N-Q 1 lp1-264.htm FORM N-Q lp1-264.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

811-03954

 

 

 

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)

 

 

 

 

 

Bennett A. MacDougall, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6400

 

 

Date of fiscal year end:

 

1/31

 

Date of reporting period:

4/30/2016

 

             

 

 

FORM N-Q

Item 1.                         Schedule of Investments.

           

 

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Cash Management
April 30, 2016 (Unaudited)

  Coupon   Maturity  Principal    
Short-Term Investments - 92.3%  Rate (%)  Date  Amount ($)   Value ($) 
California - 92.3%           
ABAG Finance Authority for Nonprofit           
Corporations,           
Revenue (California Alumni Association           
Project) (LOC; Bank of America)  0.44  5/7/16  3,775,000 a  3,775,000 
California,           
CP (LOC; Royal Bank of Canada)  0.13  5/11/16  3,500,000   3,500,000 
California,           
CP (LOC; Royal Bank of Canada)  0.07  5/25/16  4,700,000   4,700,000 
California,           
CP (LOC; Royal Bank of Canada)  0.07  5/25/16  4,700,000   4,700,000 
California,           
CP (LOC; U.S. Bank NA)  0.11  5/11/16  3,400,000   3,400,000 
California,           
GO Notes (LOC; Sumitomo Mitsui           
Banking Corp.)  0.40  5/7/16  6,000,000 a  6,000,000 
California Department of Water Resource,           
Water Revenue, CP (Liquidity Facility;           
Bank of Montreal)  0.46  5/27/16  4,385,000   4,385,000 
California Enterprise Development           
Authority,           
IDR (Tri Tool Inc. Project) (LOC;           
Comerica Bank)  0.51  5/7/16  7,830,000 a  7,830,000 
California Enterprise Development           
Authority,           
Recovery Zone Facility Revenue           
(Regional Properties, Inc. Project) (LOC;           
FHLB)  0.44  5/7/16  15,000,000 a,b  15,000,000 
California Health Facilities Financing           
Authority,           
Health Facility Revenue (Catholic           
Healthcare West Loan Program)           
(Liquidity Facility; Mizuho Bank, Ltd.)  0.40  5/7/16  16,500,000 a  16,500,000 
California Health Facilities Financing           
Authority,           
Revenue (Saint Joseph Health System)           
(LOC; Union Bank NA)  0.43  5/7/16  17,000,000 a  17,000,000 
California Health Facility Finance           
Authority,           
CP (Kaiser Permanente)  0.45  5/17/16  28,200,000   28,200,000 
California Infrastructure and Economic           
Development Bank,           
(Alegacy Foodservice Products Group,           
Inc. and Eagleware Manufacturing           
Company, Inc. Project) (LOC; Wells           
Fargo Bank)  0.44  5/7/16  4,125,000 a  4,125,000 
California Infrastructure and Economic           
Development Bank,           
Revenue (Goodwill Industries of Orange           
County, California) (LOC; Wells Fargo           
Bank)  0.44  5/7/16  1,175,000 a  1,175,000 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon   Maturity  Principal    
Short-Term Investments - 92.3% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 92.3% (continued)           
California Infrastructure and Economic           
Development Bank,           
Revenue (SRI International) (LOC;           
Wells Fargo Bank)  0.46  5/7/16  8,510,000 a  8,510,000 
California Municipal Finance Authority,           
MFHR (Pacific Meadows Apartments)           
(Liquidity Facility; FHLMC and LOC;           
FHLMC)  0.44  5/7/16  6,645,000 a,b  6,645,000 
California Municipal Finance Authority,           
Revenue (Westmount College) (LOC;           
Comerica Bank)  0.51  5/7/16  12,050,000 a  12,050,000 
California Pollution Control Financing           
Authority,           
PCR, Refunding (Pacific Gas and Electric           
Company) (LOC; JPMorgan Chase Bank)  0.27  5/2/16  24,800,000 a  24,800,000 
California Pollution Control Financing           
Authority,           
PCR, Refunding (Pacific Gas and Electric           
Company) (LOC; JPMorgan Chase Bank)  0.25  5/2/16  16,600,000 a  16,600,000 
California Pollution Control Financing           
Authority,           
PCR, Refunding (Pacific Gas and Electric           
Company) (LOC; JPMorgan Chase Bank)  0.25  5/2/16  2,500,000 a  2,500,000 
California Pollution Control Financing           
Authority,           
SWDR (Big Bear Disposal, Inc. Project)           
(LOC; Union Bank NA)  0.42  5/7/16  3,900,000 a  3,900,000 
California Pollution Control Financing           
Authority,           
SWDR (Garden City Sanitation, Inc.           
Project) (LOC; Union Bank NA)  0.42  5/7/16  7,150,000 a  7,150,000 
California Pollution Control Financing           
Authority,           
SWDR (Mission Trail Waste Systems,           
Inc. Project) (LOC; Comerica Bank)  0.52  5/7/16  3,600,000 a  3,600,000 
California Pollution Control Financing           
Authority,           
SWDR (South Bay Recycling Project)           
(LOC; Union Bank NA)  0.42  5/7/16  1,550,000 a  1,550,000 
California Pollution Control Financing           
Authority,           
SWDR, Refunding (BLT Enterprises of           
Fremont LLC Project) (LOC; Union Bank           
NA)  0.42  5/7/16  8,165,000 a  8,165,000 
California Pollution Control Financing           
Authority,           
SWDR, Refunding (MarBorg Industries           
Project) (LOC; Union Bank NA)  0.42  5/7/16  2,055,000 a  2,055,000 
California Statewide Communities           
Development Authority,           
Revenue (Chadwick School) (LOC;           
JPMorgan Chase Bank)  0.42  5/7/16  5,800,000 a  5,800,000 
California Statewide Communities           
Development Authority,           
Revenue (Goodwill of Santa Cruz) (LOC;           
Wells Fargo Bank)  0.44  5/7/16  1,460,000 a  1,460,000 

