Cash & Reserve Strategies

Transcription

1 Cash & Reserve Strategies

2 Quarterly Overview as of June 0, 20 The Cash & Reserve Strategies are a series of five professionally developed portfolios tailored to meet your organization s cash and reserve management needs. Strategy Strategy 2 Dreyfus Cash Dreyfus Cash Management Instl. Management Instl. Shares 00.0% Shares 75.0% Treasury Fund 0.0% Treasury Fund 25.0% Duration Range: Duration Range: Years Strategy Strategy 4 Dreyfus Cash Dreyfus Cash Management Instl. Management Instl. Shares 50.0% Shares 25.0% Treasury Fund 50.0% Treasury Fund 75.0% Duration Range: Duration Range: Years Years Strategy 5 Dreyfus Cash Management Instl. Shares 0.0% Treasury Fund 00.0% Duration Range: Years

3 Fixed Income Volatility Study Volatility (risk) is the measurement of short-term fluctuations (ups and downs) in an investment portfolio. Studying the historical range of returns of an investment is a good way to determine the level of volatility. As a point of reference only, the graph illustrates the high, low and average Treasury index returns for the 9-year period ending 2//2. The index returns are historical and don't guarantee or imply any specific performance for your portfolio. Index returns do not reflect fees for investment management services. An investor may not invest directly in any index. 25% 20% 5% 0% 5% 0% -5% -0% Fixed Income Return Volatility (9-year period ending 2//202) % 0.7% % % % %.67%.7% 4.5% 4.98% 5.52% 0.24% % % 994 Highest Annualized return Lowest % -.7% % % 6-Month -Year - Year -5 Year -0 Year -0 Year 0.48 years*.00 years*.87 years* 2.72 years* 4.05 years* 5.99 years* * Index effective duration as of 2//202. Source: Merrill Lynch U.S. Treasury Note Indices Facts About: Dreyfus Cash Management Instl. Shares Treasury Fund Seeks to achieve a high level of current income, Seeks to provide current income with limited consistent with the preservation of capital and the price volatility. The fund invests primarily in U.S. maintenance of liquidity. The fund invests in a Treasury obligations. diversified portfolio of high quality short term debt Maintains a dollar-weighted average maturity of securities. to 4 years. Weighted Avg. Maturity: 44 Days Weighted Avg. Maturity: 2. Years 7 Day Current Yield: 0.05%* 0 Day Distribution Yield: 0.40% 0 Day Distribution Yield: 0.05%* SEC 0 Day Yield: 0.7% SEC 0 Day Yield: 0.05%* Past performance is not a guarantee of future results. * The investment advisor is voluntarily waiving a portion of its management fees. Absent this arrangement, the Dreyfus Cash Management Fund's 7 day current, 0 day distribution, and SEC 0 day yields would have been -0.0%, -0.0% and -0.0% respectively. An investment in a money market fund is neither insured nor guaranteed by the FDIC or any government agency. Although the Fund seeks to preserve the value of your investment at $.00 per share, it is possible to lose money by investing in the Fund.

4 Strategy As of June 0, 20 Portfolio Allocation Description: This strategy is appropriate for those seeking safety of principal and modest income that is partially state Instl. Shares 00.0% (Individual) and fully GET tax-exempt (Corporation). This strategy emphasizes high quality money market securities Treasury Fund 0.0% with maturities of less than one year that have been issued by the U.S. Treasury, agencies of the U.S. government, and high-quality corp. issuers. Duration Range: 0-2 As of 06/0/ Aggregate Total Return PERFORMANCE RESULTS Year 2 Year Year 4 Year 5 Year 0 Year Strategy As of 06/0/ Aggregate Total Return UNDERLYING FUNDS Instl. Shares Inception : 0//85 Treasury Fund Inception : 02//0 Year 2 Year Year 4 Year 5 Year 0 Year Since Incept A Note Regarding Mutual Funds Included in Allocations and Calculation of Performance: Bank of Hawaii may, on occasion, substitute mutual funds used in a particular allocation, such as exchanging one fixed income fund for another fixed income fund. The mutual funds listed above are the funds that were included in the allocations at the end of the stated period and may or may not have been included in the allocations throughout the entire period. If a mutual fund was removed from an allocation during the period, the performance of the mutual fund up to the time of removal was used to calculate the performance of the Cash & Reserve Strategy for the period. If a mutual fund was added to an allocation during the period, the performance of the mutual fund beginning at the time it was included in the allocation was used to calculate the performance of the Cash & Reserve Strategy for the period. Past performance is not a guarantee of future results. The Total Return figures shown above represent the past performance of the individual mutual funds, including changes in share price and reinvestment of dividends and capital gains. The investment return and principal value of the underlying mutual funds held in your account will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Total Returns may reflect the waiver of a portion of the mutual funds advisory or administrative fees for certain periods since the inception date. In such instances, and without waiver of fees, total returns would have been lower. An investment in a money market fund is neither insured nor guaranteed by the FDIC or any government agency. Although the Fund seeks to preserve the value of your investment at $.00 per share, it is possible to lose money by investing in the Fund.

