0.13  5/7/14  2,900,000 a  2,900,000 
Alameda Public Financing           
Authority, Revenue (Alameda           
Point Improvement Project)           
(LOC; The Bank of           
Tokyo-Mitsubishi UFJ, Ltd.)  0.12  5/7/14  4,800,000 a  4,800,000 
Branch Banking and Trust Co.           
Municipal Trust (Series 2000)           
(California, GO Notes,           
Refunding) (Liquidity           
Facility; Branch Banking and           
Trust Co. and LOC; Branch           
Banking and Trust Co.)  0.16  5/7/14  11,025,000 a,b,c   11,025,000 
California,           
GO Notes (LOC; Bank of America)  0.11  5/7/14  23,000,000 a  23,000,000 
California Community College           
Financing Authority, Tax and           
Revenue Anticipation Note           
Program (Note Participations)  2.00  12/31/14  3,700,000   3,745,539 

 


California Educational Facilities           
Authority, Revenue (University           
of San Francisco) (LOC;           
JPMorgan Chase Bank)  0.11  5/7/14  840,000 a  840,000 
California Enterprise Development           
Authority, IDR (Tri Tool Inc.           
Project) (LOC; Comerica Bank)  0.15  5/7/14  9,320,000 a  9,320,000 
California Enterprise Development           
Authority, Recovery Zone           
Facility Revenue (Regional           
Properties, Inc. Project)           
(LOC; FHLB)  0.12  5/7/14  15,000,000 a  15,000,000 
California Health Facilities           
Financing Authority, Revenue,           
CP (Kaiser Permanente)  0.15  5/16/14  15,000,000   15,000,000 
California Health Facilities           
Financing Authority, Revenue,           
CP (Kaiser Permanente)  0.19  8/5/14  30,973,000   30,973,000 
California Infrastructure and           
Economic Development Bank,           
Revenue (Goodwill Industries           
of Orange County, California)           
(LOC; Wells Fargo Bank)  0.18  5/7/14  1,285,000 a  1,285,000 
California Infrastructure and           
Economic Development Bank,           
Revenue (Orange County           
Performing Arts Center) (LOC;           
Bank of America)  0.13  5/7/14  935,000 a  935,000 
California Infrastructure and           
Economic Development Bank,           
Revenue (Southern California           
Public Radio Project) (LOC;           
JPMorgan Chase Bank)  0.11  5/1/14  2,445,000 a  2,445,000 
California Infrastructure and           
Economic Development Bank,           
Revenue (SRI International)           
(LOC; Wells Fargo Bank)  0.13  5/7/14  2,535,000 a  2,535,000 
California Infrastructure and           

 


Economic Development Bank,           
Revenue (The Westmark School           
Project) (LOC; U.S. Bank NA)  0.13  5/7/14  6,240,000 a  6,240,000 
California Infrastructure and           
Economic Development Bank,           
Revenue, Refunding (Pacific           
Gas and Electric Company)           
(LOC; Sumitomo Mitsui Bank           
Corporation)  0.05  5/1/14  5,800,000 a  5,800,000 
California Municipal Finance           
Authority, Revenue (Notre Dame           
High School, San Jose) (LOC;           
Comerica Bank)  0.14  5/7/14  1,050,000 a  1,050,000 
California Pollution Control           
Financing Authority, SWDR (Big           
Bear Disposal, Inc. Project)           
(LOC; Union Bank NA)  0.13  5/7/14  2,215,000 a  2,215,000 
California Pollution Control           
Financing Authority, SWDR           
(Crown Disposal Company, Inc.           
Project) (LOC; Union Bank NA)  0.13  5/7/14  2,825,000 a  2,825,000 
California Pollution Control           
Financing Authority, SWDR           
(Garden City Sanitation, Inc.           
Project) (LOC; Union Bank NA)  0.13  5/7/14  8,130,000 a  8,130,000 
California Pollution Control           
Financing Authority, SWDR           
(Mission Trail Waste Systems,           
Inc. Project) (LOC; Comerica           
Bank)  0.13  5/7/14  2,345,000 a  2,345,000 
California Pollution Control           
Financing Authority, SWDR           
(South Bay Recycling Project)           
(LOC; Union Bank NA)  0.13  5/7/14  2,150,000 a  2,150,000 
California Pollution Control           
Financing Authority, SWDR,           
Refunding (BLT Enterprises of           
Fremont LLC Project) (LOC;           

 


Union Bank NA)  0.13  5/7/14  8,740,000 a  8,740,000 
California Pollution Control           
Financing Authority, SWDR,           
Refunding (MarBorg Industries           
Project) (LOC; Union Bank NA)  0.13  5/7/14  2,750,000 a  2,750,000 
California School Cash Reserve           
Program Authority, Revenue  2.00  10/1/14  6,800,000   6,853,780 
California School Cash Reserve           
Program Authority, Revenue  2.00  10/1/14  3,100,000   3,124,258 
California School Cash Reserve           
Program Authority, Revenue  2.00  10/1/14  10,900,000   10,986,206 
California School Cash Reserve           
Program Authority, Subordinate           
Revenue  2.00  6/2/14  1,750,000   1,752,518 
California Statewide Communities           
Development Authority, Revenue           
(Goodwill of Santa Cruz) (LOC;           
Wells Fargo Bank)  0.18  5/7/14  1,555,000 a  1,555,000 
California Statewide Communities           
Development Authority, Revenue           
(Metropolitan Area Advisory           
Committee Project) (LOC; Bank           
of America)  0.21  5/7/14  3,190,000 a  3,190,000 
California Statewide Communities           
Development Authority, Revenue           
(Trinity Children and Family           
Services Project) (LOC;           
California State Teachers           
Retirement System)  0.14  5/7/14  4,100,000 a  4,100,000 
Deutsche Bank Spears/Lifers Trust           
(Series DBE-525) (Golden State           
Tobacco Securitization           
Corporation, Enhanced Tobacco           
Settlement Asset-Backed Bonds)           
(Liquidity Facility; Deutsche           
Bank AG and LOC; Deutsche Bank           
AG)  0.17  5/7/14  5,000,000 a,b,c  5,000,000 
Deutsche Bank Spears/Lifers Trust           

 


(Series DBE-561) (Azusa Public         
Financing Authority, Parity         
Revenue (Water System Capital         
Improvements Program)         
(Liquidity Facility; Deutsche         
Bank AG and LOC; Deutsche Bank         
AG)  0.17  5/7/14  5,085,000 a,b,c  5,085,000 
Deutsche Bank Spears/Lifers Trust         
(Series DBE-575) (Elk Grove         
Finance Authority, Special Tax         
Revenue) (Liquidity Facility;         
Deutsche Bank AG and LOC;         
Deutsche Bank AG)  0.17  5/7/14  4,670,000 a,b,c  4,670,000 
Deutsche Bank Spears/Lifers Trust         
(Series DBE-1013) (Fontana         
Public Financing Authority,         
Tax Allocation Revenue (North         
Fontana Redevelopment         
Project)) (Liquidity Facility;         
Deutsche Bank AG and LOC;         
Deutsche Bank AG)  0.25  5/7/14  5,200,000 a,b,c  5,200,000 
Deutsche Bank Spears/Lifers Trust         
(Series DBE-1083) (California         
Health Facilities Financing         
Authority, Revenue (Catholic         
Healthcare West)) (Liquidity         
Facility; Deutsche Bank AG and         
LOC; Deutsche Bank AG)  0.18  5/7/14  3,000,000 a,b,c  3,000,000 
Deutsche Bank Spears/Lifers Trust         
(Series DBE-1211) (Golden         
State Tobacco Securitization         
Corporation, Enhanced Tobacco         
Settlement Asset-Backed Bonds)         
(Liquidity Facility; Deutsche         
Bank AG and LOC; Deutsche Bank         
AG)  0.17  5/7/14  24,160,000 a,b,c  24,160,000 
Elsinore Valley Municipal Water         
District, COP, Refunding         