 

 

  Coupon   Maturity  Principal    
Short-Term Investments - 92.3% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 92.3% (continued)           
California Statewide Communities           
Development Authority,           
Revenue (Metropolitan Area Advisory           
Committee Project) (LOC; Bank of           
America)  0.49  5/7/16  2,990,000 a  2,990,000 
California Statewide Communities           
Development Authority,           
Revenue (New Morgan Hill Country           
School) (LOC; Comerica Bank)  0.47  5/7/16  12,150,000 a  12,150,000 
East Bay Municipal Utility District,           
Water Revenue, CP (Liquidity Facility;           
Sumitomo Mitsui Banking Corp.)  0.12  5/3/16  18,000,000   18,000,000 
Golden Valley Unified School District,           
GO Notes, TRAN  2.00  6/30/16  1,400,000   1,403,905 
Irvine Ranch Water District,           
GO Notes (Improvement District           
Numbers 105, 112, 113, 121, 130, 140,           
161, 182, 184, 186, 188, 212, 213, 221,           
230, 240, 250, 261, 282, 284, 286 and           
288) (LOC; U.S. Bank NA)  0.26  5/2/16  10,580,000 a  10,580,000 
Irvine Unified School District Community           
Facilities District Number 09-1,           
Special Tax Revenue (LOC; Sumitomo           
Mitsui Banking Corp.)  0.41  5/7/16  1,500,000 a  1,500,000 
Kern County,           
GO Notes, TRAN  7.00  6/30/16  1,000,000   1,010,932 
Lancaster School District,           
GO Notes, TRAN  2.00  6/30/16  3,680,000   3,690,547 
Los Angeles County,           
TRAN  5.00  6/30/16  4,000,000   4,030,792 
Manteca Redevelopment Agency,           
Subordinate Tax Allocation Revenue,           
Refunding (Amended Merged Project           
Area) (LOC; State Street Bank and Trust           
Co.)  0.23  5/2/16  2,735,000 a  2,735,000 
Monterey Peninsula Water Management           
District,           
COP (Wastewater Reclamation Project)           
(LOC; Wells Fargo Bank)  0.51  5/7/16  6,198,000 a  6,198,000 
Oakland,           
GO Notes, TRAN  2.00  6/30/16  2,000,000   2,005,589 
Orange County Irvine Coast Assessment           
District Number 88-1,           
Limited Obligation Improvement Bonds           
(LOC; Sumitomo Mitsui Banking Corp.)  0.41  5/7/16  1,000,000 a  1,000,000 
Riverside County,           
GO Notes, TRAN  2.00  6/30/16  4,000,000   4,011,178 
Sacramento County Housing Authority,           
MFHR, Refunding (Stonebridge           
Apartments) (LOC; FNMA)  0.42  5/7/16  8,000,000 a  8,000,000 
San Bernardino County,           
MFHR, Refunding (Rosewood           
Apartments) (LOC; FNMA)  0.41  5/7/16  2,725,000 a  2,725,000 
San Bernardino County,           
MFHR, Refunding (Somerset           
Apartments) (Liquidity Facility; FNMA           
and LOC; FNMA)  0.41  5/7/16  2,995,000 a  2,995,000 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon   Maturity  Principal    
Short-Term Investments - 92.3% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
California - 92.3% (continued)           
San Bernardino County,           
MFHR, Refunding (Sycamore Terrace           
Apartments) (LOC; FNMA)  0.41  5/7/16  5,600,000 a  5,600,000 
San Diego County,           
COP (Museum of Contemporary Art San           
Diego) (LOC; Northern Trust Company)  0.42  5/7/16  950,000 a  950,000 
San Diego County,           
COP (San Diego Museum of Art) (LOC;           
Wells Fargo Bank)  0.44  5/7/16  400,000 a  400,000 
San Mateo County Joint Powers Financing           
Authority,           
LR (Public Saftey Project) (LOC; Wells           
Fargo Bank)  0.41  5/7/16  9,900,000 a  9,900,000 
Santa Clara Valley Transportation           
Authority,           
Measure A Sales Tax Revenue,           
Refunding (Liquidity Facility;           
Sumitomo Mitsui Banking Corp.)  0.42  5/7/16  14,000,000 a  14,000,000 
Santa Clara Valley Transportation           
Authority,           
Sales Tax Revenue, Refunding           
(Liquidity Facility; State Street Bank           
and Trust Co.)  0.43  5/7/16  7,275,000 a  7,275,000 
Vacaville,           
MFMR (Quail Run Apartments)           
(Liquidity Facility; FNMA and LOC;           
FNMA)  0.45  5/7/16  6,800,000 a  6,800,000 
West Covina Redevelopment Agency,           
LR, Refunding (The Lakes Public           
Parking Project) (LOC; Wells Fargo           
Bank)  0.49  5/7/16  1,870,000 a  1,870,000 
Yosemite Unified School District,           
GO Notes, TRAN  2.00  6/30/16  975,000   977,794 
 