5 Strategy 2 As of June 0, 20 Portfolio Allocation Description: This strategy seeks a higher yield than money market funds, relatively strong price stability, and Instl. Shares 75.0% income that is partially state (individual) and fully GET tax-exempt (Corporation). This strategy emphasizes high quality Treasury Fund 25.0% money market securities that have been issued by the U.S. Treasury, agencies of the U.S. government, and high-quality corporate issuers. Duration Range: Years As of 06/0/ Aggregate Total Return PERFORMANCE RESULTS Year 2 Year Year 4 Year 5 Year 0 Year Strategy As of 06/0/ Aggregate Total Return UNDERLYING FUNDS Instl. Shares Inception : 0//85 Treasury Fund Inception : 02//0 Year 2 Year Year 4 Year 5 Year 0 Year Since Incept A Note Regarding Mutual Funds Included in Allocations and Calculation of Performance: Bank of Hawaii may, on occasion, substitute mutual funds used in a particular allocation, such as exchanging one fixed income fund for another fixed income fund. The mutual funds listed above are the funds that were included in the allocations at the end of the stated period and may or may not have been included in the allocations throughout the entire period. If a mutual fund was removed from an allocation during the period, the performance of the mutual fund up to the time of removal was used to calculate the performance of the Cash & Reserve Strategy for the period. If a mutual fund was added to an allocation during the period, the performance of the mutual fund beginning at the time it was included in the allocation was used to calculate the performance of the Cash & Reserve Strategy for the period. Past performance is not a guarantee of future results. The Total Return figures shown above represent the past performance of the individual mutual funds, including changes in share price and reinvestment of dividends and capital gains. The investment return and principal value of the underlying mutual funds held in your account will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Total Returns may reflect the waiver of a portion of the mutual funds advisory or administrative fees for certain periods since the inception date. In such instances, and without waiver of fees, total returns would have been lower. An investment in a money market fund is neither insured nor guaranteed by the FDIC or any government agency. Although the Fund seeks to preserve the value of your investment at $.00 per share, it is possible to lose money by investing in the Fund.

6 Strategy As of June 0, 20 Portfolio Allocation Description: This strategy seeks a higher yield than money market funds, relatively strong price stability, and Instl. Shares 50.0% income that is partially state (individual) and fully GET tax-exempt (Corporation). This strategy emphasizes high quality Treasury Fund 50.0% money market securities that have been issued by the U.S. Treasury, agencies of the U.S. government, and high-quality corporate issuers. Duration Range: Years As of 06/0/ Aggregate Total Return PERFORMANCE RESULTS Year 2 Year Year 4 Year 5 Year 0 Year Strategy As of 06/0/ Aggregate Total Return UNDERLYING FUNDS Instl. Shares Inception : 0//85 Treasury Fund Inception : 02//0 Year 2 Year Year 4 Year 5 Year 0 Year Since Incept A Note Regarding Mutual Funds Included in Allocations and Calculation of Performance: Bank of Hawaii may, on occasion, substitute mutual funds used in a particular allocation, such as exchanging one fixed income fund for another fixed income fund. The mutual funds listed above are the funds that were included in the allocations at the end of the stated period and may or may not have been included in the allocations throughout the entire period. If a mutual fund was removed from an allocation during the period, the performance of the mutual fund up to the time of removal was used to calculate the performance of the Cash & Reserve Strategy for the period. If a mutual fund was added to an allocation during the period, the performance of the mutual fund beginning at the time it was included in the allocation was used to calculate the performance of the Cash & Reserve Strategy for the period. Past performance is not a guarantee of future results. The Total Return figures shown above represent the past performance of the individual mutual funds, including changes in share price and reinvestment of dividends and capital gains. The investment return and principal value of the underlying mutual funds held in your account will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Total Returns may reflect the waiver of a portion of the mutual funds advisory or administrative fees for certain periods since the inception date. In such instances, and without waiver of fees, total returns would have been lower. An investment in a money market fund is neither insured nor guaranteed by the FDIC or any government agency. Although the Fund seeks to preserve the value of your investment at $.00 per share, it is possible to lose money by investing in the Fund.

