Dreyfus Institutional Reserves Funds
06/25/2026 | Press release | Distributed by Public on 06/25/2026 13:00
Annual Report by Investment Company (Form N-CSR)
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
811-22169
Dreyfus Institutional Reserves 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 Officer) (Zip Code)
Deirdre Cunnane, 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:
4/30
Date of reporting period:
4/30/26
The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.
Dreyfus Institutional Preferred Treasury Obligations Fund
ITEM 1 - Reports to Stockholders
Dreyfus Institutional Preferred Treasury Obligations Fund
ANNUAL
SHAREHOLDER
REPORT
SHAREHOLDER
REPORT
April 30, 2026
Institutional Shares - DNSXX
This annual shareholder report contains important information about Dreyfus Institutional Preferred Treasury Obligations Fund (the "Fund") for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Shares* | $10 | 0.10% |
| * |
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc.
|
KEY FUND STATISTICS (AS OF 4/30/26 )
|
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
| $777 | 65 | $870,381 |
Portfolio Holdings (as of 4/30/26 )
Allocation of Holdings (Based on Net Assets)
* Amount represents less than .1%.
How has the Fund changed?
-
Effective on May 29, 2026, the Fund changed its name to BNY Dreyfus Institutional Preferred Treasury Obligations Fund.
This is a summary of certain changes to the Fund since May 1, 2025 . For more complete information, you may review the Fund's current prospectus dated August 29, 2025 as supplemented on March 13, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-6549AR0426
Dreyfus Institutional Preferred Treasury Obligations Fund
ANNUAL
SHAREHOLDER
REPORT
SHAREHOLDER
REPORT
April 30, 2026
Hamilton Shares - DHLXX
This annual shareholder report contains important information about Dreyfus Institutional Preferred Treasury Obligations Fund (the "Fund") for the period of May 1, 2025 to April 30, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last year ?
(based on a hypothetical $10,000 investment)
| Share Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Hamilton Shares* | $15 | 0.15% |
| * |
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc.
|
KEY FUND STATISTICS (AS OF 4/30/26 )
|
Fund Size (Millions) |
Number of Holdings |
Total Advisory Fee Paid During Period |
| $777 | 65 | $870,381 |
Portfolio Holdings (as of 4/30/26 )
Allocation of Holdings (Based on Net Assets)
* Amount represents less than .1%.
How has the Fund changed?
-
Effective on May 29, 2026, the Fund changed its name to BNY Dreyfus Institutional Preferred Treasury Obligations Fund.
This is a summary of certain changes to the Fund since May 1, 2025 . For more complete information, you may review the Fund's current prospectus dated August 29, 2025 as supplemented on March 13, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-6540AR0426
| 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"). J. Charles 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 $37,725 in 2025 and $37,725 in 2026.
(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 $7,770 in 2025 and $7,479 in 2026. 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 2025 and $0 in 2026.
(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 $3,342 in 2025 and $3,342 in 2026. 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 $7,779 in 2025 and $8,133 in 2026.
(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 $29 in
2025 and $35 in 2026. 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 2025 and $0s in 2026.
(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 $1,464,846 in 2025 and $3,886,925 in 2026.
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.
| (i) | Not applicable. |
| (j) | Not applicable. |
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
| Item 6. | Investments. |
Not applicable.
Dreyfus Institutional Preferred Treasury Obligations Fund
ANNUAL FINANCIALS AND OTHER INFORMATION
April 30, 2026
|
Share Class
|
Ticker
|
|
Institutional Shares
|
DNSXX
|
|
Hamilton Shares
|
DHLXX
|
Save time. Save paper. View your next shareholder report online as soon as it's available. Log into www.bny.com/investmentsand 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
Please note the Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the "SEC").
