UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number | 811-08211 | |||||
Dreyfus Institutional Preferred Money Market 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:
|
03/31 | |||||
Date of reporting period: |
03/31/2021
|
|||||
FORM N-CSR
Item 1. Reports to Stockholders.
Dreyfus Institutional Preferred Money Market Fund
ANNUAL REPORT
March 31, 2021
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The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
Contents
THE FUND
FOR MORE INFORMATION
Back Cover
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from April 1, 2020 through March 31, 2021, as provided by John H. Tobin, Chief Investment Officer.
Market and Fund Performance Overview
For the 12-month period ended March 31, 2021, Dreyfus Institutional Preferred Money Market Fund’s Institutional shares produced a yield of 0.16% and its Hamilton shares produced a yield of 0.11%. Taking into account the effects of compounding, the fund’s Institutional and Hamilton shares also produced effective yields of 0.16% and 0.11%, respectively, for the same period.1
Yields of money market instruments declined over the reporting period as Federal Reserve (the “Fed”) policy, fiscal support from Congress and an improving economy restored the market in the wake of turmoil related to the COVID-19 pandemic.
Relief Programs and Vaccines Aid Economy and Markets
At the beginning of the reporting period, investors remained concerned about the effect of the COVID-19 virus on the economy, but support programs implemented by the Fed and fiscal relief from Congress helped restore calm. An easing of government lockdowns, combined with signs of economic recovery, contributed to the market’s recovery as the reporting period progressed. Toward the end of the reporting period, inflation rose somewhat.
As a result of the COVID-19 pandemic and government lockdowns, U.S. gross domestic product (GDP) shrank by a 5.0% annualized rate in the first quarter of 2020 and by a 31.4% annualized rate in the second quarter of 2020. In March 2020, 1.7 million jobs were lost, and the unemployment rate rose to 4.4%. In April 2020, job losses continued, amounting to 20.7 million and causing the unemployment rate to jump to 14.8%.
In response to the pandemic, Congress passed the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act, providing payments to qualified citizens. It also included the Paycheck Protection Program that enabled small businesses to keep their workers employed.
The Fed also acted to support markets. In addition to its March 2020, emergency interest-rate cuts, the Fed announced that it would make open-ended purchases of Treasuries and government-guaranteed, mortgage-backed securities. The Fed also launched two programs to support the corporate bond market, pledging to buy up to $750 billion in new and existing bonds.
The Fed intervened in money markets as well, relaunching the Commercial Paper Funding Facility (CPFF) that was originated during the global financial crisis. This program involves direct purchases of commercial paper, easing pressures on large corporations that rely on this market to fund operations. In addition, the Fed’s Money Market Mutual Fund Liquidity Facility (MMLF) makes loans to financial institutions collateralized by assets purchased from money market mutual funds. The MMLF helps money market funds fulfill redemption requests, improving market functioning.
As relief programs took effect, and government lockdowns began to ease, the economy began to recover. Manufacturing improved dramatically, as indicated by the June 2020 Purchasing Managers Index (PMI), a monthly measure of activity, which rose by more than 20% over May 2020. The manufacturing PMI rose further to 53.7% in July 2020 and to 55.6% in August 2020. Recovery in the manufacturing sector continued in 2021, with the March 2021 reading hitting 64.7%.
Job creation also surged in May and June 2020, as nonfarm payrolls rose by more than 2.8 million and 4.8 million, respectively. In July and August 2020, the economy continued to add new jobs,
2
with new positions totaling 1.7 million and 1.6 million, respectively. Job creation slowed late in 2020 but picked up again in 2021. New jobs amounted to 916,000 in March 2021, and the unemployment rate fell to 6.0%.
Inflation remained subdued during much of the reporting period but rose late in 2020. The core personal consumption expenditure price (PCE) index, which excludes volatile food and energy prices, came to 3.4% in the third quarter of 2020 and 1.3% in the fourth quarter of 2020.
Short-term Interest Rates Expected to Remain Low
COVID-19 and the subsequent economic shutdowns led to turmoil in the money markets, but the Fed’s emergency rate cuts, along with several programs designed to reliquefy the markets, including the CPFF and MMLF, helped restore calm. Treasury and agency money market funds benefited from a flight to quality, as investors shifted out of prime money market funds. The fund has extended maturities where possible, in anticipation of rates staying low for a long time. As always, we have retained our longstanding focus on quality and liquidity.
April 15, 2021
1 Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate. Yields provided for the fund reflect the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an undertaking in effect that may be extended, terminated or modified at any time. Had these expenses not been absorbed, fund yields would have been lower, and in some cases, seven-day yields during the reporting period would have been negative absent the expense absorption.
You could lose money by investing in a money market fund. Because the share price of the fund will fluctuate, when you sell your shares, they may be worth more or less than what you originally paid for them. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Short-term corporate and asset-backed securities holdings, while rated in the highest rating category by one or more Nationally Recognized Statistical Rating Organizations (NRSROs) (or unrated, if deemed of comparable quality by Dreyfus), involve credit and liquidity risks and risk of principal loss.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
3
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Institutional Preferred Money Market Fund from October 1, 2020 to March 31, 2021. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
| |||
Assume actual returns for the six months ended March 31, 2021 |
| |||
|
|
|
|
|
|
| Institutional Shares | Hamilton Shares |
|
Expenses paid per $1,000† | $.50 | $.70 |
| |
Ending value (after expenses) | $1,000.20 | $1,000.10 |
|
COMPARING YOUR FUND’S EXPENSES
WITH THOSE
OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
| |||
Assuming a hypothetical 5% annualized return for the six months ended March 31, 2021 |
| |||
|
|
|
|
|
|
| Institutional Shares | Hamilton Shares |
|
Expenses paid per $1,000† | $.50 | $.71 |
| |
Ending value (after expenses) | $1,024.43 | $1,024.23 |
| |
† | Expenses are equal to the fund’s annualized expense ratio of .10% for Institutional Shares and .14% for Hamilton Shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
4
STATEMENT OF INVESTMENTS
March
31, 2021
Description | Annualized | Maturity | Principal | Value ($) | ||||
Commercial Paper - 22.3% | ||||||||
Caisse Des Depots Et Consignations | 0.14 | 5/5/2021 | 75,700,000 | a | 75,693,523 | |||
DBS Bank | 0.16 | 7/15/2021 | 150,000,000 | a | 149,932,425 | |||
Erste Abwicklungsanstalt | 0.18 | 5/19/2021 | 100,000,000 | a | 99,986,117 | |||
Mitsubishi UFJ Trust & Banking Corp. (New York) | 0.16 | 5/25/2021 | 100,000,000 | a | 99,986,708 | |||
Mitsubishi UFJ Trust & Banking Corp. (New York) | 0.16 | 5/21/2021 | 25,000,000 | a | 24,996,883 | |||
National Australia Bank, 1 Month SOFR +.17% | 0.18 | 4/1/2021 | 50,000,000 | b,c | 50,000,000 | |||