 


(Installment Sale Agreement           
with the Elsinore Valley Water           
and Sewer Facilities           
Corporation) (LOC; Bank of           
America)  0.12  5/7/14  5,000,000 a  5,000,000 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement Revenue           
(Eagle 2013-0013) (Liquidity           
Facility; Citibank NA)  0.22  5/7/14  9,900,000 a,b,c   9,900,000 
Hillsborough,           
COP (Water and Sewer Systems           
Projects) (Liquidity Facility;           
JPMorgan Chase Bank)  0.20  5/7/14  5,900,000 a  5,900,000 
Imperial Community College           
District, Revenue, TRAN  2.00  2/27/15  3,100,000   3,145,776 
Los Angeles County Schools Pooled           
Financing Program, Pooled TRAN           
Participation Certificates           
(Certain Los Angeles County           
School and Community College           
Districts)  2.00  12/31/14  9,875,000   9,997,116 
Los Angeles County Schools Pooled           
Financing Program, Pooled TRAN           
Participation Certificates           
(Certain Los Angeles County           
School and Community College           
Districts)  2.00  12/31/14  5,700,000   5,770,836 
Los Angeles Harbor Department,           
CP (Liquidity Facility; Mizuho           
Bank, Ltd.)  0.10  7/10/14  10,000,000   10,000,000 
Manteca Redevelopment Agency,           
Subordinate Tax Allocation           
Revenue, Refunding (Amended           
Merged Project Area) (LOC;           
State Street Bank and Trust           
Co.)  0.09  5/1/14  13,540,000 a  13,540,000 
Menlo Park Community Development           

 


Agency, Tax Allocation           
Revenue, Refunding (Las Pulgas           
Community Development Project)           
(LOC; State Street Bank and           
Trust Co.)  0.09  5/1/14  11,600,000 a  11,600,000 
Monterey Peninsula Water           
Management District, COP           
(Wastewater Reclamation           
Project) (LOC; Wells Fargo           
Bank)  0.14  5/7/14  200,000 a  200,000 
Orange County,           
Apartment Development Revenue,           
Refunding (Villa La Paz Issue)           
(LOC; FNMA)  0.13  5/7/14  3,550,000 a  3,550,000 
Pittsburg Public Financing           
Authority, Water Revenue,           
Refunding (LOC; Bank of the           
West)  0.13  5/7/14  200,000 a  200,000 
Pittsburg Redevelopment Agency,           
Subordinate Tax Allocation           
Revenue (Los Medanos Community           
Development Project)           
(Liquidity Facility:           
California State Teachers           
Retirement System and State           
Street Bank and Trust Co.)  0.09  5/1/14  32,100,000 a  32,100,000 
Ravenswood City School District,           
GO Notes, TRAN  1.00  3/4/15  1,500,000   1,509,425 
Riverside County Transportation           
Commission, Sales Tax Revenue           
(Liquidity Facility; JPMorgan           
Chase Bank)  0.14  5/7/14  8,800,000 a  8,800,000 
Sacramento County Housing           
Authority, MFHR, Refunding           
(Stonebridge Apartments) (LOC;           
FNMA)  0.14  5/7/14  8,000,000 a  8,000,000 
San Bernardino County,           
MFHR, Refunding (Rosewood           

 


Apartments) (LOC; FNMA)  0.17  5/7/14  2,725,000 a  2,725,000 
San Bernardino County,           
MFHR, Refunding (Somerset           
Apartments) (Liquidity           
Facility; FNMA and LOC; FNMA)  0.17  5/7/14  2,395,000 a  2,395,000 
San Diego County,           
COP (Museum of Contemporary           
Art San Diego) (LOC; Northern           
Trust Company)  0.12  5/7/14  1,450,000 a  1,450,000 
San Diego County,           
COP (San Diego Museum of Art)           
(LOC; Wells Fargo Bank)  0.15  5/7/14  300,000 a  300,000 
San Diego County,           
COP (LOC; U.S. Bank NA)  0.12  5/7/14  2,000,000 a  2,000,000 
San Francisco City and County           
Redevelopment Agency Community           
Facilities District Number 4,           
Revenue (Mission Bay North           
Public Improvements) (LOC;           
Bank of America)  0.11  5/7/14  2,840,000 a  2,840,000 
San Francisco City and County           
Redevelopment Agency           
Community Facilities District           
Number 7, Special Tax Revenue           
(Hunters Point Shipyard Phase           
One Improvements) (LOC;           
JPMorgan Chase Bank)  0.14  5/7/14  2,050,000 a  2,050,000 
San Jose Redevelopment Agency,           
CP (Merged Area Redevelopment           
Projec) (LOC; JPMorgan Chase           
Bank)  0.14  10/10/14  3,400,000   3,400,000 
San Pablo Redevelopment Agency,           
Subordinate Tax Allocation           
Revenue (Tenth Township           
Redevelopment Project) (LOC;           
Union Bank NA)  0.09  5/1/14  16,600,000 a  16,600,000 
Santa Clara County Financing           
Authority, LR, Refunding           

 


(Multiple Facilities Projects)           
(LOC; Bank of America)  0.10  5/7/14  885,000 a  885,000 
School Project for Utility Rate           
Reduction, GO Notes, RAN           
(Natural Gas Purchase Program           
for Member California School           
Districts and Community           
Colleges and Other Non-Member           
Affiliated Public Entities)  0.42  8/1/14  2,000,000   2,000,000 
Tahoe Forest Hospital District,           
Revenue (LOC; U.S. Bank NA)  0.09  5/1/14  4,865,000 a  4,865,000 
Tracy,           
MFHR, Refunding (Sycamore           
Village Apartments) (LOC;           
FHLMC)  0.13  5/7/14  1,700,000 a  1,700,000 
Yolo County,           
MFHR (Primero Grove Student           
Apartments Project) (LOC;           
California State Teachers           
Retirement System)  0.20  5/7/14  875,000 a  875,000 
 
 
Total Investments (cost $424,513,454)      99.9 %  424,513,454 
Cash and Receivables (Net)      .1 %  276,602 
Net Assets      100.0 %  424,790,056 

 

a     

Variable rate demand note - rate shown is the interest rate in effect at April 30, 2014. Maturity date represents the next demand date, or the ultimate maturity date if earlier.

b     

Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2014, these securities amounted to $68,040,000 or 16.0% 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).

At April 30, 2014, 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  DRIVERS  Derivative Inverse Tax-Exempt Receipts 
EDR  Economic Development Revenue  EIR  Environmental Improvement Revenue 
FGIC  Financial Guaranty Insurance Company  FHA  Federal Housing Administration 
FHLB  Federal Home Loan Bank  FHLMC  Federal Home Loan Mortgage Corporation 
FNMA  Federal National Mortgage Association  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 
IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LIFERS  Long Inverse Floating Exempt Receipts 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MERLOTS  Municipal Exempt Receipts Liquidity Option Tender 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempt Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RIB  Residual Interest Bonds 
ROCS  Reset Option Certificates  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SPEARS  Short Puttable Exempt Adjustable Receipts 
SWDR  Solid Waste Disposal Revenue  TAN  Tax Anticipation Notes 
TAW  Tax Anticipation Warrants  TRAN  Tax and Revenue Anticipation Notes 
XLCA  XL Capital Assurance     

 


The following is a summary of the inputs used as of April 30, 2014 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  424,513,454 
Level 3 - Significant Unobservable Inputs  - 
Total  424,513,454 

 

+ See Statement of Investments for additional detailed categorizations.


