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 BNY Mellon Investment Adviser, Inc.

240 Greenwich Street

New York, New York  10286

 

 

(Address of principal executive offices)        (Zip code)

 

 

 

 

 

Bennett A. MacDougall, Esq.

240 Greenwich Street

New York, New York  10286

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6400

 

 

Date of fiscal year end:

 

  01/31

 

Date of reporting period:

  04/30/19

 

             

 

 

FORM N-Q

Item 1.                  Schedule of Investments.

 

 

STATEMENT OF INVESTMENTS
Dreyfus AMT-Free Tax Exempt Cash Management
April 30, 2019 (Unaudited)

  Coupon   Maturity  Principal    
Short-Term Investments - 100.8%  Rate (%)  Date  Amount ($)   Value ($) 
Alabama - 4.2%           
Mobile County Industrial Development           
Authority,           
Gulf Opportunity Zone Revenue Bonds           
(SSAB Alabama Inc. ) (LOC; Swedbank           
AB) Ser. B  2.58  5/2/19  15,000,000 a  15,000,000 
Mobile County Industrial Development           
Authority,           
Recovery Zone Facility Revenue Bonds           
(LOC; Swedbank AB) Ser. A  2.58  5/2/19  7,000,000 a  7,000,000 
          22,000,000 
Alaska - 3.4%           
Tender Option Bond Trust Receipts           
(Series 2017-XM0532),           
(Alaska Municipal Bonds Bank           
Authority, Revenue Bonds (Master           
Resolution) (Liquidity Facility;           
JPMorgan Chase Bank NA)), Trust           
Maturity Date 4/1/2025  5.50  5/2/19  10,000,000 a,b,c 10,000,000 
Tender Option Bond Trust Receipts           
(Series 2018-ZF2681),           
(Alaska State Housing Finance           
Corporation, Single Family Mortgage           
Revenue Bonds (Liquidity Agreement;           
Morgan Stanley Bank)), Trust Maturity           
Date 12/1/2038  3.70  5/2/19  7,500,000 a,b,c  7,500,000 
          17,500,000 
Arizona - .7%           
Phoenix Industrial Development           
Authority,           
MFHR, Refunding (Del Mar Terrace           
Apartments Project) (Liquidity Facility;           
FHLMC and LOC; FHLMC) Ser. A  2.45  5/1/19  3,800,000 a  3,800,000 
Colorado - 5.2%           
Colorado Housing & Finance Authority,           
SFM Revenue Bonds, Refunding           
(Insured; GNMA Collateral) (LOC;           
Federal Home Loan Bank) Ser. B2  2.30  5/1/19  5,000,000 a  5,000,000 
Colorado State University System,           
CP, Ser. A  1.72  6/26/19  7,000,000   6,997,570 
Sheridan Redevelopment Agency,           
Tax Increment Revenue Bonds,           