Sumitomo Mit/Singapore | 0.20 | 5/17/2021 | 75,000,000 | a | 74,989,621 | |||
Svenska Handelsbanken | 0.16 | 8/17/2021 | 150,000,000 | a | 149,918,337 | |||
Swedbank | 0.20 | 7/19/2021 | 50,000,000 | a | 49,978,916 | |||
Swedbank | 0.15 | 6/2/2021 | 60,000,000 | a | 59,990,655 | |||
Total Commercial Paper | 835,473,185 | |||||||
Negotiable Bank Certificates of Deposit - 17.3% | ||||||||
Bank of Montreal, 3 Month SOFR +.17% | 0.18 | 4/1/2021 | 100,000,000 | b | 100,014,968 | |||
Canadian Imperial Bank of Commerce/New York, 1 Month SOFR +.18% | 0.19 | 4/1/2021 | 97,000,000 | b | 97,003,830 | |||
Mizuho Bank/New York | 0.16 | 6/4/2021 | 150,000,000 | 150,010,013 | ||||
Skandinaviska Enskilda Banken/New York | 0.18 | 7/26/2021 | 150,000,000 | 150,012,645 | ||||
Sumitomo Mitsui Trust Bank/New York | 0.21 | 9/21/2021 | 50,000,000 | 50,004,585 | ||||
Toronto Dominion Bank/New York | 0.19 | 4/1/2021 | 100,000,000 | 100,000,339 | ||||
Total Negotiable Bank Certificates of Deposit | 647,046,380 | |||||||
Time Deposits - 25.8% | ||||||||
Australia & New Zealand Banking Group (Cayman) | 0.07 | 4/1/2021 | 190,000,000 | 190,000,000 | ||||
Canadian Imperial Bank of Commerce (Toronto) | 0.02 | 4/1/2021 | 90,000,000 | 90,000,000 | ||||
ING Bank N.V. Amsterdam | 0.08 | 4/1/2021 | 150,000,000 | 150,000,000 | ||||
National Bank of Canada (Montreal) | 0.08 | 4/1/2021 | 169,000,000 | 169,000,000 | ||||
NRW Bank (Dusseldorf) | 0.07 | 4/6/2021 | 95,000,000 | 95,000,000 | ||||
Royal Bank of Canada (Toronto) | 0.08 | 4/6/2021 | 190,000,000 | 190,000,000 | ||||
Skandinaviska Enskilda Banken (New York) | 0.02 | 4/1/2021 | 40,000,000 | 40,000,000 | ||||
Svenska Handelsbanken (New York) | 0.02 | 4/1/2021 | 40,000,000 | 40,000,000 | ||||
Total Time Deposits | 964,000,000 |
5
STATEMENT OF INVESTMENTS (continued)
Description | Annualized | Maturity | Principal | Value ($) | ||||
Repurchase Agreements - 34.6% | ||||||||
Bank of America Securities, OBFR +.28%, Tri-Party Agreement thru BNY Mellon, dated 3/31/2021 due at interest rate reset date of 4/1/2021 in the amount of $75,000,729 (fully collateralized by: original par of $1,980,423, Equities, valued at $82,500,010) | 0.35 | 5/5/2021 | 75,000,000 | d | 75,000,000 | |||
Bank of America Securities, OBFR +.40%, Tri-Party Agreement thru BNY Mellon, dated 3/31/2021 due at interest rate reset date of 4/1/2021 in the amount of $30,000,392 (fully collateralized by: original par of $30,381,453, Corporate Debt Securities, 0.70%-3.65%, due 6/15/2023-5/7/2030, valued at $31,500,000) | 0.47 | 5/5/2021 | 30,000,000 | d | 30,000,000 | |||
Bank of Nova Scotia, Tri-Party Agreement thru BNY Mellon, dated 3/31/2021 due at maturity date in the amount of $200,000,056 (fully collateralized by: original par of $183,326,400, U.S. Treasuries (including strips), 0.00%-8.00%, due 4/1/2021-2/15/2051, valued at $204,000,057) | 0.01 | 4/1/2021 | 200,000,000 | 200,000,000 |
6
Description | Annualized | Maturity | Principal | Value ($) | ||||
Repurchase Agreements - 34.6% (continued) | ||||||||
BMO Capital Markets, Tri-Party Agreement thru BNY Mellon, dated 3/31/2021 due at maturity date in the amount of $80,000,378 (fully collateralized by: original par of $1,348,691, Asset-Backed Securities, 0.00%-3.71%, due 6/15/2022-6/25/2038, valued at $1,060,472, original par of $65,450,444, Corporate Debt Securities, 0.38%-9.81%, due 4/7/2021-1/1/2499, valued at $71,240,584, original par of $4,451,686, Federal Home Loan Mortgage Corp Agency Collateralized Mortgage Obligation, 4.00%-4.50%, due 2/15/2047-6/15/2047, valued at $361,239, original par of $30,411,336, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 2.31%-5.32%, due 12/25/2045-12/25/2050, valued at $1,074,776, original par of $3,851,787, Federal National Mortgage Association Agency Collateralized Mortgage Obligation, 0.00%-4.50%, due 2/25/2048-4/25/2051, valued at $369,168, original par of $275,296,866, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.00%-6.49%, due 11/20/2033-2/20/2071, valued at $10,299,176, original par of $1,005,221, Private Label Collateralized Mortgage Obligations, 0.00%-3.16%, due 9/11/2038-10/11/2047, valued at $0.05) | 0.17 | 4/1/2021 | 80,000,000 | 80,000,000 |
7
STATEMENT OF INVESTMENTS (continued)
Description | Annualized | Maturity | Principal | Value ($) | ||||
Repurchase Agreements - 34.6% (continued) | ||||||||
BNP Paribas, Tri-Party Agreement thru BNY Mellon, dated 3/31/2021 due at maturity date in the amount of $95,000,449 (fully collateralized by: original par of $73,642,812, Asset-Backed Securities, 1.01%-7.70%, due 3/20/2023-11/15/2048, valued at $73,716,825, original par of $999,986, Corporate Debt Securities, 2.45%-4.70%, due 9/18/2031-9/1/2060, valued at $1,032,497, original par of $67,595,349, Private Label Collateralized Mortgage Obligations, 0.00%-6.37%, due 8/25/2035-1/25/2066, valued at $23,100,677) | 0.17 | 4/1/2021 | 95,000,000 | 95,000,000 | ||||
Citigroup Global Markets, Tri-Party Agreement thru BNY Mellon, dated 3/31/2021 due at maturity date in the amount of $145,000,483 (fully collateralized by: original par of $3,418,623,421, Government National Mortgage Association Agency Collateralized Mortgage Obligation, 0.17%-6.19%, due 7/20/2050-4/16/2063, valued at $156,608,861) | 0.12 | 4/1/2021 | 145,000,000 | 145,000,000 | ||||
Credit Agricole CIB, Tri-Party Agreement thru BNY Mellon, dated 3/31/2021 due at maturity date in the amount of $468,000,065 (fully collateralized by: original par of $465,852,465, U.S. Treasuries (including strips), 0.13%-2.88%, due 11/15/2021-11/30/2025, valued at $477,360,034) | 0.01 | 4/1/2021 | 468,000,000 | 468,000,000 |
8
Description | Annualized | Maturity | Principal | Value ($) | ||||
Repurchase Agreements - 34.6% (continued) | ||||||||
JP Morgan Securities, 1 Month SOFR +.01%, Tri-Party Agreement thru BNY Mellon, dated 3/31/2021 due at interest rate reset date of 4/1/2021 in the amount of $200,000,889 (fully collateralized by: original par of $16,879,072, Federal Home Loan Mortgage Corp Agency Debentures and Agency Strips, 0.00%, due 4/15/2037, valued at $199,827, original par of $137,097,504, Federal National Mortgage Association Agency Debentures and Agency Strips, 3.50%-4.50%, due 10/1/2039-7/1/2045, valued at $4,255,728, original par of $196,171,190, Federal National Mortgage Association Agency Mortgage-Backed Securities, 1.07%-7.00%, due 9/1/2023-6/1/2053, valued at $199,435,992, original par of $798,178, Government National Mortgage Association Agency Mortgage-Backed Securities, 5.50%, due 7/20/2034, valued at $108,453) | 0.02 | 4/7/2021 | 200,000,000 | b | 200,000,000 | |||
Total Repurchase
Agreements | 1,293,000,000 | |||||||
Total Investments (cost $3,739,410,248) | 100.0% | 3,739,519,565 | ||||||
Cash and Receivables (Net) | .0% | 661,409 | ||||||
Net Assets | 100.0% | 3,740,180,974 |
OBFR—Overnight Bank Funding Rate
SOFR—Secured Overnight Financing Rate
a Security is a discount security. Income is recognized through the accretion of discount.
b Variable rate security—Interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.
c Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, these securities amounted to $50,000,000 or 1.34% of net assets.
d Illiquid security; investment has a put feature and a variable or floating rate. The interest rate shown is the current rate as of March 31, 2021 and changes periodically. The maturity date shown reflects early termination date and the amount due represents the receivable of the fund as of the next interest payment date. At March 31, 2021, these securities amounted to $105,000,000 or 2.81% of net assets.
9
STATEMENT OF INVESTMENTS (continued)
Portfolio Summary (Unaudited) † | Value (%) |
Banks | 65.4 |
Repurchase Agreements | 34.6 |
100.0 |
† Based on net assets.
See notes to financial statements.