|
Item 7. Financial Statements and Financial Highlights for Open-End Management
Investment Companies
|
3
|
|
Schedule of Investments
|
3
|
|
Statement of Assets and Liabilities
|
5
|
|
Statement of Operations
|
6
|
|
Statement of Changes in Net Assets
|
7
|
|
Financial Highlights
|
8
|
|
Notes to Financial Statements
|
10
|
|
Report of Independent Registered Public Accounting Firm
|
15
|
|
Important Tax Information
|
16
|
|
Item 8. Changes in and Disagreements with Accountants for Open-End Management
Investment Companies
|
17
|
|
Item 9. Proxy Disclosures for Open-End Management Investment Companies
|
18
|
|
Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End
Management Investment Companies
|
19
|
|
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts
|
20
|
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. Dreyfus Institutional Preferred Treasury Obligations Fund SCHEDULE OF INVESTMENTS
April 30, 2026
|
Description
|
|
Annualized
Yield (%)
|
|
Principal
Amount ($)
|
Value ($)
|
|
U.S. Treasury Bills - 24.0%
|
|||||
|
5/5/2026(a)
|
3.68
|
5,000,000
|
4,997,983
|
||
|
5/7/2026(a)
|
3.69
|
4,000,000
|
3,997,577
|
||
|
5/14/2026(a)
|
3.82
|
19,600,000
|
19,573,338
|
||
|
5/21/2026(a)
|
3.77
|
9,000,000
|
8,981,450
|
||
|
5/28/2026(a)
|
3.73
|
7,000,000
|
6,980,733
|
||
|
6/4/2026(a)
|
3.69
|
24,000,000
|
23,917,725
|
||
|
6/9/2026(a)
|
3.66
|
4,000,000
|
3,984,422
|
||
|
6/11/2026(a)
|
3.64
|
4,100,000
|
4,083,283
|
||
|
6/16/2026(a)
|
3.66
|
12,000,000
|
11,944,877
|
||
|
6/23/2026(a)
|
3.66
|
4,000,000
|
3,978,829
|
||
|
6/25/2026(a)
|
3.55
|
4,300,000
|
4,277,105
|
||
|
6/30/2026(a)
|
3.66
|
3,000,000
|
2,982,050
|
||
|
7/2/2026(a)
|
3.57
|
5,700,000
|
5,665,642
|
||
|
7/7/2026(a)
|
3.66
|
5,000,000
|
4,966,593
|
||
|
7/9/2026(a)
|
4.01
|
6,000,000
|
5,954,863
|
||
|
7/14/2026(a)
|
3.68
|
6,000,000
|
5,955,600
|
||
|
8/13/2026(a)
|
3.58
|
2,800,000
|
2,771,689
|
||
|
8/18/2026(a)
|
3.72
|
3,000,000
|
2,967,073
|
||
|
8/25/2026(a)
|
3.70
|
2,000,000
|
1,976,736
|
||
|
9/1/2026(a)
|
3.66
|
4,000,000
|
3,952,136
|
||
|
9/3/2026(a)
|
3.63
|
3,000,000
|
2,963,177
|
||
|
9/10/2026(a)
|
3.63
|
4,000,000
|
3,948,153
|
||
|
9/17/2026(a)
|
3.67
|
3,000,000
|
2,958,648
|
||
|
9/24/2026(a)
|
3.74
|
4,000,000
|
3,941,113
|
||
|
10/1/2026(a)
|
3.71
|
4,000,000
|
3,938,715
|
||
|
10/8/2026(a)
|
3.73
|
1,600,000
|
1,574,293
|
||
|
10/15/2026(a)
|
3.72
|
5,400,000
|
5,309,569
|
||
|
10/22/2026(a)
|
3.70
|
3,000,000
|
2,947,945
|
||
|
10/29/2026(a)
|
3.71
|
4,000,000
|
3,927,801
|
||
|
11/27/2026(a)
|
3.58
|
9,100,000
|
8,916,332
|
||
|
12/24/2026(a)
|
3.50
|
4,500,000
|
4,399,867
|
||
|
3/18/2027(a)
|
3.65
|
3,000,000
|
2,906,776
|
||
|
4/15/2027(a)
|
3.74
|
5,000,000
|
4,827,439
|
||
|
Total U.S. Treasury Bills
(cost $186,469,532)
|
186,469,532
|
||||
|
U.S. Treasury Floating Rate Notes - 11.4%
|
|||||
|
5/1/2026 (3 Month USBMMY +0.10%)(b)
|
3.72
|
19,600,000
|
19,599,904
|
||
|
5/1/2026 (3 Month USBMMY +0.10%)(b)
|
3.72
|
12,500,000
|
12,498,612
|
||
|
5/1/2026 (3 Month USBMMY +0.103%)(b)
|
3.73
|
1,100,000
|
1,100,000
|
||
|
5/1/2026 (3 Month USBMMY +0.16%)(b)
|
3.78
|
17,200,000
|
17,191,714