Refunding (South Santa Fe Drive           
Corridor Redevelopment Project) (LOC;           
JPMorgan Chase Bank NA)  2.40  5/2/19  10,000,000 a  10,000,000 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Short-Term Investments - 100.8%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
Colorado - 5.2% (continued)           
Tender Option Bond Trust Receipts           
(Series 2018-XG0195),           
(Denver City and County, CP (Colorado           
Convention Center Project) (Liquidity           
Agreement; Bank of America NA)),           
Trust Maturity Date 6/1/2048  4.00  5/7/19  4,930,000 a,b,c 4,930,000 
          26,927,570 
Connecticut - 2.1%           
RIB Floater Trust (Series 2017-016),           
GO (Liquidity Facility; Barclays Bank           
PLC and LOC; Barclays Bank PLC)  2.34  5/2/19  7,750,000 a,b  7,750,000 
Tender Option Bond Trust Receipts           
(Series 2017-YX1077),           
(Connecticut Special Tax Obligation,           
Revenue Bonds (Transportation           
Infrastructure Purpose) (Liquidity           
Facility; Barclays Bank PLC)), Trust           
Maturity Date 1/1/2036  5.00  5/2/19  3,000,000 a,b,c 3,000,000 
          10,750,000 
Delaware - .6%           
Delaware State Health Facilities           
Authority,           
Revenue Bonds, Refunding (Christina           
Care Health Services) Ser. B  2.37  5/2/19  2,900,000 a  2,900,000 
District of Columbia - 2.5%           
Tender Option Bond Trust Receipts           
(Series 2018-ZF2723),           
(District of Columbia Housing Finance           
Agency, Revenue Bonds (Liquidity           
Agreement; Morgan Stanley Bank and           
Insured; FHA Ins.)) , Trust Maturity           
Date 9/1/2039  4.10  5/2/19  6,845,000 a,b,c 6,845,000 
Tender Option Bond Trust Receipts           
(Series 2019-BAML8001),           
(District of Columbia Housing Finance           
Agency, Revenue Bonds (Liquidity           
Facility; U. S. Bank NA)) , Trust Maturity           
Date 8/1/2047  4.00  5/7/19  6,000,000 a,b,c 6,000,000 
          12,845,000 
Florida - 5.0%           
Florida Housing Finance Corporation,           
Revenue Bonds, Refunding (Maitland           
Apartments) (LOC; FHLMC)  2.36  5/2/19  4,300,000 a  4,300,000 
Hillsborough County Housing Finance           
Authority,           
MFHR (Hunt Club Apartments) (LOC;           
Suntrust Bank)  2.37  5/2/19  4,890,000 a  4,890,000 
Miami Dade Florida,           
CP, Water & Sewer Ser. A1  1.65  5/16/19  3,700,000   3,699,476 