7 Strategy 4 As of June 0, 20 Portfolio Allocation Description: This strategy seeks a higher yield than money market funds, relatively strong price stability, and Instl. Shares 25.0% income that is partially state (individual) and fully GET tax-exempt (Corporation). This strategy emphasizes high quality Treasury Fund 75.0% money market securities that have been issued by the U.S. Treasury, agencies of the U.S. government, and high-quality corporate issuers. As of 06/0/ Aggregate Total Return PERFORMANCE RESULTS Duration Range: Years Year 2 Year Year 4 Year 5 Year 0 Year Strategy As of 06/0/ Aggregate Total Return UNDERLYING FUNDS Instl. Shares Inception : 0//85 Treasury Fund Inception : 02//0 Year 2 Year Year 4 Year 5 Year 0 Year Since Incept A Note Regarding Mutual Funds Included in Allocations and Calculation of Performance: Bank of Hawaii may, on occasion, substitute mutual funds used in a particular allocation, such as exchanging one fixed income fund for another fixed income fund. The mutual funds listed above are the funds that were included in the allocations at the end of the stated period and may or may not have been included in the allocations throughout the entire period. If a mutual fund was removed from an allocation during the period, the performance of the mutual fund up to the time of removal was used to calculate the performance of the Cash & Reserve Strategy for the period. If a mutual fund was added to an allocation during the period, the performance of the mutual fund beginning at the time it was included in the allocation was used to calculate the performance of the Cash & Reserve Strategy for the period. Past performance is not a guarantee of future results. The Total Return figures shown above represent the past performance of the individual mutual funds, including changes in share price and reinvestment of dividends and capital gains. The investment return and principal value of the underlying mutual funds held in your account will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Total Returns may reflect the waiver of a portion of the mutual funds advisory or administrative fees for certain periods since the inception date. In such instances, and without waiver of fees, total returns would have been lower. An investment in a money market fund is neither insured nor guaranteed by the FDIC or any government agency. Although the Fund seeks to preserve the value of your investment at $.00 per share, it is possible to lose money by investing in the Fund.

8 Strategy 5 As of June 0, 20 Portfolio Allocation Description: This strategy seeks a highe yield than money market funds, greater price stability than longer fixed income Instl. Shares 0.0% investments, and income that is partially state (Individual) and fully GET tax- exempt (Corporation). This strategy Treasury Fund 00.0% invests in U.S. Treasury and agency securities that mature in 5 years or less. Duration Range: Years As of 06/0/ Aggregate Total Return PERFORMANCE RESULTS Year 2 Year Year 4 Year 5 Year 0 Year Strategy As of 06/0/ Aggregate Total Return UNDERLYING FUNDS Instl. Shares Inception : 0//85 Treasury Fund Inception : 02//0 Year 2 Year Year 4 Year 5 Year 0 Year Since Incept A Note Regarding Mutual Funds Included in Allocations and Calculation of Performance: Bank of Hawaii may, on occasion, substitute mutual funds used in a particular allocation, such as exchanging one fixed income fund for another fixed income fund. The mutual funds listed above are the funds that were included in the allocations at the end of the stated period and may or may not have been included in the allocations throughout the entire period. If a mutual fund was removed from an allocation during the period, the performance of the mutual fund up to the time of removal was used to calculate the performance of the Cash & Reserve Strategy for the period. If a mutual fund was added to an allocation during the period, the performance of the mutual fund beginning at the time it was included in the allocation was used to calculate the performance of the Cash & Reserve Strategy for the period. Past performance is not a guarantee of future results. The Total Return figures shown above represent the past performance of the individual mutual funds, including changes in share price and reinvestment of dividends and capital gains. The investment return and principal value of the underlying mutual funds held in your account will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Total Returns may reflect the waiver of a portion of the mutual funds advisory or administrative fees for certain periods since the inception date. In such instances, and without waiver of fees, total returns would have been lower. An investment in a money market fund is neither insured nor guaranteed by the FDIC or any government agency. Although the Fund seeks to preserve the value of your investment at $.00 per share, it is possible to lose money by investing in the Fund.