|
||
|
5/1/2026 (3 Month USBMMY +0.18%)(b)
|
3.80
|
6,300,000
|
6,298,790
|
||
|
5/1/2026 (3 Month USBMMY +0.19%)(b)
|
3.81
|
13,900,000
|
13,908,166
|
||
|
5/1/2026 (3 Month USBMMY +0.21%)(b)
|
3.83
|
18,000,000
|
18,003,339
|
||
|
Total U.S. Treasury Floating Rate Notes
(cost $88,600,525)
|
88,600,525
|
||||
|
U.S. Treasury Notes - 9.4%
|
|||||
|
5/15/2026
|
1.63
|
1,500,000
|
1,498,582
|
||
|
5/31/2026
|
4.88
|
1,000,000
|
1,000,542
|
3
SCHEDULE OF INVESTMENTS (continued)
|
Description
|
|
Annualized
Yield (%)
|
|
Principal
Amount ($)
|
Value ($)
|
|
U.S. Treasury Notes - 9.4% (continued)
|
|||||
|
6/30/2026
|
0.88
|
1,000,000
|
994,771
|
||
|
6/30/2026
|
4.63
|
1,500,000
|
1,501,111
|
||
|
7/31/2026
|
0.63
|
5,000,000
|
4,957,765
|
||
|
8/31/2026
|
3.75
|
1,800,000
|
1,800,250
|
||
|
9/30/2026
|
1.63
|
2,000,000
|
1,983,142
|
||
|
9/30/2026
|
0.88
|
2,000,000
|
1,976,196
|
||
|
9/30/2026
|
3.50
|
6,300,000
|
6,293,384
|
||
|
10/31/2026
|
1.13
|
3,400,000
|
3,357,628
|
||
|
11/30/2026
|
1.25
|
1,000,000
|
986,786
|
||
|
11/30/2026
|
4.25
|
8,600,000
|
8,629,632
|
||
|
12/31/2026
|
1.25
|
1,200,000
|
1,181,596
|
||
|
12/31/2026
|
4.25
|
9,300,000
|
9,337,831
|
||
|
1/31/2027
|
1.50
|
1,500,000
|
1,477,740
|
||
|
1/31/2027
|
4.13
|
2,500,000
|
2,510,837
|
||
|
2/28/2027
|
4.13
|
2,000,000
|
2,006,757
|
||
|
3/15/2027
|
4.25
|
3,000,000
|
3,018,395
|
||
|
3/31/2027
|
3.88
|
9,300,000
|
9,324,783
|
||
|
4/30/2027
|
3.75
|
6,000,000
|
5,998,576
|
||
|
5/31/2027
|
3.88
|
3,100,000
|
3,102,911
|
||
|
Total U.S. Treasury Notes
(cost $72,939,215)
|
72,939,215
|
|
|
|
|
|
|
|
|
Repurchase Agreements - 55.2%
|
|||||
|
ABN Amro Bank NV, Tri-Party Agreement thru BNY, dated 4/30/2026, due at 5/1/2026 in
the amount of $180,018,200 (fully collateralized by: U.S. Treasuries (including strips),
0.63%-4.88%, due 12/15/2026-11/15/2035, valued at $183,600,001)
|
3.64
|
180,000,000
|
180,000,000
|
||
|
Bank of Nova Scotia, Tri-Party Agreement thru BNY, dated 4/30/2026, due at 5/1/2026 in
the amount of $50,005,056 (fully collateralized by: U.S. Treasuries (including strips),
0.00%-5.00%, due 7/14/2026-8/15/2055, valued at $51,005,157)
|
3.64
|
50,000,000
|
50,000,000
|
||
|
Credit Agricole CIB, Tri-Party Agreement thru BNY, dated 4/30/2026, due at 5/1/2026 in
the amount of $19,001,921 (fully collateralized by: U.S. Treasuries (including strips),
0.00%-4.75%, due 5/31/2026-2/15/2056, valued at $19,380,000)
|
3.64
|
19,000,000
|
19,000,000
|
||
|
ING Financial Markets LLC, Tri-Party Agreement thru BNY, dated 4/30/2026, due at
5/1/2026 in the amount of $180,018,200 (fully collateralized by: U.S. Treasuries
(including strips), 0.38%-4.88%, due 7/31/2026-8/15/2050, valued at $183,600,000)
|
3.64
|
180,000,000
|
180,000,000
|
||
|
Total Repurchase Agreements
(cost $429,000,000)
|
429,000,000
|
||||
|
Total Investments (cost $777,009,272)
|
100.0
%
|
777,009,272
|
|||
|
Liabilities, Less Cash and Receivables
|
(.0
%)
|
(159,804
)
|
|||
|
Net Assets
|
100.0
%
|
776,849,468
|
|
USBMMY-U.S. Treasury Bill Money Market Yield
|
|
(a)
|
Security is a discount security. Income is recognized through the accretion of discount.