 

 

Short-Term Investments - 100.8%   Coupon  Maturity  Principal    
(continued)   Rate (%)  Date  Amount ($)   Value ($) 
Florida - 5.0% (continued)            
Orange County Health Facilities            
Authority,            
Revenue Bonds, Refunding (Orlando            
    Regional Healthcare System) (LOC;            
Branch Banking & Trust) Ser. E   2.38  5/1/19  9,500,000 a  9,500,000 
Tender Option Bond Trust Receipts            
(Series 2018-BAML7001),            
    (Tallahassee Health Facilities, Revenue            
Bonds (Tallahassee Memorial            
    Healthcare Inc. Project) (Liquidity            
Agreement; Bank of America NA and            
    LOC; Bank of America NA)) , Trust            
Maturity Date 12/1/2051   5.25  5/7/19  3,500,000 a,b,c  3,500,000 
            25,889,476 
Georgia - 6.2%            
Cobb County Hospital Authority,            
    Revenue Bonds (Equipment Pool            
Project) (LOC; Wells Fargo Bank NA)   2.30  5/2/19  2,500,000 a  2,500,000 
Emory University,            
    CP   1.62  5/14/19  5,000,000   4,998,447 
RBC Municipal Products Inc. Trust (Series            
    107E),           
Revenue Bonds (Burke County            
    Development Authority for Pollution            
Control) (LOC; Royal Bank of Canada)   2.36  5/2/19  20,000,000 a,b  20,000,000 
RIB Floater Trust (Series 2018-016),            
    Refunding, Revenue Bonds (Emory            
University Project) (Liquidity            
Agreement; Barclays Bank PLC)   2.33  5/2/19  5,000,000 a,b  5,000,000 
            32,498,447 
Illinois - 3.4%            
Tender Option Bond Trust Receipts            
(Series 2015-XM0078),            
(Illinois Toll Highway Authority, Toll            
Highway Senior Revenue Bonds            
    (Liquidity Facility; Royal Bank of            
Canada)) Ser. I, Trust Maturity Date            
    7/1/2023   5.00  5/2/19  10,365,000 a,b,c 10,365,000 
Tender Option Bond Trust Receipts            
(Series 2018-XF0711),            
(Illinois Finance Authority, Revenue            
Bonds, Refunding (Liquidity            
Agreement; JPMorgan Chase Bank NA            
and LOC; JPMorgan Chase Bank NA))            
    Ser. I, Trust Maturity Date 11/15/2040   4.13  5/2/19  7,250,000 a,b,c 7,250,000 
            17,615,000 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Short-Term Investments - 100.8%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
Kentucky - 1.5%           
Tender Option Bond Trust Receipts           
(Series 2018-XG0189),           
(Fayette County School District Finance           
Corporation, Revenue Bonds (Liquidity           
Facility; JPMorgan Chase Bank NA)),           
Trust Maturity Date 11/1/2023  4.00  5/2/19  7,880,000 a,b,c  7,880,000 
Maryland - 4.5%           
Maryland Economic Development           
Corporation,           
EDR (Blind Industries and Services of           
Maryland Project) (LOC; Bank of           
America)  2.44  5/2/19  2,400,000 a  2,400,000 
Maryland Economic Development           
Corporation,           
EDR (Catholic Relief Services Facility)           
(LOC; Bank of America)  2.41  5/2/19  16,825,000 a  16,825,000 
Tender Option Bond Trust Receipts           
(Series 2018-XG0213),           
(Maryland Stadium Authority, Revenue           
Bonds (Baltimore City Public Schools)           
(Liquidity Agreement; Bank of America           
NA)), Trust Maturity Date 5/1/2046  5.00  5/7/19  4,080,000 a,b,c 4,080,000 
          23,305,000 
Michigan - 3.6%           
Michigan Strategic Fund,           
LOR, (The Kroger Company Recovery           
Zone Facilities Bond Project) (LOC;           
Bank of Tokyo-Mitsubishi UFJ)  2.34  5/2/19  4,000,000 a  4,000,000 
RIB Floater Trust (Series 2018-009),           
Refunding (Eastern Michigan           
University) (Liquidity Facility; Barclays           
Bank PLC and LOC; Barclays Bank PLC)  2.34  5/2/19  10,000,000 a,b  10,000,000 
Tender Option Bond Trust Receipts           
(Series 2018-ZF2716),           
(Michigan Housing Development           
Authority, Revenue Bonds (Liquidity           
Facility; Morgan Stanley Bank)), Trust           
Maturity Date 10/1/2048  4.05  5/2/19  4,820,000 a,b,c 4,820,000 
          18,820,000 
Minnesota - 1.1%           
Cohasset,           
Revenue Bonds, Refunding (Minnesota           
Power and Light Company Project)           
(LOC; JPMorgan Chase Bank NA) Ser. A  2.40  5/2/19  5,625,000 a  5,625,000 
Missouri - 4.4%           
Missouri Highway & Transportation           
Commission,           
Revenue Bonds, Refunding, Ser. B  5.00  5/1/19  6,300,000   6,300,000 