10
STATEMENT OF ASSETS AND LIABILITIES
March
31, 2021
|
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| Cost |
| Value |
|
Assets ($): |
|
|
|
| ||
Investments in securities—See
Statement of Investments | 3,739,410,248 |
| 3,739,519,565 |
| ||
Cash |
|
|
|
| 736,690 |
|
Interest receivable |
| 198,716 |
| |||
Receivable for shares of Beneficial Interest subscribed |
| 10,062 |
| |||
|
|
|
|
| 3,740,465,033 |
|
Liabilities ($): |
|
|
|
| ||
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(b) |
| 278,659 |
| |||
Trustees’ fees and expenses payable |
| 5,400 |
| |||
|
|
|
|
| 284,059 |
|
Net Assets ($) |
|
| 3,740,180,974 |
| ||
Composition of Net Assets ($): |
|
|
|
| ||
Paid-in capital |
|
|
|
| 3,740,141,576 |
|
Total distributable earnings (loss) |
|
|
|
| 39,398 |
|
Net Assets ($) |
|
| 3,740,180,974 |
|
Net Asset Value Per Share | Institutional Shares | Hamilton Shares |
|
Net Assets ($) | 3,667,279,140 | 72,901,834 |
|
Shares Outstanding | 3,667,228,386 | 72,895,968 |
|
Net Asset Value Per Share ($) | 1.0000 | 1.0001 |
|
|
|
|
|
See notes to financial statements. |
|
|
|
11
STATEMENT OF OPERATIONS
Year Ended
March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Income ($): |
|
|
|
| ||
Interest Income |
|
| 10,484,582 |
| ||
Expenses: |
|
|
|
| ||
Management fee—Note 2(a) |
|
| 4,056,422 |
| ||
Trustees’ fees—Note 2(a,c) |
|
| 267,725 |
| ||
Shareholder servicing costs—Note 2(b) |
|
| 45,193 |
| ||
Total Expenses |
|
| 4,369,340 |
| ||
Less—reduction in expenses due to undertaking—Note 2(a) |
|
| (6,777) |
| ||
Less—Trustees’ fees reimbursed
by |
|
| (267,725) |
| ||
Net Expenses |
|
| 4,094,838 |
| ||
Investment Income—Net |
|
| 6,389,744 |
| ||
Realized and Unrealized Gain (Loss) on Investments—Note1 (b) ($): |
|
| ||||
Net realized gain (loss) on investments | 53,375 |
| ||||
Net change in unrealized appreciation (depreciation) on investments | 1,530,913 |
| ||||
Net Realized and Unrealized Gain (Loss) on Investments |
|
| 1,584,288 |
| ||
Net Increase in Net Assets Resulting from Operations |
| 7,974,032 |
| |||
|
|
|
|
|
|
|
See notes to financial statements. |
12
STATEMENT OF CHANGES IN NET ASSETS
|
|
|
| Year Ended March 31, | |||||
|
|
|
| 2021 |
| 2020 |
| ||
Operations ($): |
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 6,389,744 |
|
|
| 82,192,915 |
| |
Net realized gain (loss) on investments |
| 53,375 |
|
|
| (122,711) |
| ||
Net change in unrealized appreciation
|
| 1,530,913 |
|
|
| (1,535,720) |
| ||
Net Increase (Decrease) in Net Assets | 7,974,032 |
|
|
| 80,534,484 |
| |||
Distributions ($): |
| ||||||||
Distributions to shareholders: |
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (6,306,735) |
|
|
| (80,282,922) |
| |
Hamilton Shares |
|
| (83,009) |
|
|
| (1,909,993) |
| |
Total Distributions |
|
| (6,389,744) |
|
|
| (82,192,915) |
| |
Beneficial Interest Transactions ($): |
| ||||||||
Net proceeds from shares sold: |
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| 18,580,110,613 |
|
|
| 13,801,375,255 |
| |
Hamilton Shares |
|
| 174,000,406 |
|
|
| 1,321,596,103 |
| |
Distributions reinvested: |
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| 6,211,818 |
|
|
| 79,222,754 |
| |
Hamilton Shares |
|
| 67,068 |
|
|
| 1,070,139 |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (18,277,408,903) |
|
|
| (14,386,167,692) |
| |
Hamilton Shares |
|
| (159,413,793) |
|
|
| (1,321,671,260) |
| |
Increase (Decrease) in Net Assets
| 323,567,209 |
|
|
| (504,574,701) |
| |||
Total Increase (Decrease) in Net Assets | 325,151,497 |
|
|
| (506,233,132) |
| |||
Net Assets ($): |
| ||||||||
Beginning of Period |
|
| 3,415,029,477 |
|
|
| 3,921,262,609 |
| |
End of Period |
|
| 3,740,180,974 |
|
|
| 3,415,029,477 |
| |
Capital Share Transactions (Shares): |
| ||||||||
Institutional Shares |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 18,579,352,368 |
|
|
| 13,800,588,602 |
| |
Shares issued for distributions reinvested |
|
| 6,211,066 |
|
|
| 79,216,449 |
| |
Shares redeemed |
|
| (18,276,269,732) |
|
|
| (14,385,834,435) |
| |
Net Increase (Decrease) in Shares Outstanding | 309,293,702 |
|
|
| (506,029,384) |
| |||
Hamilton Shares |
|
|
|
|
|
|
|
| |
Shares sold |
|
| 173,987,582 |
|
|
| 1,321,467,862 |
| |
Shares issued for distributions reinvested |
|
| 67,054 |
|
|
| 1,070,104 |
| |
Shares redeemed |
|
| (159,393,084) |
|
|
| (1,321,657,510) |
| |
Net Increase (Decrease) in Shares Outstanding | 14,661,552 |
|
|
| 880,456 |
| |||
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. |
13
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the fund’s financial statements.
Year Ended March 31, | ||||||
Institutional Shares | 2021 | 2020 | 2019 | 2018 | 2017a | |
Per Share Data ($): | ||||||
Net asset value, | .9997 | 1.0000 | .9999 | 1.0000 | 1.00 | |
Investment Operations: | ||||||
Investment income—netb | .0016 | .0204 | .0220 | .0121 | .0050 | |
Net
realized and unrealized | .0003 | (.0008) | (.0002) | (.0001) | .0000c | |
Total from Investment Operations: | .0019 | .0196 | .0218 | .0120 | .0050 | |
Distributions: | ||||||
Dividends
from | (.0016) | (.0199) | (.0217) | (.0121) | (.0050) | |
Net asset value, | 1.0000 | .9997 | 1.0000 | .9999 | 1.0000 | |
Total Return (%) | .19 | 1.98 | 2.20 | 1.20 | .50 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses | .11 | .11 | .11 | .10 | .10 | |
Ratio
of net expenses | .10 | .10 | .10 | .10 | .10 | |
Ratio of net investment | .16 | 1.98 | 2.19 | 1.22 | .48 | |
Net Assets, end of period ($ x 1,000) | 3,667,279 | 3,356,811 | 3,863,910 | 3,467,645 | 3,158,133 |
a Effective October 10, 2016, the fund began calculating its net asset value to four decimals.
b Based on average shares outstanding.
c Amount represents less than $.0001 per share.
See notes to financial statements.
14
Year Ended March 31, | ||||||
Hamilton Shares | 2021 | 2020 | 2019 | 2018 | 2017a | |
Per Share Data ($): | ||||||
Net
asset value, | .9997 | 1.0000 | .9999 | 1.0001 | 1.00 | |
Investment Operations: | ||||||
Investment income—netb | .0012 | .0224 | .0199 | .0115 | .0044 | |
Net
realized and unrealized | .0003 | (.0034) | .0013 | (.0002) | .0001 | |
Total from Investment Operations: | .0015 | .0190 | .0212 | .0113 | .0045 | |
Distributions: | ||||||
Dividends
from | (.0011) | (.0193) | (.0211) | (.0115) | (.0044) | |
Net asset value, | 1.0001 | .9997 | 1.0000 | .9999 | 1.0001 | |
Total Return (%) | .15 | 1.92 | 2.14 | 1.13 | .45 | |
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses
| .17 | .17 | .17 | .16 | .16 | |
Ratio of net expenses | .15 | .16 | .16 | .16 | .16 | |
Ratio of net investment
| .11 | 1.88 | 2.07 | 1.12 | .51 | |
Net Assets, end of period ($ x 1,000) | 72,902 | 58,219 | 57,353 | 66,965 | 266,604 |
a Effective October 10, 2016, the fund began calculating its net asset value to four decimals.
b Based on average shares outstanding.
See notes to financial statements.
15
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
Dreyfus Institutional Preferred Money Market Fund (the “fund”) is a separate diversified series of Dreyfus Institutional Preferred Money Market Funds (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering two series, including the fund. The fund’s investment objective is to seek as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The fund is managed by Dreyfus Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc. (the “Adviser”), the fund’s investment adviser and a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”).
BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold to the public without a sales charge. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Institutional and Hamilton. Institutional and Hamilton shares are sold at net asset value per share generally to institutional investors. Hamilton shares are subject to a Shareholder Services Plan. Other differences between the classes include the services offered to and the expenses borne by each class, and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The fund operates as a “institutional prime fund” as that term is defined in Rule 2a-7 under the Act, and, as such, the fund may, or in certain circumstances, must impose a fee upon the sale of shares or may temporarily suspend redemptions if the fund’s weekly liquid assets fall below required minimums because of market conditions or other factors.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC
16
registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. 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 Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of 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:
17
NOTES TO FINANCIAL STATEMENTS (continued)
Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Company’s Board of Trustees (the “Board”). Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Debt investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.
The Service is engaged under the general oversight of the Board.
When market quotations or official closing prices are not readily available, or are determined not to 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, 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 Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.
For securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.
The following is a summary of the inputs used as of March 31, 2021 in valuing the fund’s investments:
18
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments In Securities:† | ||||||
Short-Term Investments | - | 3,739,519,565 | - | 3,739,519,565 |
† See Statement of Investments for additional detailed categorizations, if any.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.
The fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, subject to the seller’s agreement to repurchase and the fund’s agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller. The collateral is held on behalf of the fund by the tri-party administrator with respect to any tri-party agreement. The fund may also jointly enter into one or more repurchase agreements with other funds managed by the Adviser in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
(c) Risk: Certain events particular to the industries in which the fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different
19
NOTES TO FINANCIAL STATEMENTS (continued)
country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
(d) Dividends and distributions to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.
(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended March 31, 2021, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended March 31, 2021, the fund did not incur any interest or penalties.
Each tax year in the four-year period ended March 31, 2021 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At March 31, 2021, the components of accumulated earnings (loss) on a tax basis were substantially the same as for financial reporting purposes.
The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
20
The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to March 31, 2021. The fund has $69,919 of short-term capital losses which can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders during the fiscal periods ended March 31, 2021 and March 31, 2020 were all ordinary income.
(f) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.
NOTE 2—Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .10% of the value of the fund’s average daily net assets and is payable monthly. Out of its fee, the Adviser pays all of the expenses of the fund except management fees, Shareholder Service Plan fees, brokerage fees, taxes, fees and expenses of non-interested Trustees (including counsel fees) and extraordinary expenses. In addition, the Adviser is required to reduce its fee in an amount equal to the fund’s allocable portion of fees and expenses of the non-interested Trustees (including counsel fees). During the period ended March 31, 2021, fees reimbursed by the Adviser amounted to $267,725.