|
|
(b)
|
Variable rate security-interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next
interest reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.
|
See notes to financial statements.
4
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2026
|
|
Cost
|
Value
|
|
Assets ($):
|
||
|
Investments in securities-See Schedule of Investments
|
348,009,272
|
348,009,272
|
|
Repurchase agreements, at value and amortized cost-See Schedule of Investments-Note 1(b)
|
429,000,000
|
429,000,000
|
|
Cash
|
3,285,516
|
|
|
Interest receivable
|
608,196
|
|
|
|
780,902,984
|
|
|
Liabilities ($):
|
||
|
Due to BNY Mellon Investment Adviser, Inc. and affiliates-Note 2(b)
|
83,793
|
|
|
Payable for investment securities purchased
|
3,952,136
|
|
|
Payable for shares of Beneficial Interest redeemed
|
13,429
|
|
|
Trustees' fees and expenses payable
|
4,158
|
|
|
|
4,053,516
|
|
|
Net Assets ($)
|
776,849,468
|
|
|
Composition of Net Assets ($):
|
||
|
Paid-in capital
|
776,829,767
|
|
|
Total distributable earnings (loss)
|
19,701
|
|
|
Net Assets ($)
|
776,849,468
|
|
Net Asset Value Per Share
|
Institutional Shares
|
Hamilton Shares
|
|
Net Assets ($)
|
667,914,654
|
108,934,814
|
|
Shares Outstanding
|
667,341,444
|
108,845,506
|
|
Net Asset Value Per Share ($)
|
1.00
|
1.00
|
See notes to financial statements.
5
STATEMENT OF OPERATIONS
Year Ended April 30, 2026
|
|
|
|
Investment Income ($):
|
|
|
Interest Income
|
36,746,932
|
|
Expenses:
|
|
|
Management fee-Note 2(a)
|
903,921
|
|
Shareholder servicing costs-Note 2(b)
|
80,616
|
|
Trustees' fees-Notes 2(a) and 2(c)
|
33,540
|
|
Total Expenses
|
1,018,077
|
|
Less-Trustees' fees reimbursed by
BNY Mellon Investment Adviser, Inc.-Note 2(a)
|
(33,540
)
|
|
Net Expenses
|
984,537
|
|
Net Investment Income
|
35,762,395
|
|
Net Realized Gain (Loss) on Investments-Note 1(b) ($)
|
24,393
|
|
Net Increase in Net Assets Resulting from Operations
|
35,786,788
|
See notes to financial statements.
6
STATEMENT OF CHANGES IN NET ASSETS
|
|
Year Ended April 30,
|
|
|
|
2026
|
2025
|
|
Operations ($):
|
||
|
Net investment income
|
35,762,395
|
43,179,859
|
|
Net realized gain (loss) on investments
|
24,393
|
848
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
35,786,788
|
43,180,707
|
|
Distributions ($):
|
||
|
Distributions to shareholders:
|
||
|
Institutional Shares
|
(29,476,123)
|
(34,291,319)
|
|
Hamilton Shares
|
(6,286,731)
|
(8,888,240)
|
|
Total Distributions
|
(35,762,854)
|
(43,179,559)
|
|
Beneficial Interest Transactions ($1.00 per share):
|
||
|
Net proceeds from shares sold:
|
||
|
Institutional Shares
|
10,910,560,297
|
7,485,176,234
|
|
Hamilton Shares
|
605,378,034
|
915,129,353
|
|
Distributions reinvested:
|
||
|
Institutional Shares
|
23,268,145
|
28,227,981
|
|
Hamilton Shares
|
36,200
|
42,164
|
|
Cost of shares redeemed:
|
||
|
Institutional Shares
|
(10,715,085,567)
|
(7,525,808,949)
|
|
Hamilton Shares
|
(638,162,106)
|
(940,739,170)
|
|
Increase (Decrease) in Net Assets from Beneficial Interest Transactions
|
185,995,003
|
(37,972,387)
|
|
Total Increase (Decrease) in Net Assets
|
186,018,937
|
(37,971,239)
|
|
Net Assets ($):
|
||
|
Beginning of Period
|
590,830,531
|
628,801,770
|
|
End of Period
|
776,849,468
|
590,830,531
|
See notes to financial statements.