 

 

Short-Term Investments - 100.8%   Coupon  Maturity  Principal    
(continued)   Rate (%)  Date  Amount ($)   Value ($) 
Missouri - 4.4% (continued)            
RBC Municipal Products Inc. Trust (Series            
    16C),           
Revenue Bonds, Refunding (Stowers            
    Institute Medical Research) (LOC; Royal            
    Bank of Canada and Liquidity Facility;            
Royal Bank of Canada)   2.36  5/2/19  12,000,000 a,b  12,000,000 
Saint Louis Industrial Development            
    Authority,            
MFHR (Hamilton Place Apartments)            
    (LOC; FHLMC)   2.31  5/2/19  4,435,000 a  4,435,000 
            22,735,000 
Nebraska - 2.3%            
Omaha Nebraska Public Power District,            
    CP   1.65  5/23/19  12,000,000   11,997,112 
Nevada - 1.9%            
Tender Option Bond Trust Receipts            
(Series 2018-XG0199),            
    (Las Vegas Convention & Visitors            
    Authority, Revenue Bonds (Liquidity            
    Facility; Royal Bank of Canada)), Trust            
Maturity Date 1/1/2042   4.00  5/2/19  4,800,000 a,b,c  4,800,000 
Tender Option Bond Trust Receipts            
(Series 2019-XF2806),            
(Las Vegas Convention and Visitors            
Authority Convention Center            
    Expansion, Revenue Bonds (Liquidity            
    Agreement; Wells Fargo Bank NA)) Ser.            
    B, Trust Maturity Date 7/1/2049   4.00  5/2/19  5,000,000a,b,c   5,000,000 
            9,800,000 
New York - 10.9%            
Albany Industrial Development Agency,            
Civic Facility Revenue Bonds            
(Renaissance Corporation of Albany            
    Project) (LOC; M&T Trust)   2.35  5/2/19  1,910,000 a  1,910,000 
Metropolitan Transportation Authority,            
    Revenue Bonds, Refunding (Build            
    America Mutual Assurance Company)            
    (Liquidity Facility; Citibank NA) Ser. A   2.38  5/2/19  7,600,000 a,b  7,600,000 
New York City Industrial Development            
Agency,            
Civic Facility Revenue Bonds (Ateret            
    Torah Center Project) (LOC; Wells            
Fargo Bank)   2.34  5/2/19  1,000,000 a  1,000,000 
New York City Industrial Development            
Agency,            
Civic Facility Revenue Bonds            
    (Sephardic Community Youth Center,            
Inc. Project) (LOC; M&T Trust)   2.35  5/2/19  12,550,000 a  12,550,000 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Short-Term Investments - 100.8%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
New York - 10.9% (continued)           
New York State Dormitory Authority,           
Court Facilities LR, Refunding (The City           
of New York Issue) (Liquidity Facility;           
Mizuho Bank, Ltd.) Ser. B  2.45  5/1/19  12,175,000 a  12,175,000 
New York State Housing Finance Agency,           
Housing Revenue Bonds (Baisley Park           
Gardens) (LOC; Citibank NA) Ser. A  2.33  5/1/19  4,235,000 a  4,235,000 
Tender Option Bond Trust Receipts           
(Series 2016-XF0520),           
(Metropolitan Transportation           
Authority, Transportation Revenue           
Bonds, Refunding) (Liquidity Facility;           
Royal Bank of Canada)), Trust Maturity           
Date 5/15/2024  5.00  5/2/19  590,000 a,b,c 590,000 
Tender Option Bond Trust Receipts           
(Series 2016-XF2344),           
(New York State Environmental           
Facilities Corporation, State Clean           
Water and Drinking Water Revolving           
Funds Revenue Bonds, Refunding (New           
York City Municipal Water Finance           
Authority Projects)) (Liquidity Facility;           
Citibank NA), Trust Maturity Date           
6/15/2024  4.00  5/2/19  3,400,000 a,b,c 3,400,000 
Tender Option Bond Trust Receipts           
(Series 2018-XF0623),           
(Metropolitan Transportation           
Authority, Revenue Bonds, Refunding           
(Liquidity Facility; TD Bank NA)) ,           
Trust Maturity Date 11/15/2042  4.00  5/2/19  5,000,000 a,b,c 5,000,000 
Tender Option Bond Trust Receipts           
(Series 2018-XM0700),           
(Hudson Yards Infrastructure           
Corporation Second Indenture,           
Revenue Bonds, Refunding (Liquidity           
Agreement; Toronto-Dominion Bank)),           
Trust Maturity Date 2/15/2039  5.00  5/2/19  8,020,000 a,b,c 8,020,000 
          56,480,000 
North Carolina - .5%           
North Carolina,           
LOR, Refunding (Citigroup ROCS, Ser.           
2015-XF2113) (Liquidity Facility;           
Citibank NA)  2.33  5/2/19  2,800,000 a,b  2,800,000 
Oklahoma - .7%           
Tender Option Bond Trust Receipts           
(Series 2018-XG0210),           
(Oklahoma Development Finance           
Authority, Revenue Bonds (OU           
Medicine Project) (Liquidity Facility;           
Morgan Stanley Bank)), Trust Maturity           
Date 8/15/2043  5.00  5/7/19  3,415,000 a,b,c 3,415,000 

 

 