The Adviser has undertaken to waive receipt of the management fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time. This
21
NOTES TO FINANCIAL STATEMENTS (continued)
undertaking is voluntary and not contractual, and may be terminated at any time. The reduction in expenses, pursuant to the undertaking, amounted to $6,777 during the period ended March 31, 2021.
(b) Under the fund’s Shareholder Services Plan, with respect to Hamilton shares, the fund pays the Distributor for advertising, marketing and for providing certain services relating to shareholders of the Hamilton shares pay the Distributor at annual rate of .06% of the value of the applicable share class’ average daily net assets. These services include answering shareholder inquiries regarding the fund and providing reports and other information and services related to the maintenance of shareholder accounts. Under the Shareholder Services Plan, the Distributor may make payments to Service Agents with respect to these services. The amount paid under the Shareholder Services Plan for Servicing is intended to be a “service fee” as defined under the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”), and at no time will such amount exceed the maximum amount permitted to be paid under the FINRA Conduct Rules as a service fee. The fees payable under the Service Plan are payable without regard to actual expenses occurred. The Shareholder Services Plan does not provide for payments related to the distribution of fund shares. Under the Shareholder Services Plan with respect to Hamilton shares, the Distributor would be able to pay financial intermediaries from the fees it receives from the Shareholder Services Plan for the provision of the respective services by the intermediaries to their clients who are beneficial owners of fund shares. During the period ended March 31, 2021, Hamilton shares were charged $45,193 pursuant to the Shareholder Services Plan.
The fund has an arrangement with the custodian whereby the fund will receive interest income or be charged an overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fees of $309,075 and Shareholder Services Plan fees of $3,912, which are offset against an expense reimbursement currently in effect in the amount of $34,328.
(c) Each Board member also serves as a Board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
22
NOTE 3—Securities Transactions:
At March 31, 2021, the cost of investments for federal income tax purposes was $3,739,410,248; accordingly, accumulated net unrealized appreciation on investments was $109,317, consisting of gross unrealized appreciation.
NOTE 4—Plan of Reorganization:
The Board and shareholder of the fund have approved an Agreement and Plan of Reorganization (the “Agreement”) between the fund and Dreyfus Cash Management (the “Acquiring Fund”). The Agreement provides for the transfer of the fund’s assets to the Acquiring Fund in a tax-free exchange for shares of the Acquiring Fund and the assumption by the Acquiring Fund of the fund’s stated liabilities, the distribution of such shares of the Acquiring Fund to fund shareholders and the subsequent termination of the fund as a series of the Company (the “Reorganization”). The Reorganization occurred on May 4, 2021.
23
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Trustees of Dreyfus Institutional Preferred Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Dreyfus Institutional Preferred Money Market Fund (the “Fund”) (one of the funds constituting Dreyfus Institutional Preferred Money Market Funds), including the statement of investments, as of March 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Dreyfus Institutional Preferred Money Market Funds) at March 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.
New York, New York
May 26, 2021
24
IMPORTANT TAX INFORMATION (Unaudited)
For federal tax purposes the fund hereby reports 29.14% of ordinary income dividends paid during the fiscal year ended March 31, 2021 as qualifying “interest related dividends”.
25
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT
BOARD MEMBERS
Joseph S. DiMartino (77)
Chairman
of the Board (1997)
Principal Occupation During Past 5 Years:
· Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the fund’s Statement of Additional Information) (1995-Present)
Other Public Company Board Memberships During Past 5 Years:
· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (1997-Present)
No. of Portfolios for which Board Member Serves: 106
———————
Francine J. Bovich (69)
Board Member (2015)
Principal Occupation During Past 5 Years:
· Trustee, The Bradley Trusts, private trust funds (2011-Present)
Other Public Company Board Memberships During Past 5 Years:
· Annaly Capital Management, Inc., a real estate investment trust, Director (2014-Present)
No. of Portfolios for which Board Member Serves: 63
———————
J. Charles Cardona (65)
Board Member (2014)
Principal Occupation During Past 5 Years:
· President and Director of the Adviser (2008-2016)
· Chief Executive Officer of Dreyfus Cash Investment Strategies, a division of the Adviser (2009-2016)
· Chairman of the Distributor (2013–2016) Director (2005-2016)
Other Public Company Board Memberships During Past 5 Years:
· BNY Mellon ETF Trust, Chairman and Trustee (2020-Present)
· BNY Mellon Liquidity Funds, Director (2004-Present) and Chairman (2019-2021)
No. of Portfolios for which Board Member Serves: 37
———————
Gordon J. Davis (79)
Board Member (2012)
Principal Occupation During Past 5 Years:
· Partner in the law firm of Venable LLP (2012-Present)
No. of Portfolios for which Board Member Serves: 47
———————
26
Andrew J. Donohue (70)
Board Member (2019)
Principal Occupation During Past 5 Years:
· Attorney, Solo Law Practice (2019-Present)
· Of Counsel, Shearman & Sterling LLP (2017-2019)
· Chief of Staff to the Chair of the SEC (2015-2017)
Other Public Company Board Memberships During Past 5 Years:
· Oppenheimer Funds (58 funds), Director (2017-2019)
No. of Portfolios for which Board Member Serves: 50
———————
Isabel P. Dunst (74)
Board Member (2014)
Principal Occupation During Past 5 Years:
· Hogan Lovells LLP, a law firm, Retired (2019-Present); Senior Counsel (2018-2019); Of Counsel (2015-2018); Partner (1990-2014)
· Member of the Board of Governors, Hebrew Union College Jewish Institute of Religion (2015-Present)
· Board Member, Bend the ARC, a civil rights organization, (2016-Present)
No. of Portfolios for which Board Member Serves: 29
———————
Nathan Leventhal (78)
Board Member (2009)
Principal Occupation During Past 5 Years:
· President Emeritus of Lincoln Center for the Performing Arts (2001-Present)
· President of the Palm Beach Opera (2016-Present)
Other Public Company Board Memberships During Past 5 Years:
· Movado Group, Inc., a public company that designs, sources, markets and distributes watches Director (2003-June 2020)
No. of Portfolios for which Board Member Serves: 42
———————
27
BOARD
MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)
Robin A. Melvin (57)
Board
Member (2014)
Principal Occupation During Past 5 Years:
· Trustee, Westover School, a private girls' boarding school in Middlebury, Connecticut (2019-Present)
· Co-Chair, Mentor Illinois, a non-profit organization dedicated to increasing the quality of mentoring services in Illinois (2014-2020); Board member, Mentor Illinois (2013-2020)
No. of Portfolios for which Board Member Serves: 85
———————
Roslyn M. Watson (71)
Board Member (2014)
Principal Occupation During Past 5 Years:
· Principal, Watson Ventures, Inc., a real estate investment company (1993-Present)
Other Public Company Board Memberships During Past 5 Years:
· American Express Bank, FSB, Director (1993-2018)
No. of Portfolios for which Board Member Serves: 50
———————
Benaree Pratt Wiley (74)
Board Member (2009)
Principal Occupation During Past 5 Years:
· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-Present)
Other Public Company Board Memberships During Past 5 Years:
· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (2008-Present)
· Blue Cross Blue Shield of Massachusetts, Director (2004-Present)
No. of Portfolios for which Board Member Serves: 68
———————
Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387.
Clifford L. Alexander, Jr., Emeritus Board Member
Whitney I.
Gerard, Emeritus Board Member
George L. Perry, Emeritus Board Member
28
OFFICERS OF THE FUND (Unaudited)
DAVID DIPETRILLO, President since January 2021.
Vice President and Director of the Adviser since February 2021, Head of North America Product, BNY Mellon Investment Management since January 2018, Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017; He is an officer of 61 investment companies (comprised of 114 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 43 years old and has been an employee of BNY Mellon since 2005.
JAMES WINDELS, Treasurer since November 2001.
Vice President of the Adviser since September 2020, Director-BNY Mellon Fund Administration, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 62 years old and has been an employee of the Adviser since April 1985.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Adviser and Associate General Counsel and Managing Director of BNY Mellon. He is an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 49 years old and has been an employee of the Adviser since June 2015.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since December 1996.
DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.
Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 30 years old and has been an employee of the Adviser since August 2018.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 45 years old and has been an employee of the Adviser since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.
Senior Managing Counsel of BNY Mellon, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since October 1990.
AMANDA QUINN, Vice President and Assistant Secretary since March 2020.
Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 35 years old and has been an employee of the Adviser since June 2019.
PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.
Senior Managing Counsel of BNY Mellon since December 2020; Managing Counsel of BNY Mellon from March 2009 to December 2020, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the the Adviser or an affiliate of the the Adviser. He is 53 years old and has been an employee of BNY Mellon since April 2004.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Managing Counsel of BNY Mellon since December 2019; Counsel of BNY Mellon from May 2016 to December 2019; Assistant Secretary of the Adviser since 2018; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 to May 2016. She is an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 35 years old and has been an employee of the Adviser since May 2016.
29
OFFICERS OF THE FUND (Unaudited) (continued)
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager-BNY Mellon Fund Administration, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 52 years old and has been an employee of the Adviser since April 1991.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager–BNY Mellon Fund Administration, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Adviser since June 1989.