7
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.
|
|
Year Ended April 30,
|
||||
|
Institutional Shares
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Per Share Data ($):
|
|
|
|
|
|
|
Net asset value, beginning of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
|
Investment Operations:
|
|||||
|
Net investment income
|
.040
|
.048
|
.053
|
.031
|
.000
(a)
|
|
Distributions:
|
|||||
|
Dividends from net investment income
|
(.040
)
|
(.048
)
|
(.053
)
|
(.031
)
|
(.000
)(a)
|
|
Net asset value, end of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
|
Total Return (%)
|
4.04
|
4.89
|
5.37
|
3.10
|
.04
|
|
Ratios/Supplemental Data (%):
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
|
.10
|
.11
|
.11
|
.11
|
.11
|
|
Ratio of net expenses to average net assets(b)
|
.10
|
.10
|
.10
|
.10
|
.07
(c)
|
|
Ratio of net investment income to average net assets(b)
|
3.97
|
4.83
|
5.25
|
3.51
|
.04
(c)
|
|
Net Assets, end of period ($ x 1,000)
|
667,915
|
449,088
|
461,462
|
400,524
|
121,213
|
|
(a)
|
Amount represents less than $.001 per share.
|
|
(b)
|
Amount inclusive of Trustees' fees reimbursed by BNY Mellon Investment Adviser, Inc.
|
|
(c)
|
Amount inclusive of reduction in expenses due to undertaking.
|
See notes to financial statements.
8
|
|
Year Ended April 30,
|
||||
|
Hamilton Shares
|
2026
|
2025
|
2024
|
2023
|
2022
|
|
Per Share Data ($):
|
|
|
|
|
|
|
Net asset value, beginning of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
|
Investment Operations:
|
|||||
|
Net investment income
|
.039
|
.047
|
.052
|
.030
|
.000
(a)
|
|
Distributions:
|
|||||
|
Dividends from net investment income
|
(.039
)
|
(.047
)
|
(.052
)
|
(.030
)
|
(.000
)(a)
|
|
Net asset value, end of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
|
Total Return (%)
|
3.99
|
4.84
|
5.32
|
3.05
|
.04
|
|
Ratios/Supplemental Data (%):
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
|
.15
|
.16
|
.16
|
.16
|
.16
|
|
Ratio of net expenses to average net assets(b)
|
.15
|
.15
|
.15
|
.15
|
.07
(c)
|
|
Ratio of net investment income to average net assets(b)
|
3.92
|
4.78
|
5.20
|
3.01
|
.03
(c)
|
|
Net Assets, end of period ($ x 1,000)
|
108,935
|
141,742
|
167,340
|
281,777
|
216,488
|
|
(a)
|
Amount represents less than $.001 per share.
|
|
(b)
|
Amount inclusive of Trustees' fees reimbursed by BNY Mellon Investment Adviser, Inc.
|
|
(c)
|
Amount inclusive of reduction in expenses due to undertaking.
|
See notes to financial statements.
9
NOTES TO FINANCIAL STATEMENTS
NOTE 1-
Significant Accounting Policies:
Dreyfus Institutional Preferred Treasury Obligations Fund (the "fund"), is a separate diversified series of Dreyfus Institutional Reserves Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end managementinvestment 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. BNY Mellon Investment Adviser, Inc. (the "Adviser"), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ("BNY"), serves as the fund's investment adviser. Dreyfus, a division of Mellon Investments Corporation (the "Sub-Adviser"), an indirect, wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund's sub-adviser.
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 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 "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 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 Trust 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 of the Trust are allocated among them on a pro rata basis.
The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritativeU.S. generally accepted accounting principles ("GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the 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-InvestmentCompanies. The fund's financial statements are prepared in accordance with GAAP, which may require the use of managementestimates and assumptions. Actual results could differ from those estimates.