 
Total Investments (cost $357,873,737)      92.3 %  357,873,737 
Cash and Receivables (Net)      7.7 %  30,057,161 
Net Assets      100.0 %  387,930,898 

 

a Variable rate demand note—rate shown is the interest rate in effect at April 30, 2016. 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. These securities may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2016, these securities amounted to 
$21,645,000 or 5.58% of net assets. 

 

 

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Cash Management
April 30, 2016 (Unaudited)

The following is a summary of the inputs used as of April 30, 2016 in valuing the fund’s investments:

Valuation Inputs  Short-Term Investments ($)† 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  357,873,737 
Level 3 - Significant Unobservable Inputs  - 
Total  357,873,737 

 

† See Statement of Investments for additional detailed categorizations. 

 

 

NOTES

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.

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 fund’s Board Members (“Board”).

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

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

Various inputs are used in determining the value of 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 within Level 2 of the fair value hierarchy.

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

 

STATEMENT OF INVESTMENTS Dreyfus Tax Exempt Cash Management

April 30, 2016 (Unaudited)

  Coupon   Maturity  Principal    
Short-Term Investments - 99.9%  Rate (%)  Date  Amount ($)   Value ($) 
Alabama - 2.3%           
Chatom Industrial Development Board,           
Gulf Opportunity Zone Revenue           
(PowerSouth Energy Cooperative           
Projects) (LOC; National Rural Utilities           
Cooperative Finance Corporation)  0.57  5/7/16  15,000,000 a  15,000,000 
Mobile County Industrial Development           
Authority,           
Gulf Opportunity Zone Revenue (SSAB           
Alabama Inc.) (LOC; Swedbank)  0.43  5/7/16  14,000,000 a  14,000,000 
Tuscaloosa County Industrial Development           
Authority,           
Gulf Opportunity Zone Revenue (Hunt           
Refining Project) (LOC; Bank of Nova           
Scotia)  0.42  5/7/16  15,000,000 a  15,000,000 
          44,000,000 
Alaska - 1.3%           
Alaska Housing Finance Corporation,           
Home Mortgage Revenue (Liquidity           
Facility; Wells Fargo Bank)  0.38  5/7/16  24,600,000 a  24,600,000 
Arizona - .9%           
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)  0.61  5/7/16  10,495,000 a,b,c  10,495,000 
Tender Option Bond Trust Receipts (Series           
2015-ZM0125),           
(Salt River Project Agricultural           
Improvement and Power District, Salt           
River Project Electric System Revenue)           
(Liquidity Facility; Royal Bank of           
Canada)  0.43  5/7/16  1,900,000 a,b,c  1,900,000 
Yavapai County Industrial Development           
Authority,           
Revenue (Skanon Investments, Inc. -           
Drake Cement Project) (LOC; Citibank           
NA)  0.46  5/7/16  4,500,000 a  4,500,000 
          16,895,000 
California - .5%           
Los Angeles County,           
GO Notes, TRAN  5.00  6/30/16  10,000,000   10,076,981 
Colorado - 10.3%           
Colorado Educational and Cultural           
Facilities Authority,           
Revenue (National Jewish Federation           
Bond Program) (LOC; Northern Trust           
Company)  0.30  5/2/16  2,445,000 a  2,445,000 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon   Maturity  Principal    
Short-Term Investments - 99.9% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
Colorado - 10.3% (continued)           
Colorado Educational and Cultural           
Facilities Authority,           
Revenue, Refunding (The Nature           
Conservancy Project)  0.41  5/7/16  68,390,000 a  68,390,000 
Colorado Health Facilities Authority,           
Health Facilities Revenue (The           
Evangelical Lutheran Good Samaritan           
Society Project) (LOC; U.S. Bank NA)  0.41  5/7/16  8,530,000 a  8,530,000 
Colorado Springs,           
Utilities System Subordinate Lien           
Improvement Revenue, Refunding           
(Liquidity Facility; JPMorgan Chase           
Bank)  0.45  5/7/16  14,000,000 a  14,000,000 
Sheridan Redevelopment Agency,           
Tax Increment Revenue, Refunding           
(South Santa Fe Drive Corridor           
Redevelopment Project) (LOC;           
JPMorgan Chase Bank)  0.46  5/7/16  13,835,000 a  13,835,000 
Southern Ute Indian Tribe of the Southern           
Ute Indian Reservation,           
Revenue  0.42  5/7/16  45,000,000 a  45,000,000 
Southern Ute Indian Tribe of the Southern           
Ute Indian Reservation,           
Revenue  0.43  5/7/16  43,335,000 a,b  43,335,000 
          195,535,000 
Delaware - 3.7%           
Delaware Health Facilities Authority,           
Revenue (Christiana Care Health           
Services)  0.37  5/7/16  71,000,000 a  71,000,000 
District of Columbia - .8%           
Metropolitan Washington Airports           
Authority,           
Dulles Toll Road Revenue, CP (LOC;           
JPMorgan Chase Bank)  0.11  5/3/16  16,000,000   16,000,000 
Florida - 4.5%           
Gainesville,           
Utilities System Revenue (Liquidity           
Facility; Bank of America)  0.42  5/7/16  20,000,000 a  20,000,000 
Gainesville,           
Utilities System Revenue, CP (Liquidity           
Facility; Bank of America)  0.45  5/19/16  24,500,000   24,500,000 
Highlands County Health Facilities           
Authority,           
HR, Refunding (Adventist Health           
System/Sunbelt Obligated Group)  0.38  5/7/16  4,300,000 a  4,300,000 
Jacksonville Electric Authority,           
Electric System Revenue, CP Liquidity           
Facility; U.S. Bank NA)  0.49  5/9/16  24,800,000   24,800,000 
Orlando Utilities Commission,           
Utility System Revenue, Refunding  0.41  5/7/16  12,755,000 a  12,755,000 
          86,355,000 