Short-Term Investments - 100.8%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
Pennsylvania - .8%           
JPMorgan Chase Putters/Drivers Trust,           
Revenue Bonds, Refunding (Insured;           
Assured Guaranty Municipal           
Corporation) (LOC; JPMorgan Chase           
Bank NA) Ser. 5025  2.34  5/1/19  4,000,000 a,b  4,000,000 
South Carolina - 4.4%           
South Carolina State Housing Finance &           
Development Authority,           
Multifamily Revenue Bonds (Variable-           
Rental-Franklin Square)  2.31  5/2/19  5,950,000 a  5,950,000 
Tender Option Bond Trust Receipts           
(Series 2017-XF2425),           
(South Carolina Public Service           
Authority, Revenue Bonds) (Liquidity           
Agreement; Barclays Bank PLC and           
LOC; Barclays Bank PLC)), Trust           
Maturity Date 12/1/2054  5.50  5/2/19  17,105,000 a,b,c 17,105,000 
          23,055,000 
Tennessee - 1.7%           
Public Building Authority of Sevier           
County,           
Revenue Bonds, Refunding (LOC; Bank           
of America) Ser. VD1  2.31  5/2/19  5,800,000 a  5,800,000 
Tender Option Bond Trust Receipts           
(Series 2018-BAML5001),           
(Sullivan County Tennessee Health,           
Education and Housing Facilities,           
Hospital Revenue Bonds (Liquidity           
Agreement; Bank of America NA)) Ser.           
C, Trust Maturity Date 9/1/2036  5.25  5/7/19  3,000,000 a,b,c 3,000,000 
          8,800,000 
Texas - 20.1%           
Dallas,           
GO, Texas, Ser. 10A  1.60  5/16/19  15,000,000   14,997,357 
Harris County Metropolitan           
Transportation Authority,           
CP, Texas, Ser. A1  1.72  5/22/19  4,000,000   4,000,000 
Harris County Metropolitan           
Transportation Authority,           
CP, Texas, Ser. A3  1.72  5/22/19  9,000,000   9,000,000 
Houston,           
CP, Texas, Ser. EA  1.25  6/10/19  5,000,000   4,998,025 
Houston,           
GO, Texas, Ser. G-2  2.13  6/6/19  5,000,000   5,000,000 
Houston,           
GO, Texas, Ser. G-2  2.14  5/23/19  3,000,000   2,999,999 
Lower Colorado River Authority,           
CP  1.70  5/23/19  6,000,000   5,998,630 
San Antonio,           
CP, Texas Gas & Electric Ser. C  1.85  5/2/19  3,000,000   2,999,917 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Short-Term Investments - 100.8%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
Texas - 20.1% (continued)           
Tarrant County Cultural Education           
Facilities Finance Corporation,           
Revenue Bonds, Refunding (Texas           
Health Resources System) Ser. A  2.33  5/2/19  4,500,000 a  4,500,000 
Tender Option Bond Trust Receipts           
(Series 2016-XM0187),           
(Texas Municipal Gas Acquisition and           
Supply Corporation III, Gas Supply           
Revenue Bonds (Liquidity Facility;           
JPMorgan Chase Bank and LOC;           
JPMorgan Chase Bank)), Trust Maturity           
Date 12/15/2028  5.00  5/2/19  10,330,000 a,b,c 10,330,000 
Tender Option Bond Trust Receipts           
(Series 2018-XF0648),           
(Denton Independent School District,           
GO (Insured; Texas Permanent School           
Fund Guarantee Program and Liquidity           
Facility; Toronto-Dominion Bank)),           
Trust Maturity Date 8/15/2045  5.00  5/2/19  3,745,000 a,b,c 3,745,000 
Tender Option Bond Trust Receipts           
(Series 2018-XF0714),           
(Texas Water Development Board,           
Revenue Bonds (Water Implementation           
Fund)), Trust Maturity Date 4/15/2049  5.00  5/2/19  3,750,000 a,b,c 3,750,000 
Tender Option Bond Trust Receipts           
(Series 2018-XF2663),           
(Humble Independent School District,           
GO (Insured; Texas Permanent School           
Fund Guarantee Program and Liquidity           
Agreement; Citibank NA)), Trust           
Maturity Date 2/15/2025  5.00  5/2/19  4,000,000 a,b,c  4,000,000 
Tender Option Bond Trust Receipts           
(Series 2018-XF2738),           
(Tarrant County Cultural Educational           
Facilities Finance Corporation, Revenue           
Bonds, Refunding (Baylor Scott and           
White Health Project) (Liquidity           
Facility; Citibank NA)), Trust Maturity           
Date 5/15/2024  5.00  5/2/19  6,000,000 a,b,c 6,000,000 
University of Houston,           
CP, Texas System Ser. Te-A  1.85  5/21/19  3,992,000   3,991,482 
University of Texas,           
Revenue Bonds, Refunding (Fing           
System) Ser. B  2.28  5/2/19  2,000,000 a  2,000,000 
University of Texas A&M Board of           
Regents,           
CP, Ser. B  1.60  5/3/19  2,012,000   2,011,879 
University of Texas System Board of           
Regents,           
CP, Ser. A  1.80  5/16/19  10,000,000   9,998,742 