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

Portfolio valuation: Investments in securities are valued at amortized
cost in accordance with Rule 2a-7 under the Act. If amortized cost is
determined not to approximate market value, the fair value of the portfolio
securities will be determined by procedures established by and under
the general supervision of the Board of Trustees.
The fair value of a financial instrument is the amount that would be
received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date (i.e. the
exit price). GAAP establishes a fair value hierarchy that prioritizes the
inputs of valuation techniques used to measure fair value. This hierarchy
gives the highest priority to unadjusted quoted prices in active

markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the
volume and activity in a market has decreased significantly and
whether such a decrease in activity results in transactions that are not
orderly. GAAP requires enhanced disclosures around valuation inputs
and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments
relating to fair value measurements. These inputs are summarized
in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for


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

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

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

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


STATEMENT OF INVESTMENTS           
Dreyfus New York AMT-Free Municipal Cash Management Fund       
 
April 30, 2014 (Unaudited)             
 
  Coupon    Maturity  Principal    
Short-Term Investments--99.6%  Rate (%)    Date  Amount ($)   Value ($) 
Albany Industrial Development             
Agency, Civic Facility Revenue             
(Living Resources Corporation             
Project) (LOC; HSBC Bank USA)   0.12  5/7/14  2,500,000 a  2,500,000 
Ausable Valley Central School             
District, GO Notes, BAN   1.00   6/26/14  2,800,000   2,801,972 
Broome County Industrial             
Development Agency, Continuing             
Care Retirement Community             
Revenue (Good Shepherd Village             
at Endwell, Inc. Project)             
(LOC; M&T Trust)   0.17   5/7/14  3,160,000 a  3,160,000 
Deutsche Bank Spears/Lifers Trust             
(Series DBE-1152) (TSASC,             
Inc., Tobacco Settlement             
Asset-Backed Bonds) (Liquidity             
Facility: Deutsche Bank AG and             
LOC; Deutsche Bank AG)   0.22   5/7/14  3,000,000 a,b,c   3,000,000 
Dutchess County Industrial             
Development Agency, Civic             
Facility Revenue (Anderson             
Foundation for Autism, Inc.             
Project) (LOC; M&T Trust)   0.17  5/7/14  3,425,000 a  3,425,000 
Franklin County Industrial             
Development Agency, Civic             
Facility Revenue (Paul Smith's             
College Project) (LOC; U.S.             
Bank NA)   0.12  5/7/14  775,000 a  775,000 
Franklin County Industrial             
Development Agency, Civic             
Facility Revenue (Trudeau             
Institute, Inc. Project) (LOC;             
HSBC Bank USA)   0.20   5/7/14  1,545,000 a  1,545,000 
Gloversville City School District,             
GO Notes, BAN   1.50  1/16/15  1,000,000   1,007,229 

 


Hamburg Central School District,           
GO Notes, BAN  2.00  6/13/14  4,600,000   4,608,194 
Holley Central School District,           
GO Notes, BAN  1.25  6/19/14  1,100,000   1,101,056 
Monroe County Industrial           
Development Agency, Civic           
Facility Revenue (The Glen at           
Cherry Ridge, LLC Project)           
(LOC; HSBC Bank USA)  0.14  5/7/14  4,600,000 a  4,600,000 
Nassau County Interim Finance           
Authority, Sales Tax Secured           
Revenue (Liquidity Facility;           
Sumitomo Mitsui Banking           
Corporation)  0.09  5/7/14  6,965,000 a  6,965,000 
New York City,           
GO Notes (Liquidity Facility;           
Landesbank Hessen-Thuringen           
Girozentrale)  0.13  5/7/14  1,000,000 a  1,000,000 
New York City,           
GO Notes (LOC; Bayerische           
Landesbank)  0.14  5/7/14  2,700,000 a  2,700,000 
New York City,           
GO Notes (LOC; Mizuho Bank           
Ltd.)  0.06  5/1/14  3,000,000 a  3,000,000 
New York City,           
GO Notes (LOC; Sumitomo Mitsui           
Banking Corporation)  0.13  5/7/14  1,400,000 a  1,400,000 
New York City Capital Resource           
Corporation, Revenue (Loan           
Enhanced Assistance Program -           
Cobble Hill Health Center,           
Inc. Project) (LOC; Bank of           
America)  0.20  5/7/14  2,400,000 a  2,400,000 
New York City Industrial           
Development Agency, Civic           
Facility Revenue (Children's           
Oncology Society of New York,           
Inc. Project) (LOC; JPMorgan           
Chase Bank)  0.14  5/7/14  2,100,000 a  2,100,000 
New York City Industrial           
Development Agency, Civic           
Facility Revenue (Sephardic           
Community Youth Center, Inc.           

 


Project) (LOC; M&T Trust)  0.17  5/7/14  4,700,000 a  4,700,000 
New York City Industrial           
Development Agency, Civic           
Facility Revenue           
(Spence-Chapin, Services to           
Families and Children Project)           
(LOC; TD Bank)  0.19  5/7/14  2,800,000 a  2,800,000 
New York City Municipal Water           
Finance Authority, CP           
(Liquidity Facility; JPMorgan           
Chase Bank)  0.09  5/15/14  5,000,000   5,000,000 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Revenue           
(Liquidity Facility; Mizuho           
Bank, Ltd.)  0.06  5/1/14  1,200,000 a  1,200,000 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue (Liquidity           
Facility; Mizuho Bank, Ltd.)  0.09  5/1/14  1,600,000 a  1,600,000 
New York Liberty Development           
Corporation, Liberty Revenue,           
Refunding (World Trade Center           
Project - Towers 3-4) (LOC;           
JPMorgan Chase Bank)  0.15  5/7/14  1,035,000 a  1,035,000 
New York Liberty Development           
Corporation, Liberty Revenue,           
Refunding (World Trade Center           
Project - Towers 3-4) (LOC;           
JPMorgan Chase Bank)  0.15  5/7/14  180,000 a  180,000 
New York Liberty Development           
Corporation, Recovery Zone           
Revenue (3 World Trade Center           
Project) (LOC; JPMorgan Chase           
Bank)  0.15  5/7/14  585,000 a  585,000 
New York Liberty Development           
Corporation, Recovery Zone           
Revenue (3 World Trade Center           
Project) (LOC; JPMorgan Chase           
Bank)  0.15  5/7/14  515,000 a  515,000 
New York State Dormitory           
Authority, Revenue (Le Moyne           

 