ROBERT SVAGNA, Assistant Treasurer since August 2005.
Senior Accounting Manager–BNY Mellon Fund Administration, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Adviser, the BNY Mellon Family of Funds and BNY Mellon Funds Trust (61 investment companies, comprised of 129 portfolios). He is 63 years old and has served in various capacities with the Adviser since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust. She is an officer of 55 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 52 years old and has been an employee of the Distributor since 1997.
30
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31
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33
Dreyfus Institutional Preferred Money Market Fund
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend
Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
Ticker Symbols: | Institutional: DIQXX Hamilton: DRSXX |
Telephone Call your representative or 1-800-373-9387
Mail BNY Mellon Family of Funds to: BNY Mellon Institutional Services, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144
E-mail Send your request to instserv@bnymellon.com
Internet Access Dreyfus Money Market Funds at www.dreyfus.com
The fund will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website for a period of five months. The fund files a monthly schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-MFP. The fund’s Forms N-MFP are available on the SEC’s website at www.sec.gov.
Information regarding how the fund voted proxies related to portfolio securities for the most recent 12-month period ended June 30 is available at www.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.
© 2021 BNY Mellon Securities Corporation |
Dreyfus Institutional Preferred Government Plus Money Market Fund
ANNUAL REPORT
March 31, 2021
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.im.bnymellon.com and sign up for eCommunications. It’s simple and only takes a few minutes. |
The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds. |
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
Contents
THE FUND
FOR MORE INFORMATION
Back Cover
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from April 1, 2020 through March 31, 2021, as provided by John H. Tobin, Chief Investment Officer.
Market and Fund Performance Overview
For the 12-month period ended March 31, 2021, Dreyfus Institutional Preferred Government Plus Money Market Fund produced a yield of 0.17% and 0.05% for the Institutional and SL Shares, respectively and taking into account the effects of compounding, an effective yield of 0.17% and 0.05% for the Institutional and SL Shares, respectively. The yields for the SL Shares are from inception on 11/6/20 through 3/31/21.1
Yields of money market instruments declined over the reporting period as Federal Reserve (the “Fed”) policy, fiscal support from Congress and an improving economy restored the market in the wake of turmoil related to the COVID-19 pandemic.
Relief Programs and Vaccines Aid Economy and Markets
At the beginning of the reporting period, investors remained concerned about the effect of the COVID-19 virus on the economy, but support programs implemented by the Fed and fiscal relief from Congress helped restore calm. An easing of government lockdowns, combined with signs of economic recovery, contributed to the market’s recovery as the reporting period progressed. Toward the end of the reporting period, inflation rose somewhat.
As a result of the COVID-19 pandemic and government lockdowns, U.S. gross domestic product (GDP) shrank by a 5.0% annualized rate in the first quarter of 2020 and by a 31.4% annualized rate in the second quarter of 2020. In March 2020, 1.7 million jobs were lost, and the unemployment rate rose to 4.4%. In April 2020, job losses continued, amounting to 20.7 million and causing the unemployment rate to jump to 14.8%.
In response to the pandemic, Congress passed the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act, providing payments to qualified citizens. It also included the Paycheck Protection Program that enabled small businesses to keep their workers employed.
The Fed also acted to support markets. In addition to its March 2020, emergency interest-rate cuts, the Fed announced that it would make open-ended purchases of Treasuries and government-guaranteed, mortgage-backed securities. The Fed also launched two programs to support the corporate bond market, pledging to buy up to $750 billion in new and existing bonds.
The Fed intervened in money markets as well, relaunching the Commercial Paper Funding Facility (CPFF) that was originated during the global financial crisis. This program involves direct purchases of commercial paper, easing pressures on large corporations that rely on this market to fund operations. In addition, the Fed’s Money Market Mutual Fund Liquidity Facility (MMLF) makes loans to financial institutions collateralized by assets purchased from money market mutual funds. The MMLF helps money market funds fulfill redemption requests, improving market functioning.
As relief programs took effect, and government lockdowns began to ease, the economy began to recover. Manufacturing improved dramatically, as indicated by the June 2020 Purchasing Managers Index (PMI), a monthly measure of activity, which rose by more than 20% over May 2020. The manufacturing PMI rose further to 53.7% in July 2020 and to 55.6% in August 2020. Recovery in the manufacturing sector continued in 2021, with the March 2021 reading hitting 64.7%.
2
Job creation also surged in May and June 2020, as nonfarm payrolls rose by more than 2.8 million and 4.8 million, respectively. In July and August 2020, the economy continued to add new jobs, with new positions totaling 1.7 million and 1.6 million, respectively. Job creation slowed late in 2020 but picked up again in 2021. New jobs amounted to 916,000 in March 2021, and the unemployment rate fell to 6.0%.
Inflation remained subdued during much of the reporting period but rose late in 2020. The core personal consumption expenditure (PCE) price index, which excludes volatile food and energy prices, came to 3.4% in the third quarter of 2020 and 1.3% in the fourth quarter of 2020.
Short-term Interest Rates Expected to Remain Low
COVID-19 and the subsequent economic shutdowns led to turmoil in the money markets, but the Fed’s emergency rate cuts, along with several programs designed to reliquefy the markets, including the CPFF and MMLF, helped restore calm. Treasury and agency money market funds benefited from a flight to quality, as investors shifted out of prime money market funds. The fund has extended maturities where possible, in anticipation of rates staying low for a long time. As always, we have retained our longstanding focus on quality and liquidity.
April 15, 2021
1 Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate. The yield provided reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an undertaking in effect that may be extended, terminated or modified at any time. Had these expenses not been absorbed, fund yields would have been lower, and in some cases, seven-day yields during the reporting period would have been negative absent the expense absorption.
You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
3
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Institutional Preferred Government Plus Money Market Fund from October 1, 2020 to March 31, 2021. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment |
| |||
Assume actual returns for the six months ended March 31, 2021† |
| |||
|
|
|
|
|
|
| Institutional Shares | SL Shares |
|
Expenses paid per $1,000†† | $.00 | $.16 |
| |
Ending value (after expenses) | $1,000.50 | $1,000.20 |
|
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment |
| |||
Assuming a hypothetical 5% annualized return for the six months ended March 31, 2021††† |
| |||
|
|
|
|
|
|
| Institutional Shares | SL Shares |
|
Expenses paid per $1,000†††† | $.00 | $.20 |
| |
Ending value (after expenses) | $1,024.93 | $1,024.73 |
| |
† | From November 6, 2020 (commencement of initial offering) to March 31, 2021 for SL Shares. | |||
†† | Expenses are equal to the fund’s annualized expense ratio of .00% for Institutional Shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the actual days in the period). Expenses are equal to the fund’s annualized expense ratio of .04% for SL Shares, multiplied by the average account value over the period, multiplied by 146/365 (to reflect the actual days in the period). | |||
††† | Please note that while SL Shares commenced offering on November 6, 2020, the hypothetical expenses paid during the period reflect projected activity for the full six month period for purposes of comparability. This projection assumes that annualized expense ratios were in effect during the period October 1, 2020 to March 31, 2021. | |||