 

 

Short-Term Investments - 100.8%  Coupon  Maturity  Principal    
(continued)  Rate (%)  Date  Amount ($)   Value ($) 
Texas - 20.1% (continued)           
University of Texas System Board of           
Regents,           
CP, Ser. A  2.14  6/12/19  4,000,000   3,999,290 
          104,320,321 
Utah - 3.1%           
Intermountain Power Agency,           
CP, Ser. B-1  1.74  6/20/19  14,400,000   14,396,075 
Tender Option Bond Trust Receipts           
(Series 2019-XM0732),           
(Utah County, Utah Hospital Revenue           
Bonds (IHC Health Services, Inc.)) Ser.           
B, Trust Maturity Date 5/15/2047  4.00  5/2/19  1,910,000 a,b,c 1,910,000 
          16,306,075 
Virginia - 1.3%           
University of Virginia,           
CP, Ser. 03A  1.60  5/15/19  7,000,000   6,997,866 
Washington - 1.0%           
Tender Option Bond Trust Receipts           
(Series 2019-BAML5008),           
(Seattle Local Improvement District           
#6750, Special Assessment Bonds           
(Liquidity Agreement; Bank of America           
NA)), Trust Maturity Date 12/15/2026  4.19  5/7/19  2,000,000 a,b,c 2,000,000 
Washington State Housing Finance           
Commission,           
Revenue Bonds (Artspace Everett Lofts           
and Multi-Family Housing Project)           
(LOC; FHLMC)  2.40  5/1/19  3,200,000 a  3,200,000 
          5,200,000 
West Virginia - 1.5%           
West Virginia School Building Authority,           
Revenue Bonds, Refunding (Capital           
Improvement)  5.00  7/1/19  8,000,000   8,043,709 
Wisconsin - 2.2%           
Burlington Area School District,           
BAN  3.00  8/6/19  3,500,000   3,500,516 
Wisconsin,           
CP, Ser. 05A  1.77  6/6/19  1,735,000   1,734,606 
Wisconsin Housing & Economic           
Development Authority,           
Revenue Bonds (Insured; FNMA           
Collateral) Ser. B  2.33  5/2/19  6,000,000 a  6,000,000 

11,235,122

 

 

 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

Total Investments (cost $523,568,393)  100.8 %  523,540,698  
Liabilities, Less Cash and Receivables  (0.8 %)  (3,961,523 ) 
Net Assets  100.0 %  519,579,175  

 

a     

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

b     

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2019, these securities amounted to $227,385,000 or 43.76% of net assets.

c     

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

 

STATEMENT OF INVESTMENTS
Dreyfus AMT-Free Tax Exempt Cash Management
April 30, 2019 (Unaudited)

The following is a summary of the inputs used as of April 30, 2019 in valuing the fund’s investments:

Valuation Inputs  Short-Term Investments ($)† 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  523,568,393 
Level 3 - Significant Unobservable Inputs  - 
Total  523,568,393 

 

† See Statement of Investments for additional detailed categorizations. 

 

 

NOTES

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

The 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.

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

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund's Board (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at

 

NOTES

fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

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

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

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

At April 30, 2019, accumulated net unrealized depreciation on investments was $27,695, consisting of $0 gross unrealized appreciation and $27,695 gross unrealized depreciation.

At April 30, 2019, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

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.

 

FORM N-Q

SIGNATURES

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

Dreyfus Tax Exempt Cash Management Funds

By:         /s/ Renee LaRoche-Morris

               Renee LaRoche-Morris

               President (Principal Executive Officer)

 

Date:      June 25, 2019

 

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/ Renee LaRoche-Morris

               Renee LaRoche-Morris

               President (Principal Executive Officer)

 

Date:      June 25, 2019

 

By:         /s/ James Windels

               James Windels

               Treasurer (Principal Financial Officer)

 

Date:      June 25, 2019

 

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)