College) (LOC; TD Bank)  0.12  5/7/14  1,100,000 a  1,100,000 
New York State Housing Finance           
Agency, Housing Revenue (20           
River Terrace) (Liquidity           
Facility; FNMA and LOC; FNMA)  0.10  5/7/14  2,500,000 a  2,500,000 
New York State Housing Finance           
Agency, Housing Revenue (505           
West 37th Street) (LOC;           
Landesbank Hessen-Thuringen           
Girozentrale)  0.11  5/1/14  7,800,000 a  7,800,000 
New York State Housing Finance           
Agency, Housing Revenue           
(Baisley Park Gardens) (LOC;           
Citibank NA)  0.12  5/7/14  6,335,000 a  6,335,000 
New York State Housing Finance           
Agency, Housing Revenue           
(Taconic West 17th Street)           
(LOC; FNMA)  0.08  5/7/14  1,000,000 a  1,000,000 
Northern Adirondack Central School           
District at Ellenburg, GO           
Notes, BAN  2.00  6/26/14  3,000,000   3,006,740 
Orange County Industrial           
Development Agency, Civic           
Facility Revenue (Tuxedo Park           
School Project) (LOC; M&T           
Trust)  0.17  5/7/14  200,000 a  200,000 
Port Authority of New York and New           
Jersey, Equipment Notes  0.17  5/7/14  2,800,000 a  2,800,000 
Port Chester,           
GO Notes, BAN  1.00  2/25/15  1,215,000   1,221,161 
Putnam County Industrial           
Development Agency, Civic           
Facility Revenue (United           
Cerebral Palsy of Putnam and           
Southern Dutchess Project)           
(LOC; TD Bank)  0.12  5/7/14  1,400,000 a  1,400,000 
Putnam County Industrial           
Development Agency, Civic           
Facility Revenue (United           
Cerebral Palsy of Putnam and           
Southern Dutchess Project)           
(LOC; TD Bank)  0.12  5/7/14  500,000 a  500,000 

 


Rome,           
GO Notes, BAN  1.00  9/5/14  1,325,000   1,326,837 
Saratoga County Capital Resource           
Corporation, Revenue (The           
Saratoga Hospital Project)           
(LOC; HSBC Bank USA)  0.14  5/7/14  1,400,000 a  1,400,000 
Syracuse Industrial Development           
Agency, Civic Facility Revenue           
(Crouse Health Hospital, Inc.           
Project) (LOC; HSBC Bank USA)  0.12  5/7/14  1,065,000 a  1,065,000 
Wallkill,           
GO Notes, BAN  1.25  8/6/14  1,200,000   1,202,455 
Wallkill,           
GO Notes, BAN  1.25  1/16/15  1,000,000   1,004,459 
Watertown,           
GO Notes, BAN  1.00  4/23/15  1,000,000   1,004,374 
 
 
Total Investments (cost $100,569,477)      99.6 %  100,569,477 
Cash and Receivables (Net)      .4 %  434,251 
Net Assets      100.0 %  101,003,728 

 

a     

Variable rate demand note - rate shown is the interest rate in effect at April 30, 2014. Maturity date represents the next demand date, or the ultimate maturity date if earlier.

b     

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2014, this security amounted to $3,000,000 or 3.0% 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).

At April 30, 2014, 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  DRIVERS  Derivative Inverse Tax-Exempt Receipts 
EDR  Economic Development Revenue  EIR  Environmental Improvement Revenue 
FGIC  Financial Guaranty Insurance Company  FHA  Federal Housing Administration 
FHLB  Federal Home Loan Bank  FHLMC  Federal Home Loan Mortgage Corporation 
FNMA  Federal National Mortgage Association  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 
IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LIFERS  Long Inverse Floating Exempt Receipts 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MERLOTS  Municipal Exempt Receipts Liquidity Option Tender 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempt Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RIB  Residual Interest Bonds 
ROCS  Reset Option Certificates  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SPEARS  Short Puttable Exempt Adjustable Receipts 
SWDR  Solid Waste Disposal Revenue  TAN  Tax Anticipation Notes 
TAW  Tax Anticipation Warrants  TRAN  Tax and Revenue Anticipation Notes 
XLCA  XL Capital Assurance     

 


The following is a summary of the inputs used as of April 30, 2014 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  100,569,477 
Level 3 - Significant Unobservable Inputs  - 
Total  100,569,477 

 

+ See Statement of Investments for additional detailed categorizations.


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

Portfolio valuation: Investments in securities are valued at amortized
cost in accordance with Rule 2a-7 under the Act. If amortized cost is
determined not to approximate market value, the fair value of the portfolio
securities will be determined by procedures established by and under
the general supervision of the Board of Trustees.
The fair value of a financial instrument is the amount that would be
received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date (i.e. the
exit price). GAAP establishes a fair value hierarchy that prioritizes the
inputs of valuation techniques used to measure fair value. This hierarchy
gives the highest priority to unadjusted quoted prices in active

markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the
volume and activity in a market has decreased significantly and
whether such a decrease in activity results in transactions that are not
orderly. GAAP requires enhanced disclosures around valuation inputs
and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments
relating to fair value measurements. These inputs are summarized
in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for


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

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

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

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


STATEMENT OF INVESTMENTS             
Dreyfus Tax Exempt Cash Management             
April 30, 2014 (Unaudited)             
 
  Coupon    Maturity  Principal    
Short-Term Investments--100.1%  Rate (%)    Date  Amount ($)   Value ($) 
Alabama--3.2%             
Chatom Industrial Development             
Board, Gulf Opportunity Zone             
Revenue (PowerSouth Energy             
Cooperative Projects) (LOC;             
National Rural Utilities             
Cooperative Finance             
Corporation)   0.27   5/7/14  15,000,000 a  15,000,000 
Mobile County Industrial             
Development Authority, Gulf             
Opportunity Zone Revenue (SSAB             
Alabama Inc.) (LOC; Swedbank)   0.14   5/7/14  14,000,000 a  14,000,000 
Tuscaloosa County Industrial             
Development Authority, Gulf             
Opportunity Zone Revenue (Hunt             
Refining Project) (LOC; Bank             
of Nova Scotia)   0.11  5/7/14  20,000,000 a  20,000,000 
Tuscaloosa County Industrial             
Development Authority, Gulf             
Opportunity Zone Revenue (Hunt             
Refining Project) (LOC; Bank             
of Nova Scotia)   0.12  5/7/14  15,000,000 a  15,000,000 
 
Arizona--4.8%             
Arizona,             
Unemployment Insurance TAN  1.50  5/21/14  12,000,000   12,008,648 
Arizona Health Facilities             
Authority, Revenue, Refunding             
(Phoenix Children's Hospital)             
(P-FLOATS Series MT-836)             
(Liquidity Facility; Bank of             

 


America and LOC; Bank of         
America)  0.32  5/7/14  10,495,000 a,b,c  10,495,000 
Deutsche Bank Spears/Lifers Trust         
(Series DBE-1082) (Arizona         
Health Facilities Authority,         
Revenue (Catholic Healthcare         
West)) (Liquidity Facility;         
Deutsche Bank AG and LOC;         
Deutsche Bank AG)  0.17  5/7/14  18,250,000 a,b,c  18,250,000 
Deutsche Bank Spears/Lifers Trust         
(Series DBE-1086) (Phoenix         
Industrial Development         
Authority, LR (Rowan         
University Project))         
(Liquidity Facility; Deutsche         
Bank AG and LOC; Deutsche Bank         
AG)  0.17  5/7/14  37,220,000 a,b,c  37,220,000 
Phoenix Civic Improvement         
Corporation, Water System         
Revenue, CP (LOC; Royal Bank         
of Canada)  0.07  5/12/14  17,000,000  17,000,000 
 
California--3.2%         
California Statewide Communities         
Development Authority,         
Revenue, CP (Kaiser Permanente)  0.14  5/12/14  27,000,000  27,000,000 
California Statewide Communities         
Development Authority,         
Revenue, CP (Kaiser Permanente)  0.14  5/19/14  15,865,000  15,865,000 
Sacramento City Financing         
Authority, Revenue, Refunding         
(Master Lease Program         
Facilities) (P-FLOATS Series         
PT-4698) (Liquidity Facility;         
Deutsche Bank AG and LOC;         
Deutsche Bank AG)  0.20  5/7/14  20,835,000 a,b,c  20,835,000 