 

 

  Coupon   Maturity  Principal    
Short-Term Investments - 99.9% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
Georgia - 1.3%           
Fulton County Development Authority,           
Revenue (Children's Healthcare of           
Atlanta, Inc. Project) (Liquidity Facility;           
Landesbank Hessen-Thuringen           
Girozentrale)  0.43  5/7/16  5,925,000 a  5,925,000 
Private Colleges and Universities           
Authority,           
Revenue (Emory University)  0.41  5/7/16  19,550,000 a  19,550,000 
          25,475,000 
Illinois - 6.2%           
Brookfield,           
Revenue (Brookfield Zoo Project) (LOC;           
Northern Trust Company)  0.51  5/7/16  30,720,000 a  30,720,000 
DuPage County,           
Revenue (The Morton Arboretum           
Project) (LOC; Northern Trust           
Company)  0.50  5/7/16  20,000,000 a  20,000,000 
Galesburg,           
Revenue (Knox College Project) (LOC;           
PNC Bank NA)  0.43  5/7/16  4,700,000 a  4,700,000 
Illinois Development Finance Authority,           
Revenue (BAPS, Inc. Project) (LOC;           
Comerica Bank)  0.51  5/7/16  130,000 a  130,000 
Illinois Development Finance Authority,           
Revenue (Sinai Communitiy Institute           
Project) (LOC; JPMorgan Chase Bank)  0.44  5/7/16  5,000,000 a  5,000,000 
Illinois Educational Facilities Authority,           
Revenue (National-Louis University)           
(LOC; JPMorgan Chase Bank)  0.42  5/7/16  9,150,000 a  9,150,000 
Illinois Finance Authority,           
IDR (Fitzpatrick Brothers, Inc. Project)           
(Liquidity Facility; Northern Trust           
Company)  0.51  5/7/16  3,280,000 a  3,280,000 
Illinois Finance Authority,           
Revenue (Ingalls Health System           
Obligated Group) (LOC; JPMorgan           
Chase Bank)  0.44  5/7/16  19,100,000 a  19,100,000 
Illinois Finance Authority,           
Revenue (Steppenwolf Theatre           
Company Project) (LOC; Northern Trust           
Company)  0.42  5/7/16  5,675,000 a  5,675,000 
Illinois Health Facilities Authority,           
Revenue (Evanston Hospital           
Corporation) (Liquidity Facility; Wells           
Fargo Bank)  0.38  5/7/16  10,940,000 a  10,940,000 
Tender Option Bond Trust Receipts (Series           
2015-XM0078),           
(Illinois Toll Highway Authority, Toll           
Highway Senior Revenue) (Liquidity           
Facility; Royal Bank of Canada)  0.45  5/7/16  10,365,000a,b,c   10,365,000 
          119,060,000 
Indiana - 2.6%           
Indiana Finance Authority,           
HR (Parkview Health System Obligated           
Group) (Parkview Health System           
Obligated Group) (LOC; Wells Fargo           
Bank)  0.39  5/7/16  50,000,000 a  50,000,000 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon   Maturity  Principal    
Short-Term Investments - 99.9% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
Louisiana - 3.3%           
Louisiana Local Government           
Environmental Facilities and           
Community Development Authority,           
Revenue (Kenner Theatres, L.L.C.           
Project) (LOC; FHLB)  0.42  5/7/16  3,650,000 a  3,650,000 
Louisiana Public Facilities Authority,           
Revenue (Air Products and Chemicals           
Project)  0.38  5/7/16  33,215,000 a  33,215,000 
Louisiana Public Facilities Authority,           
Revenue (Air Products and Chemicals           
Project)  0.38  5/7/16  16,900,000 a  16,900,000 
Port of New Orleans Board of           
Commissioners,           
Subordinate Lien Revenue, Refunding           
(LOC; FHLB)  0.42  5/7/16  8,195,000 a  8,195,000 
          61,960,000 
Maryland - 2.5%           
Maryland Community Development           
Administration, Department of Housing           
and Community Development,           
Multifamily Development Revenue           
(Crusaders Arms Apartments) (LOC;           
FHLMC)  0.41  5/7/16  1,800,000 a  1,800,000 
Maryland Department of Transportation,           
Consolidated Transportation Revenue  4.00  5/15/16  1,075,000   1,076,707 
Maryland Economic Development           
Corporation,           
EDR (Catholic Relief Services Facility)           
(LOC; Bank of America)  0.44  5/7/16  16,825,000 a  16,825,000 
Maryland Economic Development           
Corporation,           
Revenue (Easter Seals Facility) (LOC;           
M&T Trust)  0.46  5/7/16  5,935,000 a  5,935,000 
Maryland Health and Higher Educational           
Facilities Authority,           
Revenue (Stella Maris Issue) (LOC; M&T           
Trust)  0.45  5/7/16  8,715,000 a  8,715,000 
Maryland Stadium Authority,           
Sports Facilities LR, Refunding           
(Football Stadium Issue) (Liquidity           
Facility; Sumitomo Mitsui Banking           
Corp.)  0.42  5/7/16  13,900,000 a  13,900,000 
          48,251,707 
Massachusetts - 1.7%           
Massachusetts Development Finance           
Agency,           
Revenue (Partners HealthCare System           
Issue) (Liquidity Facility; Wells Fargo           
Bank)  0.39  5/7/16  16,000,000 a  16,000,000 
Massachusetts Housing Finance Agency,           
Housing Revenue (Princeton Westford           
Project) (LOC; Bank of America)  0.42  5/7/16  4,800,000 a  4,800,000 
New Bedford,           
GO Notes, BAN  1.50  5/3/16  11,220,000   11,220,716 
          32,020,716 