9 Principal Stability Fund Ratings Definitions AAAm A fund rated 'AAAm' demonstrates extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk. 'AAAm' is the highest principal stability fund rating assigned by Standard & Poor's. FUND PROFILE Dreyfus Cash Management About the Fund Fund Rating Fund Type Investment Adviser AAAm General Purpose Taxable Dreyfus Corp. (The) TREAS 4.0% REPO 8.8% ABS.2% GOV-AGCY 0.8% June 27, 20 Portfolio Composition as of June 27, 20 AAm A fund rated 'AAm' Portfolio Manager demonstrates very strong capacity to maintain principal stability and to limit exposure to principal losses due to Fund Rated Since credit risk. It differs from the highest-rated funds only to a Custodian small degree. Distributor Plus (+) or Minus (-) The ratings may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Patricia Larkin (Since 986) April 996 Bank of New York Mellon (The) Premier Mutual Fund Services Am A fund rated 'Am' demonstrates strong capacity to maintain principal Overview stability and to limit exposure Dreyfus Cash Management is a open-end, to principal losses due to diversified management investment company. The credit risk, but is somewhat more susceptible to the fund's investment objective is to provide investors adverse effects of changes in with as high a level of current income as is circumstances and economic consistent with the preservation of capital and conditions than funds in maintain liquidity. Dreyfus Cash Management offers higher-rated categories four classes of shares, namely Institutional Shares, Adminstration Shares, Investor Shares and BBBm A fund rated Participant Shares, Total expenses for Institutional 'BBBm' demonstrates Shares, Administration Shares, Investor Shares, adequate capacity to and Participant Shares are capped at 20, 0, 45 maintain principal stability and to limit exposure to and 60 basis points, respectively. The minimum principal losses due to credit initial investment is $0,000,000. The shareholder risk. However, adverse base for Dreyfus Cash Management is comprised economic conditions or changing circumstances are mostly of bank trust accounts and other institutional more likely to lead to a clients. reduced capacity to maintain principal stability. Management The fund's investment advisor is The Dreyfus BBm A fund rated 'BBm' demonstrates speculative Corporation located at 200 Park Avenue in New York characteristics and uncertain City. Dreyfus was established in 95 and is a capacity to maintain principal company of BNY Mellon Asset Management, the stability. It is vulnerable to umbrella organization for all of BNY Mellon principal losses due to credit risk. While such funds will Corporation's affiliated investment management and likely have some quality and brokerage firms. Dreyfus is responsible for U.S. protective characteristics, retail, intermediary and institutional distribution of these may be outweighed by asset management services. BNY Mellon Asset large uncertainties or major exposures to adverse Management is one of the world's largest global conditions. asset managers with approximately $926 billion in assets under management. Dm A fund rated 'Dm' has MBSC Securities Corporation (MBSC), a wholly failed to maintain principal owned subsidiary of Dreyfus, serves as distributor of stability resulting in a realized the fund and for the other funds in the Dreyfus or unrealized loss of principal. Standard & Poor's Analyst: Michael Masih - () CP 5.2% BANK - Bank Deposits; CP - Commercial Paper; REPO - Repurchase Agreement; TREAS - Treasury; ABS - Asset-backed security; GOV-AGCY - Agency and Government BANK 50.2% Family of Funds. The Bank of New York is the fund's custodian. Dreyfus Transfer, Inc. is the fund's transfer and dividend disbursing agent. The fund's portfolio manager is Patricia Larkin. Dreyfus' staff of economists, research analysts, traders and other investment specialists supports Ms. Larkin. Portfolio Assets The Fund invests in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, certificates of deposit, time deposits, bankers acceptances and other shortterm obligations issued by foreign and domestic banks, repurchase agreements, and high-grade commercial paper and corporate notes. Repurchase agreements are entered into with highly creditworthy counterparties which are monitored by Dreyfus' internal credit department. The fund's weighted average maturity is held to 60 days or less to help mitigate fluctuations in net asset value and to provide the fund with additional liquidity. Investors should consider the investment objectives, risks and charges and expenses of the fund before investing. The prospectus which can be obtained from your broker-dealer, contains this and other information about the fund and should be read carefully before investing. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation of any other government agency. Although the fund seeks to preserve the value of your investment at $.00 per share, it is possible to lose money by investing in the fund. The following has been added at The Dreyfus Corp.'s request. Standard & Poor's assumes no responsibility for the accuracy, adequacy, or completeness of this information. An investment in the fund is neither insured nor guaranteed by the U.S. Government. There can be no assurance that the fund will be able to maintain a stable net asset value of $.00 per share. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not federally insured by the FDIC, the Federal Reserve Board, or any other agency. All money market mutual fund shares involve certain investment risks, including the possible loss of principal. Yield fluctuates. Past performance is no guarantee of future results. This material must be preceded or accompanied by a current fund Prospectus.