 


Colorado--3.6%           
Colorado Educational and Cultural           
Facilities Authority, Revenue,           
Refunding (The Nature           
Conservancy Project)  0.12  5/7/14  16,200,000 a  16,200,000 
Sheridan Redevelopment Agency,           
Tax Increment Revenue,           
Refunding (South Santa Fe           
Drive Corridor Redevelopment           
Project) (LOC; JPMorgan Chase           
Bank)  0.16  5/7/14  10,000,000 a  10,000,000 
Southern Ute Indian Tribe of the           
Southern Ute Indian           
Reservation, Revenue  0.13  5/7/14  45,000,000 a  45,000,000 
 
Connecticut--.0%           
Connecticut Housing Finance           
Authority, Revenue (Housing           
Mortgage Finance Program)  0.80  6/19/14  275,000   275,025 
 
Delaware--1.3%           
Delaware Health Facilities           
Authority, Revenue (Christiana           
Care Health Services)  0.12  5/7/14  25,000,000 a  25,000,000 
 
District of Columbia--1.5%           
District of Columbia,           
Revenue (American Legacy           
Foundation Issue)  0.11  5/7/14  22,000,000 a  22,000,000 
District of Columbia Water and           
Sewer Authority, Public           
Utility Subordinated Lien           
Revenue (Eagle 2013-0012           
Program) (Liquidity Facility;           
Citibank NA)  0.15  5/7/14  7,000,000  a,b,c  7,000,000 
 
Florida--2.6%           

 


Collier County Health Facilities           
Authority, Revenue, CP           
(Cleveland Clinic Health           
System)  0.12  7/17/14  24,000,000   24,000,000 
Hillsborough County,           
GO Notes (Environmental Lands           
Acquistion and Protection           
Program)  5.00  7/1/14  1,250,000   1,260,178 
Jacksonville Electric Authority,           
Electric System Revenue CP           
(Liquidity Facility; U.S. Bank           
NA)  0.10  5/6/14  10,000,000   10,000,000 
Sunshine State Governmental           
Financing Commission, Revenue,           
CP (Liquidity Facility;           
JPMorgan Chase Bank)  0.10  7/9/14  10,000,000   10,000,000 
Sunshine State Governmental           
Financing Commission, Revenue,           
CP (Liquidity Facility;           
JPMorgan Chase Bank)  0.13  8/22/14  7,000,000   7,000,000 
 
Georgia--1.6%           
Cobb County Hospital Authority,           
RAC (Equipment Pool Project)           
(LOC; Wells Fargo Bank)  0.13  5/7/14  11,300,000 a  11,300,000 
Fulton County Development           
Authority, Revenue (Children's           
Healthcare of Atlanta, Inc.           
Project) (Liquidity Facility;           
Landesbank Hessen-Thuringen           
Girozentrale)  0.15  5/7/14  4,985,000 a  4,985,000 
Monroe County Development           
Authority, PCR (Oglethorpe           
Power Corporation Scherer           
Project) (LOC; Bank of           
Montreal)  0.11  5/7/14  15,000,000 a  15,000,000 

 


Idaho--.4%           
Idaho Building Authority,           
State Building Revenue (Idaho           
State Capitol Project)  5.00  9/1/14  6,885,000   6,996,505 
 
Illinois--1.4%           
Deutsche Bank Spears/Lifers Trust           
(Series DBE-502) (Chicago,           
General Airport Third Lien           
Revenue (Chicago O'Hare           
International Airport))           
(Liquidity Facility; Deutsche           
Bank AG and LOC; Deutsche Bank           
AG)  0.14  5/7/14  16,460,000  a,b,c  16,460,000 
Illinois Educational Facilities           
Authority, Revenue (Saint           
Xavier University Project)           
(LOC; Bank of America)  0.14  5/7/14  8,105,000 a  8,105,000 
Illinois Finance Authority,           
IDR (Fitzpatrick Brothers,           
Inc. Project) (Liquidity           
Facility; Northern Trust           
Company)  0.09  5/7/14  3,720,000 a  3,720,000 
 
Indiana--.9%           
Deutsche Bank Spears/Lifers Trust           
(Series DBE-549) (Boone County           
Hospital Association, LR,           
Refunding) (Liquidity           
Facility; Deutsche Bank AG and           
LOC; Deutsche Bank AG)  0.17  5/7/14  8,345,000 a,b,c   8,345,000 
Indiana Bond Bank,           
Advance Funding Program Notes           
(Liquidity Facility; JPMorgan           
Chase Bank)  1.25  1/6/15  10,000,000   10,068,255 
 
Kansas--.1%           

 


Kansas Turnpike Authority,           
Turnpike Revenue, Refunding  2.00  9/1/14  1,630,000   1,639,857 
 
Louisiana--2.3%           
Louisiana Public Facilities           
Authority, Revenue (Air           
Products and Chemicals Project)  0.07  5/1/14  10,100,000 a  10,100,000 
Louisiana Public Facilities           
Authority, Revenue (Air           
Products and Chemicals Project)  0.10  5/7/14  13,100,000 a  13,100,000 
Louisiana Public Facilities           
Authority, Revenue (Tiger           
Athletic Foundation Project)           
(LOC; FHLB)  0.12  5/7/14  14,330,000 a  14,330,000 
Port of New Orleans Board of           
Commissioners, Subordinate           
Lien Revenue, Refunding (LOC;           
FHLB)  0.12  5/7/14  8,510,000 a  8,510,000 
 
Maine--2.8%           
Maine Health and Higher           
Educational Facilities           
Authority, Revenue (Maine           
Medical Center) (LOC; JPMorgan           
Chase Bank)  0.15  5/7/14  55,430,000 a  55,430,000 
 
Maryland--1.8%           
Frederick County,           
Revenue, Refunding           
(Manekin-Frederick Associates           
Facility) (LOC; M&T Trust)  0.24  5/7/14  1,490,000 a  1,490,000 
Maryland Department of           
Transportation, Consolidated           
Transportation Revenue  5.00  5/1/14  900,000   900,000 
Maryland Economic Development           
Corporation, Revenue (Easter           
Seals Facility) (LOC; M&T           

 


Trust)  0.17  5/7/14  6,245,000 a  6,245,000 
Maryland Health and Higher           
Educational Facilities           
Authority, Revenue, CP (Johns           
Hopkins University)  0.08  5/8/14  10,000,000   10,000,000 
Maryland Stadium Authority,           
Sports Facilities LR,           
Refunding (Football Stadium           
Issue) (Liquidity Facility;           
Sumitomo Mitsui Banking Corporation)  0.11  5/7/14  15,900,000 a  15,900,000 
 
Massachusetts--.1%           
Massachusetts,           
Special Obligation Notes,           
Refunding (Federal Highway           
Grant Anticpation Note Program)  5.00  12/15/14  2,000,000   2,059,848 
 
Michigan--1.6%           
Michigan Housing Development           
Authority, SFMR (Liquidity           
Facility; FHLB)  0.09  5/7/14  20,000,000 a  20,000,000 
RBC Municipal Products Inc. Trust           
(Series E-49) (Michigan           
Finance Authority, HR (CHE           
Trinity Health Credit Group))           
(Liquidity Facility; Royal           
Bank of Canada and LOC; Royal           
Bank of Canada)  0.12  5/7/14  12,000,000 a,b,c  12,000,000 
 
Minnesota--4.1%           
Deutsche Bank Spears/Lifers Trust           
(Series DBE-1214) (Saint Paul           
Housing and Redevelopment           
Authority, District Cooling           
Revenue, Refunding) (Liquidity           
Facility; Deutsche Bank AG and           
LOC; Deutsche Bank AG)  0.20  5/7/14  10,235,000  a,b,c  10,235,000 