 

 

  Coupon   Maturity  Principal    
Short-Term Investments - 99.9% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
Michigan - 2.3%           
Board of Trustees of the Michigan State           
University,           
CP  0.10  5/13/16  23,220,000   23,220,000 
Michigan Housing Development Authority,           
SFMR (Liquidity Facility; FHLB)  0.40  5/7/16  20,000,000 a  20,000,000 
          43,220,000 
Minnesota - 3.5%           
Cohasset,           
Revenue, Refunding (Minnesota Power           
and Light Company Project) (LOC;           
JPMorgan Chase Bank)  0.46  5/7/16  5,100,000 a  5,100,000 
Hennepin County,           
GO Notes (Liquidity Facility; U.S. Bank           
NA)  0.40  5/7/16  21,000,000 a  21,000,000 
Minneapolis,           
Revenue (University Gateway Project)           
(Liquidity Facility; Wells Fargo Bank)  0.39  5/7/16  5,500,000 a  5,500,000 
Southern Minnesota Municipal Power           
Agency,           
Power Supply System Revenue, CP           
(Liquidity Facility; U.S. Bank NA)  0.45  5/19/16  35,000,000   35,000,000 
          66,600,000 
Missouri - 3.1%           
Curators of the University of Missouri,           
CP  0.08  5/17/16  20,000,000   20,000,000 
Missouri Health and Educational Facilities           
Authority,           
Revenue (Ascension Health Senior           
Health Group)  0.39  5/7/16  4,600,000 a  4,600,000 
Missouri Highways and Transportation           
Commission,           
First Lien State Road Revenue  5.00  5/1/16  1,500,000   1,500,201 
Saint Charles County Public Water Supply           
District Number 2,           
COP (Project Lease Agreement) (LOC;           
Bank of America)  0.44  5/7/16  13,000,000 a  13,000,000 
Saint Louis,           
General Fund Revenue, TRAN  2.00  6/1/16  20,000,000   20,027,806 
          59,128,007 
Nebraska - 1.0%           
Nebraska Investment Finance Authority,           
SFHR (Liquidity Facility; FHLB)  0.41  5/7/16  15,375,000 a  15,375,000 
Tender Option Bond Trust Receipts (Series           
2015-XF2206),           
(University of Nebraska Board of           
Regents, Revenue (University of           
Nebraska-Lincoln Student Fees and           
Facilities)) (Liquidity Facility; Citibank           
NA)  0.46  5/7/16  3,100,000 a,b,c  3,100,000 
          18,475,000 
New Jersey - 1.1%           
Burlington County Bridge Commission,           
Lease Revenue Notes (Governmental           
Leasing Program)  1.50  5/17/16  7,000,000   7,003,748 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon   Maturity  Principal    
Short-Term Investments - 99.9% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
New Jersey - 1.1% (continued)           
Toms River Township,           
GO Notes, BAN  1.00  6/22/16  13,909,200   13,916,056 
          20,919,804 
New York - 8.7%           
Dutchess County Industrial Development           
Agency,           
Civic Facility Revenue (Anderson           
Foundation for Autism, Inc. Project)           
(LOC; M&T Trust)  0.46  5/7/16  7,165,000 a  7,165,000 
Dutchess County Industrial Development           
Agency,           
Civic Facility Revenue (Arbor Ridge at           
Brookmeade Project) (LOC; M&T Trust)  0.46  5/7/16  8,635,000 a  8,635,000 
Lancaster Industrial Development Agency,           
Civic Facility Revenue (GreenField           
Manor, Inc. Project) (LOC; M&T Trust)  0.46  5/7/16  5,365,000 a  5,365,000 
Metropolitan Transportation Authority,           
Dedicated Tax Fund, BAN  0.75  6/1/16  10,000,000   10,004,391 
Metropolitan Transportation Authority,           
Transportation Revenue (LOC; Bank of           
Tokyo-Mitsubishi UFJ, Ltd.)  0.40  5/7/16  48,000,000 a  48,000,000 
Metropolitan Transportation Authority,           
Transportation Revenue (LOC; TD           
Bank)  0.38  5/7/16  9,000,000 a  9,000,000 
Metropolitan Transportation Authority,           
Transportation Revenue (LOC; TD           
Bank)  0.41  5/7/16  3,275,000 a  3,275,000 
Nassau County Industrial Development           
Agency,           
Civic Facility Improvement Revenue,           
Refunding (Cold Spring Harbor           
Laboratory Project) (Liquidity Facility;           
TD Bank)  0.28  5/2/16  7,800,000 a  7,800,000 
New York Housing Finance Agency,           
Housing Revenue (330 Riverdale           
Avenue Apartments) (LOC; Bank of           
America)  0.43  5/7/16  9,200,000 a  9,200,000 
New York Local Government Assistance           
Corporation,           
Subordinate Lien Revenue, Refunding           
(Liquidity Facility; Bank of America)  0.42  5/7/16  6,000,000 a  6,000,000 
New York State Housing Finance Agency,           
Housing Revenue (42nd Street and 10th           
Avenue) (Liquidity Facility; FHLMC and           
LOC; FHLMC)  0.39  5/7/16  1,000,000 a  1,000,000 
New York State Housing Finance Agency,           
State Personal Income Tax Revenue           
(Economic Development and Housing)           
(Liquidity Facility; JPMorgan Chase           
Bank)  0.41  5/7/16  38,400,000 a  38,400,000 
Port Authority of New York and New           
Jersey,           
CP  0.10  5/20/16  5,000,000   5,000,000 