10 Principal Stability Rating Approach and Criteria A Standard & Poor's principal stability fund rating, also known as a "money market fund rating", is a forward-looking opinion about a fixed income fund's capacity to maintain stable principal (net asset value). When assigning a principal stability rating to a fund, Standard & Poor's analysis focuses primarily on the creditworthiness of the fund's investments and counterparties, and also its investments' maturity structure and management's ability and policies to maintain the fund's stable net asset value. Principal stability fund ratings are assigned to funds that seek to maintain a stable or an accumulating net asset value. Generally, when faced with an unanticipated level of redemption requests during periods of high market stress, the manager of any fund may suspend redemptions for up to five business days or meet redemption requests with payments in-kind in lieu of cash. A temporary suspension of redemptions or meeting redemption requests with distributions in-kind does not constitute a failure to maintain stable net asset values. However, higher rated funds are expected to have stronger capacities to pay investor redemptions in cash during times of high market stress because they generally comprise shorter maturity and higher quality investments. Principal stability fund ratings, or money market fund ratings, are identified by the 'm' suffix (e.g., 'AAAm') to distinguish the principal stability rating from a Standard & Poor's traditional issue or issuer credit rating. A traditional issue or issuer credit rating reflects Standard & Poor's view of a borrower's ability to meet its financial obligations. Principal stability fund ratings are not commentaries on yield levels. Dreyfus Cash Management Data Bank as of June 27, 20 Net Asset Value per Share... $.000 Net Assets (millions)... $25, Inception... December 984 WAM (R) *... 4 days WAM (F) ** days 7 Day Yield % * Weighted Average Maturity (Reset) ** Weighted Average Maturity (Final) A- 0.7% Net Assets, WAM (R) and WAM (F) Net Assets WAM (R) * WAM (F) ** Portfolio Credit Quality as of June 27, 20 * *As assessed by Standard & Poor's A-+ 69.%.0% 0.8% 0.6% 0.4% 0.2% 0.0% Portfolio Maturity Distribution as of June 27, 20 0 S&P 'AAAm' Money Fund/Taxable Days Portfolio 7 Day Net-Yield Comparison * AAAm *S&P Money Fund Indices are calculated weekly by imoneynet, Inc., and are comprised of funds rated or assessed by S&P to within the specific rating categories. The S&P Rated GIP Indices are calculated weekly by S&P and are comprised of 'AAAm' and 'AAm' government investment pools. The yield quoted represents past performance. Past performance does not guarantee future results. Current yield may be lower or higher than the yield quoted.performance data current to the most recent month-end may be available by calling the Fund at the phone number listed in the "About the Fund" section on page. Fund portfolios are monitored weekly for developments that could cause changes in the ratings. Rating decisions are based on periodic meetings with senior fund executives and public information. Standard & Poor's is neither associated nor affiliated with the fund. Copyright 20 by Standard & Poor s Financial Services LLC. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor s Financial Services LLC or its affiliates (collectively, S&P). 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11 Investment Insight: What s in a Yield? Yield expresses the amount of income either actual or expected that a bond fund may generate, and is typically stated as an annual percentage. There are many different ways yield can be calculated. It is important to understand these differences before you compare and make your bond fund selections. -Day Current Yield Due to its short-term nature, is typically Net income earned over a one-day Income is not re-invested used to compare money market funds. period is annualized and stated as a Current Yield may also be calculated percentage of current market value. based on net income earned over a seven-day or 0-day period. 7-Day Effective Yield Adopted by the SEC as the standardized Net income earned over a seven-day Income is re-invested yield calculation to serve as a common period is annualized and stated as a Effective Yield may also be calculated comparison among money market percentage of current market value. based on net income earned over a mutual funds. one-day or 0-day period. 0-Day SEC Yield Adopted by the SEC as the standardized Net income earned over the latest 0 Income is not re-invested yield calculation to serve as a common day period is calculated on a per share Assumes bonds are held to maturity comparison among non-money market basis, and then divided by the current mutual funds. maximum Public Offering Price to project a Fund s yield for the next 0 days. It is expressed as an annual percentage. 0-Day Distribution Yield Generally considered to be a better Similar to the SEC Yield, net income Income is not re-invested measure of a Fund s income generating earned over the latest 0-day period is Assumes bonds are actively traded potential, because most managed calculated on a per share basis, and Generally greater than the SEC Yield portfolios and mutual funds actively then divided by the current maximum in large part due to active bond trading trade bonds. Public Offering Price to project a Fund s Distribution Yield may also be calculated yield for the next 0 days. It is expressed based on net income earned over a as an annual percentage. one-day or seven-day period. Annual Distribution Rate It is not a projection, as it represents Net income distributed over the latest Capital gains and return of principal actual income paid over the past 2 2-month period is divided by the may be included in the calculation months. current maximum Public Offering Price.