The Trust 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 Trust's Board of Trustees (the "Board") pursuant to Rule 2a-5 under the Act.
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 summarizedin 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).
10
NOTES TO FINANCIAL STATEMENTS (continued)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Money market securities are valued using amortized cost, in accordance with rules under the Act, which does not take into account unrealized gains or losses. This involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the fund would receive if it sold the instrument. The Board overseeing this fund has established, as a particular responsibility within the overall duty of care owed to fund investors, procedures reasonably designed to stabilize the fund price per share as computed for the purpose of purchases and redemptions at $1.00. Such procedures include periodic review by the Board of the deviation of the fund NAV calculated by using available market quotations or market equivalents (including valuations obtained from a Service) from the fund $1.00 per share based on amortized cost. A fund cannot guarantee that its NAV will always remain at $1.00 per share. These securities are generally categorized within Level 2 of the fair value hierarchy.
The following is a summary of the inputs used as of April 30, 2026 in valuing the fund's investments:
|
|
Level 1 -
Unadjusted
Quoted Prices
|
Level 2- Other
Significant
Observable Inputs
|
Level 3-
Significant
Unobservable
Inputs
|
Total
|
|
Assets ($)
|
||||
|
Investments in Securities:†
|
||||
|
U.S. Treasury Bills
|
-
|
186,469,532
|
-
|
186,469,532
|
|
U.S. Treasury Floating Rate Notes
|
-
|
88,600,525
|
-
|
88,600,525
|
|
U.S. Treasury Notes
|
-
|
72,939,215
|
-
|
72,939,215
|
|
Repurchase Agreements
|
-
|
429,000,000
|
-
|
429,000,000
|
|
|
-
|
777,009,272
|
-
|
777,009,272
|
|
†
|
See Schedule 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.
For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a Repurchase Agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and
11
NOTES TO FINANCIAL STATEMENTS (continued)
Liabilities. As of April 30, 2026, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the Repurchase Agreement are detailed in the following table:
|
|
Assets ($)
|
Liabilities ($)
|
|
Gross amount of Repurchase
Agreements, at value, as disclosed in
the Statement of Assets and Liabilities
|
429,000,000
|
-
|
|
Collateral (received)/posted not offset
in the Statement of Assets and
Liabilities
|
(429,000,000
)†
|
-
|
|
Net amount
|
-
|
-
|
|
†
|
The value of the related collateral received by the fund exceeded the value of the repurchase agreement by the fund. See Schedule of Investments for detailed
information regarding collateral received for open repurchase agreements.
|
(c) Market Risk: The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments. In addition, turbulence in financial markets and reduced liquidity in 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. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, recessions, elevated levels of government debt, changes in trade regulation or economic sanctions, internal unrest and discord, or other events could have a significant impact on the fund and its investments.
Interest Rate Risk: This risk refers to the decline in the prices of fixed-income securities that may accompany a rise in the overall level of interest rates. A sharp and unexpected rise in interest rates could impair the fund's ability to maintain a stable net asset value. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the fund, depending on the interest rate environment or other circumstances.
U.S. Treasury Securities Risk: A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate.
Repurchase Agreement Counterparty Risk: The fund is subject to the risk that a counterparty in a repurchase agreement and/or, for a tri-party repurchase agreement, the third party bank providing payment administration, collateral custody and management services for the transaction, could fail to honor the terms of the agreement. If a counterparty fails to honor the terms of the repurchase agreement,the fund may suffer a loss if the proceeds from the sale of the underlying securities are less than the repurchase price.
(d) Dividends and distributions to shareholders: It is the policy of the fund to declare dividends daily from net investment income. 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 April 30, 2026, 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 April 30, 2026, the fund did not incur any interest or penalties.
12
NOTES TO FINANCIAL STATEMENTS (continued)
Each tax year in the four-year period ended April 30, 2026 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At April 30, 2026, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $17,351 and undistributed capital gains $2,350.
The tax character of distributions paid to shareholders during the fiscal years ended April 30, 2026 and April 30, 2025 were as follows:ordinary income $35,762,854 and $43,179,559, respectively.
At April 30, 2026, 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).
(f) Operating segment reporting: In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund's prospectus. The fund's accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information-such as total return, portfolio turnover, and ratios-in the Financial Highlights.