 

 

  Coupon   Maturity  Principal    
Short-Term Investments - 99.9% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
New York - 8.7% (continued)           
Tompkins County Industrial Development           
Agency,           
Civic Facility Revenue (Community           
Development Properties Ithaca, Inc.           
Project) (LOC; M&T Trust)  0.51  5/7/16  7,880,000 a  7,880,000 
          166,724,391 
North Carolina - 1.7%           
Forsyth County,           
GO Notes (Library Bonds)  4.00  5/1/16  1,200,000   1,200,128 
Guilford County,           
GO Notes (Liquidity Facility; Branch           
Banking and Trust Co.)  0.44  5/7/16  11,600,000 a  11,600,000 
North Carolina,           
GO Notes, Refunding  5.00  6/1/16  4,070,000   4,086,517 
North Carolina,           
LOR, Refunding (Citigroup ROCS, Series           
2015-XF2113) (Liquidity Facility;           
Citibank NA)  0.44  5/7/16  2,800,000  a,b,c 2,800,000 
North Carolina Capital Facilities Finance           
Agency,           
Revenue (Duke University Project)           
(Eagle Series 2014-0051) (Liquidity           
Facility; Citibank NA)  0.45  5/7/16  12,000,000  a,b,c 12,000,000 
          31,686,645 
Ohio - .9%           
Ohio,           
GO Notes (Third Frontier Research and           
Development)  2.00  5/1/16  5,000,000   5,000,241 
Ohio Higher Educational Facility           
Commission,           
Revenue, CP (Cleveland Clinic Health           
System)  0.08  5/24/16  13,000,000   13,000,000 
          18,000,241 
Pennsylvania - 6.0%           
Bucks County Industrial Development           
Authority,           
HR (Grand View Hospital) (LOC; PNC           
Bank NA)  0.41  5/7/16  35,350,000 a  35,350,000 
East Hempfield Township Industrial           
Development Authority,           
Revenue (The Mennonite Home           
Project) (LOC; M&T Trust)  0.46  5/7/16  9,055,000 a  9,055,000 
East Hempfield Township Industrial           
Development Authority,           
Revenue (The Mennonite Home           
Project) (LOC; M&T Trust)  0.46  5/7/16  2,015,000 a  2,015,000 
General Authority of South Central           
Pennsylvania,           
Revenue (Lutheran Social Services of           
South Central Pennsylvania Project)           
(LOC; M&T Trust)  0.46  5/7/16  14,535,000 a  14,535,000 
Jackson Township Industrial Development           
Authority,           
Revenue (StoneRidge Retirement Living           
Project) (LOC; PNC Bank NA)  0.42  5/7/16  4,350,000 a  4,350,000 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon   Maturity  Principal    
Short-Term Investments - 99.9% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
Pennsylvania - 6.0% (continued)           
Philadelphia,           
GO Notes, TRAN  2.00  6/30/16  15,000,000   15,042,164 
Philadelphia School District,           
GO Notes, Refunding (LOC; PNC Bank           
NA)  0.41  5/7/16  24,700,000 a  24,700,000 
Pittsburgh Water and Sewer Authority,           
Water and Sewer System First Lien           
Revenue, Refunding (LOC; Royal Bank           
of Canada)  0.41  5/7/16  6,600,000 a  6,600,000 
Ridley School District,           
GO Notes (LOC; TD Bank)  0.43  5/7/16  2,000,000 a  2,000,000 
          113,647,164 
South Carolina - .5%           
North Charleston,           
Tax Increment Bond (Charleston Naval           
Complex Redevelopment Plan Project)           
(Liquidity Facility; Bank of America)  0.42  5/7/16  5,345,000 a  5,345,000 
North Charleston Public Facilities           
Corporation,           
COP, Refunding (Convention Center           
Complex Projects) (LOC; Bank of           
America)  0.39  5/7/16  3,290,000 a  3,290,000 
Richland County School District Number 2,           
GO Notes  4.00  5/1/16  1,150,000   1,150,119 
          9,785,119 
Tennessee - 7.0%           
Blount County Public Building Authority,           
Local Government Public Improvement           
Revenue (LOC; Branch Banking and           
Trust Co.)  0.43  5/7/16  7,870,000 a  7,870,000 
Johnson City Health and Educational           
Facilities Board,           
HR (Mountain States Health Alliance)           
(LOC; U.S. Bank NA)  0.40  5/7/16  4,075,000 a  4,075,000 
Metropolitan Government Nashville and           
Davidson County,           
CP (Liquidity Facility; Mizuho Bank,           
Ltd.)  0.45  5/19/16  40,000,000   40,000,000 
Sevier County Public Building Authority,           
Local Government Public Improvement           
Revenue (LOC; Bank of America)  0.42  5/7/16  35,125,000 a  35,125,000 
Sevier County Public Building Authority,           
Local Government Public Improvement           
Revenue (LOC; FHLB)  0.42  5/7/16  5,030,000 a  5,030,000 
Shelby County Health Educational and           
Housing Facility Board,           
Educational Facilities Revenue (Rhodes           
College) (LOC; Wells Fargo Bank)  0.46  5/7/16  5,000,000 a  5,000,000 
Tennessee,           
CP (Liquidity Facility; Tennessee           
Consolidated Retirement System)  0.07  5/5/16  20,223,000   20,223,000 
Tennessee,           
CP (Liquidity Facility; Tennessee           
Consolidated Retirement System)  0.07  5/10/16  15,600,000   15,600,000 
          132,923,000 