†††† | Expenses are equal to the fund’s annualized expense ratio of ..00% for Institutional Shares and .04% for SL Shares, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
4
STATEMENT OF INVESTMENTS
March
31, 2021
U.S. Government Agencies - 34.5% | Annualized | Principal | Value ($) | |||
Federal Farm Credit Banks: | ||||||
5/12/2021 | 0.03 | 20,000,000 | a | 19,999,317 | ||
8/27/2021 | 0.05 | 5,000,000 | a | 4,998,972 | ||
4/1/2021, 3 Month SOFR +.04% | 0.05 | 20,000,000 | b | 19,999,244 | ||
4/1/2021, 3 Month SOFR +.06% | 0.07 | 25,000,000 | b | 25,000,000 | ||
4/6/2021, 3 Month U.S. T-BILL +.04% | 0.06 | 10,000,000 | b | 9,999,187 | ||
Federal Home Loan Banks: | ||||||
4/1/2021, 3 Month SOFR +.01% | 0.02 | 30,000,000 | b | 30,000,000 | ||
4/1/2021, 3 Month SOFR +.01% | 0.02 | 10,000,000 | b | 10,000,000 | ||
4/1/2021, 3 Month SOFR +.02% | 0.03 | 50,000,000 | b | 50,000,000 | ||
4/1/2021, 3 Month SOFR +.02% | 0.03 | 100,000,000 | b | 100,000,000 | ||
4/23/2021 | 0.07 | 75,000,000 | a | 74,996,792 | ||
5/12/2021 | 0.11 | 25,000,000 | a | 24,997,039 | ||
5/14/2021 | 0.10 | 38,000,000 | a | 37,995,461 | ||
5/18/2021 | 0.09 | 25,000,000 | 25,000,000 | |||
5/27/2021 | 0.04 | 50,000,000 | a | 49,996,889 | ||
6/2/2021 | 0.04 | 25,000,000 | a | 24,998,278 | ||
7/8/2021 | 0.02 | 50,000,000 | a | 49,996,736 | ||
7/9/2021 | 0.09 | 20,000,000 | a | 19,995,050 | ||
7/14/2021 | 0.09 | 25,000,000 | a | 24,993,500 | ||
Total U.S. Government Agencies (cost $602,966,465) | 602,966,465 | |||||
U.S. Treasury Bills - 41.8% | ||||||
5/25/2021 | 0.04 | 20,000,000 | a | 19,998,950 | ||
7/13/2021 | 0.05 | 50,000,000 | a | 49,993,562 | ||
7/20/2021 | 0.04 | 100,000,000 | a | 99,987,014 | ||
4/15/2021 | 0.04 | 35,000,000 | a | 34,999,455 | ||
4/29/2021 | 0.02 | 50,000,000 | a | 49,999,222 | ||
5/13/2021 | 0.10 | 100,000,000 | a | 99,988,333 | ||
5/20/2021 | 0.09 | 50,000,000 | a | 49,993,875 | ||
5/27/2021 | 0.05 | 75,000,000 | a | 74,994,167 | ||
6/3/2021 | 0.04 | 50,000,000 | a | 49,996,500 | ||
6/10/2021 | 0.07 | 150,000,000 | a | 149,980,361 | ||
7/22/2021 | 0.09 | 50,000,000 | a | 49,985,611 | ||
Total U.S. Treasury Bills (cost $729,917,050) | 729,917,050 | |||||
U.S. Treasury Notes - 1.7% | ||||||
6/30/2021 | 1.63 | 30,000,000 | 30,111,971 |
5
STATEMENT OF INVESTMENTS (continued)
U.S. Treasury Floating Rate Notes - 7.7% | Annualized | Principal | Value ($) | |||
4/6/2021, 3 Month U.S. T-BILL +.05% | 0.07 | 35,000,000 | b | 35,007,486 | ||
4/6/2021, 3 Month U.S. T-BILL +.15% | 0.17 | 100,000,000 | b | 99,994,844 | ||
Total U.S. Treasury Floating Rate Notes (cost $135,002,330) | 135,002,330 | |||||
Repurchase Agreements - 17.0% | ||||||
ABN Amro Bank, Tri-Party Agreement thru BNY Mellon, dated 3/31/2021, due at 4/1/2021 in the amount of $97,000,027 (fully collateralized by: original par of $90,804,021, U.S. Treasuries (including strips), 0.75%-5.50%, due 1/31/2023-11/15/2048, valued at $98,940,003) | 0.01 | 97,000,000 | 97,000,000 | |||
Goldman Sachs, Tri-Party Agreement thru BNY Mellon, dated 3/31/2021, due at 4/1/2021 in the amount of $200,000,056 (fully collateralized by: original par of $41,309,827, Federal Home Loan Mortgage Corp Agency Mortgage-Backed Securities, 3.50%-5.00%, due 7/1/2026-5/1/2048, valued at $2,120,321, original par of $111,793,176, Federal National Mortgage Association Agency Mortgage-Backed Securities, 2.50%-6.00%, due 12/1/2024-4/1/2056, valued at $79,890,898, original par of $120,252,761, Government National Mortgage Association Agency Mortgage-Backed Securities, 2.50%-4.50%, due 3/15/2039-2/20/2051, valued at $121,988,781) | 0.01 | 200,000,000 | 200,000,000 | |||
Total Repurchase Agreements (cost $297,000,000) | 297,000,000 | |||||
Total Investments (cost $1,794,997,816) | 102.7% | 1,794,997,816 | ||||
Liabilities, Less Cash and Receivables | (2.7%) | (47,627,044) | ||||
Net Assets | 100.0% | 1,747,370,772 |
SOFR—Secured Overnight Financing Rate
U.S. T-BILL—U.S. Treasury Bill Money Market Yield
a Security is a discount security. Income is recognized through the accretion of discount.
b Variable rate security—Interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next interest reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.
6
Portfolio Summary (Unaudited) † | Value (%) |
U.S. Treasury Securities | 51.2 |
U.S. Government Agencies | 34.5 |
Repurchase Agreements | 17.0 |
102.7 |
† Based on net assets.
See notes to financial statements.
7
STATEMENT OF ASSETS AND LIABILITIES
March
31, 2021
|
|
|
|
|
|
|
|
|
| Cost |
| Value |
|
Assets ($): |
|
|
|
| ||
Investments in securities—See
Statement of Investments | 1,794,997,816 |
| 1,794,997,816 |
| ||
Cash |
|
|
|
| 2,196,579 |
|
Interest receivable |
| 176,110 |
| |||
|
|
|
|
| 1,797,370,505 |
|
Liabilities ($): |
|
|
|
| ||
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(b) |
| 1,283 |
| |||
Payable for investment securities purchased |
| 49,996,736 |
| |||
Trustees’ fees and expenses payable |
| 1,714 |
| |||
|
|
|
|
| 49,999,733 |
|
Net Assets ($) |
|
| 1,747,370,772 |
| ||
Composition of Net Assets ($): |
|
|
|
| ||
Paid-in capital |
|
|
|
| 1,747,372,004 |
|
Total distributable earnings (loss) |
|
|
|
| (1,232) |
|
Net Assets ($) |
|
| 1,747,370,772 |
|
Net Asset Value Per Share | Institutional Shares | SL Shares |
|
Net Assets ($) | 1,313,227,631 | 434,143,141 |
|
Shares Outstanding | 1,313,235,197 | 434,143,194 |
|
Net Asset Value Per Share ($) | 1.00 | 1.00 |
|
|
|
|
|
See notes to financial statements. |
|
|
|
8
STATEMENT OF OPERATIONS
Year Ended
March 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Income ($): |
|
|
|
| ||
Interest Income |
|
| 2,836,116 |
| ||
Expenses: |
|
|
|
| ||
Management fee—Note 2(a) |
|
| 1,722,779 |
| ||
Trustees’ fees—Note 2(a,c) |
|
| 117,315 |
| ||
Shareholder servicing costs—Note 2(b) |
|
| 76,742 |
| ||
Total Expenses |
|
| 1,916,836 |
| ||
Less—reduction in expenses due to undertaking—Note 2(a) |
|
| (1,722,779) |
| ||
Less—Trustees’ fees reimbursed
by |
|
| (117,315) |
| ||
Net Expenses |
|
| 76,742 |
| ||
Investment Income—Net |
|
| 2,759,374 |
| ||
Net Realized Gain (Loss) on Investments—Note 1(b) ($) | (1,232) |
| ||||
Net Increase in Net Assets Resulting from Operations |
| 2,758,142 |
| |||
|
|
|
|
|
|
|
See notes to financial statements. |
9
STATEMENT OF CHANGES IN NET ASSETS
|
|
|
| Year Ended March 31, | |||||
|
|
|
| 2021 | a | 2020 |
| ||
Operations ($): |
|
|
|
|
|
|
|
| |
Investment income—net |
|
| 2,759,374 |
|
|
| 32,108,661 |
| |
Net realized gain (loss) on investments |
| (1,232) |
|
|
| 192,459 |
| ||
Net Increase (Decrease) in Net Assets | 2,758,142 |
|
|
| 32,301,120 |
| |||
Distributions ($): |
| ||||||||
Distributions to shareholders: |
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (2,857,529) |
|
|
| (32,108,661) |
| |
SL Shares |
|
| (86,364) |
|
|
| - |
| |
Total Distributions |
|
| (2,943,893) |
|
|
| (32,108,661) |
| |
Beneficial Interest Transactions ($1.00 per share): |
| ||||||||
Net proceeds from shares sold: |
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| 8,276,288,128 |
|
|
| 9,107,840,888 |
| |
SL Shares |
|
| 1,740,994,260 |
|
|
| - |
| |
Cost of shares redeemed: |
|
|
|
|
|
|
|
| |
Institutional Shares |
|
| (8,587,935,480) |
|
|
| (9,220,512,716) |
| |
SL Shares |
|
| (1,306,851,066) |
|
|
| - |
| |
Increase (Decrease) in Net Assets | 122,495,842 |
|
|
| (112,671,828) |
| |||
Total Increase (Decrease) in Net Assets | 122,310,091 |
|
|
| (112,479,369) |
| |||
Net Assets ($): |
| ||||||||
Beginning of Period |
|
| 1,625,060,681 |
|
|
| 1,737,540,050 |
| |
End of Period |
|
| 1,747,370,772 |
|
|
| 1,625,060,681 |
| |
|
|
|
|
|
|
|
|
|
|
a | On November 6, 2020, the fund commenced offering SL shares. | ||||||||
See notes to financial statements. |
10
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the fund’s financial statements.
Year Ended March 31, | ||||||
Institutional Shares | 2021 | 2020 | 2019 | 2018 | 2017 | |
Per Share Data ($): | ||||||
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Investment Operations: | ||||||
Investment income—net | .002 | .019 | .021 | .011 | .004 | |
Distributions: | ||||||
Dividends from | (.002) | (.019) | (.021) | (.011) | (.004) | |
Dividends
from net realized | (.000)a | - | - | - | - | |
Total Distributions | (.002) | (.019) | (.021) | (.011) | (.004) | |
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Total Return (%) | .18 | 1.94 | 2.09 | 1.06 | .38 | |
Ratio
of total expenses | .11 | .11 | .11 | .10 | .10 | |
Ratio of net expenses
| .00 | .00 | .00 | .00 | .00 | |
Ratio of net investment | .17 | 1.94 | 2.08 | 1.05 | .37 | |
Net Assets, end of period
| 1,313,228 | 1,625,061 | 1,737,540 | 1,216,665 | 1,535,449 |
a Amount represents less than $.001 per share.