NOTE 2-
Management Fee, Sub-Advisory Feeand 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. The Adviser has agreed in its management agreement with the fund to pay all of the fund's expenses, except management fees, brokerage fees and commissions, if any, fees pursuant to any distribution or shareholder services plan adopted by the fund, fees and expenses of the non-interested board members and their counsel and independent counsel to the fund, and any extraordinary expenses. The Adviser has further agreed to reduce its fee in an amount equal to the fund's allocable portion of the fees and expenses of the non-interested board members and the fees and expenses of independent counsel to the fund and to the non-interested board members. These provisions in the management agreement may not be amended without the approval of the fund's shareholders. During the period ended April 30, 2026, fees reimbursed by the Adviser amounted to $33,540.
Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays to the Sub-Adviser a monthly fee of 50% of the monthly management fee the Adviser receives from the fund with respect to the value of the sub-advised net assets of the fund, net of any fee waivers and/or expense reimbursements made by the Adviser.
(b) Under the fund's shareholder services plan (the "Shareholder Services Plan"), with respect to the Hamilton shares, pursuant to which the fund pays the Distributor for advertising, marketing and for providing certain services relating to the shareholders of this class. Pursuant to the Shareholder Services Plan, the fund will pay the Distributor at an annual rate of .05% of the value of Hamilton shares' 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. During the period ended April 30, 2026, Hamilton shares were charged $80,616, pursuant to the Shareholder Services Plan.
The fund has an arrangement with The Bank of New York Mellon (the "Custodian"), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged 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 fee of $69,099, Shareholder Services Plan fees of $5,885 and Chief Compliance Officer fees of $11,509, which are offset against an expense reimbursement currently in effect in the amount of $2,700.
(c) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual
13
NOTES TO FINANCIAL STATEMENTS (continued)
retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 3-
Subsequent Event:
Effective on May 29, 2026, the fund changed its name to BNY Dreyfus Institutional Preferred Treasury Obligations Fund.
14
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Trustees of Dreyfus Institutional Preferred Treasury Obligations Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Dreyfus Institutional Preferred Treasury Obligations Fund (the "Fund") (one of the funds constituting Dreyfus Institutional Reserves Funds (the "Trust")), including the schedule of investments, as of April 30, 2026, 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 Reserves Funds) at April 30, 2026, 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 Trust'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 Trust 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 Trust is not required to have, nor were we engaged to perform, an audit of the Trust'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 Trust'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 disclosuresin the financial statements. Our procedures included confirmation of securities owned as of April 30, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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
June 23, 2026
June 23, 2026
15
IMPORTANT TAX INFORMATION (Unaudited)
For federal tax purposes, the fund hereby reports 100% of ordinary income dividends paid during the fiscal period ended April 30, 2026 as qualifying interest related dividends.
16
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)
N/A
17
Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
N/A
18
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The Adviser reimburses the fund for the fees and expenses of the non-interested board members. Compensation paid by the fund to the board members and board member fees reimbursed by the Adviser during the period are within Item 7. Statement of Operations as Trustees' and Trustees' fees reimbursed by BNY Mellon Investment Adviser, Inc., respectively.
19
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
N/A
20
©2026 BNY Mellon Securities Corporation Code-6549NCSRAR0426
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 13. | Portfolio Managers for Closed-End Management Investment Companies. |
Not applicable.
| Item 14. | Purchases of Equity Securities By Closed-End Management Investment Companies and Affiliated Purchasers. |
Not applicable.
| Item 15. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures applicable to Item 15.
| Item 16. | 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 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 18. | Recovery of Erroneously Awarded Compensation. |
Not applicable.
| Item 19. | Exhibits. |
|
(a)(1) Code of ethics referred to in Item 2. (a)(2) Not applicable. |
|
(a)(3) . (a)(4) Not applicable. (a)(5) Not applicable. (b) . |
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 Reserves Funds
By: /s/ David J. DiPetrillo
David J. DiPetrillo
President (Principal Executive Officer)
Date: June 22, 2026
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 J. DiPetrillo
David J. DiPetrillo
President (Principal Executive Officer)
Date: June 22, 2026
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: June 22, 2026
EXHIBIT INDEX
| (a)(1) | Code of ethics referred to in Item 2. |
| (a)(3) | 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) |
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