 

 

  Coupon   Maturity  Principal    
Short-Term Investments - 99.9% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
Texas - 13.9%           
Dallas,           
CP (Liquidity Facility; State Street Bank           
and Trust Co.)  0.08  5/17/16  27,000,000   27,000,000 
Dallas,           
CP (Liquidity Facility; State Street Bank           
and Trust Co.)  0.47  5/19/16  18,892,000   18,892,000 
Denton Independent School District,           
Unlimited Tax School Building Bonds           
(Liquidity Facility; Bank of America)  0.40  5/7/16  25,000,000 a  25,000,000 
El Paso,           
Water and Sewer Revenue, CP           
(Liquidity Facility; Bank of America)  0.48  5/24/16  5,000,000   5,000,000 
El Paso Independent School District,           
Unlimited Tax School Building Bonds           
(Liquidity Facility; JPMorgan Chase           
Bank and LOC; Permanent School Fund           
Guarantee Program)  0.09  5/19/16  10,000,000   10,000,000 
Harris County Cultural Education Facilities           
Finance Corporation,           
HR (Memorial Hermann Health System)  0.39  5/7/16  16,700,000 a  16,700,000 
Harris County Cultural Education Facilities           
Finance Corporation,           
Revenue, CP (The Methodist Hospital           
System)  0.07  5/4/16  5,000,000   5,000,000 
Houston,           
CP (Liquidity Facility; Sumitomo Mitsui           
Banking Corp.)  0.60  5/26/16  10,000,000   10,000,000 
Lower Colorado River Authority,           
Revenue, CP (LOC: JPMorgan Chase           
Bank and State Street Bank and Trust           
Co.)  0.08  5/10/16  8,000,000   8,000,000 
Red River Education Finance Corporation,           
Higher Education Revenue (Texas           
Christian University Project) (Liquidity           
Facility; Northern Trust Company)  0.42  5/7/16  51,000,000 a  51,000,000 
Red River Education Finance Corporation,           
Higher Education Revenue (Texas           
Christian University Project) (Liquidity           
Facility; Northern Trust Company)  0.42  5/7/16  20,000,000 a  20,000,000 
San Antonio,           
Water System Junior Lien Revenue,           
Refunding  4.00  5/15/16  2,750,000   2,754,359 
San Antonio,           
Water System Junior Lien Revenue,           
Refunding  5.00  5/15/16  1,000,000   1,001,997 
Tarrant County Cultural Education           
Facilities Finance Corporation,           
HR (Methodist Hospitals of Dallas           
Project) (LOC; JPMorgan Chase Bank)  0.31  5/2/16  10,000,000 a  10,000,000 
Tarrant County Cultural Education           
Facilities Finance Corporation,           
Revenue, Refunding (CHRISTUS Health)           
(LOC; Sumitomo Mitsui Banking Corp.)  0.42  5/7/16  16,575,000 a  16,575,000 
Texas,           
GO Notes (Veterans Bonds) (Liquidity           
Facility; Landesbank Hessen-Thuringen           
Girozentrale)  0.43  5/7/16  13,825,000 a  13,825,000 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon   Maturity  Principal    
Short-Term Investments - 99.9% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
Texas - 13.9% (continued)           
Texas Transportation Commission,           
GO Mobility Fund Bonds (Liquidity           
Facility: California Public Employees           
Retirement System and State Street           
Bank and Trust Co.)  0.40  5/7/16  16,300,000 a  16,300,000 
University of Houston,           
University Revenue, CP  0.45  5/12/16  7,100,000   7,100,000 
          264,148,356 
Utah - 2.1%           
Utah County,           
HR (Intermountain Health Care Health           
Services, Inc.) (Liquidity Facility; U.S.           
Bank NA)  0.39  5/7/16  18,600,000 a  18,600,000 
Utah Housing Finance Agency,           
MFHR, Refunding (Candlestick           
Apartments Project) (Liquidity Facility;           
FNMA and LOC; FNMA)  0.45  5/7/16  6,400,000 a  6,400,000 
Weber County,           
HR (Intermountain Health Care Health           
Services, Inc.) (Liquidity Facility; U.S.           
Bank NA)  0.39  5/7/16  14,200,000 a  14,200,000 
          39,200,000 
Washington - 3.2%           
King County,           
Junior Lien Sewer Revenue (LOC;           
Landesbank Hessen-Thuringen           
Girozentrale)  0.42  5/7/16  7,500,000 a  7,500,000 
Washington,           
Various Purpose GO, Refunding (P-           
FLOATS Series PT-4658) (Liquidity           
Facility; Bank of America)  0.42  5/7/16  7,250,000a,b,c   7,250,000 
Washington Health Care Facilities           
Authority,           
Revenue (Providence Health and           
Services) (Liquidity Facility; U.S. Bank           
NA)  0.43  5/7/16  6,550,000 a  6,550,000 
Washington Health Care Facilities           
Authority,           
Revenue (Providence Health and           
Services) (Liquidity Facility; U.S. Bank           
NA)  0.43  5/7/16  22,900,000 a  22,900,000 
Washington Housing Finance Commission,           
MFHR (Reserve at Renton Apartments           
Project) (LOC; FHLB)  0.42  5/7/16  8,000,000 a  8,000,000 
Washington Housing Finance Commission,           
Nonprofit Revenue, Refunding           
(Panorama City Project) (LOC; Wells           
Fargo Bank)  0.49  5/7/16  3,510,000 a  3,510,000 
Washington Housing Finance Commission,           
Revenue (Reserve at SeaTac           
Apartments Project) (LOC; FHLB)  0.42  5/7/16  5,500,000 a  5,500,000 
          61,210,000 