See notes to financial statements.
11
FINANCIAL HIGHLIGHTS (continued)
Period Ended | ||||||
SL Shares | March 31, 2021a | |||||
Per Share Data ($): | ||||||
Net asset value, | 1.00 | |||||
Investment Operations: | ||||||
Investment income—net | .000b | |||||
Distributions: | ||||||
Dividends from | (.000)b | |||||
Net asset value, end of period | 1.00 | |||||
Total Return (%) | .02c | |||||
Ratios/Supplemental Data (%): | ||||||
Ratio of total expenses | .15d | |||||
Ratio
of net expenses | .04d | |||||
Ratio
of net investment | .05d | |||||
Net Assets, end of period ($ x 1,000) | 434,143 |
a From November 6, 2020 (commencement of initial offering) to March 31, 2021.
b Amount represents less than $.001 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
12
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
Dreyfus Institutional Preferred Government Plus Money Market Fund (the “fund”) is a separate diversified series of Dreyfus Institutional Preferred Money Market Funds (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering two series, including the fund. The fund’s investment objective is to seek as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The fund serves as an investment vehicle for certain other funds managed by BNY Mellon Investment Adviser, Inc. as well as for clients of The Bank of New York Mellon as securities lending agent, and clients of other securities lending agents. At March 31, 2021, all of the fund’s outstanding shares were held by other funds managed by BNY Mellon Investment Adviser, Inc. The fund is managed by Dreyfus Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc. (the “Adviser”), the fund’s investment adviser and a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”).
On November 6, 2020, the fund implemented a multiple class structure in which the fund commenced offering SL shares. The existing fund shares were redesignated as Institutional shares.
BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold to the public without a sales charge. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Institutional and SL. The fund’s Institutional shares are designed for the funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust for the investment of their excess cash. The fund’s Institutional shares are not offered to any other investors. The fund’s SL shares are designed for clients of The Bank of New York Mellon, as securities lending agent, and clients of other securities lending agents for the investment of their cash collateral in connection with portfolio securities lending. The fund’s SL shares are not offered to any other investors and are subject to Shareholder Service Plan. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The fund operates as a “government money market fund” as that term is defined in Rule 2a-7 under the Act. It is the fund’s policy to maintain a constant net asset value (“NAV”) per share of $1.00 and the fund has
13
NOTES TO FINANCIAL STATEMENTS (continued)
adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that the fund will be able to maintain a constant NAV per share of $1.00.
The Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. 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 Company enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) 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 fair market value, the fair value of the portfolio securities will be determined by procedures established by and under the general oversight of the Company’s Board of Trustees (the “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.
14
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.
The following is a summary of the inputs used as of March 31, 2021 in valuing the fund’s investments:
Level 1-Unadjusted Quoted Prices | Level 2- Other Significant Observable Inputs | Level 3-Significant Unobservable Inputs | Total | |||
Assets ($) | ||||||
Investments In Securities:† | ||||||
Short-Term Investments | - | 1,794,997,816 | - | 1,794,997,816 |
† See Statement of Investments for additional detailed categorizations, if any.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.
The fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, subject to the seller’s agreement to repurchase and the fund’s agreement to resell such securities at a
15
NOTES TO FINANCIAL STATEMENTS (continued)
mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller. The collateral is held on behalf of the fund by the tri-party administrator with respect to any tri-party agreement. The fund may also jointly enter into one or more repurchase agreements with other funds managed by the Adviser in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
(c) Risk: Certain events particular to the industries in which the fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
(d) Dividends and distributions to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the
16
“Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.
(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended March 31, 2021, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended March 31, 2021, the fund did not incur any interest or penalties.
Each tax year in the four-year period ended March 31, 2021 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At March 31, 2021, the components of accumulated earnings (loss) on a tax basis were substantially the same as for financial reporting purposes.
The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
The accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to March 31, 2021. The fund has $1,232 of short-term capital losses which can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders during the fiscal periods ended March 31, 2021 and March 31, 2020 were all ordinary income.
During the period ended March 31, 2021, as a result of permanent book to tax differences, primarily due to an excess distribution, the fund increased total distributable earnings (loss) by $6,387 and decreased paid-in capital by the same amount. Net assets and net asset value per share were not affected by this reclassification.
At March 31, 2021, 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).
17
NOTES TO FINANCIAL STATEMENTS (continued)
(f) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.
NOTE 2—Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .10% of the value of the fund’s average daily net assets and is payable monthly. Out of its fee, the Adviser pays all of the expenses of the fund except management fees, Shareholder Services Plan fees, brokerage fees, taxes, fees and expenses of non-interested Trustees (including counsel fees) and extraordinary expenses. In addition, the Adviser is required to reduce its fee in an amount equal to the fund’s allocable portion of fees and expenses of the non-interested Trustees (including counsel fees). During the period ended March 31, 2021, fees reimbursed by the Adviser amounted to $117,315.
The Adviser had undertaken, from April 1, 2020 through March 31, 2021 to waive its management fee. The reduction in management fees, pursuant to the undertaking, amounted to $1,722,779 during the period ended March 31, 2021. The waiver is voluntary and not contractual, and can be terminated at any time.
(b) Under the Shareholder Services Plan with respect to SL shares, SL shares reimburse the Distributor at an amount not to exceed an annual rate of .04% of the value of the average daily net assets of its shares for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information,
18
and services related to the maintenance of shareholder accounts. The Distributor may pay The Bank of New York Mellon and its affiliates, and other securities lending agents, from the fees it receives under the shareholder services plan for the provision of such services by The Bank of New York Mellon or its affiliates, or such other securities lending agents, to their clients who are beneficial owners of SL shares of the fund. During the period ended March 31, 2021, SL shares were charged $76,742 pursuant to the Shareholder Services Plan.
The fund has an arrangement with the custodian whereby the fund will receive interest income or be charged an overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fees of $162,754 and Shareholder Services Plan fees of $16,608, which are offset against an expense reimbursement currently in effect in the amount of $178,079.
(c) Each Board member also serves as a Board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
19
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Trustees of Dreyfus Institutional Preferred Government Plus Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Dreyfus Institutional Preferred Government Plus Money Market Fund (the “Fund”) (one of the funds constituting Dreyfus Institutional Preferred Money Market Funds), including the statement of investments, as of March 31, 2021, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Dreyfus Institutional Preferred Money Market Funds) at March 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2021, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.
New York, New York
May 26, 2021
20
IMPORTANT TAX INFORMATION (Unaudited)
For federal tax purposes the fund hereby reports 99.95% of ordinary income dividends paid during the fiscal year ended March 31, 2021 as qualifying “interest related dividends”. For state individual income tax purposes, the fund hereby reports 89.77% of the ordinary income dividends paid during its fiscal year ended March 31, 2021 as attributable to interest income from direct obligations of the United States. Such dividends are currently exempt from taxation for individual income tax purposes in most states, including New York, California, Connecticut and the District of Columbia.
21
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT
BOARD MEMBERS
Joseph S. DiMartino (77)
Chairman
of the Board (1997)
Principal Occupation During Past 5 Years:
· Director or Trustee of funds in the BNY Mellon Family of Funds and certain other entities (as described in the fund’s Statement of Additional Information) (1995-Present)
Other Public Company Board Memberships During Past 5 Years:
· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (1997-Present)
No. of Portfolios for which Board Member Serves: 106
———————
Francine J. Bovich (69)
Board Member (2015)
Principal Occupation During Past 5 Years:
· Trustee, The Bradley Trusts, private trust funds (2011-Present)
Other Public Company Board Memberships During Past 5 Years:
· Annaly Capital Management, Inc., a real estate investment trust, Director (2014-Present)
No. of Portfolios for which Board Member Serves: 63
———————
J. Charles Cardona (65)
Board Member (2014)
Principal Occupation During Past 5 Years:
· President and Director of the Adviser (2008-2016)
· Chief Executive Officer of Dreyfus Cash Investment Strategies, a division of the Adviser (2009-2016)
· Chairman of the Distributor (2013–2016) Director (2005-2016)
Other Public Company Board Memberships During Past 5 Years:
· BNY Mellon ETF Trust, Chairman and Trustee (2020-Present)
· BNY Mellon Liquidity Funds, Director (2004-Present) and Chairman (2019-2021)
No. of Portfolios for which Board Member Serves: 37
———————
Gordon J. Davis (79)
Board Member (2012)
Principal Occupation During Past 5 Years:
· Partner in the law firm of Venable LLP (2012-Present)
No. of Portfolios for which Board Member Serves: 47
———————
22
Andrew J. Donohue (70)
Board Member (2019)
Principal Occupation During Past 5 Years:
· Attorney, Solo Law Practice (2019-Present)
· Of Counsel, Shearman & Sterling LLP (2017-2019)
· Chief of Staff to the Chair of the SEC (2015-2017)
Other Public Company Board Memberships During Past 5 Years:
· Oppenheimer Funds (58 funds), Director (2017-2019)
No. of Portfolios for which Board Member Serves: 50
———————
Isabel P. Dunst (74)
Board Member (2014)
Principal Occupation During Past 5 Years:
· Hogan Lovells LLP, a law firm, Retired (2019-Present); Senior Counsel (2018-2019); Of Counsel (2015-2018); Partner (1990-2014)
· Member of the Board of Governors, Hebrew Union College Jewish Institute of Religion (2015-Present)
· Board Member, Bend the ARC, a civil rights organization, (2016-Present)
No. of Portfolios for which Board Member Serves: 29
———————
Nathan Leventhal (78)
Board Member (2009)
Principal Occupation During Past 5 Years:
· President Emeritus of Lincoln Center for the Performing Arts (2001-Present)
· President of the Palm Beach Opera (2016-Present)
Other Public Company Board Memberships During Past 5 Years:
· Movado Group, Inc., a public company that designs, sources, markets and distributes watches Director (2003-June 2020)
No. of Portfolios for which Board Member Serves: 42
———————
23
BOARD
MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)
Robin A. Melvin (57)
Board
Member (2014)
Principal Occupation During Past 5 Years:
· Trustee, Westover School, a private girls' boarding school in Middlebury, Connecticut (2019-Present)
· Co-Chair, Mentor Illinois, a non-profit organization dedicated to increasing the quality of mentoring services in Illinois (2014-2020); Board member, Mentor Illinois (2013-2020)
No. of Portfolios for which Board Member Serves: 85
———————
Roslyn M. Watson (71)
Board Member (2014)
Principal Occupation During Past 5 Years:
· Principal, Watson Ventures, Inc., a real estate investment company (1993-Present)
Other Public Company Board Memberships During Past 5 Years:
· American Express Bank, FSB, Director (1993-2018)
No. of Portfolios for which Board Member Serves: 50
———————
Benaree Pratt Wiley (74)
Board Member (2009)
Principal Occupation During Past 5 Years:
· Principal, The Wiley Group, a firm specializing in strategy and business development (2005-Present)
Other Public Company Board Memberships During Past 5 Years:
· CBIZ, Inc., a public company providing professional business services, products and solutions, Director (2008-Present)
· Blue Cross Blue Shield of Massachusetts, Director (2004-Present)
No. of Portfolios for which Board Member Serves: 68
———————
Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387.