 


Hennepin County,           
GO Notes (Liquidity Facility;           
U.S. Bank NA)  0.11  5/7/14  25,000,000 a  25,000,000 
RBC Municipal Products Inc. Trust           
(Series E-19) (Minneapolis,           
Health Care System Revenue           
(Fairview Health Services))           
(Liquidity Facility; Royal           
Bank of Canada and LOC; Royal           
Bank of Canada)  0.12  5/7/14  10,000,000 a,b,c  10,000,000 
Southern Minnesota Municipal Power           
Agency, Power Supply System           
Revenue, CP (Liquidity           
Facility; U.S. Bank NA)  0.08  5/6/14  11,000,000   11,000,000 
Southern Minnesota Municipal Power           
Agency, Power Supply System           
Revenue, CP (Liquidity           
Facility; U.S. Bank NA)  0.10  6/4/14  24,000,000   24,000,000 
 
Mississippi--.9%           
Mississippi Business Finance           
Corporation, Gulf Opportunity           
Zone IDR (Chevron U.S.A. Inc.           
Project)  0.07  5/1/14  3,000,000 a  3,000,000 
Mississippi Business Finance           
Corporation, Gulf Opportunity           
Zone IDR (Chevron U.S.A. Inc.           
Project)  0.07  5/1/14  14,765,000 a  14,765,000 
 
Missouri--2.1%           
Missouri Health and Educational           
Facilities Authority, Revenue           
(Ascension Health Senior           
Health Group)  0.10  5/7/14  7,100,000 a  7,100,000 
Saint Louis,           
Airport Revenue, Refunding           
(Lambert-Saint Louis           

 


International Airport) (Spears           
Trust Series DB-161)           
(Liquidity Facility; Deutsche           
Bank AG and LOC; Deutsche Bank           
AG)  0.14  5/7/14  29,800,000 a,b,c  29,800,000 
Saint Louis Regional Convention           
and Sports Complex Authority,           
Convention and Sports Facility           
Revenue, Refunding  2.00  8/15/14  3,565,000   3,581,512 
 
Nebraska--6.9%           
Lancaster County School District           
0001, GO Notes (School Bonds)  5.00  1/15/15  6,090,000   6,297,468 
Lincoln,           
Electric System Revenue, CP           
(Liquidity Facility; Bank of           
Tokyo-Mitsubishi UFJ)  0.07  5/12/14  15,000,000   15,000,000 
Lincoln,           
Electric System Revenue, CP           
(Liquidity Facility; Bank of           
Tokyo-Mitsubishi UFJ)  0.09  6/18/14  44,500,000   44,500,000 
Nebraska Investment Finance           
Authority, SFHR (Liquidity           
Facility; FHLB)  0.11  5/7/14  19,100,000 a  19,100,000 
Public Power Generation Agency of           
Nebraska, Revenue (Whelan           
Energy Center Unit Number 2)           
(Eagle Series 2013-0007)           
(Liquidity Facility; Citibank           
NA and LOC; Berkshire Hathaway           
Assurance Corporation)  0.14  5/7/14  51,470,000 a,b,c  51,470,000 
 
Nevada--.4%           
Clark County,           
Airport System Junior           
Subordinate Lien Revenue  2.00  7/1/14  7,900,000   7,921,719 

 


New Hampshire--2.3%           
Merrimack County,           
GO Notes, TAN  0.50  12/30/14  18,000,000   18,029,630 
New Hampshire Health and Education           
Facilities Authority, Revenue           
(University System of New           
Hampshire Issue) (Liquidity           
Facility; U.S. Bank NA)  0.13  5/1/14  27,500,000 a  27,500,000 
 
New Mexico--.3%           
New Mexico Finance Authority,           
Public Project Revolving Fund           
Revenue (Prerefunded)  5.25  6/1/14  1,000,000 d  1,004,369 
Santa Fe Public School District,           
GO Notes  3.00  8/1/14  5,000,000   5,032,850 
 
New York--4.2%           
Dutchess County Industrial           
Development Agency, Civic           
Facility Revenue (Anderson           
Foundation for Autism, Inc.           
Project) (LOC; M&T Trust)  0.17  5/7/14  8,000,000 a  8,000,000 
Dutchess County Industrial           
Development Agency, Civic           
Facility Revenue (Arbor Ridge           
at Brookmeade Project) (LOC;           
M&T Trust)  0.17  5/7/14  8,935,000 a  8,935,000 
Hammondsport Central School           
District, GO Notes, BAN  1.25  6/20/14  5,000,000   5,005,791 
New York City Municipal Water           
Finance Authority, CP           
(Liquidity Facility; JPMorgan           
Chase Bank)  0.09  5/15/14  20,000,000   20,000,000 
New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue (Liquidity           

 


Facility; Barclays Bank PLC)  0.11  5/7/14  20,000,000 a  20,000,000 
New York State Housing Finance           
Agency, Housing Revenue (2180           
Broadway Housing Project)           
(LOC; Wells Fargo Bank)  0.11  5/7/14  5,200,000 a  5,200,000 
South Jefferson Central School           
District, GO Notes, BAN  1.50  6/20/14  3,915,000   3,920,873 
Tompkins County Industrial           
Development Agency, Civic           
Facility Revenue (Community           
Development Properties Ithaca,           
Inc. Project) (LOC; M&T Trust)  0.22  5/7/14  8,670,000 a  8,670,000 
Triborough Bridge and Tunnel           
Authority, General Revenue,           
Refunding (MTA Bridges and           
Tunnels) (Liquidity Facility;           
Landesbank Hessen-Thuringen           
Girozentrale)  0.11  5/1/14  2,700,000 a  2,700,000 
 
North Carolina--1.7%           
Guilford County,           
GO Notes (Liquidity Facility;           
Branch Banking and Trust Co.)  0.11  5/7/14  11,600,000 a  11,600,000 
North Carolina Capital Facilities           
Finance Agency, CP (Duke           
University Project)  0.10  6/5/14  10,000,000   10,000,000 
North Carolina Capital Facilities           
Finance Agency, CP (Duke           
University Project)  0.10  7/14/14  12,178,000   12,178,000 
 
Ohio--1.3%           
Akron,           
Income Tax Revenue, BAN           
(Various Purpose)  1.00  11/12/14  6,180,000   6,204,036 
Allen County,           
Hospital Facilities Revenue,           
(Catholic Health Partners)  0.11  5/7/14  17,500,000 a  17,500,000 

 


Lucas County,           
GO Notes, BAN (Various Purpose           
Improvement)  1.00  7/16/14  2,600,000   2,603,882 
 
Oklahoma--.4%           
Oklahoma Housing Finance Agency,           
Collateralized Revenue Bonds           
(Wesley Village Retirement           
Community)  0.35  2/1/15  5,000,000   5,000,000 
Oklahoma Water Resource Board,           
Revenue (Liquidity Facility;           
State Street Bank and Trust           
Co.)  0.25  6/2/14  3,250,000   3,250,000 
 
Oregon--1.0%           
Oregon,           
GO Notes, TAN  1.50  7/31/14  20,000,000   20,066,193 
 