 

 

  Coupon   Maturity  Principal    
Short-Term Investments - 99.9% (continued)  Rate (%)  Date  Amount ($)   Value ($) 
Wisconsin - 3.0%           
Milwaukee Redevelopment Authority,           
Redevelopment LR (University of           
Wisconsin-Milwaukee Kenilworth           
Project) (LOC; U.S. Bank NA)  0.44  5/7/16  5,385,000 a  5,385,000 
Oneida Tribe of Indians of Wisconsin,           
Health Facilities Revenue (LOC; Bank of           
America)  0.48  5/7/16  11,090,000 a  11,090,000 
Wisconsin Health and Educational           
Facilities Authority,           
Revenue (Ascension Health Senior           
Credit Group) (Eclipse Funding Trust,           
Series 0029) (Liquidity Facility; U.S.           
Bank NA and LOC; U.S. Bank NA)  0.41  5/7/16  22,750,000a,b,c   22,750,000 
Wisconsin Health and Educational           
Facilities Authority,           
Revenue (Mequon Jewish Campus, Inc.           
Project) (LOC; JPMorgan Chase Bank)  0.46  5/7/16  8,345,000 a  8,345,000 
Wisconsin Housing and Economic           
Development Authority,           
Home Ownership Revenue (Liquidity           
Facility; Royal Bank of Canada)  0.43  5/7/16  9,500,000 a  9,500,000 
          57,070,000 
 
Total Investments (cost $1,903,967,131)      99.9 %  1,903,967,131 
Cash and Receivables (Net)      0.1 %  2,334,460 
Net Assets      100.0 %  1,906,301,591 

 

a Variable rate demand note—rate shown is the interest rate in effect at April 30, 2016. 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. These securities may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2016, these securities amounted to 
$113,995,000 or 5.98% 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). 

 

 

STATEMENT OF INVESTMENTS
Dreyfus Tax Exempt Cash Management
April 30, 2016 (Unaudited)

The following is a summary of the inputs used as of April 30, 2016 in valuing the fund’s investments:

Valuation Inputs  Short-Term Investments ($)† 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  1,903,967,131 
Level 3 - Significant Unobservable Inputs  - 
Total  1,903,967,131 

 

† See Statement of Investments for additional detailed categorizations. 

 

 

NOTES

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.

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 fund’s Board Members (“Board”).

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

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

Various inputs are used in determining the value of 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 within Level 2 of the fair value hierarchy.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC 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 22, 2016

 

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 22, 2016

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    June 22, 2016

 

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)