Clifford L. Alexander, Jr., Emeritus Board Member
Whitney I.
Gerard, Emeritus Board Member
George L. Perry, Emeritus Board Member
24
OFFICERS OF THE FUND (Unaudited)
DAVID DIPETRILLO, President since January 2021.
Vice President and Director of the Adviser since February 2021, Head of North America Product, BNY Mellon Investment Management since January 2018, Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017; He is an officer of 61 investment companies (comprised of 114 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 43 years old and has been an employee of BNY Mellon since 2005.
JAMES WINDELS, Treasurer since November 2001.
Vice President of the Adviser since September 2020, Director-BNY Mellon Fund Administration, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 62 years old and has been an employee of the Adviser since April 1985.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Adviser and Associate General Counsel and Managing Director of BNY Mellon. He is an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 49 years old and has been an employee of the Adviser since June 2015.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since December 1996.
DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.
Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018. She is an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 30 years old and has been an employee of the Adviser since August 2018.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 45 years old and has been an employee of the Adviser since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.
Senior Managing Counsel of BNY Mellon, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 55 years old and has been an employee of the Adviser since October 1990.
AMANDA QUINN, Vice President and Assistant Secretary since March 2020.
Counsel of BNY Mellon since June 2019; Regulatory Administration Manager at BNY Mellon Investment Management Services from September 2018 to May 2019; Senior Regulatory Specialist at BNY Mellon Investment Management Services from April 2015 to August 2018. She is an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 35 years old and has been an employee of the Adviser since June 2019.
PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.
Senior Managing Counsel of BNY Mellon since December 2020; Managing Counsel of BNY Mellon from March 2009 to December 2020, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the the Adviser or an affiliate of the the Adviser. He is 53 years old and has been an employee of BNY Mellon since April 2004.
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Managing Counsel of BNY Mellon since December 2019; Counsel of BNY Mellon from May 2016 to December 2019; Assistant Secretary of the Adviser since 2018; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 to May 2016. She is an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 35 years old and has been an employee of the Adviser since May 2016.
25
OFFICERS OF THE FUND (Unaudited) (continued)
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager-BNY Mellon Fund Administration, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 52 years old and has been an employee of the Adviser since April 1991.
ROBERT SALVIOLO, Assistant Treasurer since July 2007.
Senior Accounting Manager–BNY Mellon Fund Administration, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 53 years old and has been an employee of the Adviser since June 1989.
ROBERT SVAGNA, Assistant Treasurer since August 2005.
Senior Accounting Manager–BNY Mellon Fund Administration, and an officer of 62 investment companies (comprised of 137 portfolios) managed by the Adviser or an affiliate of the Adviser. He is 54 years old and has been an employee of the Adviser since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Adviser, the BNY Mellon Family of Funds and BNY Mellon Funds Trust (61 investment companies, comprised of 129 portfolios). He is 63 years old and has served in various capacities with the Adviser since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust. She is an officer of 55 investment companies (comprised of 130 portfolios) managed by the Adviser or an affiliate of the Adviser. She is 52 years old and has been an employee of the Distributor since 1997.
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Dreyfus Institutional Preferred Government Plus Money Market Fund
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
Ticker Symbol: | SL Shares: DPFXX |
Telephone Call your representative or 1-800-373-9387
Mail BNY Mellon Family of Funds to: BNY Mellon Institutional Services, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144
E-mail Send your request to instserv@bnymellon.com
Internet Access Dreyfus Money Market Funds at www.dreyfus.com
The fund will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website for a period of five months. The fund files a monthly schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-MFP. The fund’s Forms N-MFP are available on the SEC’s website at www.sec.gov.
Information regarding how the fund voted proxies related to portfolio securities for the most recent 12-month period ended June 30 is available at www.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.
© 2021 BNY Mellon Securities Corporation |
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
Item 3. Audit Committee Financial Expert.
The Registrant's Board has determined that J. Charles Cardona, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. Cardona is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $73,706 in 2020 and $69,706 in 2021.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $14,102 in 2020 and $14,368 in 2021. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2020 and $0 in 2021.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $6,353 in 2020 and $10,738 in 2021. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2020 and $0 in 2021.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $21 in 2020 and $25 in 2021. These services consisted of a review of the Registrant's anti-money laundering program.
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2020 and $0 in 2021.
(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
(e)(2) Note. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $753,594 in 2020 and $2,168,933 in 2021.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures applicable to Item 10.
Item 11. | Controls and Procedures. |
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) Code of ethics referred to in Item 2.
(a)(3) Not applicable.
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 Institutional Preferred Money Market Funds
By: /s/ David DiPetrillo
David DiPetrillo
President (Principal Executive Officer)
Date: May 26, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ David DiPetrillo
David DiPetrillo
President (Principal Executive Officer)
Date: May 26, 2021
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: May 26, 2021
EXHIBIT INDEX
(a)(1) Code of ethics referred to in Item 2.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)
THE BNY MELLON FAMILY OF FUNDS
BNY MELLON FUNDS TRUST
Principal Executive Officer and Senior Financial Officer
Code of Ethics
This code of ethics (the "Code"), adopted by the funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust (each, a "Fund"), applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:
· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;
· compliance with applicable laws and governmental rules and regulations;
· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
· accountability for adherence to the Code.
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.
Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Covered Officers should keep in mind that the Code cannot enumerate every possible scenario. The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.
Each Covered Officer must:
· not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;
· not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and
· not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.
· Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;
· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;
· each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and
· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
Each Covered Officer must:
· upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;
· annually thereafter affirm to the Board that he has complied with the requirements of the Code; and
· notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code. Failure to do so is itself a violation of the Code.
The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.
The Fund will follow these procedures in investigating and enforcing the Code:
· the General Counsel will take all appropriate action to investigate any potential violations reported to him;
· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;
· any matter that the General Counsel believes is a violation will be reported to the Board;
· if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;
· the Board will be responsible for granting waivers, as appropriate; and
· any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.
The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.
Except as to Exhibit A, the Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.
All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.
The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.
Dated as of: January 14, 2021
Exhibit A
Persons Covered by the Code of Ethics
David J. DiPetrillo |
President |
(Principal Executive Officer, BNY Mellon Family of Funds) |
|
|
|
Patrick T. Crowe |
President |
(Principal Executive Officer, BNY Mellon Funds Trust) |
|
|
|
James M. Windels |
Treasurer |
(Principal Financial and Accounting Officer) |
[EX-99.CERT]—Exhibit (a)(2)
SECTION 302 CERTIFICATION
I, David DiPetrillo, certify that:
1. I have reviewed this report on Form N-CSR of Dreyfus Institutional Preferred Money Market Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: /s/ David DiPetrillo
David DiPetrillo
President (Principal Executive Officer)
Date: May 26,
2021
SECTION 302 CERTIFICATION
I, James Windels, certify that:
1. I have reviewed this report on Form N-CSR of Dreyfus Institutional Preferred Money Market Funds;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: May 26, 2021
[EX-99.906CERT]
Exhibit (b)
SECTION 906 CERTIFICATIONS
In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
By: /s/ David DiPetrillo
David DiPetrillo
President (Principal Executive Officer)
Date: May 26, 2021
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: May 26, 2021
This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
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