Pennsylvania--6.2%           
Adams County Industrial           
Development Authority, Revenue           
(The Brethren Home Community           
Project) (LOC; PNC Bank NA)  0.12  5/7/14  3,000,000 a  3,000,000 
Deutsche Bank Spears/Lifers Trust           
(Series DBE-1021)           
(Pennsylvania Higher Education           
Facilities Authority, Revenue           
(Student Association, Inc.           
Student Housing Project at           
California University of           
Pennsylvania)) (Liquidity           
Facility; Deutsche Bank AG and           
LOC; Deutsche Bank AG)  0.22  5/7/14  32,160,000   a,b,c 32,160,000 
East Hempfield Township Industrial           
Development Authority, Revenue           
(The Mennonite Home Project)           
(LOC; M&T Trust)  0.17  5/7/14  10,365,000 a  10,365,000 

 


East Hempfield Township Industrial           
Development Authority, Revenue           
(The Mennonite Home Project)           
(LOC; M&T Trust)  0.17  5/7/14  3,915,000 a  3,915,000 
General Authority of South Central           
Pennsylvania, Revenue           
(Lutheran Social Services of           
South Central Pennsylvania           
Project) (LOC; M&T Trust)  0.17  5/7/14  15,295,000 a  15,295,000 
Horizon Hospital System Authority,           
Senior Health and Housing           
Facilities Revenue (Saint Paul           
Homes Project) (LOC; M&T Trust)  0.17  5/7/14  15,895,000 a  15,895,000 
Lancaster County Hospital           
Authority, Health Center           
Revenue (LUTHERCARE Project)           
(LOC; M&T Trust)  0.12  5/7/14  30,870,000 a  30,870,000 
Lancaster County Hospital           
Authority, Revenue (Landis           
Home Retirement Community           
Project) (LOC; M&T Trust)  0.17  5/7/14  7,810,000 a  7,810,000 
Ridley School District,           
GO Notes (LOC; TD Bank)  0.12  5/7/14  2,500,000 a  2,500,000 
York General Authority,           
Revenue (Strand-Capitol           
Performing Arts Center           
Project) (LOC; M&T Trust)  0.17  5/7/14  1,255,000 a  1,255,000 
 
South Carolina--1.5%           
South Carolina Jobs-Economic           
Development Authority, HR           
(Oconee Memorial Hospital,           
Inc. Project) (LOC; Wells           
Fargo Bank)  0.14  5/7/14  20,105,000 a  20,105,000 
South Carolina Public Service           
Authority, Revenue, CP (Santee           
Cooper) (Liquidity Facility;           

 


Barclays Bank PLC)  0.12  5/12/14  10,000,000   10,000,000 
 
Tennessee--6.1%           
Blount County Public Building           
Authority, Local Government           
Public Improvement Revenue           
(LOC; Branch Banking and Trust           
Co.)  0.10  5/7/14  3,045,000 a  3,045,000 
Blount County Public Building           
Authority, Local Government           
Public Improvement Revenue           
(LOC; Branch Banking and Trust           
Co.)  0.10  5/7/14  9,510,000 a  9,510,000 
Blount County Public Building           
Authority, Local Government           
Public Improvement Revenue           
(LOC; Branch Banking and Trust           
Co.)  0.12  5/7/14  8,685,000 a  8,685,000 
Industrial Development Board of           
Blount County and the Cities           
of Alcoa and Maryville, Local           
Government Public Improvement           
Revenue (Maryville Civic Arts           
Center Project) (LOC; Branch           
Banking and Trust Co.)  0.10  5/7/14  2,000,000 a  2,000,000 
Metropolitan Government of           
Nashville and Davidson County,           
CP (Liquidity Facility:           
California Public Employees           
Retirement System, California           
State Teachers Retirement           
System and State Street Bank           
and Trust Co.)  0.10  7/8/14  22,500,000   22,500,000 
Metropolitan Government of           
Nashville and Davidson County,           
CP (Liquidity Facility:           
California Public Employees'           

 


Retirement System, California           
State Teachers Retirement           
System and State Street Bank           
and Trust Co.)  0.08  6/5/14  20,000,000   20,000,000 
Sevier County Public Building           
Authority, Local Government           
Public Improvement Revenue           
(LOC; FHLB)  0.15  5/7/14  5,030,000 a  5,030,000 
Sevierville Public Building           
Authority, Local Government           
Public Improvement Revenue  5.00  6/1/14  2,250,000   2,259,490 
Shelby County Health Educational           
and Housing Facility Board,           
Educational Facilities Revenue           
(Rhodes College) (LOC; Wells           
Fargo Bank)  0.13  5/7/14  7,730,000 a  7,730,000 
Tennessee,           
CP (Liquidity Facility;           
Tennessee Consolidated           
Retirement System)  0.12  6/4/14  15,000,000   15,000,000 
Tennessee,           
CP (Liquidity Facility;           
Tennessee Consolidated           
Retirement System)  0.09  7/14/14  17,000,000   17,000,000 
Tennessee,           
CP (Liquidity Facility;           
Tennessee Consolidated           
Retirement System)  0.40  8/12/14  7,000,000   7,000,000 
 
Texas--17.4%           
Austin Independent School           
District, CP (Liquidity           
Facility; Sumitomo Mitsui           
Banking Corporation)  0.10  6/12/14  10,000,000   10,000,000 
Dallas,           
Waterworks and Sewer System           
Revenue, CP (Liquidity           

 


Facility: California State           
Teachers Retirement System and           
State Street Bank and Trust           
Co.)  0.08  5/6/14  10,000,000   10,000,000 
El Paso Independent School           
District, Unlimited Tax School           
Building Bonds (Liquidity           
Facility; JPMorgan Chase Bank           
and LOC; Permanent School Fund           
Guarantee Program)  0.12  7/24/14  10,000,000   10,000,000 
Garland,           
Electric Utility System           
Revenue, CP (LOC; Sumitomo           
Mitsui Banking Corporation)  0.11  5/15/14  22,000,000   22,000,000 
Garland,           
Electric Utility System           
Revenue, CP (LOC; Wells Fargo           
Bank)  0.11  5/15/14  5,000,000   5,000,000 
Gregg County Health Facilities           
Development Corporation, HR           
(Good Shepherd Medical Center           
Project) (LOC; JPMorgan Chase           
Bank)  0.16  5/7/14  7,160,000 a  7,160,000 
Harris County,           
CP (Liquidity Facility; Bank           
of Tokyo-Mitsubishi UFJ)  0.07  5/12/14  4,500,000   4,500,000 
Harris County,           
Toll Road Senior Lien Revenue,           
Refunding  5.00  8/15/14  1,675,000   1,698,399 
Harris County Cultural Education           
Facilities Finance           
Corporation, Medical           
Facilities Mortgage Revenue,           
Refunding (Baylor College of           
Medicine) (LOC; Barclays Bank           
PLC)  0.12  5/7/14  13,800,000 a  13,800,000 
Houston Independent School           

 


District, GO Notes, Refunding  5.00  7/15/14  1,500,000   1,514,893 
Jefferson County Industrial           
Development Corporation,           
Hurricane Ike Disaster Area           
Revenue (Jefferson Refinery,           
L.L.C. Project) (LOC; Branch           
Banking and Trust Co.)  0.60  7/15/14  25,700,000   25,700,000 
Jefferson County Industrial           
Development Corporation,           
Hurricane Ike Disaster Area           
Revenue (Jefferson Refinery,           
L.L.C. Project) (LOC; Branch           
Banking and Trust Co.)  0.60  7/15/14  14,935,000   14,935,000 
Lower Colorado River Authority,           
Revenue, CP (Lower Colorado           
River Authority Transportation           
Services Corporation)           
(Liquidity Facility; State           
Street Bank and Trust Co.)  0.08  5/20/14  20,000,000   20,000,000 
Lubbock Independent School           
District, Unlimited Tax School           
Building Bonds (Liquidity           
Facility; Bank of America and           
LOC; Permanent School Fund           
Guarantee Program)  0.16  5/7/14  4,300,000 a  4,300,000 
RBC Municipal Products Inc. Trust           
(Series E-27) (Harris County           
Health Facilities Development           
Corporation, HR, Refunding           
(Memorial Hermann Healthcare           
System)) (Liquidity Facility;           
Royal Bank of Canada and LOC;           
Royal Bank of Canada)  0.12  5/7/14  15,000,000 a,b,c   15,000,000 
Red River Education Finance           
Corporation, Higher Education           
Revenue (Texas Christian           
University Project)  0.13  5/7/14  23,000,000 a  23,000,000 

 


San Antonio,           
Electric and Gas Revenue, CP           
(Liquidity Facility; JPMorgan           
Chase Bank)  0.08  5/6/14  15,000,000   15,000,000 
Texas,           
TRAN  2.00  8/28/14  91,000,000   91,538,434 
Texas Public Finance Authority,           
CP  0.10  7/10/14  14,000,000   14,000,000 
University of Houston,           
University Revenue, CP  0.09  5/5/14  1,712,000   1,712,000 
University of Texas System Board           
of Regents, Financing System           
Revenue, Refunding  0.11  5/7/14  29,800,000 a  29,800,000 
 
Utah--3.6%           
Intermountain Power Agency,           
Power Supply Revenue, CP           
(Liquidity Facility; JPMorgan           
Chase Bank)  0.10  6/10/14  36,000,000   36,000,000 
Intermountain Power Agency,           
Power Supply Revenue, CP           
(Liquidity Facility; JPMorgan           
Chase Bank)  0.11  6/13/14  15,200,000   15,200,000 
Murray City,           
HR (Intermountain Health Care           
Health Services, Inc.)  0.10  5/7/14  100,000 a  100,000 
Murray City,           
HR (Intermountain Health Care           
Health Services, Inc.)  0.10  5/7/14  14,000,000 a  14,000,000 
Utah Housing Finance Agency,           
MFHR, Refunding (Candlestick           
Apartments Project) (Liquidity           
Facility; FNMA and LOC; FNMA)  0.15  5/7/14  6,400,000 a  6,400,000 
 
Virginia--.3%           
Harrisonburg Industrial           
Development Authority,           

 


Revenue, Refunding (Virginia           
Mennonite Retirement           
Community) (LOC; Branch           
Banking and Trust Co.)  0.12  5/7/14  6,560,000 a  6,560,000 
 
Washington--.4%           
Washington,           
Various Purpose GO, Refunding           
(P-FLOATS Series PT-4658)           
(Liquidity Facility; Bank of           
America)  0.13  5/7/14  7,250,000 a,b,c  7,250,000 
 
Wisconsin--5.8%           
Milwaukee Redevelopment Authority,           
Redevelopment LR (University           
of Wisconsin-Milwaukee           
Kenilworth Project) (LOC; U.S.           
Bank NA)  0.12  5/7/14  5,730,000 a  5,730,000 
Oneida Tribe of Indians of           
Wisconsin, Health Facilities           
Revenue (LOC; Bank of America)  0.16  5/7/14  11,090,000 a  11,090,000 
Village of Silver Lake, Town of           
Salem Joint School District           
Number 1, Note Anticipation           
Notes  2.25  10/2/14  7,135,000   7,165,742 
Wisconsin Health and Educational           
Facilities Authority, Revenue           
(Ascension Health Senior           
Credit Group) (Eclipse Funding           
Trust, Series 0029) (Liquidity           
Facility; U.S. Bank NA and           
LOC; U.S. Bank NA)  0.12  5/7/14  22,820,000 a,b,c  22,820,000 
Wisconsin Health and Educational           
Facilities Authority, Revenue           
(Mequon Jewish Campus, Inc.           
Project) (LOC; JPMorgan Chase           
Bank)  0.16  5/7/14  5,935,000 a  5,935,000 

 


Wisconsin Health and Educational             
Facilities Authority, Revenue,             
CP (Aurora Health Care) (LOC;             
JPMorgan Chase Bank)  0.17  6/4/14  29,000,000   29,000,000  
Wisconsin Health and Educational             
Facilities Authority, Revenue,             
CP (Aurora Health Care) (LOC;             
JPMorgan Chase Bank)  0.15  8/5/14  22,000,000   22,000,000  
Wisconsin Health and Educational             
Facilities Authority, Revenue,             
CP (Aurora Health Care) (LOC;             
JPMorgan Chase Bank)  0.16  9/4/14  10,000,000   10,000,000  
 
Total Investments (cost $1,975,103,597)      100.1 %  1,975,103,597  
Liabilities, Less Cash and Receivables      (.1 %)  (2,720,710 ) 
Net Assets      100.0 %  1,972,382,887  

 

a Variable rate demand note - rate shown is the interest rate in effect at April 30, 2014. Maturity date represents the
next demand date, or the ultimate maturity date if earlier.
b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be
resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2014, these
securities amounted to $309,340,000 or 15.7% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity
that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in
underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g.,
enhanced liquidity, yields linked to short-term rates).
d This security is prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are
collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the
municipal issue and to retire the bonds in full at the earliest refunding date.

At April 30, 2014, 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  DRIVERS  Derivative Inverse Tax-Exempt Receipts 
EDR  Economic Development Revenue  EIR  Environmental Improvement Revenue 
FGIC  Financial Guaranty Insurance Company  FHA  Federal Housing Administration 
FHLB  Federal Home Loan Bank  FHLMC  Federal Home Loan Mortgage Corporation 
FNMA  Federal National Mortgage Association  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 
IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LIFERS  Long Inverse Floating Exempt Receipts 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MERLOTS  Municipal Exempt Receipts Liquidity Option Tender 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempt Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RIB  Residual Interest Bonds 
ROCS  Reset Option Certificates  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SPEARS  Short Puttable Exempt Adjustable Receipts 
SWDR  Solid Waste Disposal Revenue  TAN  Tax Anticipation Notes 
TAW  Tax Anticipation Warrants  TRAN  Tax and Revenue Anticipation Notes 
XLCA  XL Capital Assurance     

 


The following is a summary of the inputs used as of April 30, 2014 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  1,975,103,597 
Level 3 - Significant Unobservable Inputs  - 
Total  1,975,103,597 

 

+ See Statement of Investments for additional detailed categorizations.


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

Portfolio valuation: Investments in securities are valued at amortized
cost in accordance with Rule 2a-7 under the Act. If amortized cost is
determined not to approximate market value, the fair value of the portfolio
securities will be determined by procedures established by and under
the general supervision of the Board of Trustees.
The fair value of a financial instrument is the amount that would be
received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date (i.e. the
exit price). GAAP establishes a fair value hierarchy that prioritizes the
inputs of valuation techniques used to measure fair value. This hierarchy
gives the highest priority to unadjusted quoted prices in active
markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the
volume and activity in a market has decreased significantly and
whether such a decrease in activity results in transactions that are not
orderly. GAAP requires enhanced disclosures around valuation inputs
and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments
relating to fair value measurements. These inputs are summarized
in the three broad levels listed below:

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


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

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

 

Item 2.             Controls and Procedures.

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

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

Item 3.             Exhibits.

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

 

 

 

 

 

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:

June 25, 2014

 

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

 

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak

President

 

Date:

June 25, 2014

 

By: /s/ James Windels

James Windels

Treasurer

 

Date:

June 25, 2014

 

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)